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Michael Clark

Michael Clark
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  • The Coming Consequences of Banking Fraud [View article]
    Just because he has a Korean name doesn't mean he's pro-China. I see the world very much the same way Mr. Kim does and I'm neither anti-American nor pro-Chinese. Blair and Brown are NOT in bed with the bankers? Are you saying that Blair did not take a job with JP Morgan?

    I'd venture to conjecture that Mister Kim is a loyal Korean American who is disgusted with the corrupt oligarchy that is running the world and running it off a cliff. Like many of the rest of us. We know the rich take care of each other. We know that the powerful arein bed with each other.

    When corruption stinks it is foolish to pretend it does not.

    On Sep 09 11:40 AM Mrudula Shah wrote:

    > The author vents his frustrations as if he is a pro-China anti-Western
    > individual, going as far as chraging the likes of Tony Blair and
    > Gordon Brown as pupets of banking ologarchs - an exageration of the
    > opposite kind!!
    Sep 9, 2009. 11:51 AM | 80 Likes Like |Link to Comment
  • Here Comes the 'Double-Dip Recession' [View article]
    Wonderful article, Jeff. If US banks are unwilling to loan any of their own money to the US economy, then why do we even need them?

    Goldman Sachs is a hedge-fund operating under the rubric of an investment bank. Ok, make it a hedge-fund -- and let's begin regulating hedge-funds.

    The world does not exist for the benefit of the RICH alone.
    Jan 12, 2010. 08:24 AM | 59 Likes Like |Link to Comment
  • The Coming Consequences of Banking Fraud [View article]
    Don't get me wrong: our business leaders would love to be back in year 2000 when everything seemed to be going fine. They'd engineered an almost flawless system where inflation (wage pressure) was under control and production and labor costs were down and they were making absurd profits. They didn't want it all to end. They thought it would go on like that for ever. And when the bubble popped they didn't know what had hit. And they didn't know what to do.

    They had two choices: deflation now or deflation later. Deflation now would bankrupt many companies, many banks, many indebted individuals. And it would throw most of the current politicians out of office. And it might lead to revolution in many western nations.

    Deflation later gave them time to try to trick the world. Of course, deflation later is also making the problem worse. Debt is the problem. Debt as a problem has to be faced, head-on. Instead, the Fed and the banks are fueling a fake stock rally, they are singing praises of worthless companies to try to get Americans to join the party on Wall Street, believing that 'positive thinking' might cure the problem. It's the only thing they see that they can do, delay the onslaught with subterfuge and misrepresentation. It's their system -- the system that makes them rich and powerful -- and if it goes down, they go down with it.

    Politicians and bank executives aren't out to get ordinary citizens. They are out to line their own pockets, without regard for anything else. And now, as it is all coming apart at the seams, they are stalling for time, praying for some miracle, because they don't really know what else to do.

    We have two paths: one is to face the truth now, and the consequences -- massive deflation and economic depression; or, to lie, deceive, and play for time. And try to extend the time before we have to face massive deflation and economic depression.

    The current problem of American leaders is that they are afraid to face the truth. Why are they afraid to face the truth -- because the truth is that they are in danger and they destroyed the goose that laid the golden egg because they could not control their greed.

    On Sep 09 12:28 PM Mrudula Shah wrote:

    > It's equally stupid to think that the western democratic system and
    > the political leaders and all major bank executives are out to get
    > the ordinary citizens and drag the economy down!! Tell me how these
    > oligarchs and political leaders benefit if the economy collapses!!
    > No body, including each one of them, benefits!! I Do not think these
    > guys are that stupid and are taking some stupid steps!! Stupid are
    > those who believe those who say the world is about to collapse!!
    > Also, I am not saying Mr. Kim is a Chinese - I am just saying he
    > expresses Pro-China anti-Western thoughts!! It's clear to me that
    > with Americans cutting down heavily on their consumption habits and
    > moving towards more savings (because theyt may be concerned with
    > their social security and medicare syastems health), the Chinese,
    > Japanese and Korean economiies are hurting!!
    Sep 9, 2009. 12:57 PM | 54 Likes Like |Link to Comment
  • Fiscally Irresponsible Friday: Trading for Magic Beans [View article]
    So, Obama is a republican in wolf's clothing. I guess we understand that. He wants a job with Goldman-Sachs when this experiment in government is over. He wants to be a billionaire. The change he wants is not to reform the system, but to make sure that blacks have a place in the corrupt power hierarchy (so they can get filthy rich) too.

    I guess we have to look elsewhere for our CHANGE candidate from now on. The Dems are in bed with Wall Street, just like the Republicans are. The Tea Party? They seem to be more deeply in bed with Wall Street that the 'straight' Republicans.

    Ok. I'm looking for someone who thinks both Wall Street AND Washington need to be...pruned.
    Dec 17, 2010. 10:12 AM | 50 Likes Like |Link to Comment
  • The Coming Consequences of Banking Fraud [View article]
    Great article, J.S. The phoney stock market rally can fool some of the people all the time -- but not all of the people all of the time.

    The Fed is propping up the bond market, to keep interest rates low. The banks are propping up the stock market -- I'm certain that they had some agreement with the Fed to cease short-selling after receiving their bailout payoff. They are all working to try to get consumers to throw their money back into the market, to create another bubble. The role of the Fed is to manage money flow to avoid bubbles -- but Greenspan decided the role of the Fed was to create perpetual summer, perpetual fruiting of the economic plant.
    Sep 9, 2009. 11:43 AM | 44 Likes Like |Link to Comment
  • The Unsustainable Lie of Inflation [View article]
    Reading this makes me feel that I'm talking to myself.

    Inflation is the rich stealing from the poor. The Keynes' quote is wonderful: In this case it is the State-Capitalists (Wall Street aligned with Washington DC) that is stealing from its citizenry.

    Deflation is the poor getting even with the rich. Is it any wonder the power center in America (Wall Street and Washington DC) will do ANYTHING to protect their inflationary doctrine? They would rather destroy America that have to give back any of the money they've successfully stolen already.

    Deflation is God's way of punishing the rich. Deflation will have its day.
    Nov 9, 2009. 02:25 PM | 42 Likes Like |Link to Comment
  • Scary Drop in Velocity of Money: Is Deflation Knocking? [View article]
    If people aren't chasing money, there is no inflation. We simply have overcapacity and too much supply. If the price of oil is going up and people are driving less and not buying oil, how can oil keep going up. Manipulation. If banks have suddenly millions of dollars to lend to people for 1% but no one steps up to borrow the money, then you have no real inflation. If, in the auction house, people are competing for assets, driving up the prices in a competitive largesse, then you have inflation. If people are sitting on their hands instead of bidding, then you have no inflation.

    Consumers are putting themselves to sleep. They are now in the 'preservation of capital' mode, they are sleeping, they are sitting on their hands. The seduction of money means nothing to the 'preserver/saver' mentality. Spending is a sin now; taking out a loan is a form of insanity. Why? Because the future is getting dark.

    Deflation comes. Deflation is a form of justice. When the fish aren't biting, the fishermen go hungry. (Where is the power now, Mister Bernanke?)
    Sep 3, 2009. 09:11 AM | 42 Likes Like |Link to Comment
  • Sobering Stat: ARMS Index Indicates Market Is at Peak, Not Bottom [View article]
    This is not a surprise -- but I appreciated reading it. We are near a top and we will test March lows. Denial is not a fundamental strength. And companies with declining earnings are not necessarily a good value. I'd rather own a company with a high PE and rising earnings than a company with a low PE and declining earnings. In the case of this market, we have mostly companies with a high PE and declining earnings. That's a very dangerous market condition.
    Aug 29, 2009. 02:11 AM | 42 Likes Like |Link to Comment
  • American Austerity Is About to Begin [View article]
    Raise interest rates and we will have both the austerity that is needed and the higher savings rate. We will have the pain of a massive contraction and higher bankruptcy -- but we will begin to confront the truth about the orgy we have just been through, engineered by the financiers and gladly embraced by most Americans.

    We cannot get to the other side without embracing the truth (and suffering the pain associated with that truth). This administration is just stalling, pretending that Judgment Day can be put off. The longer Judgment Day is put off, the longer it will take to re-create America, with a new ethic and a new productivity.
    Oct 18, 2009. 07:34 AM | 40 Likes Like |Link to Comment
  • Is a Crash Impending? [View article]
    Great post, Karl. Thanks for keeping us armed.

    This same process has been used for years, I fear. The banks slowly accumulate shares in a stock they like. They issue reports that the stock is a neutral, or they even downgrade it so they can accumulate more. When they have established their position in the stock they issue an UPGRAD or a BUY rating. When they want to sell they issue a STRONG BUY rating. Selling into strength, they have plenty of liquidity to get out on top.

    This way the 'smart money' beats the retail investor (the 'dumb money') during every bull market.

    I guess the game is up.
    Aug 31, 2009. 01:23 PM | 36 Likes Like |Link to Comment
  • You Can Spend Your Way Out of a Recession [View article]
    You CAN spend your way out of a Recession. You CAN'T spend your way out of a Depression. A Recession is a supply-demand imbalance. A Depression is an implosion of solvency. A Recession is a common cold. A Depression is a cancerous growth.
    Sep 25, 2009. 01:00 PM | 34 Likes Like |Link to Comment
  • Is a Crash Impending? [View article]
    I thought Vegas had collapsed, was now a ghost town, and had been incorportated in to Elko.

    But I agree with your sentiments. We know Las Vegas is a fixed game in a fixed house. Wall Street is still pretending they are an even playing field. We know better.

    On Aug 31 12:36 PM Dave Wrixon wrote:

    > At least China has some economic fundamentals. I would sooner take
    > my cash to Vegas than Manhattan.
    Aug 31, 2009. 01:14 PM | 33 Likes Like |Link to Comment
  • Dave's Top 10 Reasons This Recession Will Last Forever [View article]
    I actually enjoyed most of this article. But the blaming Obama for this 'recession' (I think it is now ok to call it a depression) is like blaming Richard Nixon for the Vietnam War.

    Obama is trying to deal with 28 years of cheap credit and devaluation of the dollar, of enslavement of the consumers by the banks and the shipping of well-paying jobs out of the country.

    Obama is trying to preserve the economy...that's his problem. He should just let it fall. He should have said no to all the bailouts -- but if we would have had a run on banks and U.S. citizens would have lost all their savings (as has happened before), the laissez-faire economists would be seeing that there IS NO easy solution to a unwinding of 28 years of debt accumulation.

    'Free-marketeers' also have it wrong. Recessions and depressions are different beasts. Recessions can be managed. But depressions manage us...and are God's punishment on societies that have become greedy and Godless. The 'Sins' of the pleasures of capital expansion must be paid for. The top of the Mountain of Sin is littered with the corpses of the Maestro and his 'Master's of the Universe'. Do you think the 'Master's of the Universe' were Godless and greedy?

    Depressions are the way that societies are forced to get on their knees and recognize their mortality; and rediscover their humanity. We are the same society that had its children taking guns to school, that has tripled its prison and juvenile delinquencey populations, that specializes in sex-change operations, and pays billions each year for bigger lips, bigger breasts, bigger penises, and bigger houses and cars.

    We need a change. We need to become humans again.
    Aug 6, 2009. 06:00 AM | 33 Likes Like |Link to Comment
  • A Question of Cultural Failure: Part I [View article]
    Who drove the world economy into the ditch? It was the bankers, I might remind you, not the socialists, the Greeks, and the unionizers. The bankers' claim was that we would always be able to finance debt -- we could spend as much as we wanted. Goldman Sachs helped Greece to hide their debt with sophisticated models of deceit.

    The whole world got on the bankers train. And then the bankers wrecked the train.

    The problem in Greece is the problem in every nation. Too much capital destroyed by the bankers coupled with too much spending and too little tax revenue in a world being crushed economically by the Greatest World Depression in History.

    The bankers destroyed the world; and they are now pretending it is NOT destroyed, or, if destroyed, it was destroyed by someone else.
    Feb 14, 2010. 01:10 PM | 31 Likes Like |Link to Comment
  • Sovereign Default: Stuck Between Dire and Disastrous [View article]
    Why do depressions (economic, personal, psychological) come along regularly? Because the society and the individual need austerity as part of its history. It needs to recover from the party by saying 'no' to itself. That is how it regains strength, regains virtue, and regains purpose.

    We have had the party; now we get the hangover, the pain, the self-recrimination, and the recovery. The party can't last all the time, or it kills you.
    Feb 14, 2010. 05:48 AM | 31 Likes Like |Link to Comment