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Lending is not down because of any new found urge to save from ordinary americans. It is because banks have decided that they wont lend anymore if you do not have stellar credit. All the banks need to do is to throw this new found caution to the winds. Gear up those 0 interest, 0 down , no income verification loans and we will be golden yet again !
more top quality american government.
what a bunch of thieves
Ah, you are referring to the Plaza accord and its aftermath?
I was but a child then playing w/my GI Joe dolls but I do have a taste for history.
Great article. Reminds me of a song.
See, Volker is also one of them, he started this whole bailout shit, he is now shouting because he is no more part of the new game. Greenspan used the same interest-rate cutting shit in 1987 crash, again in 1998 LTCM, again in 2000 crash, and Mr benmonkey is copying both of them.
prior consumption levels were nothing more than bubblicious fallacy, it wasn't real, none of it was real, so trying to reflate in order to get everyone back into lala land is a waste of time and (our) money...which by the way is losing value.
Remember those international bankers...new suits, big expense accounts, entire write-up three sentences....BINGO! They got a bonus and paraded around the department as the go-to contacts. Phoey! Argentina went bust....not their problem!
Hey GW...no shit buddy...
You young guys don't know history like those of us who lived it...
You are just figuring out what we have been saying and writing for 18 months...and what we witnessed first hand 23 years ago...
But hey, at least you figured it out...
They should require writers to know these things already...not have some recent NYT article suddenly get you all hot and bothered...
Are you even 30 yet?
FAIL! Who's this "WE" you refer to? If you were half the shiznitz you imagine, then this article would be both redundant and obvious. It's not. And yeah - I pumped gas on EVEN days only.
Lotta good your generation's experience has done us. Thanks for nothing.
Engine = Consumer spending
Drive Train = Employment
Steering = Sorry, busy texting
Blended Fuel = capital + debt
Rims = Technology
Tires = BRIC
Brakes = We don't need no stink'n brakes
Economy = A pothole filled very hilly road
Double Yellow Line: Excitement/Profit
You = Bug
Market = Windshield
Very clever - love it!
Hmm, 1982 + 15 years = 1997 = Asian Currency crisis. Always amusing to see the banksters help eachother cover up their pyramid scheme.
I would beg to differ with the Hon. Dr. Koo. "Volcker's covert rescue of the American banks using secrecy and a high fat spread didn't cost U.S. taxpayers a cent."
If I remember - the fat spread gets paid by...... oh that's right. You and me.
So instead of investors, bond-holders and customers of those 9 large banks paying a price for their stupidity, greed, or innocuous blindness toward corruption on the boards and leadership of these fine banks, the pain got spread around.
Fool US once, shame on Uncle.
Fool US twice, shame on US.
Anyone keeping dollars in one of the big banks dwarfed
by $426 T in hidden derivatives devouring the world,
has been on repeated notice.
Recall asking Wells top economist at World Affais re
bad LDC Loans.
"No problem, they will be repaid" he said.
Repaid by US taxpayers at the urging of criminal
Uh Huh, the old taxpeayer gets it one way or the other.
How can we counter this effect????
Will you need Turbo Tax or a paid preparer this coming April???? Or just a blank 1040 and a big fat Sharpie?
So are big bucks for bank execs hush money?
And our dollars lost value in purchase power terms. Plus I doubt all the money was made back with the spread - a lot of that bad debt got washed by the FEd and turned back into liquid dollars to ramp our stock market.
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