tag:blogger.com,1999:blog-7774179765567947305.post2070595794350852347..comments2024-02-15T06:28:06.790-08:00Comments on Subprime JD: The Humbling of AmericaSubprimehttp://www.blogger.com/profile/00010296774091296670noreply@blogger.comBlogger17125tag:blogger.com,1999:blog-7774179765567947305.post-87205001588007867022016-02-15T02:03:44.279-08:002016-02-15T02:03:44.279-08:00I agree with you. Certainly there will be demand f...I agree with you. Certainly there will be demand for lawyers, always has been and always will be. The best <br /><a href="http://edit-ing.services/" rel="nofollow">http://www.edit-ing.services/</a> are open 24/7 to support you with quality academic projects! <br />Anonymoushttps://www.blogger.com/profile/11326184512615564882noreply@blogger.comtag:blogger.com,1999:blog-7774179765567947305.post-39845760612372171532011-07-19T23:02:19.434-07:002011-07-19T23:02:19.434-07:00There's not going to be any revolution, no hyp...There's not going to be any revolution, no hyperinflation either. If and when it becomes necessary to do so, the government will start taxing the accumulated credits owned by the wealthy. The wealthy themselves will insist on it. Better to allow a little to be taxed away than to have the whole house of cards come tumbling down.<br /><br />In other words, the oppressive regime could endure for decades. Oppressive regimes endured in Europe for hundreds of years. In particular, the British had an oppressive rentier dominated society right up until WWII, despite the trappings of democracy. Lots of talk of revolution in England during the course of the 19th and early 20th century (England was where Marx did his mature work, and where the socialist movement was born) but nothing ever came of it. <br /><br />What will happen is that we will have to import less oil, and export more food and coal to buy what we want from Asia. The result will be a much lower standard of living for many Americans, especially those whose lifestyle is based around cheap energy. But there will be no collapse. <br /><br />And no, the Europeans are not better off. America has some very vibrant and internationally competitive industries. Southern Europe is going to be absolutely crushed by Chinese imports in the next decade. Northern Spain and Italy especially, are major manufacturing centers, producing the sorts of medium-tech goods which the Chinese can easily compete against. Demographics is working against all of Europe, and they can't accept huge numbers of immigrants the way the US can. So when the labor surplus turns to labor shortage, which will happen later this decade, all of Europe, even Germany, is going to be facing a problem of how to pay off the retirees given a declining number of workers. Whereas the US can just open the floodgates to immigrants. <br /><br />As for gold and silver, I'm agnostic. The dollar will be falling against commodities, but gold and silver are not true commodities. In any case, much of the rise of commodities against the dollar has already been anticipated, and perhaps overly so. The best bet, as always, is human capital. Develop skills that will be in high demand 10 to 20 years from now. Certainly there will be demand for lawyers, always has been and always will be, but it won't be a road to riches for most people. But then most of you seem to have figured this out already.fred jonesnoreply@blogger.comtag:blogger.com,1999:blog-7774179765567947305.post-6963902295272677052011-07-16T16:01:24.773-07:002011-07-16T16:01:24.773-07:00Great posts, but too much attention directed to Eu...Great posts, but too much attention directed to Europe as though the US debt crisis is better-- we're far worse in terms of fed debt, state debt and private debt. While Greece is an egregious example, it's a tiny portion of the European economy. And while Italy is having its troubles, its private debt levels are far below those of the United States, not least b/c the Euros don't have a student-loan crisis as in the US!! <br /><br />Most of Europe is actually in a far better state than the US since they don't have student loans, and held on to their manufacturing and tech industries. Germany may have the world's most exemplary economy right now, and the Scandinavians are pretty strong too, even though they don't have coal or other goodies to dig up from the ground. They built their economy from their smarts. Undoubtedly they wouldn't be in great shape if the US were to go belly-up (major export market), but they'd hold together far better than we would. If the hopelessly corrupt US system continues as is without reform, it's probably far better to be in Europe than the other side of the pond.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7774179765567947305.post-77104515610643733002011-07-11T17:46:31.646-07:002011-07-11T17:46:31.646-07:00Greece belly up...
Obama's a chump...
Italy o...Greece belly up...<br />Obama's a chump...<br /><br />Italy on the ropes...<br />Our leaders are dopes...<br /><br />Educated to be retards...<br />The people ass-lards...<br /><br />The media shills in...<br />Ain't it a Sin?!....<br /><br /><br />"Did anyone really think that Italy would be able to get through this thing without needing a bailout? Just when you thought that things in Europe could get back to normal for a little while, here comes Italy. On Friday, there was a bit of a “mini-panic” as investors started dumping Italian financial assets. European officials are concerned that the sovereign debt crisis that has ravaged Greece, Ireland and Portugal will now put the Italian economy through the wringer. European Council President Herman Van Rompuy has called an emergency meeting for Monday morning. He is denying that the meeting is about Italy, but everyone knows that Italy is going to be discussed. European Central Bank President Jean-Claude Trichet and European Commission President Jose Manuel Barroso along with a host of other top officials will also be at this meeting. If it does turn out that Italy needs a bailout, it is going to change the entire game in Europe.<br /> <br />What is going on in Italy right now is potentially far more serious than what has been going on in Greece. Italy is the fourth largest economy in the European Union. If Italy requires a bailout, the rest of Europe might not be able to handle it."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7774179765567947305.post-2287887181044266252011-07-11T14:54:26.736-07:002011-07-11T14:54:26.736-07:00Hey Subprime,
So Cal local here as well (La Canad...Hey Subprime,<br /><br />So Cal local here as well (La Canada actually). You are right, the insanity that was reached between 2003-2008 was mind boggling. I do not see any quick, or some what painless remedy to this situation. Continually reading about Wilhemian Germany (1900-1918) just scares me. So many similarities between our two nations. Just waiting for when I need to take a truck load of our dollars down to the Vons to buy some coffee. <br /><br />More on this, Germany paid for it's war effort by printing more money, (quite similar to the Conferdacy, which is why you can still buy confederate dollars at such a low price in antique stores, there are some many still in circulation). All episodes in history where a nation has tried to spend it's way out of a crisis, well they do not end well. Great post subprimeAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7774179765567947305.post-3170050291989834612011-07-11T10:08:45.132-07:002011-07-11T10:08:45.132-07:00Subprime,
Great post as usual. The only thing I...Subprime, <br /><br />Great post as usual. The only thing I will disagree with you here is that housing prices will continue to fall a long way. <br /><br />In addition to the many bubbles that we're in right now, we're also in the midst of a treasury bubble. In the end, the rich will need to find something else to throw their $ at. That thing might well be real estate. I don't know what part of socal you live in, but I see many rich Asian immigrants in both LA (San Gabriel Valley) and San Jose (Cupertino area) snagging up one house after another via cash only purchases. Eventually, this will drive housing prices up once inflation goes into full throttle. <br /><br />In my block alone, I have seen a huge influx of Chinese and other investment groups snagging real estate for pennies on the dollar and renting out half a block. <br /><br />Regardless, this trend is only expected to accelerate and it'll only reinforce the paradigm of the growing wealth disparity gap. <br /><br />Cheers, <br /><br />RZAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7774179765567947305.post-20193996003689708042011-07-11T04:49:00.570-07:002011-07-11T04:49:00.570-07:00The Bigger the Bubble...
The Better the Rubble...
...The Bigger the Bubble...<br />The Better the Rubble...<br /><br />The Bigger the Banker's Lie<br />The Sweeter the Banker's Pie...<br /><br />"Geithner says will be some time before many people feel like the country is recovering."<br /> <br />Geithner tells NBC’s “Meet the Press” that it’s a very tough economy. He says that for a lot of people “it’s going to feel very hard, harder than anything they’ve experienced in their lifetime now, for a long time to come.”Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7774179765567947305.post-71934913784371249352011-07-10T16:32:32.821-07:002011-07-10T16:32:32.821-07:00@ anon at 3:44pm
You are probably the poster JRD....@ anon at 3:44pm<br /><br />You are probably the poster JRD. Hope you had a nice weekend. <br /><br />Debtors revolt will eventually happen, but I think its a bit premature to actively and purposefully default on student loans. Letting go of a mortgage is good economics so millions have elected to do so. Student loans, as you well know, permit the gov to garnish your wages and jack up the principal to triple the original loan amount. Thus, the consequences are much more severe. In addition, those that have the ability to pay are paying out of fear of the consequences of default. This fear will keep repayment rates higher for the foreseeable future. <br /><br />Another huge factor is the widespread ignorance and partial acceptance of the current corrupt and rotting status quo. Just like the matrix, too many don't want to take the red pill. It's simply human nature. Just like the Greeks that were chilling drinking their coffee in ignorance found themselves protesting in front of Parliament when the gig was up. When its gone its gone. People are reactive, not proactive. Once they can no longer pay the bills and put food on the table, they will start screaming off with their fucking heads. However, there is a small percentage of people that see these things in advance and have a enlightened understanding of the matter. These are the ones that could become leaders. The people want to be lead. <br /><br />I still see time ahead, the powers that be are tremendously adept at kicking the motherfucking can down the motherfucking road. But eventually we will run out of road. And that's when the real fun begins.Subprimehttps://www.blogger.com/profile/00010296774091296670noreply@blogger.comtag:blogger.com,1999:blog-7774179765567947305.post-32877672228664996212011-07-10T15:44:48.555-07:002011-07-10T15:44:48.555-07:00Time to collapse this economy and rebuild it from ...Time to collapse this economy and rebuild it from scratch. I say, stop participating in the system that is rigged against us, engage in Debtors' Revolt / Default-en-masse, and achieve the collapse that is unfortunately the only way to reset the system. <br /><br />Current levels of income inequality ensure that the French Revolution is coming to America. There's no way I see to avoid this result, if the system keeps on as it is. I wish more people would see the dire straights we are in, and stop thinking that there's a political solution. Our democracy is dead, rendered into an oligarchy.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7774179765567947305.post-17604438503048104852011-07-10T09:20:10.385-07:002011-07-10T09:20:10.385-07:00Dr. Pharma (the writer of the long pharma post lol...Dr. Pharma (the writer of the long pharma post lol):<br /><br />Great comment. I have discussed this issue before and it amazes me how parents throw their own children under the bus with all these fucking magic pills. I will look up the data but if you know some of the important rates please let us know. <br /><br />Gribble: fuck debt, I owe $100 on my credit card and simply keep it open as a safety measure. I too reject the notion of financing things, whether it be a car or a house, unless I can one day pick up some bank repo that needs repair for 80k. <br /><br />Andy: haven't read aftershock but I am familiar with Mr. Reich. The only prescriptions that I understand that could heal our battered economy is mass liquidation of debt across the board. Remember that debt is simply a promise to pay. There will be many broken promises in the years ahead.Subprimehttps://www.blogger.com/profile/00010296774091296670noreply@blogger.comtag:blogger.com,1999:blog-7774179765567947305.post-12695789063416250012011-07-10T07:16:17.739-07:002011-07-10T07:16:17.739-07:00The pain must be felt on the top of the income lad...The pain must be felt on the top of the income ladder. There was a reason Social Security, Medicare and the beginnings of Johnson's Great Society were enacted in the 1930's: the alternative was another French revolution. <br />"Five or six hundred [aristocratic] heads lopped off would have assured you repose and happiness; a false humanity has restrained your arm and suspended your blows; it will cost the lives of millions of your brothers. Jean-Paul Marat, L'Ami du peupleAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7774179765567947305.post-16515552129365396632011-07-10T00:49:25.659-07:002011-07-10T00:49:25.659-07:00Great post and I also agree with one of the commen...Great post and I also agree with one of the comments, I will never go in debt again. I won't be buying a house, unless I can get it for cash, and that won't be possible in most areas. So eventually when I have enough money that I don't really have to work, I'll buy a house in cash in the middle of nowhere, then get on the government benefits programs if they still exist rather than rely on working again.<br /><br />I don't need all the consumer products that are being pushed. And if everyone thinks like me, there is no economy. Not that there is one anyway these days, since most people have no money.<br /><br />The farmers always seem to kill the golden goose. Our goose is already cooked. People act like a major power can't possibly contract and become a shell of what it once was, but before us the biggest empire was the British and they are now a worthless tiny island. That is our eventual outcome too. The only thing is whether we drag the rest of the world down with us first or not.gribblenoreply@blogger.comtag:blogger.com,1999:blog-7774179765567947305.post-25815794640316220842011-07-09T20:40:30.467-07:002011-07-09T20:40:30.467-07:00This is perhaps the best post on the subject of th...This is perhaps the best post on the subject of the decline of America I've read on a blog so far because it speaks to the unique pain of our generation (those in our 20s and early 30s) who should be flourishing but are instead faced with the sad fact that we must put our lives on hold, either due to crushing debt and/or a poor job market. This pain has largely gone unnoticed in both Washington and in the mainstream media for the reasons you so articulately detail (the scam of higher ed being the most striking). I also love how you said, basically, that the old wisdom just doesn't work anymore. Our parents never prepared us for this. No one was prepared.<br /><br />But I must mention one other very important factor you neglected to mention that is killing us: our health care system and, for young people in particular, psychiatry. I mention psychiatry because a larger and larger swath of youth are being scooped into the mental illness bin due to the broadening of diagnostic criteria and rampant corruption of pharmaceutical companies. From 1995 to 2003 alone, diagnoses of childhood bipolar disorder rose 40-FOLD. Some children as young as two are being put on potent antipsychotics for bipolar disorder based on the flimsiest of research which is largely biased by corrupted psychiatrists receiving pharmaceutical money totaling in the millions. In fact, the major player in the childhood bipolar field, Joseph Biederman, was recently disciplined by Mass General Hospital and Harvard for not disclosing his pharmaceutical payments. I can assure you I've done extensive research into the history of psychiatry in the last 30 years and believe me when I say this is the tip of the iceberg. <br /><br />These antipsychotic medications can cause devastating side effects such as diabetes and a permanent movement disorder known as tardive dyskinesia. Antipsychotic medication has also been shown to shrink the brain over time, although the significance of that finding hasn't been determined yet. Regardless, it is ominous when one considers young children are being prescribed these medications.<br /><br />This rampant and reckless drugging of our children and teens will have a massive sociological and economic impact on our country in the coming decades. It has already been noted in Robert Whitaker's "Anatomy of an Epidemic" that long-term medicating of psych patients can cause worse long-term outcomes compared to those who weren't medicated. This fact, he argues, is represented in the disability rates, which have also skyrocketed since the introduction of the new generation of psych meds. He essentially asks, "if these new meds are so effective, why have mental disability rates rose so dramatically?" The number of disabled mentally ill in the US has tripled over the past two decades, and 1,100 adults and children go on government mental disability DAILY.<br /><br />Indeed, some of the medication side effects are devastating and can prevent people from working and this is an obvious drain on an already eggshell-frail economy. It also must be said that the withdrawal symptoms from these meds can be debilitating (insomnia, rebound mania, depression and panic far worse than the original symptomology, etc) and can persist for years and, in some people, perhaps permanently (there are cases of people who have withdrawn from benzodiazepine medication like Xanax and Ativan and ten years later are still struggling with panic and cognitive decline and cannot work).<br /><br />And now for a little of my own prognosticating: If this generation "comes of age" on psych meds, I predict dire consequences for their employability, considering all the cognitive and social dysfunction long-term medicating can cause. And if a large sector of the work force can't work (or is underemployed) in an already weak economy, well, who knows what will happen, except that it won't be good.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7774179765567947305.post-49843444092385548642011-07-09T13:55:04.426-07:002011-07-09T13:55:04.426-07:00We need the fed. The economy is too complex and to...We need the fed. The economy is too complex and too intertwined to not have some kind of institution making day-to-day decisions. <br /><br />I am glad that NYT finally reported on the FDIC struggle against Treasury and Fed chairman during the darkest hours of the credit crisis. The sad part is Obama continues to listen to people like Timmy and Larry summers (the worst human being next to robert rubin and alan greenspan) when he should be listening to the Brooksley Bornes' and Elizabeth Warrens' of the Washington policy wonks. There were warnings for YEARS, almost a decade before this collapse happened! Its rather sad because I think Obama's heart is in the right place. He is just a ineffective puppet. We'll be saying "carter" in 2012.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7774179765567947305.post-82301630173843714292011-07-09T13:30:50.130-07:002011-07-09T13:30:50.130-07:00SJD,
I'm reading Aftershock by Robert Reich r...SJD,<br /><br />I'm reading Aftershock by Robert Reich right now. While it's a remarkable diagnosis of how we got to this point it's a little light on proscriptive measures. I was wondering if you had read it and whether you had read any books by like-minded academics who do discuss that many of America's problems are systemic and might have some solutions. <br /><br />-AndyAThttps://www.blogger.com/profile/15231838903030598653noreply@blogger.comtag:blogger.com,1999:blog-7774179765567947305.post-76295516431216795182011-07-09T12:57:48.439-07:002011-07-09T12:57:48.439-07:00A good start to resolving the debt crisis is to di...A good start to resolving the debt crisis is to dissolve the Federal Reserve. Cancel the debt owed to the Federal Reserve will save a couple of trillion. If an Act of Congress could create the privately run Federal Reserve, an Act of Congress could end it. Then again, the folks that run the Federal Reserve have Obama in their pocket and he won't sign such a bill if it ever came to his desk.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7774179765567947305.post-32685164376933611592011-07-09T11:27:45.812-07:002011-07-09T11:27:45.812-07:00USA...USA...USA...USA.
Don't you just love th...USA...USA...USA...USA.<br /><br />Don't you just love the assholes that chant this nowadays?<br /><br />It's funny how the government and mass media use terms like "austerity" as a euphemism for basically printing money and devaluing your hard earned savings in the process.<br /><br />This country is going to hell. It will get worse before it get's better. But let's be honest, there is absolutely NO WAY that the government is going to be able to pay back $14.3 trillion without implementing hyperinflation. They've run out of cute gimmicks and political pandering. They can't fudge the interest rates any longer, they're at 0%. We had the tech bubble, the housing bubble, the education bubble, the commodities bubble, etc. We all know the end result, or what "will" be the end result.<br /><br />The consumer is tapped out. The only way the economy will improve is if people have money to invest, i.e., disposable income, to start business, expand businesses, invest in current businesses, etc. My generation (Gen-X) is tapped out on student loans. Many of us can't afford the basic necessities of life that our parents took basically treated as a given. As for myself, I've learned the hard way what compound interest means. I don't intend to go into debt again after I pay off my student loans. The government can't force me to take out more and more loans that I'll be a "hope'in and a wish'in" that it will all pay off in the end. The only people getting rich off the education scam are (i) the schools, (ii) professors, (iii) the government and (iv) banks. I'm looking forward to a new paradigm shift in this country. In my view, secession is the only way to go and I see it an an inevitability.Anonymousnoreply@blogger.com