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  1. zeroxzero
    February 16th, 2011 at 11:47 pm
     I don’t agree.
     The phony investment boom was the crime, and it was created by the U.S. government as a means of maintaining higher U.S. living standards than would otherwise obtain if Americans actually were on a pay-as-you-go plan of resource consumption.  But the U.S. economy has been one, long, government-sponsored Ponzi scheme since U.S. GDP  peaked out as a percentage of the global total in the 1960s.
    Since then, the governments, elected by the people, have permitted a sequence of income-boosting schemes, or, failing that, consumption price-reduction schemes [cutting import tariffs, lowering taxes, outsourcing jobs to cheaper venues] to prop up American living standards that began to evaporate in the 1970′s as Japan, Europe and China began to recover from the devastation of the last World War.
    This sequence of living standard maintenance" maneuvers led inevitably to leverage.  When it was no longer possible to sell off any more of America’s former competitive advantages, the U.S. government, on the request of its citizens, decided to borrow from the future.
    Medicare, Medicaid, a defense establishment far larger than required, [that amounted to a giant jobs and industrial support program], and the extension of Social Security benefits to an overfed generation of baby boomers, who hadn’t saved for their own retirement, were already in place.  
    But jobs were scarce and social security wouldn’t pay enough.  So the U.S. embarked on the Original QE, which involved permitting the mass securitization of mortgages in order to sponsor a housing boom.  Half of all new jobs created were real estate agents and mortgage brokers.  And a perfectly democratic method of spreading the wealth was adopted:  anyone could borrow and own a house.  Down to the dog with a credit card over the internet.
    And, like all Ponzis, it worked for awhile and collapsed under its exponential need for fresh funds. 
    Ever since then, recrimination has been hurled thick and fast in the direction of the likes of Blankfein, Wall Street, the "Banksters", the SEC, ratings agencies — the whole superstructure of institutions erected to protect the citizens from the financial excesses of markets and the irrational exuberance of crowds.
    This is fantastically hypocritical calumny against these fine professionals.  They did exactly what they were asked to do, and did it with extraordinary imagination and coordination.  Forgot about a chicken for every pot; they managed to put a mortgage on any American balance sheet that wanted one.  They created trillions, shared among hundreds of millions, to enjoy for almost a decade. They took an America whose competitive advantage has been shrinking for a generation, and held the line against the forces of economic entropy for an improbably long time.
    And your complaint is that none are in jail?  That would be extending this monstrous hypocrisy a bridge too far.  Let them live quietly in their painful ignominy with their billions, languishing in their mansions, and give them a quiet wink for a job well done, in the service of their government and the people of these United States..  





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Phil's Favorites

Legal cannabis celebrates its first anniversary in Canada: What's next?

 

Legal cannabis celebrates its first anniversary in Canada: What's next?

Montrealers hold up a Canadian flag with a marijuana logo on it outside a government cannabis store in the city Oct. 17, 2018. THE CANADIAN PRESS/Graham Hughes

Courtesy of Michael J. Armstrong, Brock University

This week marks the first anniversary of Canada’s recreational cannabis legalization. It’s an appropriate time to review what happened last year and consider what’s coming next.

Legalization brought big changes for some folks. About 9,200 employees now work at cannabis producers, with ...



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Zero Hedge

Pork-Panic Sends China CPI To 6 Year Highs As Factory Deflation Deepens

Courtesy of ZeroHedge View original post here.

China's producer prices deflated for the 3rd straight month, slumping 1.2% YoY - the biggest deflationary impulse since July 2016 - but, thanks to the explosion in pork prices (as 'pig ebola' spreads), Chinese consumers are facing the worst inflation since 2013.

  • China Sept CPI +3.0% YoY (2.9% exp and 2.9% prior)

  • China Sept PPI -1.2% YoY (-1.2% exp and -0.8% prior)

...



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Chart School

Review of Andrew CardWell RSI with Wyckoff price waves

Courtesy of Read the Ticker

RSI measures relative strength of price action of a set period versus prior set periods. It helps review the price swings or waves, the power of each price thrust into new ground, or lack of it. Price thrust like many things relies on energy, and energy is not a constant, it has a birth, a life and a death and relative strength helps us see that cycle. 

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Kimble Charting Solutions

Banks Should Send Critical Message To Stocks This Week!

Courtesy of Chris Kimble

Bank earnings could go a long way to impacting the broad market in a big way this week. Wells Fargo, Goldman Sachs, Bank Of America, JP Morgan, Morgan Stanley all announce earning the next couple of days.

As these earning announcements are to take place, the Bank Index (BKX) finds itself facing a key breakout test.

The index remains inside of bullish rising channel (1), as it has created a series of higher lows and higher highs over the past 8-years.

The index has little to brag about over the past 20-months, as it has created a series of lower highs and lower lows inside of falling chan...



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The Technical Traders

Daily Market Analysis and Trade Setups

Courtesy of Technical Traders

CLICK HERE TO GET REAL TIME TRADE ALERTS!

...

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Insider Scoop

22 Healthcare Stocks Moving In Tuesday's Pre-Market Session

Courtesy of Benzinga

Gainers
  • Reata Pharmaceuticals, Inc. (NASDAQ: RETA) stock surged 45.2% to $146.07 during Tuesday's pre-market session. The market value of their outstanding shares is at $2.8 billion. The most recent rating by Cantor Fitzgerald, on October 15, is at Overweight, with a price target of $180.00.
  • Aphria, Inc. (NYSE: APHA) stock increased by 18.6% to $5.16. The market value of their outstanding shares is at $1.8 billion. According to the most recent rating by CIBC, on July 26, the current rating is at Underperformer.
  • ...


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Digital Currencies

Zuck Delays Libra Launch Date Due To Issues "Sensitive To Society"

Courtesy of ZeroHedge View original post here.

Authored by William Suberg via CoinTelegraph.com,

Facebook is taking a much more careful approach to Libra than its previous projects, CEO Mark Zuckerberg has confirmed. 

“Obviously we want to move forward at some point soon [and] not have this take many years to roll out,” he said. “But ...



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Lee's Free Thinking

Look Out Bears! Fed New QE Now Up to $165 Billion

Courtesy of Lee Adler

I have been warning for months that the Fed would need new QE to counter the impact of massive waves of Treasury supply. I thought that that would come later, rather than sooner. Sorry folks, wrong about that. The NY Fed announced another round of new TOMO (Temporary Open Market Operations) today.

In addition to the $75 billion in overnight repos that the Fed issued and has been rolling over since Tuesday, next week the Fed will issue another $90 billion. They’ll come in the form of three $30 billion, 14 day repos to be offered next week.

That brings the new Fed QE to a total of $165 billion. Even in the worst days of the financial crisis, I can’t remember the Fed ballooning its balance sheet by $165 bi...



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Biotech

The Big Pharma Takeover of Medical Cannabis

Reminder: We are available to chat with Members, comments are found below each post.

 

The Big Pharma Takeover of Medical Cannabis

Courtesy of  , Visual Capitalist

The Big Pharma Takeover of Medical Cannabis

As evidence of cannabis’ many benefits mounts, so does the interest from the global pharmaceutical industry, known as Big Pharma. The entrance of such behemoths will radically transform the cannabis industry—once heavily stigmatized, it is now a potentially game-changing source of growth for countless co...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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Members' Corner

Despacito - How to Make Money the Old-Fashioned Way - SLOWLY!

Are you ready to retire?  

For most people, the purpose of investing is to build up enough wealth to allow you to retire.  In general, that's usually enough money to reliably generate a year's worth of your average income, each year into your retirement so that that, plus you Social Security, should be enough to pay your bills without having to draw down on your principle.

Unfortunately, as the last decade has shown us, we can't count on bonds to pay us more than 3% and the average return from the stock market over the past 20 years has been erratic - to say the least - with 4 negative years (2000, 2001, 2002 and 2008) and 14 positives, though mostly in the 10% range on the positives.  A string of losses like we had from 2000-02 could easily wipe out a decades worth of gains.

Still, the stock market has been better over the last 10 (7%) an...



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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

Here's a free ebook for you to check out! 

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

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