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US Rep. Marcy Kaptur (D-OH) on BILL MOYERS JOURNAL

October 9, 2009
Just over a year after economic calamity brought promises of reform from Washington, has Wall Street really changed?
Former International Monetary Fund chief economist Simon Johnson and US Rep. Marcy Kaptur (D-OH) report on the state of the economy.
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Kaptur talks tough, but "You stay in your homes" didn't carry far beyond the podium.  Police shot a guy last week who followed her advice.  Storage facilities across the nation are holding personal possessions hostage for people who "Stayed in their homes".  The streets are full of homeless people who "Stayed in their homes".  PPpfffttt!!!

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    All the talking heads on TV can discuss all they want but what it all comes down to is this, either cash becomes worthless or debts (notes, bonds, and mortgages) become worthless. My bet is on cash. I believe most of the latter
will drop in value to at most 1 cent on the dollar. China and Arabia will be very angry when they can only get 1 cent on the dollar for all the debt instruments they are holding. But what the hey, America, both its people and its government are bankrupt. There is nothing that can be done about it.
    The deflation will be so bad that we will see massive bankruptcies and investors will pick up assets on the cheap for 10 cents or less on the dollar.
     Already, Wells Fargo is selling REO's for 25 cents on the dollar and the crisis is only one year old. Cash is king at the moment, bargains on every thing are everywhere. I predict gold will drop to $50/oz and the mugwump
Republicans will get wiped out (as they should) for speculating against the
dollar. They will take it up the butt! Debt instruments will be bought and sold
for pennies on the dollar. Save your cash and buy back a similar property to
the one you lost for pennies on the dollar. Complaining won't change anything!
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The Equitable One
I watched the video last night and this morning, in between other reading, research and writing. I consider it to be among the best videos I've seen in regard to the issues discussed.

Is it in itself a solution? No.

Does it represent any significant changes? No.

But it shows clearly that there are some people in government that do have more accurate understandings and are at least attempting to find a solution.

Among the deficiencies I noticed was that they never discussed the role of the courts. Those of us here know that those "trenches" are of vital importance and must be changed.

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