“Mark your calendar! 11/07/07 – Today is D-Day, the date the history books will record the start-date of the new Depression. Ironic – those “lucky numbers”. It’s not hyperbole, and here’s why (never mind the 400 point Dow drop, that’s happened before):

The Chinese had begun a sell-off of their US securities. They have dollars held by their government and, separately by their treasury (like the Fed).

Today, that entity has made clear that they will be unloading some $400 billion, which they already began in August (according to the China Daily, they sold off $9 billion – without buying any new debt in that month alone) in an attempt to divest of American Government securities. (They still hold over a trillion dollars of, well, other dollars – stock, corporate paper, etc)

The Japanese, not to be outdone, sold off some $24 billion in US treasuries in August.

Today, GM posted a loss of $40 billion in the 3rd quarter, because they had so much anticipated income from anticipated tax credits that they had opted to show as possible income FOR THREE YEARS in order to minimize the appearances of real losses – that they now had to suck it up and stick it all on the balance sheet for this one quarter, even though – at selling cars, they made a profit in that quarter! Can you wrap your mind around LOSING 40 BILLION DOLLARS IN 3 MONTHS? There are many nations that don’t have that number for a GDP, annually. This is America’s great manufacturing giant. And, as they used to say, what’s good for GM is Good for America……

…Today, like when banks began to fail in 1932, we know who’s in charge, and how his policies got us here. We’ll survive until we have a new president, and we will begin again. And the good news is that from here out, we will be in a rebuilding phase. The dinosaurs have failed themselves and us, but we will build a new and better economy. I’ll tell you all about it…”
Read the whole piece by Michael Fox at Smirking Chimp.

Uh, Fox….or Chimp…..I’m certain you both know all about political primates but you surely don’t think our George is actually canny enough to pull off financial monkey business on his own?

Hmmmm.

Let’s peek beneath that left-right divide and venture a wee guess: NO.

Banking scams are pulled off by…wild guess here…..bankers!

And who is the one candidate taking on the banking system?

Ron Paul.