IMF Warns of Financial Meltdown.

[chimper]

IMF tells states to plan for the worst.

http://www.ft.com/cms/s/0/ee21ddbc-f08b-11dc-ba7c-0000779fd2ac.html

[keopeli]

1. Wow! That's some scary stuff. (Welcome to DU!) n/t

[chimper]

22. i found more here

i found more here keopeli.

http://www.democraticunderground.com/discuss/duboard.php?az=show_topics&forum=114

[TomInTib]

2. Ouch!

That made my teeth hurt.

Kicked and Oh-So-Scarily Recommended.

We are screwn.

Do I dare sign a new lease?

Or just go fishing with Redstone?

Tom

[Greyhound]

3. "including the potential use of public funds to safeguard the financial system."

Read as forcibly stealing ordinary people's meager assets to keep us in power. The fact remains that the world financial system is a classic Ponzi scheme and those at the top will stop at nothing, including the slaughter of billions, to keep the game going.
:kick: & R

[fasttense]

4. What a load of crap

"Governments might have to intervene with taxpayers’ money to shore up the financial system and prevent a “downward credit spiral” from taking hold, the International Monetary Fund said on Wednesday."

Now we have to give a bailout to financial institutions but we don't
bail out homeowners who are going bankrupt. The idiots are in charge.

If we had poured $200 billion into homeowners in 2007, then we wouldn't be in this mess. People wouldn't be defaulting and all those CDO and bundled securities based on mortgages would still be worth something. Instead, they want to give a bailout to the criminals who created this ponzi scheme. They are priming the wrong end of the pump.

More Welfare for the uber wealthy. What a load of crap.

[Patriot Abroad]

6. and if the banks hadn't gotten greedy

and allowed "zero down payment" mortgages to people that couldn't realistically afford them, there wouldn't be a mess.

Heads should be rolling at the banks that took on high risk loans, but instead once again we will all pay the price.

(I'll note that similar shinanigans have been going on in Ireland/Europe).

[irish.lambchop]

7. Northern Rock bank

in the U.K. was about to go under until it was bought and in meantime, no one could touch their money/assets.

[magellan]

21. Wasn't that the one Virgin and others offered to buy

...but the UK government wound up nationalizing it because they didn't think the bids were high enough? So far the government has sank £25 billion of UK taxpayers' money into it.

Fools, our governments are full of greedy fools.

[PA Democrat]

9. This has always been my problem with corporate America.

CEOs focus on short-term profits. They rake in the exorbitant salaries, the bonuses, the stock options. Then when the chickens come home to roost, it's the average worker who gets laid off, or takes a pay cut. The CEO, who is responsible for the bad, short-sighted business decisions, walks away with his pockets lined and a nice fat golden parachute.

[Echo In Light]

25. Profits before people

[xchrom]

12. didn't you get the memo? -- you're supposed to blame the borrower.

even here on DU --

[sendero]

24. I blame everybody involved..

... the borrower, the lenders, the regulators. And I want them all to suffer the natural consequences of their reckless actions.

[chimper]

23. Fastense says it well :

'Instead, they want to give a bailout to the criminals who created this ponzi scheme.'

[Patriot Abroad]

5. maybe it's time for a new gold standard, but with oil . . .

So you can take your money to the bank and be guaranteed that they will immediately give you a 55 gallon drum of oil per 100 bucks.

Storage might be a problem though . . .

[malaise]

8. WTF?

The IMF has been behind the fucked up policies forcing governments to get out of the economy and privatizing basic societal needs and they are now saying tax payers' money must be used to shore up corrupt banks.

People pay taxes to that the common good can be financed.

Fuck the banks and the IMF - let's rebuild infrastructure.

[CJCRANE]

10. Bush is asleep at the wheel

so it's no surprise the economy is driving over a cliff.

[jazzjunkysue]

16. ASIF he might even understand the first 4 minutes of it, explained in 2 syllable words.

And, even if he understood it, drawn into pictures or with video, you're assuming he'd even give a damn.

[Peace Patriot]

11. The IMF oughta know. They've CAUSED financial meltdowns in third world countries

by, among other things, draining social programs (education, medical care, bootstrapping of the poor) into the pockets of "first world" financiers. Now they're doing it to us privileged folk. Surprise, surprise. Welcome to the worldwide "Banana Republic."

[PA Democrat]

13. The IMF is shameful.

They offer to help poor countries, but in exchange those countries must agree to privatize their natural resources for the benefit of the corporate profiteers and they force workers to take pay cuts.

[ayeshahaqqiqa]

14. Maybe that's why gold prices have gone up

quite a bit in the last five days.

[madrchsod]

15. that`s a creditable source

their sole purpose has been to bankrupt countries and they have done a very good job of doing so....

[jazzjunkysue]

17. This is truly the end of the GOP, if they take us down the rabbit hole.

Hard to belive there's not one true american patriot among them with an economics background to stop this madness and end the war. End the waste and the bloodletting. Impeach the turnip and do what's right.

Not one among them.

I just got my state refund. I'm cashing it tonight! The fed's already in.

[onethatcares]

18. to Peace Patriot and PA democrat,

that's the way I picture the IMF too. Always there with the backing of General Electric to get what General Electric wants, whether it be through taking peoples money or killing people outright that complain about having their money taken.

"Armed Madhouse" by Greg Palast should be on everyones' reading list, along with "Overthrown".

Peace out.

[Fuzz]

19. A Republican told me the economy is starting to fail because investors are expecting a Democrat to

win the Presidency and hold Congress in November.

I don't think he even believed the shit coming out of his mouth.

[Greyhound]

20. I was speaking with a fellow in South Korea today and he tells me that

what they are hearing over there is that the Chinese economy is already in the crapper.

:kick: for the most important story today.