Below is an excerpt from Glenn Beck's Fox News broadcast of Oct. 8.
Earlier in the week, Japan cut interest to almost zero and set up a 5 trillion yen quantitative easing fund. What's that? That's what you do when you want to increase the money supply?printing. The risk there, of course, is hyperinflation.
Here at home, the Federal Reserve in New York and the Federal Reserve in Chicago are begging the Fed to do more stimulus. The New York Fed chair said the current outlook on jobs and inflation is unacceptable. And that means another $1 trillion in stimulus.
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Are you kidding me? Another $1 trillion in stimulus is being proposed now. Add that to the $787 billion stimulus of Barack Obama and the George Bush $700 billion TARP bailout, and the $17.4 billion auto bailout?current national debt, over $13 trillion. And Barack Obama by himself has added almost $2 trillion to that?himself.
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At the end of last month, the Feds announced a $30 billion bailout of the U.S. wholesale credit union system. But they said, don't worry about it because it's all backed up?get this one?by $50 billion in troubled assets inherited from failed institutions.
So we're banking that the troubled assets that caused the other institutions to fail are somehow or another going to save these troubled assets. For?does that make any sense to you?
The dollar is continuing its slow decline. Slow decline. And every time I hear that, I think of spooky dude George Soros saying, "The dollar needs managed decline." Really? Does it?
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And perhaps the most disturbing: Bank of America, JPMorgan Chase, GMAC, all suspended foreclosures. Now, this is both good and bad. If there's bad things going on, we got to find out about it.
But I want you to think this one through, America. Think about it. You're not paying for your house because you're in trouble. And you're not making the payment and the banks refused to foreclosure on it because the government is saying they can't.
OK. That's good for you, the home buyer.
But, now, let's think this through.
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So, let's look at all the partners. Is that good for the bank? OK? Do you think the neighbors will say, well, if you're not paying and they're not going to foreclosure, I'm kind of having tough times, too, I'm not going to pay either.
If I'm the bank, if I can't take the collateral, if you said you'd pay and you can't and now, I can't take the house and resell it, why would I take the risk?
If I can't get the money back or the collateral, why would I take the risk if the government won't allow me to collect?
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If banks can't foreclosure, well then they can't loan either. Why would you loan if you can't be guaranteed you're going to get something back? And if banks won't loan, well then, how do you buy a house? How do you sell your house?
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