Home › Forums › Financial Markets/Economics › MIT Professor and Former IMF Chief Economist
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April 15, 2009 at 8:45 PM #381673April 15, 2009 at 9:36 PM #381955
patientrenter
Participant[quote=deadzone]That’s bullcrap patient, these bailouts have nothing to do with making people (i.e.voters) happy. 3/4 of Americans are not homeowners, not sure where you got that stat. The majority of American’s are against bailing out homeowners. Nearly 40% of Americans are renters, do you think the bailout is making them happy? What about homeowners who either own their homes outright or nearly outright? Are they happy?
Don’t kid yourself, Its all about saving the banks and financial industry. The U.S. economy has no real foundation outside of loaning money to each other to buy crap. If/when the financial industry implodes, the U.S. is done. [/quote]
deadzone:
1. Check my post. I didn’t claim that 3/4 of Americans are homeowners. [Hint, check for the word “voters” in my post.]
2. Yes, people may rail against bailouts. But let’s take a reality check here. Many of those people want their own home’s price to be higher, not lower. That is true whether they have a mortgage or not. If you want something for yourself, it can lead you into turning a blind eye to what it takes to get it.
April 15, 2009 at 9:36 PM #382192Participant[quote=deadzone]That’s bullcrap patient, these bailouts have nothing to do with making people (i.e.voters) happy. 3/4 of Americans are not homeowners, not sure where you got that stat. The majority of American’s are against bailing out homeowners. Nearly 40% of Americans are renters, do you think the bailout is making them happy? What about homeowners who either own their homes outright or nearly outright? Are they happy?
Don’t kid yourself, Its all about saving the banks and financial industry. The U.S. economy has no real foundation outside of loaning money to each other to buy crap. If/when the financial industry implodes, the U.S. is done. [/quote]
deadzone:
1. Check my post. I didn’t claim that 3/4 of Americans are homeowners. [Hint, check for the word “voters” in my post.]
2. Yes, people may rail against bailouts. But let’s take a reality check here. Many of those people want their own home’s price to be higher, not lower. That is true whether they have a mortgage or not. If you want something for yourself, it can lead you into turning a blind eye to what it takes to get it.
April 15, 2009 at 9:36 PM #382323Participant[quote=deadzone]That’s bullcrap patient, these bailouts have nothing to do with making people (i.e.voters) happy. 3/4 of Americans are not homeowners, not sure where you got that stat. The majority of American’s are against bailing out homeowners. Nearly 40% of Americans are renters, do you think the bailout is making them happy? What about homeowners who either own their homes outright or nearly outright? Are they happy?
Don’t kid yourself, Its all about saving the banks and financial industry. The U.S. economy has no real foundation outside of loaning money to each other to buy crap. If/when the financial industry implodes, the U.S. is done. [/quote]
deadzone:
1. Check my post. I didn’t claim that 3/4 of Americans are homeowners. [Hint, check for the word “voters” in my post.]
2. Yes, people may rail against bailouts. But let’s take a reality check here. Many of those people want their own home’s price to be higher, not lower. That is true whether they have a mortgage or not. If you want something for yourself, it can lead you into turning a blind eye to what it takes to get it.
April 15, 2009 at 9:36 PM #382145Participant[quote=deadzone]That’s bullcrap patient, these bailouts have nothing to do with making people (i.e.voters) happy. 3/4 of Americans are not homeowners, not sure where you got that stat. The majority of American’s are against bailing out homeowners. Nearly 40% of Americans are renters, do you think the bailout is making them happy? What about homeowners who either own their homes outright or nearly outright? Are they happy?
Don’t kid yourself, Its all about saving the banks and financial industry. The U.S. economy has no real foundation outside of loaning money to each other to buy crap. If/when the financial industry implodes, the U.S. is done. [/quote]
deadzone:
1. Check my post. I didn’t claim that 3/4 of Americans are homeowners. [Hint, check for the word “voters” in my post.]
2. Yes, people may rail against bailouts. But let’s take a reality check here. Many of those people want their own home’s price to be higher, not lower. That is true whether they have a mortgage or not. If you want something for yourself, it can lead you into turning a blind eye to what it takes to get it.
April 15, 2009 at 9:36 PM #381683Participant[quote=deadzone]That’s bullcrap patient, these bailouts have nothing to do with making people (i.e.voters) happy. 3/4 of Americans are not homeowners, not sure where you got that stat. The majority of American’s are against bailing out homeowners. Nearly 40% of Americans are renters, do you think the bailout is making them happy? What about homeowners who either own their homes outright or nearly outright? Are they happy?
Don’t kid yourself, Its all about saving the banks and financial industry. The U.S. economy has no real foundation outside of loaning money to each other to buy crap. If/when the financial industry implodes, the U.S. is done. [/quote]
deadzone:
1. Check my post. I didn’t claim that 3/4 of Americans are homeowners. [Hint, check for the word “voters” in my post.]
2. Yes, people may rail against bailouts. But let’s take a reality check here. Many of those people want their own home’s price to be higher, not lower. That is true whether they have a mortgage or not. If you want something for yourself, it can lead you into turning a blind eye to what it takes to get it.
April 15, 2009 at 9:39 PM #382150Daniel
Participant3/4 of voters, deadzone. Voters, as in people who vote. Homeowners are not 75% of us, indeed, but they do vote quite a bit more often than renters.
As for Simon Johnson, he’s a very smart guy, and he might be right on this one, only time will tell. By the way, I think his baselinescenario.com blog is one of the best out there. I highly recommend it.
April 15, 2009 at 9:39 PM #382328Participant3/4 of voters, deadzone. Voters, as in people who vote. Homeowners are not 75% of us, indeed, but they do vote quite a bit more often than renters.
As for Simon Johnson, he’s a very smart guy, and he might be right on this one, only time will tell. By the way, I think his baselinescenario.com blog is one of the best out there. I highly recommend it.
April 15, 2009 at 9:39 PM #382197Participant3/4 of voters, deadzone. Voters, as in people who vote. Homeowners are not 75% of us, indeed, but they do vote quite a bit more often than renters.
As for Simon Johnson, he’s a very smart guy, and he might be right on this one, only time will tell. By the way, I think his baselinescenario.com blog is one of the best out there. I highly recommend it.
April 15, 2009 at 9:39 PM #381960Participant3/4 of voters, deadzone. Voters, as in people who vote. Homeowners are not 75% of us, indeed, but they do vote quite a bit more often than renters.
As for Simon Johnson, he’s a very smart guy, and he might be right on this one, only time will tell. By the way, I think his baselinescenario.com blog is one of the best out there. I highly recommend it.
April 15, 2009 at 9:39 PM #381688Participant3/4 of voters, deadzone. Voters, as in people who vote. Homeowners are not 75% of us, indeed, but they do vote quite a bit more often than renters.
As for Simon Johnson, he’s a very smart guy, and he might be right on this one, only time will tell. By the way, I think his baselinescenario.com blog is one of the best out there. I highly recommend it.
April 15, 2009 at 9:43 PM #381975equalizer
Participant[quote=patientrenter]Simon Johnson’s thesis that our government has been captured by the financial services industry is only partially true. For all our complaints, we do live in a mature democracy, with a dispersed government. It’s hard for any one minority interest to hijack the entire government apparatus.
The many, many trillions that our government is putting on the line to maintain high house prices is not just to make some bankers richer, or to put another million in the pockets of a few more Congressmens’ relatives and friends. It’s done to make homeowners happy. They are over 3/4 of all voters. Add all the professionals whose livelihood depends on free money, and you have an unbeatable force that can and does control our government.
Take away the professionals, and the voter block is still powerful, but much weaker. Take away the voters, and you can divert a few hundred billion at most, not 10 trillion (in direct subsidies and indirect guarantees).[/quote]
I’m still reading my copy, but there is disputing that financial services industry has become a huge percentage of the economy. I don’t know if you read the whole article but author does explain how this came to be. I will post later.Everyone cant keep moving paper around, i.e. become a financial broker, etc. The lesson is that the idolization of salesman was not healthy. And that no on in DC was going to stop the party when everyone was buzzed.
April 15, 2009 at 9:43 PM #382165Participant[quote=patientrenter]Simon Johnson’s thesis that our government has been captured by the financial services industry is only partially true. For all our complaints, we do live in a mature democracy, with a dispersed government. It’s hard for any one minority interest to hijack the entire government apparatus.
The many, many trillions that our government is putting on the line to maintain high house prices is not just to make some bankers richer, or to put another million in the pockets of a few more Congressmens’ relatives and friends. It’s done to make homeowners happy. They are over 3/4 of all voters. Add all the professionals whose livelihood depends on free money, and you have an unbeatable force that can and does control our government.
Take away the professionals, and the voter block is still powerful, but much weaker. Take away the voters, and you can divert a few hundred billion at most, not 10 trillion (in direct subsidies and indirect guarantees).[/quote]
I’m still reading my copy, but there is disputing that financial services industry has become a huge percentage of the economy. I don’t know if you read the whole article but author does explain how this came to be. I will post later.Everyone cant keep moving paper around, i.e. become a financial broker, etc. The lesson is that the idolization of salesman was not healthy. And that no on in DC was going to stop the party when everyone was buzzed.
April 15, 2009 at 9:43 PM #382343Participant[quote=patientrenter]Simon Johnson’s thesis that our government has been captured by the financial services industry is only partially true. For all our complaints, we do live in a mature democracy, with a dispersed government. It’s hard for any one minority interest to hijack the entire government apparatus.
The many, many trillions that our government is putting on the line to maintain high house prices is not just to make some bankers richer, or to put another million in the pockets of a few more Congressmens’ relatives and friends. It’s done to make homeowners happy. They are over 3/4 of all voters. Add all the professionals whose livelihood depends on free money, and you have an unbeatable force that can and does control our government.
Take away the professionals, and the voter block is still powerful, but much weaker. Take away the voters, and you can divert a few hundred billion at most, not 10 trillion (in direct subsidies and indirect guarantees).[/quote]
I’m still reading my copy, but there is disputing that financial services industry has become a huge percentage of the economy. I don’t know if you read the whole article but author does explain how this came to be. I will post later.Everyone cant keep moving paper around, i.e. become a financial broker, etc. The lesson is that the idolization of salesman was not healthy. And that no on in DC was going to stop the party when everyone was buzzed.
April 15, 2009 at 9:43 PM #382212Participant[quote=patientrenter]Simon Johnson’s thesis that our government has been captured by the financial services industry is only partially true. For all our complaints, we do live in a mature democracy, with a dispersed government. It’s hard for any one minority interest to hijack the entire government apparatus.
The many, many trillions that our government is putting on the line to maintain high house prices is not just to make some bankers richer, or to put another million in the pockets of a few more Congressmens’ relatives and friends. It’s done to make homeowners happy. They are over 3/4 of all voters. Add all the professionals whose livelihood depends on free money, and you have an unbeatable force that can and does control our government.
Take away the professionals, and the voter block is still powerful, but much weaker. Take away the voters, and you can divert a few hundred billion at most, not 10 trillion (in direct subsidies and indirect guarantees).[/quote]
I’m still reading my copy, but there is disputing that financial services industry has become a huge percentage of the economy. I don’t know if you read the whole article but author does explain how this came to be. I will post later.Everyone cant keep moving paper around, i.e. become a financial broker, etc. The lesson is that the idolization of salesman was not healthy. And that no on in DC was going to stop the party when everyone was buzzed.
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