If The "Recovery" Is Real, Why Are Radical Politicians So Damn Popular?, BofA Asks
Back in November, we took a look at the link between austerity and anarchy.
Courtesy of RBS’ Alberto Gallo, we showed the correlation between budget cuts and riots, assassinations, and attempted revolutions. Here’s a look at the frequency of “incidents” versus the scale of expenditure cuts:
Why explore the link? Because the ascendancy of radical politics in Europe clearly suggests that some Europeans (i.e. those in the periphery) are increasingly fed up with austerity. The belt tightening that’s supposedly taking place in Spain, Portugal, Italy, and Greece has contributed to high unemployment and rising inequality. Meanwhile, growth remains stubbornly low. Here’s what RBS had to say:
Persistent low growth, high youth unemployment and increasing inequality have hurt Europe's young generation. Youth unemployment is in double digits in most countries. The wealth gap between the haves and have-nots continues to grow: people below 35 years of age only own 5% of all financial assets, according to ECB data - putting them far away from the windfall of QE. Domestically, one symptom of this situation has been the radicalisation of European politics, with the protest vote rising in most countries, from Greece to Finland.
Indeed.
In the same vein, BofAML’s Michael Hartnett has a simple question: Why, if we are truly seven years into a “recovery”, are populist parties and politicians dominating the political landscape?
Here's an eye-opening look at the rise of populism across the globe. Have a look and ask yourself whether voters' sudden affection for radical politics is compatible with the "recovery" meme.
Put simply: Main Street is angry.
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because a lot of folks are peddling fiction?
I'm beyond angry. I'm into hate.
Beyond anger, beyond hate, next is vodka. Ura!
And when we have polished off the contents of the vodka bottle we re-fill it with petro and orange juice concentrate and stuff a nice bit of cloth into the top.
Hmmmm, is sound like Molotov with Napalm!
Tampons are ideal for use as a wick.......
Privatize the gains and socialize the losses.
Record austerity for the poor who work hard, and record bonuses to shuffle paper on wall street.
The "just us" system were greed, extortion, and manipulation is all perfectly legal.
No reason to be angry about any of that.
If the only way to get ahead is a clever theft, eventually through the cronyism, you find yourself surrounded completely by clever thieves.
B of A? Why does that sound sooo familiar?
Oh yeah, a report was sent to the City of Seattle (Seattle, WA, USA) quite some time back from McDonnell Analytics, which found that bascially all the foreclosures done of a reviewed period of time were all FRAUDCLOSURES! And the majority of these were done by Bank of America!
Small world, huh?
http://www.scribd.com/doc/281414769/McDonnell-Analytics-Final-Report-Cit...
Why would a bank ask this? I suppose it's hell when you don't know who to pay off.
Exactly. It was easy in the old days you just paid off (donated) both sides.
We seem to be getting a lot of questions coming from BOAML lately that are questioning the recovery and direction of the economy. Anyone else notice, or is it just my imagination?
Because the typical modus operanti is for they who caused the problems, to then cite the problems????
http://www.scribd.com/doc/281414769/McDonnell-Analytics-Final-Report-Cit...
Only racist, microaggressive, misogynistic White European Males with guns are angry and disaffected. Don't you guys watch MSNBC?
I'm a Bitter Clinger!
Bitter angry racist gun owning clinger, thank you.
You have to look at this way. If we get Hillary as POTUS 2016 we might finally put a woman on the moon. Finally equal pay for equal work.
If they let Joe Biden (racist, microaggressive, misogynistic White European Male) run in 2016, he was going to try cure cancer. Which I think kills both males and females.
That bit about electing Clinton and a woman on the moon. You're talking broomsticks I take it. Right?
They are popular for telling the truth !
https://www.youtube.com/watch?v=z5rRZdiu1UE
for the one downvoting me ;-) https://www.youtube.com/watch?v=iCQ0vDAbF7s
Try harder. One down vote means you are not getting the attention you deserve.
No problem for me
You just try harder ignoring reality
They just don't have their minds right. All is well as our brilliant, caring and moral leaders have told us. If you do not believe that then a reeducation camp might be in your future.
Just read your history.
Why and how did Hitler come to power?
Why and how did Stalin come to power?
Why and how did Musollini come to power?
Why and how did Mao come to power?
Why and how did the Khmer come to power?
There's hundreds of examples.
And what they all had in common is that their economies where trashed up and that the elite ignored the problems and found themselves to be superior to the rest.
Sure, the elite can try to outlaw the radical parties but it will only make it worse because the elite finds it can do whatever it wants and will always go another step further untill they hit a wall.
And all those movies about those innocent elites that had to flee and leave all the crap behind because those evil poor people wanted to kill them?
Gosh... that sympathy is gone now.
And most important:
THEY ALL FOUGHT THE WAY UP TO THE TOP.
They where all banned and joked about.
You mean if you look at history patterns, you'd see that extreme positions are always followed by extreme swings in the opposite direction. But everybody hated learning history its sooo boring.
Nop, you don't need to read.
When people are hungry they turn against those who have food.
The reason one should read is to know the signs when to get the heck out of dodge because you don't want to live in a radical country because it always end bad 10 times a year if you stay.
The lesson of history is that we do not learn the lessons of history.
I've got my torch and pitchfork! Where are we all meeting?
The "elites" are paid off to go along by the politicians put in place by the "have nots". The "have nots" then blame the elites, instead of their leaders funding the elites.
Don't believe it? Explain the $175B paid to the insurance companies to go along with Obamacare. And the recipients have not compained or rioted at all. They are approving the policies by re-electing Obama and the next socialist, Bernie.
Socialist subjugates first by buying the rope for capitalists to hang themselves with.
I think you have the payor and the payee reversed when it comes to the 'elites' vs the politicians.
But of course, the "have nots" always get stuck with the final bill.
Holy crap!
That's too many questions for one quiz!
I give up!!!!!
Great news everyone. The economy is 2% better over night. The DOW tells me so.
Feel free to ignore all that negative news and bad data.....and the pink slip...
Youth unemployment is in the double digits here in the USA, too. Read John Williams "Shadow Stats". Hell, adult unemployment here at home is just as bad, statistically speaking.
I know no countries have cut spending since the crisis, so austerity has not been tried now. And how can austerity be blamed for disruptive behavior - but not the failed policies before the austerity hiding unhealthy policy choices that guaranteed future failure. Stimulus has zero success stories where the debt was repaid - it just another name for unbacked credit expanstion - irrational exuberance - in the private market.
Everyone is sick and tired of hearing how Warren Buffett really wants to pay his fair share in taxes.
Hey Uncle Warren, write a check already. Take the lead.
I suspect everyone here at zerohedge realizes that Buffet's company has been in federal tax court for over 10 years now, battling to avoid paying all their back taxes.
what ive noticed about the few who are lucky to still be in corporate america is that they think the world is just fine and dandy and that all the people out of work are just losers who aren't trying hard enough.
those in finance are especially oblvious
Some may feel that way, but your average mid-management corporate employee is insecure, as well as most workers.
By now, we all know enough about lay-offs to understand that the axe can fall anywhere and anytime. We have also heard, or seen, how hard it is to find another job, and know the likelihood of finding an equivalent job if you do get fired is very slim.
If you aren't a little paranoid in this economy, you have to be pretty dense.
"what ive noticed about the few who are lucky to still be in corporate america is that they think the world is just fine and dandy and that all the people out of work are just losers who aren't trying hard enough."
True enough, but even while they are wrong, they have value to offer America and to its people. For example, they and their wives and children can be made into delicious breakfast sausage to feed the poor.
In the United States, the Republican Party is finished as a national party. The GOP exists at the state level only. When Megyn K is the lead person and star of the GOP debate, you can tell the GOP men hopefuls and just mannequins.
They're finished, because they lied.
That, and Ted Cruz is the most Canadian looking mofo I've ever seen!
We've got enough problems without having a Canadian Prez!
never has the response "Because fuck you, that's why" been so appropriate