The Brushedback Economy
Too true!
hattip: Weedon
Friday, April 11, 2008 | 03:30 PM | Permalink
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Comments
I guess Kevin Phillips' book "Wealth and Democracy" wasn't too far off base.
We're busy securitizing and financializing everything while China is busy making actual things.
I would love to buy something for once that isn't made in China or go through a Best Buy checkout without them trying to cram a "warranty service plan" down my throat.
Posted by: Schmekel | Apr 11, 2008 3:39:42 PM
Must be an old cartoon. $100 oil would be an improvement from here!
Posted by: Estragon | Apr 11, 2008 3:50:42 PM
Hi Barry,
i saw stunning inflation (wholesale prices) in Japan and Germany today (not seen for some decades)... US import/export prices were also not in the "recession behavior" and that all in the US dollar devaluation mode ... keen to see the US CPI official porn next week, market seems to be complacent about this issue, and also not covered for some time at "Big Picture" ....
Posted by: Uldis | Apr 11, 2008 4:17:26 PM
Funny, they left out 'Iraq War'.
Posted by: Steve B. | Apr 11, 2008 4:18:41 PM
Afghanistan isn't cheap either.
Posted by: CJC | Apr 11, 2008 4:28:30 PM
Michel_de_Nostredame
Where did you get the notion anybody gives a diddly do-do what you think anyway? Sounds like you should go find another blog more consistent to your leaning.
Posted by: BG | Apr 11, 2008 4:35:29 PM
Forgot "Disappointing Earning".
Posted by: johnnyvee@yahoo.com | Apr 11, 2008 4:39:43 PM
Did anyone with a rational, independent, brain, actually believe that the markets would be able to consistently shake-off all the bad news.
Posted by: Donny | Apr 11, 2008 4:41:12 PM
I agree.
This is what happens when economies slow down, earnings get lowered and prices have to adjust. It's not much more complicated than that.
Posted by: BG | Apr 11, 2008 4:45:09 PM
Michel, thank you for calling our attention to these facts:
• Millions of Americans have NOT lost well-paying jobs with benefits over the last 10 years, replacing them with part-time or contract work with no benefits. Out-sourcing is vastly exaggerated, and the wonderful benefits of sending technical jobs to India cannot be more evident.
• Our manufacturing base has NOT declined; go into any Home Depot or local hardware store and the shelves are bursting with products made right here in the USA.
• Food and gasoline prices have NOT been rising; bread and milk are no more costly than they were in 2000.
• Our national infrastructure is in the best shape in our nation's history. Roads and bridges in particular are the envy of the world; the notion that thousands of bridges are in dire need of repair is a creation of Osama bin Ritholtz.
• Health care costs have NOT been rising dramatically for most Americans. The alleged crisis of health insurance is a liberal lie. Any American who needs medical care can easily obtain it.
• Higher education costs for Americans have NOT been rising dramatically for the vast majority of Americans. College has never been more affordable, and any student can easily obtain low-interest student loans.
• Foreclosures are NOT a problem in any neighborhood in this country. Real estate values are continuing to climb all over the country, and as the NAR says, there is never a better time to buy than right now.
• The decline of the dollar is a myth; we have a strong dollar policy.
• Financial institutions of all kinds on Wall Street have made exceedingly prudent investment decisions over the past 8 years; there is no credit, liquidity or solvency crisis.
• Americans have NOT been relying on home equity lines of credit and credit cards to support basic lifestyles.
• The national savings rate is NOT negative; it's at a historic high.
• GE's quarterly earnings were actually the best in many years. Anyone who says differently should be sent to Guantanamo.
I applaud you on revealing these fraudulent liberal lies. I'm sure you would agree with me that those consumers who are not sufficiently optimistic about their economic situation are unwitting sheep, pawns of Al Queda supporters like Barry Ritholz who want to bring down America. God bless you for bringing your reality to us.
Posted by: bluestatedon | Apr 11, 2008 4:47:36 PM
Wasn't one of the hallmarks of the Great Depression a halt in international trade?
http://missoulian.com/articles/2008/04/11/business/biz73.txt
Posted by: Isaac | Apr 11, 2008 4:54:12 PM
(BP stands for Bearish Propaganda); otherwise it is misleading to your readers
Posted by: Michel_de_Nostredame | Apr 11, 2008 4:15:16 PM...
Sorry to feed the troll, but this is too good after a day like today.
Bearish propaganda? That's pretty funny. I wonder if this poster works at the Weekly Standard, or the N. Review?
Realism is a grave crime these days, indeed. Please. Barry, I think he's blaming your post for tanking the indexes today. Shame on you! Your excessive negativity is dragging down the markets!
Sir, I'm sorry you lost money today, but you must have better things to do with your time, than trolling about, spewing such rubbish. My advice: Learn about short-selling or put options; stop blaming others when your Weltanschauung is broken.
Posted by: JDB | Apr 11, 2008 4:55:40 PM
Note: Clueless has been posting under Panzner's name. I deleted.
My apologies to those involved . . .
Posted by: NOT Michael Panzner | Apr 11, 2008 5:03:48 PM
bluestatedon:
What, GE is not doing well?!
Oh man. I guess I had better diversify my portfolio. Right now I am 100% in the winners, such as BSC, GE, and anything backed up by sub-prime mortgages.
If it doesn't say sub-prime, it doesn't say free money!
Posted by: Jonathan | Apr 11, 2008 5:04:11 PM
Actually, I rolled out of bed this morning, and my first thought was "Yes, but what does Michel_de_Nostredame think?"
With_underscores_yet.
Seriously dude, roll with it. In an age when any idiot can have a blog (I have mine!), it's no big deal to be dropped from any particular venue.
Heck, if you were alive today I'm sure you'd have a blog!
Posted by: odograph | Apr 11, 2008 5:15:29 PM
BTW, for those hung up on "their own names," I think it's useful to remember the example of Benjamin Franklin. Heck, the guy used what we'd now call sock puppets.
Posted by: odograph | Apr 11, 2008 5:20:42 PM
I loved this photo - so true. Except I do believe oil is over $110 now..(or at least it was earlier today).
Posted by: Terra Andersen | Apr 11, 2008 5:44:15 PM
And that batter looks as if he is on steroids.
Posted by: Big Al | Apr 11, 2008 5:49:39 PM
I count 14 pitches. So that's 3 straight walks. Economy is up with the bases loaded!
Posted by: Paul in NYC | Apr 11, 2008 6:10:13 PM
Panzner,
Maybe I missed something but the post by bluestatedon was surely a joke. At least I hope so.
~~~
BR: It was not Panzner, it was our clueless little troll publishing under other people's names.
My apologies to everyone else involved
Posted by: Ross | Apr 11, 2008 6:39:06 PM
Wow, this "bull anger" can only mean that next week is going to be a lot of fun!! I was thinking a 5% down day will arrive the latest in June when they report retail sales and see that those $300 checks are saved not spent, but next week will do as well...
Posted by: Mich(^IXIC1881) | Apr 11, 2008 7:41:26 PM
Astonishing imbecility!
I never understood how little someone else's time is worth: It literally took me 10 seconds to check off 30 posts and unpublish 'em.
Talk about having some asshats that have nothing better to do!
Posted by: Barry Ritholtz | Apr 11, 2008 9:14:01 PM
blam, I don't think anybody is stupid monkey. I don't think there is conspiracy to keep market up.
I have been thinking for a while on "when anybody with a little common sense should realize how shitty the economy really is. Then, how come stocks don't fall significantly, how is it that we get this 300pt up days"
I finally came two nights ago to the conclusion that it is the STOCKHOLM SYNDROME in action. Americans, this include leveraged traders, banks, funds,speculators, investors, underwater homeowners, TV pundits. They all are truly under the affect of the Stockholm Syndrome. The kidnapper is the ENORMOUS DEBT that has prisoned them, their future, their livelihood, their future.
It is my observation that the majority of the people on this blog are not in that situation, that is, they are financially responsible people with relatively low debt levels. Therefore, don't have the same psyche.
So, we basically have to be patient and allow them to come to grips with reality in due time.
I am not sure if Fed is under the syndrome as well thinking they can sort it all out or just shooting for orderly deflation knowing well that the stock and housing markets will go where they have to go.
Posted by: Mich(^IXIC1881) | Apr 11, 2008 9:51:32 PM
Yes, they should have included the war costs (about the size of a bowling ball).
There is another unpleasant reality out there called Pseudomonas Syringae. It's a bacterium that was genetically modified and turned loose back in 1988 to lengthen the strawberry crop gowing season. The big deal now is that an atmospheric scientist has found this thing is ubiquitous in the atmosphere. He even found it in air samples from Antartica. You see, scientists have always thought that rain is caused by condensation of water onto minute dust particles in the air in clouds. Well, it turns out the humble Pseudomonas Syringae is the world's rain making engine. The present "difficulty" is that the GMO version is out there supplanting it. The GMO version is called "ice free" because it prevents condensed water on plant leaves from crystallizing into ice, thereby helping plants to survive in colder temperatures. It turns out that the ice free version also prevents water from condensing into rain in clouds. Ooops. If we start having a worldwide drought, I wouldn't buy Monsanto stock. But always remember that the good scientists genetically modifying organisms that took millions of years to be what they are have the very best of intentions and our welfare at heart.
Posted by: AGG | Apr 11, 2008 9:54:41 PM
"The kidnapper is the ENORMOUS DEBT that has prisoned them, their future, their livelihood, their future."--Mich, above
Debt, as our Founding Fathers knew all too well, is the greatest threat to Liberty.
Though, like Jefferson, "I like the dreams of the future better than the history of the past."
http://www.quotedb.com/authors/thomas-jefferson/quote
Posted by: Mark E Hoffer | Apr 11, 2008 10:13:48 PM
