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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Bobby Yellin who wrote (30914)	3/31/1999 9:09:00 AM
From: long-gone	Read Replies (5) \| Respond to of 116972

The economic situation in our land is out of control and the Federal Reserve system is out of touch with everything held dear to our way of life! This organization exists not to assure a strong economy and currency, rather only to perpetuate the banking and finance industries. Currently around 90% of the natural resource recovery industry in our nation is unprofitable! Our farmers must exist in a state of welfare support, abject poverty or both! Our steel industry is near dead. Near every manufacturing and production job in our country has been subcontracted from a larger company to a smaller one(with lesser employee benefits) or exported to another country. The only sectors of this "best economy of history" which are really doing well are the service and finance / banking. Dr. Greenspan dearly loves to use the quote "Creative Destruction" when we (who write his paycheck) "hit a bump in the road" and lose our careers, homes, farms, and family businesses. It matters not to him when a well paid mining, production, or manufacturing worker must go to work in a 7-11 or delivering pizza - from his way of thinking - these are good things. When we then have our homes repossessed; as long as the bank can again sell that home at a profit these are great happenings, as the debt cycle is perpetuated and their cronies in banks continue to get their paychecks. When, though, a major bank, brokerage, or large hedge fund speculator makes a bad bet or can no longer manipulate the markets so as to maintain their parasitic existence and extortionate compensation, are these market occurrences as equally constructive? No. Our Federal Reserve, and our leaders in the White House have determined, in their greater wisdom, the livelihood of a middle class miner, manufacturing worker, or oil field worker is lesser value to our society than that of the bloodsucking banker! The Federal Reserve rushes to their aid citing "systemic risk". When one invested in this protected banking industry is about to lose money, this presents a "systemic risk" and "moral hazzard" can be overlooked and a bail-out is brokered. When a foreign land imports steel, cars, or electronics below raw material costs our Congress is cautioned by these "Masters of the Universe" against "protectionist policies". When a precious metals mine goes bankrupt these (self professed) Gods see this as "creative destruction" and the market manipulations which brought about this "moral hazard" are not only ignored, but rewarded! When the Federal Reserve no longer remembers for whom they and the bankers work it is time we as a people practice their use of words. We must overlook any "systemic risk". We must rid ourselves of the Federal Reserve and the IMF, only then will we learn the true worth of the concept of "creative destruction"! I wonder how Dr. Greenspan will like the unemployment line when HR-1147 & HR1148 pass?