Charlie Rose

robdverity  05/07/2010 08:57 PM Report

Hope the early rumors pan out that Citigroup is a contributing culprit to the 998 point drop in the Dow Jones.

Citi is a particularly egregious putrescent scumbag institution.

robdverity  05/06/2010 05:09 PM Report

In a rush to be unfair to our financial wise-guys, how much of Greece's problems were caused by them? Disappointing if none.

REMant  05/06/2010 12:46 PM Report

Some time ago I indicated that we could be haunted by problems developing in other countries, and it appears that is what is happening, largely, I believe, because speculators - I hesitate to call them investors - are draining so much money from them and putting it here. Not because we are paying any interest, but because these financial wizards like the idea of bailouts, by Fed or Congress, since it makes money for them if no one else, and we have done more of it than most anyone else. Although you can blame the Greek debt on profligate socialists, the socialists, themselves, blame it on globalization, and I think they are largely right, because the Euro, which promised to combat the hegemony of the dollar, has, itself, ironically, had similar monopolizing effects within the Eurozone. Krugman, like the rest of the Keynesians, and modern monetarists who think similarly that supply adjusts to any increase in money supply, is again completely wrong. In fact, it has been the central banks' policies, which caused the deflationary pressure in the first place, and their attempt to combat it by doing more of the same has only increased it. You cannot solve a debt crisis by creating more debt. When the central banks attempt to keep interest rates artificially low with the idea of boosting economic activity, it actually decreases economic activity, instead increasing the price of assets, thus the relative wealth of those who own them, and the vast majority are increasingly priced out of mkts for what they produce, necessarily pushing down the price of everything but assets, and luxury goods and services. The deflation causes debt to go unrepaid, on the one hand, and goods to remain unsold, on the other. But the market has no choice, because in the last analysis for an economy to work, ppl must be able to buy what they make, as well as, make what they buy, and lowering prices is the only alternative to going out of business. Neither speculators nor central banks should expect to make money when no one else can. If left alone supply would have to adjust to demand. While this is a secular trend in our "advanced" economies, as economists say, it can cause asset bubbles, too, of course.

As I understand it the Liberals have little chance of winning anything but the popular vote, because they are not sufficiently concentrated geographically to win many seats in parliament. Thus Cameron's final argument that the only vote for change must be for him. This should be familiar to most Americans.