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Chains you can believe in. Just axe Gary.
Using Climategate as a point of reference, who is adding in "real" experience to the time series?
How come Nixon do so swell?
Unless by 'private sector' they mean 'navel gazing'.
.... almost as if Armstrong's Private-Public pendulum might have some cred to it, huh?
Then again, what could the man behind The Foundation for the Study of Cycles and the premise for the cult film Pi, really know. lol ... disbanded in '99, the MTA is reopening the Foundation ... just in time for the next leg lower.
I was recently introduced to Armstrong's writings and have found his recent work to be a treasure trove. I haven't read anyone with a deeper understanding of markets and history which are the foundations of real economics. Not that bull Bernanke and his crony banker friends are spreading.
What is the take away here?
Learn to think on your own...
Don't let this blog think for you.
Speaks volumes. The children are in charge.
Well, it's not like the adults of the last 8 years had done any better.
(btw, this is not a political statement, but I'm just wondering whether this graph is of any value)
You don't need a whole lot of private sector experience to screw people over.
The biggest difference here is that this Admin staff will spread the screwing over as broad as possible, assuming the KY effect won't be as painful.
Equality through poverty.
Or GS's "Prosperity through inequality".
There will be always inequality. If everyone was smart then everybody would have their own business and be rich. The people that whine the most are the people that leech off those people that provided jobs.
This isn't a perfect world, deal with it.
ok- you're a dumb ass-
how is GS representative of any small business- unless of course the USG is backstopping their fuck ups and covering their ass- making sure they regain profitability?
many people are whining- not because they ARE leeching- but because some folks have the USG's ear and have been made whole when they should be out of business-
a 4th grader- given the same information GS was privy to and with the inside contacts GS has- could of had a banner year-
so WTF are you talking about?
Like being skinned with a fillet knife, Marla. One does not know they are on the menu until it is too late.
Marla, How about "administration officials with WS experience/connection"? That would be more telling. Timmy G does qualify for "private sector experience".
Hardly - and I sure as hell wouldn't geel any better if Jamie Dimon was the Secretary of the Treasury, would you?
Correction: I meant Timmy G doesn NOT qualify for private sector experience.
Jamie D wouldn't last six month in DC with this storm raging, he doesn't have the skills.
Deleted - random, mysterious, double post. NSA intercept?
I am not sure was this says about the current administration's ability to deal with the mess they inherited from that so experienced GWB administration....
I'll guess your age at < 30. Man, I hope I'm right.
No quite... 37 actually :o/
I guess my point was merely that private experience is not necessarily what is needed to run a successful government - good people will do.
I do recognise however that Obama's team is a bit on the light side. But does this really matter? There are numerous example of private corporations digging themselves into the ground (say US car industry), and plenty of example of successful public policies, e.g. education in Scandinavian countries is recognised as being pretty good. On a larger scale, the reconstruction of Europe after WWII (praise and respect to our US cousins who fought and fell on our land) was clearly a success, but as far as I know the allocation of capital under the Marshall Plan was not left to market forces.... simply because the job was way too important for that.
Also, I am yet to see a country with a decent infrastructure (roads, rails, water, electricity, etc) as a result of a free market policies...
Experienced at evil is still experience.
And from where I stand 8 years of rule by greedy, professionally evil non-wall-streeters is looking better than not even a year of rule by greedy, amaterishly evil wall street cronies.
What does that even mean?
Bush's experienced team created the original bubble, Obama is just trying, at worst, to re-inflate it. As far as I can tell there is no difference.
As to that "you are under 30" comment dude -- so? If you are over 30 it was your lazy, selfish generation of baby boomers that brought us here. The people buying McMansions were over 30, ditto the geniuses who invaded Iraq, who supported free trade with the Red Chinese, who worshiped at the altar of Greenspan and the glorious Indo-Chino-Eastern European PhD guys' excel formulas 'proving' that assets and AAA CDS's can only go up.
Boy, someone has a chip on their shoulder!
Greenspan and the banksters created the bubbles with unparalleled support from both parties. The repeal of Glass-Stegall by the Gramm-Leach-Bliley Act was quite bipartisan and quite disastrous, and it all occurred under Clinton's reign and potential veto.
By the way, Gen X is now over 30 and largely had nothing to do with all the sins that you correctly identify with the Baby Boomers.
Actually, when I look at the charts, the exponential growth of asset values started in about 1990 under GHW Bush. It continued under Clinton. The main peak of the asset bubble was in 2000-2002. Ever since then, W and Obama and their respective congresses, Fannies, Freddies, Ginnies, FHA's and Fed chairs have been frantically trying to reinflate the bubble that started popping in 2000. Each time the bubble gets blown up again makes the ultimate popping worse.
I think the most telling fact is that this number has almost never been more than 50%.
Think about that.
Half of the people in charge of helping the POUSA run the country have never actually worked for a living.
'Where did it go Rahm?'
Right in the old lumberyard sir.'
Well using TA you can see a disctint trendline downward other than that little Jab from GWB... Next president wont be ANY folks with Private Sector Experience. Wonder if you should short the market long term then? :P
Portends the idea that we will all be working for Uncle Sam soon.
Representative govt indeed.
Was this a pick your poison question?
Took 7 months to pick a dog--and then got it from Ted Kennedy--nuff said.
Says it all really.
A crop of brand-new orators we grew,and foolish, paltry lads who thought they knew."Gnaeus Naevius ca. 264-201 BC
There is historical precedent
I like that...
Private sector experience didn't mean shit for the last 100 years when the mothersquid (Rothschilds) began to take over the world. They've appointed or successfully "convinced" 99% of the key cabinet positions.
James Forrestal R.I.P.
Chicago Pol in charge
Now, just overlay monetary crises and recessions, and see what the private sector brings to governance.
To each according to need (banksters are a needy bunch) and from each according to ability (they need you able to crawl behind a bush and die).
When Obama got elected, I gave him a 1 in 10 chance at fixing the economy... Looks I slightly overestimated him.
You were far more optimistic than I.
I gave him 50% - but only if he brought Glass-Steagall back and put half of Wall Street behind bars. For life. With no possibility of parole. Now, the inmates are running the asylum.
who appointed the crooks?
Well, the U.S. citizens elect the President, as well as Congress...
Hmm.. they might not have a lot of experience - but the f*ing we are getting sure feels like its coming from someone with a LOT of experience.
I take two things from this chart. First, Obama has the fewest and Eisenhower had the most. Second, the 50s were less corrupt than the first decade of this millenium. GWB had a higher percentage but included such wonders as Hank Paulson.
It does not appear to me at all obvious that previous private sector experience indicates a more highly developed sense of ethics or morality or, for that matter, competence.
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