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Latest comments  |  Highest rated
  • It Can Happen Here: The Confiscation Scheme Planned For U.S. And U.K. Depositors [View article]
    The banking system has the most lax accounting rules of any industry. Regulation! Don't make me laugh.

    Also the author is right that depositors have no guarantees. That was the reason for the FDIC which doesn't actually have the assets to guarantee anything. So why am I not worried? The US $ will be worthless long before the US banks end up seizing all the deposits and refusing to pay out. If the US government prints more to finance the FDIC the paper then will be that much more worthless. The government steals your money every day by printing more and making your money worth less.
    Mar 28, 2013. 10:10 PM | 27 Likes Like |Link to Comment
  • Why the Disconnect Between Stocks and the Real Economy May Widen [View article]
    A good comment. Might I add that the top US companies have extraordinarily good management that know how to increase productivity and save. That is why America is strong. Good business, not because of government of the Federal Reserve. When we forget it and tax it we are walking on a path towards economic self destruction. The Obamacare cost came almost entirely out of business. Eventually we will see the results of that as our small and medium sized businesses die off in droves. For shame.

    Business is our engine of growth and the stock market is its reflection. Stock markets always preceed the rise of recoveries not the other way around. Don't forget it.
    Aug 2, 2010. 12:14 PM | 27 Likes Like |Link to Comment
  • Unemployment Chart of the Day [View article]
    There are many very qualified capable people out there who can not find a job in the positions they are fit for. This is especially true for young grads. Calling all jobless negative worth slackers is just trying to brush the problem under the rug, a very slacker style response to a real problem.
    Jul 21, 2010. 02:34 AM | 27 Likes Like |Link to Comment
  • ECRI: Double-Dip Worries 'Unfounded' [View article]
    Ok if the double dip is unfounded then let's see how happy anyone would be eliminating Federal Reserve lax money policy, backstops and federal government stimulus and extended unemployment benefits. And by the way remove Freddie Mac and Fannie Mae as well. The double dip isn't happening yet because the government is too busy squandering your money and devaluating your currency for temporary easy fixes without regards to the cost.

    A double dip is much more rational than what we are getting now.
    Mar 19, 2010. 07:51 PM | 27 Likes Like |Link to Comment
  • Hardly a 'Decade from Hell' [View article]
    Although I agree with most of the author's conclusions I disagree with this premise, "...but for most Americans, it was a time of unexpected wealth and unearned prosperity."

    By and large the middle class has been laid with the bill for the excesses of the few and has subsequently bore the brunt of the downturn with almost no benefits for this whole decade. It was a prosperous decade for the top 10% and that's about all.
    Jan 6, 2010. 04:40 AM | 27 Likes Like |Link to Comment
  • The Five Worst Bailouts [View article]
    The government's premise that a bailout saved us from a depression and double didget unemployment is wearing thin. For one thing, we are liable to experience statistical double digit unemployment anyways despite government's fiddling with the numbers to keep it low (we are already well past it in the real world). Likewise a lingering recession is worse than a short collapse no matter how deep. What killed the economy and dragged the US down into depression was more a factor due to its lingering nature than anything else. The longer we drag this on the closer we get to a great depression (one lasting years not a year).

    Government intervention is playing with fire. A much hotter fire than we started out with. Rick Newman is right that we would have saved ourselves a lot of pain if we just let the brokerages eat crow. For one thing the survivors would have a lot of banking carcass to feed on which is better than asking the taxpayers to bleed themselves for the sake of the banking sector. If it wasn't for deficit spending and it came out of taxes both the Republicans and Democrats would be out of office today.
    Sep 6, 2009. 09:54 PM | 27 Likes Like |Link to Comment
  • Confidence Games and Ponzi Schemes: No Way to Run the World's Largest Economy [View article]
    You are correct in stating that the government is not managing their money (which is actually our money) in any sense of the word. If they were they would like the fact that the savings rate has returned to some sense of normalcy. They will need all that domestic saving soon when they can't float more debt overseas easily. The government can't see its fingers when infront of their face let alone know what's good for us in the long run.

    I encourage people to keep saving because it is in their best interest in the long run. Anyone telling you otherwise do not have your best intentions in mind. Or as my grandparents would say, "They're just trying to sell you a bill of goods."
    Aug 7, 2009. 07:16 AM | 27 Likes Like |Link to Comment
  • This Rally Is Sustainable [View article]
    I am with iknotknot on the belief this rally is mostly money looking for a home in light of signals of future inflation. That means people who invested in long term bonds are looking for a way out.

    I am skeptical that the economy is bolooming again. We all knows what a boost low interest rates were to preventing the economy from sliding down further. The reverse is a drag on the economy of an equal or greater magnitude when inflation and interest rates start rising.

    If I was a holder of long term bonds, I'd be sweating profusely. Especially, if they were US Treasury bonds.

    Thanks for the article. It is much more thought provoking than others I have read recently. I agree that the stock market can rise devoid of an economic recovery, either in expectation of one or simply because of money flows to it relative to other investment vehicles. After all, it's all about how much money is going into or leaving it and how many new shares are being added. Keep your eyes on supply and demand.
    May 13, 2009. 07:03 AM | 27 Likes Like |Link to Comment
  • Recession Is Over; Depression Has Just Begun [View article]
    Edward Harrison: Thanks for the complete historic diarama.

    At best what we can hope for is a good 20 years of patient austerity and recovery. Most likely, the government will opt for a series of extreme measures which will pull us in and out of tighter and tighter business cycles which are actually carefully orchestrated monetary ploys.
    Oct 2, 2009. 05:07 AM | 26 Likes Like |Link to Comment
  • Why The Correction Didn't Become A Crash [View article]
    Indeed monetary policy does favor a bubble and as we know bubbles led by the federal government and treasury pop spectacularly. In fact, this bubble is specifically targeted to over pricing assets save commodities and the market has already gotten very fat. so when the business cycle ends there is not much left to stimulate or support a weaker economy because they blew up the airbag and kept it blown way before the crash. In fact, it has blocked the sight of everyone driving it will lead to a spectacular crash itself.
    Oct 31, 2014. 11:47 AM | 25 Likes Like |Link to Comment
  • Today's Stock Rally Is Full Of It [View article]
    Great insight. This run up is really being driven by speculative fluff and we can see a giant unloading of shares from banks and financials to the public. This most always ends very badly and keeps with the precedence that those in the know always dump on the public before a big collapse, making the "I had no idea this would happen" very suspect.

    The only thing that failed these institutions in 2007 was they were so invested in MBS that they couldn't get all the way out and the way they got out, by buying insurance and hedges, failed as well as AIG And the like collapsed. Fortunate for them, they just made Bush Jr. roll over and give them the public's money while the Federal Reserve brought them to solvency buying up their bonds to give them liquidity while allowing the general public to go broke and turn over all their property to now effectively state banks.

    Don't be fooled again guys or there won't be any semblance of real capitalism left after the Federal Reserve and cornball politicians sell capitalism down the river for their own glorification and power grab.
    Nov 29, 2013. 07:15 AM | 25 Likes Like |Link to Comment
  • Is There a Goldman CDO Scandal? [View article]
    AIG Goldman asked AIG to guarantee mortgage backed bonds so they can sell them. Then Goldman advised AIG on how to structurwe them. Then Goldman handled the offerings. Then they bought the mortgage backed securities. Then they bought more than their origional intent to buy enough to cover the bonds they issued. Then they asked the government to bail out AIG. Then they asked the government to make good on their bad derivative morgage backed securities that they advised AIG to sell to make a profit.

    So you tell me? How is this honest, legal, ethical, or decent in any way, shape, or form? Sure buyers beware is a good mantra. But Goldman was the in on the buy, the sell, the valuation, the issuance, the middleman, the bailout, and the payoff. They knew more about how bad this deal was than anyone and obviously more than AIG.

    In the end, the taxpayer was the buyer. Sure, as a taxpayer I would never buy aid help or bailout AIG. A lot of good that does us ehhh? As for other people they crooked out of money, I agree regulators should insure there is never such a blatant conflict of interest and the buyer should have known. But in retrospect, even today there are tons of strange relationships and conflicts of interest in many Wall Street deals. I guess people get overly acclimated to them.

    Take for instance bid rigging US Treasuries with the Federal Reserve buying their own issuance. We take it for granted now. 10 years ago we would be galled at such a violation of basic monetary principles involved. What a world. It is not right. It is not honest. And it screws the buyers (many who are under contract to buy some of the offering no matter what anyway). If the Treasury were ay other agency they would be indited on bid rigging anmd fraud.

    Sorry, Felix Salmon. I'm at odds with you on this call. Conflict of interest is conflict of interest. And selling crap as gold is a con no matter what shape or form it comes in.
    Dec 24, 2009. 04:48 PM | 25 Likes Like |Link to Comment
  • Housing Is Moving Towards Disaster [View article]
    We can look at the options. If Obama approves an extension to the buyers tax deduction we stay in the samer miserable condition but make the US even more broke threatening inflation and further declines in the dollar and higher mortgage rates. If he also approves using TARP to give people free holidays for not paying there will be a great incentive for even more defaults and the government will go even more broke but forclosures may be delayed for yet another year which is prolonging the pain and making us even more open to a W recession.

    If he does nothing the housing market collapses as John points out and we get to face the grim realities. However, after the bottom we can look forward to eventually digging ourselfves out of this mess which is much better than digging an even deeper grave. If we dig too deep we won't be able to claw our way back out unless we becomes economic zombies too like the too big to fail banks. Except there will be no bailouts for us.
    Oct 16, 2009. 08:25 AM | 25 Likes Like |Link to Comment
  • Busting Yet Another Market Indicator Myth [View article]
    Tragically, the average investor doesn't really follow money flows like they should. And tragically mutual funds tend to all sell at the same time due to their customer's withdrawal patterns. I would nort expect them as a group to ever really pull out of the market in expectation of a downturn. Many are required to stay close to fully allocated if not by mandate then only to try to keep up with the averages they track.

    It is hard for fund managers to justify their lofty salaries by keeping cash. After all you can do that yourself. However, after all, you can also invest in stock yourself. If you wanted an industry of statisticians that get paid to sit back and watch train wreck after train wreck with no power to do anything about it, the mutual fund industry would be a perfect example.
    Sep 20, 2009. 05:45 PM | 25 Likes Like |Link to Comment
  • Shift in U.S. - China Dialogue Is Louder than Words [View article]
    Oh, I thought the louder than words from China was the recent failure of the Treasury's 5 year notes auction. Can you hear the China protest (as well as the rest of the nations holding our bonds)? If everything is going so well over there Geithner why aren't they at your auctions anymore? Stop shoveling us garbage and be hnest for once?

    When people won't even buy out 5 year notes, I guess that means pretty soon we will have a monthly $1 trillion dollar 1 year note auction. Folks China or no China, that is simply not healthy or sustainable. We should start worrying about them and start worrying about our own catastrophic mess.
    Jul 29, 2009. 09:31 PM | 25 Likes Like |Link to Comment
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