The Bush Administration has never preached anything other than fear. They are a one-trick pony.
That's why Obama sounds so different. The problem is that I don't think that Obama has a philosophy behind his speeches of hope.
now that the financial sector sucked out all of their coin ...beyond simply creating a massive fear panic, hile one yells fire in the Theater and then steals their money as the crowd runs for cover.
Positively incredible.
Even more incredible...the talking heads are now describing how you the consumer will soon benefit from the bail out.
I mentioned that on keyword search statistics....hundreds looking for how to get out of foreclosure...thinking this bill does that...
People cannot make the payments because their jobs don't pay enough
High paying jobs with benefits were outsourced. New jobs have no benefits and don't pay
layoffs are considered a profit boosting routine method by corporations
People used their home equity and credit cards to simply eat, pay bills
Nothing is going to change until housing prices come down to levels people with these lousy wages can afford and enabling predatory credit sales put the entire situation on steroids.
In case you missed this one, credit card charge offs to be greater than foreclosures.
They have sucked the middle class dry and coming up with a plan to suck more is a joke....they have simply bled out America.
I know of two unrelated people, perfectly sensible middle class save/investors, who listened to Bush's speech and decided they had better batten down the hatches and forego any large purchases. I wonder how many other people decided the same thing?
Because I am the administrator of this site, I see search words people use on the Internet. I am now seeing a flood of statistical sadness. People think the bail out bill helps them and they are searching the Internet high and low.
People, the bail out did not bail YOU out! It does NOT bail out homeowners or STOP FORECLOSURES!
Oh what a terrible web that corporate controlled media spin has wrought and now so many people run to the Internets, desperately searching trying to find their bail out...
which somehow they thought there were getting....
Folks, They bailed out the banks, not you!
My only hope is due to technology the reality, the truth of what just happened is realized by more people...
and local news organizations, spewing absolute spin and lies about this bill....they should be prosecuted for misinformation at this point!
We have character and morality these days, any political flavor? I think those with such traits just were defeated.
If you want to read more about creation or exaggeration of a crisis, or taking advantage of a crisis to push a corporate agenda through, the link is to a book by Naomi Klein. Just because you are paranoid does not mean they are not out to get you.
On post crisis prosecutions, I think most of it was made perfectly legal by law, just as our Corrupt Government (both parties) has repealed various regulations per corporate lobbyist demands...
What Sweden did that really worked was they said, "shareholders, executives, you are first up to have all of your ownership, wealth, pay stripped if we must bail out you. Kiss it Good-bye" and magically some of these private CEOs/boards/owners/shareholders come up with money to bail themselves out.
We just passed a bail out that does none of that. It's only window dressing but the actual legislation does not limit CEO bonuses, pay or strip shareholders of value.
I'll understand if you don't answer this question. Putting character and morality aside for a moment, if one was familiar with previous financial crisis, i.e., Sweden and Finland - Would it be possible/likely to adjust laws in order to arrange/ provoke a crisis by which some could benefit, then help "solve" said crisis? Would it be worth the risk?
Little is said about post-crisis prosecution. Was there any? Or was it assumed that problems were "unintended consequences"?
and also shows that the entire free trade, free markets is anything but. What happened to the phrase live by the sword, die by the sword?
Between the fear mongering and the rule changes on a daily basis, I've been waiting for the analysts to point to inflection points generally and prove as you say, this is creating exponential instability to an already fragile situation.
There is one rule that never seems to change though...
and that is refusing to recognize the underlying supports of the system, the workers, the middle class, are the beams which are rotting and buckling under debt and predatory credit practices and until they shore up the fundamental root problem....I don't see anything but a collapse.
I just read a WSJ article blaming the CRA modifications, requiring more low income home loans as well as subprime vehicles...
and it never dawns on any of these people the best poverty program are high wage jobs, stability, benefits including day care. If they want more low income people to own homes....well, give them work opportunities so they are no longer poor!
Anything Keynesian, anything focused on the bottom up, regardless of the multitude of examples on how well this works in Democratic systems...this new oligarchy of multinational elites ignore. It's clearly against their religion to have a middle class and because of that...
promoting home ownership while reducing people's work stability, wages, safety nets is incredibly stupid!
It is up to us to choose the President that will properly oversee the execution of that bill. The existence of the bill is not a big deal. The execution is what matters.
We could use an in depth blog post on global capital and how some nations are setting up protections for just their citizens and corporations while others (such as the U.S.) just gave $700B which foreign banks can get.
Hrmm...going to have to watch Eurodollars contracts then. For the uninitiated, Eurodollars aren't the Eurozone currency known as the "Euro," but US dollar deposits in foreign (read mainly European) bank accounts. The futures contract is a benchmark rate that many work off of, similar to LIBOR. http://www.cmegroup.com/trading/interest-rates/stir/eurodollar_FO.html
This could also backfire on the Irish. They are also coming off of a housing slump. Secondly, the heady days of being the "Celtic Tiger" are now over. Their move has obviously burned a lot of financiers. When the economy turns, and it will, they may find it harder to allocate foreign investment. Irish banks may gain from this, and this may help them expand beyond their borders in the long term. But when they do, they will be met with fierce resistance by those financial institutions that got burned by this.
What's most interesting (and these guys are good at rewriting history too) is that the original series talked extensively about the collapse of both Asia, and Russia whereas this version glosses over it.
Since the corporate raid of taxpayer funds just passed by our corrupt Congress....
and I think in ?? 3 weeks the U.S. managed to add $1.65 trillion to the deficit at least reviewing national defaults and hyper inflation was in order.
I believe Bernanke also pumped in $650 B into the money supply this week, it's around there, hard to keep count.
Sao Paulo’s stock market collapsed 7.34% reaching 46.145 points and the Buenos Aires market lost 5.43%. Mexico IPC also was rattled dropping 4.34% stabilizing in 24.027 points.
So, while these neoliberal globalist oligarchs continue to run our country, there theories aren't exactly panning out as planned and promised now are they?
All Hail to Margaret Thatcher with token acknowledge of "hard adjustments" that of course never cease....such as millions of the middle class put into poverty and so on...
But it gives a lot of good history and insight to this philosophy and religion and how it all came about.
there is one common element I notice...the minute one has corruption, any system it decays.
considering this election, I think it's important to re familiarize with the Chicago School as well.
I also saw a very sad moment on the local news...people are wondering when they will get relief now that the bail out has passed.
That is astounding and even worse the news reported that their "relief" would take a bit of time...
It's just incredible these people do not realize you cannot prop up the stock market in a recession and also do not realize they get zero relief...
before the bail out vote harped, pointed to, screamed about the Dow Jones dropping 777 points but when the market dropped 400 points when the bail out they did not mention it?
The actual triggers of the Fed's/Treasury's panicky "rescue" could have been taken care of without the $700 billion bailout.
Prof. Paul Krugman is already predicting there will be a second installment before January 20. I don't suppose it would do any good to petition Congress to get to work now on a more reasoned, thoughtful approach?
Or the fix is in, why else would an outgoing administration pour so much power onto a lame duck secretary - that could end up in the hands of the other party?
The Bush Administration has never preached anything other than fear. They are a one-trick pony.
That's why Obama sounds so different. The problem is that I don't think that Obama has a philosophy behind his speeches of hope.
now that the financial sector sucked out all of their coin ...beyond simply creating a massive fear panic, hile one yells fire in the Theater and then steals their money as the crowd runs for cover.
Positively incredible.
Even more incredible...the talking heads are now describing how you the consumer will soon benefit from the bail out.
I mentioned that on keyword search statistics....hundreds looking for how to get out of foreclosure...thinking this bill does that...
Nothing is going to change until housing prices come down to levels people with these lousy wages can afford and enabling predatory credit sales put the entire situation on steroids.
In case you missed this one, credit card charge offs to be greater than foreclosures.
They have sucked the middle class dry and coming up with a plan to suck more is a joke....they have simply bled out America.
as in, "Have Fear!"
I know of two unrelated people, perfectly sensible middle class save/investors, who listened to Bush's speech and decided they had better batten down the hatches and forego any large purchases. I wonder how many other people decided the same thing?
That's how you get a consumer collapse.
Good move as usual, W.
Because I am the administrator of this site, I see search words people use on the Internet. I am now seeing a flood of statistical sadness. People think the bail out bill helps them and they are searching the Internet high and low.
People, the bail out did not bail YOU out! It does NOT bail out homeowners or STOP FORECLOSURES!
Oh what a terrible web that corporate controlled media spin has wrought and now so many people run to the Internets, desperately searching trying to find their bail out...
which somehow they thought there were getting....
Folks, They bailed out the banks, not you!
My only hope is due to technology the reality, the truth of what just happened is realized by more people...
and local news organizations, spewing absolute spin and lies about this bill....they should be prosecuted for misinformation at this point!
We have character and morality these days, any political flavor? I think those with such traits just were defeated.
If you want to read more about creation or exaggeration of a crisis, or taking advantage of a crisis to push a corporate agenda through, the link is to a book by Naomi Klein. Just because you are paranoid does not mean they are not out to get you.
On post crisis prosecutions, I think most of it was made perfectly legal by law, just as our Corrupt Government (both parties) has repealed various regulations per corporate lobbyist demands...
What Sweden did that really worked was they said, "shareholders, executives, you are first up to have all of your ownership, wealth, pay stripped if we must bail out you. Kiss it Good-bye" and magically some of these private CEOs/boards/owners/shareholders come up with money to bail themselves out.
We just passed a bail out that does none of that. It's only window dressing but the actual legislation does not limit CEO bonuses, pay or strip shareholders of value.
Nice blog, welcome to EP!
I'll understand if you don't answer this question. Putting character and morality aside for a moment, if one was familiar with previous financial crisis, i.e., Sweden and Finland - Would it be possible/likely to adjust laws in order to arrange/ provoke a crisis by which some could benefit, then help "solve" said crisis? Would it be worth the risk?
Little is said about post-crisis prosecution. Was there any? Or was it assumed that problems were "unintended consequences"?
and also shows that the entire free trade, free markets is anything but. What happened to the phrase live by the sword, die by the sword?
Between the fear mongering and the rule changes on a daily basis, I've been waiting for the analysts to point to inflection points generally and prove as you say, this is creating exponential instability to an already fragile situation.
There is one rule that never seems to change though...
and that is refusing to recognize the underlying supports of the system, the workers, the middle class, are the beams which are rotting and buckling under debt and predatory credit practices and until they shore up the fundamental root problem....I don't see anything but a collapse.
I just read a WSJ article blaming the CRA modifications, requiring more low income home loans as well as subprime vehicles...
and it never dawns on any of these people the best poverty program are high wage jobs, stability, benefits including day care. If they want more low income people to own homes....well, give them work opportunities so they are no longer poor!
Anything Keynesian, anything focused on the bottom up, regardless of the multitude of examples on how well this works in Democratic systems...this new oligarchy of multinational elites ignore. It's clearly against their religion to have a middle class and because of that...
promoting home ownership while reducing people's work stability, wages, safety nets is incredibly stupid!
It is up to us to choose the President that will properly oversee the execution of that bill. The existence of the bill is not a big deal. The execution is what matters.
We could use an in depth blog post on global capital and how some nations are setting up protections for just their citizens and corporations while others (such as the U.S.) just gave $700B which foreign banks can get.
Hrmm...going to have to watch Eurodollars contracts then. For the uninitiated, Eurodollars aren't the Eurozone currency known as the "Euro," but US dollar deposits in foreign (read mainly European) bank accounts. The futures contract is a benchmark rate that many work off of, similar to LIBOR.
http://www.cmegroup.com/trading/interest-rates/stir/eurodollar_FO.html
This could also backfire on the Irish. They are also coming off of a housing slump. Secondly, the heady days of being the "Celtic Tiger" are now over. Their move has obviously burned a lot of financiers. When the economy turns, and it will, they may find it harder to allocate foreign investment. Irish banks may gain from this, and this may help them expand beyond their borders in the long term. But when they do, they will be met with fierce resistance by those financial institutions that got burned by this.
What's most interesting (and these guys are good at rewriting history too) is that the original series talked extensively about the collapse of both Asia, and Russia whereas this version glosses over it.
Since the corporate raid of taxpayer funds just passed by our corrupt Congress....
and I think in ?? 3 weeks the U.S. managed to add $1.65 trillion to the deficit at least reviewing national defaults and hyper inflation was in order.
I believe Bernanke also pumped in $650 B into the money supply this week, it's around there, hard to keep count.
Today also Brazil's market collapsed.
So, while these neoliberal globalist oligarchs continue to run our country, there theories aren't exactly panning out as planned and promised now are they?
The Dutch just nationalized Fortis. Meanwhile Krugman predicts "bail out version 2.0" will be here before January.
All Hail to Margaret Thatcher with token acknowledge of "hard adjustments" that of course never cease....such as millions of the middle class put into poverty and so on...
But it gives a lot of good history and insight to this philosophy and religion and how it all came about.
there is one common element I notice...the minute one has corruption, any system it decays.
considering this election, I think it's important to re familiarize with the Chicago School as well.
I also saw a very sad moment on the local news...people are wondering when they will get relief now that the bail out has passed.
That is astounding and even worse the news reported that their "relief" would take a bit of time...
It's just incredible these people do not realize you cannot prop up the stock market in a recession and also do not realize they get zero relief...
If you like the Chicago School of Economics and Reaganism, then this is the documentary to watch.
before the bail out vote harped, pointed to, screamed about the Dow Jones dropping 777 points but when the market dropped 400 points when the bail out they did not mention it?
The actual triggers of the Fed's/Treasury's panicky "rescue" could have been taken care of without the $700 billion bailout.
Prof. Paul Krugman is already predicting there will be a second installment before January 20. I don't suppose it would do any good to petition Congress to get to work now on a more reasoned, thoughtful approach?
Section 503. bill text.
Looks like they extended their period for "deductions" so yes indeed.
I only heard it said once and seems to have been hushed since but does this bill include something like 400 mil for hollywood producers?
Or the fix is in, why else would an outgoing administration pour so much power onto a lame duck secretary - that could end up in the hands of the other party?
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