Re: [OpenFX] Yahoo! News Story - Bernanke: Fed, others working on overhaul rules

As an addendum to the below The USA cost of defense for the free world since WWII has allowed the economies of the nations we protect to prosper while the USA has compounded deficits since the 1970 when our trade balance went negative. The USA became a debtor nation. This has accelerated since free trade ( read lowest cost producer). It has turned the USA into a service economy with dropping wages ala Walmart or any other retailer for that matter. Which is a major contrast to Germany which with high wages has a trade surplus while even manufacturing something usually of high value only to be overtaken by China recently as the largest exporter. We have been negative on Government fiscal spending since the 1950s maybe early 60s before we decide to go do some war and make it even worse!! If the USA hadn't spent all the money it spent on wars including the wars on drugs since Tricky Dickie( 2-3 Trillion on Drugs and to accomplish what? This is only the federal portion it doesn't include city and state law enforcement, courts, prisons) the fiscal situation of the USA would be much different. There would be plenty of money for, For the people we the people social programs without exaberating (sp) any fiscal crisis at all.

The maimed, the dead are inexpensive, from Iraq and Afghanistan created alone a $2 Trillion liability for medical care which of course is unfunded.

People don't understand the total cost of war. They wasn't even the USA's fight. Of the oil contracts issued in Iraq ,Exxon Mobil only bid as a junior partner on one field. The USA oil companies really didn't bid. So what did we really get as a country for the total cost in human life and financially? There was no benefit to the USA for the loss of life or expenditure. China picked up a lot at no cost. We are fools.

From: jeff barsanti <jfbarsanti@yahoo.com>
To: OpenFX@yahoogroups.com
Sent: Sat, October 2, 2010 5:02:58 PM
Subject: Re: [OpenFX] Yahoo! News Story - Bernanke: Fed, others working on overhaul rules - Yahoo! News

My take after 30 years of voting there are minor differences between both parties. They both favor the plutocracy and not the people.. As far as the socialism is concerned, For the people by the people which doesn't exist today. Let's stop defending the world at our expense. It's a plain fact we can't afford it today. We spend more money that the next 5 may be 10 counties combined. A reduction would cover health care easily. We have over 100, 000 troops in Germany alone. Why can't they pay for their defense? Or Europe for that matter. Or Japan? When a super power is broke financially will it all matter? Heck we are already broke. It won't be long before they stop lending us money then watch the Dollar. We spend 7-800 Billion on defense out of approximately a 3000 Billion budget way more than any social expenditure. The bureaucracy is a self perpetuating organization with great benefits and very good salaries today much better than the private sector. The public sector has been growing for decades with the percentage of the private sector has been shrinking as well as wages in the private sector. You have a rising public sector ( Fed, State, City) it used to be around 34% with 76% in the private sector paying through taxes for the public sector. With the costs going up in the public sector with declining revenues from the private sector we are in a squeeze play.

We have subsidized ( US Taxpayer along with deficits) the free world's defense for decades and I'm sure they aren't going to come to bail us out financially.

From: Ecomm EDI <Ecommedi@sbcglobal.net>
To: OpenFX@yahoogroups.com
Sent: Thu, September 30, 2010 9:48:06 AM
Subject: RE: [OpenFX] Yahoo! News Story - Bernanke: Fed, others working on overhaul rules - Yahoo! News

After hearing for decades from Canadian and American socialists how great the Canadian system is compared to our horrific country, this email from Gordon is frightening and should truly be cause for alarm. We truly have been asleep at the wheel for too long and quite frankly I cannot see one sign ( economic, political, social ) that points to us waking up and right the ship.

Regardless of November's elections I do not believe the "new" politicians will do what is necessary to reverse decades of creeping socialism here. ( Drastic cuts in social spending for all, re-instilling personal responsibility versus government handout, fixing our educational system, abolishing the FED, rescind GATT, etc ) Like ALL western civilizations our fertility rates and worker to retiree rates simply do not support the socialistic fantasy anymore.

This response is in no way meant to disrespect Gordon's comments rather reaffirm his concerns for our societies which truly are interwoven and heading in the wrong direction.

Ronald

From: OpenFX@yahoogroups.com [mailto:OpenFX@yahoogroups.com] On Behalf Of Gordon Gibson
Sent: Thursday, September 30, 2010 2:08 AM
To: OpenFX@yahoogroups.com
Subject: Re: [OpenFX] Yahoo! News Story - Bernanke: Fed, others working on overhaul rules - Yahoo! News

The US is becoming THE most socialized freaking country in the world thru this manipulation machine called the FED. You people are asleep at the wheel. Pull over, grab a cup of coffee and regain control of your country....and this coming from a Canadian lol

----- Original Message -----

From: Clay Mara

To: OpenFX@yahoogroups.com

Sent: Wednesday, September 29, 2010 10:14 PM

Subject: [OpenFX] Yahoo! News Story - Bernanke: Fed, others working on overhaul rules - Yahoo! News

Clay Mara (clay@claymarafiote.com) has sent you a news article.
(Email address has not been verified.)
----------------------------------------------------------
Personal message:

Hi Traders,

This doesn't exactly give me warm fuzzies:

"At the same time, the Fed is transferring many of its consumer protection responsibilities to a new watchdog agency created by the law. The Bureau of Consumer Financial Protection is housed within the Fed and bankrolled by the Fed, but Bernanke has no authority over it."

I've learned that whenever legislation is couched as something good for the general consensus, BEWARE. Also notice, this new "Bureau" is housed within a private bank, The Federal Reserve.

It's time this country woke-up and the general population took it's collective head out of sand (and I'm being polite here).

Comments welcome.

Cheers,

Clay

Bernanke: Fed, others working on overhaul rules - Yahoo! News

http://news.yahoo.com/s/ap/20100930/ap_on_bi_ge/us_financial_overhaul

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