What We Can Look Forward To In 2010

[SAINT]

Well, yours was a bit long winded and suggested that the Treasury Secretary acts of his own accord. You also seem to believe that an inexperienced Illinois politician can walk from obscurity into the world's most powerful job and call all the shots?

 

[SAINT]

More of what to expect in 2010:

Strong dollar. Weak commodities and global trade.

China downturn. Aussie recession.

Sovereign default(s).

 

[Benton D Struckcheon]

Well, yours was a bit long winded and suggested that the Treasury Secretary acts of his own accord. You also seem to believe that an inexperienced Illinois politician can walk from obscurity into the world's most powerful job and call all the shots?

The Treasury Secretary in this case did. Dubya was clueless and more than happy to hand him the responsibility, with the only condition being political: do what you can to get the Republicans in power in the coming election, which was why he didn't want to bail out the preferred shareholders of Fannie & Freddie.
And, Obama didn't walk in from obscurity: he gave a speech at the Dem convention in 2004 that got the attention of the folks in his party, and by the time the primary season rolled around a few years later, he was quite famous already, within his party. Less well-known outside it, but that doesn't mean much.
Abe Lincoln was another obscure, inexperienced Illinois politician, by the way: his national experience as a politician consisted of a single term as a Congressman. He became famous to the nation with a speech he gave at Cooper Union in NYC, a free engineering college.
As for long-winded, sorry, I like facts, not one-liners.

 

[Splitlink]

Facts, when dealing with politicians? You'll be lucky !

Biggest bunch of liars unhung (On both sides of the water).

 

[Atilla]

The Treasury Secretary in this case did. Dubya was clueless and more than happy to hand him the responsibility, with the only condition being political: do what you can to get the Republicans in power in the coming election, which was why he didn't want to bail out the preferred shareholders of Fannie & Freddie.
And, Obama didn't walk in from obscurity: he gave a speech at the Dem convention in 2004 that got the attention of the folks in his party, and by the time the primary season rolled around a few years later, he was quite famous already, within his party. Less well-known outside it, but that doesn't mean much.
Abe Lincoln was another obscure, inexperienced Illinois politician, by the way: his national experience as a politician consisted of a single term as a Congressman. He became famous to the nation with a speech he gave at Cooper Union in NYC, a free engineering college.
As for long-winded, sorry, I like facts, not one-liners.

Fact is in the US the big enemy is within not external imo.

Enemy of the State are the self interested institutions and loby groups who run it for their own purpose and vested interests.

I reckon the Pentagon, NASA and Wall St coupled with the Fed are self feeding masters and US citizens are little peons to further what ever aim these people have to maintaining that power.

I reckon there is a lot of pain and suffering to come with the health and pension crises. I don't see the dollar recovering. Gold and Oil two commodities with finite supply will increase in price and subsequently run out. China and India will continue to grow.

Biggest heist of the century and bankers are back slapping each other all over town. What a show???


The future is not orange. The future is very brown... :-0

 

[SAINT]

Good post Attila. Kind of the point I was trying to make that this mess runs deeper than whoever is in the Whitehouse.

http://www.zerohedge.com/article/guest-post-banker-bonus-diversion

 

[counter_violent]

http://online.wsj.com/article/SB10001424052748703510304574625850181454892.html

 

[Benton D Struckcheon]

Good post Attila. Kind of the point I was trying to make that this mess runs deeper than whoever is in the Whitehouse.

http://www.zerohedge.com/article/guest-post-banker-bonus-diversion

That was a good article and exactly right, buy my "long-winded" post was to point out the error in saying to this Admin that they should never have done the bailout in the first place, which is what you said.
This Admin didn't do the bailout. That point stands.
And before you let loose another trite bit about how Obama's folks are the same crowd, they are. But with this difference: in the fall of 2008, when Paulson was dancing around having to do the preferreds, trying everything to not have to admit his huge error, Geithner was insisting that he would have to.
Paulson didn't listen until it was too late. The simple fact is that we are living now in the aftermath of Paulson's mistake.
Financial crackups are a hallmark of your typical recession. We had one in the last big recession here in the US: the S&L debacle. But that didn't cause the USG to spend nearly a trillion at one go to keep the entire US economy from going under.
And this one wouldn't have either, except that Paulson blew it, big time.
That point also stands.

 

[Atilla]

That was a good article and exactly right, buy my "long-winded" post was to point out the error in saying to this Admin that they should never have done the bailout in the first place, which is what you said.
This Admin didn't do the bailout. That point stands.
And before you let loose another trite bit about how Obama's folks are the same crowd, they are. But with this difference: in the fall of 2008, when Paulson was dancing around having to do the preferreds, trying everything to not have to admit his huge error, Geithner was insisting that he would have to.
Paulson didn't listen until it was too late. The simple fact is that we are living now in the aftermath of Paulson's mistake.
Financial crackups are a hallmark of your typical recession. We had one in the last big recession here in the US: the S&L debacle. But that didn't cause the USG to spend nearly a trillion at one go to keep the entire US economy from going under.
And this one wouldn't have either, except that Paulson blew it, big time.
That point also stands.

I concur with your sentiments but isn't this whole fiasco much bigger than any one person?

Meltdown on this scale and level has INSTITUTIONALISED FAILURE backed by power players all over it.

One could even bring Alan Greenspan into the picture with his loose money and credit policies.

How about Sarbane Oxley Act to get US giant companies to follow decent accounting practice? MCI WorldCom was just one company. IBM, Cisco and Boeing were all practicing the same accounting practices. Have these been cleared up? I doubt it. It's simply that they weren't caught out imo.

Problem is where does one begin when capitalism has showed its head up its own backside. :cheesy:

The end is ultimately consumption of oneself to non-existence.

 

[Benton D Struckcheon]

I concur with your sentiments but isn't this whole fiasco much bigger than any one person?

Meltdown on this scale and level has INSTITUTIONALISED FAILURE backed by power players all over it.

One could even bring Alan Greenspan into the picture with his loose money and credit policies.

How about Sarbane Oxley Act to get US giant companies to follow decent accounting practice? MCI WorldCom was just one company. IBM, Cisco and Boeing were all practicing the same accounting practices. Have these been cleared up? I doubt it. It's simply that they weren't caught out imo.

Problem is where does one begin when capitalism has showed its head up its own backside. :cheesy:

The end is ultimately consumption of oneself to non-existence.

Everyone knew prior to September 2008 that this was going to be a bad recession. But the expense to the USG (can't really say for the rest of the world, obviously) didn't have to be this sky-high. For that, someone needed to screw something up badly.
In my opinion, that someone was Paulson.

 

[counter_violent]

What will be the catalyst for round 2.

http://www.viewzone.com/fakegold.html

 

[Atilla]

PS inflation will rise but will be deemed to be acceptable as we are likely to be in slow growth period etc etc on balance - blah blah blah... :cheesy:

Avoid false alarm over UK inflation

Published: January 20 2010 20:16 | Last updated: January 20 2010 20:16

Inflation in the UK has picked up at a much faster rate than expected. Year-on-year, the growth of the consumer price index spiked to 2.9 per cent in December from 1.9 per cent the month before. The rise rattled some nerves, but there is little reason to fear inflation spinning out of control. The greater danger to the economy remains deflation and low growth.

http://www.ft.com/cms/s/0/029046e0-0600-11df-8c97-00144feabdc0.html



I'm not convinced.

Are we not peering into the stagflation abyss here???

 

[montmorencyt2w]

Avoid false alarm over UK inflation

Published: January 20 2010 20:16 | Last updated: January 20 2010 20:16

Inflation in the UK has picked up at a much faster rate than expected. Year-on-year, the growth of the consumer price index spiked to 2.9 per cent in December from 1.9 per cent the month before. The rise rattled some nerves, but there is little reason to fear inflation spinning out of control. The greater danger to the economy remains deflation and low growth.

http://www.ft.com/cms/s/0/029046e0-0600-11df-8c97-00144feabdc0.html



I'm not convinced.

Are we not peering into the stagflation abyss here???

Yes, and we always were at risk of this.

 

[Atilla]

I thought this might be interesting for 2010...

So Greece may be small – 3 per cent of EU GDP – but it could start something that would make sub-prime look like a tea party.

 

[montmorencyt2w]

I thought this might be interesting for 2010...

So Greece may be small – 3 per cent of EU GDP – but it could start something that would make sub-prime look like a tea party.

Merkel to Sarkozy:

If you don't take deiner Hand von meinem Schulter du kleiner Dummkopf, you'll get this Micro just wo die Sonne scheint nicht!

 

[Atilla]

Merkel to Sarkozy:

If you don't take deiner Hand von meinem Schulter du kleiner Dummkopf, you'll get this Micro just wo die Sonne scheint nicht!

Had to babelfish that one out....


If you don' t take of your hand of my shoulder you small fool, you' ll GET this Micro where the sun does not seem just! :clap::clap::clap:

 

[montmorencyt2w]

"where the sun don't shine, sunshine" ))

 

[Atilla]

"where the sun don't shine, sunshine" ))

Roger that... Got it first time round but thought just sounded neat...

Do add salt to the wounds for 2010 how does this sound like a kick off to another tea party...


Greek Prime Minister George Papandreou has criticised the European Union's response to the country's financial crisis as timid and too slow.

Mr Papandreou told cabinet members at a televised meeting in Athens that the EU lacked coordination and undermined Greece's credibility. :-0


ehemm - who fudged the national accounts and misrepresented the well over cooked books???


Achilles heel comes to mind - but isn't this more like shooting your self in the foot and crying foul?