Sunday morning coming down
So I think what we're looking at here is an attempt -- really, like a drunk will feel better and get over his hangover better sometimes just by having more liquor. And I think what we're seeing with the actions of the Federal Reserve Board is the people who are the arsonists, the people who pumped it all up, who blew up the bubble are now racing to show up in firemen's hats and say, "We're gonna solve it. We're gonna take care of all this. Oh, and by the way, we're gonna keep pumping in the gasoline that we pumped in before that made a good flame."The whole thing is here.
| Posted at 2:00 AM | Permalink |
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Comments (7)
please pass the Alka Seltzer...
Posted by jimbo | September 21, 2008 6:28 AM
I'm waiting for the repugs to claim to put a car in every garage and a chicken in every pot. On the other hand the dimmos will wail and wring their hands and proclaim " We aren't to Blame".
Posted by KISS | September 21, 2008 6:38 AM
Here's a link to the video version of the interview you excerpted:
http://masterpeace.wordpress.com/2008/09/19/bad-money/
Posted by none | September 21, 2008 8:15 AM
Good read. Phillips nailed it on the head with the "Seven Sharks" reference. I feel that anyone with a lay understanding of economics saw this one coming, at least if you weren't distracted with American Idol or somesuch. We now find ourselves in a perfect storm --a perfectly awful storm-- where many factors point to decades-long decline for our society.
It seems obvious that this new phase for America requires our collective energy and resources focused on the homeland. We can't start or provoke foreign wars just to keep the gears of the Military Industrial Complex greased... our budget should be spent fixing our infrustructure, insuring ourselves and building up our manufacturing base again. We need a 21st century New Deal.
If we continue down this road, God help us.
Posted by TKrueg | September 21, 2008 8:41 AM
Moyer is a commie. Bill Clinton signed into law the repeal of the Glass-Steagall in 1999 which had served to put a signficant regulatory check on the U.S banking system since the 1930s. The Demos are deep into this mess just as the GOPs with senators Dodd and Obama taking huge political contributions from Fannie Mae and Freddie Mac before these agencies were taken over this year - both these quasi-government agencies frauduantly hidding debt and leverage. There is plenty of blame on both sides of the isle unless your wearing Moyer's red tinted glasses.
What a mess, though. Corporate balance sheets get refloated by the government bail out setting up a potential inflationary cycle. Or the bail-out makes folks just plain pessimistic and they continue pulling in spending and hiring. Then you have a deflationary cycle. I guess an investor needs to play both sides. Look at having a portion of assets in precious metals and real assets, hedging against inflation.
Posted by Bob Clark | September 21, 2008 2:42 PM
Moyer is a commie.
Bob, you are a nut.
Posted by Jack Bog | September 21, 2008 3:39 PM
The Repugs represent the rich, the Dims represent the poor. Who the f**k represents me? If anyone knows the answer, let me know. I will vote for them.
Posted by mp97303 | September 21, 2008 6:36 PM