Even Democrats Are Starting to Admit It
Presenting Dave Collum's now ubiquitous and all-encompassing annual review of markets and much, much more. From Baptists, Bankers, and Bootleggers to Capitalism, Corporate Debt, Government Corruption, and the Constitution, Dave provides a one-stop-shop summary of everything relevant this year (and how it will affect next year and beyond).
In about five years the wheels will fall off the cart.
Proof Positive that Government's "Homeowner Relief" Programs Are Disguised Bank Bailouts ... Not Even AIMED at Helping HomeownerSubmitted by George Washington on 08/16/2012 19:02 -0400
Government Was Just Trying to "Foam the Runway" to Help Giant Banks
Too Big Leads To Destruction of the Rule of Law
Brad DeLong makes an odd claim:
So the big lesson is simple: trust those who work in the tradition of Walter Bagehot, Hyman Minsky, and Charles Kindleberger. That means trusting economists like Paul Krugman, Paul Romer, Gary Gorton, Carmen Reinhart, Ken Rogoff, Raghuram Rajan, Larry Summers, Barry Eichengreen, Olivier Blanchard, and their peers. Just as they got the recent past right, so they are the ones most likely to get the distribution of possible futures right.
Larry Summers? If we’re going to base our economic policy on trusting in Larry Summers, should we not reappoint Greenspan as Fed Chairman? Or — better yet — appoint Charles Ponzi as head of the SEC? Or a fox to guard the henhouse? Or a tax cheat as Treasury Secretary? Or a war criminal as a peace ambassador? (Yes — reality is more surreal than anything I could imagine).
It's one thing for liberals to demand one group of Americans pay for another group of Americans, with a third group's money of course (until it runs out), but when a progressive think tank actually has the temerity to tell Bernanke that Europe is not socialist enough, and thus needs liberal US support, that's when things just get plain old silly. Which incidentally, is precisely what the progressive brains of Mark Weisbrot and Dean Baker, co-directors of the liberal Center for Economic and Policy Research, have done. Naturally, we are all for a humanistic effort; we also believe in leading by example. If Messrs. Weisbrot and Baker would first be kind enough to divest themselves of all their earthly possessions and bank account contents, which should be Fedexed and wired in the direction of Spain post haste, it would make their transparently theatrical pursuit of pseudo-noble causes just that more palatable to the masses who already are on the verge of poverty, and are now being asked to bail out other countries.
Here's My Argument for Fighting the Good Fight Even Against Seemingly Overwhelming Odds ... The Counter-Argument Is that We Should Unplug from the Martrix, and that Will Suck Away Its Power. What Do You Think, Savvy Reader?
The Elite Financial Players Are Manipulating the Game So that They Get the Stimulus ... and the Little Guy Gets the Austerity
This Is the First Time In History that All Central Banks Have Printed Money at the Same Time … And They’re Failing MiserablySubmitted by George Washington on 05/01/2012 18:44 -0400
Simultaneous Global Printing Is Failing Miserably
Anyone Who Thinks that War Is Good For the Economy Has One Eye Covered ... And Is Only Looking At Half the Picture ...
An 'important' voice has just advocated default on federal debt. I think he's a fool.
Only in Washington would this be hailed as good news...
Dean Baker, Co-Director of the Center for Economic and Policy Research, has put together a simple yet comprehensive presentation on a topic Zero Hedge has discussed in the past: how the demographic shift in the US will mirror the spender-to-saver transformation of an aging Japanese society, and as a result lead to an accentuation of the economic crisis into the double-dip phase, should all the artificial , one-time stimulus actions be phased out. For all those who think that a "new normal" with unemployment straddling double digits for years to come will be conducive to growth, think again. And after today's failed referendum on Obama's healthcare policies, America's immediate future will be focused on two simple propositions: [yes/no] on stimulus and [yes/no] on Q.E. 2. Everything else will be smoke and mirrors.