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  • Did Bernanke Save the World? [View article]
    Bernanke is either grossly incompetent or lying, There is no middle ground. Unfortunately for us, the first step to recovery is to admit the truth.
    Aug 24, 2009. 09:04 AM | 11 Likes Like |Link to Comment
  • Death of the Consumer [View article]
    Two very telling charts provided here are consumer credit outstanding and e-commerce. Both are quite dramatic and support "this time it's different." Which is rarely correct, but I believe at the lower decks of the Titanic, where there is flooding rather than a merely inconvenient tilting of the decks, a new reality is being encountered, perhaps not accepted yet, by many.
    Bloated government as well as a grossly metastasized Wall St. were enabled by the ultimately Fed-fueled years of excess. Factoring in the dependants and jobs associated with these now-huge non-productive sectors reveals the enormity of the changes required.
    Wall St. and DC, as "authorities" in the old system, covered by MSM, have been able to get away with utterly stupid policies and daylight bailout robberies because the failed entities are huge and the effects of their failure would also be huge. Until the futility of this becomes more clear to many, we continue to dig our hole of useless debt deeper.
    Aug 24, 2009. 08:50 AM | 9 Likes Like |Link to Comment
  • China's 'Problem': Too Much Money [View article]
    Defenses of US policies and problems over China's tend to include most everything that's occurred during our long decline with a strong seasoning of false statistics. The long decline in lower 90% incomes, the soaring debts during "prosperity," the parallel increases in government and decline of manufacturing are only parts of the picture that are explained as somehow part of progress with cooked statistics to back them up.
    Even after all this plundering and stupidity, rational policies could possibly save us, albeit with wrenching changes. Millions would have to find honest work. But, throwing $trillions at Wall St. instead of using it for a safety net and creating far larger Federal deficits for mostly waste with more in the pipeline will surely fail to save us.
    Even now, ending most US military occupations around the world would would free up to a $trillion/year. Yet we still listen to apologists for our present, dangerous, failed policies.
    Aug 23, 2009. 08:43 PM | 9 Likes Like |Link to Comment
  • The Anticipated Prime Mortgage Problem Has Arrived [View article]
    A reminder that the top tier, our leaders, have received record shares of national wealth and income which has been rising for decades. Over and over we see their failures to foresee and do anything helpful to earn this amazing haul except that they outsourced and downsized American's livlihoods and grabbed first and multi-$trillion bailouts.
    We're frozen in denial, hoping for it to all go away. The stock market isn't positioned for the kind of bad news these mortgage figures show. It seems with the kinds of shocks and adjustments we're in for, reversion not just to, but far beyone the mean is quite possible.
    Aug 23, 2009. 08:57 AM | 7 Likes Like |Link to Comment
  • Constitutional Problems with Healthcare Reform? [View article]
    Doesn't the disastrously insolvent Massachussets plan include such a mandate? Maybe they don't have to abide by the Constitution. Perhaps it's now like requiring car insurance for the privilege of driving. For the privilege of breathing you must buy government health insurance.
    Politicians yak on about mandating this or that. They add bells, whistles, the price and complexities leave earthbound people behind. A government catastrophic, high-deductible deal could work if the politicians could then leave it alone. None of which is actually possible.
    Aug 23, 2009. 08:46 AM | 4 Likes Like |Link to Comment
  • Forget 'Cash for Clunkers': Try 'Dough for Dumps' [View article]
    We've all been reading for years the decay of our infrastructure. The same parrots who consider every government-expanding proposal such as Obama/Hillarycare as the only "intelligent" solution never see waste in any of this surreal crap. No matter the stupidity of the spending, rock on!
    At least major infrastructure spending could have done something useful and created real jobs. Those who consider themselves our betters who can spend someone else's money more legitimately could have had a shred of credibility. Fasten your crash helmets!
    Aug 23, 2009. 08:40 AM | 13 Likes Like |Link to Comment
  • 10-Year Deficit Estimate Expected to Explode [View article]
    Yes, remember the projections ten years ago. I believe we were supposed to be in hundred of $billions of yearly surplus by now. Even our suits, the most shameless but apparently resourceful in the world, who are spinning mark-to-magic financial sector "profits" right now, won't always be able to rise to the occasion as tax receipts, bankruptcies, and defaults head in the wrong directions. Where will they find their bonuses?
    Aug 23, 2009. 08:24 AM | 6 Likes Like |Link to Comment
  • Colonial Bank Failure Highlights the Problem [View article]
    Before the market rise I remember commenting about how it should make no sense for people to take the word of the suits that the water's fine, come on in, again. It seems it's easier to believe blatant feel-good lies than to wake up to a real nightmare.
    I'm not sure what the tipping point is or at what point (quite possibly long past) that so much gets funneled into the pockets of criminals that they truly own us. After all, they can always say, martial law and chattel slavery is good for us. As you say, at least all Americans don't have to and won't, roll over.
    Aug 23, 2009. 08:12 AM | 17 Likes Like |Link to Comment
  • Where Rubin Went Wrong [View article]
    Rubin is only one example of the breathtaking arrogant dismissal of responsibility. I also can't recall any of our leaders thanking the taxpayer for their indentured servitude both in keeping bloated government in existence if not solvency and for bailing out Wall St.
    There is no credible help for the ordinary person upon whose and whose descendant's shoulders this mountain of crap rests. No thanks either.
    Aug 22, 2009. 01:03 PM | Likes Like |Link to Comment
  • Taxation and Motivation [View instapost]
    While I completely agree with the six points above, it looks like the wealthy have hijacked a few $trillion for themselves lately. With their inordinate influence on our government, don't the figures of decline in the top tier here reflect accounting shenanigans and Cayman Islands emigration of their assets?
    I would suggest that their foresight in getting bankruptcy laws changed for the worse for ordinary people in 05 reflected the excellent inside advice they get. They would have known very well to get their assets out of the normal dividend-producing easy targets the last couple of years as their accountants must have seen the idiocy that was developing.
    Just my opinion, but while I favor incentives for good, productive decision-making, I don't see the top tier as a force for rational good. They, as a group, have made and bent the rules in their favor plenty and in the crunch we're in, they can pass on that next helping of caviar.
    Aug 22, 2009. 10:42 AM | 3 Likes Like |Link to Comment
  • The Great Deleveraging, Part II [View article]
    The founders envisioned a nation that they hoped would not feature major political parties. They hoped for small interest groups who would combine in different combinations on different issues in their self-interest. Thus, no policies detrimental to many would take hold for long. They expected sound money would be defended by this system.
    We've had over two centuries of a few major parties which exist as rent-seekers. They've had that long to make laws in their favor and build up massive overheads of dependents. The economy is so structured that people are staying in the fold, mostly, of the major parties despite the blatant thievery by the richest beneficiaries taking place in broad daylight. Who had the foresight of buying the mainstream media.
    Fed by this media and bought-off puppet politicians, the people remain frozen as ostriches because the restructuring from a massively-misallocated economy fueled by pretend fiat paper to a rational, productive system would now be a cataclysmic change. I believe we somehow get from here to there or sink into a total state-run swamp that even most rent-seekers would abhor.
    Aug 22, 2009. 10:24 AM | 3 Likes Like |Link to Comment
  • Federal Reserve: Exit Watch [View article]
    With crap accounting, crap assets, crap balance sheets and crap currency, with many defaults and bankruptcies about to hit, known and unknown, with banks taking taxpayer money and raising rates to 30%, what is the solid footing a business might see to build upon?
    There are new games of musical chairs being played, but it seems like they work best on the upper decks of the Titanic that aren't flooded yet, although the pitch of the decks is getting bothersome.
    There are government sponsored games to be played to increase "animal spirits" like the stock market action since March. But, what is real? Does it matter? I think it will.
    Aug 22, 2009. 09:40 AM | 9 Likes Like |Link to Comment
  • Warren Buffett and the Imaginary Economy [View article]
    Every commentator has his/her own recipe here. To those who agree with massive government spending to ward off deflation as the least of the evils, I add that there is no sign of the government aiding strapped ordinary people in a meaningful way and no sign the oncoming steamroller of defaults and bankruptcies can be averted short of true Zimbabwe-style results.
    Buffet is folksy but as a normal rich-and-powerful individual, his self-identity is to be rich and powerful above all else. So, he tantalizes with folksy, often misleading crumbs from his table but has no interest in rocking the boat. The founders of this country were uniquely inspired in their concern for a better society but it looks like the common people are on their own this time.
    Aug 21, 2009. 11:36 PM | 2 Likes Like |Link to Comment
  • Big Banks: Still in Charge [View article]
    I believe TBTF buys off regulators until it's too late. They set rules of the game that benefit themselves and continue to fuel growth at all cost. Absolute power corrupts absolutely.
    This is the nature of the wealthy and powerful. In government and business, the two of which are unfortunately one at the top now, people tend to define themselves and their occupations by their wealth and power to an unhealthy, sociopathic degree. No good comes of this for anyone else.
    Aug 21, 2009. 05:22 PM | 3 Likes Like |Link to Comment
  • Afghanistan election promises future problems – not solutions [View instapost]
    The more a puppet regime depends on the US for support and existence, the more corrupt it will be. As night follows day. Like South Vietnam.
    This is no accident. Washington is ruled by corruption and those closest to it, catch the nasty disease. If they are poor, expect a living hellhole. If they are rich, the rulers, like Saudi Arabia, are appalling, but the people may be able to live some sort of life.
    We're a beacon of what?
    Aug 21, 2009. 05:02 PM | Likes Like |Link to Comment