dumb ass.
Pabst is probably more conservative than you
Guess some of what he post his pretty close to home?
Ron Paul Humiliates Ben Bernanke so bad that CNBC had to cut him off.
- Thread starter aeliodon
- Start date
dumb ass.
Pabst is probably more conservative than you
Guess some of what he post his pretty close to home?
You just don't get it, do you?
Have you ever taken a course in Capital Markets? Monetary Policy?
How about Econ. 101A?
Your thinking never gets to the point of explaining just what mechanism it is that is going to CREATE CAPITAL FOR INVESTMENT in our nation's economy to help it grow. Have you ever noticed that?
YOU ARE NEVER ABLE TO ANSWER MY QUESTION.
For you, it's all about consumption, shitty companies, shitty loans, scumbags selling paper, going into debt, etc. . . . Yet, never in any of your posts do you explain where CAPITAL is going to come from to finance a growing economy and stimulate investment.
You act as if the sole purpose of the banking industry and system is to support the housing market, and then you go on to "discount" such a sector, only to then ( quite naively ) talk about what this country USED to make that made us so great.
Oh.... you mean all of those gas-guzzling vehicles out of Detroit, or those ball-bearing manufacturing companies from Ohio? I'm surprised that you haven't mentioned a Zenith, RCA, or Westinghouse television set, either!
Get real.
Not only is your understanding of the capital markets highly naive and you are incredibly misinformed when it comes to the housing sector, but you live in a fantasy land of yesteryear.
Are you even aware of just how little the housing sector is represented in the economic growth of this country?
Try about 10% of the Economy.
While it's true that the contribution of residential investment to GDP growth has been unusually large since 2001, on average, it's still only about 0.3 percentage points of an average total GDP growth rate of 3.1% during this time.
During the much longer period since 1947, residential investment accounted for only about 0.1 percentage points of growth out of a total average of 3.5 percent growth in GDP.
0.1 - 0.3 percentage points.
The direct impact of declining residential construction and associated spending on furniture and household equipment typically subtracts about 1 percentage point from GDP growth for a number of quarters during a housing slowdown. That's a fact.
But you post and post on ET as if the investment in residential housing construction is off the charts and is the ONLY thing that this country does anymore and that Fannie and Freddie need to go under so that this country can get back on the "right" path again.
( Do you even have any idea where mortgage rates would be without Fannie or Freddie securitizing mortgages? )
Next time, try doing some "homework" before you post about the banking system and the economy.
Quote from Pa(b)st Prime:
Not great stats. Why? Because two people working isn't the way it's supposed to be! You're comparing apples (1 breadwinner) to oranges.
Gad, Pabst, you are thick.
A) Many homes are NOT 2-family.
B) Many people are SINGLE
C) These stats start AFTER WW2. WW2 is when MANY women poured into the workforce when the men were off fighting. So there was a significant number of women working in factories, in offices, and some even working alongside their husbands in their own businesses - stores, restaurants, etc. Do you think all the nurses, maids, nuns, operators, teachers and many other occupations were ALL male? And some of the engineers and other professions were women, even in a day it was hard for them to break in.
D) Many homes that have 2 incomes choose to be that way.
And in spite of all this, the average family income is THREE times what it was in 1947. I suppose you will say that is become most couples are THREESOMES ???
What happened to marriage? And kids? What happened to white kids? We're disappearing into a sea of black, yellow and brown.
Oh, it is terrible. Blacks - whoops - weren't they already here?
Race is a genetic crapshoot. You could just as easily been an American Indian stuck on a reservation, with few prospects. Should we get rid of them too? After all, isn't this OUR country? What right do the Navajo have here, after all - WE are the immigrants...
And do you think that immigration just started? Ever heard of Ellis island?
Your racist tone is the same thing that ITALIANS and POLES and the IRISH faced from WASPS. But somehow we survived.
Why? Because western women are like creatures from a Poe tale. They'd rather start careers, get off on a battery device and abort the few who successfully fertilized within them-all for a more decadent material life.
You are an amazingly uneducated individual. Maybe we should put White Only signs back up and start lynching these foreigners.
Most of these immigrants outwork their white counterparts. Many cities have gentrified because of these influs of immigrants. NYC would be a badly depopulated, decaying city without a constant stream of new people.
And why do YOU deserve to be here more than someone from Peru? Because you are "white"? If you were Mexican, would you be spewing this same BS?
Two generations ago families lived in tenements instead of suburbia. We were once like this new crop of child creating immigrants. But today the temptation of living large takes precedence over being âstrappedâ with kids.
THAT WAS THE POINT!!! We are much better off then 2 generations ago. Why are you so clueless?
I have a better idea. Why don't you go back to the country that happily got rid of you, and make this country a better place?
Not great stats. Why? Because two people working isn't the way it's supposed to be! You're comparing apples (1 breadwinner) to oranges.
Gad, Pabst, you are thick.
A) Many homes are NOT 2-family.
B) Many people are SINGLE
C) These stats start AFTER WW2. WW2 is when MANY women poured into the workforce when the men were off fighting. So there was a significant number of women working in factories, in offices, and some even working alongside their husbands in their own businesses - stores, restaurants, etc. Do you think all the nurses, maids, nuns, operators, teachers and many other occupations were ALL male? And some of the engineers and other professions were women, even in a day it was hard for them to break in.
D) Many homes that have 2 incomes choose to be that way.
And in spite of all this, the average family income is THREE times what it was in 1947. I suppose you will say that is become most couples are THREESOMES ???
What happened to marriage? And kids? What happened to white kids? We're disappearing into a sea of black, yellow and brown.
Oh, it is terrible. Blacks - whoops - weren't they already here?
Race is a genetic crapshoot. You could just as easily been an American Indian stuck on a reservation, with few prospects. Should we get rid of them too? After all, isn't this OUR country? What right do the Navajo have here, after all - WE are the immigrants...
And do you think that immigration just started? Ever heard of Ellis island?
Your racist tone is the same thing that ITALIANS and POLES and the IRISH faced from WASPS. But somehow we survived.
Why? Because western women are like creatures from a Poe tale. They'd rather start careers, get off on a battery device and abort the few who successfully fertilized within them-all for a more decadent material life.
You are an amazingly uneducated individual. Maybe we should put White Only signs back up and start lynching these foreigners.
Most of these immigrants outwork their white counterparts. Many cities have gentrified because of these influs of immigrants. NYC would be a badly depopulated, decaying city without a constant stream of new people.
And why do YOU deserve to be here more than someone from Peru? Because you are "white"? If you were Mexican, would you be spewing this same BS?
Two generations ago families lived in tenements instead of suburbia. We were once like this new crop of child creating immigrants. But today the temptation of living large takes precedence over being âstrappedâ with kids.
THAT WAS THE POINT!!! We are much better off then 2 generations ago. Why are you so clueless?
I have a better idea. Why don't you go back to the country that happily got rid of you, and make this country a better place?
Mortgage rates would go to 10% and nobody would borrow and price of homes fall. Decrease in borrowing would lower rates.
I don't need the gov't to decide what the interest rates or what price of homes are. US has the lowest price of homes from income/house price ratio because of 'free markets'.
Artificially pumping the real estate market with interest only loans or gov't trying to create wealth by buying votes only causes problems in the long run...and now you see the result...
and for pensions for seniors---it's a gov't welfare program.
why is fannie and freddie mac even a private company when it needs gov't handouts. maybe it should be owned by the gov't
You act as if the sole purpose of the banking industry and system is to support the housing market, and then you go on to "discount" such a
Try about 10% of the Economy.
( Do you even have any idea where mortgage rates would be without Fannie or Freddie securitizing mortgages? )
I don't need the gov't to decide what the interest rates or what price of homes are. US has the lowest price of homes from income/house price ratio because of 'free markets'.
Artificially pumping the real estate market with interest only loans or gov't trying to create wealth by buying votes only causes problems in the long run...and now you see the result...
and for pensions for seniors---it's a gov't welfare program.
why is fannie and freddie mac even a private company when it needs gov't handouts. maybe it should be owned by the gov't
You act as if the sole purpose of the banking industry and system is to support the housing market, and then you go on to "discount" such a
Try about 10% of the Economy.
( Do you even have any idea where mortgage rates would be without Fannie or Freddie securitizing mortgages? )
Quote from Landis82:
Did you cut and paste that from somewhere my friend?
You know me better than that bro. Anything I quote I attribute and/or link. Good line eh? Obama's not the only Chicago pol who can write!
Put all the horseshit spin you want. One of the negative economic and social factors in America has been the transformation from majority white to majority brown.
If you think a black and Mexican workforce is the productivity equivalent of our old school European workforce then it's you who's either stupid or delusional.
Crime and dissimulation are ripping the fabric of American economic choices. Take housing. As the sub-prime fallout has proven, there's a GLUT of cheap housing in America. Know something? White America can't go there. You think white folks are still cranking out kids? I'll give you a reason why they're not in the old industrial-new service center North. Schools. To escape gang violence and dangerous neighborhoods white families are paying an exorbitant premium for housing. It's all about safety. Any American here knows they could live for half the cost in the town they're in if not for the threat of crime. This is another de facto âtaxâ on Americans. The cost of productive America educating unproductive America is another tax. Only that tax is a REAL tax in the form of property taxes that are gutting the population of many urban cores. Places like Detroit, Philly, Cleveland, St.Louis -the list could go on for paragraphs. These cities will be BANKRUPT in the next few years. Wanna see how much easing and stimulus packaging there will be when the City of Philadelphia suddenly can't make payroll one Friday?
In fact your belligerent argument illustrates how folks like you contribute to the problem. You better take off the rose colored glasses and see whats really there not what you'd prefer be there.
We're living in Darwin goes Bizzaro. The productive want to do nothing more than wallow in their good fortune. Europe, Japan the States-who wants children? Do you know how many more vacations you can afford without the albatross of that extra kid? Yet in poorer nations those who can least afford to procreate for some reason do it the most. Microcosm here in the states. We're already seeing unemployment among illegal Mexicans at above 10%. Black teens in some areas 20%. These are UNSKILLED workers. If you think having a SURPLUS of those guys on our streets is a good thing going forward then you're ridiculously ill suited for glory.
If you think a black and Mexican workforce is the productivity equivalent of our old school European workforce then it's you who's either stupid or delusional.
Crime and dissimulation are ripping the fabric of American economic choices. Take housing. As the sub-prime fallout has proven, there's a GLUT of cheap housing in America. Know something? White America can't go there. You think white folks are still cranking out kids? I'll give you a reason why they're not in the old industrial-new service center North. Schools. To escape gang violence and dangerous neighborhoods white families are paying an exorbitant premium for housing. It's all about safety. Any American here knows they could live for half the cost in the town they're in if not for the threat of crime. This is another de facto âtaxâ on Americans. The cost of productive America educating unproductive America is another tax. Only that tax is a REAL tax in the form of property taxes that are gutting the population of many urban cores. Places like Detroit, Philly, Cleveland, St.Louis -the list could go on for paragraphs. These cities will be BANKRUPT in the next few years. Wanna see how much easing and stimulus packaging there will be when the City of Philadelphia suddenly can't make payroll one Friday?
In fact your belligerent argument illustrates how folks like you contribute to the problem. You better take off the rose colored glasses and see whats really there not what you'd prefer be there.
We're living in Darwin goes Bizzaro. The productive want to do nothing more than wallow in their good fortune. Europe, Japan the States-who wants children? Do you know how many more vacations you can afford without the albatross of that extra kid? Yet in poorer nations those who can least afford to procreate for some reason do it the most. Microcosm here in the states. We're already seeing unemployment among illegal Mexicans at above 10%. Black teens in some areas 20%. These are UNSKILLED workers. If you think having a SURPLUS of those guys on our streets is a good thing going forward then you're ridiculously ill suited for glory.
How did the American Empire rapidly expand for a Century-prior to the inception of the Federal Reserve?
Without a fiat money system, Capital Formation originates where it always has - Private Savings and Foreign Investment.
And your Capital bequeathed from Kenynes is not "Formed". Its Stolen. From private individuals who comprise the larger market via price inflation.
When the FED prints half a trillion to keep rates at 2%, who shoulders the ultimate burden of that cost?
Work-a-Day Americans who pay inflated prices.
When production doesn't expand commensurate to money supply, inflation always results.
Thats why Keynesian Capital Formation is a joke.
It robs honest, hard working people via price inflation and economic destabilization to finance Corporate expansion on the cheap.
Thats not Free Market, guy. Thats Corporate Fascism.
Free market is what we used to have.
Under a deflationary system, private wealth determines rates, asset and risk allocation. Not Government or Banks.
This is actually a far better System because it enriches the middle class (appreciating dollar), creates a True Free Market (private wealth determines rates, risk premium, etc), and keeps Socialized Government and endless bailouts in the closet (low/no tax!).
Theres a reason why the income tax was instituted right alongside the Federal Reserve Act.
The FED allows the Government to spend money it doesn't have, and spend much more than it collects on Taxes. Hmm. Without the Income Tax to take money out of the system, the economy would collapse from a wage-price spiral -- too many dollars floating around with all the Governments money printing. Best to take it from the People who actually EARN IT, instead of the Bankers who mint Billions for NOTHING.
The whole thing is a complete joke.
Theres a reason why every Big Government Socialist LOVES Money Printing...er.... Keynesian economics.
They've got unlimited dollars on tap to spend. Recipe for disaster.
Great post!
I'm a Republican on paper, but Libertarian, no question. (I can't register where I live as a Libertarian.
)Yes, the Libertarians had better get themselves squared away quickly, as after 4 years with Odumba:eek: , we're going to need some major help, and common sense.
Yes, I'm no McCain fan. But have to take the default, and vote for him. What happened to the Country I used to know?
Well said.
This recession (and everyone hereafter) should prove especially severe now that we've exported our manufacturing base and no longer recycle wealth domestically.
Instead of 25 American companies having a hand in making a single product, there's 4 - retailer, wholesaler, importer and customer service. Which I like to note, was exported to India!
Western Economies have undone their entire industrial base we painstakingly built since the Countries inception. We no longer make anything. Engineering, our last great bankable trade, has gone overseas. We've become a nation of speculators and litigators; preying and feasting on each others wealth but doing little to build the Nations.
IMO, this will be our downfall. A 10$-an-hour Walmart-economy ravaged by 5$ Gas and 4$ bread. Defense and Pharma - the only Competitive Advantage left. Consumer Credit - the last Harbinger of 'Prosperity' - is tapped. We're a Nation of debtors, now. That last run-up saw maxed out credit and equity made on euphoric valuations and free interest rates. Now, its time to pay up with declining Real Incomes and an economy about to flush..... Whose holding the bag now??? Except Johnny Q doesn't get a bailout!
Americas last Great Export is Defense. Perhaps explains why Fear Mongering is our National Past-time? Good for the Economy.
I think the Market will be late to realize the Nations legs have been kicked out from underneath Her. Fund managers and underwater banks taking profits on assets that don't exist.... One scam after another...