Global Financial Drop

[josephrobert]

Hello everyone. I have been reading and following and observing how the financial meltdown started and had reached even the corners in India. I myself i am a IT consultant and i am also feeling the Insecurity already within me. Some of my relatives and friends have lost their Jobs and are in search of new jobs. From what i read and observed is that the whole thing started with some banks and insurance companies in US have committed lots of fraud with Money lending in other words Credit. And that at one stage it reached a high situation that it was not a recoverable debt. There were lots of lending from these companies even though there was no money with them. They were not able to recover what was lended from the people because they did not do proper credit check before lending. For these companies for every account they was a Huge un recoverable debt on every single account and when combined it has hit the peaks. And like this there were humpty number of Frauds that were comitted on the money and now suddenly it all Blew up Bigtime.

Now because of Few bad Fraudsters over the Top the whole financial market condition Globally was hit. Each day i keep hearing the news about one new person and how he comitted fraud and how much it has effected. I guess there is more to hear in future as well.

Now my question is how come in such well organized societies like America or Europe such a Fraud can happen without any media noticing such as thing until it actually happen?

Are these bailout programs going to help recover the lost economy? or do we require more than bailout's?

I am little worried because such a huge meltdown is caused by few bad guys and now everyone has to suffer because of them, are the Governments going to take any action on them?.

In future what steps are needed to prevent such a thing from happening?

 

[billwald]

>Now my question is how come in such well organized societies like America or Europe such a Fraud can happen without any media noticing such as thing until it actually happen?

Interesting question.

A couple of very rich people control 90% of all the media and the crash will NOT hurt them but will help them to tighten their position.


The guests on Coast To Coast AM www.coasttocoastam.com have been predicting it for several years as have the old John Birch types and www.mises.org

How can it NOT crash when half the families owe an average of $8000 on credit cards and a third of all new car buyers were upside down?

I think the bottom line is that the world is reverting to normal conditions. Prior to WW1 half of all Americans lived in poverty and when this stabilizes the so-called middle class will be the new working poor and the existing working poor will be the new welfare poor.

I'm not personally worried but the kids and grandkids will have a tough row to hoe.

 

[whereisthetruth]

You have asked some very good questions. Most people ask questions about the economic issues, but you have rightly focused on the issues of INTEGRITY behind all this.

Unfortunately, the biggest players in the financial world are less than concerned about honesty, and more concerned about rigging the system in their favour. They invented bigger and bigger scams that fed on the greed of others until finally it totally collapsed. For the ones at the very top, they stand to come out of this with more power and control than ever before. For the rest of us, it will mean difficulty just surviving. That is the way of the world since the beginning.

I feel very sorry for you and all of us who will have difficulty dealing with the financial stress and pain that is going to cover the whole world. Unfortunately I don't think that the ones responsible will be brought to justice, because they follow the 'golden rule'

"He who has the gold makes the rules".

 

[josephrobert]

"He who has the gold makes the rules".

I am still waiting on for more responses as the worries are increasing day by day on the number of people who are losing jobs everyday. The pressure is heavy upon the hard and honest working people. If i am to go back and refer to the history such hard hit economic times have lead to the Two great world wars. Here again most civilians will be the target. I hope this time there will be a civilized solution. I liked your quote. But here the gold is made by Hard and Honest working people while its being robbed off by stock burglars(Brokers) and thieves. Atleast at times like these we have to make sure that these are well protected and won't ever would fall into wrong hands again. As this type of down turn will continue to happen in future if it is not corrected now. I thought that those in the past who turned voilent and have caused all these great revolutions in the world history are all uncivilized people. But now i can understand the agony they went through during their times and why they turned to such voilent revolutions. I am sure that the media which is run by those robbers money is still propagating the same old fraud business to come back and cause even more worst economic disasters. Shame on you the so called "Media".