By: jaymarcel
6/11/2009
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| Hi Ang, thanks for bringing up good old Maggie Thatcher I was always a fan of her but was not so keen on her privatisation push. |
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By: ang101000
6/11/2009
7:54 am Yahoo! Profile:
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'Making one mistake is understandable, but making the same mistake again (with tax payers money) is criminal negligence.'
Nobody can beat this financial hoax in long term. As Maggie Thatcher said:
'The problem with socialism is that you eventually run out of other people's money'.
The folly of easy money will stop(ed) and the fun will start(ed). Get ready for the era of austerity. |
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By: jaymarcel
6/11/2009
7:46 am Yahoo! Profile:
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| Billy, the govs should not have saved these companies, when a company is or goes private it simply is at the mercy of its own system. |
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By: jaymarcel
6/11/2009
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| And making them accountable |
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By: jaymarcel
6/11/2009
7:39 am Yahoo! Profile:
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I didn't find the show all that good & like most of the info out there it is very hazy.
From the show the biggest no-no appeared to be the talk of mortgage lending to the unemployed in the USA, but even how that could happen was not explained?
They should have got some of these guys together & asked what were they thinking & eventually some truth may come out as naming & shaming those who allowed it to happen. |
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By: billy.holliday@rocketmail.com
6/11/2009
7:32 am Yahoo! Profile:
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Whats now happen in the aftermath, is what really is discraceful. Far from taking responsibility for what has happened to lots of innocent people and being humbled by it, many took further advantage (again, because they are greedy and we gave them the opportunity) of all the tax payer funded bailouts to pay themselves similar bonuses. This was nearly 100% true for all the most senior executives, who really believe that they are "special".
Unfortunately, the US Treasury did not put enough hooks in and strings attached to the TARP money and govt guarantees.
Making one mistake is understandable, but making the same mistake again (with tax payers money) is criminal negligence.
Leaving the gate open again should mean the strapper gets fired.
Simple plan: if those that run the invetsment banks still just dont understand that the game is over, and the regulators failed us, the bring in a Financial Services Tax of 80% on all bonuses above $1.0m. The revenues can be used to fund the bailouts and the unemployment cheques of those lower down the food-chain who got sacked and not paid astronomical amounts for the privilige.
When you have 10% unemploymet in the US and so many hard working peole had their savings destroyed, it simply should not be leagl for a CEO to be paid $440m like Fuld. |
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By: billy.holliday@rocketmail.com
6/11/2009
7:24 am Yahoo! Profile:
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The show Addicted to Money on tv last night was excellent.
However, what we need to remember is that Goldman, Merrill, Lehman, Bear etc were no worse than anyone else, and no worse as people than anyone else, like it or not. Wall St has been motivated by profit since it started, and most real businesses are today as well. not many do it just for the love of it. You never blame someone for being "greedy" because they are ambitious at work and want to improve their personal financial situation so they may retire in comfort. Its what drives us forward as a capitalist society...like anything, AS LONG AS THERE ARE CONTROLS IN PLACE, THAT WORKS FINE.
The problem with the GFC is twofold:
1) The scale
2) The aftermath.
The scale was/is unprecedented and very nearly collapsed the system. Normal "greed" combined with the "opportunity", that was not properly regulated, was the perpetrator. The repeal of Glass-Steagal and the SEC allowing investment banks to self regulate their exposures were the seeds of the regulatory failure.
If you leave the gate open, don’t complain that the horses bolt.
(continued next post) |
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By: ang101000
5/11/2009
11:43 pm Yahoo! Profile:
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5) Billy is still working like a dog, seeing non linear math everywhere, and dreams of sandpiles and power laws, but still cant get a girlfriend.
Billy,
a) You could take a holiday and check out the dating site (it is situated just above finance) on yahoo (:).
b) The only other option is to turn ACDC :). |
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By: firefly_au
5/11/2009
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| And the Sun still came up somewhere in the world at the same time it happened he he :) |
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By: enoughwealth
5/11/2009
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I predict 21 Dec 2012 will be a Friday ;) I also predict that the sun will come up the next day.
ps. Didn't the world come to an end for the Mayan civilisation back in the 13th Century? |
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By: warren_b96
5/11/2009
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God love ya Billy. Billy, I don't understand this little gem of a sentence I've quoted below. It's a post from Ralph_Montague. Maybe it's the syntax, grammar or punctuation, I don't really know. All I know is that it's not working for me. Could you please translate this with sub-titles?
"The fact that we EXPORT those RESOURCES of which you wrote to those same countries you mentioned as being in the economic douldroms" is the REASON WHY we shall suffer the type of ECONOMIC DISASTER which steve_b_wilson & many others are doing their best to encourage each and every one of us to prepare for in earnest." |
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By: billy.holliday@rocketmail.com
5/11/2009
2:40 pm Yahoo! Profile:
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"Anyway now Mr Keen has moved on lets get back to serious predictions, the Mayan calendar 21st Dec 2012, any takers?"
1) Menta still predicting the end of the world while being short the share market and having to mortgage his fav board to meet margins..
2) Ang no longer getting the pole dancing 520 bus and now is the boss of her company. All employees are forced to read Autistic School publications :-)
3)Lasty, retired and living in Noosa and couldnt give a rat's *ss what the market is now doing.
4) Steve Keen, has made a second walk to Mt Koz.,and has made more money for charity that he ever made from his books and his sneaky stock market forays....
5) Billy is still working like a dog, seeing non linear math everywhere, and dreams of sandpiles and power laws, but still cant get a girlfriend.
6) stevebwilson1 upgraded to stevebwilson2 and has taken to writing "Eternity" on the pavements at Town Hall.
7) "Keens Predictions" blog just logged its 1 millionth post....unfortunately it was ralph_ montague, still saying the same stuff and still unable to spell. |
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By: jaymarcel
5/11/2009
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| Anyway now Mr Keen has moved on lets get back to serious predictions, the Mayan calendar 21st Dec 2012, any takers? |
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By: ralph.montegue
5/11/2009
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GOOD FOR YOU steve_b_wilson :)
Posts that followed on after yours simply confirm what I had believed to be the case.
That many of those who seek to insult you simply because they do not share your opinion are indeed much like mushrooms.
Living in the dark and feading on KRAP! |
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By: ralph.montegue
5/11/2009
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What a ridiculous post jadeshangrila!
The fact that we EXPORT those RESOURCES of which you wrote to those same countries you mentioned as being in the economic douldroms" is the REASON WHY we shall suffer the type of ECONOMIC DISASTER which steve_b_wilson & many others are doing their best to encourage each and every one of us to prepare for in earnest. |
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By: lasty49
5/11/2009
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According to the Professor he has waved the white towel and is off to climb MT Kozzie.
Now he may blame the FHOG on his downfall and he might have a point but in reality I think he misjudged our housing market position with the US.
Australia's housing market was bubbling.The RBA tightened rates prior to the GFC which slowed the housing market but the underlying demand was still there.
The RBA was forced to drop int rates by GFC.Back came the buyers once the dust settled and our downturned wasnt severe.
The US on the other hand was a completely different story.They had a housing surplus.Their economy was brittle.
The professor has to now embark on a journey to Mt.Kozzie and good luck.Im sure he will use it to his advantage and you never know a charity may benefit from it.
I wonder though how many of his "supporters"
will join him or are they just fairweather friends.
Of course by scrolling through this thread you can see how many have disappeared once the professor's prediction turned grim.
Tip: Dont let them carry the food and water Professor. |
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By: ang101000
4/11/2009
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Steve,
Go slow on your Bitters, please. |
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By: ang101000
4/11/2009
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Hello Billy,
Sooo good to hear from you! Did your horses run in?
I missed you soo much :)
Commie stuff? I ordered for Oz to became a tax heaven (does Monaco ring a bell?). Now, if that is commie - I am Lenin. Watch ABC on Thursday nights 'Addicted to Money' series (it is about me).
Billy, I would love to see you in a frock! God, hope you won 'the best dressed' prize for your efforts.Please don't disappear again.
Ang |
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By: billy.holliday@rocketmail.com
4/11/2009
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When I was much younger I used to watch B&W war movies on TV.In every one there was always a junior soldier who used to run around, chicken-without-head-like , screaming that we were all "gonna die". His name was usually Kowalski, and to straighten him out, he got slapped by the Captain.
Ang.....slap stevebwilson1 (I hope that "1" doesnt mean there are more....)
Kowalski, stop squealing and if you really believe all the drivel you have been sprouting here and elsewhere, just go short everything and stop bothering us. You will be the King and we will grovel at your feet.
On most of the other stuff that has been blogged since I went back into rehab.."Take me to your Leader" coz it aint the same planet as I live on....lots of command economy commie stuff creeping in. That ususaly means schadenfreude
so I guess you guys have no assets and just want it all to stop going up, coz you're not in the game.
Menta, no waves this week. Is there a "big one" coming for you on Dec 31 ???????
Billy (who disgraced himself at a Melbourne Cup lunch yesterday)....it was me in the dress. |
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By: jadeshangrila
4/11/2009
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| There will be no economic disaster, as Australia is rich in resources from gas to uranium. Sure there will be economic doldrom in some countries because they are poor in resource and have to import both energy and goods from overseas. They will need restructuring. Cites have to be more compact and less sprawled like some American surburbs- view google earth. It is no wonder that house prices fall when crude oil goes up in suburbs like these, where one has to drive a hundred kilometers to go to work. The local stock market is following a lead from the American market which is currently spooke by high crude, which gets higher when Dow goes higher and lower when Dow goes lower. High petrol means high deficit, less money in the consumer's pocket and inflation in consumer good prices and less buying power and deflation in wealth asset prices. |
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By: stevebwilson1
4/11/2009
5:17 pm Yahoo! Profile:
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Rather to be given a mushroom, than to live the life of one.
Chuckle on that!
But do take care not to choke when what has been foretold occurs.
Seek out safe haven for your savings.
Reduce your exposure to risk.
Be cautious rather than seek out "financial adventures".
Now is the time to be careful.
Much may be lost.
ECONOMIC DISASTER LOOMS |
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By: craigaharwood
4/11/2009
5:05 pm Yahoo! Profile:
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| Someone give this man a mushroom |
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By: lasty49
4/11/2009
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Some also could be suffering from your joke too Steve.
So rather than warning us of a disaster tell me your intentions/strategy on how to avoid financial ruin of your forecast of economic turmoil. |
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By: stevebwilson1
4/11/2009
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While some joke, others suffer.
AUSTRALIA - ECONOMIC DISASTER LOOMS
Could it be that many still refuse to see what is about to occur?
Or is the thought of what may soon happen simply too terrible for many to accept. Too frightening to face.
The economic disaster of which I amd others have done our best to alert the population to is almost upon us.
This countries economy is about to enter the downward spiral of which we have commented frequently in days recently passed.
ACT now to secure your financial future and protect yourselves from the worst effects of the pending disaster! |
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By: lasty49
4/11/2009
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I remember a teacher once asking me about my faculties.
Well I never.... LOL |
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