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Michael Clark

Michael Clark
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  • A Question of Cultural Failure: Part II [View article]
    Whose says our 'exports' are shrinking!
    Feb 20, 2010. 03:32 AM | Likes Like |Link to Comment
  • A Question of Cultural Failure: Part II [View article]
    Graham and Dodd: I think this is not true. Remember Frank Sinatra: pop culture. Remember Tommy Dorsey: pop culture. What the 1960's introduced was the anti-hero, who replaced the hero. The hero defended civilization against chaos (actually defended white civilization against black chaos). The anti-hero turned his back on the White World: the city, capitalism, civilization (so-called) and sought to 'return to nature'. Remember the 'back to nature' movement.

    The problems that the 1960's rebel angels exposed with 'traditional culture' was that it was based in racist violence and repression of indigenous cultures for the sake of capital exploitation. Those issues are still very much a part of traditional values (hidden under the surface of traditional values).

    No side is 100% right. Each side has a hidden shadow, or: the White Light has a hidden Shadow; the Black Light has a hidden Light.

    Remember, Jesus Christ came to preach against the establishment which he felt was corrupt. Jesus was the Black Light, with a hidden light.

    * For White you can substitue the word "Day" and for Black you can substitute the word "Night".
    Feb 20, 2010. 03:29 AM | Likes Like |Link to Comment
  • Should Tiger Offer Rebates to Sponsors? [View article]
    Tiger. I'm so sick of Tiger stories -- and our obsession with celebrity. Tiger is a great golfer. He has a personal problem with his demons. Who doesn't? Life sometimes is difficult. John Kennedy apparently had trouble with his demons. Those who have a life are wrestling with their own demons, not gossiping about someone else's demons. Happy Year of the Tiger.
    Feb 20, 2010. 03:21 AM | 2 Likes Like |Link to Comment
  • More Greek Debt Won't Smooth Over the Crisis [View article]
    What? When? What iceberg!
    Feb 20, 2010. 03:18 AM | 5 Likes Like |Link to Comment
  • Big Brave Bernanke [View article]
    Well, we've done that. Frank Sinatra would be proud. Now, show us the way to the Betty Ford Clinic. It's time to dry out.
    Feb 20, 2010. 03:15 AM | Likes Like |Link to Comment
  • Big Brave Bernanke [View article]
    I didn't address all of your points: Ben's policies have not done anything to stem unemployment. You must understand: the economy CANNOT GROW during the Winter of the Business Cycle. We have gone into massive debt trying to add 1% of public jobs that won't be permanent jobs anyway.

    It doesn't take courage to give debt-junkies more debt. It takes courage to recognize that we are insolvent (we have been partying too long) and need to take steps to address our addiction. Higher rates, austerity, drying out...this is never easy. Courage sometimes requires we do what is not popular. Serving more drink to keep the drunks happy is not a sign of courage. Prolonging the party so you won't be the bad guy who turns out the lights is not a sign of courage.

    We need to pay off our debts and we need to be encouraged to save. 0% interest rates DO NOT encourage us to save.

    Sorry, preservation of a diseased status quo is not what I think we need. Japan has tried that for the last 20 years, and look where that is getting them.

    In a biblical vernacular, when you sin (and spending other people's money today for your own comfort that your children will have to pay back tomorrow is a sin), you have to pay for your sins. Expansion, the party, the wealth, the glory....must be paid for in the end, through contraction, loss of wealth, loss of glory, which is a sobering process indeed.

    Hubris ("I am the Master of the Universe") does not go on for ever. Imbalance -- what's more imbalanced than our current debt situation -- needs to be corrected. There is no painless way out of our mess. Bernanke's 'head in the sand' position (stalling for time) is not a sign of courage, but a sign of a fear to face the truth, and a lack of a true philosophical foundation. He thinks he can GROW the economy for ever, just by inflating bubbles as he goes, adding debt to debt to debt forever, not caring who eventually has to pay for this.
    Feb 20, 2010. 02:52 AM | Likes Like |Link to Comment
  • Big Brave Bernanke [View article]
    In fact the last couple of years were NOTHING like the Volcker years. Volcker came into to a situation where the Fed had failed to rates the way the should have for nearly two decades (should have been raising rates methodically around 1965 to slowly choke inflation out of the system). Politicians WON'T raise interest rates, because voters want a sloppy excessive monetary policy (growth, growth, growth): let the next administration squeeze inflation out of the system.

    We should have begun to raise interest rates in 2000-2001. We should raise them until 2019 or so, and then began to ease again, to encourage expansion. If we had done so, we would have missed all the bubbles that have crucified our economy this past decade.

    We should begin raising interest rates now -- and avoid the Japanese deflation economy. It will be painful. The pain is being caused, in fact, by the failure to raise rates on time, the inflation of prices of assets beyond the capacity of citizens to afford without becoming debt-slaves.

    I think we should have had an upward bias to rates from 1965-1983; an easing bias 1983-2001; a tightening bias from 2001-2019, etc. I see 18 year cycles of expansion and contraction in our economic history. If these cycles are there, then we need to use them to help us understand nature's intentions. 18 years of GROWTH; 18 years of rest and regeneration. Let's understand and work with the existing business cycle. Days of expansion; Nights of contraction.
    Feb 20, 2010. 02:40 AM | 1 Like Like |Link to Comment
  • 'Wall Street's Bailout Hustle' a Must Read [View article]
    I like your last sentence, especially 'at the end of the business cycle'. That is the KEY to understanding why what we are doing is wrong.

    At the 'end of the business cycle' we need to shrink debt, raise taxes on the rich and the corporations to fund social programs. We cannot GROW business during the Winter of the business cycle -- we have to survive as a society, avoid civil war, etc. Jobs that the government provides do NOT have to be permanent jobs -- we are trying to build a bridge to get over the abyss in order to live to expand again. We will reach another business cycle expansion at some time (around 2019) -- but the idea of throwing borrowed money into a black hole to try to pretend we are not experiencing the Big Crunch is insane. Let's not follow Japan.

    Expand credit, lower interest rates, lower tax rates at the beginning of the business cycle. Shrink credit, raise interest rates, raise taxes as you approach the end of the business cycle.

    Let the rich get rich during the business cycle expansion. Let the rich help the entire society survive the upheavals as the business cycle collapses into the creative destruction of debt implosion (nuclear winter).
    Feb 19, 2010. 08:36 AM | 6 Likes Like |Link to Comment
  • The Fed’s Other Discount Window Headline [View article]
    Nice fine, Marvin.

    Bennie may be wanting to find buyers for his TBonds, since all the foreigners have run away. He might have to sacrifice the stock market rally, to find buyers for his treasuries.
    Feb 19, 2010. 02:56 AM | 1 Like Like |Link to Comment
  • And So It Begins: Futures Plunge as Fed Raises Discount Rate [View article]
    Should have raised them in 2000. Ten years is a little late, with a LOT more damage done. But it's something, I guess.
    Feb 19, 2010. 02:50 AM | 7 Likes Like |Link to Comment
  • And So It Begins: Futures Plunge as Fed Raises Discount Rate [View article]
    Yes, indeed. Bernanke is a stooge for the hot money lords of Wall Street. What Bernanke wants more than anything else is for landlords to not lose money on their investments.
    Feb 19, 2010. 02:47 AM | 11 Likes Like |Link to Comment
  • And So It Begins: Futures Plunge as Fed Raises Discount Rate [View article]
    Right-wing babbling? Do you think the left-wing really supports free money for the banks and corporate tycoons while Americans lose jobs, retirement money and municipalities go bankrupt? Time to take off your ideologue glasses and look at reality more closely.

    What BBernnanke is doing is redistributing wealth upward, not downward.
    Feb 19, 2010. 02:46 AM | 26 Likes Like |Link to Comment
  • Big Brave Bernanke [View article]
    The author may have been expecting a bit more courage out of little Ben. Clearly the author thinks rates need to go up for the sake of the country. (We all remember Volcker's courageous act 30 years ago, when he raised rates and was nearly impeached for it. That kind of courage is clearly lacking in our little 'underdog' Ben.)
    Feb 19, 2010. 02:39 AM | 3 Likes Like |Link to Comment
  • The Long U.S. Dollar Trade Appears to Be Overdone [View article]
    I agree with much of what you write. I don't see an end to dollar strength coming very quickly. Remember six months ago there was a lot of discussion about the end of the dollar as global fiat currency. Not much talk about that now -- at least not when the dollar is rallying.
    Feb 18, 2010. 06:44 AM | 2 Likes Like |Link to Comment
  • The Long U.S. Dollar Trade Appears to Be Overdone [View article]
    Nations are sovereign; currencies are reflections of that sovereign authority. A currency with sixteen sovereigns, each of whom controls its own national borrowing and spending, appears not to work.. The dollar will do well against the Euro, because the U.S. is more unlikely to default on its obligations than southern Europe.

    That has been the criticism of the EU all along, that and the notion that economic needs/desires can trump national cultures and national history. If conflict comes to EU countries, old hostilities and histories of conflict will come bobbing back up to the surface.
    Feb 18, 2010. 06:40 AM | 3 Likes Like |Link to Comment