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Michael Clark

Michael Clark
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  • Perkins' 'Hoodwinked' Offers Solutions to the Economic Crisis [View article]
    Call someone a 'socialist' and you immediately confiscate their credibility. In fact, every person, every society, is a combination of capitalist and socialist. The balance is the question. There is no reality out on the far wing of pure capitalist and pure socialist. We are all mixtures of the two.

    It is very odd, I must say, to still read the 'pure capitalists' arguing against socialism after what the capitalists have just done to the global economy. Everything looked so good in 1992. But everything began to go bad in 2001.

    Greed is a season in Nature, but not every season. And the Greed season is over. Now the socialist season is coming on, like it or not. To everything there is a season. That's what 'balance' is all about.


    On Dec 05 02:15 PM ilc wrote:

    > Misstrade and Perkins sound like socialists in their video clip,
    > not capitalists.
    >
    > There is a certain kind of socialist who claims to be capitalist
    > for credibility (perhaps even credibility with himself - since we
    > all know, at some deep level, that socialism is just wrong). And
    > there is a certain kind of capitalist who, out of guilt for his life,
    > concedes the premises of socialists and begs the world to approve
    > of how he's turned around. I'm pretty sure Perkins is the latter.
    > Misstrade sounds like he could be either.
    >
    > One lesson made apparent by 9-11 is that the U.S. has to stop supporting
    > corrupt dictators and instead, put itself on the side of people's
    > aspirations to a better life. I think Perkins and I can agree on
    > that. But all the hand-wringing over the past (we were in a slow-motion
    > world war with the Soviet Union, after all), and crypto-socialist
    > greenspeak? Blech!
    >
    > There are also some holes along with the truths, in the narratives
    > put forth by Perkins and Misstrade. Perkins claims, for one thing,
    > that because he's published books, "the jackals" can't afford to
    > assassinate him. But Perkins is getting older. If "the jackals"
    > are real and have the intentions and the powers that he alleges,
    > they should be able to give him cancer or some other accident that
    > no one could possibly suspect.
    >
    > Long story short: I give the interview video a two-star review.
    > Perkins was insightful and interesting in some parts, whiny and self-contradicting
    > in some other parts. Misstrade I could have done without entirely
    > (except for the fact that he made the interview happen).
    Dec 6, 2009. 06:33 AM | 4 Likes Like |Link to Comment
  • Perkins' 'Hoodwinked' Offers Solutions to the Economic Crisis [View article]
    You're on to something. Actually, if you look at periods in American history of strong saving and low debt, you'll find we lived pretty well when the whole and the individual favored soberness, hard-work, savings, and disciplined values. We weren't manufacturing bubbles, living in fantasies of super-wealth...but we were NOT owned by China, Japan, and other 'saving' cultures.


    On Dec 05 10:46 AM Madcow2 wrote:

    > what's good for the individual (saving, delayed gratification, etc)
    > is bad for the whole.
    >
    > what's good for the whole (spending, debt, leverage) is bad for the
    > individual.
    >
    > that's the problem.
    Dec 6, 2009. 06:28 AM | 1 Like Like |Link to Comment
  • The Costs of Not Fixing a Broken Financial System [View article]
    I don't agree that Bernanke isn't a problem -- he's the biggest problem at the moment. But you are right, it IS the Federal Reserve that is the big problem. When did we decide that we would let the richest, most invisible banking families of the world run the world's political systems for their own fortune and, only secondarily, for the stability of the world? Of course they want world stability. It is much easier to steal when everything is 'normal', peaceful and prosperous... Reform is a sword. Reform is a sword best used while hot.


    On Dec 06 02:19 AM Dopamine wrote:

    > Lets look at America, like some of us might see Italy.
    > The Federal Reserve is run by puppets, that are orchestrated by some
    > of the oldest families, some say the most powerful people in the
    > world whom are invisible. We don't really know whom they are. It
    > is rumored that all the worlds central banks are run the same way.
    > But there are about 5 that are key to the movement of money.
    > Bernanke, has Greenspans mess on his hands, and Obama, wants to get
    > an 8year term at Presidency, and the Conductors of the Orchestra,
    > the puppeteers, also want Obama to stay in his job to be their front
    > man, as he does what he is told. So Bernanke has to do what others
    > tell him, he has no choice.
    >
    > Bernanke isn't the problem and President Obama isn't the problem.
    > The challenge is that, the Federal Reserve needs to be dismantled,
    > totally, this can only be done by the people.
    >
    > Then banks/investment institutions like Goldman Sachs would no longer
    > be tipped off on capital issues, so their revenue would not be gained
    > by betting against America, and then, America would look like America,
    > instead of Italy.
    >
    > Perhaps, all currencies could be backed by food,instead of items
    > most people cant afford, so all countries would work to produce
    > their own food, this would cut down on global emissions waste from
    > transporting food, this would create jobs more jobs at home, and
    > this would make each country more self sufficient, and less vulnerable
    > to the roller coaster speculators of the markets.
    >
    > Italy is never going to get anywhere, until the Mafia is renounced
    > by its people. What should America do?
    > Dump the Fed.
    Dec 6, 2009. 06:10 AM | 13 Likes Like |Link to Comment
  • Americans Say: Forget About Works Programs, Go for Protectionism [View article]
    What's good; what's bad? The word is heading back in to the fire. The metal of nationhood will need to be re-forged. Is it what everyone wants? Assuredly no. We want the picture of peace and prosperity we carry around in our mind. What do we get? We get what Nature decides ('the Thoughts of God are the Laws of Nature'). Better get ready for real contraction and difficulty. The party is over, no matter WHAT Ben Bernanke is saying.
    Dec 6, 2009. 06:04 AM | 1 Like Like |Link to Comment
  • More than one quarter of borrowers that benefitted from government-assisted loan modifications are already behind on their new mortgage payments.  [View news story]
    Extend and pretend. It's called the 'Viagra Rally' afterall.
    Dec 6, 2009. 05:50 AM | 4 Likes Like |Link to Comment
  • Ben Bernanke Pleads for His Job; My Response to Bernanke [View article]
    Yes, well time will tell. You think he save us from a terrible fate. I think he has merely postponed our dread.

    We are insolvent as a society -- we have too much debt. Ben is curing our insolvency with MORE INSOLVENCY. This isn't free money he's giving to the banks to invest in stocks and real estate. This is money our grandchildren will be paying in taxes for Ben's cool decisions.


    On Dec 05 02:25 AM John Aislabie wrote:

    > Bernanke proved a very steady pair of hands when many others were
    > calling for steps that would have created an entirely unmanageable
    > financial mayhem. As a result we still have the levers in place to
    > manage the US and there is still a substantial world economy that
    > is only badly bruised not broken into pieces.
    > The lofty sentiments of preserving pure capitalism by having a complete
    > economic meltdown are ridiculous. Bernanke had studied the great
    > depression closely and, correctly, knew to the depth of his soul
    > that it is worth avoiding. I thank him for a cool head at a time
    > when few others could be trusted.
    Dec 5, 2009. 03:03 AM | 2 Likes Like |Link to Comment
  • Ben Bernanke Pleads for His Job; My Response to Bernanke [View article]
    Whatever it takes to survive. And 'surviving' today, in the corporate world, means 'covering your ass' and kissing the right ass. Creativity; ingenuity; guts and glory? No; more steal, cheat and lie so you can live again to steal, cheat and lie some more.

    Ethics and modern capitalism are not friends. In fact, modern capitalism and organized crime are the same thing in a different class. Organized crime is trying to 'move up' and become bankers.


    On Dec 04 11:00 AM bobbobwhite wrote:

    > At age 24, in my first good career job out of college, I first noted
    > that some people at work would habitually lie to deflect resonsibility
    > for their mistakes or even accuse others they knew were innocent
    > of blame for these mistakes.
    >
    > I thought at the time that this had to be an abberation, and coming
    > from a very religious family, I innocently and ignorantly "knew"
    > that people were not typically that way. However, after 5 years of
    > corporate experience, I fully understood that many people are really
    > that way, and live their entire lives under that dishonorable, dispicable
    > code of misbehavior. And, not all of them are in prison. These types
    > are increasing in number in our degrading society as they are allowed
    > or even encouraged to gain materially from their lies, which they
    > see as perfectly OK in order to escape blame and to achieve the most
    > personal success.
    >
    > Did all these shameless people all join together and get positions
    > in Washington and on Wall Street? Sometimes I truly wonder, especially
    > after reading Bernanke's blatent pack of lies, and Geithner's and
    > Paulson's and Greenspan's, plus all those "do anything for a buck"
    > bankers on Wall Street.
    Dec 5, 2009. 03:01 AM | 1 Like Like |Link to Comment
  • Bunning vs. Bernanke [View article]
    Please, Frog. Could Greenspan not have put an end to the DotCom Bubble and the Housing Bubble simply by raising rates? Of course he could have. He chose not too.

    Who 'makes' our economy? Do you think Greenie-Bernanke's 0% interest rates for a decade and the mad accumulation of debt won't impact the American economy for the next 30 years? If not, what are you drinking?


    On Dec 04 11:00 PM PompanoFrog wrote:

    > I need to add my two cents. The Central Bank does not have the ability
    > to control market system bubbles. They can only be effective in controlling
    > the damage after the system has cracked.
    >
    > A domestic bubble takes place in a specific industry sector. The
    > Central Bank when it attempts to restrict credit to that sector is
    > effecting many other sectors of the economy that are not directly
    > related to the problem. These sectors have constituencies. As we
    > can see from the current situation the Central Bank has very little
    > political clout to hide behind. It can never prove that this is the
    > absolute right time to crack the egg.
    > In case you don't know the monetary transmission mechanism is global.
    > How can our Bank stop a bubble in Dubai or Beijing? If China falls
    > we will see massive selling in international markets as Chinese investors
    > attempt to become more liquid.
    > Once the egg has cracked they have the tools through interest rates
    > and, through a Bernanke inovation, direct market intervention to
    > create liquidity to allow the market to clear. Both political parties
    > in Congress are responsible for the lack of regulatory oversight.
    > The leadership of both political parties are trying to destroy the
    > FRB's freedom to conduct monetary policy for different reasons.<br/>The
    > Central Bank does not determine the economic policies that create
    > our long term economic growth rate. Those are political decisions
    > made by the Congress and the President. We have extremists in control
    > of the leadership of both political parties.
    > As investors we need to focus on central bank policy, the business
    > cycle and its effect on our investments
    Dec 5, 2009. 12:15 AM | 1 Like Like |Link to Comment
  • Delta Air Lines (DAL +3.3%) says November traffic sank 7.1%, to 13.57B revenue passenger miles; capacity dropped 8.4% and load factor (percentage of available seats filled) rose to 79.6% from a year-ago 78.5%. Earlier this week Continental (CAL) reported monthly traffic was up 3% on a 1.2% drop in capacity, moving its load factor to 80.2%. (more traffic data)  [View news story]
    Wow! Now that is a recovery!
    Dec 4, 2009. 11:22 AM | Likes Like |Link to Comment
  • Emerging Markets Aren't a Bubble [View article]
    It's an illusion that all 'bubbles' are credit bubbles. There are 'price bubbles' as well. Do you think the legendary Denmark Tulip Bubble (it was Denmark, wasn't it?) was based on too much borrowing or simply on a price bubble that destroyed everyone who bought at the top.

    The credit/debt bubble is much more destructive, lasting for a generation. But price bubbles are also bubbles.
    Dec 4, 2009. 11:19 AM | 3 Likes Like |Link to Comment
  • Schwarzenegger predicts sea-level will go up like a hockey stick [View instapost]
    Poor old Arnold has bought a bill-of-goods. Follow the money trail. Who is making money off this Global Change basket of grasshoppers?
    Dec 4, 2009. 11:06 AM | Likes Like |Link to Comment
  • Bunning vs. Bernanke [View article]
    Actually, Harry, Clinton was not about to buck the Reagan Spirit, since he was a political whore out for himself -- Clinton was the mirror-image of Richard Nixon, the President who tried to be a democrat during an era of democratic ideas. All Clinton/Nixon cared about was a second term.

    Obama? Well, he made a huge mistake (in my mind) choosing sham unity and 'preservation' of the illusion instead of staking out the true 'populist' position (ala Teddy Roosevelt) and making war on Big Wall Street. I think he's regretting it now -- he made his bed with Wall Street and turned his back on America. I'm sure in his mind he's trying to stitch together the American Empire by pretending that nothing's changed. But this will not be able (this pretending) to go on much longer.


    On Dec 04 09:29 AM Harry Tuttle wrote:

    > Sure. I suppose the Clinton Administration which repealed Glass-Steagall
    > and fought HARD for the "self" regulated OTC derivatives market was
    > part of the Reagan revolution.
    >
    > How about the FACT that the SAME people (Summers, Geithner, Bernanke)
    > are in charge?
    >
    > I guess Obama is part of the Reagan conspiracy as well. Or maybe
    > we should blame Nixon. Wait! Hoover is still unpopular.
    Dec 4, 2009. 10:54 AM | 1 Like Like |Link to Comment
  • Bunning vs. Bernanke [View article]
    You are right about the spelling of 'too'. But, please, this banking tragedy was not caused by too much government in business, but NO regulation of business by government. Everyone was in the same bed, exchanging toxic fluids, all big-shot members of organized crime.... 'Regulations'? 'Laws'? Those are for old fuddy-duddies. The old Republican line vs big government 'interference' doesn't work, since the Republican ideology helped to destroy our system.

    Back to the drawing board.


    On Dec 04 09:38 AM Free Markets Rule wrote:

    > From your post: "But capitalists are, as a group, way to stupid to
    > figure that out." Sorry to be petty, but "to" in that sense is spelled
    > "too", but I guess we capitalists are too stupid to know that either.
    > Ha!
    >
    > And less petty... most of our current issues were caused by our government
    > intervening in free markets. You can only distort the laws of supply
    > and demand for so long before they come back to bite you for it.
    >
    Dec 4, 2009. 10:46 AM | 1 Like Like |Link to Comment
  • Bunning vs. Bernanke [View article]
    Yes.


    On Dec 04 07:29 AM RJK1 wrote:

    > The Roots of Violence: Wealth without work, Pleasure without conscience,
    > Knowledge without character, Commerce without morality, Science without
    > humanity, Worship without sacrifice, Politics without principles”
    >
    >
    > Mahatma Gandhi
    >
    > Any of this sound a chord with folks?
    Dec 4, 2009. 10:41 AM | 2 Likes Like |Link to Comment
  • Bunning vs. Bernanke [View article]
    There is truth in what you say. But how were the middle-class able to try to live like the upper middle class, without the means? The banks made it possible. Look at a graph of the decline in savings, the rise in consumer debt...and you will see a meteroric growth in earnings of financial companies. These facts are NOT conincidences. The banks used the low interest rates to seduce borrowers into making bad decisions.

    The borrowers aren't off the hook, in my mind. They are now suffering the consequences. The difference is that those evil high earners (the bankers) got the government to bail them out -- and they are still making their billions -- while the middle-class borrowers are eating turd-sandwiches with no government standing by to bail them out.

    The game is fixed. If the banks win, they win. If they lose, they get taxpayer money to bail them out.

    Yes, them evil high-earners own the government. That's the problem.


    On Dec 03 10:21 PM DougM wrote:

    > Many of those dying middle class folks chose to live the lifestyle
    > of the upper-middle-class, without the income to support it. New
    > gas guzzlers every few years, bigger and bigger houses, bigger and
    > bigger TVs, I could go on and on. Look at the stats on, say, average
    > house size circa 1970 versus now, and tell me there hasn't been a
    > consumption binge by lots of ordinary folks. And why exactly? Keeping
    > up with the Joneses, as depicted for them on those big-screens.
    > Never mind that they did not have the income to support that - after
    > all, they deserved it, didn't they? So savings rates go to zero,
    > and people go into debt to fuel the lifestyle. And this is the fault
    > of a bunch of evil high-earners?
    Dec 4, 2009. 06:41 AM | 2 Likes Like |Link to Comment
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