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What would help all here is to actually read the two links I posted prior to commenting. The information they contain is not often found at the publics level so it is worth reading.
Denial is not a country and will not save those living there.
The Economic Recovery is an Illusion
The BIS was established “to remedy the decline of London as the world’s financial center by providing a mechanism by which a world with three chief financial centers in London, New York, and Paris could still operate as one.”[6] As Carroll Quigley explained:
[T]he powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations.[7]
The BIS, is, without a doubt, the most important, powerful, and secretive financial institution in the world. It’s warnings should not be taken lightly, as it would be the one institution in the world that would be privy to such information more than any other.
Mish has been outraged for the more than 10 years I've known him. Perhaps had he not failed as a stock trader, betting on the end of the world no less, he wouldn't be so mad. Too bad really. Mish is a nice guy and I sort of miss having him around. If nothing else it was fun listening to his weirdness on slow days.
Quote:
Originally Posted by floridasandy
not only isn't there an economic recovery, but where is the outrage? this may be a fairly long article but it is easy to understand and he pulls together information from a lot of sites:
I am outraged and not just about Goldman Sachs, but about a process that allows, even encourages political pandering, by time and time again rewarding leveraged riverboat gamblers and failed institutions and at taxpayer expense.
I am outraged that real people are suffering massively while the influence peddlers have stolen the country for their own personal benefit.
I am outraged at a political system that is totally unresponsive to the American people.
I am outraged by campaign contribution and lobbying processes that allows corporations to buy votes with donations.
I am outraged how legislators ignored the wishes of the people who clearly did not want these bailouts in the first place.
I am outraged that very little of this is in mainstream media. Why is this stuff not on the frontpage of every newspaper in the country or at least in the editorial pages?
I am outraged that the average US citizen is not aware of any of this, instead depending on CNBC, or "The View" for their interpretation of the world.
I am outraged how special interest groups have exercised their power to monopolize the economy for the benefit of themselves, US citizens be damned.
I am outraged that all these bailout programs are doing nothing to alleviate the massive consumer debt problems. Every program, virtually every program was designed to bailout lending institutions, not consumers.
I am outraged at fees charged by banks receiving bailouts.
I am outraged over government pension plans and government pay scales massively out of line with the private sector.
I am outraged that Congress and this administration thinks the solution to massive budget deficits are still higher budget deficits in excess of a trillion dollars.
I am outraged about indictments. Paulson Admitted Coercion to force a shotgun wedding between Bank of America and Merrill Lynch yet no indictments were handed out. Let the Criminal Indictments Begin: Paulson, Bernanke, Lewis.
I am outraged that US citizens are not concerned enough and not educated enough to demand change.
I am outraged that the two party system has failed. Neither party has delivered meaningful change on budgets, on taxes, on social security, on deficit spending, on the size of government, on military spending, or fighting needless wars.
I am outraged at a Fed that purports to be "inflation fighters" when the only source of inflation in the word are central bankers, and their fractional reserve lending policies.
I am outraged that Greenspan and Bernanke could not see a housing bubble that 1000 bloggers could see.
I am outraged at the selective memory of Bernanke when speaking to Congress about these problems.
I am outraged that Bernanke's one sided response to asset bubbles, letting them grow without end, then bailing out the financial institutions that cause them.
I am outraged the Fed exists at all. It is a useless organization that cannot see bubbles, that panders to banks, that supports inflationary policies that are tantamount to theft by fraud.
I am outraged that the Obama Administration promised changed and did not deliver. "Yes We Can" was a lie. The reality is "It's Business As Usual, Only Worse, With Higher Deficits".
I am outraged there is not enough outrage over this.
it is interesting that your ONLY comment was about mish personally and not one word addressing the issues of the fraud, the failure of the federal reserve, the continued risk-taking, the bailouts, payola, rising unemployment, the falling dollar, the secrecy instead of promised transparency, the obscene bonuses being handed out (that were only made possible by the bailouts) instead of putting money aside for future calamity, etc......
it is interesting that your ONLY comment was about mish personally and not one word addressing the issues of the fraud, the failure of the federal reserve, the continued risk-taking, the bailouts, payola, rising unemployment, the falling dollar, the secrecy instead of promised transparency, the obscene bonuses being handed out (that were only made possible by the bailouts) instead of putting money aside for future calamity, etc......
Thats because I don't care about any of those things which are beyond my control and in some cases not even that bad. Look, Mish is like those guys who hold up in Montana and then shoot it out with the Feds, only he doesn't use violence. But he is just as nutty and he's been preaching this crap for years and years.
Trust me, it's much better focusing on what you can do to improve your life and your existence on this planet than dwelling all day about how things aren't perfect. You know this is the 4th time in my life that the world has ended and the 2nd time the banking system has blown up, but somehow I've managed to not only survive but to prosper so I'm not all that concerned.
good source of info.
its not a recovery its just a monster bailout to stop the free fall. but we are going down.
you are witnessing the biggest shift of real property ownership since no fault divorce.
Thats because I don't care about any of those things which are beyond my control and in some cases not even that bad. Look, Mish is like those guys who hold up in Montana and then shoot it out with the Feds, only he doesn't use violence. But he is just as nutty and he's been preaching this crap for years and years.
Trust me, it's much better focusing on what you can do to improve your life and your existence on this planet than dwelling all day about how things aren't perfect. You know this is the 4th time in my life that the world has ended and the 2nd time the banking system has blown up, but somehow I've managed to not only survive but to prosper so I'm not all that concerned.
well, we are actually happy for you. some people aren't so lucky now, and there are still people who are concerned about the state of the country and all of its citizens. this is a particularly trying time for all of the citizens who were forced to bail out "wall street", which certainly did not see the trouble coming the first time and certainly isn't going to see it coming the second time......
well, we are actually happy for you. some people aren't so lucky now, and there are still people who are concerned about the state of the country and all of its citizens. this is a particularly trying time for all of the citizens who were forced to bail out "wall street", which certainly did not see the trouble coming the first time and certainly isn't going to see it coming the second time......
Oh Sandy.. Some people aren't so lucky even under the best of circumstances. Thats how it goes, some win, some lose. But ulitmately we make our own luck, unless of course we think thats someone else's job to watch out for us like the Gov't or Wall Street.
As for bailing out Wall Street, yep it sucks doesn't it? Get over it would you. I mean really, what's it costing you personally?
As for trying times..please, cut the melodramatics and get out of the house some. Everywhere I go people are out. Traffic is bad, I have to wait in line to get a $20 hamburger, as I've stated before, our business is hiring and on pace for a record year, a friend of mine just got a new job (he wasn't unemployed) paying 150K a year. Thinhs aren't great but they are hardly anywhere close to as grave as you would like us to believe.
The illusion is that Wall Street has recovered. Quarterly earnings are up or "down less".
So far though the only 2 companies I have seen that revenue drove the positive earnings was Google and Apple. The rest did it with yet more "cost cutting" (layoffs) and the banks did it with trading, not consumer products.
I have started seeing analysts comment on that though just recently within the past week. They want to see increased revenue rather than steeper cost cutting.
When will Wall Street pop is the big question..4Q earnings ? At some point the cost cutting will impact whatever business/revenue they have left.
Oh Sandy.. Some people aren't so lucky even under the best of circumstances. Thats how it goes, some win, some lose. But ulitmately we make our own luck, unless of course we think thats someone else's job to watch out for us like the Gov't or Wall Street.
As for bailing out Wall Street, yep it sucks doesn't it? Get over it would you. I mean really, what's it costing you personally?
As for trying times..please, cut the melodramatics and get out of the house some. Everywhere I go people are out. Traffic is bad, I have to wait in line to get a $20 hamburger, as I've stated before, our business is hiring and on pace for a record year, a friend of mine just got a new job (he wasn't unemployed) paying 150K a year. Thinhs aren't great but they are hardly anywhere close to as grave as you would like us to believe.
And stop listening to Mish, he's a crack pot.
i would agree with you about making your own luck, except you are overlooking all of the bailouts and that is where the public anger comes in. nobody resents someone who is clever or talented enough to make money in this country, but when you are failing and the government bails you out that is another thing. our government is setting up another round of failure for the future with its actions. what do you think is going to happen to the market when the stimulus gets withdrawn? australia is already withdrawing stimulus. i am always entertained when i see these "economic recovery" wizards on TV, but when they are asked if the stimulus should be withdrawn they all say "no".
again, i am not saying that all businesses are at risk, but certainly there is a systemic risk which people are trying to ignore. THE GOVERNMENT SPENDING MULTIPLIER IS ZERO. there are good companies, like apple, (which has to be pulling money from microsoft) which are marketing for the "masses", but they are not indicative of a general recovery.
Sandy all I can say is getting angry is rarely a solution to anything. So far, all these suppossed angry people aren't doing jack squat except crying for mercy to the very people their supposed to be angry with.When I see people marching on Washington and protesting in mass then I'll believe there really mad. Until then not so much.
As for what going to happen to the market? I'm just a trader not a prophet so I have no idea nor do I really care one way or another. And since I don't watch financial stuff on t.v. I don't know what those nitwits are saying and don't care about that either.
But I'm glad you don't think everyones going out of business. I think you're right about that. I also think the banks blowing up is a lot less important than people would like you to believe. Get happy and live. 90% of what people worry about never happens anyway.
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