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I am intruiged by this, indicating that on Sept. 18th, $550 Billion was withdrawn in an electronic run on banks, that, had the fed not shut it down upwards of 5 trillion would have been gone and, supposedly, "the end of our economic and political system as we know it."

To paraphrase Seth and Amy... REALLY?  Threats were made to Dodd, Schumer and others privy of "martial law".  REALLY?  I believe 'em, and I get why Dodd & Co. weren't about to let it happen.  But... REALLY... wouldn't that have been the best thing for everyone?  

In extended...

Right now, we have a Republican party devoid of credibility playing politics with what tiny percentage of the GDP can actually be spent to help people.  What would have happened if the system simply, fully collapsed?

I seriously doubt they would institute "martial law"- maybe an "economic martial law" as in freezing all assets valued over x amount.  Most companies in the U.S. and the world would be, on paper, insolvent.  And, suddenly, all this wealth that has been transferred to the top 1 percent, is completely meaningless.  You and I, with our sub-$100,000 FDIC accounts, would be fine.  But the massively wealthy, it would all come crashing down.  It would be yet another in a series of illustrations beginning with the robber-barons of the late 19th century, that this kind of greed-based-crony-capitalism DOES NOT WORK.  

It would also have been the END of the unelected Fed presiding over the U.S. monetary system.  Remove monetary policy from the Fed, and place it back in the hands of the people (through the House and Senate), and suddenly when main street suffers, politicians suffer.  It changes everything.

It would also be the end of the IMF, etc. as there would be no money left to help deploy crony capitalism to the third world.

People worry about Bush being punished?  Bush and his whole lot would have been punished.  And good riddance.  

Yes, I know we'd have 30% unemployment, and retirees savings and stocks would be wiped out.  But I sense that unless and until that happens, this crowd will be back.

So maybe we shoulda let it all go.  Let the chips fall.  Isn't that what they want?  Government to "get out of the way".

Originally posted to jgkojak on Mon Feb 09, 2009 at 11:33 PM PST.

Poll

Should we have just let the system collapse on Sept 18th?

15%194 votes
84%1042 votes

| 1236 votes | Vote | Results

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Comment Preferences

  •  Tip jar stimulus plan... (4+ / 0-)
  •  Martial Law... (4+ / 0-)

    and as for everything else--sweet fancy Moses!

    That is all. Individually, I wish you the best, but collectively, my dearest hope is to outlive you - groovetronica

    by Nulwee on Mon Feb 09, 2009 at 11:38:22 PM PST

  •  It's Martial law, not Marshall law...just a heads (5+ / 0-)

    up.

    "We are a Plutocracy, we ought to face it. We need, desperately, to find new ways to hear independent voices & points of view" Ramsey Clark, US AG

    by Mr SeeMore on Mon Feb 09, 2009 at 11:39:30 PM PST

  •  I don't think you understand. (7+ / 0-)

    "Martial" law.  Not "Marshall" law.  Martial law, as in, the military steps in and runs everything, we all lose our rights, and what happens after that is anybody's guess.

    The meltdown would have resulted in martial law because if the entire economy had collapsed, within days essentially everyone in the entire economy would be unemployed.  There would be rioting, looting, etc.

    Martial law.  Not a good thing, not to mention that you-know-who would have been the Decider during martial law.  How'd you like to have W. become President-For-Life?

    In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican. - H.L. Mencken

    by Simian on Mon Feb 09, 2009 at 11:40:30 PM PST

    •  I do get it (2+ / 0-)
      Recommended by:
      defluxion10, Rex Manning

      Its late and I was on a roll- just a spelling error- I know during the daytime that its MARTIAL... really.

    •  Spelling foibles aside (3+ / 0-)
      Recommended by:
      pletzs, defluxion10, CherryTheTart

      Just let our government try and institute Martial Law.  America has more guns than we have citizens, and more ammunition in private hands than people in the world.  That was the whole point of the 2nd Amendment, so the feds couldn't institute Martial Law, at least not the sort that keeps us up spinning fantasies at 3am.

      Honestly, I sort of side with the diarist on this one.  The problems with our economy are more fundamental than corruption, mere inflation, banking regulations or commodity bubbles.  There's been a serious imbalance growing between consumption and production since the widespread adoption of modern industrial production and distribution methods.  It's high time we look that imbalance squarely in the face and figure out what to do about it.

      From such crooked wood as that which man is made of, nothing straight can be fashioned. -Immanuel Kant

      by Nellebracht on Tue Feb 10, 2009 at 12:20:10 AM PST

      [ Parent ]

      •  I honestly think (5+ / 0-)

        if martial law was declared in the US, people would just roll over and accept it.  I would like to think that I am wrong, but Americans have become complacent and totally submissive to their government and corporate interests.

        Fact is, there should be a massive protest on Wall Street - millions of people descending on Wall Street with the message that we are closing you down until you agree to some regulation.   People have already lost massive amounts of money and most of us simply wring our hands.

        explain how letting gays marry will directly affect your own heterosexual relationship?

        by bluestatesam on Tue Feb 10, 2009 at 01:59:28 AM PST

        [ Parent ]

        •  Unfortunately, I agree with you (2+ / 0-)
          Recommended by:
          pletzs, Simian

          The PsyOps we have been subjected to over the last decade have prepared the ground well for complete acquiescence to martial law.  To the glorification of the police and military on numerous TV programs there has recently been added the blind faith that we need men like Jack Bauer in order to protect us from Evil.

          If you doubt the passive acceptance of the general population to authority figures, just watch the way we line up to be searched and frisked by government rent-a-cops at the airport.  No, any foray into martial law in the US would likely endure far beyond the time needed to restore order in the event of a financial meltdown.  The population has been prepared well and has already demonstrated its willingness to abandon its freedoms for the false "security" we have mistakenly come to believe we need.

          "If you don't read the newspaper, you're uninformed. If you read the newspaper, you're mis-informed." -- Mark Twain

          by ovals49 on Tue Feb 10, 2009 at 03:16:10 AM PST

          [ Parent ]

      •  The imbalance was (0+ / 0-)

        businesses hiring overseas instead of here and not enough taxes paid in to pay the country's expenses and pay down the deficit.

        But the top 10% were doing great the way it was going.  Are they still?  Probably. So are the lobbyists.

      •  I used to think that the Feds would never (2+ / 0-)
        Recommended by:
        Simian, gerald 1969

        be able to persuade our national guard to impose martial law on us. I asked an active duty colonel if I was correct in my guess, and was told I was absolutely not correct.

        If martial law were imposed, the guard would be sent to neighborhoods far distant from their homes, they would be heavily armed, and they'd have no more compunction about shooting up your neighborhood than they have when shooting up people in Afghanistan or Iraq.

        That's what the colonel told me, dunno if it is realistic, and I don't wanna find out.

      •  Don't kid yourself. (1+ / 0-)
        Recommended by:
        hillgiant

        When society deteriorates to anarchy, people welcome martial law.

        After order is restored, consider what the situation would have been in Sept. 2008.  The govt. already knows everything about you because the NSA has every electronic communication.  You have Bush/Cheney in power and the military running things.  Do you really think Bush would've just walked away?

        In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican. - H.L. Mencken

        by Simian on Tue Feb 10, 2009 at 10:39:44 AM PST

        [ Parent ]

  •  one question can you survive (3+ / 0-)
    Recommended by:
    DBunn, Nebraskablue, Rachel Q

    without a credit card and malls
    if your answer is yes right on .
    but my own two pfenning would be a other question
    "why do you think anybody can stop or change direction of this tsunami"

    •  I can survive without malls just fine. :-) (6+ / 0-)

      And I'd hate to give up my credit card, but I could do it.

      Thing is, if no one had access to credit then my clients wouldn't be able to pay me, I'd have no job and no hope of a job, and the question about my credit card and the mall would be academic.

      •  sorry i should have asked (0+ / 0-)

        can your country survive without CC and malls?
        but you answered it anyway

        •  All good... (2+ / 0-)
          Recommended by:
          Lefty Mama, allie123

          I never appreciated credit until now.  I'm a veterinarian.  Almost no one plans for family pet illnesses - and I mean really, almost no one.  Everything goes on credit cards.  Without credit cards, good veterinary medicine couldn't happen.  It would end my world.

          I think the same is likely true for car repairs, so without credit cards, cars wouldn't run either.  Maybe then they'd fund good transit.  :-)

          •  yes, thank god my dog is alive and well (3+ / 0-)
            Recommended by:
            Rachel Q, vc2, Santa Susanna Kid

            One Sunday afternoon this fall she took a deep wound to her chest - apparently she skidded down a hill, hit a root which penetrated her chest so deeply it took three layers of stitches to close the wound (which was 8 inches long). $2000 dollars really didn't matter to us at that point, but now I'm starting to miss it a little bit, actually.

            In a democracy, everyone is a politician. ~ Ehren Watada

            by Lefty Mama on Tue Feb 10, 2009 at 12:31:50 AM PST

            [ Parent ]

            •  I'm so glad your dog healed well. (2+ / 0-)
              Recommended by:
              Lefty Mama, Santa Susanna Kid

              It sounds like a terrible wound.  I'm sorry to hear you and your dog went through that.

              Emergency fees are always bad, but if it makes you feel any better... if your dog had a wound that actually penetrated the chest cavity and your total cost was in the range of $2000 then you got a really good price, believe it or not.

              •  I was about to (1+ / 0-)
                Recommended by:
                Lefty Mama

                write the same thing.  Animal emergency fees are as outrageous as human emergency fees.  My dogs plot against us and refuse to injure themselves during our vet's business hours.

                "You have attributed conditions to villainy that simply result from stupidity"

                by newfie on Tue Feb 10, 2009 at 05:17:03 AM PST

                [ Parent ]

            •  hugs lefty (3+ / 0-)

              so glad your dog is ok.  I am on disability and when one of my cats came home with a limp, "mom" sensed something worse. turned out she had 5 fractures in her pelvis and hip, a dead tail that needed complete amputation - not even a stump - and a rectum falling out of her.  3000k dollars which on 900 a month not a chance of paying but ppl on a message board helped with the down payment.  The hospital was kind enough to kick in 300 and let me take a year and a half to pay the rest off.

              I know what you mean about missing it, until i realize that sweetheart would be dead.  When i get totally down (since my disabilty is due to treatment resistant chronic depression it happens a few times) i look at her and realize that bread and jam is worth it.

              7 cats at the moment, 2 more coming (ferals that my parents are feeding but they are moving, so i will take em.  They arent socialized at all which is the norm at my house but shelters would put them down) People ask why i spend the money and i have to say bc they give me hope.

              Plus I have a superb vet who said "i know you won't come back on us if you make a decision that goes wrong" and then proceeded to put every med possible on repeat for me. Flagyl for intestinal upsets, clavamox for genl antiobiotics, doxy for chronic respiratory disease, oxygen tank for same, cipro when needed for one, insulin for the diabetic, anything i ask for the FIV kitty, electrolyte fluids via sub q iv for any that need it.  Saved me a fortune in vet visits, my darling butterscotch (respiratory and diabetic) died of lymphoma after 4 years (he was about 12) and only saw the vet once or twice even tho i put him into diabetic remission twice over 3 years and staved off or treated pneumonia at least 6 times.  

              yet...even tho i spend a fortune that i don't have, i can't really miss the money.  Only thing i miss is not having the extra each month bc there is always one which needs something.

              Powell on palin: I don't believe she's ready to be president of the United States, which is the job of the vice president.

              by vc2 on Tue Feb 10, 2009 at 01:30:11 AM PST

              [ Parent ]

      •  Could you and your family survive without food... (1+ / 0-)
        Recommended by:
        gerald 1969

        and possibly water?  Distribution and access to these little necessities would also be affected.

        The Govt. couldn't even get this stuff to Katrina victims much less the whole Nation.

  •  Yey! I luv dumpster diving! (7+ / 0-)

    If that fails, we can eat the kids. Lets bring the mutha down!

  •  Your vote in the poll? (3+ / 0-)

    Surely you will find fellow devious types to follow suit. BUt I doubt many honestly so

    As for this:

    So maybe we shoulda let it all go.  Let the chips fall.  Isn't that what they want?  Government to "get out of the way".

    Why exactly should "we" let "them" win? And who is them?

    For such a low UID, this diary doesn't seem very steeped in the type of thinking we usually seem to enjoy around here.

    Are you drunk or just feeling nefarious?

    The best way to save the planet is to keep laughing.

    by LaughingPlanet on Mon Feb 09, 2009 at 11:49:30 PM PST

  •  AHA (1+ / 0-)
    Recommended by:
    pletzs

    I love it... I have posed quite the thought problem...

    Yeah, I'm being a bit mischievous, but I am always intrigued that when push comes to shove, mostly people are willing to do neither.

    Maybe, just maybe, the farmers market in your town would be thriving.  I imagine localities may institute their own local currencies to temporarily tide things over.  No more McDonalds, Starbucks, Malls.  Note I'm not sad.

    As Talking Heads said...

    There was a shopping mall, now its all covered in daisies...

  •  So let the nation fail so that the Republicans (4+ / 0-)

    can take the blame and never get elected ?

    You realize just how foolish this diary is , considering that if our nation fails in the manner in which was suggested in that story , no political party will ever be in power again because our political system would cease ?

    So, let the nation fail so we can play politics. And then what ? Sit up here and blog all day about how many of our friends and family members were just shipped off to "holding facilities" somewhere in Hick Town USA because they protested the  "MARTIAL Law" ?

    You think all this shet is a f-ing joke ? Do you ? Ever heard of financial terrorism ? There have been hundreds of threats made over the years against America by other governments suggesting they will take us out by attacking our financial structure.

    You think this shet is funny ? You want to be owned by China or Russia ? You think Canada and Mexico could/would help us if some serious shet went down ?

    "Some say this is a spending bill, not a stimulus. Spending is stimulus. That's the point." President Obama:

    by WeBetterWinThisTime on Tue Feb 10, 2009 at 12:10:48 AM PST

  •  um, because millions would starve? (7+ / 0-)

    Is that not enough of a reason to try to fix things?

    "In America, the law is king." --Thomas Paine

    by limpidglass on Tue Feb 10, 2009 at 12:19:06 AM PST

    •  yeah that argument worked just fine (1+ / 0-)
      Recommended by:
      k9disc

      for the third world. are you saying that there is no starvation in the world (and we dont fix it we profit from it , thru dirt cheap labor just as one example)or are you saying as long as americans are not starving, who cares.
      i dont get your comment

      •  NO how long do you think it would take (2+ / 0-)
        Recommended by:
        gerald 1969, Nebraskablue

        for the 3rd world to get their crop production up?  Especially w/ Zimbabwe still messed up?  Seriously, if we go off line, ppl starve immediately (for at least 2 years) thats bc we export grain all over.  Yes I know we food dump, but bc we food dump, a lot of land isn't even in production, so it takes time.  Not to mention the lack of fertilizer they would have.

        GOP = Godless opposition party We Hassle to make America a Vassal (state)

        by Shhs on Tue Feb 10, 2009 at 01:05:10 AM PST

        [ Parent ]

        •  yes and who changed their way of farming (0+ / 0-)

          selling them fertilizer and what not. you know in the past you could have used some of your crop as seed for the next year.and go ask the IMF who adviced most of the poor countrys to open markets(globalisation you know ) for cheap oversubsidezed US grain so the local farmer werent able to compete and lost their land.

          •  too simplistic by far (4+ / 0-)

            but we all seem in a ranting mood at the moment...

            If you really don't think that fertilizers have increased agricultural productivity in places where it was sorely needed, I'd advise you to read more.  New varieties of grains are some of the best contributions the international community has made - not just Borlaug's wheat, but all kinds of ways to increase yields, resist disease, have crops survive better in harsh conditions.  The notion they'd be better off with no fertilizers is just crazy.  In the Horn of Africa, the countries were panicking not long ago, wondering where to get enough foreign exchange to import enough fertilizer to keep yields high enough next year so we didn't have more people dying, literally, of starvation.

            There are all kinds of problems in the developing world, and while it's ever so nice to blame them all on us evil aid types trying to colonize the place thru starving them to death, I think some of us are reasonably intelligent about what works and what doesn't, and reasonably decent people who try our best to help, and get to look right in the faces of those starving kids you're so worried about, and then go home and cry.

            sigh.  rant over.  A return to traditional farming practices in no way would mean a reduction in poverty worldwide.  And a drop in demand from the richer countries in the world - including the US - is right now the worst nightmare of a lot of these economies.  If they want to buy medicines from abroad they need foreign exchange.  They have to sell stuff to afford medicines, and computers, and roads, and well, lots of things.  That may be inconvenient, but there you have it...  Would you suggest countries in the South not import anything?  What shall we suggest they're not entitled to have in our drive to be sure they're economically independent from us in the North?

            When I lived in Nepal there were these wonderful environmentalist/tourist groups who bemoaned the building of a road up in the Mustang district in the Himalaya.  Said it would spoil the natural landscape and was a crime, and that all aid groups involved were criminals.  I thought someone should ask them if they were willing to go live in a place without a single road, so that no food could come in or out, there was no market for their produce, where all kinds of people died because they couldn't reach a healthpost in time, where no teachers would agree to teach in the government schools because of all the above.

            We really need to be more thoughtful instead of going for the quick and easy blame of our favorite boogeymen.  Some of these questions - including the economic recovery bill, or the bank bailout - are just hard and complicated.  I don't think we make it likely anyone will take us seriously or that we can push for a better outcome, if we sound like we're off the wall.

            (Sadly, in Kathmandu no longer.)

            by American in Kathmandu on Tue Feb 10, 2009 at 05:51:57 AM PST

            [ Parent ]

      •  You're being insane (2+ / 0-)

        There's much less starvation than there was in times past. There are far fewer conflicts than in times past. If you seriously think that we've made no progress over the past 100 years and want to go back to a pre-Depression/WWII mindset then you should join your ideological allies the Republicans.

        Give me liberty, or give me death!

        by salsa0000 on Tue Feb 10, 2009 at 04:52:10 AM PST

        [ Parent ]

        •  luky me that i live in a country with (0+ / 0-)

          healthcare and 30 day payed holiday my so called repub allies would not put a foot in here because europe beeing too socialistic.form sahel to zimbabwe you wont find MCdonalds.but never mind atleast
          you know how the kucky crummbels.and
          for somebody living in a land where the most know S** about the rest of the world (maybe because of really bad MSN maybe it is a lack of intrest)
          you are very fast with your judgement.
          but as i said never mind i watch it from the sideline at safe distance

    •  at first glance: "millionaires would starve" (1+ / 0-)
      Recommended by:
      gerald 1969

      I must be getting tired!

      I really thought that's what it said for a split second.

      Millionaires would starve!  Oh the humanity!

      William Casey "We will know that we have succeeded when everything the public believes is false"

      by Inky99 on Tue Feb 10, 2009 at 01:18:51 AM PST

      [ Parent ]

  •  No we wouldn't. (5+ / 0-)

    You and I, with our sub-$100,000 FDIC accounts, would be fine.

    The FDIC would be insolvent too.

    •  Heck our country couldn't import or export (3+ / 0-)

      crap if that happened.  PPL over seas would starve, we'd be screwed, instability  here, and abroad.

      GOP = Godless opposition party We Hassle to make America a Vassal (state)

      by Shhs on Tue Feb 10, 2009 at 12:31:56 AM PST

      [ Parent ]

    •  IF this is true, and I'm not so sure it is, (1+ / 0-)
      Recommended by:
      Nebraskablue

      why were the bankers, who had to be privy to the top secret money market looting, so quick to spend, spend, spend on themselves.  I realize we are dealing with packs of weasels on a me-first level, but surely boards of directors, no matter how self motivated, would have put fingers in dikes.

      IF this is true, show me the money and where it went.

      I just don't believe this and I didn't believe the panic rhetoric from Paulson at the start of the biggest banking scam in recent history.

      An error does not become truth by reason of multiplied propagation, nor does truth become error because nobody sees it. Mohandas Gandhi

      by msmacgyver on Tue Feb 10, 2009 at 04:52:16 AM PST

      [ Parent ]

  •  Wow (7+ / 0-)

    Thanks for proving that paranoid narcissistic nuttery is not just the province of conservatives.

  •  Is there some sort of All-Time Stupidest Diary (8+ / 0-)

    Award you were trying really hard to win? I've gotta hope so, because the level of unconcern in this piece of dreck for actual people living actual lives in the actual world is staggering. I have never ripped on a diary poster before, no matter how clueless, but if I could troll rate this diary, I would.

    Every decent man is ashamed of the government he lives under. -- H. L. Mencken

    by leftist vegetarian patriot on Tue Feb 10, 2009 at 12:35:30 AM PST

  •  lookit (2+ / 0-)
    Recommended by:
    yellow dog in NJ, Rachel Q

    It takes a while for all of the air to come out of the balloon, ok? The hole is pretty big and you can hear a little hiss, right?

    We aren't done yet, and you may even get your wish eventually. I'm rooting for survival for me, my family, my school district, and my state. I hope you are secure yourself. Have a good evening....

    In a democracy, everyone is a politician. ~ Ehren Watada

    by Lefty Mama on Tue Feb 10, 2009 at 12:38:05 AM PST

  •  It would have been a catastrophe... (6+ / 0-)

    ... apparently, in more ways than you can imagine.

    Just one thing to remember, if the economy collapsed - so would the FDIC.  So really, truly, this:

    You and I, with our sub-$100,000 FDIC accounts, would be fine.

    ... is incorrect.  We would be wiped out.  All you would have is what's in your home-safe.  No home safe?  Sh*t out of luck.

    The banks might not be able to take your house, but neither would the utilities company be able to warm it, supply water, or electrify it.  No gas for the stove, no gas for the car, no electricity for the refrigerators at home or the grocery stores.  What could be bad about that? =0/

    Think of no electricity/water/gas going to people who live in apartment buildings.  That thought alone is utter chaos.

  •  Wow (1+ / 0-)
    Recommended by:
    jgkojak

    There's a whole heck of a lot of people on here who seem to have very little faith in the ability of the average person to figure out how to survive.  Nearly every year, some not insignificant part of this country is savaged by various calamities to such an extent that it is as if the economy had completely collapsed.  Blizzards, ice storms, floods, storms and hurricanes shut down roads, power lines, gas lines, close businesses, sometimes for weeks at a time.  And while it's true that some people die in those disasters, it's not as if casualty rates climb even into the double digits.

    I doubt it would take weeks to get the American and global economies going again.  Our economy is failing now because people are losing confidence in the assumptions that underlie its operation (and this because some of them are false, and some of them are horrifically unjust).  All it would take to get it going again would be the articulation and mutual agreement on a set of principles that would let people start trading with one another again.  Absent those weather calamities, that would happen locally within days of a collapse, and a regional, national and international renegotiation would probably be largely complete within two months.

    From such crooked wood as that which man is made of, nothing straight can be fashioned. -Immanuel Kant

    by Nellebracht on Tue Feb 10, 2009 at 01:09:33 AM PST

    •  You make no sense (1+ / 0-)
      Recommended by:
      Rachel Q

      Blizzards, ice storms, floods, storms and hurricanes shut down roads, power lines, gas lines, close businesses, sometimes for weeks at a time.  And while it's true that some people die in those disasters, it's not as if casualty rates climb even into the double digits.

      Are you seriously this heartless?

      Our economy is failing now because people are losing confidence in the assumptions that underlie its operation

      The only confidence lost, is the lack of confidence in the ability to pay bills.  The lack of confidence people see in their wallets!

      All it would take to get it going again would be the articulation and mutual agreement on a set of principles that would let people start trading with one another again.

      And what would you have us trade?  Two sticks?

    •  amazing.. (3+ / 0-)

      I just...

      well...

      clearly, I need a break from dkos I think.  The insanity around here is making me crazy.

      that anyone thinks we can have a financial meltdown of that scope in the US and have it not affect the entire world in a fairly, well, disastrous way that would cost millions of lives is just barking mad.

      (Sadly, in Kathmandu no longer.)

      by American in Kathmandu on Tue Feb 10, 2009 at 05:58:10 AM PST

      [ Parent ]

  •  The economy IS collapsing. (0+ / 0-)

    It just hasn't crashed yet...

  •  ugh (0+ / 0-)

    this whole line of thought is just stupid since the entire discussion is predicated on bad data.

    That silly congressman was fearmongering.  He made it sound like it was a deliberate attack, and he made it sound like it would have led the collapse of this or that.

    Lehman brothers (a victim of naked short selling) was allowed to fail.  Money Markets in turn broke the bank temporarily and went below a buck.  People freaked and tried to sell them in favor of bank deposits and Treasury bills.  It was a bank run by a herd of people, and that's it.  The Fed guaranteed existing money market holdings up to 250k, and the bank run stopped.

    Bank runs are always possible.  The amount of holdings in banks is more than the amount of cash available.  It's like insurance.  If EVERYONE had their house fall down all at once, the insurance companies wouldn't be able to honor all the policies, and they'd go out of business.

    This was all about the prevention of a bank run.  You'll note the congressman doesn't explain HOW a massive transfer of wealth from money markets to T-Bills would have necessarily led to Our Way Of Life As We Know It.  And that's basically because he's full of shit.

    Everyone should just go to bed, this has been a wasted discussion.

  •  Guess we'll have to start harvesting squirrels (0+ / 0-)

    in the city park.  Anybody got a good recipe?

  •  It's a fact that some (3+ / 0-)
    Recommended by:
    jayden, Nebraskablue, annominous
    Congressman were threatened with martial law if they did not vote for the first bail out bill.  

    IMO, the people who made that threat, for whatever reason they made it, should have been arrested and charged with terrorism.

    The dead might as well try to speak to the living, as the old to the young - Willa Cather

    by Matrix Dweller on Tue Feb 10, 2009 at 02:10:16 AM PST

  •  Collapse (0+ / 0-)

    Problem with that is the levels of suffering, and I mean working class suffering, would be much worse. And those are the political environments that give a country communist or fascist leadership (happen to be reading Rise and Fall of the Third Reich right now and recently read a similar history of the rise and fall of Japanese militarism). Economic collapse is when the worst political ideologies start to attract popularity.

  •  the arrival of a barter economy (1+ / 0-)
    Recommended by:
    ebohlman

    is the left's equivalent of the Rapture.

    We will fight. We will win. This machine kills fascists.

    by Elvis meets Nixon on Tue Feb 10, 2009 at 04:38:15 AM PST

  •  Jesus (0+ / 0-)

    Martial Law?  Where are the soliders for this going to come from?  Logistically nationwide martial law is impossible.  Too many people in too many places, martial law only works in a limited area with limited amount people being controlled.  Ignore any historical instances of martial law ie. Japan after WWII.  It's not the same.  O and by the way if our entire political and economic system collapses, why would the national guard guys even show up to be deployed?  If the countries goin to shit these guys will stay at home and defend what is theirs.  But all this is academic, this little Orwellian fantasy would never happen.  We can't pacify a country of 25 million how could we do it in a country well over 300 million?

  •  Wasn't that run on money market funds caused.. (0+ / 0-)

    by a goofy rules change giving the same FDIC protection to higher rate investment bank money market funds that it already gave to regular bank money market certificates? And the run was all about transferring monies out of regular banks into investment banks which would have caused a complete collapse of regular banks where most regular people have most or all of their money. Yeah, sure, that should have been allowed to play out. Everything would have remained just fine for those of us who keep all our money in our pockets.

  •  yes, starving tickles! (1+ / 0-)
    Recommended by:
    leftist vegetarian patriot

    (0.12, -3.33) ONE America! and I am Unanimous in that!

    by terrypinder on Tue Feb 10, 2009 at 05:58:00 AM PST

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