By The Right Scoop


This is really, really not good. It’s like the mortgage crisis starting all over again, where banks were told by our government to make loans to people who couldn’t pay them back. Except this time banks are being told to buy government debt that the government may not be able to pay back. And that could lead to a debt bubble that will devastate America when it pops.

Here’s an excerpt from the audio:

“This is how our government destroys our country. Look what they did to the mortgage industry. Look what they did to the housing industry and the banking and the finance industries! Now look what they’re doing! The US and European regulators, that is our government and those governments, are pushing the banks to take on the debt that our politicians are creating by deficit spending and [the banks] do not have to treat it as debt against capital requirements.

You believe this?

So in other words folks, if our Treasury goes under, the entire financial system of the United States, the entire banking system of the United States, the various stock markets in the United States are all going to be dragged down with it!”

Listen below:

NOTE: Here’s the article Levin was reading from at CNBC.

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  • http://profile.yahoo.com/44F4AB4VSCTOCHBMBG4ZWWD5OU Laurel

    This is what happens when society eschews morality for moral relativism. House of cards! I’m not sure that stuffing a mattress will help at this point. Learn to barter I guess but to do that you better have something to barter with.

    • Nukeman60

      Yeah, learn to barter. You can stuff your mattress, but that only makes your mattress more comfortable with useless stuffing. Watch for Obama to start printing ‘trillion dollar bills’.

      • K-Bob

        And re-tool the US Mint to supply special carts to haul them around with.

        • Nukeman60

          Will those carts look like Chevy Volts hitched to 2 donkeys (out of work Democrats)?

    • FutureOnePercent

      Do you think there’s any good videos on YouTube for how to make animal pelts? I better start learning a trade…

      Maybe a blacksmith…

      I’ve always wanted to live like I was in the Dark Ages.

      Not.

      • http://twitter.com/notalemming Greg Hedgepath

        If you can use Dog Pelts …. 4 or 5 a week are tossed in the dumpsters at 1600 Pennsylvania Ave.

  • RighteousCrow_JustCaws

    @*#+%&!!!

  • heshtesh

    Yep to big to fail………………I’m sick to my stomach!

  • Crash_Davis

    Unfortunately it’s already too late – the article states that it’s been going on for years already.

  • physicsnut

    how about more detail on this story – which would also include the fact that the bank lobby writes the laws. There is a lot of serious garbage going on in this whole sector, and most americans have zero clue about any of it. And yes, if Treasury goes under you are already in deep serious trouble anyway. But we can expect that if money is involved, then there will be a huge load of nonsense being shoveled around. The public is baffled by the baloney.

  • Stehekin912

    Mitt, do you have what it takes to turn this tide? We The People have the will…can we find the way and stick to it?

    • sDee

      This story is running on CNBC and other outlets now. An ideal chance for Romney to stand above the crowd of pilferers. Let’s see……

  • http://no-apologies-round2.blogspot.com/ AmericanborninCanada

    I guess I ought to convert the rest of what little money we have into ammo.

    • Nukeman60

      Beck used to say, ‘Buy gold’. I say, ‘Buy lead’.

      • http://no-apologies-round2.blogspot.com/ AmericanborninCanada

        Lead’s more affordable to most rednecks. I wouldn’t know what to do with gold ;-)

        • Nukeman60

          I never did understand what he meant. If the government collapses, Gold doesn’t do squat. It’s only good in an economy. I want cigarettes, booze and toilet paper. Now that’s barter material.

          • http://no-apologies-round2.blogspot.com/ AmericanborninCanada

            LOL. Yeah, toilet paper, ammo and booze will be hotter than a worthless chunk of yellow rock! Cigs too, but they’re too expensive to stock up on and don’t do well when they’re stale.

            • Nukeman60

              Good point on the cigs. I don’t smoke so I didn’t think of that. Of course, when stale cigs is all you can get, they turn out to be better than nothing, I suppose. I’m not going to give up any of my ammo, though, ’cause it’s more valuable to me. I need to find a third item then. Any suggestions, scoopers and scoopettes?

              • freenca

                There’s always food, Nukeman60, fresh or dried, and water.

                • K-Bob

                  And of course, since this is a Mark Levin thread…

                  …Free government cheese!

              • Amy

                Seal unroasted coffee beans (unroasted because they supposedly stay longer). You can roast & grind as needed and barter (or drink if you’re grouchy like me in the am).

                Popcorn, lentils, rice, sugar, flour, iodine tabs, water purification supplies & antibiotics/med supplies.

                • freenca

                  Coffee beans are good, in the green form, untoasted, they will keep for a very long time, several years.

              • http://no-apologies-round2.blogspot.com/ AmericanborninCanada

                The toilet paper is bulky, but a good item as people don’t want magazine pages ;-)

                • Nukeman60

                  Not to change the subject, but I was just tracking you down to tell you I saw the Green Lantern came out of the closet today and that you should watch out for duckie looking at the chickens.

                  But I see you already put up a new avatar (nice, too) and probably put the ‘duck lantern’ back in the closet. Good for you.

                • http://no-apologies-round2.blogspot.com/ AmericanborninCanada

                  LOL I was on it as soon as I heard. What a shame too- it was such a cool duck! ;-)

                • Nukeman60

                  Yeah, I liked it, too. But you know what they say, once they have a hankering for chicken…

                  Your new one looks just fine.

                • http://no-apologies-round2.blogspot.com/ AmericanborninCanada

                  LOL Thanks Nukefriend! :-D I kind’a like the new look. Good ducks wear white hats!

                • Watchman74

                  Toilet paper would be as good as gold!

          • Amy

            And Coffee!!!

          • K-Bob

            A nice stash of paper goods, cheap plastic ponchos, and vacuum-packed coffee.

            That’s currency, baby!

  • http://pulse.yahoo.com/_E4C65QOIQ4XH67F6MEHWTXGODY Alan

    This really shook me up. I knew things were bad, but to hear this, just really slaps you in the face.

    Even if we have a new President, he may not be able to correct the damage that has been done

    • sDee

      As Infidel notes, it is classic Cloward Piven. I do not think they’ve any intention of fixing the damage. Just restructuring it.

      • K-Bob

        Shuffle it aside and put up some new shiny objects to attract attention? Yeah.

        The good news is that this economy and most (still barely) Americans can recover from some horribly bad things if we Just. Stop. Doing them.

  • Nukeman60

    Our government continually runs up the debt. China used to buy that debt through US Treasury bonds, but no longer wants to (smart country). So our government prints more money with the left hand and then buys those bonds with the right. Now they want the banks to buy up the bonds so that they can print even more money (and ignore the debt that is really on the books).

    All this is doing is hiding the fact that our money is becoming less and less valuable. Inflation is rising invisibly, but our government is trying to keep it secret. You can see it with the price of food, gas and all other goods. They can’t hide that. Eventually, hyperinflation will hit us and nothing, I mean nothing, will be able to stop it.

    Unfortunately, even if Romney takes over, to turn this country around, the inflation will have to rise. It won’t matter that the Democrats will blame it on the Republicans, because we will all be in the same wheelbarrow full of dollar bills, off to buy a loaf of bread.

    I hate to project such a sad, destructive image, but I don’t see any way to overcome this but through tough love, huge sacrifice and agonizing pain. Get ready for it, folks. It’s going to be a doozy of a ride.

  • 911Infidel

    Sooner or later socialists run out of other people’s money. That’s the whole idea behind Cloward-Piven. Destroy the Capitalist system and replace it with the European model. Then all you got left is Greece or Spain. You think this isn’t deliberate? If not you better turn in that bag of pixie dus; get on that unicorn and go ask the Leprechauns for a new bag. Smoke ‘em if you got ‘em. :p)

  • poljunkie

    Outrageous.

  • E. Lee Zimmerman

    Precisely. This is what many of us have been predicting all along. This is precisely what happens when you nationalize the banking system. Showbama’s just following the next step in the Democratic/Socialist playbook.

  • Rshill7

    Dear God please help us. We really need you.

    “If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven and will forgive their sin and will heal their land.” (2 Chronicles 7:14 NIV)

    Amen

    • Nukeman60

      Amen.

  • anneinarkansas

    You are frightening me!
    This bad dream gets worse by the hour.

    • http://www.facebook.com/people/Bill-Schwartz/1258083508 Bill Schwartz

      I wanted to like this comment but thought better of it because we are in for a world of hurt.

      I am on my knees every day praying for this country.

  • Philo Beddoe

    And in the name of politics and control, the repubicRATS will say or attempt to do nothing, because they are all part of the scheme

    • Hatcherbabygirl

      Do you have any proof of this or are you just another ignorant lying liberal?

  • Sober_Thinking

    This is illegal. This is wrong. This is horribly ignorant with a pinch of evil.

    FIRE these criminals! This is unconstitutional!

  • freenca

    This plan is the boot on the neck of America! The left’s plan to nueter
    Capitalism. Ever since BO was installed they’ve been stepping on the gas to attain absolute power. Welcome to Zimbabwe, folks.

  • K-Bob

    Banks forced to buy bad debt. Insurers forced to cover every medical expense. GM Bondholders stripped of their legal privilege and their bonds reduced to worthless paper. Taxpayer money squandered by the billions on “green” energy companies that turn around and donate heavily to Democrats, and then go bankrupt.

    Someone needs to go to jail for all of this. At the very least, we need strong laws put in place to make certain the next time jail is impossible to avoid.

  • NJK

    Like Mark said, there should be a crime scene tape surrounding Washington, D.C. Their common thieves.

  • Lester Liberalmann

    Wow, this guy is a moron.

    • Hatcherbabygirl

      And you are a first class idiot.

    • http://pulse.yahoo.com/_IJYM277N7VJNF772U6DUVQKHAE TIMERUNNER

      Okay Mr Levin a moron?,
      so we’ll just forget he worked under president Ronald Reagan as one of his staffs top advisers, from there we’ll rest his many other credentials.
      Now think of all the morons who voted obama, how much futher up the moronic scale do you suppose they were?
      I can assure you most will not make that same mistake come November.
      now go have a cup of coffee and think about it. play it again, and this time listen hard.

      Tea Party Patriot
      respectfully

  • Yazz55

    Banks in Europe have essentially been forced at gunpoint by the politicians who regulate them to buy those worthless sovereign debt issues. Remind anybody about US banks required to make mortgage loans to democrat voters who everyone knew at the time the mortgage was issued that they would never ever be paid back? Same story, different details.

    We all know that these sovereign debt issues were just as worthless as those mortgages when they were issued and will never be paid back. All it did is get the socialist regimes tons of other peoples money to spend. That makes the banking system in Europe functionally insolvent.

    The solution…as dictated by the politicians is…
    make 2 journal entries and you’ll be solvent in the morning
    …and they pray that it should prevent the financial meltdown until after the next election