Obama and Bernanke are economic fools

[tjts1]

[Dozyproductions]

We don't need the Gold standard, we just need to control the printing of our own money without paying interest on it.

It blows me away how many Americans don't get how bad the Federal Reserve is. Why in the hell do we pay interest to a bank for money that we can issue ourselves?

A private bank at that.

[Wiglaf]

We don't need a gold standard? Sure. Our banking arrangement, the way banks create money from interest, makes the gold standard impossible.

But that won't stop someone else from doing it, making their currency solid as a rock. And that someone is already #2 to begin with. It will be the new world currency, and with it all of the perks that we currently enjoy. And by 'we' I mean the top 1% but of course we all have to suffer if they feel any remote sensation of butthurt. In particular, Oil being traded in anything other than the Dollar will really hit everyone in the pants.

This isn't foil hat stuff. Check out how much gold China has been buying up. This plan is pretty far along now..


This shit is so hopeless and depressing.

[gwb72tii]

and the irony is the young and ignorant who voted the messiah into a second term are the ones getting screwed

[Q5Quint]

Or the ones with guns and gumption to.... borrow what they need from a bourgeoisie upper class that screwed them.

Don't let the poor get too poor, or they will notice.

[z31maniac]

We don't need a gold standard? Sure. Our banking arrangement, the way banks create money from interest, makes the gold standard impossible.

But that won't stop someone else from doing it, making their currency solid as a rock. And that someone is already #2 to begin with. It will be the new world currency, and with it all of the perks that we currently enjoy. And by 'we' I mean the top 1% but of course we all have to suffer if they feel any remote sensation of butthurt. In particular, Oil being traded in anything other than the Dollar will really hit everyone in the pants.

This isn't foil hat stuff. Check out how much gold China has been buying up. This plan is pretty far along now..


This shit is so hopeless and depressing.

No, we don't need a gold standard. We need to quit issuing huge amounts of currency that we pay interest on.

We will literally NEVER be able to pay it back.

[rwh11385]

We will literally NEVER be able to pay it back.

Uh, never say never bro.

Remember when US Gross Federal Debt was 121.7% of GDP? Probably not since you weren't born yet. Heck, not even GWB was.

GWB may have paid attention when it hit 31.7% less than 3 decades later though (still don't think you were born yet in 1974).



Along with the concerns of government spending controls, people ought to focus on R&D funding and training and education to enable the country to develop and grow to be able to pay down its debt in the future, like it has before. Sure, with GWB retiring soon and his peers with him, the percentage of pensioners may marginally increase and will stress social security and medicare. But, we also have a lot more tools and tech than we had 60 years ago.

People can fuss all they want like angry ole Ron Paul about Gold Standards until they turn blue in the face (might not be that long since some of these crazy old geezers are on oxygen already anyway), but part of the problem is people shaking their canes at technology and innovation because it's not running on fossil fuel like the cranky human dinosaurs like.

A lot of problems would be solved if the R&D was being invested in solving the problems that government spends on that costs the most. If research into medical care and energy continue with fruition, imagine the impact on the deficit.

[evandael]

and the irony is the young and ignorant who voted the messiah into a second term are the ones getting screwed

check this, the old and the ignorant that voted every GOP candidate into office over the past 30 years are the ones who are currently screwed, thanks to questionable (and lax) regulatory practices on banks, healthcare and insurance providers, pharmaceutical companies, education vs. military spending... the list goes on.

[Wiglaf]

and the irony is the young and ignorant who voted the messiah into a second term are the ones getting screwed

Yeah, cause it's Obama's fault and Romney would have done any different.
Sorry but I'm just plain tired of that hate train shit. He's not a messiah just the lesser of two evils. Why keep throwing that shit around. Flame bait?

Uh, never say never bro.

Remember when US Gross Federal Debt was 121.7% of GDP? Probably not since you weren't born yet. Heck, not even GWB was.

GWB may have paid attention when it hit 31.7% less than 3 decades later though (still don't think you were born yet in 1974).



Along with the concerns of government spending controls, people ought to focus on R&D funding and training and education to enable the country to develop and grow to be able to pay down its debt in the future, like it has before. Sure, with GWB retiring soon and his peers with him, the percentage of pensioners may marginally increase and will stress social security and medicare. But, we also have a lot more tools and tech than we had 60 years ago.

People can fuss all they want like angry ole Ron Paul about Gold Standards until they turn blue in the face (might not be that long since some of these crazy old geezers are on oxygen already anyway), but part of the problem is people shaking their canes at technology and innovation because it's not running on fossil fuel like the cranky human dinosaurs like.

A lot of problems would be solved if the R&D was being invested in solving the problems that government spends on that costs the most. If research into medical care and energy continue with fruition, imagine the impact on the deficit.

No argument there. The way we've been spending money is incredibly short-sighted. That goes for state and local as well.. Local tends to be a little smarter but still does dumb shit with the roads. And private sector? A lot of smart companies out there but it seems banks still have this attitude like the world will end in 2 years and if not well fuck them future people.

Case in point, Germany is proving how successful a distributed solar grid can be, meanwhile we still have the entire government and most right-wingers defending fossil fuels to the death and disregarding alternative power as a waste of time and money. 8/14/03 never forget.

[sumoashe]

Yeah the messiah stuff's gotta stop, it's one thing to disagree with his politics, it's another to use comment's like that. It becomes a mask for racism, which isn't a logical standing point to begin with. If romney had won shit wouldn't be any better. Remember this is the guy that was trying to cover up the fact he shipped more jobs to china while standing on the position of job growth. The repub's have stifled more job growth then anyone. Holding our economy hostage simply cause their butt hurt. Blame congress, their the ones that have the control.

[BraveUlysses]

and the irony is the young and ignorant who voted the messiah into a second term are the ones getting screwed

Yeah, the train only went off the tracks when Obama got elected.

Your generation fucked the dog, not the youth.

[rwh11385]

The way we've been spending money is incredibly short-sighted. That goes for state and local as well..

A lot of smart companies out there but it seems banks still have this attitude like the world will end in 2 years and if not well fuck them future people.

Yeah, definitely - save a penny today in something important that will cost us a dime later on is moronic. Although there was some liberal stuff last night I didn't care for (particularly about evil guns and minimum wage), there were a lot of basic and logical things mentioned that should have bipartisan support: immigration reform, vocational training programs for high-tech manufacturing and other STEM field education support, and EU-US Free Trade. Lots of talk about technology and R&D which will be crucial to staying relevant in the world.

Some companies are forward-thinking and have a great foundation for growth and the future, and will benefit. And then definitely some think only about here and now, trying to make as much profit temporarily as possible [Enron]. We can only hope more companies "get" it. But I feel a lot are a bit different than the culture and attitudes in past decades.

But what is obvious is the secret to controlling deficits is reducing the mandatory spending - much of which is dependent on medical costs. Good thing they have been dropping: http://www.forbes.com/sites/rickunga...re-cost-curve/

According to the report, hundreds of billions of dollars in federal spending for Medicare and Medicaid are being removed from government projections as federal healthcare spending is now expected to be full 15 percent less than what had been initially budgeted for 2012. The surprisingly low spending projections come as the growth in healthcare spending has hit a new low for the fourth consecutive year.

“Slower cost growth would have ramifications far beyond the deficit. According to calculations by White House economists, slowing the annual growth rate of health care costs by 1.5 percentage points might increase economic output by 2 percent in 2020 and 8 percent in 2030. It might also lead to higher wages for workers and more room for productive investments in the budget.”

Not quite sustainable yet even with slowing cost growth, but in the right direction at least.

[rwh11385]

and they're taking us down with them
consider the latest great news from team Obama
Q4 GDP was negative, the economy contracted.

Just to point out your hypocrisy George,

current economic data is so heavily revised down the road to make any conclusion about the economy and jobs growth based on today's/tommorrow's news meaningless. you really have no idea if there is any job growth at all, or economic growth at all, and won't for many more months.

You said that when there was positive economic news and wanted to deny it, yet are very quick to celebrate that Obama is crashing the economy with a marginal [temporarily] negative GDP change largely based on government spending and inventory contractions.

But: http://www.bea.gov/newsreleases/nati...ewsrelease.htm

Well, now it is barely positive instead of barely negative. Not good but late 2012 was a time of uncertainty - much like right now where people are realizing Congress is a joke and can't come to an agreement to stop dragging down the economy's progress. The plan so bad that was intended to encourage people to come to a compromise rather than see it go through failed, which came out of Congress's inability to make decisions in 2011. (What the hell are they paid for?)


Nonetheless, http://www.latimes.com/business/mone...,6869898.story

First-time jobless claims dropped more than expected last week to 344,000 and the number of people collecting unemployment benefits fell to its lowest level since mid 2008, the Labor Department said Thursday.

Another positive sign was a continued drop in the total number of people collecting unemployment benefits. The figure dropped 91,000 last week to a seasonally adjusted 3.074 million.

The last time the number was lower was in June 2008. The Great Recession caused it to peak at 6.6 million a year later before it started slowly falling.

Let's hope the private economy can keep moving even if government struggles.

But economists worry that the automatic federal budget cuts set to start on Friday could slow the recovery and damage job growth.

The Congressional Budget Office has estimated the $85 billion in cuts this year would reduce economic growth by 0.6 percentage points and cause the loss of about 750,000 jobs.

btw, how are you liking your JPMorgan USD Emerging Market Bond Fund now? What - down almost 3% YTD? S&P500 up 6.2%. Are you still shorting the S&P500 from ~1300?? How much money did you lose on that move?

[gwb72tii]

the reason Bernanke and Obama are fools should be obvious, even to you rwh
the fed buys about 75% of all new issue treasuries, and has had a massive balance sheet expansion since 2008, and just exactly where has it lead us? to sub 2% GDP (i'm being generous) and a big miss at the revised Q4 GDP of 0.1% when the market economists (the gang that can't shoot straight wanted 0.5%).
and Bernanke now says inflation is subdued, and there is no bubble in financial assets, from the guy who could not see the biggest bubble in 1200 years, the US housing market. in fact mentioned the escalation of home prices in 2007 was an indication of the fundamental strength of the US economy.

BTW - so now you gauge success on a 2 month time frame?? lol. you do realize it is the single best asset class for the last 10 years, right? i know you did, your an economist. or you say you are. and we don't use the morgan stanley Em MKT fund, we use TGEIX, but you would need $1MM to buy in. LOLOLOLOL
our average account gained 9.6% last year with NO equity exposure. that would be 90% of the DJIA and 60% of the s&p500TR index, with 20% of the volatility.

BTWW - the shiller pe of the s&p500 today is roughly 23. never in history has a bull market started from this kind of valuation. i repeat, never. the average shiller pe at the start of secular bull markets is 7. and assuming you're old enough to remember 1999, i'll bet you were all over that market too, just knowing the net stocks were THE new way, and 20% a month is the new norm (at a shiller pe of 43). what a nozzle.

BTWWW- if anyone wants any kind of hint at the knife edge Bernanke (the fool) has pushed the market to, monday was a neg 200 print, because of Italy. the week before it was a negative 100 print on release of the fed minutes showing more than a couple of fed governors want the bond buying to stop.

by all means go long rwh, in fact i suggest you leverage your returns with one of the 2X or 3X s&p ishares followed with a big position in leveraged Russel 2000 ishares.

[rwh11385]

the reason Bernanke and Obama are fools should be obvious, even to you rah
the fed buys about 75% of all new issue treasuries, and has had a massive balance sheet expansion since 2008, and just exactly where has it lead us? to sub 2% GDP (i'm being generous).
and Bernanke now says inflation is subdued, and there is no bubble in financial assets, from the guy who could not see the biggist bubble in 1200 years, the US housing market. in fact mentioned the escalation of home prices in 2007 was an indication of the fundamental strength of the US economy.

BTW - so now you gauge success on a 2 month time frame?? lol. you do realize it is the single best asset class for the last 10 years, right? i know you did, your an economist. or you say you are. and we don't use the morgan stanley Em MKT fund, we use TGEIX, but you would need $1MM to buy in. LOLOLOLOL
our average account gained 9.6% last year with NO equity exposure. that would be 90% of the DJIA and 60% of the s&p500TR index, with 20% of the volatility.

BTWW - the shiller pe of the s&p500 today is roughly 23. never in history has a bull market started from this kind of valuation. i repeat, never. the average shiller pe at the start of secular bull markets is 7. and assuming you're old enough to remember 1999, i'll bet you were all over that market too, just knowing the net stocks were THE new way, and 20% a month is the new norm (at a shiller pe of 43). what a nozzle.

BTWWW- if anyone wants any kind of hint at the knife edge Bernanke (the fool) has pushed the market to, monday was a neg 200 print, because of Italy. the week before it was a negative 100 print on release of the fed minutes showing more than a couple of fed governors want the bond buying to stop.

by all means go long rwh, in fact i suggest you leverage your returns with one of the 2X or 3X s&p ishares followed with a big position in leveraged Russel 2000 ishares.

*yawn*

what was GDP for 2012?

whose fault was the financial meltdown? In part people like you telling their clients that mortgage-backed securities had the best returns available with less risk than stocks, right?

Congrats on the 0.70% YTD return on your $1 million fund. I hope you are proud of yourself. (WHAT AM I SAYING, YOU ARE ALWAYS FULL OF YOURSELF REGARDLESS OF REALITY!)