By: pansi1951
20/07/2009
5:22 pm Yahoo! Profile:
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It's scary to be you, but at least for-warned is for-armed, and at least you are not in denial like many.
I hope you are getting ready to bunker down and ride it out as best you can.
We are lucky here in that we are running a little behind you guys with this financial crises, so we pretty well know what to expect and when.
Do you think it would have been better for all concerned if the feds had let the crash take its natural course instead of propping the banks and corporations up, all for nothing in the end. Now with all this debt, it will be a long and slow recovery.
Choose your tent carefully, you might be in it for a long time! |
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By: cry_misty22
20/07/2009
7:40 pm Yahoo! Profile:
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| Wait until the bust hits the UAE and Saudi Arabia , then we will know that we are in trouble. It is not too far around the corner and now the ACTU want a 3rd round of stimulus package to occure. Where are these folk coming from????? |
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By: pansi1951
21/07/2009
6:44 am Yahoo! Profile:
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| I see Dubai is in big trouble. I saw someone comment that we will see more Western business people getting detained for corrupt business practices and fraud etc, because they blame the West for their economic predicament, could be right, we shall wait and see. |
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By: perceptions_now
21/07/2009
2:10 pm Yahoo! Profile:
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California Lawmakers, Governor Strike Deal on Budget
July 20 (Bloomberg) -- California lawmakers and Governor Arnold Schwarzenegger said they’ve struck a deal to close a $26 billion budget deficit that’s left the most-populous U.S. state paying bills with IOUs and its credit rating near junk.
Legislative leaders emerged from Schwarzenegger’s Sacramento office and announced that they agreed to a framework for a compromise following almost three weeks of intermittent talks. Key details weren’t released, though the politicians said taxes won’t rise, honoring a Schwarzenegger pledge. The Senate and Assembly plan to put the legislative package to a vote as early as July 23.
“We have found a solution to a $26 billion deficit without increasing the tax burden on everyday Californians,†Senator Dennis Hollingsworth, a Republican, told reporters.
Link -
http://www.bloomberg.com/apps/news?pid=20601087&si d=a.424_Nxu_1E
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No tax increases?
And, No Cuts in services?
I would like to see that? |
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By: lkarnd99
21/07/2009
3:57 pm Yahoo! Profile:
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The U.S. plunges further into the mire, out of control, as the FED refuses to let Congress know where Bailout money has been spent.
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Cost Of Bailout Hits A Whopping $24 Trillion Dollars
$80,000 for every American
Paul Joseph Watson
Prison Planet.com
Monday, July 20, 2009
http://www.prisonplanet.com/cost-of-bailout-hits-a -whopping-24-trillion-dollars.html
According to the watchdog overseeing the federal government's financial bailout program, the full exposure since 2007 amounts to a whopping $23.7 trillion dollars, or $80,000 for every American citizen.
The last time we were able to get a measure of the total cost of the bailout, it stood at around $8.5 trillion dollars. Eight months down the line and that figure has almost tripled.
The $23.7 trillion figure comprises "about 50 initiatives and programs set up by the Bush and Obama administrations as well as by the Federal Reserve," according to the Associated Press.
In testimony which will be delivered to the House Oversight and Government Reform Committee tomorrow, Neil Barofsky, the inspector general for the TARP, will tell Congress that "the Treasury Department has repeatedly failed to adopt recommendations aimed at making the TARP program more accountable and transparent."
According to Barofsky, taxpayers are in the dark as to who has received the money and what they are doing with it.
As we have repeatedly highlighted, the destination of some $2 trillion in TARP funds was the subject of a lawsuit filed by Bloomberg late last year after the Fed refused to disclose the recipients.
The suit is still ongoing as Bloomberg attempts to discover names of private financial institutions that received the money.
The American people will ultimately pick up the tab as their dollar is devalued because the Fed lends the money from its own balance sheet or essentially just prints more money, as a San Francisco Chronicle article explained last year.
..cont |
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By: lkarnd99
21/07/2009
4:04 pm Yahoo! Profile:
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cont..
The American people will ultimately pick up the tab as their dollar is devalued because the Fed lends the money from its own balance sheet or essentially just prints more money, as a San Francisco Chronicle article explained last year.
Wages will not keep pace with inflation and if we add to the equation the raft of new taxes being introduced by the Obama administration, the consequences are clear - another lowering of the living standard for millions of middle class Americans.
Meanwhile, Henry Paulson, one of the chief architects of the bailout and the man who committed financial terrorism by threatening the Congress with martial law and food riots if they didn't pass the initial TARP package, brazenly pockets $200,000 in Goldman Sachs profits tax free while handing out billions in ill-gotten gains to his bankster buddies, all this after he pulled a bait and switch by changing the entire focus of the bailout from buying up toxic debt to giving money directly to financial institutions.
We dread to think what the bailout figure will be in another eight months. Will it triple again to $70 trillion dollars? How about $100 trillion dollars?
The only thing that can bring an end to the wanton looting is Ron Paul's bill to audit the Fed, which has received overwhelming support in the House but is being blocked by the bought and paid for traitors in the Senate who would rather see a continuation of the grand larceny rather than real accountability and transparency.
Watch a CNBC discussion of the $24 trillion figure below.
SEE LINK FOR VIDEO
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The U.S. Debt clock just keeps ticking on.....see it here
http://www.usdebtclock.org |
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By: bridonta
21/07/2009
4:36 pm Yahoo! Profile:
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| all troubles due to free trade .. due to the greed of CEO and shareholders .. they shift all the jobs off shore .. to China .. India .. to rip off cheap workers .. for their big pay outs .. here with less jobs and big debts .. certainly .. all in deep troubles .. anymore stimuluses only creat the situation worsen .. just feeling sorry for all wonderful thing we are having now were built by hard labour of our father are now ruined by those dumb politician and those greedy idiot CEO |
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By: andreihicks
21/07/2009
9:35 pm Yahoo! Profile:
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"all troubles due to free trade .. due to the greed of CEO and shareholders .. they shift all the jobs off shore .. to China .. India .. to rip off cheap workers .. for their big pay outs .. here with less jobs and big debts"
Utter nonsense.
Those companies who follow a strategy of competitive price advantage have to utilise low labour markets to reduce the overall standard cost of the product.
The aim of a company is to maximise shareholder value, if they did not do that they would be failing in their mission goals.
Australia doesn't have to compete with the third world. We can use the third world to our advantage because remember, the profits don't stay in the low cost countries, they are repatriated through transfer pricing agreements to be distributed in Australia.
The investment happens here.
Australia should position itself further along the industry scale in the skilled positions and value added tasks.
The non value added core manual work can be done cheaper in the developing world. The skilled work can be done here.
It is about using globalised capitalism to your advantage. We can compete with the developing world because we have the skills and they don't.
Just don't compete in cost of unskilled labour, rather UTILISE theirs and don't compete with it.
I gave an excellent presentation on this strategy in Chicago only 12 months ago. |
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By: perceptions_now
21/07/2009
9:48 pm Yahoo! Profile:
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"The suit is still ongoing as Bloomberg attempts to discover names of private financial institutions that received the money.
lkarnd99,
Good luck to them!
That said, they will need more than luck? |
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By: perceptions_now
21/07/2009
9:49 pm Yahoo! Profile:
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"The only thing that can bring an end to the wanton looting is Ron Paul's bill to audit the Fed"
lkarnd99,
Do you think so, really? |
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By: perceptions_now
21/07/2009
9:54 pm Yahoo! Profile:
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"all troubles due to free trade .. due to the greed of CEO and shareholders"
bridonta,
If only?
It would make it easier!
Regrettably, Greed is only one of the standard end of business cycle reasons.
It is also a player now, but in relative terms, it is a bit player, on this ocassion.
This time, the basics are a lot more dificult, no magic wand this time. |
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By: perceptions_now
21/07/2009
9:58 pm Yahoo! Profile:
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"Utter nonsense."
Andrei,
I like to agree with you, from time to time.
But, on this ocaassion, I can't, so I wont!
No, I correct myself, there is one thing, it was "utter nonsense". |
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By: thy.nemesis
21/07/2009
10:06 pm Yahoo! Profile:
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Nationalisation of financial institutions was a necessary step. Problem is that too many Western nations took on the debt and risks without actually formalising the nationalisation process - leaving parasitic players in control because pollies lacked the courage and fortitude to restore "big government"...
What's worse, it that few checks and balances were put in place - and the pressing need for regulation was ignored... |
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By: andreihicks
21/07/2009
10:17 pm Yahoo! Profile:
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"Andrei,
I like to agree with you, from time to time.
But, on this ocaassion, I can't, so I wont!"
What do you disagree with -
1) A company's role is to maximise shareholder value
2) The developing world provides a large pool of cheap labour
3) Australia can move into the space which occupies the skilled value-add sector
4) Australia gains from repatriated distributed profits
5) Companies wishing to follow a cost leadership strategy must use the advantages afforded them by globalisation
Which of those? |
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By: kaboodleschnitzer
21/07/2009
10:24 pm Yahoo! Profile:
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on the latest figures - downturn? what downturn? is a more apt question
too bad Libs - you were counting on a huge crisis as your only way to slink back in |
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By: perceptions_now
21/07/2009
10:27 pm Yahoo! Profile:
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"Nationalisation of financial institutions was a necessary step."
thy,
I'm sorry, it seems we may not agree here.
The role of government, is to govern, to set parameters, to ensure that there are checks & balances and to ensure they are followed.
This role must attend to balance the medium & long term needs of the entire population and to ensure that the few are not advantaged, at the expense of the many.
Finally, Government is inherently BIG, but their roles do not & should not encroach into areas where the private sector are better placed to handle. |
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By: thy.nemesis
21/07/2009
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6) The benefits of exporting and offshoring are temporary - and domestic collapse inevitable
7) Debt-fuelled over-consumption creates big bubbles - the burst is infinitely more damaging when that debt is mostly foreign
8 ) Regressive taxation and turning a blind eye to tax havens cause budget shortfalls |
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By: thy.nemesis
21/07/2009
10:36 pm Yahoo! Profile:
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>> By: perceptions_now
"Nationalisation of financial institutions was a necessary step."
thy,
I'm sorry, it seems we may not agree here.
The role of government, is to govern, to set parameters, to ensure that there are checks & balances and to ensure they are followed.
This role must attend to balance the medium & long term needs of the entire population and to ensure that the few are not advantaged, at the expense of the many.
Finally, Government is inherently BIG, but their roles do not & should not encroach into areas where the private sector are better placed to handle. <<
Is OK if we agree to disagree...
Personally, I think that the big crash is yet to come - at which point it will become apparent that the early nationalisation of the financial sector was the most pragmatic and cost-effective approach - because Govts and taxpayers will simply end up paying TWICE and still wear all the risks... |
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By: perceptions_now
21/07/2009
10:53 pm Yahoo! Profile:
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"Is OK if we agree to disagree"
thy,
Possible, in a true democracy and in fact, an absolute requirement, for any society, of two or more people!
We are, at any given moment, the sum total of our genes & environment.
Which means that every person is an individual, of unique character, thoughts and physical make-up.
Hence, no two people are indentical in their ideas or ideals and one of life's few guarantees is that the reasons we are, what we are today, will ensure that tomorrow, we will change!
That's a long way around saying that, "we can disagree on specific issues, so long as we continue to communicate on the broader issues." |
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By: thy.nemesis
21/07/2009
10:54 pm Yahoo! Profile:
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| Agreed! LOL |
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By: slr2007mclaren
21/07/2009
11:02 pm Yahoo! Profile:
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The role of government, is to govern, to set parameters, to ensure that there are checks & balances and to ensure they are followed.
This role must attend to balance the medium & long term needs of the entire population and to ensure that the few are not advantaged, at the expense of the many.
Finally, Government is inherently BIG, but their roles do not & should not encroach into areas where the private sector are better placed to handle.
=====
pn
here's a word we've seen on this board yet not used properly
Governments are "stabilisers" of the economy
they are gap fillers of the economy
they fill in gaps where private sectors won't go
they make laws to temper/encourage market forces
this is why I dislike the unions' direct involvement in the modern era because governments then become a wet blanket on a vibrant economy
there are plenty of laws protecting the workers out there...but the unions are saying otherwise because they realise their roles are fast becoming irrelevant
likewise I don't want business lobby groups to dominate either like they do in the US...but the ALP and unions love to bring this bogie man out to scare voters
. |
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By: perceptions_now
21/07/2009
11:04 pm Yahoo! Profile:
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"What do you disagree with -
1) A company's role is to maximise shareholder value
2) The developing world provides a large pool of cheap labour
3) Australia can move into the space which occupies the skilled value-add sector
4) Australia gains from repatriated distributed profits
5) Companies wishing to follow a cost leadership strategy must use the advantages afforded them by globalisation
Which of those?"
Andrei,
The answer you don't want to hear, is that Globalisation is comming to an end! |
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By: monoman911
21/07/2009
11:05 pm |
Message deleted. |
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By: slr2007mclaren
21/07/2009
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The answer you don't want to hear, is that Globalisation is comming to an end!
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too late
it will simply shift from Europe & the US to Asia |
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By: slr2007mclaren
21/07/2009
11:10 pm Yahoo! Profile:
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mono
what you refer to is rampant in alot of agricultural areas from grapes to wool
I am familiar with the "farm gate" to "plate" debate
I don't believe it's that simple because you have all the brokerage and financial trading in the middle of all this
This is why the concept of an AWB was very good
but the moral police seems to think that our farmers should suffer so a few can sleep in their moral cesspool at night
facts are bribes happen....so when in Rome do what the romans do |
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