Discussion of Housing Bubble, US Dollar, Debt, Trade Deficit, Oil, Gold, Consumer Spending, Central Banks, Inflation, Outsourcing and the Bleak Future of the US economy
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And now that the profound stupidity of serial bubbles has finally burst, here comes the ridiculous Stiglitz, writing an essay in The Financial Times titled "Fannie's and Freddie's free lunch".
He says that the "core of the problem", putting his powerful brilliance to work, is that "millions of Americans were made loans beyond their ability to pay." He does not mention that the ridiculous loans were made by the ridiculous banks seductively enticing borrowers of all stripes, including speculators eager to recoup some of the money they lost in 2000, and all done with the blessing of the Fed, with the blessing of the government regulators, with the blessing of Congress and with the blessing of PhD poseurs like him, and every step of the way.
He says, as is totally consistent with his ridiculous Leftist/Marxist/Commie ways, "We need to help them stay in their homes, including by converting the home mortgage deduction into a cashable tax credit and creating a homeowner's Chapter 11, an expedited way to restructure their liabilities." Hahaha! Giving people actual cash with which to buy houses they cannot afford! Hahaha! And then giving them a fast and easy way to stiff their creditors, too! Hahaha! Perfect Leftist giveaway idiocy!
But, to be fair, this is standard Stiglitz thinking, as he is such a weird Leftist loony tunes kind of guy, but Columbia University has this guy on its faculty? Hahaha!
And now Columbia will soon have Fredric Mishkin, too, a thoroughly repugnant Fed governor who actually endorses an asinine policy of pursuing an "inflation target" (which is the most despicable and outrageous damned thing anybody could say, and for which he should be shunned as the intellectual leper and laughable fool that he is), of about 2% a year! Purposely creating inflation! Wow! This is truly insane!
The question is, "Why is Columbia staffing itself with people like this? And what is the real value of a degree from Columbia, given their faculty?"
In fact, what will be the value of any college degrees when there are no jobs?
I had to shake my head after watching that video clip of those two talking heads. Ms. Whitney says that the guy at Goldman Sachs and her other CEO pals were "real pros". Pros at what? They are pros at greedy. So, now they go on "conference call", opening up to share their feelings. What a bunch of crap!
They are not unlike Eliot Spitzer. They would have continued to eat from the Greedy Tree as long as no one would notice. But because they ate too much and puked their guts out all over the American people, they now have found some kind of "religion". I don't buy it. "I am so sorry I was asleep at the switch and hurt the country like I did, as well as the stockholders, but as long as the Fed gives me handouts, and I can keep all my accumulated wealth made off of my greed, then I can find religion. Oh, do you have time to meet me at the club later for a round of drinks and golf?"
They are "pros" at selling garbage securities, which, currently, no one would buy, unless it was for 22 cents on the dollar, and would come with a special Blue Light Special financing sales offer of 75%. "I won't buy unless You Merrill Lynch finance the deal at a 75% level." So, that makes them pros? They can take a bath with taxpayer's money?
These guys are crooks and thieves. Have they had to pay restitution? NO. If Martha Stewart and Michael Milken had to go to jail, then these guys should too!
If they actually believed the sales pitch they were giving to sovereign wealth fund managers and hedge fund suckers that their CDOs and other sheister schemes were safe, insured, and secure and could not go bad, then they certainly should stand trial for incompetence and theft.
Ms. Whitney continued to only speak from a narrow view point. Look what is happening to the National Australian Bank, and other global banks due to mortgages drowning. This recession, at the very least, will be going global at various levels.
4 comments:
Off the subject but check this out Randy.
http://thinkprogress.org/2008/07/31/cheney-proposal-for-iran-war/
Kiss my butt! You're not understanding the the issue.
HOW INTELLIGENT ARE YOU?
Just kidding! Hi Randy, how's the family. Teddy ;)
Inflationary horror movie
And now that the profound stupidity of serial bubbles has finally burst, here comes the ridiculous Stiglitz, writing an essay in The Financial Times titled "Fannie's and Freddie's free lunch".
He says that the "core of the problem", putting his powerful brilliance to work, is that "millions of Americans were made loans beyond their ability to pay." He does not mention that the ridiculous loans were made by the ridiculous banks seductively enticing borrowers of all stripes, including speculators eager to recoup some of the money they lost in 2000, and all done with the blessing of the Fed, with the blessing of the government regulators, with the blessing of Congress and with the blessing of PhD poseurs like him, and every step of the way.
He says, as is totally consistent with his ridiculous Leftist/Marxist/Commie ways, "We need to help them stay in their homes, including by converting the home mortgage deduction into a cashable tax credit and creating a homeowner's Chapter 11, an expedited way to restructure their liabilities." Hahaha! Giving people actual cash with which to buy houses they cannot afford! Hahaha! And then giving them a fast and easy way to stiff their creditors, too! Hahaha! Perfect Leftist giveaway idiocy!
But, to be fair, this is standard Stiglitz thinking, as he is such a weird Leftist loony tunes kind of guy, but Columbia University has this guy on its faculty? Hahaha!
And now Columbia will soon have Fredric Mishkin, too, a thoroughly repugnant Fed governor who actually endorses an asinine policy of pursuing an "inflation target" (which is the most despicable and outrageous damned thing anybody could say, and for which he should be shunned as the intellectual leper and laughable fool that he is), of about 2% a year! Purposely creating inflation! Wow! This is truly insane!
The question is, "Why is Columbia staffing itself with people like this? And what is the real value of a degree from Columbia, given their faculty?"
In fact, what will be the value of any college degrees when there are no jobs?
http://news.goldseek.com/RichardDaughty/1217570520.php
I had to shake my head after watching that video clip of those two talking heads. Ms. Whitney says that the guy at Goldman Sachs and her other CEO pals were "real pros". Pros at what? They are pros at greedy. So, now they go on "conference call", opening up to share their feelings. What a bunch of crap!
They are not unlike Eliot Spitzer. They would have continued to eat from the Greedy Tree as long as no one would notice. But because they ate too much and puked their guts out all over the American people, they now have found some kind of "religion". I don't buy it. "I am so sorry I was asleep at the switch and hurt the country like I did, as well as the stockholders, but as long as the Fed gives me handouts, and I can keep all my accumulated wealth made off of my greed, then I can find religion. Oh, do you have time to meet me at the club later for a round of drinks and golf?"
They are "pros" at selling garbage securities, which, currently, no one would buy, unless it was for 22 cents on the dollar, and would come with a special Blue Light Special financing sales offer of 75%. "I won't buy unless You Merrill Lynch finance the deal at a 75% level." So, that makes them pros? They can take a bath with taxpayer's money?
These guys are crooks and thieves. Have they had to pay restitution? NO. If Martha Stewart and Michael Milken had to go to jail, then these guys should too!
If they actually believed the sales pitch they were giving to sovereign wealth fund managers and hedge fund suckers that their CDOs and other sheister schemes were safe, insured, and secure and could not go bad, then they certainly should stand trial for incompetence and theft.
Ms. Whitney continued to only speak from a narrow view point. Look what is happening to the National Australian Bank, and other global banks due to mortgages drowning. This recession, at the very least, will be going global at various levels.
Propaganda is raining upon us.
jerry
http://eye-on-washington.blogspot.com
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