of mice and money.
hate to have the tying run score because of an error but that is what happened to the dodgers tonight. bah humbug. we will get them tomorrow.
"all the perplexities, confusion and distress in america arise, not from defects in their constitution or confederation, not from want of honor or virtue, so as from downright ignorance of the nature of coin, credit and circulation."
john adams
the more things change, the more they stay the same.
i heard an "economist" on cnn (i believe, i watch them all) say that "no-one could have foreseen this sub prime crisis." i could and did and wrote about it. how dare they say no-one could have foreseen this crisis? anyone with even a vague understanding of math and real estate could have told you that a. houses can't go up 20% per year every year because eventually no one could afford a home and b. people with bad credit have bad credit because they don't pay bills. duh. so they loan money to people with bad credit in order for them to buy a home that is already overpriced on the basis that the home will go up another 20% that particular year and the people with bad credit will be able to sell the home before the bills come due. (so to speak) sure, that will work! now, let us take all those shaky mortgages and bundle them together and use them for collateral. great idea. bundle those little boogers up.
also, the idea of us (you and me) giving money to banks so that they can loan money to another bank so that they could have money to loan to us (you and me) is beginning to sound rather bizarre to me. it seems to me that loosening credit for banks to banks will do no good unless there is a corresponding effort to put millions of people to work especially in the construction business and that work must include all the trades; carpenters, roofers, steel workers, concrete workers, etc, etc and then we will be using all kinds of materials and not just concrete and steel which is what we would have with just road and bridge construction. so we have to build some "buildings" as well. these kind of jobs are the kind that have been lost due to the housing and construction downturn. with these people back at work, the other problems of the economy become much more manageable. with these millions of people left unemployed, the other problems become much, much harder to manage. this idea of putting people to work would fall under the heading of circulation.
small and large businesses must have customers in order to survive. the better mousetrap will only sell to those with mice and money. (so to speak) circulate some money among the people and then they will buy those mousetraps. and cars. and homes. and .......
anyway. go dodgers. peace to us all.
"all the perplexities, confusion and distress in america arise, not from defects in their constitution or confederation, not from want of honor or virtue, so as from downright ignorance of the nature of coin, credit and circulation."
john adams
the more things change, the more they stay the same.
i heard an "economist" on cnn (i believe, i watch them all) say that "no-one could have foreseen this sub prime crisis." i could and did and wrote about it. how dare they say no-one could have foreseen this crisis? anyone with even a vague understanding of math and real estate could have told you that a. houses can't go up 20% per year every year because eventually no one could afford a home and b. people with bad credit have bad credit because they don't pay bills. duh. so they loan money to people with bad credit in order for them to buy a home that is already overpriced on the basis that the home will go up another 20% that particular year and the people with bad credit will be able to sell the home before the bills come due. (so to speak) sure, that will work! now, let us take all those shaky mortgages and bundle them together and use them for collateral. great idea. bundle those little boogers up.
also, the idea of us (you and me) giving money to banks so that they can loan money to another bank so that they could have money to loan to us (you and me) is beginning to sound rather bizarre to me. it seems to me that loosening credit for banks to banks will do no good unless there is a corresponding effort to put millions of people to work especially in the construction business and that work must include all the trades; carpenters, roofers, steel workers, concrete workers, etc, etc and then we will be using all kinds of materials and not just concrete and steel which is what we would have with just road and bridge construction. so we have to build some "buildings" as well. these kind of jobs are the kind that have been lost due to the housing and construction downturn. with these people back at work, the other problems of the economy become much more manageable. with these millions of people left unemployed, the other problems become much, much harder to manage. this idea of putting people to work would fall under the heading of circulation.
small and large businesses must have customers in order to survive. the better mousetrap will only sell to those with mice and money. (so to speak) circulate some money among the people and then they will buy those mousetraps. and cars. and homes. and .......
anyway. go dodgers. peace to us all.
posted by Ron Shock | 9:28 PM
3 Comments:
It’s sad to say, but it looks as if Obama is pulling ahead in the polls and will probably win the election. I just have one request. When he does finally get into office and makes a total mess of things, making it apparent to all that he is nothing more that a bullshit artist and corporate lackey, I don’t want to hear any whining or complaining from any of you fanatical Obama supporters.
That’s right- no whines, no complaints, no rationalizations. Just STFU.
We tried to warn you, but you just wouldn’t listen.
From Bloomberg
Among the options: a proposal by U.K. Chancellor Alistair Darling for nations to guarantee lending between banks, a suggestion that U.S. Treasury Secretary Henry Paulson hasn't ruled out.
Again what is the point of banks that are acting like scared children?
I am a beleiver in market based capitalism. However, when you have a group like the current crop of bankers that are will not fulfill their function in the system it is time to think of other alternatives. I hate to look at it, but maybe some form of nationalization would be in order and throw these clowns out.
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