tag:blogger.com,1999:blog-18079728.post4472024599294405376..comments2023-11-02T07:30:03.967-07:00Comments on Cassandra Does Tokyo: USD$ -50,000,000,000,000.00 - The Horror"Cassandra"http://www.blogger.com/profile/17412381249313151515noreply@blogger.comBlogger34125tag:blogger.com,1999:blog-18079728.post-42370809775210542592009-04-28T21:06:00.001-07:002009-04-28T21:06:00.001-07:00花蓮|花蓮民宿|花蓮|花蓮民宿訂房諮詢服務|花蓮民宿|花蓮旅遊|花蓮民宿|花蓮美食|花蓮旅遊|花蓮黃...<A HREF="http://www.tel038.com.tw/" REL="nofollow">花蓮</A>|<A HREF="http://www.inhl.com.tw/" REL="nofollow">花蓮民宿</A>|<A HREF="http://www.inhl.com.tw/" REL="nofollow">花蓮</A>|<A HREF="http://www.hl998.com.tw/" REL="nofollow">花蓮民宿訂房諮詢服務</A>|<A HREF="http://www.tel038.com.tw/" REL="nofollow">花蓮民宿</A>|<A HREF="http://www.tel038.com.tw/" REL="nofollow">花蓮旅遊</A>|<A HREF="http://example.intc.com.tw/" REL=花蓮民宿http://www.tel038.com.twnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-56264169964095967282009-03-15T12:19:00.000-07:002009-03-15T12:19:00.000-07:00«What I find truly shocking is that the MSM pundit...«<I>What I find truly shocking is that the MSM pundits -- democrat and republican -- seem to favor bailing out the wealthy and the transactional class that supports them.</I>»<BR/><BR/>In part because like the Serious Economists they know very very well which way their bread is buttered; no overt threats or corruption are needed, just an understanding that winners do whatever it takes.<BR/><BR/>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-80963635760801724352009-03-15T11:05:00.000-07:002009-03-15T11:05:00.000-07:00«Note that it was not just immigrants; I think tha...«<I>Note that it was not just immigrants; I think that government policy (in the UK, USA, Oz, ...) was to pay for the retirements of affluent voters via property price increases hitting *all* first time buyers (typically the working young and poor),</I>»<BR/><BR/>Further note: consider also the very different distribution of skin colors in the two groups, young, working, poor, immigrants, and oldAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-72771978355681418302009-03-14T21:55:00.000-07:002009-03-14T21:55:00.000-07:00Idle policy speculation: Use the tax system to iss...Idle policy speculation: Use the tax system to issue refunds to bondholders of lower means after the haircut. It's just the usual social engineering machine, used on a new asset class.<BR/><BR/>Not that that will ever happen...nor will TPTB figure out the 1930s policy of inserting public agents behind bank lending desks.<BR/><BR/>Without those two fixes, we are quite simply in Japanese mode withAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-9226757961072287782009-03-14T19:47:00.000-07:002009-03-14T19:47:00.000-07:00Andrew "Old Hickory" Jackson knew how to deal with...Andrew "Old Hickory" Jackson knew how to deal with the banks: "Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-18448603140815832392009-03-14T17:27:00.000-07:002009-03-14T17:27:00.000-07:00blissex: "The paper capital gains that were "crea...blissex: "The paper capital gains that were "created" in the past 15 years of extraordinary loose monetary policy have been a colossal transfer of spending power from those with few assets to those with more assets."<BR/><BR/>Yup, and we need to reverse that through forcible conversion of insolvent banks debt to equity, and wiping out existing shareholders. Reinhart and Rogoff estimates the bigAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-49531266872995976702009-03-14T13:45:00.000-07:002009-03-14T13:45:00.000-07:00Note that it was not just immigrants; I think that...Note that it was not just immigrants; I think that government policy (in the UK, USA, Oz, ...) was to pay for the retirements of affluent voters via property price increases hitting *all* first time buyers (typically the working young and poor), but immigrants are just a particularly convenient target subgroup.<BR/><BR/>The overall idea is that instead of raising massively overt taxes on the Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-81076514863292944362009-03-14T13:37:00.000-07:002009-03-14T13:37:00.000-07:00«But more believed it was not luck of the draw, bu...«<I>But more believed it was not luck of the draw, but some destiny or parochial cleverness and borrowed more to expand enroute towards the top, only to be deep-sixed courtesy of leverage. And for hubris, I shed no tears.</I>»<BR/><BR/>But I think it was not just hubris (or dumb greed), I think it was also deliberate policy.<BR/><BR/>One thing was about simple electoral politics: about 60-70% of Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-67782737980751423802009-03-14T13:03:00.000-07:002009-03-14T13:03:00.000-07:00well said, blissex.it is worth noting that as with...well said, blissex.<BR/><BR/>it is worth noting that as with tech bubble, it never ceases to amaze me how many people believed their own BS and rode it up and back down with little but cyclical cheer and some in-between good-times to show for it. Some of course did (intentionally) cash out due to price and lack of value. Some made the profitable trade (like Sam Zell). But more believed it was not"Cassandra"https://www.blogger.com/profile/17412381249313151515noreply@blogger.comtag:blogger.com,1999:blog-18079728.post-9238569236299588072009-03-14T10:41:00.000-07:002009-03-14T10:41:00.000-07:00«people often ignore the fact that before this PAP...«<I>people often ignore the fact that before this PAPER wealth was destroyed, it was created (falsely).</I>»<BR/><BR/>Those who ignore this do so rather deliberately and disingenuosly.<BR/><BR/>The paper capital gains that were "created" in the past 15 years of extraordinary loose monetary policy have been a colossal transfer of spending power from those with few assets to those with more assets.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-55013038358752799552009-03-14T09:07:00.000-07:002009-03-14T09:07:00.000-07:00There's an anecdote that Joseph Kennedy remarked e...There's an anecdote that Joseph Kennedy remarked early in the Depression that he would give up 50% of his wealth if he could be sure of keeping the remainder. Since Marx has been discredited and the dying echoes of populism faded away in the 70's, your 10% looks like a good estimate for what we might call a wealth default swap.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-8599788030704426392009-03-13T19:56:00.000-07:002009-03-13T19:56:00.000-07:00How to write off a mega-giga-tera-peta-ton of bad ...How to write off a mega-giga-tera-peta-ton of bad private debt in the USA quickly, to the roar of the crowd?<BR/><BR/>Void all naked CDSs! Expropriate the speculators! <BR/><BR/>Give the mob speculator blood, then break up the zombies! <BR/><BR/>We have got to write off a lot of bad private debt, and quickly.Anonymoushttps://www.blogger.com/profile/06852145145315416007noreply@blogger.comtag:blogger.com,1999:blog-18079728.post-28895795557374605512009-03-12T14:09:00.000-07:002009-03-12T14:09:00.000-07:00"Again, I urge you to read Ed Harrison's post. And..."Again, I urge you to read Ed Harrison's post. And it is also the case that "the bond holders" are "us", if not directly, then indirectly through pensions, money-market funds, insurance co's, and so forth. Some inflation, taxes precisely these bondholders (and other real asset holders) in real terms, without pulling the rug out from the core of the financial system."<BR/><BR/>I read it. I don't Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-50304439065383692762009-03-12T11:16:00.000-07:002009-03-12T11:16:00.000-07:00Moldy - I see your point, and will defer to your b...Moldy - I see your point, and will defer to your better knowledge of Washington. I would naively suggest that while organizational culpability may be an impediment, it is a tad easier to deploy money within an existing system that while moth-eaten is reasonably "efficient" at doing what it does when focused (witness securitisation!) than it is to deploy 200,000 employees on physical projects. <BR"Cassandra"https://www.blogger.com/profile/17412381249313151515noreply@blogger.comtag:blogger.com,1999:blog-18079728.post-3192073468152771522009-03-12T10:12:00.000-07:002009-03-12T10:12:00.000-07:00Sorry, but how is it a bloodbath or a horror if ra...Sorry, but how is it a bloodbath or a horror if rapidly inflated, unsold assets return to more realistically valued, unsold assets? Personally, I've not lost anything because I didn't sell anything, regardless what the market did before and after September. Is it not possible that many of those rolled into these $20 - $50T pool are in a similar boat?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-84457545622976715102009-03-12T06:27:00.000-07:002009-03-12T06:27:00.000-07:00people often ignore the fact that before this PAPE...people often ignore the fact that before this PAPER wealth was destroyed, it was created (falsely).<BR/><BR/>---<BR/><BR/>Yup, the banks incurred losses when they advanced cash for loans/securities worth less than the cash. Now it is just a question of who bears the economic losses from the prior years.<BR/><BR/>The wall street / high street bankers have been using their TBTF franchise as a Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-53409884684478919792009-03-12T06:09:00.000-07:002009-03-12T06:09:00.000-07:00people often ignore the fact that before this PAPE...people often ignore the fact that before this PAPER wealth was destroyed, it was created (falsely).Kid Dynamitehttps://www.blogger.com/profile/17475987512856310577noreply@blogger.comtag:blogger.com,1999:blog-18079728.post-1297493668907071942009-03-12T04:33:00.000-07:002009-03-12T04:33:00.000-07:00"What is best for the vast majority of American pe..."What is best for the vast majority of American people - not simply this month, or this tax-year, but in the context a generation, and their children."<BR/><BR/>Forcing the recognition of prior economic losses on bondholders. They are the richest and most able to bear the loss; they participated in the bubbles by earning outsize returns; they have a lower propensity to spend than the rest of us,Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-35854029757465041272009-03-12T02:15:00.000-07:002009-03-12T02:15:00.000-07:00Johnny Abacus --Precisely. The growth model based ...Johnny Abacus --<BR/><BR/>Precisely. The growth model based on American or western European consumption is way deep into the zone of diminishing returns. Thus, the optimal solution to the crisis is to get buying power into the hands of Africans, say, and not in the direct salvation of western homeowners/corporations.<BR/><BR/>In this, the Chinese and others have a tremendous advantage, not havingCharles Butlerhttps://www.blogger.com/profile/00486529931043507880noreply@blogger.comtag:blogger.com,1999:blog-18079728.post-5102064661781325772009-03-11T19:17:00.000-07:002009-03-11T19:17:00.000-07:00One thing I know is that nobody knows the end resu...One thing I know is that nobody knows the end result of all this mess. That said, an exchange of debt for equity in a big way will likely occur. Markets expand or contract to match the amount of liquidity present in the system. So now there's less. 92% of the people go to work every day, and the smart people all over the world are finding new ways to solve problems more effectively than ever Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-68683665555979991172009-03-11T19:10:00.000-07:002009-03-11T19:10:00.000-07:00"IE - nationalization and assumption of liabilitie..."IE - nationalization and assumption of liabilities, but its spun as bailing out Main St, not Wall St ( which it is)."<BR/><BR/>Assuming liabilities of banks is bailing out BONDHOLDERS, not main street. The wealthiest 1% of householders own something like 60% of the world's stocks and securities. Bailing out bonholders is a bailout of the RICH, at the expense of the poor, the middle class, and Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-22502115126775630642009-03-11T18:37:00.000-07:002009-03-11T18:37:00.000-07:00Oops, sorry for the double post.Oops, sorry for the double post.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-7813162315436342312009-03-11T18:36:00.000-07:002009-03-11T18:36:00.000-07:00Mencius-If the government can't figure out how to ...Mencius-<BR/><BR/>If the government can't figure out how to work the printing press, and the $50 trillion remains vaporized, how bad do you think it gets? 15% unemployment? 20%?<BR/><BR/>When we think of a person's savings, what we mean is the ratio between total net worth and yearly expenditures. So if net worth drops by half, that means balance sheets won't be restored until expenditures areAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-33648648532799339642009-03-11T18:27:00.000-07:002009-03-11T18:27:00.000-07:00"Would you trade 10% of what you thought you had (..."Would you trade 10% of what you thought you had (savings, pension, net home equity) for an end to the uncertainty, and a reasonable assurance it shan't happen again (in addition to warrants on the excised pot of shite)?"<BR/><BR/>You have a false premise in your question. There is no assurance the wall street bankers won't do the same thing again if the wall street banks are bailed out. The Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18079728.post-26819560080140863312009-03-11T18:23:00.000-07:002009-03-11T18:23:00.000-07:00Mencius-If the government can't figure out how to ...Mencius-<BR/><BR/>If the government can't figure out how to work the printing press, and the $50 trillion remains vaporized, how bad do you think it gets? 15% unemployment? 20%?<BR/><BR/>When we think of a person's savings, what we mean is the ratio between total net worth and yearly expenditures. So if net worth drops by half, that means balance sheets won't be restored until expenditures areAnonymousnoreply@blogger.com