News and Politics | September 26, 2008 | 17 comments

America is for sale!

source: http://www.thestar.com/Business/article/506668

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GrandKnow2
"Canadians were given fresh clues today about how this country's largest financial institutions would fare over the coming months as the worst financial crisis since the Great Depression continued to unfold on Wall Street.

Royal Bank of Canada's chief executive told investors the current financial turmoil was creating both operating challenges and potential acquisition opportunities for this country's largest bank, while Sun Life Financial Inc. came clean on its bond exposure to failed American thrift Washington Mutual Inc.

Some analysts, meanwhile, continued to fuel speculation that Toronto-Dominion Bank may acquire "locations, customers and deposits" in New York City from JP Morgan Chase in a potential spin-off deal to the American bank's acquisition of Washington Mutual.

For his part, RBC chief executive Gordon Nixon told analysts that providing guidance on its U.S. business strategy is a challenge given the current volatility gripping financial markets. The tricky operating environment is delivering some knocks to its American consumer banking operations.

Nonetheless, Nixon hinted RBC could be mulling more retail and wealth management acquisitions south of the border."
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17 comments // America is for sale!

  • 3oc
    • 0
      3oc  

    • A surtax won't work. It wouldn't be a surtax anyway as most of the wealthy don't pay taxes now. It would be a new tax and I can't see them voting for that any time soon.

      As dlmontfomery said, the only way to fix the crisis is a total restructuring of the FED. I would go so far as to say a dismantling of the FED and the IRS. While were at it we should restructure the halls of power as well. The current system doesn't work, doesn't represent the people and is a leftover from the dark ages.

      Credit too has to go away - it is a crime against the people in its current form.

    • 3 years ago
  • dlmontgomery
    • 0
      dlmontgomery  

    • I like one of the proposals to resolve the financial crisis. A surtax on the rich for ten years.

      But seriously, what will solve this and other crises yet to come is the systematic dismantling of the Federal Reserve system. This act alone will reduce the size of government, increase states rights, make government more accountable and reduce inflation and return wealth to the constituents.

      In B school one of my finance professors was a Mises advocate. A return to hard currency will have an beneficial effect on the economy.

      However, a return to a hard money system will be much like an addict withdrawing from their drug; in a hard money system credit goes away.

      But, in light of the blatant robbery of the public it can't be any more painful.

    • 3 years ago
  • limitsnone
    • 0
      limitsnone  

    • The first to go to the unemployment line will be the bankers or maybe they will just jump out the windows from their offices on the 99th floor. Stop the madness; let them go out of business.
      America is strong not because of the markets, but because of its people “We survived one depression we will survive another”

    • 3 years ago
  • 3oc
    • 0
      3oc  

    • America was sold in 1936.

      This is just the mop up of stragglers and those impudent independents that presumed to get into finance.

      The winners will be the last banks standing. Among them will be Citigroup, JP Morgan Chase and Bank of America.

      The losers will be the American taxpayers as they will fund the acquisitions with the aid of the FED.

      The meltdown will continue until the next great depression which is already on its way and was always part of the plan.
      http://current.com/items/89351134_bailout_equals_aquisition

      As WhiteNoise states above "don't spend money you don't have, don't try to maintain a lifestyle beyond your means, don't buy on credit and put yourself in debt".

    • 3 years ago
  • MrMarxist
    • 0
      MrMarxist  

    • I'll take Global Markets for $1 trillion Alex.

      "This country's banking system has been run much more conservatively than it's counterpart to the South. As a result, even during a global market melt down, they have the funds to buy themselves even bigger. As well, the government in their country of origin reacted quickly to the housing crisis in the U.S. and changed lending laws to further ensure only people who can afford mortgages get them."

      What is Canada?

      Correct; we would also have accepted "the greatest nation on Earth."

    • 3 years ago
  • privateibber
    • 0
      privateibber  

    • They are going to use this money to set up shop to make properly decorated showrooms to sell off whatever is still sovereign. I want Hawaii, New York and Marvin Gardens. Private Ibber

    • 3 years ago
  • mo1y
    • 0
      mo1y  

    • United States financial system is being Globalize. A depression is the cure not a taxpayer bail out.

      Globalization is the cause. United States does not bring in enough money from manufacturing to support it's financial system.

      Under Globalization the country that can produce clothes the cheapest produces clothes. The United States has lost so much of it manufacturing, that it no longer has enough capital to support it financial institution.

      A depression would lower the American standard of living enough to be competative with the Global economy.

      The quickest way to a depression is no taxpayer bail out. Pull out of all trade agreements; Build walls of tariffs; Rebuild manufacturing base with the bail out money; Pull out of the Muslim wars (let Europe fight the Muslims;

      The United States was built on isolationism. We must return to isolationism. We must stop immigration of hostal immigrants, economicly deport illegal immigrants, and only let in immigrants, that love the United States.

    • 3 years ago
  • Echelon
    • 0
      Echelon  
    • mo1y:

      The globalization of the U.S. financial system was conceived at its original inception and formalized through the Federal Reserve Act in 1913. If you study the group of bankers that comprise the Fed, you will see the international hierarchy (with Britain at its head, interestingly enough).

      Also, our staggering national debt which has built up over decades is owed to international banks; it is not localized to the U.S.. Therefor, if those debts are called in when we do not have the money to pay, international banks officially own us.

      Our financial system was globalized long ago. Unfortunately, the bottom line now is that we have no choice... no easy way out.

      "The Federal Reserve banks are one of the most corrupt institutions the world has ever seen. There is not a man within the sound of my voice who does not know that this nation is run by the International bankers."

      -- Congressman Louis T. McFadden (speaking in the Senate)

      "Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States."

      -- Senator Barry Goldwater

      "It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."

      -- Henry Ford

      "The few who understand the system will either be so interested from it's profits or so dependent on it's favors, that there will be no opposition from that class."

      -- Rothschild Brothers, of the Rothschild banking dynasty

      "All the perplexities, confusion and distress in America rise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from downright ignorance of the nature of coin, credit and circulation."

      -- President John Adams, in a letter to Thomas Jefferson

    • 3 years ago
  • WhiteNoise
  • 3oc
  • lahim
    • 0
      lahim  

    • Ok so our economy is going down the drain... but instead of just looking to the government we have to start doing something also. Mainly, don't spend money you don't have, don't try to maintain a lifestyle beyond your means, don't buy on credit and put yourself in debt. Thats where the trouble starts, and thats why we are where we are today

    • 3 years ago
  • cantucwearebrothers
  • Echelon
    • 0
      Echelon  
    • lahim:

      You are absolutely correct that living beyond our means and subscribing to credit caused this problem, but our entire economy depends on keeping people in debt...

      "If all the bank loans were paid up, no one would have a bank deposit, and there would not be a dollar of currency or coin in circulation. This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system... It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon."

      -- Robert H. Hamphill, Atlanta Federal Reserve Bank

      ...so, now that the problem is as advanced as it is, if everyone stops borrowing then the system further collapses - and all by design of those who now hold our government hostage.

      "Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with a flick of the pen they will create enough money to buy it back again. However, take away from them the power to create money, and all the great fortunes like mine will disappear and they ought to disappear, for a better world to live in. But, if you wish to remain the slaves of bankers and pay the cost for your own slavery, let them continue to create money."

      -- Sir Jostah Stamp, President of the Bank of England in the 1920's, the second richest man in Britain

    • 3 years ago
  • WhiteNoise
  • dlmontgomery
    • 0
      dlmontgomery  

    • George H W Bush took this country through much of the same in the 1980's with the S & L melt down.

      The focus was on commercial real estate and banking deregulation and the confusion wrought through the change in the mission statement for the S & L industry, the effect was the same. Many foreign banks purchased more US debt instruments obtained a larger stake in US banks and S & L's.

      This time 'round and with George, Jr. the focus was on raiding the public coffers and the sell-off of the retail real estate market. Everyone can share the blame. Unfortunately, the ones who got out first benefited; the "johnnie-come-latelies" both individual and corporate -- lost.

      Now what do we do? The only reason the government is considering the $700B bailout is because the Social Security Trust fund is broke due to loans to balance the US budget (effectively borrowed out of existence by 1995).

      The worse is yet to come. Worthless debt instruments; writedown of asset values reduced income to individual and pension portfolios and the debt financed spending spigot continues to run.

      I don't pretend to have answers, but in this great country those that do aren't telling.

    • 3 years ago
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