The current economical model is based on tangible goods that are "disposable", cheap, and stop working after a few years. This has been combined with marketing to tell people things become obsolete in months (not years). This model was also developed on a financial system that was designed to use debt to "make money". However, the economy has tanked because that precarious wheel of paying off yesterday's debt with todays paycheck hit a rock, got a flat and fell over. It is not as simple as saying, "This paradigm is flawed we need to choose a new one" because we now have a society dependant on infrastructure that was not designed to last and expectant on immediate shiny new replacements. The fix is not short term. It is one that will require a huge redevelopment of infrastructure and production after that necessary radical shift economic paradigm. Neither of those changes are popular and not likely to be supported, and inifitely more complicated since the US no longer has any control on corporations that have moved that infrastructure elsewhere. As a result they will try to bull**** us on the same crappy wheel as before with bright superheo band over it hoping that eventually it will get the wheel rolling again somehow. But the system is inherently fraught with huge risk of collapse and it will fall apart again. The only way way to really change the system is for a massive worldwide recession.
Peter Schiff predicting the 2007 meltdown while everyone makes fun of him. <iframe width="480" height="360" src="http://www.youtube.com/embed/2I0QN-FYkpw" frameborder="0" allowfullscreen></iframe>
When you cry that the global economy is going to collapse for 20 years in a row, you're bound to be right at some point. There's a reason why everyone makes fun of him. He was crying global financial collapse in the 90s for example. Or take a look at this gem of a prediction. <iframe width="560" height="315" src="http://www.youtube.com/embed/RATjRTQWy6k" frameborder="0" allowfullscreen></iframe> Lastly I find it funny that someone who was so "insightful" got destroyed in the market like everyone else. If he's going to claim credit for such a thing the least he could have done is play the market appropriately with that knowledge. Even his overall investment track record is pretty mediocre. But hey lets idolize a moron because he's claiming to be a genius on fox news.
great Americans! GOP Leaders To Bernanke: Don’t Try And Improve The Economy Again House and Senate GOP leadership are taking fire from all sides for publicly pressuring Federal Reserve chairman Ben Bernanke not to further loosen monetary policy, even if he thinks it will help the economy. In a Tuesday letter to Bernanke, leaked to the press, Sens. Mitch McConnell (R-KY) and Jon Kyl (R-AZ), and House Speaker John Boehner (R-OH) and Majority Leader Eric Cantor (R-VA), ostentatiously cautioned Bernanke against providing the economy any further monetary stimulus.
2007, so the meltdown and deficit run up came after the tax cuts right, after deregulation right. that's what kills me about you guys still making this argument clinton breaks up glass stegall, w cuts taxes, eight years later wah lah. but that's the policies you want to continue?
There are about 18 things wrong with this statement, but I'll point out the first by gleaming this from your own article...
Not sure if this fed's twist will do any good, I mean he is just lowering the already historic low long term rate by just a little bit more. Ok the 10 year yield went from 1.95 to 1.87, how much more mortgage will that create? The people who can refi probably already did, and those who don't qualify still not going to qualify. One thing though, its going to lower the US borrowing cost to pretty much nothing, maybe even negative factoring the devaluation of USD.
Or s/he might not, and neither of you would be better off; at least one person would be worse off. You say "fire the lot of them" and let the chips fall. Are laid-off teachers better off? Firefighters? Cops? Librarians? Are most kids in public schools better off without them? Are we better off letting wildfires destroy whole neighborhoods and small towns? As long as my fireproofed McMansion on the hilltop is standing when the smoke clears, I guess.
As the private sector bounces back, so will the revenue available for the public sector. Good news for Houstonians...
Interesting standard. If the stock market moves up after an Obama policy suggestion, should we assume you believe that it's a good idea?
