Han wrote:
Tim Daneliuk wrote in
:
Rod Jacobson wrote:
Elrond Hubbard wrote:
I love it.
Over the course of 12 hours, John McCain does a 180 degree
four-wheel locked-brake slide from saying "The economy is
fundamentally sound" to "This is the worst fiscal crisis since the
Great Depression," and you characterize it as 'altering course.'
With spin like that, you could get a job as a human gyroscope.
If the opposition candidate had done the same, you would excoriate
his action as a flip-flop of Titanic proportions. With full
justification.
Priceless.
Scott
I can understand how clue less TV talking heads can't grasp simple
concepts but isn't the general public at least supposed to think on
occasion? The country has a 6.1 % unemployment rate (historically
never considered high or particularly significant). The mortgage
industry has a approx. 6.2% default rate that is 3X higher than
probably desired but well under the 40% rate of the 30's. The country
has a well trained and educated work force. A infrastructure of
roads, rail and air that allow relatively cheap and abundant
transport. A farm and food production capacity dwarfing any
historical norm. A college and university system that attracts the
best and brightest from around the world. We have millions clamoring
both legally and otherwise to get into the country. Please explain
for us less mentally endowed how a temporary Wall street big paper
shuffling debt problem trumps all of the real physical properties
that actually make this a great and the most productive country in
the world. In fact if the country in both the business and private
sector could learn that credit should be used with serious discretion
and that indeed you should pay cash whenever possible, long term
we'll be much better off.......The easy credit and borrow mentality
is really a fairly recent development (20-30yrs).....Rod
Uh ... you are going to confuse the Bush-haters and assorted other
effluvium from the left with all those facts and numbers. See,
you don't learn math when doing ritual tribal dances to get your
political viewpoint clarified. The stock market is not the
economy, this too shall pass, and - as you point out - we
are not remotely in Depression era trouble. However, Comrade
Obama and his fellow Marxists *are* in political trouble. They
need to manufacture and emergency to have a hope of being elected.
The manufactured emergency is produced by greed and an ability of Madison
Avenue to entice people who are not credit-worthy to go into debt over
(far over) their heads. Plus incompetents who sell Ponzi schemes of
Ohhh, those poor people. They clearly cannot be responsible for
themselves and need a huge government to be their daddy ... viva la
revolucion comrade. Madison Ave. (and no one else, for that matter)
has never managed to entice me into debt far over my head. Ditto
most of my friends. However did we manage to do this without the
help of Big Brother, I wonder?
insurance on that exorbitant debt. It is a defect of laissez-faire and
utter lack of regulation, as well expressed by the short sellers who now
What you have witnessed is NOT laisses-faire. A true free market would
not be bailing out either the borrowers or the lenders. You and your
ilk want to bail out the borrowers but screw the lenders. This is a
particularly nasty bit of dishonesty. (Similarly, the bias of the
right is to protect the lenders first - also a horrid travesty.
Moreover, in many states, some kinds of insurance are mandatory (auto,
leaps to mind). When you have government-forced insurance, you no
longer have laissez-faire. In general, people love to criticize the
defects of *interfering* with laissez-faire, while blaming it at the
same time.
want to have their cloak of deception back now short selling has to be
publicized unless totally forbidden. Finally the despicpublicans realize
that unfettered financial deception has led us to the brink of financial
disaster as a country, not just a few individuals and corporations,
because of the domino effect and the ability of short sellers to trash
big and small companies. My Lehman stock is still on the books, but
Or ... maybe the companies in question really were overvalued and needed
the market to correct them. People with your views always make me
chuckle. You act as if the short sellers have no market forces controlling
stupidity on their part. There is a slight case to be made against
naked short selling because it trades "value" without an underlying
equity. But shorting as a general trading mechanism is no better- or
worse than buying long positions.
practically worthless of course. The Us is founded on free exchange of
information and free trade where people can take risks without having the
wool pulled over their eyes. Indeed I have never voted Republican, but
that doesn't mean that fisccal responsibility is really (REALLY) my first
concern. Fairness is the only thing that trumps that.
Then let me be the first to point out to you that life is not "fair"
and in some particular way, neither are markets. A Noble was won
years ago (Hayek) for demonstrating that all opportunities to profit
in markets come from an *imbalance* in information. (At least, that's
how it was explained to me.) Should markets be *honest*? Yup.
Should they be transparent? Yup. But markets are never going to be
"fair".
As always, my opinions are just that, opinions, and I respect yours even
if I disagree. I admit even to sometimes being wrong, but not this time,
grin!
At this point, it matters very little who is right or wrong. The
Big Government monsters are using this set of events to further
Federalize our nation. We have taken another gigantic step into the
hell of a collectivist nation - in large part to our own foolish greed
as individual citizens who want what we want without caring much whether
we are legitimately entitled to it.
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Tim Daneliuk
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