There will be blood: Niall Ferguson

[patientrenter]

Niall Ferguson, Larry Summers, Tim Geithner, and Ben Bernanke all share at least one goal:

Maintain asset prices, especially home prices, well above their free market level, by any and all means necessary. This includes massive taxpayer-funded intervention, as current subsidies, or as future subsidies (aka loan repayment guarantees).

Almost all homeowners support this. That’s over 60% of our population, and a higher % of voters, so 80-99% of politicians support it. Almost all company managers – and therefore their lobbyists – support it, because switching to a lower asset price regime would put us through a (temporary) recession that would put them in danger.

So hearing a chorus of people from a broad spectrum, including Niall Ferguson, vote for asset price supports (e.g. gobs of cheap money) is not a sign of the policy’s ultimate economic effectiveness. It’s just a sign that a lot of people’s ox will be gored in the short run by the alternatives, and most people are driven by their personal short-run outlook.

[jpinpb]

I think the economy will continue to be propped up as long as possible by continuing to borrow money from the Federal Reserve. This country will be so indebt. That’s what’s behind the bailout. The bailouts continue b/c it’s to the benefit of the Federal Reserve. As an added bonus, everyone who owns a home will surely and gladly and willingly want a bailout, as our deficit continues to grow expotentially.

So far, everything is going according to plan.

[jpinpb]

I think the economy will continue to be propped up as long as possible by continuing to borrow money from the Federal Reserve. This country will be so indebt. That’s what’s behind the bailout. The bailouts continue b/c it’s to the benefit of the Federal Reserve. As an added bonus, everyone who owns a home will surely and gladly and willingly want a bailout, as our deficit continues to grow expotentially.

So far, everything is going according to plan.

[jpinpb]

I think the economy will continue to be propped up as long as possible by continuing to borrow money from the Federal Reserve. This country will be so indebt. That’s what’s behind the bailout. The bailouts continue b/c it’s to the benefit of the Federal Reserve. As an added bonus, everyone who owns a home will surely and gladly and willingly want a bailout, as our deficit continues to grow expotentially.

So far, everything is going according to plan.

[jpinpb]

I think the economy will continue to be propped up as long as possible by continuing to borrow money from the Federal Reserve. This country will be so indebt. That’s what’s behind the bailout. The bailouts continue b/c it’s to the benefit of the Federal Reserve. As an added bonus, everyone who owns a home will surely and gladly and willingly want a bailout, as our deficit continues to grow expotentially.

So far, everything is going according to plan.

[jpinpb]

I think the economy will continue to be propped up as long as possible by continuing to borrow money from the Federal Reserve. This country will be so indebt. That’s what’s behind the bailout. The bailouts continue b/c it’s to the benefit of the Federal Reserve. As an added bonus, everyone who owns a home will surely and gladly and willingly want a bailout, as our deficit continues to grow expotentially.

So far, everything is going according to plan.

[Allan from Fallbrook]

Gandalf: The problem is not Obama, and Hillary would not have been more effective. The problem is that all of these various rogues (Rubin, Gramm, Summers et al) have been involved and instrumental in the various policies and legislation necessary to de-regulate the finance and banking industries. They’re all dirty and it doesn’t matter whether they’re Republicans (Gramm) or Democrats (Rubin, Summers).

If Hillary had won, we’d have Rubin at the helm (and he’s another nefarious character in his right; see his policy recommendations as Treasury Secretary for Clinton) and if McCain had won I don’t doubt that Gramm would be heavily involved.

Everyone in this mess has something to hide and definitely something to gain in terms of maintaining the status quo ante.

[Allan from Fallbrook]

Gandalf: The problem is not Obama, and Hillary would not have been more effective. The problem is that all of these various rogues (Rubin, Gramm, Summers et al) have been involved and instrumental in the various policies and legislation necessary to de-regulate the finance and banking industries. They’re all dirty and it doesn’t matter whether they’re Republicans (Gramm) or Democrats (Rubin, Summers).

If Hillary had won, we’d have Rubin at the helm (and he’s another nefarious character in his right; see his policy recommendations as Treasury Secretary for Clinton) and if McCain had won I don’t doubt that Gramm would be heavily involved.

Everyone in this mess has something to hide and definitely something to gain in terms of maintaining the status quo ante.

[Allan from Fallbrook]

Gandalf: The problem is not Obama, and Hillary would not have been more effective. The problem is that all of these various rogues (Rubin, Gramm, Summers et al) have been involved and instrumental in the various policies and legislation necessary to de-regulate the finance and banking industries. They’re all dirty and it doesn’t matter whether they’re Republicans (Gramm) or Democrats (Rubin, Summers).

If Hillary had won, we’d have Rubin at the helm (and he’s another nefarious character in his right; see his policy recommendations as Treasury Secretary for Clinton) and if McCain had won I don’t doubt that Gramm would be heavily involved.

Everyone in this mess has something to hide and definitely something to gain in terms of maintaining the status quo ante.

[Allan from Fallbrook]

Gandalf: The problem is not Obama, and Hillary would not have been more effective. The problem is that all of these various rogues (Rubin, Gramm, Summers et al) have been involved and instrumental in the various policies and legislation necessary to de-regulate the finance and banking industries. They’re all dirty and it doesn’t matter whether they’re Republicans (Gramm) or Democrats (Rubin, Summers).

If Hillary had won, we’d have Rubin at the helm (and he’s another nefarious character in his right; see his policy recommendations as Treasury Secretary for Clinton) and if McCain had won I don’t doubt that Gramm would be heavily involved.

Everyone in this mess has something to hide and definitely something to gain in terms of maintaining the status quo ante.

[Allan from Fallbrook]

Gandalf: The problem is not Obama, and Hillary would not have been more effective. The problem is that all of these various rogues (Rubin, Gramm, Summers et al) have been involved and instrumental in the various policies and legislation necessary to de-regulate the finance and banking industries. They’re all dirty and it doesn’t matter whether they’re Republicans (Gramm) or Democrats (Rubin, Summers).

If Hillary had won, we’d have Rubin at the helm (and he’s another nefarious character in his right; see his policy recommendations as Treasury Secretary for Clinton) and if McCain had won I don’t doubt that Gramm would be heavily involved.

Everyone in this mess has something to hide and definitely something to gain in terms of maintaining the status quo ante.

[CA renter]

[quote=Allan from Fallbrook]Gandalf: The problem is not Obama, and Hillary would not have been more effective. The problem is that all of these various rogues (Rubin, Gramm, Summers et al) have been involved and instrumental in the various policies and legislation necessary to de-regulate the finance and banking industries. They’re all dirty and it doesn’t matter whether they’re Republicans (Gramm) or Democrats (Rubin, Summers).

If Hillary had won, we’d have Rubin at the helm (and he’s another nefarious character in his right; see his policy recommendations as Treasury Secretary for Clinton) and if McCain had won I don’t doubt that Gramm would be heavily involved.

Everyone in this mess has something to hide and definitely something to gain in terms of maintaining the status quo ante.[/quote]

The fact is that no matter who won, the ultimate “players” would be the same. This should be alarming to all Americans.

[CA renter]

[quote=Allan from Fallbrook]Gandalf: The problem is not Obama, and Hillary would not have been more effective. The problem is that all of these various rogues (Rubin, Gramm, Summers et al) have been involved and instrumental in the various policies and legislation necessary to de-regulate the finance and banking industries. They’re all dirty and it doesn’t matter whether they’re Republicans (Gramm) or Democrats (Rubin, Summers).

If Hillary had won, we’d have Rubin at the helm (and he’s another nefarious character in his right; see his policy recommendations as Treasury Secretary for Clinton) and if McCain had won I don’t doubt that Gramm would be heavily involved.

Everyone in this mess has something to hide and definitely something to gain in terms of maintaining the status quo ante.[/quote]

The fact is that no matter who won, the ultimate “players” would be the same. This should be alarming to all Americans.

[CA renter]

[quote=Allan from Fallbrook]Gandalf: The problem is not Obama, and Hillary would not have been more effective. The problem is that all of these various rogues (Rubin, Gramm, Summers et al) have been involved and instrumental in the various policies and legislation necessary to de-regulate the finance and banking industries. They’re all dirty and it doesn’t matter whether they’re Republicans (Gramm) or Democrats (Rubin, Summers).

If Hillary had won, we’d have Rubin at the helm (and he’s another nefarious character in his right; see his policy recommendations as Treasury Secretary for Clinton) and if McCain had won I don’t doubt that Gramm would be heavily involved.

Everyone in this mess has something to hide and definitely something to gain in terms of maintaining the status quo ante.[/quote]

The fact is that no matter who won, the ultimate “players” would be the same. This should be alarming to all Americans.

[CA renter]

[quote=Allan from Fallbrook]Gandalf: The problem is not Obama, and Hillary would not have been more effective. The problem is that all of these various rogues (Rubin, Gramm, Summers et al) have been involved and instrumental in the various policies and legislation necessary to de-regulate the finance and banking industries. They’re all dirty and it doesn’t matter whether they’re Republicans (Gramm) or Democrats (Rubin, Summers).

If Hillary had won, we’d have Rubin at the helm (and he’s another nefarious character in his right; see his policy recommendations as Treasury Secretary for Clinton) and if McCain had won I don’t doubt that Gramm would be heavily involved.

Everyone in this mess has something to hide and definitely something to gain in terms of maintaining the status quo ante.[/quote]

The fact is that no matter who won, the ultimate “players” would be the same. This should be alarming to all Americans.

[Author]

Posts