When Central Bankers innovate, everybody wins.
Nemo - So your script monkey works here too?
Nemo sees all.
And now, because nobody asked for it, my own read-only Halo-ized comments.
No Buttons.
No Left "Gutter".
Less whitespace.
No signatures (bug or feature?)
Brain-dead simple html - no javascript.
http://users.thelink.net/bobn/CR
Krugman better make sure he doesn't rock the boat too much....
Why does mr. Krugman lower himself to this degree?
queasing?
Comments, many?
Comments, actually few.
Postings, many.
So much number voodoo. While it is all true for the system, we discount destroying the system and restarting. And we continue to ignore the limits of nature, consumption and carrying capacity.
Bernanke realizes, even if Krugman doesn't, that promises to inflate only will cause people to "overreact" and abandon paper assets for solid ones such as gold. This defeats the stated purpose of the inflation- saving the credit system. So, Bernanke promises to reverse this easing in order to get the beneficial effect he is seeking, but keeping gold buyers, or potential gold buyers, on edge.
I don't believe Bernanke for a second- the easing won't and can't ever be reversed, but a lot of people will believe it, and Bernanke hopes it will be enough.
Bernanke realizes, even if Krugman doesn't, that promises to inflate only will cause people to "overreact" and abandon paper assets for solid ones such as gold. This defeats the stated purpose of the inflation- saving the credit system.
It could get really ugly if all this talk triggers a panic in the bond markets. That's when we've really lost all control.
Speaking of, notice the TNX today.
At some point you can only feed people so many paper lies then they're just not going to touch it anymore and you lost your financial system.
Be careful...
Someone told me about a tribe they'd studied in Anthropolagy (sp?) class. Their numbering system was as follows:
One
Two
Three
Many
Japan angry about Korean launch -- declares that Koreans should be issued a stern talking to: http://www.voanews.com/english/2009-04-05-voa20.cfm
Lawyerliz is a number? How big?
"lawyerliz" is more than "many"?
Today's "market" looks like technical traders gone wild. Looks like the black boxes/traders are making some good money.
Lawyerliz,
Did you ever read Watership Down?
"I don't believe Bernanke for a second- the easing won't and can't ever be reversed, but a lot of people will believe it, and Bernanke hopes it will be enough."
Oh, it can be reversed... no one will like the DD 80's interest rates, though. No so good for housing, or underwater banks.
Seems someone is trying to strangle Elmo.
Sounds like the whales are the ones suffering from the North Korean missile program.
Today's "market" looks like technical traders gone wild. Looks like the black boxes/traders are making some good money.
The TNX selling off with the yen seems strangely familiar.
Hmmm... back to the good old days?
William Black on tech ticker:
http://finance.yahoo.com/tech-ticker/article/225897/Geithner's-Stress-Test-%22A-Complete-Sham%22-Former-Federal-Bank-Regulator-Says?tickers=UBS,C,BAC,XLF,SKF,FAS?sec=topStories&pos=9&asset=TBD&ccode=TBD
West Virginia still different than the rest of the North: http://blogs.dailymail.com/donsurber/2009/04/06/fry-the-cop-killer/
Hey,
I’m working with a new national organization that will support Hillary Clinton. I’d like to get in touch with the main blogger for this site. Can you please email me at cam4hillary@gmail.com?
Thanks and Go Hillary!
-- Cam
Hmmm... back to the good old days?
You mean where Wall St. convinces J6P to invest their life savings, skims off transactional fees, crashes 50% and hightails it to Mustique while leaving the taxpayers the bill?
title of link: Geithner's Stress Test "A Complete Sham," Former Federal Bank Regulator Says
Texas poll-tax to receive hearing Tuesday: http://www.wwlp.com/dpp/news/politics/state_politics/statepolitics_kxan_...
Somali pirates still not zigging for great justice by killing bankers: http://www.cnn.com/2009/WORLD/africa/04/06/britain.cargo.ship.seized.som...
I'm soooooooooo big. Lawyerliz spreads out hands.
But I usta be soooooooooooooooooooooo big.
Actually lawyerliz gets her share of looks at her advanced age.
I'm soooooooooo big. Lawyerliz spreads out hands.
But I usta be soooooooooooooooooooooo big.
Actually lawyerliz gets her share of looks at her advanced age.
"Comments, many?
Comments, actually few.
Postings, many.
lawyerliz"
Reminds me of the Tootsie Pop commercial from the 70's.
Blackhalo,
You are correct, I was a little to emphatic with my "can't be reversed". I will stand by the "won't be reversed".
OT, but I couldn't resist: it's the second article of three that's most interesting: Hawaii business leaders want corporations to keep have meeting in exotic locales like Hawaii-whether or not it's on the taxpayers' dime/debt, or it would seem that corruption & extravagance is now essential to "prosperity." http://www.boston.com/news/nation/washington/articles/2009/04/06/geithne...
I’m working with a new national organization that will support Hillary Clinton.
Are those the same Clinton's that got rid of Glass-Steagall?
"Are those the same Clinton's that got rid of Glass-Steagall? "
Are the Clintons stealing credit from the Grahms now?
By advocating inflation, Krugman is advocating theft. THOU SHALL NOT STEAL!
And for that kind of critical thinking you get a Nobel Prize????
What a sham!
How about letting borrowers and lenders deal with their own mistakes.
ugh, lawyerliz.... PLEASE not back to how attractive you are and references to sex with your husband. I just had lunch.
Are the Clintons stealing credit from the Grahms now?
Krugman was actually bashing Clinton in a recent article for his role in that. He signed it and made it so...
So, I noticed some of you are members. Members of what? And is there free beer?
"How about letting borrowers and lenders deal with their own mistakes."
uhhh, want to close the burning barn door too ?
Bernanke hired Krugman at Princeton? hmmmm. Krugman 'kind of' supports Bernanke? double hmmmm.
I've just been busily composting for the last two weeks, gathering organic material and letting it break down. It's pretty amazing, and soothing, to watch how things degrade and turn into rich organic hummus for the next generation of plants to enjoy. This is all part of a broader project I have to rehabilitate the soil in my parent's house. I've also just bought some emmer wheat, some rye, and some alfalfa to plant on the site, to help enrich the soil and hopefully make it fertile, rather than the hardpan clay that's there now.
lawyerliz,
never listen to an anonymous....tell us stories!
Hoops,
Buy some worms and throw them in there. Worms are good.
Yancey Ward wrote on Mon, 04/06/2009 - 4:12pm.
So, I noticed some of you are members. Members of what? And is there free beer?
Thats for the lounge area.
Never read Watership Down. Heard it was about Rabbits.
We are few and we are many, liz sez in her best Darth Vader voice.
My main phone line isn't working today. Wonder what I'm missing. Problem outside building.
Bernanke hired Krugman at Princeton? hmmmm. Krugman 'kind of' supports Bernanke? double hmmmm.
Also note that Bernanke was put in power under GWB.
Kind of hard to argue the he was a fiscal/economic conservative by any measure, but we knew that already.
Fiscal conservatism died in the 1960s.
Now the bill is coming due.
Hoops,
Do your parents live in a cave?
Hoopajoop,
Great project - but if you're working with hardpan clay, you should start by digging woodchips into the clay - compost in hardpan is like caviar for someone suffering from starvation. Good luck.
Never read Watership Down. Heard it was about Rabbits.
Fantastic book BTW.
Hard to believe somebody could write a book that good about rabbits. It's actually quite brutal and gory IIRC. Kinda makes you wonder who the intended audience really was.
Liz,
Yes, it was about rabbits. In the book rabbits could count to four. Every number above that was five.
If someone wants to criticize me, they can get themselves a handle.
Or, not read what I post!!
Sex, sex. sex, sex. . . All I think about is real estate and sex, sex, sex.
Maybe I fell asleep during this part of class, But correct me if I'm wrong. But wasn't Krugman's Keynesian therory refuted with the existance of stagflation of the seventies???? If so why do we think that these past policies will save us now????
Is that better?
What I want to know is what WILL save us.
"If so why do we think that these past policies will save us now???? "
You really need to ask?
I am a geezette.
And sometimes, a Bozette.
ac,
Yes, it is not a children's book by any stretch of the imagination, though I think it completely appropriate for a child 8 and up. I read it when I saw it mentioned in another novel talking about the concept of "being tharn"- too scared shitless to move.
I guess Watership Down is "about rabbits" like Animal Farm is "about some pigs," so, you know, sure.
Gosh, a whole handle centered on meeeee.
How flattering!
Somebody said there is no childrens literature or adults literature, there is only good
literature and bad literature.
uhhh, want to close the burning barn door too ?
Better to let it burn than to steal all the water from my well, my neighbor's well, and the community's water supply to try to put it out.
Lawyer Liz, the trolls on Discworld (Terry Pratchett) count like this:
one, two, many, lots
"What I want to know is what WILL save us. "
Capitulation. Let bad policies and banks die and let good ones take their place, with a little moderate regulation to ensure a fair playing field. We need to take our medicine.
"You really need to ask?"
I'm sorry but, yes, I often feel like banging my head against the wall.... day after day, I work from 5 am to 3 pm, take care of the family and head to night school where this mantra is spouted as undeniable fact.....My summary is that in essence Keynes was foremost a politician, therefore his therory is stained with political incentives... and subsequent politicians will jump at the chance to promote keynesian spending policies... regardless of whether they are effective
It could get really ugly if all this talk triggers a panic in the bond markets. That's when we've really lost all control.
Bernanke knows this. Hence, giving Maiden Lane to the Treasury Department and all the jawboning of exit strategies.
Maybe I fell asleep during this part of class, But correct me if I'm wrong. But wasn't Krugman's Keynesian therory refuted with the existance of stagflation of the seventies???? If so why do we think that these past policies will save us now????
Because we didn't try hard enough last time. Remember, it's all about our will to succeed now.
"I'm sorry but, yes, ..."
Growth and profits must always go up. "The economy must always grow" is a fundamental belief of these people. It is absolutely flawed logic that is 100% unsustainable.
That's why.
Well, when Krugman stands by his poor beleagured Princetonite Bernanke, i just wanta puke. Krugman says ".... around the world people want to save...global paradox of excessive savings...." Excuse me Mr. Krugman but you are dead wrong. the United States, EU, citizens, corporations, businesses, banks are over-saturated with excessive debt. When you have ZERO debt and zero liabilities, then you have SAVINGS. People have figured out that a credit card is debt with interest, not an asset. A house with a mortgage is not an asset, it's amortizated debt for 30 years and a continuous financial drain via real estates taxes, repairs, repairs, repairs. As for Innovation, we are currently swamped with financial alphabet soup innovation. The system has rotted to the core with greed , manipulation, deregulation, and ponzi scheme upon ponzi scheme. China and Japan have the largest FOREX. What does the US have? The USA is evolving into the largest NINJA; no income, no jobs, no assets.
Living in an ivory tower protects you from the real world Mr. Wizard. Ya know what Krugman you have no frame of reference here. You're like a child who wanders into the middle of a movie and wants to know...
I think I'm glad I never took an economics course.
I do regret never taking a geology course, and some anthropology and forgetting all the math.
It sounds like taking a course on witchcraft, or a medical course in the 1500s. The history of witchcraft or medicine would be interesting, but using either as a guide to practical living, is, ummm, impractical. Sounds like you are supposed to believe what the teach is spouting.
"Krugman was actually bashing Clinton in a recent article for his role in that. He signed it and made it so... "
Yeah, but it would have been so, weather he signed it or not. Veto Proof if I recall.
'I guess Watership Down is "about rabbits"...'
I knew a publisher who refused Watership Down because he thought it was about rabbits. Well, in a way it is. It's just enough about rabbits to make it more interesting than it would be if it were about people, and just enough about people to make it more interesting than if it were about rabbits. It's a tour de force, a phenomenon, and I think utterly original.
In the same way, many think the financial crisis is just about finance.
"Let bad policies and banks die and let good ones take their place, with a little moderate regulation to ensure a fair playing field. We need to take our medicine."
Let us know how to make this politically and socially feasible.
Ok, ok, I will read the derned thing and report on it in a 12 page paper.
Comparing it to Animal Farm. Except I don't wanna read Animal Farm again. It was too realistically depressing.
Naahhhh.
I have read Harry Potter. Does that count.
I have been able to find some time to read into the Austrian therory of the business cycle.... One thing that is consistant amongst the Austrians is the abolishment of the FED and other GSEs...Of note: when asked in class of a solution to the current situation, no one had an answer... I was then subjected to the Keynesian brainwashing, When asked of ways to prevent the crisis I suggested that the FED be eliminated or at least eliminate the FDIC... The good doctors response was that monetary policy was far to important to be left to the forces of the market.... So for years night after night I was told that the free market was the best method to allocate sarce resources and that monopolies adversely impact the entire market.... So now I'm told that these principles apply to everything BUT money????
Looks like I've been wasting my time and should have been taking classes in
OUTDOOR LIVING skills
Or in math, or design principles, or Lit, or History of the Ancient World.
I think that Economics will be a science someday, just like Astrology turned into Astronomy.
But it isn't yet.
What we really need to study is HOW TO PERSUADE PEOPLE THAT THERE'S SOMETHING BETTER TO DO WHEN THEY ARE GONNA LOSE MONEY OR POWER WITH THAT SOMETHING BETTER. (And Someone Else is Gonna Do Better) Without Really Trying.
Hoopajoops,
Instead of rehabilitating the soil, I would suggest doing something like squarefoot gardening: http://www.squarefootgardening.com/
The idea is to make your own custom soil and put it in a box. Much easier and simpler than upgrading your existing soil.
"Let us know how to make this politically and socially feasible. "
Allow financial oligarchs to continue to rape our society for a few more years.
Krugman has always been at the bottom, can't go any further.
Hi CR - Thanks for posting the slides and the video, I really appreciate your information!
Question - in Krugman's slide showing the intersection between S+T and G+I, doesn't T=taxes? So rather than the only solution being to raise the G+I line, isn't the other solution to drop T and flatten the S+T line?