The Fed can't be shady AND publish accurate data - you get to choose only one buddy. I'm tired of people bitching about how shady and evil the Fed is than in their next breath quoting the Fed data as evidence of how bad things are. You are delusional if you think you get to both call them frauds and cite their data.(LOL) Personally, I don't think the Fed is inherently bad and the data they publish is in-fact reasonably accurate. I do know for a fact there is a lot of data THEY DO NOT PUBLISH that goes into their policy making decisions. Pundits on TV and the Internet can try and gleam what the un-published data says, but it's at best an educated guess and, at worst, the basis for op-ed's masquerading as journalism.
You really are stupid aren't you? You know you really should finish middle school -- not only is it good for you -- it's also good for society. :]
additional comments from the interview: ... allowing other countries to peg their currency to the US Dollar is subsidizing them and their growth (to the exclusion of our own) ... basically we should get rid of the ability to peg one's currency to the US Dollar ---- those are such profound comments.... in case you have or have not discussed this in depth topic in B School, its no short conversation because that statement lies at the root cause of the American depression and disillusionment with so called free or fair trade with other countries... another spin on that statement is how the US has allowed itself to influence world affairs through trade instead of war, which is how other nations in history have done the same... by allowing other countries to peg their currencies to the US Dollar and flood our markets with their products, it has allowed them to develop and establish an infrastructure in their countries (both employment, product creation, service sectors and jobs creation) to the exclusion of those activities occurring in the US. Japan - 30+ years of heavy automobile exports, primarily to the US Korea - 25+ years of heavy industry and automobile exports, primarily to the international shipping industries and the US auto markets China - 20+ years of heavy products creation and export primarily to the Walmart chains in the US other examples exists too ------- where are the other B School grads willing to chime in on this thread (with worthwhile comments instead of mockery and off topic nonsense)
Look all this is obvious to those who have watched this for years. This is not 1980 and creditor nation status. US is in a world of hurt and all we get are posts full of "hope" like this. B School AND experience. That is something I'll listen to, not a salesman like Fischer.
yes exactly, perhaps what motivated him to come forward and be counted is a desired to be heard, and show "hope" (that springs eternal), or more likely, if something is said, perhaps that can alter the dire outcome and prevent it from happening.... who knows, one thing, is Cramer had a similar interview in 2007 / 2008 well before the crash, where he was livid! that video went viral too (http://www.youtube.com/results?search_query=cramer+meltdown&aq=3) perhaps this is another clarion call too......
Good Thread - Fisher v.s. the talking heads spewing the same coolaide. Fisher doesn't have the conviction / concern of Kramer. Fisher makes good points about the $Peg and things ending badly. That said, we're really living with a banking system that basically blew it's self up via the encircling conflict of interest that became the housing bubble. Bill Gross' comments about the Fed's Ponzi like scheme strike me as a bit sarcastic in their reference that the Fed had no choice. Fisher's distinction between Wall Street (the paper economy) and Main Street (the real economy) might (with luck) open the eyes of the typical CNBC viewer. Lets face facts. No one really gave a shit about the onshoring of Emerging Market imports in concert with the offshoring of American jobs until the consumer went belly up. If you are a first world economy and you don't understand how to solve the "prosperity problem" in a world characterized by globalization and subsidized comparitive advantage - Have no fears, your trading partners will solve it for you - Problem is you won't like the solution. Protectionism has a place and it will likely become the trend of this millennium.
outstanding conclusion and logic my grad buddies and I were having this same discussion, and its refreshing to see how others are drawing the same conclusion Protectionism is inevitable. whether it takes the form of individual basis or stated policy, it has to return and in large measure. the notion that lowest cost provider (whether or not they have to ship 8,000 miles from another shore or not) can't continue to be the sole determining factor in resource acquisition, whether those resources are large industrial machinery (such as what CAT - Catapiller makes or other mining equiptment mfgrs) or consumer goods produced overseas... at some point buying domestic to support domestic will have to enter the equation as mutual support for one's fellow citizens will either make or break this once great economy.... protectionism....
We are forcing EM`s to unpeg via our printing. It is the ultimate stealth protectionist move. And it will bring back production to the USA. If the current admin can just add a little bit more business friendly tax motiviation(in the works now) the DXY will be on like donkey kong... Bonds already tipping the hand.