Hi, Could you kindly e-mail me the link to the full article of Dr. Roubini's - Decline of the American Empire. dpais@magnumtech.net
Step 1 to put this country back in shape. Stop illegal immigration.. enforce the law religiously. Kick out whoever that is not here legally!
Like scores of evangelists and hypocrites and moralists who spew and praise family values and pretend to be holier than thou and are then regularly caught cheating or cross dressing or found to be perverts these Bush hypocrites who spewed for years the glory of unfettered wild west laissez faire jungle capitalism (and never believed in any sensible and appropriate regulation and supervision of financial markets) allowed the biggest debt bubble ever to fester without any control, have caused the biggest financial crisis since the Great Depression and are now forced to perform the biggest government intervention and nationalizations in the recent history of humanity, all for the benefit of the rich and the well connected. So Comrades Bush and Paulson and Bernanke will rightly pass to the history books as a troika of Bolsheviks who turned the USA into the USSRA. Fanatic zealots of any religion are always pests that cause havoc and destruction with their inflexible fanaticism; but they usually donât run the biggest economy in the world. But these laissez faire voodoo-economics zealots in charge of the USA have now caused the biggest financial crisis since the Great Depression and the nastiest economic crisis in decades. So let them be shamed in public for their hypocrisy and zealotry that has caused so much financial and economic damage. ---- LoL. I'd love to see what kind of comments he makes at the end of the term papers he grades.
So easy to blame with an obviously biased slant. What about the 8 years prior? I'm sure you see those as rosy times through the narrow minded blinders you wear. Where is the true greed?
at least the budget was balanced under clinton and the dollar was strong. only a wild eyed leftest in his wet dreams could have achieved what bush has done. he has practically destroyed the currency while nationalizing the financial industry.
Covertibility is a buffoon. Check some of his "real estate" threads. He was massively bullish on RE at the height in 2005 and straight through 2006, 2007, and 2008. The dope still won't admit that real estate was a bubble. The mother of all bad real estate calls on ET (notice the date of the thread).... http://elitetrader.com/vb/showthread.php?s=&threadid=44410
Americans need to act wisely in the coming elections. These elections will not determine their future but the future of their kids. There is little scope for errors and decisions of impulse.
So if we look at the right side of the graph, what I call core housing, shows a crash? Dude, where's my crash?? The doubling in home prices in a few years with only a 7-8% decline is really a downer since these are the Shiller numbers. The OFHEO numbers which represent the majority of the housing market show a much more benign picture. Core housing, be it according to Shiller or OFHEO, went through a correction after some huge runs. The 4 states causing the distortion in the data, this is going to be interesting given the amount of inventory still out there. Edit: Actually the above housing link was a continuation of other threads starting back in late 2003 after the Economist posted their bubble series that summer. I think they also had a bubble series back in 2001 or when others were calling for a crash in RE. But for the apartment dwellers living in the areas on the right side of the graph who were hoping for a crash, it sucks to be you especially if you can't get a loan. Have fun in those 2 rooms!
Nothing wrong with Laissez-faire, but financial economy is intrinsically part of mixed system - and the interaction between free markets and the social part must be very strict as not to interfere structurally - destroying the validity of a market economy - i.e cannot be the victim of interventionism. If there is interventionism e.g subsidies, tariffs - then there is no "market" - just authoritarian interventionist rule - socialism or similar. http://en.wikipedia.org/wiki/Two-level_utilitarianism http://en.wikipedia.org/wiki/Laissez-faire http://en.wikipedia.org/wiki/Anarcho-capitalism http://en.wikipedia.org/wiki/Austrian_economics http://en.wikipedia.org/wiki/Computational_trust http://en.wikipedia.org/wiki/Deductive_system http://en.wikipedia.org/wiki/Validity http://en.wikipedia.org/wiki/Complex_adaptive_system http://en.wikipedia.org/wiki/Soundness http://en.wikipedia.org/wiki/Systems_science http://en.wikipedia.org/wiki/Interventionism