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"Our immersion in the details of crises that have arisen over the past eight centuries and in data on them has led us to conclude that the most commonly repeated and most expensive investment advice ever given in the boom just before a financial crisis stems from the perception that 'this time is different.'
"That advice, that the old rules of valuation no longer apply, is usually followed up with vigor. Financial professionals and, all too often, government leaders explain that we are doing things better than before, we are smarter, and we have learned from past mistakes. Each time, society convinces itself that the current boom, unlike the many booms that preceded catastrophic collapses in the past, is built on sound fundamentals, structural reforms, technological innovation, and good policy."
- This Time is Different (Carmen M. Reinhart and Kenneth Rogoff)
When does a potential crisis become an actual crisis, and how and why does it happen? Why did most everyone believe there were no problems in the US (or Japanese or European or British) economies in 2006? Yet now we are mired in a very difficult situation. "The subprime problem will be contained," said now controversially confirmed Fed Chairman Bernanke, just months before the implosion and significant Fed intervention. I have just returned from Europe, and the discussion often turned to the potential of a crisis in the Eurozone if Greece defaults. Plus, we take a look at the very positive US GDP numbers released this morning. Are we finally back to the Old Normal? There's just so much to talk about...
More Here
Taxpayers pay $101,000 for Pelosi's in-flight 'food, booze'
LINK
comment on "We are so screwed": America is a sinking ship of fools; as the picture shows, we're headed down the abyss to never emerge again. When I see school kids waiting for the bus, or in the school yard, etc., I see their futures as a living hell.
ReplyDeleteWe have been living in Fairtale land that the Bankers have partially created and when you live is a fairy tale everything seems to be good, easy, and life just floats past you. But the reality is that most Americans have looming health problems, do not like their job, have family issues, credit card bills, debts, addicted to entertainment, and generally are not going anywhere in their life.
ReplyDeleteWhat do you do?
Stop and Think.
Decide what your goal and purpose in life is. Then make it happen. Each of you has a tremendous skill or talent that maybe used to help others and uplift all of humanity.
Stop and Think what you may offer to the world.
Whenever I see that corrupt sob Mrs ED -Peloisi I want to hurl.If this is the best we got we are surely f**ked.
ReplyDeleteMany readers of this blog would do well to read the entire article and then perhaps the book from which it widely borrows, being that, shall we say, a thorough understanding often appears to be lacking:
ReplyDelete"I am going to be writing about and quoting from this book for several weeks. It is a very important work, as it gives us the first really comprehensive analysis of financial crises. I highlighted more pages than in any book in recent memory (easy to do on the Kindle, and even easier to find the highlights). Rather than offering up theories on how to deal with the current financial crisis, the authors show us what happened in over 250 historical crises in 66 countries. And they offer some very clear ideas on how this current crisis might play out. Sadly, the lesson is not a happy one. There are no good endings once you start down a deleveraging path. As I have been writing for several years, we now are faced with choosing from among several bad choices, some being worse than others. This Time is Different offers up some ideas as to which are the worst choices.
If you are a serious student of economics, you should read this book. If you want to get a sense of the problems we face, the authors conveniently summarize the situation in chapters 13-16, purposefully allowing people to get the main points without drilling into the mountain of details they provide. "
9:53
ReplyDeleteI decided my purpose was to help those living in extreme poverty.
A small 15 watt solar cell and battery could power up a small LED light and radio. Provide electric power to someone who has never seen a night light.
$4K would buy a drill to punch holes all over the place, harvesting natural ground water, so people would not have to drink poisoned surface water.
A 500 watt solar panel and batteries could power up a small rural school or clinic.
I built a 500 watt wind turbine for less than $400.00.
I had countless, low cost answers to life threatening problems for those who live in extreme poverty. After 3 years of trying my best, I concluded that people simply don't care about those in need. Before the earthquake, nobody cared about Haiti. People starved while we are the most obese nation on the planet.
I gave up and dissolved my NGO last year.
For 2PM: As a senior, I can't blame you, I too have given up on people in general incl relatives, neighbors, and old class mates. People basically only care about themselves and immediate family. A friend tried to org. a church group to show others how to plant veg. and it too failed. Everyone is for themselves, this is why we will lose hands down when shtf..no one gives a damn. I never thought people would change so much in the last few decades, it's unreal.
ReplyDelete2:00, you may wish to turn your aim toward the greater cause:
ReplyDelete400-500M to drop x tons of concrete over unused, "useless" vegetation.
Damns to clog up local rivers and divert natural water to agricultural and industrial use, followed by subsequent poisoning of said resource.
Hired loggers to render unused forests "useful" in order to produce paper on which important or necessary propaganda may be disseminated and to clear the way for indoctrination learning facilities (schools and churches) and fast-food establishments.
At this point, said place may still be of only third world status, so "aid" must be diverted from tax-payers in order to build sound economic strength by way of forward thinking banking institutions which will "invest" in the people through sweat shops, factory jobs, and sometimes, only if necessary, military coup and death squad.
When enough machinery is in place, the true wealth of said place can be tapped, and, in the name of the people, they can be routed to 1st world consumers in order to be enjoyed at luxury, paid for at dimes to the dollar. And this my friends is the true spirit of democracy and freedom.
2:27 What?
ReplyDelete2:00PM here
ReplyDeleteI understand that the USA represents less than 10% of the global population and consumes 25%+ of the world's resources. That leaves 75% for the other 90%!
I hate illegal immigration. Mexico is a bigger threat to us than Iraq, Iran, N. Korea and all the "stans" combined. If I were in charge, I would recall all of our troops and invade Mexico. Kick ass and kill the corrupt politicians and drug dealers and start over. After all, they claim to be democratic government... Corrupt to the core and they are using their "unwanted" as a WMED, Weapon of Mass Economic Destruction, here in the western states.
I'm 50, so I guess that makes me a senior. At least I tried to make a difference.
Sometimes, I can understand why Osama Bin Laden is pissed at us...
Pelosi spending money like there's no tomorrow -- $1000.00 a week on booze and nearly $30,000.00 for one return flight, yet people on unemployment are getting cheques that don't even equal any of that in the least.
ReplyDeleteThis country is FINISHED.
I agree. Even though some of my own family come from hispanic countries, the illegals need to GO HOME and fix their own country's problems!
ReplyDeleteWe are so screwed. Please screw us more. Oh please please please
ReplyDeleteJust print more $$$$$$$ MAN
ReplyDeleteOne thing I can personally gaurentee each and every one of you is that, we the government of the united states will ensure that we diligently research all the possible outcomes of this financial crisis, and we will unequivacably choose and act in such a way as to ensure the worst possible outcome, because we are just as selfish, stupid and incompetant as the majority of you are.
ReplyDelete2pm, I think your politics are twisted but your intention is reasonably good. Iraq is not a threat to us, nor is Iran, or Russia, or China. You seem to forget who has all the troops and military bases around the world. You think Mexico is a bigger threat, well perhaps we are the bigger threat to Mexico. And just maybe we will invade them one day and try incorporate them into the union. While that might satisfy you wholly, it is not at all the right thing to do. It would just be another terrorist maneuver by the biggest terrorist state in the world, the US. Maybe we could hve the blood of another 20,000 brown people on our hands. I am sure it would delight many in the White House, and perhaps you included. All in the name of the American Dream.
ReplyDeleteWow, what a twisted country we live in.
2:34 read a book
ReplyDeletePelosi exemplifies all that is wrong in Washington.The contempt displayed by her others of the same Elk is so obvious yet the majority fail to see when its shoved right in front of thier faces.The Sheeple are now paying the price dearly this lack of observation.
ReplyDeleteI watch Peloisi during the State of the Union.Smiling clapping all a pretentious sideshow for the Sheeple.To make matters worse she resembles in no small way Mr Ed that old comedy about a talking horse.I mean look at the homely cows face sandwiched by a set of dentures only a horse could could wear.They shoot horses dont they?
The biggest threat to the USA is India, they are stealing all of our white collar jobs. They have also sent millions of H1B and L1 visa holders here over the years to steal even more jobs on US soil! Nuke India!
ReplyDelete1:44, ha ha...
ReplyDeleteI say ha ha because you are a joke! Nuke the Federal Reserve, I mean your mom.
2:07 Shut up you smelly goat herding dothead!
ReplyDeleteNext time Nancy flies home on an Air Force jet, would someone please bitch slap her?
ReplyDeleteEven if the bitch were to buy out the entire first class section of a commercial aircraft, it would be cheaper than flying an Air Force jet. Does this wack job think she's special?
Nancy Pelosi what a dingbat. I'd like to meet up alone with her in dark alley. I'd bitch slap her several times gladly.
ReplyDeletenext time we see bush at a football game, lets nuke him, that will teach the new world order a lesson, also I would like to slap fat ass denny assterd who was the worst fat ass speaker of the house ever, make him ride a bus not air farce one
ReplyDeleterose is an idiot, I would slap her fat face gladly, and she would like it as she is a sheep
ReplyDelete2:40 I know you are but what am I? HAHA YOU CRACK ME UP. CRACK HEAD HUMOR IS TOPS!!!!
ReplyDeletetaxpayers paid for murderers bush and cheneys coke filled planes as they snorted and murderered for profit
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ReplyDeleteNixon was a heorin addicted transvestite, George Washington abducted midgets for the sex trade, and EA is a censoring neo-con nazi. Come on out of the closet friend!
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