IMF calls for system 'reboot' or all bailouts will be wasted - GoFuckYourself.com

teomaxxx · 01-29-2009, 06:31 AM

http://www.independent.co.uk/news/uk...e-1519067.html

"The IMF says tax cuts and public spending and borrowing boosts all over the world will be useless unless the financial system is rebooted.

Its managing director, Dominique Strauss-Kahn, warned: "If there's not a restructuring of the banking system, all the money you can put into [monetary and fiscal] stimulus will just go into a black hole.""

Thats it. All bailout money are wasted, unless politics stop to support capital sucking blackholes (aka 90% of banks) and let them bankrupt. There is not enough money to cover all their loses (it only started with housing, watch for much more and bigger problems like CDS).
The current system cant be saved, it have to be rebuilded again.

Mutt · 01-29-2009, 06:45 AM

i agree - and it won't happen - nobody is prepared to pay the price or bear the sacrifices that would correct the economy. so we'll continue on and let future generations really feel the real pain - by that time the world economy will be a lot less tied to the American economy and Americans of the future will never know the wealth and comforts enjoyed their parents and grandparents.

Ethersync · 01-29-2009, 06:55 AM

Quote:

Originally Posted by Mutt

by that time the world economy will be a lot less tied to the American economy and Americans of the future will never know the wealth and comforts enjoyed their parents and grandparents.

I don't think this "decoupling" will happen nearly as quick as many (e.g. Peter Schiff) speculate.

Loki · 01-29-2009, 06:55 AM

If I read that right are they calling for a "reboot" as in EVERYONE goes back to 0?

IE no one owes any debts, etc etc?

Tht would be heaven for sure, god knows I made a shitload of bad choices in my youth that made it so I could never get approved for credit and such, but given the chance to do it all over I know better now.

if that's the case, agreed that it would NEVER happen lol

-Loki-

teomaxxx · 01-29-2009, 06:58 AM

and just another article, confirming the IMF view, from Roubini:

Roubini Says U.S. Banks Insolvent, Will Have to be Nationalized

This is it. all those bailouts are:
http://www.bloomberg.com/avp/avp.htm...rwm8k_ARvE.asf

money into the blackhole, since banks are going to be insolvent anyway.
on the other side, the nationalization isnt great way too, just one look to the Iceland says more then enough...

the default is the only way.

pornguy · 01-29-2009, 07:06 AM

Banks are going down the hole because of the way they have been run. NOTHING will fix the economy not even a " REBOOT " without changing the way banks run.

Agent 488 · 01-29-2009, 08:26 AM

there is no amount of money that will be able to save the banks.

there is going to have be major debt forgiveness and write offs, although if it is only on the bank side and not for the public, the world will become iceland with toppled governments and daily protests.

01-29-2009, 06:31 AM	#1
teomaxxx Confirmed User Join Date: May 2003 Posts: 2,734	IMF calls for system 'reboot' or all bailouts will be wasted http://www.independent.co.uk/news/uk...e-1519067.html "The IMF says tax cuts and public spending and borrowing boosts all over the world will be useless unless the financial system is rebooted. Its managing director, Dominique Strauss-Kahn, warned: "If there's not a restructuring of the banking system, all the money you can put into [monetary and fiscal] stimulus will just go into a black hole."" Thats it. All bailout money are wasted, unless politics stop to support capital sucking blackholes (aka 90% of banks) and let them bankrupt. There is not enough money to cover all their loses (it only started with housing, watch for much more and bigger problems like CDS). The current system cant be saved, it have to be rebuilded again.

01-29-2009, 06:45 AM	#2
Mutt Too lazy to set a custom title Industry Role: Join Date: Sep 2002 Posts: 34,431	i agree - and it won't happen - nobody is prepared to pay the price or bear the sacrifices that would correct the economy. so we'll continue on and let future generations really feel the real pain - by that time the world economy will be a lot less tied to the American economy and Americans of the future will never know the wealth and comforts enjoyed their parents and grandparents. __________________ I moved my sites to Vacares Hosting. I've saved money, my hair is thicker, lost some weight too! Thanks Sly! Last edited by Mutt; 01-29-2009 at 06:46 AM..

01-29-2009, 06:55 AM	#4
Loki Confirmed User Industry Role: Join Date: Feb 2004 Location: Michigan Posts: 4,420	If I read that right are they calling for a "reboot" as in EVERYONE goes back to 0? IE no one owes any debts, etc etc? Tht would be heaven for sure, god knows I made a shitload of bad choices in my youth that made it so I could never get approved for credit and such, but given the chance to do it all over I know better now. if that's the case, agreed that it would NEVER happen lol -Loki- __________________ MAKE MONEY WITH 3D TOONS! Need hosting? LokiCa$h Uses Amerinoc and love them! Skype: LokiPorn Or Email 3dloki\|at\|gmail.com

01-29-2009, 07:06 AM	#6
pornguy Too lazy to set a custom title Industry Role: Join Date: Mar 2003 Location: Homeless Posts: 62,912	Banks are going down the hole because of the way they have been run. NOTHING will fix the economy not even a " REBOOT " without changing the way banks run. __________________ PornGuy skype me pornguy_epic AmateurDough The Hottes Shemales online! TChicks.com \| Angeles Cid \| Mariana Cordoba \| MAILERS WELCOME!

01-29-2009, 06:58 AM	#5
teomaxxx Confirmed User Join Date: May 2003 Posts: 2,734	and just another article, confirming the IMF view, from Roubini: Roubini Says U.S. Banks Insolvent, Will Have to be Nationalized This is it. all those bailouts are: http://www.bloomberg.com/avp/avp.htm...rwm8k_ARvE.asf money into the blackhole, since banks are going to be insolvent anyway. on the other side, the nationalization isnt great way too, just one look to the Iceland says more then enough... the default is the only way.

01-29-2009, 08:26 AM	#7
Agent 488 Registered User Industry Role: Join Date: Feb 2006 Posts: 22,511	there is no amount of money that will be able to save the banks. there is going to have be major debt forgiveness and write offs, although if it is only on the bank side and not for the public, the world will become iceland with toppled governments and daily protests.