The Golden Truth: Barney Frank Is GREAT For Gold!

Sunday, October 11, 2009

Barney Frank Is GREAT For Gold!

Simply stunning, too-insane-to-be-believed, statements from Barney Frank concerning the Government's hopelessly futile attempt to stop the housing market collapse - i.e. override the LAWS of economics (sourced from http://www.calculatedriskblog.com/):

“I don’t think it’s a bad thing that the bad loans occurred. It was an effort to keep prices from falling too fast. That’s a policy.” Barney Frank, chairman of the House Financial Services Committee on recent FHA lending, quoted Oct 9th, 2009 in the NY Times..."I believe the intent of the FTHB [first time home buyer] credit (and any extensions) is to raise the floor on home prices to delay (and sometimes prevent) defaults, reducing the shock to the financial system."

Essentially, Barney Frank is saying that it's okay to make money-losing loans using taxpayer money in order to sustain the housing bubble. I'm not sure how Barney Frank manages to keep his Congressional seat. Do people in Massachusetts believe that its okay to toss bales of money into the water off of Chappaquiddick Island instead of bodies? I don't know if I should send Barney a thank-you note for supporting policies that make gold go a lot higher, or shudder with fear from the knowledge that complete idiots are running our Government.

6 comments:

EconomicDisconnectSunday, 11 October, 2009
Dave,
congrats to the Broncos.
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Dave in DenverSunday, 11 October, 2009
gyc, what a great game. was fun to watch. i love defensive-oriented games. looked like the Broncos special teams were going melt down and blow it. i don't like the o.t. format in the NFL. I think they should play an abbreviated quarter to the end, so both teams have a shot at getting the ball.
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EconomicDisconnectSunday, 11 October, 2009
Dave,
your guys played well, but Tom Brady is very clearly wrong. Broncos won fair and square, but I saw some things with Brady today that are making me very sick.
Kyle Orton is a better fit for the Denver offense than Cutler. He really has command of the system.
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Dave in DenverSunday, 11 October, 2009
gyc, I'm convinced McDaniels is a serious football genius. Orton is getting better every game,especially now that his dislocated finger is better and he doesn't have to wear glove.

No doubt Brady is not a 100% right now. The Pats' nucleus is now either aged or gone. They need to do some rebuilding. Their o-line is still great, but they need another WR and some players on defense.

It would appear, at this point, that the team beat in the AFC, right now anyway, is the Colts.
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EdwardoMonday, 12 October, 2009
Speaking as a resident of the Commonwealth of MA, I revile Barking Barney Frank, or Barmy Frank if one prefers.

As for the Pats, well, Brady isn't what he used to be as he missed two passes that would have likely made the game a relatively easy one for The Pats. Their receiving corp outside of Welker ain't great. Moss, like Brady, shows flashes of his former self, but that is all. Finally, there were at least two monstrously dumb and costly penalties by the Pats, one by Mankins and the other by Merriwether. Imagine being so wantonly clueles that you taunt an opposing player right in front of a referee.

And he didn't even make the stop on the play. Merriwether isn't just a punk, he's a stupid punk.
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AnonymousWednesday, 14 October, 2009
"Do people in Massachusetts believe that its okay to toss bales of money into the water off of Chappaquiddick Island instead of bodies?"

As a resident of Mass, I can assure you that yes, they do.
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Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.