Global Financial Crisis (3 Viewers)
- Thread starter Dostoevsky
- Start date
Federal Reserve 'Chairman' Ben Bernanke was interviewed on 60 Minutes last night. Once again, the questions were juvenile and the answers were outright lies from this clown, just like they always are. It was yet another shameful interview by 60 Minutes where lightweight questions and (probably) scripted responses tried to fool the masses into believing the FED can restore our economy. Like hell they can. And like hell they're trying to help the average citizen.
This is my response to this fucking knucklehead.
http://www.zerohedge.com/article/be...sustaining-may-buy-more-bonds-depending-infla
That's because there was no recovery in the first place, dickhead. All you clowns did was issue cheap money to reflate the stock market. Take a look at U-6 recently? It's still over 16%...
Meaning, "We will print more money to save our friends on Wall Street and to fund the government deficit."
Bernanke still thinks falling prices are a bad thing. And he still sees no inflation. Since when? Since when is an economy better off with rising housing prices, rising commodity prices, rising prices in physical assets, and rising prices of consumer goods when real unemployment is upwards of 17% and wages are not rising?
We need deflation. The deflation is a good thing. This is part of the fucking business cycle. You can't have 20 years of a massive credit bubble and not expect some sort of correction. You're an ass and a liar.
This is the new "normal". The jobs that left aren't coming back. Because of your cheap money policies, you destroy savings and investment, and capital formation. You need capital to create businesses. Without capital you don't have capitalism. With you lot printing Federal Reserve Notes to buy US treasuries from your Wall Street friends (primary dealers), you debase the currency and cause commodity prices to rise, which causes input costs to rise, which causes margin compression for the companies that make our goods. So what are they forced to do? Layoff workers.
You are doing the exact opposite of trying to create growth. You, sir, are a wankstain.
Why didn't the 60 Minutes "journalist" (the fuck he is) ask you what happened the last two times you bought treasuries from your bankster friends, eh? You continue to claim that you are buying these securities to lower long end interest rates. But what the hell happened the last two times you announced these programs, QE and QE2? Interest rates went up, not down, contrary to what you claimed would happen and contrary to what you still claim today.
You know you are lying when you claim these TS purchases will lower rates and "help" the economy. That's bullshit. You're buying these securities from banks, taking a net loss on top of it, for the simple reason of keeping them marginally liquid and financing government debt.
You are an absolute weasel.
The PRIMARY SOURCE of risk to the economy is YOU TRYING TO PLAY GOD OVER THE WORLD ECONOMY, TRYING TO REINFLATE A CREDIT BUBBLE THAT HAS ALREADY POPPED.
No, you can't. Your arrogance is laughable and shameful. You didn't "see" the housing crisis coming (which is a lie), you have been right about nothing, and you can't do anything besides print money.
You are an absolute criminal.
And that's another lie.
This guy needs to be removed NOW before he destroys this economy even further.
This is my response to this fucking knucklehead.
http://www.zerohedge.com/article/be...sustaining-may-buy-more-bonds-depending-infla
That's because there was no recovery in the first place, dickhead. All you clowns did was issue cheap money to reflate the stock market. Take a look at U-6 recently? It's still over 16%...
Meaning, "We will print more money to save our friends on Wall Street and to fund the government deficit."
Bernanke still thinks falling prices are a bad thing. And he still sees no inflation. Since when? Since when is an economy better off with rising housing prices, rising commodity prices, rising prices in physical assets, and rising prices of consumer goods when real unemployment is upwards of 17% and wages are not rising?
We need deflation. The deflation is a good thing. This is part of the fucking business cycle. You can't have 20 years of a massive credit bubble and not expect some sort of correction. You're an ass and a liar.
This is the new "normal". The jobs that left aren't coming back. Because of your cheap money policies, you destroy savings and investment, and capital formation. You need capital to create businesses. Without capital you don't have capitalism. With you lot printing Federal Reserve Notes to buy US treasuries from your Wall Street friends (primary dealers), you debase the currency and cause commodity prices to rise, which causes input costs to rise, which causes margin compression for the companies that make our goods. So what are they forced to do? Layoff workers.
You are doing the exact opposite of trying to create growth. You, sir, are a wankstain.
Why didn't the 60 Minutes "journalist" (the fuck he is) ask you what happened the last two times you bought treasuries from your bankster friends, eh? You continue to claim that you are buying these securities to lower long end interest rates. But what the hell happened the last two times you announced these programs, QE and QE2? Interest rates went up, not down, contrary to what you claimed would happen and contrary to what you still claim today.
You know you are lying when you claim these TS purchases will lower rates and "help" the economy. That's bullshit. You're buying these securities from banks, taking a net loss on top of it, for the simple reason of keeping them marginally liquid and financing government debt.
You are an absolute weasel.
The PRIMARY SOURCE of risk to the economy is YOU TRYING TO PLAY GOD OVER THE WORLD ECONOMY, TRYING TO REINFLATE A CREDIT BUBBLE THAT HAS ALREADY POPPED.
No, you can't. Your arrogance is laughable and shameful. You didn't "see" the housing crisis coming (which is a lie), you have been right about nothing, and you can't do anything besides print money.
You are an absolute criminal.
And that's another lie.
This guy needs to be removed NOW before he destroys this economy even further.
Not a surprise. The taxpayer has to accept the bad stuff. Bankers get special treatment.
http://www.businessinsider.com/the-feds-treatment-of-mbs-prepayments-is-a-racket-2010-12
http://www.businessinsider.com/the-feds-treatment-of-mbs-prepayments-is-a-racket-2010-12
It's budget day here tomorrow.
-------------------
Ireland facing tough annual budget to secure bailout
DUBLIN — Crisis-hit Ireland, buckling under huge debts, will this week launch its 2011 budget to slash spending and lift taxation, as part of ongoing efforts to secure a huge EU/IMF international rescue package.
Irish Finance Minister Brian Lenihan is due on Tuesday to address the Dail, or lower house of parliament, and is expected to unveil savings of about six billion euros (eight billion dollars).
Tuesday's statement will be the first in a series of budgets to implement a combined fiscal correction of 15 billion euros over the next four years.
Lenihan is seeking to slash Ireland's public deficit from about 32 percent of GDP this year -- a record high for the eurozone -- to below the target deficit of 3.0 percent by 2015.
The former Celtic Tiger nation wants to win a huge rescue package of up to 85 billion euros (113 billion dollars) from the European Union and the International Monetary Fund to help fix its devastating debt crisis.
After Tuesday's budget, lawmakers will hold a vote over the measures -- but the outcome of this is shrouded in uncertainty, analysts said.
"The recent Irish rescue package was dependent upon the passing of the budget through parliament," said Investec economist Philip Shaw.
He added: "Current thinking is that it will pass, either via the necessary independents backing the bill, or by the main opposition party, Fine Gael, abstaining. However, there remains an air of uncertainty."
Ireland's governing Fianna Fail/Green party coalition, led by Prime Minister Brian Cowen, is nursing a slender parliamentary majority of just two after losing a recent by-election.
As a condition for the huge bailout, the EU/IMF has said that Dublin needed to "rigorously implement the budget for 2011 and the fiscal consolidation measures announced afterwards".
Dublin, savaged by bank bailouts, a property market meltdown and recession-ravaged tax revenues, unveiled a four-year strategy last month to slash a huge deficit and save 15 billion euros by 2014.
That represents a huge amount for a country with a population of almost 4.5 million people.
Unpopular Cowen, a member of the Fianna Fail party, has promised to hold a general election in the new year -- as soon as parliament passes his tough budgetary measures.
His personal and party support has slumped to record lows following the EU-IMF bailout deal, a recent poll showed.
The Red C survey for The Irish Sun newspaper, the first conducted since the bailout was unveiled one week ago, shows that Cowen's personal rating is just eight percent.
His centrist Fianna Fail party has also plummeted to 13 percent compared to the 42 percent backing it received in the 2007 general election.
Last month, the government presented a series of tax rises and cuts to public sector pay, pensions and social welfare.
Cowen has vowed to keep Ireland's prized low rate of corporation tax, but has pledged to overhaul income and sales levies over the next four years.
-------------------
Ireland facing tough annual budget to secure bailout
DUBLIN — Crisis-hit Ireland, buckling under huge debts, will this week launch its 2011 budget to slash spending and lift taxation, as part of ongoing efforts to secure a huge EU/IMF international rescue package.
Irish Finance Minister Brian Lenihan is due on Tuesday to address the Dail, or lower house of parliament, and is expected to unveil savings of about six billion euros (eight billion dollars).
Tuesday's statement will be the first in a series of budgets to implement a combined fiscal correction of 15 billion euros over the next four years.
Lenihan is seeking to slash Ireland's public deficit from about 32 percent of GDP this year -- a record high for the eurozone -- to below the target deficit of 3.0 percent by 2015.
The former Celtic Tiger nation wants to win a huge rescue package of up to 85 billion euros (113 billion dollars) from the European Union and the International Monetary Fund to help fix its devastating debt crisis.
After Tuesday's budget, lawmakers will hold a vote over the measures -- but the outcome of this is shrouded in uncertainty, analysts said.
"The recent Irish rescue package was dependent upon the passing of the budget through parliament," said Investec economist Philip Shaw.
He added: "Current thinking is that it will pass, either via the necessary independents backing the bill, or by the main opposition party, Fine Gael, abstaining. However, there remains an air of uncertainty."
Ireland's governing Fianna Fail/Green party coalition, led by Prime Minister Brian Cowen, is nursing a slender parliamentary majority of just two after losing a recent by-election.
As a condition for the huge bailout, the EU/IMF has said that Dublin needed to "rigorously implement the budget for 2011 and the fiscal consolidation measures announced afterwards".
Dublin, savaged by bank bailouts, a property market meltdown and recession-ravaged tax revenues, unveiled a four-year strategy last month to slash a huge deficit and save 15 billion euros by 2014.
That represents a huge amount for a country with a population of almost 4.5 million people.
Unpopular Cowen, a member of the Fianna Fail party, has promised to hold a general election in the new year -- as soon as parliament passes his tough budgetary measures.
His personal and party support has slumped to record lows following the EU-IMF bailout deal, a recent poll showed.
The Red C survey for The Irish Sun newspaper, the first conducted since the bailout was unveiled one week ago, shows that Cowen's personal rating is just eight percent.
His centrist Fianna Fail party has also plummeted to 13 percent compared to the 42 percent backing it received in the 2007 general election.
Last month, the government presented a series of tax rises and cuts to public sector pay, pensions and social welfare.
Cowen has vowed to keep Ireland's prized low rate of corporation tax, but has pledged to overhaul income and sales levies over the next four years.
Oh, and Best Buy same store sales down 3.3% over the last three months, including Black Friday.
http://finance.yahoo.com/news/Best-Buy-Reports-Fiscal-Third-bw-2792999683.html?x=0&.v=1
Recovery? My
http://finance.yahoo.com/news/Best-Buy-Reports-Fiscal-Third-bw-2792999683.html?x=0&.v=1
Recovery? My
CHART OF THE DAY: The Current US Debt Situation Makes The Great Depression Look Like A Joke
http://www.businessinsider.com/chart-of-the-day-us-domestic-credit-market-debt-gdp-2010-12
http://www.businessinsider.com/chart-of-the-day-us-domestic-credit-market-debt-gdp-2010-12
I rarely pass along stuff I get emailed on the Interwebs, but this was pretty funny...
Q3 GDP Revision out today.
*U.S. ECONOMY GREW 2.6% IN THIRD QUARTER VS 2.5% PRIOR ESTIMATE
The main issues with this report are as follows:
- Consumer spending revised lower (not good - well, if you want to reinflate the credit bubble, that is)
- Inventories higher (bad news)
- Remained basically unchanged
- Prices trended higher (I feel so much better off paying higher prices instead of lower prices. Look at me, I'm a moron)
This is all we got from all the government stimulus over the past couple years. And judging by this report, I think the law of Diminishing Returns applies here.
*U.S. ECONOMY GREW 2.6% IN THIRD QUARTER VS 2.5% PRIOR ESTIMATE
The main issues with this report are as follows:
- Consumer spending revised lower (not good - well, if you want to reinflate the credit bubble, that is)
- Inventories higher (bad news)
- Remained basically unchanged
- Prices trended higher (I feel so much better off paying higher prices instead of lower prices. Look at me, I'm a moron)
This is all we got from all the government stimulus over the past couple years. And judging by this report, I think the law of Diminishing Returns applies here.
The reason for the rise during the Great Depression is because there was massive deflation in stocks and other assets, so there was a rush to cash. Stocks got trashed and people needed money to pay off debt, so the demand for the currency was high. Same thing happened in 2008 when stocks crashed and the Dollar Index spiked.