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(CNBC)   Don't sugar coat it, tell us what you really think   (cnbc.com) divider line 17
    More: Interesting, Federal Reserve Chairman Ben Bernanke, Marc Faber, Mad Money, MBS, money flows, Jim Cramer, Chairman of the Federal Reserve, mortgage securities  
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4377 clicks; posted to Business » on 14 Sep 2012 at 2:41 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-09-14 11:33:11 AM
A Mayfair economy is one which benefits the wealthier and better off in society. Faber said this latest round of QE would not help the "man on the street".

yeah, but the 1% don't give a f*ck about the 'man on the street'. we don't matter to their balance sheets. we're a 'cost center' to the majority of wall street. so long as somehow we manage to avoid starving to death in large numbers, the 1% who've got all the money just don't care about anything other than themselves.
 
2012-09-14 02:47:37 PM
Faber, who rose to prominence after predicting the 1987 financial crash report and dubbed "Dr Doom" for his negative predictions, said: "This unlimited QE (quantitative easing) , buying mortgage-backed securities (MBS) and continuing operation twist has the implication of simply having asset prices go up and the money flows down to the Mayfair economy," Faber said.

You said "Faber said" twice.

Anyway, it's almost as if a central bank can't do anything about income distribution, because it has nothing to do with their powers or mandate.
 
2012-09-14 03:15:21 PM
Marc Faber is a goldbug. Feel free to ignore him.

Though his assessment that the Fed's QE policies so far have only inflated asset prices, thus helping the wealthy, are on the mark. If we're going to print money, give the cash to people who'll spend it, not those who'll hoard it.
 
2012-09-14 03:24:30 PM
Weaver95 : yeah, but the 1% don't give a f*ck about the 'man on the street'.

Everyone is all talking about the 1%, as if all of the 99% were protesting.

I'm in the 7%, and I'm doing well enough working the system to my advantage and I don't give a fark about the 'man on the street' either.

// my family started off on welfare (I remember when government cheese went from being one huge block of cheese, to a block of pre-sliced cheese (with offset slices!!!)), and worked our way up through the social strata, and from my observations, there are several distinct reasons that the majority of the poor stay poor and very little of it has to do with 'the man' keeping them down.

// TL/DR version. A lot of poor folks are crazy ignorant sons of biatches and it's no mystery at all why they can't elevate themselves. There are lots of exceptions (myself, for example) that have the capability to rise above the BS. Help the smart people that are out of sorts, help the crazy people, help the injured. Everyone else, put them on a farm to do the "jobs Americans won't do".
 
2012-09-14 03:37:04 PM
You don't need to be an economist to see how this disproportionately benefits the wealthy. The cash injections are causing stocks to rise and that is exactly where the wealthy have most of their money parked. Tougher for the paycheck to paycheck guy as prices are rising, but his checking account balance isn't.

Instead of buying up MBS, which takes debt off the books of companies, perhaps it would be better to give cash injections to consumers that will go out and make purchases, providing companies with a need to expand (and hire). Right now, companies are just sitting on their cash as there is no increased demand for product as the average consumer has less and less buying power
 
2012-09-14 04:27:37 PM

lordargent: A lot of poor folks are crazy ignorant sons of biatches and it's no mystery at all why they can't elevate themselves. There are lots of exceptions (myself, for example) that have the capability to rise above the BS.


Your conclusion is dependent on an assertion that there are only two classes - the stupid poor, and the smart rich. Unfortunately, that is not the case.

lordargent: I'm in the 7%, and I'm doing well enough working the system to my advantage and I don't give a fark about the 'man on the street' either.


That's the crux of your problem. Since the economy depends on the middle and lower classes spending to buy products, you should give very much of a fark about them.
 
2012-09-14 05:11:38 PM

Pumpernickel bread: You don't need to be an economist to see how this disproportionately benefits the wealthy. The cash injections are causing stocks to rise and that is exactly where the wealthy have most of their money parked.


And that was just from the FED moving their lips. They haven't even done anything yet.

I've always wondered if the FED is ever tempted just to say they're doing something, without actually doing it.
 
2012-09-14 05:31:46 PM

lordargent: // TL/DR version. A lot of poor folks are crazy ignorant sons of biatches and it's no mystery at all why they can't elevate themselves. There are lots of exceptions (myself, for example) that have the capability to rise above the BS. Help the smart people that are out of sorts, help the crazy people, help the injured. Everyone else, put them on a farm to do the "jobs Americans won't do".


Better TL/DR version: I've got mine, fark you.
 
2012-09-14 06:27:02 PM

TofuTheAlmighty: Marc Faber is a goldbug. Feel free to ignore him.


Then why is he espousing a policy that would hurt is investment in gold?
 
2012-09-14 06:44:24 PM

Pumpernickel bread: You don't need to be an economist to see how this disproportionately benefits the wealthy. The cash injections are causing stocks to rise and that is exactly where the wealthy have most of their money parked. Tougher for the paycheck to paycheck guy as prices are rising, but his checking account balance isn't.

Instead of buying up MBS, which takes debt off the books of companies, perhaps it would be better to give cash injections to consumers that will go out and make purchases, providing companies with a need to expand (and hire). Right now, companies are just sitting on their cash as there is no increased demand for product as the average consumer has less and less buying power


But first you have to tax them so you have the money to give them. Or, you could borrow the money, give it to them, and then require them to pay it back. Or, just print the money and give it to them, to make up for the lost value of the money they already have.

There's no economic perpetual motion machine, and stimulus is only a bubble, which must eventually burst.
 
2012-09-14 09:48:07 PM
If he were Bernanke we'd all want him to resign.
 
2012-09-15 02:47:50 AM
midigod: Your conclusion is dependent on an assertion that there are only two classes - the stupid poor, and the smart rich.

To be quite frank, I don't think you really read my post at all.

"A lot of poor folks are crazy ignorant sons of biatches and it's no mystery at all why they can't elevate themselves. There are lots of exceptions (myself, for example) that have the capability to rise above the BS. Help the smart people that are out of sorts, help the crazy people, help the injured. Everyone else, put them on a farm to do the "jobs Americans won't do"."

The smart people that are out of sorts == smart (but poor) people.
 
2012-09-15 02:59:48 AM
Sergeant Grumbles: Better TL/DR version: I've got mine, fark you.

No, fark the lazy bums who aren't willing to lift a finger to help themselves and are content to sit around drinking beer and smoking pot all day long while on the other hand complaining that the man is keeping them down.

Save the help for people that will see the most benefit from it.

There are some low class scummy people that society just can't salvage. For example, this lady that was on welfare won $1 million in the lottery, and kept collecting welfare checks. When she got taken to court for fraud, this is what she had to say.

"I thought that they would cut me off, but since they didn't, I thought maybe it was okay because I'm not working ... I feel that it's okay because I mean, I have no income and I have bills to pay. I have two houses ... It's just hard, you know. I'm struggling,"

Clayton said she didn't actually get the full million, because after she took a lump sum, the total dropped down to $700,000 - and after taxes, it was just more than half a million.
 
2012-09-15 09:47:39 AM

lordargent: No, fark the lazy bums who aren't willing to lift a finger to help themselves and are content to sit around drinking beer and smoking pot all day long while on the other hand complaining that the man is keeping them down.


I generally agree, but that's kind of a Captain Obvious statement. There have always been plenty of those people for hundreds of years, through good times and bad. They have always been A problem, but they are not THE problem of today's economy.

We could easily identify other "inefficiencies" in the labor force--not just the welfare leechers and Wall Street psychopaths, but also plenty in between. We all know people pulling a decent middle/upper class salary who really do jack shiat while a handful of others do most of their department's work. They shouldn't be fired, but they should probably be making 20-50% less than they are now. Again though, that has always existed, so they aren't really THE problem right now. It's impossible to make every single person's salary fair in real time, just like it's impossible to correct every lazy poor person.

What's actually going on is like a game of musical chairs, where there are fewer chairs but no fewer people. (And no, you can't just tell people to be more productive and make more chairs--the increasing scarcity of opportunities to do that is built into the analogy.) It's easy to look at the few who consistently get chairs and call them hard working, and also at the few who always fall out and call them lazy. But the fortunes of everyone in between depend greatly on how many chairs are set up for the game in the first place.
 
2012-09-15 11:25:39 AM

lordargent: No, fark the lazy bums who aren't willing to lift a finger to help themselves and are content to sit around drinking beer and smoking pot all day long while on the other hand complaining that the man is keeping them down.


img.ibtimes.com

"Just spend more time working!" Yea, that's the ticket.
 
2012-09-16 11:59:22 PM

Yankees Team Gynecologist: lordargent: No, fark the lazy bums who aren't willing to lift a finger to help themselves and are content to sit around drinking beer and smoking pot all day long while on the other hand complaining that the man is keeping them down.

I generally agree, but that's kind of a Captain Obvious statement. There have always been plenty of those people for hundreds of years, through good times and bad. They have always been A problem, but they are not THE problem of today's economy.


Oh no? With Over 100 million people in the US on some form of welfare, I'd say we should put that at the top of the list or at least in the #2 position.
 
2012-09-17 01:02:44 PM
tjfly:
i39.tinypic.com
Oh no? With Over 100 million people in the US on some form of welfare,
I'd say we should put that at the top of the list or at least in the #2 position.

i43.tinypic.com

So, your metric of how many "lazy bums who aren't willing to lift a finger to help themselves and are content to sit around drinking beer and smoking pot all day long" there are is the number of people on means-based welfare at one point in time, which happens to be in a weak economy?

Don't get me wrong--those lazy people are in there, there are plenty of them, and at any given moment we would be better off if they got it together. But they aren't THE difference between good economic times and bad. If they were, economic downturns would actually be a lot simpler to understand.
 
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