Vienna

Credit Rating Agencies: No Use Betting Against Uncle Sam

From an European point of view, we always consider that the US is more dynamic and will recover faster.
As from the capitalistic point of view, this will enable us to get over the crisis.
Due to the ratings and possible further decline of the economy, I do think that the coming upward movement in time to come will be much slower, but giving the notion that the articles are more bearish than bullish, I would agree that this is not the end, only a change.
I am glad to see that a portion of socialism has moved to the US. This is now giving over 5 mio people a possibility to survive, and will not cause major poverty.

Charlie Munger: 'We've Screwed Up'

I can ensure this.
During my time working in Investment banking and then as auditor in the US, I was constantly lectured about the world, and hearing the same quotes of a few people over and over. Any remark considering Irak or the church will sort of get you shot right away.

We have just been waiting for this to happen.

There are still some jerks in Europe that consider the US great, but you won't get most of us fooled.


On May 20 07:41 AM SW Richmond wrote:

> "I would argue that the economists have not been all that good at
> working concepts of good and evil into their profession. Nor do they
> understand, at all well, the economic consequences of bad accounting."
>
>
> Munger tries to paper over the fact that the Austrians predicted
> this event. Mises called it nothing less than a certainty, and the
> Austrians among us have seen it coming and been warning about it.
> NO ONE LISTENED.
>
> 'Economists' didn't get it wrong, just the ones the government listens
> to and has in charge of the central bank. Why are these moronic
> Neo-Keyenesians in charge? For one reason: they tell the government
> what it wants to hear, that government has a right to control the
> economy 'for the good of the people'. This lets them finance the
> welfare/warfare state, or at least it did for a time. Now that the
> welfare/warfare state is revealed as a failure, the finger must be
> pointed elsewhere lest the people realize they are being pushed ever
> deeper into forced debt servitude by the same people who got us here.
>
>
> These rich and powerful jackholes who want to stay on top of the
> pile should just shut their mouths and hide. Doesn't he realize
> how out of touch he sounds with this ridiculous line:
> "we're in for a bad time"
>
> Who the hell is 'we'? Come on down and tell my unemployed neighbors
> that you feel their pain.