| |
  
|
||||||||||
Absolute Must Listen: Our Confusing Economy, Explained
Submitted by Michael Nystrom on Fri, 04/04/2008 - 11:34
This is a 40 minute interview with Michael Greenberger on NPR that explains exactly what is going on with the economy in language that anyone can understand. Please find the time sometime this weekend to take a listen and add your comments below. Thank you Stephen for sending this along. » |
|
|||||||||
The Daily Paul is a community website with no official affiliation with Ron Paul or his Presidential Committee. The content of posts and comments on the Daily Paul represent the opinions of the original poster, and are not endorsed, approved, or otherwise representative of the opinions of the Daily Paul, its owner, site moderators or Ron Paul. This site may contain adult language and adult concepts. If you are offended by such content, or feel you may be offended by such content, point your browser to a different site IMMEDIATELY. For more, read the Full Disclaimer
© 2007 - 2011 by The Daily Paul. Not paid for by, nor officially affiliated in any way with Ron Paul. | General Site Disclaimer | DMCA Disclaimer | Advertise here
Jim Sinclair is more "in the know"
www.jsmineset.com
His postings just for today are a must read and more will be posted later today - here's an example (time is running out)
Dear Jim,
I think we mentioned a while ago that the Federal-Reserve hired 300 new bank work out specialists examiners a few months ago because they expected a wave of new small-bank failures over the next few years.
Monty
www.GuildInvestment.com
--------------------------------------------------------------------------------
Jim Sinclair's Commentary:
Ask yourself a question: Would you prefer to be a depositor in a risky bank or hold gold in your possession? It would be wise to make a decision soon as you don't have the pleasure of mulling it over much longer. Indy Mac went totally up in smoke in order to avoid the mountain of litigation heading for it - and just in time I might say. All those with significant deposits are like buzzards circling the holding company.Today, Bloomberg has another expert telling us how safe regional banks are when in fact they are now a huge risk.
Printed from The Economic Times
IndyMac Bancorp files for Chapter 7 bankruptcy
2 Aug, 2008, 0023 hrs IST, REUTERS
NEW YORK: IndyMac Bancorp Inc, once one of the largest US mortgage lenders, has filed for bankruptcy protection, less than three weeks after being seized by federal regulators following a bank run by depositors.
The Pasadena, California-based company filed for Chapter 7 protection on Thursday with the US bankruptcy court in Los Angeles, indicating it plans to liquidate. IndyMac expects the court to appoint a bankruptcy trustee promptly.
The filing was widely expected. It does not include IndyMac Federal Bank FSB, which is run by the Federal Deposit Insurance Corp and is the successor to IndyMac's former banking unit.
Most deposits at IndyMac Federal are insured up to $100,000. The FDIC is trying to sell IndyMac's assets.
IndyMac Bancorp, the holding company, has between $50 million and $100 million of assets, between $100 million and $500 million of liabilities, and fewer than 50 creditors, according to the bankruptcy filing.
Chief Executive Michael Perry, the company's sole remaining employee, in a court filing said he didn't have information normally required to file for bankruptcy protection because the FDIC has sole possession of IndyMac's books and records.
Perry has no involvement in IndyMac Federal's operations.
The collapse of IndyMac was the largest US banking failure since the 1980s savings-and-loan crisis. Regulators said IndyMac ended March with about $32 billion of assets and about $19 billion of deposits, most of which were insured.
IndyMac was the fifth of seven US banking failures this year. FDIC Chairman Sheila Bair said last week she does not expect another failure of IndyMac's size or larger.
More...
npr
npr is as bad as fox news
yes. it's crap.
npr is right brained thinking dressed up to look like left brain thinking.
(left & right brain thinking have nothing to do with politics by the way, go look it up at wikipedia if you don't know what left/right hemisphere brain functions are)
as somebody here mentioned already, they miss the forest for the trees.
I'm listening and
I think it is making me dizzy. I think the Canary in the mine is dead. Peace
Prepare & Share the Message of Freedom through Positive-Peaceful-Activism.
I am glad I revisited this it is very good
Liberty is our campaigns gift to the world it is our manifest destiny.
Freedom is a movement who's time has come. Our campaign will lead to world wide freedom.
Liberty is our campaigns gift to the world it is our manifest destiny.
Freedom is a movement who's time has come. Our campaign will lead world wide freedom.
interview
very good
Liberty is our campaigns gift to the world it is our manifest destiny.
Freedom is a movement who's time has come. Our campaign will lead world wide freedom.
response to meambobbo
You are absolutley right. There is inherently nothing wrong with speculating or "betting" on interest rates. This is the essence of capitalism and free markets. DO NOT give any credibility to this interview. The guy is all wet.
Download Link?
ANYONE got an MP3 of this. I have ZERO interest in sitting in front of my computer listening to a 40 minute audio file thats what the 80 minute drive to work is for
OH COME ON!
This is the best we can find to casually explain this crisis?!?!?!?
This logic is the exact same logic that gave us 4 terms of FDR denouncing Hoover and expanding his fascism in the good favor of hitler and mussolini.
Speculation = betting
Speculation = bad
Whatever - that's what entrepreneurs are paid to do. Without some degree of speculation/betting, there would be no capital investment, and there would have been no industrial revolution...or even the wheel!
Oh, and don't bets have winners and losers? Shouldn't this pass responsibility for betting onto those who bet?
"BUT THEY ARE BETTING WITH OTHER PEOPLE'S FUTURES!!!!!"
That's how fascism works; you're all on the hook for the bad decisions of the "experts," whether they be private or public, although they are most definitely put their by privilege. Actually its better to alternate blunders, so that the private/public FED can sort out the mess for the American people, and explain to them why we need more state power...and somehow a larger disparity of wealth.
REGULATION IS NOT AN ACCEPTABLE SOLUTION. It hinders markets and can be used as a new form of privilege, creating negative impacts upon the economy. Rather, let bad business fail and be replaced by good business. Reduce moral hazard by removing privileges like subsidies and tax-payer bail-outs. Allowing these simple principles to operate is all the regulation businesses need: put their ass on the line for the risk they assume.
But essentially what NPR is saying is that BIG BUSINESS FORCED POOR IDIOTS TO ASSUME THEIR RISKY MORTGAGES.
What NPR is saying is that THE AMERICAN PEOPLE ARE MORONS AND NEED TO BE REGULATED LESS THEY FALL INTO PYRAMID SCHEMES AND SIMPLY BAD DEALS.
It's amazing that we have a clear case of a business cycle (created by the state through its actions with the FED), where both lenders and creditors are seeing huge losses, and NPR is blaming one side - those greedy big businessmen.
so NPR is saying let's regulate contracts in general, as the American people are too dumb to read fine print. HAS NPR SEEN A PIECE OF LEGISLATION PASSED BY CONGRESS? Maybe we should regulate Congress? Oh wait, we already did - it was called the Constitution - which doesn't seem to fit into NPR's "progressive" agenda.
Talk about a simple contract that has become defaulted!!!!
bump
Liberty is our campaigns gift to the world it is our manifest destiny.
Freedom is a movement who's time has come. Our campaign will lead to world wide freedom.
Liberty is our campaigns gift to the world it is our manifest destiny.
Freedom is a movement who's time has come. Our campaign will lead world wide freedom.
I'm in your camp...
..further; albeit there is good information in this interview, it is largely a "see the tree not the forest" approach to explaining what is going on.
but what I really hear between the lines (and do please review this gentleman's credentials) is: more regulation, more price fixing, less risk taking, etc. he doesn't mention the Federal Reserve's role...hell, its KEY ROLE in this. If we applied the Constitution to what is going on in the economy then what we would have now would be much resolved. The market, given its full reign will balance. The nay sayers of the free market either a. lie about their true understanding of free market because they benefit by it (because they abuse it), b. don't know what it means, c. practice it.
nobody suffers by it!!!. What?? nobody suffers from it. I say that, because we do NOT HAVE a free market. If we had a free market, three important things would be in place today:
1. We would not have foreign debt.
2. We would have a savings-based society.
3. We would have sound money.
These would enable a monetized budget and drive our policies.
This is NPR socialist bunk to the nth degree, designed perfectly to bring attention away from something, instead of towards something.
Referencing FDR???? For f@##'s sake.
What we have been experiencing is the full benefits of a free market at the upside, run amok and outside constitutional government, but the exact opposite in economic philosophy applied to when things go badly.
more debt? kool, lets bring on more debt to pay off old debt!!!
free market? crap, let's hunker down and pay it off and not award those who messed it up.
in other words, we're unregulated for investment but regulated to hell and back for debt (bailouts, enron, etc). we do NOT punish the lame, immoral, illegal and violent enough. but i am not suggesting enforcement is the issue. nipping it in the bud by not allowing it in the first place - because the people participate - is what we need. a free market, at both entrance and exit.
i can't imagine it is just me that this interview bored me to tears
To all those people who are not bootoil
CPAforRP
stop replying. If you are not talking specifically about the original subject of this string then go somewhere else.
CPAforRP
bump
bump
Liberty is our campaigns gift to the world it is our manifest destiny.
Freedom is a movement who's time has come. Our campaign will lead world wide freedom.
OK
so what is one to do? this is a great interview- do listen.
the only thing is, now i feel like it's hopeless. since we the taxpayers bailed bear sterns out, shoudnt WE own it now? lol let me regulate!!
i have never made more than 20,0000 per year- my choice as i have 3 children whom i support. i have no credit debt, no car loan, no other outstanding debt except my mortgaage which is paid on time in full every single f@$&%$*ing month. my kids are clothed, fed and housed and unfortunly public schooled which is when i work. i'm sorry, but I am PISSED!!!!!!!! i'm gonna go play football in the backyard now...
~peace
NPR?
Not a really reliable, unbiased source of news-They love the UN and all the socialistic stuff that George Orwell wrote about.
I used to listen to NPR, but found them to HATE Ron Paul-I called up a few times extolling Dr. Paul's virtues and they hung up on me. Followed by a rant by the commentators about why Ron Paul will not be president.
http://killfiat.blogspot.com/
bump
Liberty is our campaigns gift to the world it is our manifest destiny.
Freedom is a movement who's time has come. Our campaign will lead to world wide freedom.
Liberty is our campaigns gift to the world it is our manifest destiny.
Freedom is a movement who's time has come. Our campaign will lead world wide freedom.
Agreed
NPR folks believe in pretty much everything the opposite of Ron Paul. When one of these government-caused catastrophes occur, they always want more government! Problem with Socialism? Solution: More Socialism. The game never changes.
Register as Republican and Vote for Ron Paul
crying wolf
I guess all you need to do is say something and at least 50% or more of the drones will believe it. I keep forgetting that the meek truly shall inherit the earth.
Dude, go back on your meds!
Dude, go back on your meds! Trying to reason with a delusional psychotic is SO much work, and I just don't have the energy today!
dude
you must enjoy giving me attention bec. you continually respond to my comments. It's pathetic and all, but I guess I'm flattered all the same.
Flagged as troll
Flagged as troll
and you
are flagged as a dude
del.
del.
First off, this post is out
First off, this post is out of place and I'm not sure how exactly it addresses the topic of "Our Confusing Economy", but putting that aside, you did unequivocably lash out at Devon yesterday in an extremely rude, hateful, and rascist manner that I feel safe to say virtually everyone here found repugnant. Maybe THAT it what you should be trying to explain, not how "wise" you are and how utterly ignorant everybody else here is.
Bootoil,
I just wanted to thank you for your intelligent postings on this topic. It was such a pleasure to log on and read your profanity-laden tirade! I've gotten so used to intelligent debate and exchange of ideas on this website, it's absolutely REFRESHING to see somebody so void of ideas that he has to revert back to school-yard insults (extend your hand, raise your finger and sit - ohhh, the hilarity!!) and foul language that has become so rare on Daily Paul!
As an aside, being that the likelihood exists that your small little mind is unable to detect sarcasm, I should inform you that you have been flagged and reported. Buh-bye.
apparently
your own sarcasm meter needs some re-tuning as almost all of the latter comments I've left are saturated in it. You show you are unable to discern the truth of the origin of the downward spiral of this dialogue and my reaction thereto. Again if you don't like my style, I do not care- but when I see blatant stubborn stupidity it gets on my nerves and I react accordingly. If you read these comments in order you will discover that I was more than willing to leave it as a unbridgeable disagreement , and move on. If the sheep want to flag me, go ahead; but you are the fool for doing so.
oh no it's the daily paul thought police, whatever will I do, alas woe is me
boo-f-ing-hoo.
Oh, I have read the thread
Oh, I have read the thread in its entirety, my dear ... and I didn't see anything that would require such an asinine response on your behalf. But then again, maybe I'm not as sensitive as you :-)
By the way ... where was the response of yours when asked to name a fiat currency that has actually worked? Hmmm ... don't think you answered that one.
so you
don't like my style. o.k. fair enough (oh, and I am not your dear, unless that is you would like to be considered to be my bitch, btw).
the colonial script worked for awhile before it was inflated out of existence (they used gold concurrently). to name one exp.
seashells worked great in some Polynesian and Asian Pacifac cultures.
It is a long list, why don't you research it on your own and not report back to me about your findings.
If you are suicidally diehard committed to gold and only gold as the saving grace that will make America right as rain again in your head then we do not need to chat.
I am trying to leave this post altogether but keep getting dragged through the proverbial mud so feel a sense of obligation in responding to some of this other non-related garbagio.
Pacific
Pacific (see Java)
Excuse me
Please point to any specific post of mine on this thread where I took a position either for or against gold. You don't know me, you don't know my opinions on this matter. So please, don't even try to make any assumptions in that regard.
Also, if we are so beneath you, as you seem to believe, nobody's forcing you to stay here - you can leave of your own volition at any time. In fact, I encourage you to do so!
BTW, thank you for the offer to be your "bitch", but unfortunately I have to decline. Too busy flagging your chauvanistic ass. *Muah!*
and I do not
care to be your "dear" either (na-nah-na-nah-na-na)
Where did I propose to divine your thoughts? Please point that out to me.
If you think you are beneath me thats up to you- but don't attack me and expect anything less than a vigorous defense.
You want me to shut up, easy to do. Stop composing original "thought patterns" designed for my consumption; however if you continue I will respond if I'm able to.
I am not, never was, and never will be liked by the PC community. I am surprised by the strength of it on a Ron Paul republican web site.