Loc: Finland, on the Arctic Circle
The denial of Schiff's critics is just so...ooohhh, laughable. I think Eck, for instance has been criticizing the US economy foundation for a few years already and all that debt that was accumulating and on what the whole US economy has been based.
Too bad the old MCF databases are probably gone by now, but some can perhaps still be found here from the MM databases.
Some time ago I was looking at the historical 10-year graph of our own, tiny national stock market and there is clearly visible two bubbles, the dot-com burst, which was more than obvious, and then this more recent bubble, which wasn't nearly as outrageous, but it is still there. And I think it's safe to assume there has been similar trends in other markets as well.
And about Schiff and Reaganomics; yeah, I think one can be a supporter (believer?) of Reaganomics but that doesn't necessarily take away from their understanding of things otherwise. Besides, I think we have been living an era of unregulated free-market turbo-capitalism anyways that is now coming to an end after eating itself and it's own base.
What bothers me now is the way the Bush Administration is handling the "Bailout" monies... about the same way they handled FEMA during Katrina !! Sure Congress appropriated the $, but it's the EXECUTIVE branch that distributes and watches over it. Can you imagine what it would be like if we handed the Bushies $700 billion with no stings attached like they first requested in the initial panic??
OH, that's what we ended up with anyway !!
Congress CAN start some investigations. What I wanna know is WHY do these SOBs CEOs still have their jobs ? You or I would be on the street the NEXT day !!
Funny clip. Never heard of Schiff. The one I had heard of is Ben Stein. I always listened to his advice and then did exactly opposite. Worked really well.
It is amazing how shrill everyone else was laughing at him as if they all knew something very obvious he did not get. It did remind me of, say, that weapons inspector who was always being derided on the runup to the Iraq War. A person who actually had facts was laughed at and ridiculed. Just like Schiff.
It does remind you that humans are truly a pack animal. Everyone wants to be right but would rather be wrong and agree with everyone else than to be ridiculed and be kicked out of the pack.
Schiff was being kicked out of the pack. An actual maverick instead of the pseudo maverick of a Palin.
You're speaking from hindsight but it describes the past pretty well and all you have to do is extrapolate out and you can predict the future.
The dot com bubble and the housing bubble are nothing new. Bubbles go way back. The depression was one of the first big ones but the bubble on canal futures before trains, I suppose there was a bubble on Canastoga Wagons in the 1850s.
Bubbles aren't bad. They are good. They mean exciting investing and new technology and opportunities. The dot com bubble was great. OK, it sucked if you put all your money into pets dot com but we got the full blown internet out of it.
So what's next? The green bubble. Solar, Wind, Nanocells, nanaosolar, nano batteries. biotech, personalized medicine, the technology over the horizon. There will be a ton of pets dot com and CMGI dot com type solar cell start ups. But there will be the google dot com (boy did I miscall that one, still can't figure that one out.) and the Amazon dot com of biotech. Gotta put a few nickels on a dozen of them.
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