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"‘Tonight, in the city of David, a Savior is born, 'tis Christ the Lord.'"

"There are not over a hundred people in the United States who hate the Catholic Church. There are millions, however, who hate what they wrongly believe to be the Catholic Church, which is, of course, quite a different thing."
-Bishop Fulton J. Sheen
Placating terrorists, meeting with dictators, compassion for murderers... but no humanity for the unborn... incredible.
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AdMajoremDeiGloriam Profile
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Cardinal

Registered: 08-2005
Posts: 1515
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Living in a fantasy world


Taken from the forums

"You guys miss the main point, if debt threatens America, we can just either re egotionate it or just defult, or atleast default chinese and other poorer nations. These nations will be force to continue tradeing with america and no prob. If Russia defaulted its debt noone but belarus would trade with it and it would collapse within a year."

and the reply

"And the dollar would be worth toilet paper. What would we pay with, wampum?"
Dec/22/2008, 4:02 am Link to this post Send Email to AdMajoremDeiGloriam   Send PM to AdMajoremDeiGloriam
 
Michael D Profile
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Peacemaker

Registered: 09-2005
Posts: 2111
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Re: Living in a fantasy world


Just default, huh? It would be pretty hard to get any kind of financing after that. There are a lot of deranged people in the U.S. I largely blame it on the schools and the curricula and teachers who know nothing about nothing.

---
Nothing by force, but everything by charity.

Ss. Thomas Aquinas and Augustine, pray for us.
Dec/22/2008, 8:20 am Link to this post Send Email to Michael D   Send PM to Michael D
 
AdMajoremDeiGloriam Profile
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Cardinal

Registered: 08-2005
Posts: 1515
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Re: Living in a fantasy world


I'm genuinely amazed by the growth of the US derivatives market - basically a Ponzi scheme just like the 50 billion USD one uncovered on Wall Street .

A huge debt and a huge military-industrial complex - now that's an explosive combination .

Dec/22/2008, 10:24 am Link to this post Send Email to AdMajoremDeiGloriam   Send PM to AdMajoremDeiGloriam
 
Michael D Profile
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Peacemaker

Registered: 09-2005
Posts: 2111
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Re: Living in a fantasy world


You would not be so surprised if you realized just how corrupt the leadership of both major parties is and how closely their fortunes are tied to the financial interests in New York.

---
Nothing by force, but everything by charity.

Ss. Thomas Aquinas and Augustine, pray for us.
Dec/22/2008, 11:27 am Link to this post Send Email to Michael D   Send PM to Michael D
 
AdMajoremDeiGloriam Profile
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Cardinal

Registered: 08-2005
Posts: 1515
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Re: Living in a fantasy world


"The FBI has engaged in “triage,” taking agents off terror and other crimes to respond to a cascade of financial frauds such as the alleged Bernard Madoff Ponzi scheme, the head of the bureau’s New York criminal division said."

http://news.yahoo.com/s/bloomberg/20081222/pl_bloomberg/aazwa1acdrbc

There are no innocents Michael - people are either tolerating this decay or profiting from it .

Last edited by AdMajoremDeiGloriam, Dec/22/2008, 2:07 pm
Dec/22/2008, 2:07 pm Link to this post Send Email to AdMajoremDeiGloriam   Send PM to AdMajoremDeiGloriam
 
Michael D Profile
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Peacemaker

Registered: 09-2005
Posts: 2111
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Re: Living in a fantasy world


When the cat is away the mice will play. Interesting angle in that the FBI concentrating on potential terrorist threats ignored financial fraud crimes happening under their noses. We are a fallen race.

---
Nothing by force, but everything by charity.

Ss. Thomas Aquinas and Augustine, pray for us.
Dec/22/2008, 2:31 pm Link to this post Send Email to Michael D   Send PM to Michael D
 
AdMajoremDeiGloriam Profile
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Cardinal

Registered: 08-2005
Posts: 1515
 | 
Re: Living in a fantasy world


It's more like self-destruct

"Lehman chiefs destroyed $75bn of bank's value in hours"

"Bryan Marsal, co-chief executive of Alvarez & Marsal, the company that is restructuring Lehman, described the surprise bankruptcy filing on September 15 as "an unconscionable waste of value" that robbed the bank's unsecured creditors of much of the $200 billion they are owed."

"Most of the loss of value occurred because the bankruptcy filing caused the bank to default on trading contracts with counterparties, immediately cancelling 900,000 separate derivatives contracts. These cancellations included contracts in which Lehman was owed money. If there had been on orderly unwinding of the contracts over several weeks, at least $50 billion could have been saved, the liquidators found."

"Further value was destroyed when the unplanned bankruptcy forced down prices for Lehman's assets in a market that had already been artifically depressed by the shock collapse of the bank. This meant that the bank's trading and investment banking businesses were sold for less than $500 million although they had made about $4 billion in annual profits before the bankruptcy."

 http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5413856.ece
Dec/29/2008, 5:24 pm Link to this post Send Email to AdMajoremDeiGloriam   Send PM to AdMajoremDeiGloriam
 
AdMajoremDeiGloriam Profile
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Cardinal

Registered: 08-2005
Posts: 1515
 | 
Re: Living in a fantasy world


Another one from the forums

"Glorious World Union wrote:
There will be no more problems between Iran and Israel when Obama is President. He will bring peace and good will to all the world. The more unfortunate people will be rich with gifts from the government and so may people of Iran and Israel. American aid will be distributed in all the world. There is no reason to have so much wealth if all people can not enjoy it. Obama will hold out his hand in peace and fulfill the dreams of all unfortunate and unemployed people and give them all the money they need."

and the response

"American aid" that is wishful thinking ! America is going bankrupt ! Where is all this aid money going to come from ? In a few more years America will be a third world country !"
Jan/1/2009, 10:39 am Link to this post Send Email to AdMajoremDeiGloriam   Send PM to AdMajoremDeiGloriam
 
Michael D Profile
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Peacemaker

Registered: 09-2005
Posts: 2111
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Re: Living in a fantasy world


I am pretty sure that Obama is going to buy me a new car, pay my mortgage, and provide free internet broadband access. I am set. emoticon

BTW, what forum produces this type of inanity. I know, they all do.

Last edited by Michael D, Jan/1/2009, 11:14 pm


---
Nothing by force, but everything by charity.

Ss. Thomas Aquinas and Augustine, pray for us.
Jan/1/2009, 2:27 pm Link to this post Send Email to Michael D   Send PM to Michael D
 
AdMajoremDeiGloriam Profile
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Cardinal

Registered: 08-2005
Posts: 1515
 | 
Re: Living in a fantasy world


People believe that stuff because it's so convenient for them . A few more speeches about "spreading the wealth" and the hood will simply come knocking - happens everytime .
Jan/2/2009, 4:30 am Link to this post Send Email to AdMajoremDeiGloriam   Send PM to AdMajoremDeiGloriam
 


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