Not a "turning point", but successful. Good. Now we'll see what the other econobloggers have to say (the V2M* being completely untrustworthy, of course, except possibly Bloomberg).
NOTE Versailles
/Village Media.
UPDATE Tomorrow's column: Crisis has years to run. Ouch!
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Good reading! Favorite quote: What could go wrong?
Beyond war, inflation, the end of the technology/productivity wave, and financial collapse, we think the most potent and short-term threat would be societies demanding a more ‘equitable’ share of wealth.
1. Medicare for All
2. End the Wars
3. Tax the Rich
4. A Jobs Guarantee
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Comments
success?
Success as in "I didn't vomit on a sitting prime minister" success?
Sorry, I just had to be a cheeky bastard, there. But, there wasn't enough attention and focus given to the actual issues. I guess that's nothing new. Quite frankly, I don't give a flying f%ck about what Obama gave the queen. I was a bit disappointed that on both sides of the pond this was covered more as a state visit to the UK than as an economic summit. And, the UK tabloidy mainstream media is absolutely insufferable.
But, we've always been at war with Eastasia...
This Does Not Bode Well
When the FHLB head would rather resign than sign financial statements that's not exactly a good sign about where all of this is headed. It's more of a sign that we're still living in denial and trying to create our own reality (and good for those who refuse to participate in the delusion). The change to the mark-to-market rules will likely make this worse as Zero Hedge explains.
"Do what you feel in your heart to be right -- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't. " - Eleanor Roosevelt
Yep...
See here. Just awful. It's like the country's being run by people who can't sell their shit, so they either want to: (a) pretend it's gold and not shit (FASB; Timmy's fake auctions) or (b) force you to buy their bad shit, even when you know it's shit (coming "health reform" mandates).
Which is why people on the buy side (FT, Bloomberg) are up in arms about it. They don't like buying shit from people who claim they're selling gold. Can't blame them, really.
First they ignore you, then they ridicule you, then they fight you, then you win. -- Mahatma Gandhi
Versailles v. Reality
that's the real battle these days. I've noticed that the people on both sides of the ideological spectrum who are up in arms have one thing in common - they are outside Versailles
. They may not agree about what to do about the mess we're in* but they all see the mess we're in and the crap being sold to us. Those inside Versailles? Are almost exclusively shoveling crap whether it's the awful Geithner Plan or the the horrendous GOP budget - it's all delusional.
* I've seen, for example, interesting arguments from the right about how the stimulus championed by Krugman, et al, won't work because of our debt problems, that whatever good stimulus does will be overshadowed by the dangers of more debt in a country already drowning with debt. They agree wholeheartedly with Krugman, et al, however, on the futility and robbery of the bailouts. In a much healthier country, we'd be listening to the smart, sane people from across the spectrum argue about our various options to fix this mess (stimulus or not, etc.) - upsides and downsides - and then patching together a plan from those options. But we can't even get there because Versailles is still saying there's nothing fundamentally wrong.
"Do what you feel in your heart to be right -- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't. " - Eleanor Roosevelt
+100
It really ought to be possible to make common cause with the Paul people on ending the empire. It really ought to be. And the black helicopter crowd had the right idea that something horrible was coming over the horizon, but they got the causation all wrong (and that may be irredeemable).
I've finally come around to the idea that "create our own reality" is so pervasive in Versailles
because that's what finance is all about. Since those are the guys running the show, they get the controlling metaphor. So Paulson/Geithner/Samuels et al -- and therefore, Obama, who listens to them -- don't even think they're doing anything outside the spectrum of their normal duties and responsibilities. Of course you clap harder. Of course you say whatever you have to say. Of course you cook the books and use the shills to rope in the rubes. What else would you do? It's worked for an entire generation, and the people (still) matter are (still) rich, so what's wrong? That is reality. And if you build your life around financial instruments, that may in fact be reality.
First they ignore you, then they ridicule you, then they fight you, then you win. -- Mahatma Gandhi