Can't money grow on trees? If we keep buying houses from each other at a higher and higher and higher price, can't we all get rich beyond our wildest dreams?
July 11, 2006
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A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
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32 comments:
The "laugher" Curve:
http://angrybear.blogspot.com/uploaded_images/a1-763575.JPG
Caption:
x-axis: time. Y-axis: US debt to GDP.
Notice: 1996-2001. Economics.
2001--now. Voodoo Economics.
Well, no, because it's not the money that measures your wealth, it is your purchasing power. The more money in the system, the less is its purchasing power.
If everyone was given 100 billion dollars each, you think a cup of coffee would still cost $1.50?
I'm old school. Constitutional all the way especially with regards to freedom and money. Just like Anon says: it is your purchasing power. Fiat money has ruined us. Let the shearing begin.
"Reacting to the severity of the worldwide depression, John Maynard Keynes in 1936 broke from the Classical tradition with the publication of the General Theory of Employment, Interest, and Money. The Classical view assumed that in a recession, wages and prices would decline to restore full employment. Keynes held that the opposite was true. Falling prices and wages, by depressing people's incomes, would prevent a revival of spending. He insisted that direct government intervention was necessary to increase total spending."
http://www.frbsf.org/publications/education/greateconomists/grtschls.html
keynsian thinking, since 1936, has led us to the financial chasm we are facing today. This is TRUE Voodoo Economics.
Re: the "Laugher" Curve:
Hey liberal puke, are you trying to now do some damage control on the blogs? Did MoveOn.Org put you up to it? Are you a dailykos tinfoil hat?
You dem's laughed at the Bush tax cuts knowing it will work in the end, but can rally the "poor" (union jar heads) about the tax cut for the "rich". You though you could get through the current election cycle before it kicks in, but guess what it kicked in earlier than you thought (and earlier than I thought). Now you are going into the election cycle with Bush proving right on the topic. Woah, maybe good things will happen in Iraq (Bin Laden's head on a pike?) just before the elections, really screwing you guys.
Go back to moveon.org the rest of you.
The tax cuts for the rich didn't just now cause a reduction in the deficit. It was an increase in spending borrowed money. When the government has to pay trillions in US$ to clean up the mess from the Dumbya debauch you are going to see deficits come roaring back twice as bad. Mark my words $500b/year deficit (at least) by 2010.
Tax receipts rolled in during dot.com era also. . .
California was awash in money, and the former govenor couldn't spend it fast enough. . .then along cam dot.bomb, and guess what - all those capital gains (I paid a lot myself) evaporated. . .and the state was broke, the gov. was kicked out, and Arnold took over. . .well. . .the housing ponzi game is over, and tax receipts will head down from here.
Hey liberal puke, are you trying to now do some damage control on the blogs? Did MoveOn.Org put you up to it? Are you a dailykos tinfoil hat?
This toxic A hole may be correct. If Bush kicks some ass here in the election cycle we may have another 4 to 8 years of deficit spending. Eventually however the Democrats will take charge again and face balancing the budget, paying down the debit, and reducing government spending. This is completly contrary to todays policy.
Republicans, Democrats, I can't tell who is the small government party anymore, this country is awash in debt. We may as well mail our keys to China.
"Eventually however the Democrats will take charge again and face balancing the budget, paying down the debit, and reducing government spending."
LOL! Like they did in the 40 years prior to '96? Why can't you face the simple truth that BOTH major political parties now behave as one. They are globalist in their actions and policies and will sell your ass down the river in a heartbeat.
You haven't mailed your keys yet?
Yeah, when China takes over the U.S., they'll stick us all in concentration camps and sell all our parts piece by piece harvesting while we're still alive.
"keynsian thinking, since 1936, has led us to the financial chasm we are facing today. This is TRUE Voodoo Economics."
No it wasn't. This supposed bad thinking expurgated most major depressions which had inflicted major economies for 150 years.
Keynes was right and has been validated by empirical evidence.
Bush isn't a Keynesian because if he were he would have raised taxes once the recovery started in order to be in better shape for the upcoming recession.
Bush/Cheney et al are just unprincipled thiefs for the billionaire class----and pull 'voodoo' over your eyes to make you blame government when it works so that they can rape government and steal from it.
"California was awash in money, and the former govenor couldn't spend it fast enough. . .then along cam dot.bomb, and guess what - all those capital gains (I paid a lot myself) evaporated.... . .and the state was broke,"
This was because of the electricity scam. The deficit run up by State of California is just about equal to the money stolen by Enron, Reliant, et al.
"the gov. was kicked out,"
I think the dems like to spend their way into popularity. They take from the DOD and give to the minorities. The minorities are BTW, not so minority anymore because we paid them to breed through welfare. Doesn't matter that they have a place now, they feel entitled to keep getting that free money.
Either party gets in power - will it really matter to the economy. The American nowdays just likes to borrow and spend and borrow and spend and.... gotta keep up that lifestyle that they see on TV and feel entitled to.
Some Con:
"Hey liberal puke, are you trying to now do some damage control on the blogs? Did MoveOn.Org put you up to it? Are you a dailykos tinfoil hat?
You dem's laughed at the Bush tax cuts knowing it will work in the end, but can rally the "poor" (union jar heads) about the tax cut for the "rich"."
You know it's amazing how supposed "liberals" present actual facts, and the Bushinistas respond with personal insults. For instance, the implication of the graph shown in the first post hasn't been refuted: even in economic expansion during W's term, debt to GDP continues to grow.
Second, all theory and evidence shows that tax cuts work as fiscal stimulus (this is Keynes) but the specific details of Bush's tax cuts were entirely antithetical to the supposed stimulus purpose; if they were designed as sold, you would have cuts directly addressed to sectors which would immediately generate personal demand, and then have automatic rescinding of the cuts when the economy gets working. Giving *permanent* tax cuts to the richest people and investors is entirely the opposite of what you would do if you meant to achieve what W claimed.
Here's another one from that hard left Maoist rag, the _Wall Street Journal_:
Do Tax Cuts Pay for Themselves? Not if you read the fine print in the new White House midsession review of budget trends. "While difficult to estimate precisely," Treasury long-run analyses of the effects of President Bush's tax cuts "may ultimately" raise total national output of goods and services by 0.7%.
“If new revenues equaled as much as 20% of the additional output, the increase in revenues resulting from making the tax cuts permanent (assuming Treasury’s best-case assumptions) would be $29 billion. That’s a lot of money. But how does it compare to the size of the president’s tax cuts? The congressional Joint Committee on Taxation, using conventional analyses, says making the president’s tax cuts permanent would reduce federal revenues in 2016 by $314 billion. That is more than 10 times what the Treasury analysis suggests tax cuts would generate by prompting more hours of work, more savings and investment and more efficient use of resources.”
So, even the Treasury staffed by W's yes men can't manipulate the stats enough.
This is why it's called the "laugher curve". By the way, Republicon droids don't even understand Laffer's curve itself. Because there's a *curve* there is a part of it where increasing tax rates DOES increase government revenue---only when you get to tax rates like 80% and up does increasing taxes fail to generate more revenue.
Then again, facts always seem have a well-known liberal bias.
No matter what the story is about people will post about how they hate Republicans or Democrats or how they hate NY Times or Fox News.
CAN WE STICK TO HOUSING INFORMATION?
I'm sick of wading through the political polemics to get real housing information. Please, stick to house panic.
This blog is like allspice, mildly pungent and aromatic at the same time. I do like the pictures though...
I'm done with this site!!!...There seems to be a handful of mean-spirited political meatheads who can't (or won't) stay on subject. This site is in desperate need of better moderation!
This blog is like beautiful flower which smells bad. It is a cross between Free Republic and Hillary Clinton with ultra neo-con leanings. In other words, whazzup?
Try a google search for "housing bubble blog" and you'll get a list of much better discussion
go to Ben's blog for housing bubble info
Adios as well. This blog has stopped serving its purpose and is no longer interesting.
Screw you guys, I'm going home
I can tell where I'm not appreciated. Screw you guys, I'm goin' home. P.S. anonymous sux moose 'nads.
Kieth,
Have you met any nice English boys yet?
bspays,
Don't go, you are the smartest person on this blog. If you leave there will be nothing left but idiots and closet cases. Oh well, toodles!
bspays,
when you compliment yourself under "anonymous" it's pretty obvious.
bspays = panicearly Same poster over and over again.
anonypuss sez:
"bspays = panicearly Same poster over and over again."
Ahn! Wrong answer anonypuss. I used to be bugsy and a half a dozen other nics but panicearly I am not. At least I have enough class to type in an original name you booger eatin' coward.
this was the worst threadjack and worst discussion in the history of HP
elevate your game folks
See the original post. If you have nothing intelligent or meaningful to add, then don't
and don't feed the trolls folks. you see where that takes it
Yes, of course...It IS ok to buy and sell gold and AAPL stock to each other to get rich. I mean, no one else make MP3 players right?? But buying and selling houses is a bad thing. My name is Keith, and I have all the answers and I write the rule book of what you can and cant do.
i don't know why everyone is leaving. i like to see the unvarnished opinions of others. it would be good to see more housing discussion but the digressions can be quite entertaining (just not today, sigh).
-stardust
Chris Hanson knows where everyone lives fyi.
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