Krugman. One of the so called wise men of economics says that the US is experiencing a continuing "great recession" while Europe is facing a "lesser depression".
"Second, what leads to the crisis that precedes a depressed economy?"
Gee, perhaps giving people mortgages they couldn't afford might have something to do with it? A wise man told me when he bought his first house the banks wanted 30% down. They did this because it proved you were good with money and with so much of your money tied up in the house you were less likely to walk away from it. When I went for my first mortgage I was offered one with less than 1% down! The problems of 2008 were no surprise to me.
The US outsourced its jobs over the last 30 years and has gone through a series of bubbles with cooked financial data that has made things seem better than they actually are - in some statistical areas. Look at the figures for food stamps - somewhere in the 46-48 million people category that shows the level of poverty out of a population of 300 million, and then consider if the unemployment rate of around 6 percent is realistic.Usually a figure like that is indicative of a healthy economy.
I would say that Krugman is wrong and that the US is in an extended depression, protected somewhat by the US dollar, that is used as the world reserve currency, and the printing press of the Federal Reserve Bank (that loans all the printed money it circulates AT INTEREST charged to the taxpayers. ie it's not free money.).
It has been pointed out that jobs were offshored in order to increase corporate profits. Presently the stockmarket is getting pumped up with free money issued by the Federal reserve - the same money that went to people who could not afford mortgages, that helped cause the unsustainable rise in house prices.
Watch any You Tube clip on the economy by Dr Paul Craig Roberts. I read his book, The Failure of Laissez Faire Capitalism which basically points out that we're being made redundant thanks to profiteering and financial sector shenanigans (derviatives betting/gambling).
This 5 min clip is of Roberts being interviewed a few years ago on RT. It's a good summary.
https://www.youtube.com/watch?v=eNs6dhU75Zs
This is a much better PCR interview with the US Henry George School of Social Sciences - it is 54 minutes but is excellent. Ignore the jargon and keep listening, and the points being made become clear. Also, read the intro text.
https://www.youtube.com/watch?v=vRw3HeTCLFc
Another great summary clip on what is wrong with the US economy and how to fix it appears with the Dylan Ratigan Rant:
https://www.youtube.com/watch?v=gIcqb9hHQ3E
Note: US financial stats are cooked - so conclusions drawn from Krugman's charts will be off. Google ShadowStats.com and you'll see what the figures should look like, with unemployment in the 20% zone.
I usually agree with Krugman, but Dylans rant was spot on in this instance. That clip is one of my most favorite ever to come across from the internet. Good stuff.
Yeah PCR's book was excellent. It is pretty telling about the efficacy laissez faire/neo-liberal economic dogma as far as healthy economics goes, considering he was the assistant secretary of treasury and one of the brain children of original supply side economics (AKA reaganomics). The fact that he is repudiating himself from that sort of nonsense is telling to me. I sure hope others have seen the light following 2008.
The good news is the last three months we have had the best jobs numbers in 17 years (1 million new jobs and rising wages). The biggest and best part of the report from yesterday is that the unemployment rate went up because people are finally coming back into the labor force who had previously dropped out. That is excellent. If this pace continues for another 2 years there will be another 6 million jobs roughly and a lot of the problems that we are dealing with will become much smaller issues.
We have much work to do to undue the damage inflicted from 07-08 and we are not out of the woods yet. There are bright sides, despite the obvious gloom.
And you can go away.. we dont care. I like this blog and dont care if Sol is a marine. But I do care about you being a troll, fuck off. Your just a another F-35 fan bo, this is no place for you.
Agree, who gives a shit if he's a Marine or not. It's the internet! You can be whatever you want anyways, doesn't prove squat even if he published his private info.
It's Sol's blog, I don't always agree with him or some of the others but I like it.
Dude, go back to F16.net and play with all your F35 lovers.
thats not the issue here. the intention is to cause debate. yes i am a Marine and if you have any doubt then simply file a "stolen valor" complaint.
what he wants to do is to have me do what i won't. i don't have personal pics all over the net because i consider that not only foolish but risky too. especially in the world we live. just by having this blog i'm hanging my ass out there far more than is wise in my personal opinion but its a nice "hobby" and lets me stay tuned to a subject i care about.
so yeah. Red Eagle can suck a fat, AIDS infected dick.
sidenote; the bastard had the nerve to write me and i told him fine. i'll post proof if he told me his name. the son of a bitch declined. what does that tell you?
"The good news is the last three months we have had the best jobs numbers in 17 years (1 million new jobs and rising wages)." - Suitable as a propaganda press release. Baghdad Bob step aside.
Offtopic
ReplyDeleteWho and how much phoned to Putin this year. A flirt with Angela?
https://pbs.twimg.com/media/B9OtVU7CUAAkHKB.jpg:large
I always knew there was something between those two XD
Delete"Second, what leads to the crisis that precedes a depressed economy?"
ReplyDeleteGee, perhaps giving people mortgages they couldn't afford might have something to do with it? A wise man told me when he bought his first house the banks wanted 30% down. They did this because it proved you were good with money and with so much of your money tied up in the house you were less likely to walk away from it. When I went for my first mortgage I was offered one with less than 1% down! The problems of 2008 were no surprise to me.
The US outsourced its jobs over the last 30 years and has gone through a series of bubbles with cooked financial data that has made things seem better than they actually are - in some statistical areas. Look at the figures for food stamps - somewhere in the 46-48 million people category that shows the level of poverty out of a population of 300 million, and then consider if the unemployment rate of around 6 percent is realistic.Usually a figure like that is indicative of a healthy economy.
ReplyDeleteI would say that Krugman is wrong and that the US is in an extended depression, protected somewhat by the US dollar, that is used as the world reserve currency, and the printing press of the Federal Reserve Bank (that loans all the printed money it circulates AT INTEREST charged to the taxpayers. ie it's not free money.).
It has been pointed out that jobs were offshored in order to increase corporate profits. Presently the stockmarket is getting pumped up with free money issued by the Federal reserve - the same money that went to people who could not afford mortgages, that helped cause the unsustainable rise in house prices.
Watch any You Tube clip on the economy by Dr Paul Craig Roberts. I read his book, The Failure of Laissez Faire Capitalism which basically points out that we're being made redundant thanks to profiteering and financial sector shenanigans (derviatives betting/gambling).
This 5 min clip is of Roberts being interviewed a few years ago on RT. It's a good summary.
https://www.youtube.com/watch?v=eNs6dhU75Zs
This is a much better PCR interview with the US Henry George School of Social Sciences - it is 54 minutes but is excellent. Ignore the jargon and keep listening, and the points being made become clear. Also, read the intro text.
https://www.youtube.com/watch?v=vRw3HeTCLFc
Another great summary clip on what is wrong with the US economy and how to fix it appears with the Dylan Ratigan Rant:
https://www.youtube.com/watch?v=gIcqb9hHQ3E
Note: US financial stats are cooked - so conclusions drawn from Krugman's charts will be off. Google ShadowStats.com and you'll see what the figures should look like, with unemployment in the 20% zone.
I agree. Especially the second and third paragraphs.
DeleteI usually agree with Krugman, but Dylans rant was spot on in this instance. That clip is one of my most favorite ever to come across from the internet. Good stuff.
DeleteYeah PCR's book was excellent. It is pretty telling about the efficacy laissez faire/neo-liberal economic dogma as far as healthy economics goes, considering he was the assistant secretary of treasury and one of the brain children of original supply side economics (AKA reaganomics). The fact that he is repudiating himself from that sort of nonsense is telling to me. I sure hope others have seen the light following 2008.
The good news is the last three months we have had the best jobs numbers in 17 years (1 million new jobs and rising wages). The biggest and best part of the report from yesterday is that the unemployment rate went up because people are finally coming back into the labor force who had previously dropped out. That is excellent. If this pace continues for another 2 years there will be another 6 million jobs roughly and a lot of the problems that we are dealing with will become much smaller issues.
ReplyDeleteThat is optimistic, but I concur.
DeleteWe have much work to do to undue the damage inflicted from 07-08 and we are not out of the woods yet. There are bright sides, despite the obvious gloom.
This comment has been removed by the author.
ReplyDeleteIf you don't have the balls to prove you were a Marine, you don't have the balls to have been a Marine.
ReplyDeleteAnd you can go away.. we dont care. I like this blog and dont care if Sol is a marine. But I do care about you being a troll, fuck off. Your just a another F-35 fan bo, this is no place for you.
DeleteAgree, who gives a shit if he's a Marine or not. It's the internet! You can be whatever you want anyways, doesn't prove squat even if he published his private info.
DeleteIt's Sol's blog, I don't always agree with him or some of the others but I like it.
Dude, go back to F16.net and play with all your F35 lovers.
thats not the issue here. the intention is to cause debate. yes i am a Marine and if you have any doubt then simply file a "stolen valor" complaint.
Deletewhat he wants to do is to have me do what i won't. i don't have personal pics all over the net because i consider that not only foolish but risky too. especially in the world we live. just by having this blog i'm hanging my ass out there far more than is wise in my personal opinion but its a nice "hobby" and lets me stay tuned to a subject i care about.
so yeah. Red Eagle can suck a fat, AIDS infected dick.
sidenote; the bastard had the nerve to write me and i told him fine. i'll post proof if he told me his name. the son of a bitch declined. what does that tell you?
"The good news is the last three months we have had the best jobs numbers in 17 years (1 million new jobs and rising wages)." - Suitable as a propaganda press release. Baghdad Bob step aside.
ReplyDeleteI would put my knowledge of the financial markets up against yours any day of the week. Good news isn't propaganda, it's real.
Delete