The supervision is "inadequate" because it shouldn't exist.
.
Comrade Alexei Mikhailovich wrote:

My Father's business partner is a doctor and the two are goofus and gallant when it comes to money. My dad put it in 20 year munis when they were 10%+, while Doctor B bought at the top of bubble after bubble:tech, Naples, FL RE, you name it. The Doc still makes good money from his practice, but he has 1/3 the net worth of the old man.

A revelation I had a few years back showed me that the "smart" players are more bond savvy than the average retail investor. They also have more protection and rights than equity holders. Coincidence?

Shockingly inadequate

You gotta admit - 'shockingly' has a bit more pizzaz that 'unexpectedly'.

After a certain point, the amount of money you make really doesn't matter.

What matters is the amount that sticks around, and the amount of debt
you don't have.

black dog wrote:

You gotta admit - 'shockingly' has a bit more pizzaz that 'unexpectedly'.

And either way, it isn't "shockingly" or "unexpectedly". Hoocoodanode.

Wait a minute. We have regulatory supervision in finance?

Did I miss the memo?

Casa Blanca = White House

Yup LL - says it all.

That was my reaction too, Mook. What is this "regulatory supervision" of which you speak?

I'm thinking Blogdaddy may be reaching the limits of his equanimity. I can picture him wandering around the Sierras laughing hysterically.

Perhaps the reason that the World's Regulatory Supervision Shockingly was, is and remains Inadequate -- is because they are investors with conflicts of interest. I think it's safe to say that the reason regulation doesn't exist, is because of corruption and collusion. We live in a lawless time and there is no justice

Ralph Waldo Emerson

YouTube - Die Krupps - Language of Reality

Poems

Hamatreya

Bulkeley, Hunt, Willard, Hosmer, Meriam, Flint,
Possessed the land which rendered to their toil
Hay, corn, roots, hemp, flax, apples, wool and wood.
Each of these landlords walked amidst his farm,
Saying, "'Tis mine, my children's and my name's.
How sweet the west wind sounds in my own trees!
How graceful climb those shadows on my hill!
I fancy these pure waters and the flags
Know me, as does my dog: we sympathize;
And, I affirm, my actions smack of the soil.'
Where are these men? Asleep beneath their grounds:
And strangers, fond as they, their furrows plough.
Earth laughs in flowers, to see her boastful boys
Earth-proud, proud of the earth which is not theirs;
Who steer the plough, but cannot steer their feet
Clear of the grave.

They added ridge to valley, brook to pond,
And sighed for all that bounded their domain;
'This suits me for a pasture; that's my park;
We must have clay, lime, gravel, granite-ledge,
And misty lowland, where to go for peat.
The land is well,--lies fairly to the south.
'Tis good, when you have crossed the sea and back,
To find the sitfast acres where you left them.'
Ah! the hot owner sees not Death, who adds
Him to his land, a lump of mould the more.
Hear what the Earth says:--

• Earth-Song

  'Mine and yours;
  Mine, not yours, Earth endures;
  Stars abide--
  Shine down in the old sea;
  Old are the shores;
  But where are old men?
  I who have seen much,
  Such have I never seen. 'The lawyer's deed
  Ran sure,
  In tail,
  To them, and to their heirs
  Who shall succeed,
  Without fail,
  Forevermore.
  'Here is the land,
  Shaggy with wood,
  With its old valley,
  Mound and flood.
  "But the heritors?--
  Fled like the flood's foam.
  The lawyer, and the laws,
  And the kingdom,
  Clean swept herefrom.
  'They called me theirs,
  Who so controlled me;
  Yet every one
  Wished to stay, and is gone,
  How am I theirs,
  If they cannot hold me,
  But I hold them?'

When I heard the Earth-song,
I was no longer brave;
My avarice cooled
Like lust in the chill of the grave.

When I heard the Earth-song,
I was no longer brave;
My avarice cooled
Like lust in the chill of the grave.

It was my understanding that they determined, after much study, that there was a barn from sifting through the ashes and finding barn hinges.

Bernanke seemed to be in it for the prestige, but the 30 pieces of silver and 15 minutes of fame were a nice added bonus...

Juvenal Delinquent wrote:

We'll always have Paris Hilton...

Wall Street and Fed...

Ilsa: I can't fight it anymore. I ran away from you once. I can't do it again. Oh, I don't know what's right any longer. You have to think for both of us. For all of us.
Rick: All right, I will. Here's looking at you, kid.
Ilsa: [smiles] I wish I didn't love you so much.

. . . and the HuffPost article about Lehman and the 105s, with a bonus video of Dylan "Question Authority" Ratigan explaining everything. (Note to DR: If you question authority, you don't get your own show on CNBC. Like, duh.)

Lehman Bankrutpcy: 'Repo 105,' Firm's 'Accounting Gimmick,' Was Like 'A Drug,' Emails Show

Anonymous Bosch wrote:

It was my understanding that they determined, after much study, that there was a barn from sifting through the ashes and finding barn hinges.

The hinges being found in the open position, the insurance company not only refuses to pay but raises everyone else's premium.

lawyerliz wrote:

This is a type of madness. When the madness is on us, then
everyone is affected practically. We are a social species with
a partically herd mentality

“The extreme run-up in housing prices was just a symptom of the largest, most ill-advised credit bubble in history, the impacts of which extend across nearly all asset classes. One effect of the credit bubble was that we lived well beyond our economic means for nearly two decades. To try and sustain that unsustainable condition with further borrowing and money printing is not only probably impossible, but it risks the complete destruction of our money itself. Worse, the larger story, that we are living well beyond the carrying capacity of the earth, is being utterly ignored.”
-CM

Judas, I's c a riot breaking out when the hoi ploy figures out what you did...

M1 money multiplier at record low ( 0.7 something). As long as it is below 1 the effects of "equity" destruction are not fully digested. Cash is not circulating. It is settling debt.

The Fed can and will print all it wants until the multiplier flips back. The fed can flip it back at will with negative rates that would put all cash to work.

Ah yes, the good ol days, when FASB was hired to change the accountability rules for how many barn door hinges are needed for a barn:

Seeking to resolve this situation, FASB's new guidance allows banks and their auditors to use "significant judgment" when valuing the illiquid assets such as mortgage securities.

adornosghost wrote:

"Worse, the larger story, that we are living well beyond the carrying capacity of the earth, is being utterly ignored.” - CM

I don't know who CM may be but I know "Club of Rome" nonsense when I see it.

Doc Holiday wrote:

how many barn door hinges are needed for a barn:

Let's not forget the barn "windows": 70" high and 47" wide with a sill 4" off the ground. What? Those aren't doors! They're off balance sheet ventilation.

FT Alphaville » The genesis of Repo 105

Even with the higher haircut, most of Lehman’s Repos did not meet SFAS 140 criteria for true sales; no US lawyer would sign off on their treatment as a true sale. Without true sale status, the things were pretty much pointless.

But there was a clever way to get around the US GAAP problem.

Lehman went abroad — to London and to `magic circle‘ law firm Linklaters specifically. They could do so by dint of their non-US operations, in particular, Lehman Brothers International Europe (LBIE), which ended up taking the lead on Repo 105 transactions.

Also see: http://1.bp.blogspot.com/wkgIzuqJM0w/S5sF0B-3LaI/AAAAAAAADDg/ow5qpMEWL7k/s1600-h/41870-REPO_105-sfull-2.png

Meanwhile, the Department of Barnland Security is dispatching teams all over the country to weld the remaining barn hinges closed. Arabian horses are being summarily deported, to undisclosed Alpo factories throughout the world.

it's a shame we didn't have any Lehman laws to protect us from dishonest dealers who knowingly sold everyone inferior vehicles...

Re: Otis and his characterization of all doctors.

Dont forget that all Mexicans take a nap after lunch, all black people eat watermelon, all asians cant drive, all lawyers would rob their mother in an instant, ...

I have several doctor buddies who went to Haiti, several more who go to third world countries each year to fix cleft palates, and many more that do pro bono work.

Stick it up your ass Otis.

dont you believe it wrote:

Kids these days.
They don't want to become rich.

Most are learning they don't have an option.

mock turtle wrote:

that tumorous growth needs to be excised now before it metastasizes

Too bad the tumor is in his ears, maybe someone needs to send a written memo!

Who took the money theme music:

YouTube - Talking Heads - Girlfriend Is Better (Live 1984)

mock turtle wrote:

but do you know "not club of rome" nonsense when you see it

The need to be dismissive rather than rebut on a factual basis is something of a pattern in certain areas...

dont you believe it wrote:

Really?

What's to stop the fed from CHARGING interest on reserves held at the fed? Cash with a shelf life would force banks to lend.

What happens after ZIRP? the number line does not stop at zero.
Negative REAL interest rates exist. Negative nominal interest rates are not impossible, government and the central bank only have to so ordain.

Negative interest rates, widely implemented, would force savings into useful endeavors and explode the velocity of money because any marginal endeavor with a positive return is better than cash with a shelf life. Passive wealth creation would change to active wealth creation.

NIRP would create a tax on savings and a cost associated with holding cash.
NIRP would make money primarily a medium of exchange and not a store of value
NIRP would cause assets to be used to increase assets, not dollars, leading to real growth.
NIRP would make people use dollars as opposed to holding them.
Money would flee into every asset imaginable = inflation

Also, more speculatively;
Nirp would counterbalance an inflationary asset backed dollar.

Because;
Rising asset prices would increase the value of an asset backed dollar.

And possibly;
A self sustaining bubble could be reformed where dollar value gets propped up with increased transactions and not necessarily wealth creation.

It is a different type of money destruction

Deflation = evolutionary selection
Inflation = devolution and adverse selection

R.I.F.,

Well said.

dont you believe it wrote:

They don't want to become rich. They want to become untouchable.
is that a deserved comment about priests that molest kids

sad day for the catholic church as the "rot" appears to extend to the top

jury is out but doesnt look good...very sad

Fairness

Similarly, as noted in In re Global Crossing Ltd. Securities Litigation, even if a defendant established that its accounting practices “were in technical compliance with certain individual GAAP provisions . . . this would not necessarily insulate it from liability. This is because, unlike other regulatory systems, GAAP’s ultimate goals of fairness and accuracy in reporting require more than mere technical compliance.” The court explained that “when viewed as a whole,” GAAP has no “loopholes” because its purpose, shared by the securities laws, is “to increase investor confidence by ensuring transparency and accuracy in financial reporting.” Technical compliance with specific accounting rules does not automatically lead to fairly presented financial statements. “Fair presentation is the touchstone for determining the adequacy of disclosure in financial statements. While adherence to generally accepted accounting principles is a tool to help achieve that end, it is not necessarily a guarantee of fairness.”

“Indeed,” the examiner wrote, “audit walk‐through papers prepared by Lehman’s outside auditor, Ernst & Young, regarding the process for reopening or adjusting a closed balance sheet stated: ‘Materiality is usually defined as any item individually, or in the aggregate, that moves net leverage by 0.1 or more (typically $1.8 billion).’ Repo 105 moved net leverage not by tenths, but by whole points.

About 3 or 4 years ago there were some freak windstorms* on the 14 freeway and down into LA that caused many powerlines to go down, and quite a few residents were eithout power for about 5 days...

Part of climate change is heretofore unexperienced extremes, what's happened in your area along those lines?

• How bad were they? I read an account of somebody that had their windshield 'punched in' by the wind as they were driving on the 14...

dont you believe it wrote:

How does that improve the situation of health care in the 1st world.

I hope the doctors who travel to do good in other countries stay there, at least until their LLbean gear wears out. Holiday do-gooders. Give me a F'in break. How about they go to homeless row in Anytown USA.

Too close to home?

Sounds like they need to compartmentalize, photograph, record and self promote their altruism. Hmmm.

Cash with a shelf life would force banks to lend.

To whom? You can't force people/businesses to borrow. Unless we get back to no doc 100% financing I don't see enough (credit worthy) demand.

Meanwhile, back on topic:

Report Details How Lehman Hid Its Woes « Accounting

Richard S. Fuld Jr., Lehman’s former chief executive, certified the misleading accounts, the report said.

So, is this F'ing pig going to prison or what?

Mr. Fuld was “at least grossly negligent,” the report states, adding that Henry M. Paulson Jr., who was then the Treasury secretary, warned Mr. Fuld that Lehman might fail unless it stabilized its finances or found a buyer.
Lehman executives engaged in what the report characterized as “actionable balance sheet manipulation,” and “nonculpable errors of business judgment.”

Cash with a shelf life would cause people to withdraw cash from banks and take it out of circulation (out of sight).

No more gimmicks please. Pretty please with sugar on top.

Angry Saver wrote:

time to tax assets more and incomes less.

BINGO! Been advocating that for years.

Greg Mankiw and others have suggested NIRP.

And exactly what type of investments are the seniors to hold??

Cash already has a shelf life for people who rely on cash. It's called "inflation for the things you need."

Anonymous Bosch wrote:

Cash already has a shelf life for people who rely on cash. It's called "inflation for the things you need."

Grow or die--
Now, what could possibly go wrong?

Captain Renault: Oh no, Emil, please. A bottle of your best champagne, and put it on my bill.
Emil: Very well, sir.
Victor Laszlo: Captain, please...
Captain Renault: Oh, please, monsieur. It is a little game we play. They put it on the bill, I tear up the bill. It is very convenient.

Anonymous Bosch wrote:

What we need is a policy that stops rewarding the off-shoring of every aspect of life possible for the benefit of billionaires and to the detriment of everyone else.

While I agree with the general sentiment that isn't entirely fair. DVD players for $25 are a quality of life improvement for everyone and that didn't happen without the competition of offshoring and the capital provided by the rich and the profits generated.

otishertz wrote:
Entropic money would be better matched to the natural environment.
With enough money, even the laws of the natural universe will bend to your will. You never grow old nor die, and whatever you wish becomes reality, and if you have enough of it you need never work again or risk what you have. That is the system that we've attempted to set up. Little surprise it can only be accomplished with exponential amounts of theft.
edit: and systematic methods of risk transfer

but the 25$ dvd player has hidden costs that are transferred to the purchaser when they are not looking

Are you referring to the article where he said one of his students brought it up?

Yes.

The $25 DVD player is part of the race to the bottom. Where does it end, when a trailer and an outhouse is considered luxurious for the common people?

RCA, Whirlpool, Ethan Allen, etc. used to make products people who worked here could afford.

It's still the same old story
A fight for love and glory
A case of do or die.
Play it, Uncle Sam.

Found a back door to the mankiv article, "It May Be Time for the Fed to Go Negative" I don't want a NYT account or cookie:

"The problem with negative interest rates, however, is quickly apparent: nobody would lend on those terms. Rather than giving your money to a borrower who promises a negative return, it would be better to stick the cash in your mattress. Because holding money promises a return of exactly zero, lenders cannot offer less."

In my idea NIRP would be applied to the massive reserves currently earning interest at the fed, by the fed, and not by every lender in the entire economy. It would be absurd to pay people to use credit cards, for example.

O, wait...

Anyway, this harvard mankiw bush adviser is dismissing the whole notion because it is something that cannot be unilaterally applied to all debt transactions. Kinda short sighted.

How about some weather ?

Marine Buoy Forecast : Weather Underground

Air Temperature: 46° F
Humidity: 91
Wind direction (W Dir): East (75 - 84 Degrees)
Wind Speed (W Spd): 33.1 kts (38.0 mph)
Wind Gust (W Spd): 38.9 kts (44.7 mph)
Dominant Wave Period (DWP): 9 sec
Dominant Wave Height (DWH): 14.76 ft
Dominant Wave Range (DWR): exactly 14.8 ft
Wind Wave Period (WWP): 6 sec
Wind Wave Height (WWH): 11.48 ft
Wind Wave Range (WWR): 10.66 - 12.30 ft

I can see I have some tree trimming in my future. The wind is causing some branches to batter the powerlines. I'm surprised I still have power...

Expecting up to 5 or 6" of rain with this storm!! A real nor' easter.

Meanwhile, back off topic...

I am a member of the raise hell and speak truth contingent of your local bearers of reality, group 105.

I'm not so much proposing it. I am nobody, as the genteel Dr. Munch will point out. I am theorizing the possibility. It shouldn't hurt.

sure if the 2,500 dollar dvd player cost reflected high salaries paid to middle class working families

mock turtle wrote:

but the 25$ dvd player has hidden costs that are transferred to the purchaser when they are not looking

Of course. Trade offs are all part of the equation. I'm just saying the wholesale condemnation of the past 20-30 years is a one-sided analysis. There's been some benefits to all quintiles even if some of them are pooh-poohed by people who presume a better result if only they were in charge. And I'll say it before someone else; the distribution of benefits borders on criminal.

One good thing about what we've offshored is that we really can live without most of it. The US still pays a rediculously low percentage of income on necessities. Cut out the junk and at least we can withstand rising prices in necessities.

otishertz wrote:
I'm not so much proposing it. I am nobody, as Dr. Munch will point out. I am theorizing the possibility.
Warning: unauthorized thought. A representative from the Temporal Orthodoxy Ecclesia has been dispatched to deal with your offense.

Does Greece have more assets than the IMF?

mock turtle wrote:

sure if the 2,500 dollar dvd player cost reflected high salaries paid to middle class working families

Actually, I'm more incensed that those $25 DVD players are only cheap to** us**. There's something wrong when the producers of an item pay more than the consumers overseas.

sdtfs wrote:

There's something wrong when the producers of an item pay more than the consumers overseas.

Oh great. Now we are talking US pharma.

Senor Ferrar [Greenspan]i: As the leader of all illegal activities in Casablanca [Fed reserve], I am an influential and respected man.

Greenspan is the bankers pastry chef. Let them eat cake eh?!

Juvenal Delinquent wrote:

Touché subject, funny that.

They have a pill for that now.

Knowledge is Power.
Time is Money.

As every scientist knows, Power = Work/Time.
Therefore, Knowledge = Power = Work / Time = Work / Money, or
Money = Work / Knowledge
Thus for any given amount of work, as Knowledge approaches zero, Money goes to infinity.

Any questions?

Bubblisimo Gerkinov wrote:

thesis + antithesis = synthesis

ordo ab chao

shiva

yin yang

Beauty in contrast.

Life spans the positive and negative.

otishertz wrote:

ordo ab chao
shiva
yin yang
Beauty in contrast.
Life spans the positive and negative.

Nothing so deep.

I was commenting on the rather excellent use of Eisensteinianesqueish montage in the youtube clip.

mock turtle wrote:

hmmm tariffs for the movement of capital in and out of country?

Expats say NOOOOOOOOOOO!!!!!!!!!!!!!!!!

Rob Dawg wrote:

What we need is a policy that stops rewarding the off-shoring of every aspect of life possible for the benefit of billionaires and to the detriment of everyone else.
While I agree with the general sentiment that isn't entirely fair. DVD players for $25 are a quality of life improvement for everyone and that didn't happen without the competition of offshoring and the capital provided by the rich and the profits generated.

Bosch-

Why the Amero-centric thinking? What is so wrong about seeing standards of living rise in India, Brazil, SE Asia, etc?

Ever been to the slums in Mumbai? It isn't something you forget easily...and no, Slumdog Millionaire doesn't scratch the surface. I think if you had, you'd see some value in seeing living standards rise worldwide, even it is means Americans can't afford that 3rd or 4th sport utility monster.

Rob Dawg wrote:

I'm just saying the wholesale condemnation of the past 20-30 years is a one-sided analysis.

BINGO!

sdtfs wrote:

Actually, I'm more incensed that those $25 DVD players are only cheap to** us**. There's something wrong when the producers of an item pay more than the consumers overseas.

BINGO X 2!

Having been overseas for a few years now, one of the shocking things is how obscenely expensive America is. Not to mention Western Europe.....GAWD!

I don't think much has changed in terms of expense (ok, health care, taxes), but my perception has massively changed being overseas.

From previous thread -
"Most of what we export is raw materials...that are being used for finished products that remain in Asia or inventory that is hopefully built and then comes back to the U.S. as finished products.”

I think my school text books taught me the following - Developing countries export raw materials and advanced countries export finished goods. Is that still true or are the rules different now?

pavel.chichikov wrote:

Men have become the tools of their tools. -- Thoreau
A rare and profound insight.

Kind of like Marx talking about the declining utility of labor over time.

firesign theatre 1974 we are all bozos on this buss

George L Tirebiter for Prez !

Which is worse - bankers or terrorists in reply to

I'm just saying the wholesale condemnation of the past 20-30 years is a one-sided analysis. "BINGO! "

wrong

its not bingo

its checkmate

*Men have become the tools of their tools. -- Thoreau
A rare and profound insight. *

*Kind of like Marx talking about the declining utility of labor over time. *

There might be a tenuous logical connection between the two. Alienation= functional dehumanization. But I think Thoreau's insight is deeper.

dfwmix wrote:
Developing countries export raw materials and advanced countries export finished goods. Is that still true or are the rules different now?
All correct, but postindustrial countries export their own debt as financial instruments pawned off on the unsophisticated.

mock turtle wrote:

I'm just saying the wholesale condemnation of the past 20-30 years is a one-sided analysis. "BINGO! "
wrong
its not bingo
its checkmate

I guess that's one way of looking at; the opportunity is figuring out how to either (a) bring down our cost structure or (b) be justified in become a higher income country where the income is actually earned, rather than being generated by debt.

The former would happen via debt deflation or currency devaluation, and the latter by becoming a true knowledge economy, where the nation has a much higher percentage of college degrees and becomes an economy with almost no dependence on construction or manufacturing industries.

Picture what would happen if all the construction workers you knew had master's degrees instead and worked in higher income industries....that's what I'm thinking. Laugh all you want, but I know a lot of real estate/construction guys going back to school right now and for jobs in real, meaningful industries.

Bubblisimo Gerkinov wrote:

Nothing so deep.

As the dual nature of man.

One really has to choose sides or at least determine which side he is on. Take dr munch, He is angry because certain words written in a certain order that make sense reveal things he hasn't considered (assuming from his reaction that he is a genuine financed US medical service provider). Doctors, politicians, average professionals, and the like are in it for the respectability and peer acceptance. The money is secondary to the halo. Take away the halo and the rat will run.

I'm sorry, doctors are complicit in the Health Care Holocaust. All their arguments justifying the current system are vain, deluded, easily destroyed and evidence of compartmentalized humanity, AKA lack of human compassion.

There is no way to justify charging two people different prices for the same injury or malady. Same goes for hiding prices from the 60 million cash customers forced out of the system by the Finance industry that excludes the sick from medicine.

Finance is the main form of reimbursement for doctors, aside from the government. They are complicit with the insurance companies to price discriminate and exclude the sick from medicine. Where are the prices? All the sick people lost their insurance.

Look around, everyone.

otishertz wrote:

Look around, everyone.

I looked around and saw this: GRAYSON INTRODUCES PUBLIC OPTION ACT Bill Opens Up Medicare To Anyone Who Can Pay For It

Rob Dawg wrote:
Postfinancial America will export apologies and import new management.

But only after the technology-enforced totalitarian regime of financial capitalism dies an ugly death, which fortunately should only take a decade or two, absent international intervention to enthrone it globally.

ResistanceIsFeudal wrote:

But only after the technology-enforced totalitarian regime of financial capitalism dies an ugly death, which fortunately should only take a decade or two, absent international intervention to enthrone it globally.

Sure we're not already a decade or two ahead?

Great nations are simply the operating fronts of behind-the-scenes, vastly ambitious individuals who had become so effectively powerful because of their ability to remain invisible while operating behind the national scenery.
R. Buckminster Fuller

Which is worse - bankers or terrorists wrote:

mock turtle wrote:

I'm just saying the wholesale condemnation of the past 20-30 years is a one-sided analysis. "BINGO! "
wrong
its not bingo
its checkmate

wiwbot wrote

I guess that's one way of looking at; the opportunity is figuring out how to either (a) bring down our cost structure or (b) be justified in become a higher income country where the income is actually earned, rather than being generated by debt.

ask yourself one question, ( no.... not did i fire 5 shots or did i fire six....)

what happens when or if, the standard of living around the globe comes to near parity and wage arbitrage can no longer over come transportation costs?

said another way, what if there were only the 50 states on planet earth....no 2nd and 3rd world country to export jobs away

or in other words, what if there were still tariffs...

would that be the end of the world as we know it...

end of the usa...

armageddon?

not at all..but it would result in less super rich and more middle class...the real point of our screwing

we got this half trillion trade deficit year after year during the last decade, and, our boarders are porus to goods and illegal immigration

how well has that worked out for us?

"Great nations are simply the operating fronts of behind-the-scenes, vastly ambitious individuals who had become so effectively powerful because of their ability to remain invisible while operating behind the national scenery."

I think that gives too much credit to the autonomy of any individual.

ResistanceIsFeudal wrote:

as more and more qualified workers flood the applicant pools and the value of the degree diminishes in proportion to the oversupply of qualified degree-holders already employed

You're talking about China , right?

NVM, going outside.

L8R, T8Rs

mock turtle wrote:

or in other words, what if there were still tariffs...

I got your point and mostly agree with you, but I think it is essentially politically impossible and therefore irrelevant. The big banks effectively run the OECD now and will not permit limits on the free movement of capital and goods.

In the OECD, it is effectively the bankers all of the with monetary and political power, and all of the rest of us with kneepads on and ballcocks strapped into our mouths.

RE wrote:

The Spiegel confirms the Guardian story from yesterday. The Guardian is generally very accurate and it again was this time.

Greek debt has passed the event horizon -- it's still growing, and all this does is kick the can down the road. During the next inevitable debt crisis, the flight the quality will squeeze their debt mass into a black hole. Another bailout, or a default, in 18 months is all but inevitable.

DCRogers wrote:

Greek debt has passed the event horizon -- it's still growing, and all this does is kick the can down the road. During the next inevitable debt crisis, the flight the quality will squeeze their debt mass into a black hole. Another bailout, or a default, in 18 months is all but inevitable.

Yeah....looking at the rollover schedule for that debt, it's a dark couple of years in Greece. And the rest of Club Med.

Rob Dawg wrote:

If the Dems pull this off there will be retribution over this abuse of the reconciliation process.

this is the retribution

the abuse already happened... approximately 15 out of the 20 times reconciliation has been used

it has been used by the repubs

and btw, when the repubs take over , and they will

the dems will become the new party of NO

Republicans used reconciliation nearly every year they were in power « MNpublius.com

It's Official - EU Agrees On Greece Bailout | zero hedge

Germany achieves what it sought after 70 years ago (plus Portugal and Spain!)

all lawyers would rob their mother in an instant

some stereotypes have more truth than others.

I've read enough of the Lehman report to say that I'm no longer going to be active in US debt and equity.

The scale of the fraud at work in this economy has become insane.

Laws and regulations aren't going to fix this.

The time has come to line up the lot of these sonsabitches against a wall.

as we used to say in the old west

we gonna give ya fair trial

and then we gonna hang ya

At the top of this thread someone llnked thhe report on Lehman. Rather that read it all, which is unlikely, I suggest reading the table of contents for appendix 1. It will tell you a lot.

http://lehmanreport.jenner.com/VOLUME%206%20-%20APPENDIX%201.pdf

play this in the background

YouTube - BRUCE COCKBURN - If I Had A Rocket Launcher

Which is worse - bankers or terrorists wrote:

Kind of like Marx talking about the declining utility of labor over time.

You either own the factors of production or you are a factor of production.