David Mink should know......

In poker we have an expression that always hits the nail on the head....never throw good money after bad. These banks are broke and need to be dismantled. Good loans need to be kept and bad need to be liquidated.

But mostly we need to take back our credit system from the gangsters who got us into this mess. If Obama can do that he will become a hero and get all of our votes.

Since most everyone in government seems to be involved one way or another, I aint betting on it. Instead he'll give them more and more money destroying any chance of permanently fixing the problem.

Too many people in Washington have been on the take. They feel Ob is just another body to fill the office. Time will tell if putting off the reform needed will last more than his first term.

In less than 10 years we have 80 or 90 million senior citizens drawing checks and cashing out their 401k's, (most of these people are technically bankrupt) the stock market disappears and the economy falls on its face starved for investment funds for business growth.

Not closing out loser financial entities compounds the problem. And not having any control of our money that went over seas will simply come back to bite us in the ass.

Basically it means getting a handle on our overseas cash flow ...trade deficits from buying more goods than we produce and especially sending 400 billion a year offshore to our enemies in the oil producing countries.
 
Until we get control of our oil supply, by conquering, conserving, replacing or drilling, we are owned by these guys lock, stock, and barrel.

No country in history has ever survived under these conditions with out war.

Trust me.

Conversation with the Author

I have known most of the world’s central bankers in recent decades, including Paul Volcker, Alan Greenspan, and Ben Bernanke. All would admit the power of the central bank is rapidly diminishing. Worse, in the case of the United States, interest rates have increasingly become a captive of global financial forces. To a certain extent, therefore, Americans are no longer in complete control of their own monetary policy. That is why central banks, led by the Fed, have become a kind of grand global theater. Because the world’s ocean of capital is so huge and powerful, the central bankers have had no choice but to become the lead actors. They use their dramatic skills to try to tease, persuade, charm, and bluff the markets. And of course the Lawrence Olivier of this process was Alan Greenspan. It’s not quite like The Wizard of Oz with the little man behind the curtain pulling the levers, but the analysis is not completely off the mark. In the end, the incredible shrinking of central bank influence over financial markets is a primary reason the world is curved.

So what’s the future of the world financial system?

The financial world is still a dangerous place. That’s because the world is flirting with moving away from the last quarter-century’s model of globalization and free-flowing capital markets toward something more reminiscent of the nineteenth-century mercantilist economic model. What I’m describing is an era of backroom rivalries, deal making, and tensions based on ambitious national political agendas with capital flows, and commodities led by oil, increasingly controlled by governments. One does not have to be a rocket scientist to see the picture emerging: financial wealth and power are moving away from the United States, Europe, and Japan.

What does this shift mean for the United States in particular, for the jobs and savings of average Americans?