Joseph Stiglitz: "It's going to be bad, very bad"

whether its enough or not doesn't matter - its happening and it sux. so bend over and grab on cause it might just be a bumpy ride.

"That's the idea, but it doesn't work. We're just throwing money at them and they pay billions of it out in bonuses and dividends. We taxpayers are being robbed for all intents and purposes in order to reduce the losses that some wealthy people bear. This has to be changed."

And the CEOs and Execcutives making millions that we the taxpayers are paying? Before Reagan CEOs and Executives were wealthy, not obscenely bloated parasites with billions.
And the same rich are bellowing like cows about the auto workers maing 40,000 to 69,000 a year with pay and benefits. Its amusing to hear their hypocricy, while they support closing community hospitals because health care is a priviledge. Thats how they are in my red red state, anyway.

What to do? I was against Geitner because I felt he was too close to the parasites and well fed ticks that caused this mess. Paulson and Bush rewarded them with no strings attached.
What to do? I write letters to my corrupt legislatures who feed at the table with the people who caused this mess. What more can we do?

What is this? A communist pity party? Stiglitz and Keynes promote big government, high tax, vodoo economics that have never been proved to work. NEVER. In theory they seem logical, but in theory communism looks logical. When governments interfere, they take out the equation of supply and demand that should stimulate and sustain economic growth. When the govenment stepped in and told lending institutes to ease credit to allow low income people to get mortgages, they artificially manipulated the demand. When the gurus on wall street were able to package bad mortgages and create demand for a product that should have never emerged, the mess manifested and ran out of control. Keynes and Stiglitz believe that by manipulating money supply and interest rates that economies can run correctly. They conveniently ignore the factor of greed for artificially created opportunities. Unortunately the whole system may have to fail to reset itself back to a free market system, but with all the self proclaimed geniuses running the government right now and all their brainwashed followers voting them in, the prolonged economic recession will lead us into a socialistic society which will deincentivecise entrepreneurialship and lead us into a regressive society where the few on top will stay rich and powerful and the other 99.99% will be left shoveling their shit. Welcome to the NWO.

Joseph E. Stiglitz, commented in the NYT Opinion column; as posted as a link above

"THE Obama administration’s $500 billion or more proposal to deal with America’s ailing banks has been described by some in the financial markets as a win-win-win proposal. Actually, it is a win-win-lose proposal: the banks win, investors win — and taxpayers lose."

"What the Obama administration is doing is far worse than nationalization: it is ersatz capitalism, the privatizing of gains and the socializing of losses. It is a “partnership” in which one partner robs the other. And such partnerships — with the private sector in control — have perverse incentives, worse even than the ones that got us into the mess."

"So what is the appeal of a proposal like this? Perhaps it’s the kind of Rube Goldberg device that Wall Street loves — clever, complex and nontransparent, allowing huge transfers of wealth to the financial markets. It has allowed the administration to avoid going back to Congress to ask for the money needed to fix our banks, and it provided a way to avoid nationalization."

"But we are already suffering from a crisis of confidence. When the high costs of the administration’s plan become apparent, confidence will be eroded further. At that point the task of recreating a vibrant financial sector, and resuscitating the economy, will be even harder."

I absolutely agree, and as a astute acquaintance has so succinctly said - "we are being so f**ked" !

Prepare yourselves for the upcoming "Dollar Crisis"

Gold, Silver and Ammo. The new currencies.

Start stocking up!

Pareo Nullus

When one system fails, another arises to take it's place, it's simple evolution.

Here's a link to a related piece from the NYT.

http://www.nytimes.com/2009/04/01/opinion/01stiglitz.html