Market Currents
Debt is going to be the ending of the developed world, says The Smartest Man in Europe,...
-
Tuesday, July 3, 2012, 8:43 AM ETDebt is going to be the ending of the developed world, says The Smartest Man in Europe, according to Byron Wien. Politicians can keep staving off catastrophe, but not forever, and in the meantime, the standard of living in the developed world will continue to converge with that of the developing. What's he buying: IBM and Apple (AAPL). Go figure.
Other date
Latest Articles
This news story has 45 comments:
"So what am I doing with my money? It is hard to hide in stocks. Even Danone is reporting disappointing earnings; people are so worried they aren’t even buying yogurt. The French auto companies are in trouble. I think gold is going much higher. I am buying energy stocks because I want to own something real. Preserving capital is my focus now, not making money, but I like IBM and Apple. Also some Swiss multi-nationals. If Obama wins in November the market will go down. A Romney victory will create a rally, but once he gets into office he will find there is not much he can do to make things better.”
As early as 2005 predictions were for increased deficit due to the Bush tax cuts. That was baked in before Obama was elected.
Romney may be able to lie his way into office, but then reality bites. Between two bad choices, Romney is much worse.
http://bloom.bg/Mtzo6m
http://bloom.bg/Nuif6x
In addition, Bloomberg's poll of global institutional investors favor Obama over Romney:
http://bloom.bg/MtzqLj
I look at actual economic policies and results and come to conclusions.
Backward looking statements like this have zero value.
We cannot know how McCain would have performed in the same situation since he wasn't elected, and this is why the right question to ask is 'how is Romney going to do better?'
http://bit.ly/t24ESB
These same policies worked wonders under Bush.
(note heavy sarcasm)
I would simply say that Mr Romney's top priority is Mr Romney and his fellow plutocratic self indulgent, unpatriotic, friends.They do not care for the future of the USA or its populous he has made this very clear in his completely inconsistent policy's and pursuit of ever more concentration of wealth in the country. I am no historian but I'm unaware of any banana republic plutocracy producing a sustainable healthy economy.
As many problems as there are with the other lot I would favour their approach until something better comes along. I like most people wouldn't trust most politicians as far as I could throw them, however it is very clear to me the Republican party of today have been completely infiltrated by a very disturbing element and gone is the basic premise of conservative Republicanism long ago.
Ultimately a sustainable healthy stock market needs a sustainable healthy economy, we probably wont achieve that with the Democrats but IMO it is a definite lost cost with these people who stand in the place of the ideology of Lincoln/T Roosevelt and the true Republican party. I do not even consider them Republican they are simply a mechanism for corporate plutocrats and intolerant religious nuts.
Thank you for your Question.
Fact is, though, it blew up over the course of a decade in which it was convenient to have a bubble to cover up a war.
“Congressional Budget Office baseline deficit forecast released just before the Republican Congress enacted its first budget blueprint in April 1995. That forecast gives us a snapshot of the "Clintonomics baseline." The accompanying chart shows that the deficit was expected to hover at or above $200 billion well into the next millennium.”
“The cumulative budget deficit from 1996 through 1998 is now expected to be $415 billion below the Clintonomics baseline. Mysteriously, that information appears nowhere in White House press releases.”
“…1995, when R’s seized control of Congress, the budget deficit fell by two-thirds.”
http://bit.ly/LOJzOJ
Huffpost : http://huff.to/MkRC6J
Or, as Howard Dean said, "YEEEEARRRGH!"
(And now I'll return to my normal calm demeanor.)
horrible social consequences? please expand....
lets stick to the original premise you had about the advent of technology bringing horrible social consequences as the rest of what you brought up can be topics on their own...
let us assume that you are correct. what do you think would happen to us here if say....Gates and Jobs were Russians or Indians or Africans or Chinese?
let us assume that you are correct. what kind of world would we be living today without the internet, mobile phone or PC? would the strides in medicine, communication, arts, engineering, etc be possible without computing devices?
let us assume that you are correct. what could explain the loss of our competitiveness after WW2?
let us assume that you are correct. what do we do now given that our world has definitely changed vis a vis our parents' era?
Before you post partisan dribble, please look at the facts.
I personally think the history of the last 12 years indicates that faith may have been misplaced. But you can't expect people who've been raised on a set of political assumptions all their lives to suddenly wake up and see that those assumptions no longer fit the times.
Many Republicans argue as though it's 1972 and they're running against George McGovern. It's not. They're not. Times have changed, and economic prescriptions with them.
"Someone said" stuff on the internet is easy to find. Sad to see it here. WHo is this dingbat, SMitW? Out with a name or just file your notes with the used kleenex, bud. I'm not buying.
Lets pray enough people get what happens under a second term leader the likes of which the US has never before elected including President Carter.
Smart,cute and last but not least she understands money.
This hand-wringing "the world is going to end" because people owe loans they may not be able to pay is getting tiresome. If the loan is bad, write it off. If the write-off kills the creditor, tough -- you made too many bad loans. It's really that simple.