Everyone should indeed. This is who we need as President or chief economic advisor.Everyone should listen to that.
Tea Party of course. But this guy's done far more.If I had to put this into political context, the party position that is most in-tune with this is which party/sub-party?
True! I still have 1/3 of the queue left to watch (left for lunch). Finishing now.I don't know if you watched the last 15 minutes, didn't seem as if you had enough time.
Probably have to raise SAT scores 50 pts Again as we get dumber.
:^) I can do the math.True! I still have 1/3 of the queue left to watch (left for lunch). Finishing now.
Yes the "give a blank" factor. Our politicians aren't around long enough to.The issue is our politics/finance system, not our average IQ. He mentioned that swiss banking presidents carry personal liability for their bank....for example, this can make a huge change in behavior, irrespective of IQ.
the Data is already accessible. The basic facts of Tax/spend/simple-math around for 30 years. Stupid/greedy people don't want to know the numbers and elect people who lie about them.Or like he mentioned he was showing so
me of his very basic, accessible-to-everyone world debt data to a government expert on these matters, and the guy had not yet seen these numbers and was saying "I had no idea it was this bad". That's not an IQ issue. He simply wasn't doing his job, and is not held accountable for not doing it..
Wow, what a depressing cynical video. Thanks for the downer Mbig.
I LIVE to see people this smart explain their views.Depressing and cynical? Surely you have something to comment on if you watched it. Do you think it's BS for example? Do you think he personally is depressed, given that they will probably make billions off accepting this sort of thing? How do you see your own political position contrasted with his position? Etc.
Depressing and cynical? Surely you have something to comment on if you watched it. Do you think it's BS for example? Do you think he personally is depressed, given that they will probably make billions off accepting this sort of thing? How do you see your own political position contrasted with his position? Etc.
What did they do before medicare? You may need to plan for long term care, and then work to fund it. That's what I do. You?He touches briefly on the fact that government revenue is 16% of GDP (a low) then jumps straight into "we can't pay for entitlements". He states the increasing retirement age then completely getting rid of Medicare. What replaces it? Do old people now live on minimum incomes with no insurance?
My guess is because it's a drop in the bucket, raising 10% taxes isn't going to touch it. Also, he mentions structural problem. A tax increase won't be solving that...Why exactly is raising revenue to pay for the costs not even mentioned? .
I don't think so. He notes specifically that he believes they will continue to make huge gains in the end (asia non-japan). Look at China over the past 10 years, it's not peasants, it's a world record increase in the size and quality of life of their populace, a booming middle classs. What's happening is they are moving up very fast towards developed nations because they are starting so far behind. They are quickly going to reach developed status. We are adjusting downards, because we're artificially creating growth via debt. It is that American are going to have to adjust to live on what they earn, not live like peasants! And when the dust settles, we've got more competition with Asia. Protectionism cannot change these things for the benefit long-term in any serious way.The fact is, he takes the view that the avg American should have the working conditions of the Average Chines peasant, with no social safety nets.
Only when americans admit that even though their pay did not increase relative, their smart phone that is faster and smarter than the worlds most expensive multi-million dollar super computers of just decades ago IS a rise in their ****ing boat!!! OR that their internet is a HUGE rise in their boat! Compare that to books, brick and mortar, and snail mail...the improvement is staggering,but what do liberals say? It's a ****ing constitutional right!!! Open your eyes, your boat is rising, theirs is just rising a lot faster because they are starting so terribly far behind. Just as we did when we boomed decades ago...The only reason the globalization and free markets was bought into is that people sold Americans this idea that "all boats rise together".
Reality benefits brains, guts, realism. Only a fool would suggest we have a system that benefits no-brains, no-guts, and a lack of realism. Then again, it's just what we've been doing!Right now we have a system that deeply benefits this guy (capital markets) while stiffing the working man
They won't have a choice, is the point I take away.. Once again, we'll have to wait and see, are people going to "buck up" and see their living conditions deteriote in order to provide maximum profit by shareholders? I wouldn't hold your breath.
Really it looked like you disagreed with a lot, and agreed only on a few things!I lot of the things I agree with him on is the fact that there is a debt crises brewing in Europe and that it will take desperate measures to rectify it.
I in my late 20's and I would be holding the bag so I do have a vested interests in either scrapping the system if people don't want to fund it or fix it if people want it/are willing to pay for it.What did they do before medicare? You may need to plan for long term care, and then work to fund it. That's what I do. You?
Government left those programs in place after the last crash. We had them for times we did not need them, and now that we may need them, we won't be able to afford them. Once government offers money to the public, we will never vote it away, it has to crash to get us to release that death-grip, is the theme I see here. And eventually we'll realize the loss. And those who milked the system will benefit, and the people left footing the bill (me, you?) will pay their way.
My guess is because it's a drop in the bucket, raising 10% taxes isn't going to touch it. Also, he mentions structural problem. A tax increase won't be solving that...
I don't think so. He notes specifically that he believes they will continue to make huge gains in the end (asia non-japan). Look at China over the past 10 years, it's not peasants, it's a world record increase in the size and quality of life of their populace, a booming middle classs. What's happening is they are moving up very fast towards developed nations because they are starting so far behind. They are quickly going to reach developed status. We are adjusting downards, because we're artificially creating growth via debt. It is that American are going to have to adjust to live on what they earn, not live like peasants! And when the dust settles, we've got more competition with Asia. Protectionism cannot change these things for the benefit long-term in any serious way.
Why do people always point to technological advances as if they didn't exist before Reaganomics...yes things get cheaper as technology improves and becomes cheaper over time. All of those goods you mention have increased greatly over time and cheaper in price as the technology aged. It's nothing new and attributing it strictly to globaliztion is false.Only when americans admit that even though their pay did not increase relative, their smart phone that is faster and smarter than the worlds most expensive multi-million dollar super computers of just decades ago IS a rise in their ****ing boat!!! OR that their internet is a HUGE rise in their boat! Compare that to books, brick and mortar, and snail mail...the improvement is staggering,but what do liberals say? It's a ****ing constitutional right!!! Open your eyes, your boat is rising, theirs is just rising a lot faster because they are starting so terribly far behind. Just as we did when we boomed decades ago...
The guy followed up on checking if CDO's were correctly priced! There are others that did the same thing. The difference between someone that made money off of the bubble and those that didn't is to actually do their homework! Don't get me wrong, this guy is obviously a very smart guy but tons of people on Wall Street made tons of money off the bubble so what makes them worthy of million dollar bonuses again?Reality benefits brains, guts, realism. Only a fool would suggest we have a system that benefits no-brains, no-guts, and a lack of realism. Then again, it's just what we've been doing!
The US is drastically different from Europe despite the rhetoric here. The EU taxes their population much higher, their government spending makes up a much higher % of their GDP and they are running very high deficits. Now large stable countries like Germany/France/England can probably salvage themselves but Greece, Spain, Ireland, countries that were poor before the bubble are screwed plain and simple. The guy does point out there differences in every chart between those Euro countries and the US. Our government is fine, but our citizens have racked up massive debt. That's the difference between the two.Really it looked like you disagreed with a lot, and agreed only on a few things!
So you think it will take desperate measures, but you don't think that would include dropping standard of living? Interesting!
Very glad you posted, you had a lot to write!!
Yeah, by dropping benefits and reducing the standard of living. That is the only fix to entitlements. Politicians/government it is argued, will end up making this far more painful than it would have been if they had only helped during a crisis, rather than spent so much at all other times, I think is the point.A agree, you can't raise taxes solely to fix the problem. There are structural problems and they should be focused on as well. Boomers retiring are going to hurt financially this country. People live longer. Medical costs continue to rise. We know the problems therefore they can be fixed.
We can only hope they attain that some time soon. They are considered a huge burden right now, if they get stable enough to start providing basic freedoms and services to most of the population, the last thing we'll be concerned about is restricting their freedom to work for a living in the global market.How long before Africa is the new cheap labor hotbed?
I raisrd that in response to "all boats rise together". Cheaper labor, if utilized by the U.S. efficiently, raises our boats too. Our taxbase, our GDP, pays off our debt, etc. Are you saying that is not helped by foreign trade and labor?Why do people always point to technological advances as if they didn't exist before Reaganomics...yes things get cheaper as technology improves and becomes cheaper over time. All of those goods you mention have increased greatly over time and cheaper in price as the technology aged. It's nothing new and attributing it strictly to globaliztion is false.
They did their homework?The guy followed up on checking if CDO's were correctly priced! There are others that did the same thing. The difference between someone that made money off of the bubble and those that didn't is to actually do their homework! Don't get me wrong, this guy is obviously a very smart guy but tons of people on Wall Street made tons of money off the bubble so what makes them worthy of million dollar bonuses again?
I took it that both government and the people racked up debt, and that both are a problem. Only that our problem is not as severe as in other nations. And, that neither will be fixed unless they are shocked into admitting they can't just keep avoiding it.Our government is fine, but our citizens have racked up massive debt. That's the difference between the two.
His chart on retail sales conflicts with one that someone was presenting on DP in the last few weeks. So who is the lier?
He touches briefly on the fact that government revenue is 16% of GDP (a low) then jumps straight into "we can't pay for entitlements". He states the increasing retirement age then completely getting rid of Medicare. What replaces it? Do old people now live on minimum incomes with no insurance? Why exactly is raising revenue to pay for the costs not even mentioned? He doesn't even mention the cost of health care in the US compared to other countries and how much higher it is. He speaks of radical change but the radical change is just to cut benefits off from the most amount of Americans possible while turning off Medicare.
As far as his views on US workers compared to Chinese workers its typical neo-liberalism economics. As if American consumers must continue to buy goods from Chinese workers that work at rates and hours that we have outlawed in the US. It's a belief that there is no recourse or other option, even though protectionism has been the norm in the US much longer than "free Markets". The fact is, he takes the view that the avg American should have the working conditions of the Average Chines peasant, with no social safety nets.
Yeah, it's an unpopular view because ultimately good luck asking Americans to accept that bill of goods. He mentions exports will grow the economy, we don't need exports to grow the economy, we're a net importer. Our issue is cheap goods flowing into our markets using working conditions that no industrialized economy in the world agrees with. The only reason the globalization and free markets was bought into is that people sold Americans this idea that "all boats rise together". Now the story is "we'll...now your'e going to have to work like a Chinese peasant". What do you think the outcome will be? I personally think protectionism will start spreading again. That industrialized countries will have to make a decision, do we buy continue to buy into this idea that labor markets are just a race to the bottom or do industrilized countries set some basic standards for countries that want to take advantage of our labor markets.
Right now we have a system that deeply benefits this guy (capital markets) while stiffing the working man. Once again, we'll have to wait and see, are people going to "buck up" and see their living conditions deteriote in order to provide maximum profit by shareholders? I wouldn't hold your breath.
I lot of the things I agree with him on is the fact that there is a debt crises brewing in Europe and that it will take desperate measures to rectify it.
I can understand people clicking off while listening to that lady read from her paper and the next guy rambling on........ I'm trying....
About 15 minutes in....."It's not rocket science".
"We expect 7-8% from here on out" Where he rolls his eyes and says "right".
"we have to cut a trillion dollars". Who's plan does just that?
Sorry, the guy on the left is mind numbing boring.
20 minutes in. Effin right. Bernanke is a buffoon who had no idea what he was doing because he completely dismissed human nature. He knew his theoretical discussions from school but they are just that. Look, I'm not saying I'm anywhere near as smart as this guy but I've made this arguement ever since TARP was first discussed. It's not rocket science.
"We printed a trillion seven and only got a small bump". Again, this has been clear for quite awhile.
"We are not going to see a multiplying effect". "We have to take the losses. We haven't taken the losses". MY ARGUEMENT for a long time. We should have taken the losses right off the bat. We would be so much further along today. Now we still have to take these losses and we are so much farther in the hole now.
Half through.....I'll get the rest later.
Of all the replies, yours, divided/drueled into 3 POSs (2 one liners) no less, was the only Pathetic one.I haven't been able to watch the rest but one possible explaination here is that this discussions seems to be quite a few months old. He talks about Bernie getting ready to enact QE2 which was awhile ago (and pretty much did what he said, very little)
If he's right, and I think the numbers bear him out, you can't afford 'the bag' barring an 80% income tax on everyone.I in my late 20's and I would be holding the bag so I do have a vested interests in either scrapping the system if people don't want to fund it or fix it if people want it/are willing to pay for it.
He explained he Could fix SS by just moving the age but not Medicare.I personally think we should fix it. Medicare was passed in the 60's when retirees were living is poverty and couldn't afford medical care. I don't believe we should have a system where cost is the defining feature on if you get medical care or not. I don't care if someone drives a jag and someone else drives a bicycle. I do care if someone gets heart medication because they can afford it and someone has a heartattack because they can't.
SS can be fixed as Bass says.A agree, you can't raise taxes solely to fix the problem. There are structural problems and they should be focused on as well. Boomers retiring are going to hurt financially this country. People live longer. Medical costs continue to rise. We know the problems therefore they can be fixed.
[Due to irresponsible leadership] We're going into these Huge Unfunded demographic burdens with Huge Deficits already.I agree with the majority of what you say. Yes Chinese living conditions are rising. Yes Americans continually live on debt to fund their lifestyle. I see no problem with scaling back, the issue I have is that after Chinese labor is too expensive they will send more jobs to India. They are already building factories in Vietnam and outher S.E. Countries. How long before Africa is the new cheap labor hotbed? What happens if the Chinese never fix working conditions? There is the fact China is a totalitarian regime with no social safety nets and every incentive to keep their population employed. I wouldn' say protectionism in a strict sense (just to decrease exports arbitrarily) but if Modern Democracies want to apply "fair" working conditions to their populations than a company should not be able to move and just bypass those working conditions.
Thats why I posted THIS guy.. He makes a good case lessons have Not been learned. (Japanese CDO's at less than one basis point)The guy followed up on checking if CDO's were correctly priced! There are others that did the same thing. The difference between someone that made money off of the bubble and those that didn't is to actually do their homework! Don't get me wrong, this guy is obviously a very smart guy but tons of people on Wall Street made tons of money off the bubble so what makes them worthy of million dollar bonuses again?
We're among the worst deficit countries relative to govt revenues. The only 3 worse? Lebanon, Greece, Zimbabwe.The US is drastically different from Europe despite the rhetoric here. The EU taxes their population much higher, their government spending makes up a much higher % of their GDP and they are running very high deficits. Now large stable countries like Germany/France/England can probably salvage themselves but Greece, Spain, Ireland, countries that were poor before the bubble are screwed plain and simple. The guy does point out there differences in every chart between those Euro countries and the US. Our government is fine, but our citizens have racked up massive debt. That's the difference between the two.
I like your posts and your politics.I enjoy debating economics and enjoy our discussions.
Of all the replies, yours, divided/drueled into 3 POSs (2 one liners) no less, was the only Pathetic one.
Childish unsubstantial Sarcasm, transparently trying to put down/Diminish something Extremely important and at the very least potentially shattering to this country and Western economies.
(and you can substitute 'Operation Twist' for QE2)
Why do the best Hedge Fund managers make more than a billion a year?
They earn it.
This from a year ago, but still very relevant today, and for the next few years.
Some shocking and Pessimistic predictions made utterly logical by one of the 'smartest guys in the room'.
More for the financially sophisticated but I think most can understand.
Avoid it at your own peril.
Some wryly entertaining moments as well.
His chart on retail sales conflicts with one that someone was presenting on DP in the last few weeks. So who is the lier?
Why do the best Hedge Fund managers make more than a billion a year?
They earn it.
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