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Steve Liesman: "Debt Is The Bridge From Working Hard To Playing Hard In America"
"There is a debt problem in America..." warns Lynette Khalfani-Coz (askthemoneycoach.com) in this brief CNBC interview, expanding in the huge debt loads from mortgaging cars to student debt that Americans soak up every day in ever greater amounts. And then Steve Liesman rolls in "debt is always pointed out as a negative thing, when in fact debt is the great bridge between working hard and playing hard in this country." Then Liesman really hangs himself, "this country has been built on consumer debt," he proudly states (as if it was some badge of honor) adding carefully that "too much of it is negative thing." - well Mr Liesman... one look at the current debt load might suggest that American consumers built that 'bridge to playing-hard' just a little too far. As Khalfani-Cox admirably retorts, "excessive debt levels are simply unsustainable... It is not the job of the consumer to play the role of financial hercules... why should we have to prop up the US economy?"
Perhaps gentle reminder from Kyle Bass will help...
The Largest Peacetime Accumulation of Total Credit Market Debt in World History
It took the United States 193 years (1789?1981) to aggregate $1 trillion of government debt.
It then took 20 years (1981?2001) to add an additional $4.8 trillion and,
in the last 10 years (2001?2011), a whopping $9.8 trillion has been added to the federal debt.
Since 1981, the US increased its sovereign debt by 1,560% while its population increased by only 35%.
Remember the old economic theory of diminishing marginal utility?
Similar amounts have been accumulated all over the developed world. Total global credit market debt has grown at over a 10% annualized pace for the last 10 years while global population has grown at only 1.2% and global real GDP has grown at 3.9%.
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Moar Lies- man! keep it up and maybe he can get a sweet gig with H. Ramrod in 2017
The best part is if you believe him, you deserve it.
Re: The best part is if you believe him, you deserve it.
And, because most people do, that's why we've got the only system possible. Pathological optimism and debt-narcotic; what could be a better combination?
Debt is not the bridge between working hard and playing hard. Debt is bringing future sales into the present because of a lack of wealth. During a time of responsible lending there is no other way to stoke stagnant sales, other than lowering prices, so lowering lending standards by lowering cost of entry brings future sales to the here and now.
Problem with this methodology is that eventually the never ending easy lending comes to an end, because at some point (NOW!) the easy lending sends asset prices rising beyond all practical affordability (housing) as it becomes a bidding war simply because of easy credit, not because of intrinsic value. If rates in this debt saturated environment ever rise, it's instant default.
Liesman is an idiot.
I bet Steve has zero debt
Maybe, but it is pretty clear he has an intellect deficit.
Liesman is the archetype of the witless, gutless, spineless mandarins driving us to perdition.
and the mainsteam says kyle bass has a dangerous mind .....lol
The best method to rid yourslf of Liesman is to douche with Hydrofluoric acid.
It is actually less painful than listening to this painfully stupid drivel.
Lying scumbag MSM networks can be easily identified, they all have NBC in their name... The fact that LIESman is allowed to spew this tripe is proof that CNBC is nothing but propaganda for the banksters.
A bridge from working hard to playing hard is the very last thing debt is. Debt by definition is overconsuming goods & services today at the expense of underconsuming in the future in order to pay off that debt. Said in Liesman's dipshit terms, debt is a bridge from playing hard now to working much harder later.
And to be clear, forms of investment debt either into yourself or a business can be a good thing in the long run, but that's not what we are talking about here.
My dog is smarter than Lies-man.
Agree. Also, borrowing at x% makes perfect sense if I can make a return of y% (such that x < y). IF! IF means its possible, not written on plymouth fucking rock. Fucking idiots. It is never even conceivable to these fucks that the market could maybe possibly with a slight chance go down.
The worse part is LIES-man said this after 5 years of totally rigged interest rates. Back to work debt slaves!
LIES-Man has Krugman's ballsack on his chin. An oxygen theif no doubt.
LIES-Man should be hung right alongside of the theiving skum he acts as the gimp for. Zipper that fuckers mouth shut and put the gimp back in the hole !
Guys like him don't last very long. I'm surprised he made it this long...
Au contrare. He's been on there at least 10 years. I quit watching that lying channel after the FED started rigging rates 5 years ago. He, and most of CNBC, are paid cheerleaders(liars) for the NYC bankers.
Yep! And they will be the first to be sacrificed when SHTF....Everyone in financialland knows who they are....
Sorry but guys like LIESman last forever as long as they tow the bullshit party line. The minute he stops he'dead meat.
I buy things that banks won't give you credit for, like prescious metals. Even though these are manipulated they are not inflated via easy credit. In fact the odds are that they are even manipulated downwards and are especially cheap vs the over priced assets like houses.
Aptly named Cocksucker Emeritas.
Just wish he would go away and die some horrible death. Didn't even know CNBC was still on the air. Haven't watched in years
Cuz everybody knows that debt-fueled consumption is sustainable.
Substitute "Cocaine" for "Debt," and Liesman would still be on board.
I have a serious question for those of you with a more complete sense of economic history than I have.
At what point in US history did the concept of debt change from a vehicle to enable future production to a vehicle to enable current consumption? It seems that at the time of the founders and up until 1913, people took on debts to fund a business idea so that they could produce something; they hoped to become rich by creating a saleable product. The loan may or may not have worked out, but that was the genesis of the loan, future PRODUCTION. I think that concept held for even the majority of the 20th century?
Now, in our current environment, debt is considered a way to "maintain a lifestyle", i.e. to consume. To take on a debt for the purpose of CONSUMPTION negates the entire concept of what debt was designed for. College debt, for example, has no real sense of what will be produced at the end of it. It's the underpants gnomes all over again: step 1, go to college - step 2, ? - step 3, profit!
When and how did this changeover occur? Thanks!
I think that debt-fueled consumerism has been around at least as long as credit cards, however, I think the moment when the upper-level policy publically shifted to pure "play now, pay later," was when Greenspan started encouraging folks to refinance their 30yr fixed mortgages with ARMs.
August 1971, when Nixon took replaced the gold standard with oil. Bank reserves are now made up of treasuries instead of gold. Therefore, the more oil pumped, the more treasuries(debt is money in a fiat system) that can be sold. More oil consumption=more debt.
It is not possible to pinpoint an exact date or cause, since the change itself is not instantaneous and the causes are multifactorial; but I've heard people discuss c. 1990 as a possible answer in response to similar questions, and that seems pretty close to me.
I would put the date a few years later, sometime around 1993 or 1994, as the time when it first became apparent to me that a new attitude had taken over and we were already past the point of no return. Obviously the changes responsible for producing that realization had to precede the effect, so 1990 seems like a good place to fix the date. But 1994 was when the changes became noticeable. I was just a kid then (actually I was just entering my early teens), but I vividly recall the new spirit of the age coinciding with the changes which were then taking place in my body and my mind.
I think it was then that the class of people which David Brooks would later characterize as the Bobos first began to really expand the horizons of their consumerism. There was among them a definite and sudden cultural reorientation towards McMansions, the purchase of stocks and other financial instruments (which hitherto most people outside the financial system had little involvment with and no understanding of); towards home refurbishing and landscaping, towards fine wines and dining, designer clothing, cigars, travel; towards "luxury" in the commonly accepted sense of the word; and especially towards the new computers and other consumer electronics which were supposed to usher in, via the internet, a new wave of innovation and opulence the likes of which the world had never seen before.
Try to recall, if you can, the sheer volume of all the techno-utopian propaganda we were subjected to during the early days of the internet, when blowhards like the prominently mustachioed Thomas L. Friedman were championing globalism and the "flatness" of the world with ridiculous prognostications of prosperity, and the skyrocketing Nasdaq seemed to validate them every step of the way.
Do you remember the days of $15/bbl oil, when the purchase of monster SUVs was a relativey new and very actively discussed phenomenon?
Do you recall some of the editorial names from that period who are no longer with us? Michael Kelly, Molly Ivins, Louis Rukeyser, Robert Novak?
Something definitely changed around that time. The radical expansion of the consumer society was fueled by cheap credit and very cheap oil on the then quite believable (to others, never really to me) premise that the growth would continue indefinitely because of globalism and the new technology. A near decade of social shifts as momentous as what occured in the late 60s and early 70s, say between Woodstock and disco, also occured between OJ Simpson's televised white Bronco chase and September 11th, 2001. It was the era of going global, going digital, and going crazy on the promise of ever-expanding wealth.
We still haven't come to terms with what it all meant.
Thanks all for your answers. For context, I graduated college in 1990, and I agree I noticed a major culture shift between 1990 and 2000. But because I don't have much financial memory before that, I wasn't sure if that was just because of my shift in phase of life (from student to working member of society).
That said, the comment above about leaving the gold standard makes a great deal of sense. There can be little doubt that the single most important commodity of the past forty years for international relations has been oil. The petrodollar agreement has been the framework we have worked under since then. With the dollar pegged to a consumable commodity rather than one which is conserved above the ground, that would logically change the dynamics of how the system and its participants value wealth. It's also right around that time that the credit card culture really took off.
Thanks again for the thoughtful responses.
The Debt Curve really inflected up hard with Reagan. In the 80s there was much wailing and gnashing of teeth by both R and D that the debt would cripple the country. Only that did not happen. Things got better and better and the economy soared. Well of course it did, we leveraged the shit out of the economy! The good thing was we caused the USSR to buckle under. But the bad thing is that guys like Dick Cheney learned that debt does not matter. And then he paired up with W after Clinton and convinced him that debt does not matter. So the debt curve inflected up again starting in 2000. Then along comes Obozo and he and everyone else in Washington has come to believe that debt does not matter and now it has gone parabolic.
And they are right. Debt does not matter. Until it does. And wont they all be surprised then.
I have to admit that I knew a couple of guys who gamed credit in the '70s and early '80s. It did not end well for them.
I would put the turning point at roughly 1988, right after we survived the crash of '87. There was definitely a feel of a cyclical change afoot around that time. In the metro NY/NJ/CT area, the McMansions began. Punk fashion finally began to bite the dust, ushering in a preppy revival. People began to feel quite expansive--and competitive. I think many, including yours truly, had not trusted the initial booming rebirth of the S&P in the early '80s, after getting their teeth kicked in during the '70s. The '87 crash initially seemed to confirm that pessimism, but once it proved false, all restraint was lost, at least by a good (or bad) many. After all, we kept making more money, right? In some cases, a whole lot more money, every year, like clockwork.
I have to confess that I did not entirely join the swelling tide. I paid off my mortgage in '92. Then I bought a McMansion--for cash. Put the kids through college via savings. Have had no real debt except monthlies (which are paid in full) since '92, which mildly wrecks my credit rating, but I don't really give a hoot. I drive a used car, and the McMansion was sold quite a while ago, although the house I have now is worth far more, and in a different locale. I sleep reasonably well at night. I retired once, but don't plan to again. It's boring.
Usury was a mortal sin for Catholics (until they forgot about that), still is for Muslims... and not hard to see why either. But thankfully americans know better, right? see, just look how well this whole debt slavery thing has worked out.
American Consumerism - destroying the world, one soul at a time.
ONLY IF YOU ARE A BANKER
. "this country has been built on consumer debt,"
If LiesMan is referring to the house of cards that's been built the last 30 years, this may be one of the few non-lies he's ever told.
Liesman is the bridge from dumbass to full retard......... Damn, I am feeling real nice today.
This contry was built on consumer debt???! What is this wack job smoking? I pretty positive the founding fathers are rolling in their graves at the moment.
http://mikemaloneyblog.blogspot.ca/
American Airlines' Retirees Are Furious Over Changes to Their Flight Benefits
http://www.businessweek.com/articles/2014-06-04/american-airlines-retire...
Bullish, right?
People who have a 'job' or a steady 'pension' in the private sector think nothigng will change except for maybe the better with salary increases, bonuses, etc as has happened fairly regularly historically.
However, things are different now and you cannot count on anything for one reason [sort of mentioned above] the massive debt people, companies, gubmints have taken on to consume/spend now with no guarantee the party will continue. I guarantee the party will not continue and these entities [such as the folks at AA] need to see that as stark as it is for them.
As my co-worker says, 'I don't count on nothing these days."
Our founding fathers have been spinning in their grave faster than the shit scattering, rotating, ocillation device.
it's not really usury if you can borrow for 3-6 months at less than 25-50 bps...the bernank shalom and mr. yellen sayeth!
THIS DEBT LEVEL IS A BRIDGE TO NOWHERE!
The US was built on super hard money between 1866 and 1901 US was getting rid of fiat (civil war greenbacks) was demonetizing silver leading to contraction of M0 and lower and lower prices. Dollar was getting harder and harder against foreign currencies. Price were falling, entrepreneurs and bank had to deal with a tough environement where there was no Fed, no bailouts, no Gov debt and loans harder to repay because of harder and harder money. So to succeed you really had to have a real good business plan and money making business not a fluff stuff, and yet the US emerged from backwater to industrial superpower with the likes of Thomas Edison. Mr. Liesman you are full of s*** and lies and you are lucky that most Americans do not know their own history (and I am not even American).
Lloyd's gonna kick dude's ass for this fuckup !!! No mention of God work.
Liesman's turd polished dome is a heliport for all the shitball D.C. Krugmanites!
Steve Liesman, the dumb cunt with a degree in Journalism.
I remember once he argued for government doing something-or-other, and Santelli asked what government does well, and "Lies, man" responded "Military and roads". Funny on so many levels.
Fucking moron. Lenders think the average joe is a terrible risk, that's why they charge 20% (give or take) on consumer debt.
Steve,
You're a dick.
Now why ya gotta go and insult dick like that?
All I know is, I was just issued a Chase CC with a $4,000 limit at 14.24% and I don't even have a job right now.
bless you, my son.
I need a unlimited credit card so I can buy tons of PMs and stick my middle finger at the banksters when they try and get their money with interest.
Screw them before they stick it in you.
@Freewheelin Franklin Funny story for us common folk. In 08-09 I had (2) unused "Capital One" cards each 10k limits. I never used the cards for 2-3 years. I walk into a Home Depot or Lowes to buy some home improvement stuff and get told both my cards were canceled for "non-use". My net worth expanded over that period of time, and my liabilites were reduced.
The cards were cancelled for Non-Use, even though I got all the B.S. mail offers/statements over that period of time.
I've had that happen with several different cards. They may as well print on their cancellation notice, 'We don't like responsible debt slave goyim, they aren't carrying our load'.
Maybe he really believes the crap he comes out with. Maybe he really thinks he is clever.
DavidC
100 years from now they will be playing vids of this douchebag and laughing their russian asses off.
Note: There would be no currency without it (debt). Someone, Somewhere is paying interest on the fiat stuffed in your wallet.
Someone, somewhere did not want to read the TRUTH.
ALL CURRENCY is a DEBTOR'S NOTE...ALL. That is how it is created. Even the Fed Chairperson, Arthur Eccles, testified to that FACT in Congress in 1941.
The Downarrow demonstrates clearly that there are IGNORANT PEOPLE using this website.
Or, was it LIES-man?!
You know it was...he probably has been emailed this article and forced to read all the comments...thats right Liesman, you're a fucking hack, teleprompter whore, who will get a real ass fucking when this all goes down,,, you reading this lies man... I want to rub my corn filled shit in your face....
That someone is the American taxpayer and that interest is going to the Federal Reserve's owners who never loaned out any of their own money in this fraudulent scheme.
"There would be no currency without it (debt). Someone, Somewhere is paying interest on the fiat stuffed in your wallet."
Unless I don't understand you correctly then I'm not sure that this is true. The concept of money, currency, was introduced first as the unit of measure for producers to exchange the products of their disproportionate work. The concept of debt was later introduced as the means of exchanging a product now for the delayed payment and the cost of the delay is the interest. So, currency can be without debt, but not vice versa. As for fiat stuffed in your wallet, if it represents a nothing for something exchange then the theft has already ocurred compliments of the devaluation. And I guess that's what you mean that all of our currency has now become counterfeit since it is mostly conjured by the Feds printing currency?
And the other thing is, Steve, it's really not even bad debt, it's just money we owe ourselves, right?
The American dream =
'You have to spend money to save from going bankrupt' (Biden)
and hair is the difference between having some or having none! this guy is truly a LIESman.
this guy just said, consumers should mortgage their house to buy stocks.
No no.. you take out credit cards to pay off student loans, then walk away...
If ever there was a "Jean Luke Picard Face Palm" moment...
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You are welcome.
"There is a slavery problem in America..." warns Lynette Khalfani-Coz
And then Steve Liesman rolls in "slavery is always pointed out as a negative thing, when in fact slavery is the great bridge between working hard and playing hard in this country."Then Liesman really hangs himself, "this country has been built on consumer slavery,"
It's funny how quiet Liesman was over the month of May. (before ES punched through 1900) Now he's suddenly the glimmering spokesperson for his free $ crowd of $100 million shitshacks in Manhattan "restraint".
I've read this script so many times. I haven't watched the blowhorn in months, and am much happier and healthier for it!
- Household Debt $12.9 trillion by Q2 2012
- US financial sector debt $15.6 trillion in 2009 (Mostly GSEs and Bonds)
- State and Local Governments $2.4 trillion in 2009
- nonfinancial businesses $10.9 trillion in 2009
- Federal Government $7.8 trillion in 2009 (Debt held by the public)
Total US Debt = $50.7 trillion in 2009 (but doesn't include federal bonds held within the government).
- $16.6 trillion Federal Government Total Treasury Securities issued as of 30 September 2013 Table 6 Final Monthly Treasury Statement
https://en.wikipedia.org/wiki/Financial_position_of_the_United_States
https://en.wikipedia.org/wiki/Household_debt
https://en.wikipedia.org/wiki/Economy_of_the_United_States
http://www.ssa.gov/pressoffice/pr/trustee12-pr.html
https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Tren...
https://en.wikipedia.org/wiki/Medicare_(United_States)#Costs_and_funding_challenges
- The federal government held $1.4 trillion in assets at the end of 2009
- Additionally the Federal government retirement funds held $1.3 trillion in assets at the end of 2009.
Fed Debt to GDP is 102% as per the Fed Website FRED Charts.
Liesman has to tow the line because he is a debt slave.
in this world, we all are debt slaves now!
Yeah, a mushroom cloud seems to fit with all the debt to GDP we have... in view of the fact that much GDP is just Rent Seeking... probably have to take off $5 Trillion to get real GDP.
Let's see $17 T - $5 T = $12 T. $16.9 T Debt/$12 T GDP =
140% Debt to GDP for USA (guesstimate)
Give it to us straight, you're saying we're fucked. LOL
As long as you can make the minimum payment, you haven't borrowed enough.
And, as long as the taxpayer is on the hook to bailout the debt-pushers there will always be more debt available.
Obama can easily replace Jay Carney with Steve Liesman. Liesman's name makes more sense for that position
Infinite debt is a human right. President Slender Man told me so.
Why doesn't Comcast/GE cut the Media Propaganda sock puppets labor investment labor pool. We can use CGI report the same information.
Fuck you. MSM, you are going to be replaced. We have begged for years. let’s go long on CGI news information reporting mode. Hey, guess who profiles? Your bosses and network. Then your bosses get dispensed out like you did.
Progressive Central Planning is very ugly. We have warned you. Watch your job disappear.
Buffet would like to pork Becky Quickie. He get's his jollies everytime he gives her a plane ride.
Becky will become a CGI image. Just like the rest of them.
Debt is really neutral. The same cannot be said about the purposes to which it is put. If you borrow money to pay operating expenses, you have a problem. If you borrow money to aquire supplies and capital goods that you use to produce things, it can be positive. Unfortunately, the serfs are doing too much of the former. Frankly, it has become just too easy for them to do that.
Aren’t pension plans based on school loans and financed cars?
401K retirement strategies are based on future consumption too.
He’s right.
Exactly, like the end of the Movie Hannibal, Ray Liotta's character, out of his mind on morphine, nibbling a freshly seared chunk of his own brain, says "Mmmmm, that's delicious."
Banks have the masses in checkmate, having stolen a massive quantity of our net worth in 2008, they're now willing to let us borrow it back, only to securitize it in our pensions....to later be bailed out, by .. us.
Mmmmm, that's delicious.
Lies-man is such a cunt. The end.
we don't run in the same circles, thanks be - but if I ever saw him in NY or north NJ I would slap him... just once, and only about 75% max effort... and gladly face the fallout
Call me if you need bail. I'm sure I can collect what you'd need from ZH members.
Indeed.
This Obama taint licking pedo-smiling cheese dick is emblematic of what ails financial markets;
A CUNT that passes off as some sort of financial "analyst".
I met Liesman once, at my former firm's annual conference. A biger prick than on TV. Vacuous brain - and ass licker to the big shots at the firm.
I knew right then and there he had a big "career" ahead of him as a shit-eating, propaganda spewing vagina for the banksters and MIC.
STEVE LIESMAN - YOU SUCK ASS!
"free low taxed income"
hahahahahaha
hahahahahahahhahahaha
hahahahahahahahahhahahahahaha
moron.... lets see how well that goes ... that 2% cushion can be wiped in a day .... what a joke
"this country has been built on consumer debt,"
... for the last thirty years, which is now unraveling America's globally renown post WW2 middle class and will have to be replaced with real, actual wage growth.
Maybe if we do a better job of ignoring him, he will go play in the middle of the bridge.
We know the media pimps and prostitutes. Once this goes into global awareness, the pedophile ruling class will be exposed. Some of this bullshit can be rolled back into the toothpaste cartridge.
"why should we have to prop up the US economy?"
A better question would HOW can we prop up the US economy? The answer is you can't.
For supposedly smart people who love the term holistic when it comes to food or health, maybe people should apply that term questioningly to the economy.
There is a Central Bank problem in America, Stevie.
Fuck you LIESman.
Steve Moron, WCNBC home of Morons spieling da Taliban.....
Fuck debt. Only the slave master thinks debt is a good thing. And if you have debt, guess what you are?
Steve you have reached the "Snap-on" level of tools
Debt used to build a more productive environment is very different than debt used to increase consumption. Housing and cars have portions of both.
People saving money for retirement used by younger people to build a factory creates a wonderful economy. When you consume the young peoples income to improve quality of life for older people, you are eating your young. Eating your young is bad for the future economy.
A fool and his money are soon parted. Now we're after his future earnings.
>>>A fool and his money are soon parted. Now we're after his future earnings.
I have seen the future, and you don't want to go there.
This is not good news for those of child-rearing age.
Liesman = Luciferian
"...Good debt is represented by money, the money represents the product of work, the work is necessary to meet the demands of living. Bad debt is represented by counterfeit, the counterfeit represents the absence of product, the absence of product represents the impersonation of work, the impersonation of work represents the necessity to steal to meet the demands of living..."
-OC Sure; Debts and Wages
http://ocsure.blogspot.com/
King of the Fucktards this man is
Liesman.....what a huckster.
Josey Wales would spit tobacco (chaw) juice on hucksters like that just to prove they were sissy ass bitches.
Where is Josey ?
Send him on a Missouri boat ride.
tool
Leisman is a partisan Democrat and like all good Democrats, he will suddely discover the evils of debt as soon as a Republican occupies the White House.
Leisman is a partisan Democrat and like all good Democrats, he will suddely discover the evils of debt as soon as a Republican occupies the White House.
In the past, value adding lsbor paid for debt. However, today, the US has too many non-value-adding parasites, such as Mr. Liesman.
Parasites do not add any value and so they cannot pay for their debt. They only accumulate more debt.
Liesman is right. until the US returns to adding value thrugh labor, the only path to hardcore consumerism is debt.
I am thinking that is not the right model for this world.
Who could possibly take this pro Fed/government/bankster bozo seriously?
He LIES man.
Steve Liesman is easily the dumbest economist, other than Paul Krugman.
Or Jared Bernstein.
Or Austan Goolsbee.
The Fed, and the Obama Abomination are incentivizing debt, having taken over the student loan market entirely, with the goal of debt forgiveness in 2016. That is their playbook.
Fuck you Obama. You too Steve LIESman.
Taxpayer lawsuit time, when they do this.
the cast and crew still refuse to acknowledge
the nature of the "money" system they ignorantly
worship, and these offered as the experts and
gurus of finance. it spells doom for the viewing
public/customers.
goodnight
"the bridge from working hard to playing hard."
what the fuck is he talking about? what a dick
ok, he must be talkin' 'bout this
line of work, the/his so called bread
and butta ....
.
Steppenwolf - The Pusher
https://www.youtube.com/watch?v=3XqyGoE2Q4Y
Wow, she is smart! In front of the CNBC anchors she seems like Einstein.
Better advice... Neither a borrower, nor a lender be.
Who the hell considers debt playing hard, you mean paying hard?!
I'm sure the more people in debt the more people you can sell your services too...
Liar is such a good mouthpiece.
The crux of our economic woes lay in the fact that over the last several decades we have created entitlement societies on the back of the industrial revolution, technological advantages, capital accumulated from the colonial era, and the domination of global finances. Promises were made on the assumption that those advantages would continue in both Europe and US.
It was thought that ever greater prosperity and entitlements would be sustained through debt financed consumption growth. In that eerie fantasy world, debt fueled consumption was to be the catalyst to bring about ever more growth. Now reality has begun to come into focus and it is becoming apparent that this is unsustainable. The entitlements and promises that have piled up have become overwhelming. More about this subject in the article below.
http://brucewilds.blogspot.com/2013/11/the-crux-of-our-economic-woes.htm...