Tiger Woods Out...Until August!
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| 7 User Comment(s) • 7 root comment(s) |
 pax (38)  Oct 25, 2009 - 01:56 pm
| » How can you overpsend what a given production can make with relative full employment
In the 4-5% transitory range. Its not overspending. Its prices that dont reflect incomes in the mass market and especially incomes that dont respect productivity.» Login to reply to this |
 Goofus Maximus (122) Oct 23, 2009 - 06:50 am | Edited on Oct 23, 2009 - 07:02 am
| That was an excellent show. All those folks gave Greenspan this godlike expert status, but now it's easy to see that even HE didn't know what he was saying.
His words were just a verbal Rorschach test, allowing folks to hear what they wanted to hear, and letting them feel good about things while the big institutions were busy overinflating the balloon. When the LTCM crisis hit, they slapped a patch on the overinflated balloon, and congratulated themselves on "fixing" it, then busily resumed pumping away, till it went "BANG!" 10 years later.
Of course, RedRay is kind of right, except those folks in big Finance are supposed to have been taught to be aware of this failing of human nature, and avoid it, which is why accountants used to have their "boring lifeless number-cruncher" reputation. If the big institutions had been doing their job, over-spenders would have hit the bad-credit wall, but derivatives allowed these institutions to "manage" that risk by shucking it off on anyone willing to "literally" place a bet on the outcome, while not keeping enough cash on hand to pay in case of a bad outcome. They did this while trusting data from "experts" on things they didn't understand.
Standard over-spending retrenchment downturns we could deal with; what made this downturn so bad was the failure of regulators to regulate, the failure of congress to make 'em do so (money from lobbyists stuffed their ears, so they couldn't hear, of course!), and failure of big institutions to verify risks, rather than just trusting the numbers (similar to what happened to the Hubble Telescope's main mirror during manufacture).» Login to reply to this |
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