Now I am Scared

I won’t even pretend to commentate on the scandal that is our capitalist-turned-national-socialist state of affairs, because I really had little grasp of what I was supposed to be scared of. Contramundum did a great job again with commentary, and some interesting theories and doomsy predictions.

Though this morning’s news of the largest bank going under now is blatantly showing what we need to be freak-a-zoid over.

A bank fails. The Feds step in, auction it off to the highest bidder…who…umm… just bought a bunch of other failed financial firms?

Where did AntiTrust laws go?

[The Feds auctioned it off because the FDIC is broke. Your cash is not secure. Its just a sticker on the door. Read more about it here.]

Ohhh…now I’m catching on.

J.P. Morgan was one of the original financiers of the Federal Reserve. He also stopped the Panic of 1907, eerily similar to our current situation.

So Big Fed and Big Biz are now one.  ONE.

Soon we will have the Servile State where you can sign up (or be signed up) to have “lifetime employment” in exchange for food, shelter, and a modicum of necessities. You will own nothing. You will be owned.

This is not a tin foil hat looney raving. The dots do connect. This is going on right now.

God Help Us.

[Footnote: I could not understand why the government was in such a dang hurry to stop the bleeding with a bailout package. What, in detail, would happen if they didn’t? All the language I got was, “It would be terrible.” What kind of terrible? No specific description of what is actually occurring or soon to occur. Do you all feel the same way? Like, “Give it to me straight up. I won’t panic, I just want to know.” We have very little to lose. Really. Not much at all. No house, no car owned by the banks. ]


16 Responses to “Now I am Scared”

  1. 1 amberpeace September 26, 2008 at 10:35 am

    I’m so glad right now that
    1. I’m already living in poverty so the effects aren’t as hard on me
    2. I am in no way a believer that there is such a thing as a new world order against all Christians. Mmmm, one return, one resurrection. No such thing as a rapture.
    3. As a geeky historian my thoughts are “Wow, this is just like the medieval period! Famine, earthquakes, plague, extreme poverty, and wars!” They thought the end of times was happing too. It’s just a cycle. Good thing we got rid of those silly solar eclipse superstitions, though.

    No, the terrible they are talking about is the great Depression. I think they assume you know about that and how that all worked. Sadly, we don’t have an FDR.

    Most of my money is sitting my desk in the form of Canadian Dollars and the English Pound. Ha.

    You can’t complain about AntiTrust laws not working and then complain about the nationalition of things. Do you or do you not want regulation.

  2. 2 Amy Brigham September 26, 2008 at 11:02 am

    My younger sister marveled the other day that she feels as if we’re seeing the last days of America as a great nation pass before our very eyes. She said it made want to cry. I must say I agree :o( So very sad…

  3. 3 Deanna September 26, 2008 at 11:13 am

    I agree with you on the being scared. What scares me the most is so many people just voice a little bit over this or that aspect of it, but really, they don’t consider anything different. Obviously the wheels and cogs of the current government workings just aren’t working. Obviously we aren’t a resourceful folk like we once were. We have placed every egg we have and will ever hope have in the future, into the hands of the money-changers in government. We were led slowly and surely to this and no one really balked about the process. Sheep to the slaughter. Dumb, mindless creatures thinking that’s a food wagon looming in front of them and not the gas chamber for our society.

    Commonsense and practicality —
    You don’t buy into the whole cashless workings of our system. As you said, money in the bank isn’t safe anymore. FDIC is merely a window decoration.
    You stop playing the ‘I have to have credit to be a real person’ game and start doing things the old school way — you want it, you pay hard cold cash for it (or barter/trade, which is even better). You don’t have to have a FICA score to be real. You don’t have to owe thousands in debt to be real.
    You start taking a hard, long, prayerful look at how you live and what you should be doing to ensure you can at least keep a little bit of familiarity and norm around you when the rest of the ‘economy’ goes bust. It’s not an ‘if it goes’ scenario unless your a blind man. It’s totally a ‘when’ scenario these days.

    I fully admit I’m not politically saavy by any stretch. I’m not a government/Big Brother cheerleader at all. I’m not really one of those often fanatical, bug-out for the hills sorts either. But I was given a brain when I was created — not evolved — and I am expected to put it to use now and then as just another person, and especially as a mother with children to tend and care for. My future is not my own, I grant that, but it’s far more MINE than the governments. I know the outcome for the future…I’ve read it my entire life in Scripture. And I have no reason to even remotely doubt its reality. Especially not when it’s right here in my face on the news just bout every day.


  4. 5 Emily Kate September 26, 2008 at 12:55 pm

    I am interested to know where you got the information that the FDIC is broke.

  5. 6 amberpeace September 26, 2008 at 1:04 pm

    Amy, why on earth would it make you sad to see a nation pass away????

    Again, I guess I just see all this in a different light. It looks no different to me than the ups and downs of any national system.

  6. 7 Anna September 26, 2008 at 1:19 pm

    Emily Kate – I read it about two months ago when the first major bank (IndyMac) in California went down. It was an almost casual remark (in Yahoo news or some other major outlet), given as the reason the U.S. government had to buy out Fannie Mae & Freddie Mac. The FDIC was already tapped out with those first tremors. I’m trying to find the story.

    Why else would they seize a bank and auction it off to satisfy debts accrued against deposits? Because the FDIC has not the funds to pay it out on demand.

    Amber – The irony of the regulation of Antitrust is that the Feds disregarded their own laws, at least to my weak understanding. I used it as an example of the rule of law (which may be argued to never have firmly existed in our system) is out the window.

  7. 8 Emily Kate September 26, 2008 at 2:32 pm

    Anna –

    I did a little research and found an article that said, in summary, that the FDIC would run out of funds if the trend of banks failing continues as projected. I think it is important to note, however, that the US Government would never in it’s right collective mind allow the FDIC to go under. The FDIC will receive hefty loans from the US treasury to keep it afloat and maintain people’s faith in the banks, for the sake of the US economy.

    As for the FDIC selling WaMu to JP Morgan, this simply makes sense. Would it really be prudent for the FDIC to dip into it’s insurance fund when they don’t need to in order to ensure that the money in peoples bank accounts is safe? And why would *they* keep a failed bank? JP Morgan got a strong retail branch presence at low cost, and should be able to raise the capital to back it up. WaMu shareholders lost, certainly, but the stock market is inherently risky.

    “The Feds” are working with “Big Biz” to keep the US economy (which is very much dependent on “Big Biz”) afloat. I would not be worried about a “Servile State” any time soon.

  8. 9 Christine September 26, 2008 at 6:13 pm

    I say let them fail and fall to their knees! They need to fall. Basically what happens is when to consistantly bail out these big companies you end up printing way to much money-money which really isn’t justified nor carries it’s weight in value. The more money the FEDs print the more the value of the dollar goes down. Since our money is no longer based on the “Gold Standard” our money really has no leg except for what the market dictates.

    When it comes to what could happen if we didn’t bail out these companies well it would be a trickle down effect. You would have those companies go down which would unemploy not only thousands of employees but also contractors and vendors who work with those companies. As they also will lose business (this in fact is happening to us right now since we are a vendor to a large corporation that just went down).

    As people have less and less money to spend you will see less money circulating in the economy. From what I know eventually you will see interest rates start to rise again and people building value from investments which might start to increase risky spending.

    We may have demand go up and supply go down on fuel. Shortages of certain necessity foods because of the high cost of transportation of these items. You may see more people pull their money out of the banking system which again slows the flow of money for the FEDs to play around with (less assets also). More companies will fail and the same thing will go over and over again. This is basically what I get out of the whole thing of what would happen.

    See what a few Americans still don’t realize is that big companies must fall at times. Why? Because that is when you will see the little companies rise to the event and slowly become more successful and larger. We must never forget that we will also be dependant on the small businesses no matter how much the big businesses want to dominate. They can only get so big until they get lost in the politics, coruption, and become full of themselves (basically paying themselves WAY to much money!).

    Great post!

  9. 10 Sarah September 26, 2008 at 7:32 pm

    We (my Mother and I) really have nothing that is owned by a bank. We rent a house and our ancient car is paid for. I am scared because I think that this actually might be worse than the Great Depression. Our family and many of our friends just want to farm, but it is very hard to get farms started right now. I was just talking to my dear Orthodox friend Wednesday and I told her that we need to learn how to can food, sew, forage, etc. I know this sounds extreme, but it could happen and we need to be ready. Lord have mercy on us!

  10. 11 Amy Brigham September 26, 2008 at 9:01 pm

    Amber- I guess I’m just the funny sort of person who aches when they see human suffering happening, or soon to be happening, around them. Why wouldn’t I be mourning the fact that the very near future might hold cold winters & hungry bellies for my neighbors, countrymen, and brothers & sisters in the Lord? It seems callous and quite frankly twisted to do anything else but be full of grief for such a future, while trying my best to be sure that my family has the means to take care of those around us who will be in need should the future be as bleak as many are predicting.

  11. 12 amberpeace September 27, 2008 at 3:40 pm

    Amy, I live in a very poor area. What you describe isn’t the future for me, it’s been my past and present. I grew up with out heating. *shrug* My siblings don’t get enough to eat *shrug* I’ve had scarlett fever and whooping cough because we couldn’t get all our vaccines.
    I’m not any sadder about the problem than I was a year ago or ten years ago, because it’s not new to me. It’s only moved to the national attention

    “Imagine stalking elk past department store windows and stinking racks of beautiful rotting dresses and tuxedos on hangers; you’ll wear leather clothes that will last you the rest of your life, and you’ll climb the wrist-thick kudzu vines that wrap the Sears Tower. Jack and the beanstalk, you’ll climb up through the dripping forest canopy and the air will be so clean you’ll see tiny figures pounding corn and laying strips of venison to dry in the empty car pool lane of an abandoned superhighway stretching eight-lanes-wide and August-hot for a thousand miles.”

  12. 13 Christine September 28, 2008 at 7:35 am

    I’m sorry but I think you are off here. I come from a country which is doing fine in our banking industry because there is some federal regulation. American greed made this mess, and sadly, it is not only Americans who will suffer though that alone is bad enough.

    There are worse things than being socialist (in its true form). There is poverty, and the horror of people not being able to get medical care for lack of money.

    And your quote sounds like it could have come from a scene in the I Am Legend movie. I am very confused as you are moving from topic to topic.

  13. 14 amberpeace September 28, 2008 at 2:22 pm

    The quote is actually from the book Fight Club. Also, I don’t dislike socialism, at all. I think the States should take a good look at what Sweden did during the 90’s when they had the exact same problem. I don’t even mind commual living – I considered living in the Jesus People community in Chicago before I decided on going to seminary. Christian economics – that which is taking care of the whole community and not just self (or just family) is the greatest and best. If people were socialist – communal – in their local communities we wouldn’t have to worry about poverty.

    On the flipside, I struggle with involving myself in civil affairs. No one sees the Amish or Amish Mennonites freaking out right now…

  14. 15 Amy Brigham September 28, 2008 at 9:01 pm

    Amber- I’ve been homeless before, so the problem is not new to me personally either. I thankfully was not yet a mother, so unlike so many, I did not live through this bleak reality with any children alongside me. For me, this doesn’t change the fact that this is a devastating situation to see unfolding, nor does it make my heart ache any less for those who will walking the road I was once on but was blessed to get off of. It’s certainly your right not to be sad about this future to come, but you are not going to convince me otherwise.

  15. 16 alana September 29, 2008 at 8:53 am

    I say this country could use a little socialism with our so-called democracy. It’s been working really really well for a rather long time in Switzerland: Universal health care and a tight-as-a-drum social security system that makes it possible (mandatory) for all to retire well at 65.

    I am reminded of the verse in 1 John 2:15-17 “Do not love the world, or the things in the world. If anyone loves the world, the love of the Father is not in him. For all that is in the world-the lust of the flesh, the lust of the eyes, and the pride of life-is not of the Father but is of the world. And the world is passing away, and the lust of it; but he who doe the will of God abides forever. “

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"I can't say I don't believe in your God, but I don't believe He meant the world to be as it is." ~Nicholas Higgins. North and South.

"I wanted you to see what real courage is, instead of getting the idea that courage is a man with a gun in his hand. It's when you know you are licked before you begin but you begin anyway and you see it through no matter what." No idea where that last quote came from, but I like it!

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