We have met our worse enemy and it is us (Pogo).

[Traveler]

On 9-11 a terrible tragedy was suffered as the twin towers in New York’s Wall Street district was destroyed. We were all struck with anger and frustration to learn that in many areas of the world there was dancing in the streets. As I talked to people (especially in the middle east) there was sorrow over the loss of life but joy and excitement over an effort to strike at the core of what many think of as a corrupt and evil financial institution of Western Civilization. At the time I really did not understand. The words of one friend caused to me ponder when he said that in time the good citizens of America would come to realize the evil that lurks beneath the surface of our banking system.

Now we are staring into the eyes of what has become to be known as corporate greed. Many are calling this the failure of capitalism. As I have studied this problem I have come to the following conclusions.

. This did not happen because of lack of regulation – It happened because of the wrong kind of regulation.

. No laws were broken. In fact the failures of Fanny May and Freddy Mac are directly resulted from laws intended to give poor access to financial markets. This was not capitalism at work but rather the opposite – it happened because of social engineering at work.

. The current financial problems do not come from interest rates. Interesting that the markets are not making very much profit off of interest rates but rather from fees and other charges. Banks have learned that much money can be made from fees associated with refinancing loans than can be made from the interests. So much so that banks could be profitable without any interest. Fees make the most money. Finding legal way to charge fees can result in as much as 20% per month (close to 250% annually) of invested funds. 5% or 6% interested on money invested is small potatoes. The point is that mortgages did not fail because people could not pay principle and interest. They failed because of excessive fees which was the great loop hole that would destroy the unwary.

. Investing based on fees and charges are the great secret greed of current banking. Speculation based on such practices creates two problems. One because it depends on the fees being paid which offer no social or added value. And two because if the fees are not paid the entire house of cards comes apart. (which is what we are now seeing.)

The point I want to make is that the falling of Wall Street Markets will have greater ill effect on western life than the destruction of the twin towers. It will do more to divide citizens, destroy confidence in freedoms and liberty and attract more corruption in corporate and political institutions.

If I were an enemy that wanted to destroy the USA, I would realize that the citizens of the USA will destroy themselves more quickly, with less risk than open warfare. The USA has embraced business practices that are more effective method of ruin than thermal nuclear war. And politically our representatives cannot contain themselves over who can more surely guarantee that our enemy within remains intact.

The Traveler

[Loudmouth_Mormon]

Originally Posted by Traveler

If I were an enemy that wanted to destroy the USA, I would realize that the citizens of the USA will destroy themselves more quickly, with less risk than open warfare. The USA has embraced business practices that are more effective method of ruin than thermal nuclear war.

I wouldn't mind one little bit, if our enemies were to adopt that realization, if it led to them leaving us the heck alone.

I'm not going to hold my breath though.

LM

[Palerider]

Originally Posted by Loudmouth_Mormon

I wouldn't mind one little bit, if our enemies were to adopt that realization, if it led to them leaving us the heck alone.

I'm not going to hold my breath though.

LM

what about all the countries that run to us when they have a crisis???.....tell them to leave us alone to.....

[FunkyTown]

Originally Posted by Loudmouth_Mormon

I wouldn't mind one little bit, if our enemies were to adopt that realization, if it led to them leaving us the heck alone.

I'm not going to hold my breath though.

LM

So... When was the last time an attack took place on US soil?

[Traveler]

Originally Posted by FunkyTown

So... When was the last time an attack took place on US soil?

Yesterday on Wall Street.

The Traveler

[FunkyTown]

Hahah... Wait... You're saying that greedy people, afraid of losing money, pulled out their funds and that's a terrorist attack? That's people being dumb. It's not a terrorist attack, it's a flaw inherent in capitalism.

[WANDERER]

From the other side of the ocean...yep we have regulation ...or a fancy word for continuous bailout *shhhh*. Bet it's not going to do spit.

[Captain_Curmudgeon]

Seems strange that the same folks who so vociferously reject socialized medicine are pushing socialized banking down our throats.

[SMG]

Originally Posted by Captain_Curmudgeon

Seems strange that the same folks who so vociferously reject socialized medicine are pushing socialized banking down our throats.

I was thinking the same darn thing! Of the two, I'd rather have the socialized medicine coverage. At least that way, my mother and sister wouldn't struggle so badly with their medical and medication costs!

[Captain_Curmudgeon]

We have met our worse enemy and it is us (Pogo).

Close but no cigar. What Pogo actually said was:

We have met the enemy and he is us.

50 points (or a cigar) to the first one who recalls who Pogo was quoting.