Depressedallready

The Next Leg of the Crisis: Unavoidable Catastrophe

Right on! Those who do not learn from history are condemned to repeat it! Think Weimar Republic when the government printed money day in and day out and when their money was so worthless that people used the money instead of firewood because they could not afford the price of firewood! Better yet.... When people in Germany prior to Adolph Hitler's takeover, had wheelbarrows of weirmarks because the prices of groceries rose by the hour. This is commonly referred to as HYPERINFLATION! which we, the US and the world are headed off to!


On Dec 15 09:58 PM Smarty_Pants wrote:

> With apologies to the spirit of Rudyard Kipling, a sampling of one
> of his poems regarding man's tendency to repeat the same mistakes
> again and again:
>
> Excerpts from "Gods of the Copybook Headings" (1919)
>
> ...
> They denied that Wishes were Horses; they denied that a Pig had Wings;
>
> So we worshipped the Gods of the Market Who promised these beautiful
> things.
> ...
> In the Great Moderation of Greenspan we were promised abundance for
> all,
> By robbing selected Peter to pay for collective Paul;
> But, though we had plenty of money, there was nothing our money could
> buy,
> And the Gods of the Copybook Headings said: "If you don't work you
> die."
>
> Then the Gods of the Market tumbled, and their smooth-tongued wizards
> withdrew
> And the hearts of the meanest were humbled and began to believe it
> was true
> That All is not Gold that Glitters, and Two and Two make Four—<br/>And
> the Gods of the Copybook Headings limped up to explain it once more.
>
> ...
> And that after this is accomplished, and the brave new world begins
>
> When all men are paid for existing and no man must pay for his sins,
>
> As surely as Water will wet us, as surely as Fire will bum,
> The Gods of the Copybook Headings with terror and slaughter return!
>
>
>
> There is indeed nothing new under the sun. Our banking crisis is
> simply a distant cousin of past events.

Analysts Don't Know Squat

I totally agree with Matthew Rafat concerning the advice of experts and also to those who stated that people listen to these experts NOT for their advice but they wish to hear and follow "those experts" that agree with their portfolio picks!

Now, you have "experts" out there that clearly what will happen in the economy two to three years from now based on a clear understanding of past Wall-Street and governmental spending spending trends. BUT because these people don't bury their heads in the sand like many, if not most, financial experts, investors call them "doomsday prophets."

Three "doomsday prophets" that predicted the current economic recession we are in through the mortgage/credit meltdown are in great demand for their financial foresight, or should I say, financial common-sense. Nouriel Roubini, Peter Schiff, Peter Schilling, and McAlvaney are in the "limelight" because of their warning from two years ago that our economy would be headed for a major housing/credit crisis. Two years ago they were ridiculed. Now, like the commercial on EF Hutton....When Roubini, Schiff, Schilling and McAlvaney speak......EVERYBODY LISTENS or SHOULD listen considering that their predictions and the accuracy of their predictions have been 100%. Just like the prophets of the "Old Testament", nobody wants to hear "bad news". They just want to hear WHAT they want to hear. And the truth won't "go away" just because "Wall Street" want to keep up their "illusion" of continuing "good times and easy credit." Peter Schiff has recently stated that all of his predictions have not materialized as yet. But based on the reckless financial policies of our government and Wall Street, rest assured, they will. All of the above individuals comments can be seen on You Tube, and to a lesser degree, on Yahoo financial news.