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(Global Geopolitics)   America's economy is now a 'House of Cards' hosting a House of Tards who basically don't mind grabbing their ankles over and over again thinking crony capitalism will save them. "By now any other people would have burnt Wall Street to the ground"   (glblgeopolitics.wordpress.com) divider line 71
    More: Interesting, Wall Street, cost of capital, crony capitalism, reseller hosting, commodity markets, deadweight, money creation, offshoring  
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1881 clicks; posted to Business » on 12 May 2014 at 8:31 AM (16 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-05-12 07:59:41 AM

i369.photobucket.com

 
2014-05-12 08:26:42 AM
Woulda been nice if he proposed an actual answer there.
 
2014-05-12 08:41:05 AM

Gulper Eel: Woulda been nice if he proposed an actual answer there.


Was thinking the same thing.  I think most people have known this for a long long time.

Whenever I go through this thought process myself, however, I come to the conclusion that the momentum can't be stopped so it's better to plan ahead and learn to navigate in the world we are shifting to and to save the asses of my self, family, and friends.
 
2014-05-12 08:43:54 AM
Sitting around being outraged doesn't solve anything... but I guess some people must find it enjoyable.
 
2014-05-12 08:45:49 AM
How do you burn a street to the ground?
 
2014-05-12 08:50:06 AM
FTFA: The economic stability achieved during the Reagan administration was shattered by Wall Street greed.

What planet is this guy from? It was on Reagan's watch that the looting got kicked into high gear, and I first started seeing products with familiar American brand names on the front and "Made in China" on the back.
 
2014-05-12 08:58:20 AM

Gulper Eel: Woulda been nice if he proposed an actual answer there.

Does he need to?  From a technical standpoint our economy is ridiculously easy to fix.  It's a wonder how quickly just a few disincentives can flip a market on its head.  The problems are purely political.

You know how gun purchases have a waiting period in many states?  Yeah, killing high-frequency trading (to name one problem) is that simple on paper, and would have no negative economic impact since no material goods are physically changing hands (yeah they're passing ownership a billion times for commodities while the actual good sit at the dock -- that don't count) in these transactions.  Just try getting it through Congress though.

Same with healthcare.  Other nations have had nationalized healthcare for decades so we only need to look overseas for models that work, emulate what we like and discard the inefficiencies.  We may have to adjust our tax rates but the economic benefits are so huge the value of such a proposition is a no-brainer.  There is absolutely no reason to re-invent the wheel.  Just try getting it through Congress though.

Same with higher education.  The federal government issued low-interest student loans for decades, then suddenly threw their money at private businesses that re-loaned the money at ridiculous premiums under terms that would make the mafia blush.  My federal loan was 5%; my private loan was 8.4%.  Both came from the same damn source.  Just get rid of the damned middleman.  Just try getting it through -- you get the idea.

Our nation is far from broken at an economic level.  Actually, our productivity is so high that we can probably completely undo all the damage of the past three decades in a few years.  All the barriers are built up in a vicious cycle of cultural and political rot.
 
2014-05-12 09:01:01 AM

dragonchild: Gulper Eel: Woulda been nice if he proposed an actual answer there.
Does he need to?  From a technical standpoint our economy is ridiculously easy to fix.  It's a wonder how quickly just a few disincentives can flip a market on its head.  The problems are purely political.

You know how gun purchases have a waiting period in many states?  Yeah, killing high-frequency trading (to name one problem) is that simple on paper, and would have no negative economic impact since no material goods are physically changing hands (yeah they're passing ownership a billion times for commodities while the actual good sit at the dock -- that don't count) in these transactions.  Just try getting it through Congress though.

Same with healthcare.  Other nations have had nationalized healthcare for decades so we only need to look overseas for models that work, emulate what we like and discard the inefficiencies.  We may have to adjust our tax rates but the economic benefits are so huge the value of such a proposition is a no-brainer.  There is absolutely no reason to re-invent the wheel.  Just try getting it through Congress though.

Same with higher education.  The federal government issued low-interest student loans for decades, then suddenly threw their money at private businesses that re-loaned the money at ridiculous premiums under terms that would make the mafia blush.  My federal loan was 5%; my private loan was 8.4%.  Both came from the same damn source.  Just get rid of the damned middleman.  Just try getting it through -- you get the idea.

Our nation is far from broken at an economic level.  Actually, our productivity is so high that we can probably completely undo all the damage of the past three decades in a few years.  All the barriers are built up in a vicious cycle of cultural and political rot.


You're not addressing the root of the problem.  There are many many ways to fix the technical issues with the economy.  The root of the problem is people.  That's what people are referring to when they say "crony capitalism" or oligopoly.  They are referring to the consolidation of power.  Propose a solution to that that doesn't require a call-to-arms revolution.
 
2014-05-12 09:03:46 AM

Gulper Eel: Woulda been nice if he proposed an actual answer there.


wahsegavalleyfarm.typepad.com
 
2014-05-12 09:04:06 AM

Fubegra: FTFA: The economic stability achieved during the Reagan administration was shattered by Wall Street greed.

What planet is this guy from? It was on Reagan's watch that the looting got kicked into high gear, and I first started seeing products with familiar American brand names on the front and "Made in China" on the back.


Bill Clinton and Newt are the ones that irreversibly killed us all.
 
2014-05-12 09:05:01 AM

dragonchild: Does he need to?  From a technical standpoint our economy is ridiculously easy to fix.  It's a wonder how quickly just a few disincentives can flip a market on its head.  The problems are purely political.


QFT.
 
2014-05-12 09:08:12 AM

plcow: You're not addressing the root of the problem.  There are many many ways to fix the technical issues with the economy.  The root of the problem is people.  That's what people are referring to when they say "crony capitalism" or oligopoly.  They are referring to the consolidation of power.  Propose a solution to that that doesn't require a call-to-arms revolution.


Right, because what he said was "we have to burn down Wall Street", and not "economic solutions are technically easy, but politically difficult".
 
2014-05-12 09:08:19 AM
Grab your pitchforks folks! I cant wait.
 
2014-05-12 09:14:24 AM
Would have been nice if he had written more than a rant.  Some facts please.  Opening with the assertion that every aspect of the US economy if fraudulent is a pretty bold move.  Actually, scratch that... it's an ignorant statement made my some 20-something with a shiatty job that's looking to blame the system for why he's still living in his parents' basement.
 
2014-05-12 09:19:12 AM
Two things. Yes, financial markets are shams. But QE did not do anything inflationary. QE is the financial market equivalent of a snappy sales pitch and a shoe shine. t's a  whole lotta nothin' with a great flourish because the markets demanded that the Fed "Do Somthing."

There could be things done to make the market less ludicrous. Roll back the regulatory regime to around 1998. Investment banks must be partnerships. Regulate derivatives. Forbid people from putting unexercised stock options into IRAs. (Of all of Mitt's creepy maneuvers that galled me the most.)

I'd also do more along the guaranteed income line. And maybe a surtax on companies whose employees require public assistance like food stamps and Medicaid. Bring back 1950s inheritance taxes.

And laugh at the people who see wealthy people as good. Excommunicate Christians who do.
 
2014-05-12 09:20:48 AM

Nemo's Brother: Fubegra: FTFA: The economic stability achieved during the Reagan administration was shattered by Wall Street greed.

What planet is this guy from? It was on Reagan's watch that the looting got kicked into high gear, and I first started seeing products with familiar American brand names on the front and "Made in China" on the back.

Bill Clinton and Newt are the ones that irreversibly killed us all.


It's interesting how the Republican heroes of yesteryear slowly become No True Republican, or in the case of George W. Bush, become a No True Republican the moment he left office.
 
2014-05-12 09:32:28 AM

vinniethepoo: How do you burn a street to the ground?


It's a metaphor.  Sure, the NYSE HQ is on Wall Street, but the trading engine is in New Jersey.  Those guys on the floor are just for show.
 
2014-05-12 09:34:40 AM
www.shalomlife.com
 
2014-05-12 09:35:06 AM

Fubegra: FTFA: The economic stability achieved during the Reagan administration was shattered by Wall Street greed.

What planet is this guy from? It was on Reagan's watch that the looting got kicked into high gear, and I first started seeing products with familiar American brand names on the front and "Made in China" on the back.


The author was an ass't sec. of Treasury for economic development during the Reagan administration. He's obviously from planet "Not my fault".
 
2014-05-12 09:42:47 AM

HeartBurnKid: Gulper Eel: Woulda been nice if he proposed an actual answer there.

[wahsegavalleyfarm.typepad.com image 400x300]


Right, because every country that has resorted to mob mentality immediately saw a return to stabilized income equality.  What the author fails to account for is the fact that even with the criminal level of income inequality, and baron styled oligarchy that the corporations are pushing,  America as a nation still gets to consume most of the world's resources.  Even with the embarrassing amount of income inequality for a first world nation, too many people just have it too good to make rocking the boat worth their effort.  The entire occupy Wall Street movement was met with equal parts disdain and support from the American public.  Until the gravy train runs out, you aren't going to see a revolution Stateside.
 
2014-05-12 09:43:08 AM

yakmans_dad: Two things. Yes, financial markets are shams. But QE did not do anything inflationary. QE is the financial market equivalent of a snappy sales pitch and a shoe shine. t's a  whole lotta nothin' with a great flourish because the markets demanded that the Fed "Do Somthing."

There could be things done to make the market less ludicrous. Roll back the regulatory regime to around 1998. Investment banks must be partnerships. Regulate derivatives. Forbid people from putting unexercised stock options into IRAs. (Of all of Mitt's creepy maneuvers that galled me the most.)

I'd also do more along the guaranteed income line. And maybe a surtax on companies whose employees require public assistance like food stamps and Medicaid. Bring back 1950s inheritance taxes.

And laugh at the people who see wealthy people as good. Excommunicate Christians who do.


Lol 8/10.

You've captured quite a few of the financially illiterate left's moronic talking points. A reference to CDS would have gotten you a 9. And hiding a "gimme"in there, or throwing it on at the end would have gotten you a 10.
 
2014-05-12 09:43:13 AM

IoSaturnalia: The author was an ass't sec. of Treasury for economic development during the Reagan administration. He's obviously from planet "Not my fault".


I dunno, he also wanted Bush impeached back 2005, which in that year was a hailed as a splendid idea by all correctly-thinking progressives - at least until the moment in 2006 that Republicans buttfumbled Congress over to the Democrats, and having tasted power Democrats decided this war thing wasn't so horrible after all what with that tasty, tasty defense pork headed back to their districts.
 
2014-05-12 09:44:45 AM

Fluxinator: Would have been nice if he had written more than a rant.  Some facts please.  Opening with the assertion that every aspect of the US economy if fraudulent is a pretty bold move.  Actually, scratch that... it's an ignorant statement made my some 20-something with a shiatty job that's looking to blame the system for why he's still living in his parents' basement.


About the Author:

"Paul Craig Roberts was Assistant Secretary of the Treasury for Economic Policy and associate editor of the Wall Street Journal. He was columnist for Business Week, Scripps Howard News Service, and Creators Syndicate. He has had many university appointments. His internet columns have attracted a worldwide following. Roberts' latest books are The Failure of Laissez Faire Capitalism and The Failure of Laissez Faire Capitalism and Economic Dissolution of the West and How America Was Lost."

Your assumptions were way off base. Methinks you are looking for what you want to hear rather than what truly exists.
 
2014-05-12 09:51:55 AM

Prophet of Loss: Fluxinator: Would have been nice if he had written more than a rant.  Some facts please.  Opening with the assertion that every aspect of the US economy if fraudulent is a pretty bold move.  Actually, scratch that... it's an ignorant statement made my some 20-something with a shiatty job that's looking to blame the system for why he's still living in his parents' basement.

About the Author:

"Paul Craig Roberts was Assistant Secretary of the Treasury for Economic Policy and associate editor of the Wall Street Journal. He was columnist for Business Week, Scripps Howard News Service, and Creators Syndicate. He has had many university appointments. His internet columns have attracted a worldwide following. Roberts' latest books are The Failure of Laissez Faire Capitalism and The Failure of Laissez Faire Capitalism and Economic Dissolution of the West and How America Was Lost."

Your assumptions were way off base. Methinks you are looking for what you want to hear rather than what truly exists.


Right. This guy sounds like a right wing idiot (tea bagger) rather than a left wing idiot (OWS).

He has some decent points (QEs influence on the economy and inflation of asset bubbles is worth discussing), but other than that he sounds like he's about 2 beers from moving to Montana and declaring his own sovereign republic.
 
2014-05-12 09:53:53 AM

plcow: The root of the problem is people.


Without an educated, involved, and disciplined electorate our current system is doomed. But time and again we've learned people will vote for politicians that make unrealistic promises over anyone who is honest and realistic.

The way I see it, Republicans pander to the wealthy, and Democrats pander to the poor. To an ever increasing extent both parties demonize the other. Instead of elected officials that will compromise and govern effectively, we vote for ideologues that take extremist positions.
 
2014-05-12 09:56:40 AM

dragonchild: You know how gun purchases have a waiting period in many states?  Yeah, killing high-frequency trading (to name one problem) is that simple on paper, and would have no negative economic impact since no material goods are physically changing hands (yeah they're passing ownership a billion times for commodities while the actual good sit at the dock -- that don't count) in these transactions.  Just try getting it through Congress though.


If HFT was a problem, people would stop investing in markets that allow it.  You don't need a law to 'fix it'.  The NYSE just needs to ban in.

HFT causes no problems for most investors.  There are just high end investors upset that their normal cut is being cut-out by somebody who is able to game the system better than them.

dragonchild: Same with higher education.  The federal government issued low-interest student loans for decades, then suddenly threw their money at private businesses that re-loaned the money at ridiculous premiums under terms that would make the mafia blush.  My federal loan was 5%; my private loan was 8.4%.  Both came from the same damn source.  Just get rid of the damned middleman.  Just try getting it through -- you get the idea.


The problem with higher education is the fact loans are guaranteed by the government, so they're cheaper and more available than they should be.  This creates huge demand for college which lets colleges rape you with tuition.

There's a basic reason why the cost of college tuition has totally unchained itself from the basic inflation rate.
 
2014-05-12 09:58:53 AM

BigBooper: plcow: The root of the problem is people.

Without an educated, involved, and disciplined electorate our current system is doomed. But time and again we've learned people will vote for politicians that make unrealistic promises over anyone who is honest and realistic.

The way I see it, Republicans pander to the wealthy, and Democrats pander to the poor. To an ever increasing extent both parties demonize the other. Instead of elected officials that will compromise and govern effectively, we vote for ideologues that take extremist positions.


While you are correct I don't see the solution. Many educated people will still vote for whomever offers the unrealistic bullshiat. I'm sure Barack Obama and Hillary Clinton and Jeb Bush and Mitt Romney would love to campaign without having to bullshiat, but they have to to win. And it's always been this way.

"Democracy is the worst system of government other than every other system that has been tried." - Eddie Haskell
 
2014-05-12 10:00:45 AM

Debeo Summa Credo: Prophet of Loss: Fluxinator: Would have been nice if he had written more than a rant.  Some facts please.  Opening with the assertion that every aspect of the US economy if fraudulent is a pretty bold move.  Actually, scratch that... it's an ignorant statement made my some 20-something with a shiatty job that's looking to blame the system for why he's still living in his parents' basement.

About the Author:

"Paul Craig Roberts was Assistant Secretary of the Treasury for Economic Policy and associate editor of the Wall Street Journal. He was columnist for Business Week, Scripps Howard News Service, and Creators Syndicate. He has had many university appointments. His internet columns have attracted a worldwide following. Roberts' latest books are The Failure of Laissez Faire Capitalism and The Failure of Laissez Faire Capitalism and Economic Dissolution of the West and How America Was Lost."

Your assumptions were way off base. Methinks you are looking for what you want to hear rather than what truly exists.

Right. This guy sounds like a right wing idiot (tea bagger) rather than a left wing idiot (OWS).

He has some decent points (QEs influence on the economy and inflation of asset bubbles is worth discussing), but other than that he sounds like he's about 2 beers from moving to Montana and declaring his own sovereign republic.


Still he has more education, inside knowledge, and experience on the subject than idiots like us.

Ad-Hominem is the most fun of logical fallacies don't you agree?
 
2014-05-12 10:10:19 AM

Prophet of Loss: Debeo Summa Credo: Prophet of Loss: Fluxinator: Would have been nice if he had written more than a rant.  Some facts please.  Opening with the assertion that every aspect of the US economy if fraudulent is a pretty bold move.  Actually, scratch that... it's an ignorant statement made my some 20-something with a shiatty job that's looking to blame the system for why he's still living in his parents' basement.

About the Author:

"Paul Craig Roberts was Assistant Secretary of the Treasury for Economic Policy and associate editor of the Wall Street Journal. He was columnist for Business Week, Scripps Howard News Service, and Creators Syndicate. He has had many university appointments. His internet columns have attracted a worldwide following. Roberts' latest books are The Failure of Laissez Faire Capitalism and The Failure of Laissez Faire Capitalism and Economic Dissolution of the West and How America Was Lost."

Your assumptions were way off base. Methinks you are looking for what you want to hear rather than what truly exists.

Right. This guy sounds like a right wing idiot (tea bagger) rather than a left wing idiot (OWS).

He has some decent points (QEs influence on the economy and inflation of asset bubbles is worth discussing), but other than that he sounds like he's about 2 beers from moving to Montana and declaring his own sovereign republic.

Still he has more education, inside knowledge, and experience on the subject than idiots like us.

Ad-Hominem is the most fun of logical fallacies don't you agree?


So does Larry Kudlow. So does Elizabeth Warren. So does Mitt Romney. So does Jamie Dimon.

Are you going to take the word of anyone who has more experience on a topic as gospel?

This guy is a ranting maniac, one step above birthers and truthers.
 
2014-05-12 10:16:22 AM

Debeo Summa Credo: This guy is a ranting maniac.


The same could be said about you.

Whether he is right or not, you simply attacking him and not his argument with backing facts makes you no better.
 
2014-05-12 10:19:53 AM

Nemo's Brother: Fubegra: FTFA: The economic stability achieved during the Reagan administration was shattered by Wall Street greed.

What planet is this guy from? It was on Reagan's watch that the looting got kicked into high gear, and I first started seeing products with familiar American brand names on the front and "Made in China" on the back.

Bill Clinton and Newt are the ones that irreversibly killed us all.


And Bill and Hillary Clinton go from being "the best President/Sec ever to neo-cons by the left depending on the subject."

/Never liked Newt.
//Liked Clinton but then I grew up.
 
2014-05-12 10:28:26 AM

Prophet of Loss: Debeo Summa Credo: This guy is a ranting maniac.

The same could be said about you.

Whether he is right or not, you simply attacking him and not his argument with backing facts makes you no better.


He has no facts in his column to rebut. Just regurgitated talking points. I'm 100% comfortable laughably dismissing him as a crank yelling at clouds.
 
2014-05-12 10:29:55 AM

plcow: You're not addressing the root of the problem. There are many many ways to fix the technical issues with the economy. The root of the problem is people. That's what people are referring to when they say "crony capitalism" or oligopoly.  They are referring to the consolidation of power. Propose a solution to that that doesn't require a call-to-arms revolution

.

I think the argument is that a call-to-arms revolution is EXACTLY what is needed. The recent consolidation of wealth and power (as if they can be separated) is eerily similar to what existed at the end of the 19th century Robber Baron era. In the following decades we had a whole series of velvet-glove revolutions to set things on a move even keel, and many people think a similar process will have to be gone through again. No need to resort to public beheadings or other physical violence. Just some serious taxation and regulatory changes.
 
2014-05-12 10:31:27 AM

Debeo Summa Credo: Prophet of Loss: Debeo Summa Credo: This guy is a ranting maniac.

The same could be said about you.

Whether he is right or not, you simply attacking him and not his argument with backing facts makes you no better.

He has no facts in his column to rebut. Just regurgitated talking points. I'm 100% comfortable laughably dismissing him as a crank yelling at clouds.


When I was new on Fark I used to call opinions I didn't agree with 'talking points', too... then I got educated.
 
2014-05-12 10:41:49 AM

Stone Meadow: plcow: You're not addressing the root of the problem. There are many many ways to fix the technical issues with the economy. The root of the problem is people. That's what people are referring to when they say "crony capitalism" or oligopoly.  They are referring to the consolidation of power. Propose a solution to that that doesn't require a call-to-arms revolution.

I think the argument is that a call-to-arms revolution is EXACTLY what is needed. The recent consolidation of wealth and power (as if they can be separated) is eerily similar to what existed at the end of the 19th century Robber Baron era. In the following decades we had a whole series of velvet-glove revolutions to set things on a move even keel, and many people think a similar process will have to be gone through again. No need to resort to public beheadings or other physical violence. Just some serious taxation and regulatory changes.


Can we at least go back to the 19th century era tax, govt spending, and regulatory framework first before we start our revolution? It'd be nice to see what it was actually like before income taxes, social security, and welfare, with govt spending a tiny fraction of what it is today relative to GDP. That way, we could actually see whether people who compare the current situation to the "robber baron era" are correct or just wack-jobs who have absolutely no idea what they are talking about.
 
2014-05-12 10:55:03 AM

Debeo Summa Credo: Can we at least go back to the 19th century era tax, govt spending, and regulatory framework first before we start our revolution? It'd be nice to see what it was actually like before income taxes, social security, and welfare, with govt spending a tiny fraction of what it is today relative to GDP. That way, we could actually see whether people who compare the current situation to the "robber baron era" are correct or just wack-jobs who have absolutely no idea what they are talking about.


How about no?

We can see examples of successful nations with strong tax bases and carefully-written regulations just by looking around the world - Japan, Australia, Finland, etc. What I don't see are successful nations with lasseiz-faire national policies.
 
2014-05-12 10:59:29 AM

clkeagle: Debeo Summa Credo: Can we at least go back to the 19th century era tax, govt spending, and regulatory framework first before we start our revolution? It'd be nice to see what it was actually like before income taxes, social security, and welfare, with govt spending a tiny fraction of what it is today relative to GDP. That way, we could actually see whether people who compare the current situation to the "robber baron era" are correct or just wack-jobs who have absolutely no idea what they are talking about.

How about no?

We can see examples of successful nations with strong tax bases and carefully-written regulations just by looking around the world - Japan, Australia, Finland, etc. What I don't see are successful nations with lasseiz-faire national policies.


Australia and Finland are swimming in money from natural resources and the Japanese economy hasn't been in good shape for the last twenty years or so.  Those economies aren't something the US should try to emulate.
 
2014-05-12 10:59:43 AM

plcow: You're not addressing the root of the problem.  There are many many ways to fix the technical issues with the economy.  The root of the problem is people.  That's what people are referring to when they say "crony capitalism" or oligopoly.  They are referring to the consolidation of power.  Propose a solution to that that doesn't require a call-to-arms revolution.


I've got one for you: release a computer virus that looks like it's from the government which attacks and slows only audio/video streaming and gaming sites.
 
2014-05-12 10:59:44 AM

Gulper Eel: Woulda been nice if he proposed an actual answer there.


he did

 burn(t) Wall Street to the ground.
 
2014-05-12 11:06:29 AM
dot wordpress dot com
 
2014-05-12 11:20:05 AM

Debeo Summa Credo: Prophet of Loss: Debeo Summa Credo: This guy is a ranting maniac.

The same could be said about you.

Whether he is right or not, you simply attacking him and not his argument with backing facts makes you no better.

He has no facts in his column to rebut. Just regurgitated talking points. I'm 100% comfortable laughably dismissing him as a crank yelling at clouds.


Did you even read the article or just skim the one page summary that Fark linked? Do you even know what you are dismissing, let alone failing to refute with anything other than the same unfounded drivel that you accuse him of spewing?
 
2014-05-12 11:21:47 AM
The US economy no longer is based on education, hard work, free market prices and the accountability that real free markets impose.

It never was.

The economic stability achieved during the Reagan administration was shattered by Wall Street greed.

I don't want to take any credit from Wall Street, but it's not like they have to swing extra hard to knock us off balance. Saying Reagan achieved a stable economy is downright delusional.
 
2014-05-12 11:35:49 AM

Prophet of Loss: Debeo Summa Credo: Prophet of Loss: Debeo Summa Credo: This guy is a ranting maniac.

The same could be said about you.

Whether he is right or not, you simply attacking him and not his argument with backing facts makes you no better.

He has no facts in his column to rebut. Just regurgitated talking points. I'm 100% comfortable laughably dismissing him as a crank yelling at clouds.

Did you even read the article or just skim the one page summary that Fark linked? Do you even know what you are dismissing, let alone failing to refute with anything other than the same unfounded drivel that you accuse him of spewing?


Lol. The "one page summary" has 9 paragraphs. The actual article has 12! Do you think the missing three paragraphs are filled with insightful well thought out wisdom that offsets the Pikettian/tea party derp of the 9 in the one page summary?
 
2014-05-12 11:52:16 AM
Texas passed a law making it illegal for Tesla to sell you a car.

Obviously, Crony Capitalism is alive and well in Texas.
 
2014-05-12 11:56:36 AM

dj_spanmaster: plcow: You're not addressing the root of the problem.  There are many many ways to fix the technical issues with the economy.  The root of the problem is people.  That's what people are referring to when they say "crony capitalism" or oligopoly.  They are referring to the consolidation of power.  Propose a solution to that that doesn't require a call-to-arms revolution.

I've got one for you: release a computer virus that looks like it's from the government which attacks and slows only audio/video streaming and gaming sites.


Or you could just abolish net neutrality and let the Free Market(tm) take it from there.
 
2014-05-12 12:02:20 PM

Debeo Summa Credo: yakmans_dad: Two things. Yes, financial markets are shams. But QE did not do anything inflationary. QE is the financial market equivalent of a snappy sales pitch and a shoe shine. t's a  whole lotta nothin' with a great flourish because the markets demanded that the Fed "Do Somthing."

There could be things done to make the market less ludicrous. Roll back the regulatory regime to around 1998. Investment banks must be partnerships. Regulate derivatives. Forbid people from putting unexercised stock options into IRAs. (Of all of Mitt's creepy maneuvers that galled me the most.)

I'd also do more along the guaranteed income line. And maybe a surtax on companies whose employees require public assistance like food stamps and Medicaid. Bring back 1950s inheritance taxes.

And laugh at the people who see wealthy people as good. Excommunicate Christians who do.

Lol 8/10.

You've captured quite a few of the financially illiterate left's moronic talking points. A reference to CDS would have gotten you a 9. And hiding a "gimme"in there, or throwing it on at the end would have gotten you a 10.


Quis custodiet ipsos custodes. The financially illiterate left didn't have the angry squirts with ~13 trillion smackers in 2007. And the financially illiterate left hasn't left the world financial markets stuck at the zero bound ever since.  I really wish your insult had more sting.
 
2014-05-12 12:17:16 PM
www.quickmeme.com
 
2014-05-12 12:20:14 PM

Prophet of Loss: Debeo Summa Credo: Prophet of Loss: Debeo Summa Credo: This guy is a ranting maniac.

The same could be said about you.

Whether he is right or not, you simply attacking him and not his argument with backing facts makes you no better.

He has no facts in his column to rebut. Just regurgitated talking points. I'm 100% comfortable laughably dismissing him as a crank yelling at clouds.

Did you even read the article or just skim the one page summary that Fark linked? Do you even know what you are dismissing, let alone failing to refute with anything other than the same unfounded drivel that you accuse him of spewing?


Okay, I have some time today so I'll indulge:

The US economy is a house of cards. Every aspect of it is fraudulent, and the illusion of recovery is created with fraudulent statistics.

When you start out by making a blanket statement about something like this, you rightfully lose credibililty.  Do you agree with him that "every" aspect of the US economy is fraudulent?  This sounds like the rantings of someone who tries to claim that revolution is nigh, or gold is going to $12,000 per ounce or the Dow to 500 in the next six months.

American capitalism itself is an illusion. All financial markets are rigged. Massive liquidity poured into financial markets by the Federal Reserve's Quantitative Easing inflates stock and bond prices and drives interest rates, which are supposed to be a measure of the cost of capital, to zero or negative, with the implication that capital is so abundant that its cost is zero and can be had for free. Large enterprises, such as mega-banks and auto manufacturers, that go bankrupt are not permitted to fail. Instead, public debt and money creation are used to cover private losses and keep corporations "too big to fail" afloat at the expense not of shareholders but of people who do not own the shares of the corporations.

Again, a blanket statement - "all" financial markets are rigged.  Every market (financial or otherwise) has unscrupulous players, that goes on in every market.  Doesn't mean that the game is 'rigged'.

He is directionally correct that QE has inflated stock and bond prices (and too loose monetary policy helped inflate the mortgage bubble that precipitated the recession), but the other side of that is prevention of recession.  So yeah, the fed is artificially reducing the cost of capital in an effort to smooth out the economy.  You can argue that they are too dovish, but you can't realistically argue that it doesn't have its place.  This guy would probably be happy to go back to the gold standard.

And as unsatisfying as it was for large banks and auto companies to not go under like they deserved to, but the powers that be did the 'bailouts' for the benefit of the broader economy, not the banks themselves.   And we actually made a profit on the bailouts of the big banks, not so much the auto manufacturers.   Financial repression (artificially low interest rates) does help borrowers at the expense of creditors, but he is engaging in hyperbole.

Profits are no longer a measure that social welfare is being served by capitalism's efficient use of resources when profits are achieved by substituting cheaper foreign labor for domestic labor, with resultant decline in consumer purchasing power and rise in income and wealth inequality. In the 21st century, the era of jobs offshoring, the US has experienced an unprecedented explosion in income and wealth inequality. I have made reference to this hard evidence of the failure of capitalism to provide for the social welfare in the traditional economic sense in my book, The Failure of Laissez Faire Capitalism, and Thomas Piketty's just published book, http://www.amazon.com/gp/product/067443000X/ref=as_li_qf_br_asin_il_tl ?ie=UTF8&camp=1789&creative=9325&creativeASIN=067443000X&linkCode=as2& tag=paulcraigrobe-20&linkId=VHSTVMV2HRWBLTK7" jQuery1102010409470082159161="78">Capital in the 21st Century, has brought an alarming picture of reality to insouciant economists, such as Paul Krugman. As worrisome as Piketty's picture is of inequality, I agree with Michael Hudson that the situation is worse than Piketty describes. http://michael-hudson.com/2014/04/pikettys-wealth-gap-wake-up/" target=_blank jQuery1102010409470082159161="80">http://michael-hudson.com/2014/04/p ikettys-wealth-gap-wake-up/

Here he lines up with the anti-globalization crowd in arguing that it caused income disparity.   That is fundamentally wrong in that allowing hundreds of millions of former subsistence farmers to finally join the industrial revolution has reduced global income disparity rather than increased it.  Yes, having to compete with new workers in the developing world (and more immigrants from the developing world) has affected the prosperity of the working class in the first world, relative to the period of exclusivity they enjoyed earlier in the 20th century.  His answer seems to be reducing global trade, in effect eliminating competition for the working class in the US and apparently telling labor in Asia to go back to the rice paddies where they belong.

Capitalism has been transformed by powerful private interests whose control over governments, courts, and regulatory agencies has turned capitalism into a looting mechanism. Wall Street no longer performs any positive function. Wall Street is a looting mechanism, a deadweight loss to society. Wall Street makes profits by front-running trades with fast computers, by selling fraudulent financial instruments that it is betting against as investment grade securities, by leveraging equity to unprecedented heights, making bets that cannot be covered, and by rigging all commodity markets.

Another blanket statement that eliminates any credibility.  Every day Wall Street is involved in financing companies that are integral to economic development and growth.  It is comical to look at the trading side only and assume that is the entirity of the financial system.     Then he goes on to site individual examples that are either immaterial (HFT, though admittedly of no benefit, doesn't really affect much), incorrect (fraudulent securities that it bet against didn't really happen the way the financially illiterate have been lead to believe, or rigging all commodity markets, which is absurd).


The Federal Reserve and the US Treasury's "Plunge Protection Team" aid the looting by supporting the stock market with purchases of stock futures, and protect the dollar from the extraordinary money-printing by selling naked shorts into the Comex gold futures market.

The Fed and Treasury are buying stock futures?   Really!?!  They are selling gold to hold down the price?!?  Now that would be interesting.  Funny, I wonder why he didn't link to any source for that claim.  Oh yeah, it's because he's a kooky gold bug.


The US economy no longer is based on education, hard work, free market prices and the accountability that real free markets impose. Instead, the US economy is based on manipulation of prices, speculative control of commodities, support of the dollar by Washington's puppet states, manipulated and falsified official statistics, propaganda from the financial media, and inertia by countries, such as Russia and China, who are directly harmed, both economically and politically, by the dollar payments system.
As the governments in most of the rest of the world are incompetent, Washington's incompetence doesn't stand out, and this is Washington's salvation.


Sorry, this guy is bananas.

But it is not a salvation for Americans who live under Washington's rule. As all statistical evidence makes completely clear, the share of income and wealth going to the bulk of the US population is declining. This decline means the end of the consumer market that has been the mainstay of the US economy. Now that the mega-rich have even more disproportionate shares of the income and wealth, what happens to an economy based on selling imports and off-shored production of goods and services to a domestic consumer market? How do the vast majority of Americans purchase more when their incomes have not grown for years and have even declined and they are too impoverished to borrow more from banks that won't lend?

I dunno, we're still consuming an awful lot.  Is his assertion that we are underconsuming? Does he really think that consumers should be borrowing more?

The America in which I grew up was self-sufficient. Foreign trade was a small part of the economy. When I was Assistant Secretary of the Treasury, the US still had a trade surplus except for oil. Offshoring of America's jobs had not begun, and US earnings on its foreign investments exceeded foreign earnings on US investments. Therefore, America's earnings abroad covered its energy deficit in its balance of trade.
The economic stability achieved during the Reagan administration was shattered by Wall Street greed. Wall Street threatened corporations with takeovers if the corporations did not produce higher profits by relocating their production of goods and services for American markets abroad. The lower labor costs boosted earnings and stock prices and satisfied Wall Street's cravings for ever more earnings, but brought an end to the rise in US living standards except for the mega-rich. Financial deregulation loaded the economy with the risks of asset bubbles.


Anybody who supported Reagan should be embarrassed by this buffoon.


Americans are an amazingly insouciant people. By now any other people would have burnt Wall Street to the ground.

Didn't like two dozen other countries have a financial crisis and recession, in some places worse?  Did the Germans burn down Frankfurt, did Brits burn down the City of London?   Have the Japanese burned down their financial centers?  What people is he talking about?

Two other points:

- this was linked from global geopolitics.   A hive of loonies and moonbats.
- I can't hotlink from GIS for some reason, but google the guy.  Look at his picture!!  Read what else he says.  He's crazy.  As is anyone who agrees with him.
 
2014-05-12 12:26:15 PM

Gulper Eel: Woulda been nice if he proposed an actual answer there.


We can start by piercing the corporate veil and the protection assumed by the corporate charter. What that means is that if you are an owner of a corporation we place all your assets at risk when the corporation is found guilty of illegal activity. When corporate fines are assessed, not only should fines be assessed to the corporations, but to the individuals per share.

For example BP was assessed an $11 billion dollar fine I believe, in addition in the modification to the corporate charter I propose each share of BP would receive say a $1000 fine assessed to the owner. So, own 10 shares of BP get a $10K fine.
 
2014-05-12 12:30:42 PM

Slaves2Darkness: Gulper Eel: Woulda been nice if he proposed an actual answer there.

We can start by piercing the corporate veil and the protection assumed by the corporate charter. What that means is that if you are an owner of a corporation we place all your assets at risk when the corporation is found guilty of illegal activity. When corporate fines are assessed, not only should fines be assessed to the corporations, but to the individuals per share.

For example BP was assessed an $11 billion dollar fine I believe, in addition in the modification to the corporate charter I propose each share of BP would receive say a $1000 fine assessed to the owner. So, own 10 shares of BP get a $10K fine.


I don't even know where to start with this.   The $11b is paid by BP, which is owned by the shareholders.   So they are already getting fined by their company having to pay.
 
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