The Guy That Called The Economic Collapse

Nouriel Roubini. Someone to whom I listen.

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  1. #1 by Moribund Republic on April 1, 2009 - 11:22 am

    As do I. If you listen to him about what’s coming, you would likely have pulled any remaining money you might have out of the market. It is going to get worse in Roubini’s opinion as the failure of banking institutions continues.

    The only voice of sanity are those that call the Democrat plan the “Road to Hell”.

    The Czech president, and Germany’s prime minister Angela Merkel have made the stand, let’s see if we can get few astute Democrats to heed the warnings of people that have this kind of nightmare economic scenario in their history, and have not FORGOTTEN!!

    The power of NO!!

  2. #2 by cav on April 1, 2009 - 12:11 pm

    Dateline April 1….

    Flash! Flaming chocolate Pop-tart crashes into the ceiling! No report of any injuries.

    In other news…Black helicopters descend on Glenn Beck and/or Michelle Bachmann’s house at 5:00a.m. A voice comes over the loudspeaker with a thick Scandinavian accent ordering the inhabitants to give up their guns. American dollars will be confiscated and replaced with Worldies. Leaflets are dropped announcing that the upper marginal tax rates is now 99.5%, with all proceeds to go to Mexico and Africa. All churches will be shut down and used for a massive expansion of government bureaucracy.

  3. #3 by Moribund Republic on April 1, 2009 - 2:26 pm

    So Cav, do you figure that Merkel who runs a country with a 350 billion dollar positive trade account is waiting for her black helicopters?

    Imagine, a country with very few natural resources save coal, being so positive in the black. The provisions for fiscal disaster? Long in place. The idea you can spend yourself into prosperity? LONG DEAD!!

    Beck and Bachmann are merely saying the same things the Germans are. I know, it is hard to accept, that Obama and democrats have entirely screwed this nation, though there is still time to stop him. It will likely happen soon. The balking of Germany will inspire everyone to tell Obama to rightfully go screw himself.

    News flash. We are not going down the Obama road. Thank whatever you hold dear that the grownups are disciplining the child.

  4. #4 by cav on April 1, 2009 - 3:09 pm

    Let’s just have a big ole war! That ought to prop up the Dow, for a while.

    Think back now…there was scary talk during the Bush terms, if my memory serves. Find another country if this’n don’t fit.

    We have plenty of ‘black’ money too. It’s just temporarily taken the form of banker-pocket-linings. That’s about to change. And it’ll be partly Merkels’ doing. The rest of the world, for the past eight years, looked on as the people of the US struggled with the shit-stream that we were presented with. Any one else would have broken out the pitchforks, but we were committed to something a bit more peaceful and democratic. Still the nutcakes are all around, only now it’s clear their numbers are smaller than we’d believed. Merkel and some of the others, those who see us for who we really are will help guide us. I’m thanking them even as I punch the keys.

  5. #5 by Good 'nuff and well expected on April 1, 2009 - 4:08 pm

    We the People are the facilitators of the SHIT STREAM, and nobody in Europe is going down for this clown and his scam. It will only turn power over to the banking elites. Europe been there, done that.

    You can’t peace out tyranny Cav. Obama is making a play, and it is failing. They(Europe and the fiscally responsible) will not let their systems be destroyed by this idiot and his minions.

    Merkel vs. Pelosi, I’d pay to see that in a cage match.

  6. #6 by Good 'nuff and well expected on April 1, 2009 - 4:11 pm

    Ridiculous Cav. We have no black money, fer Cris’ sake M3 went UNREPORTED for 18 months.

    Why do think the Germans are telling Obama to FUCK OFF? We are stealing from them, and plan more. Their dollar holdings now worth less you see.

    Fuck Obama they say.

  7. #7 by cav on April 2, 2009 - 8:35 am

    Just so you know, April Fools Day is right up there with Halloween for me, and saying Doom has caused you to lose a turn.

    Now, because I’m not Roubini, maybe you can clarify what exactly is M-3? And why on earth would anything that occured on Bush’s watch be of concern to us today?

    Be precice. : )

  8. #8 by Anonymous on February 17, 2011 - 4:58 am

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  9. #9 by cav on February 17, 2011 - 9:53 am

    I admit my intellectual standards aren’t always up to par, (that’s clear after rereading the above). But especially in light of the Wisconsin situation, and since this thread is back on the board, I want to add this:

    It turns out the larger companies in Germany are required to have things called work councils and codetermined boards which were created to give some control over the companies to workers. What happens is workers are pulled out of their jobs and put on these boards which make all kinds of decisions about how the companies will be run. Who will be fired. Could we fire fewer people if we cut something else. What products will we carry? Will we buy out that company. And while they’re serving on these boards they can’t be fired.

    Practically speaking it means when Don Blankenship tells the miners to disregard those blaring sensors on the air quality system the workers tell Blankenship no. It means when some genius at a bank comes up with some cool new product called a credit default swap he needs to be able to explain it to the administrative assistants on the codetermined board who will probably tell him to forget it. It makes it much harder to outsource your middle class jobs to India.

    It also turns out that when there’s a possiblity that you could be called up to serve on one of these boards people feel an obligation not to be stupid. They keep up on their industry and the economy and events in general. People read because they don’t want to make any decisions that could hurt them and all their co-workers. Newspapers in germany for example aren’t in the kind of trouble they are here. Neither are bookstores.

    Some crazy shit, right. The craziest part is that it wasn’t the Germans that came up with it. It was the US. After WWII the New Dealers were trying to figure out what to do with alot of the wealthy businessmen who cooperated with Hitler. They decided to give more control to workers to make sure the business types didn’t get out of hand. In the US all Eisenhauer could do was give a speech on the military industrial complex. In Germany they could actually do something about it.

    Separate from all that, they have unions which can concentrate on bargaining for wages.

    I got that from a book called “Were You Born on the Wrong Continent” by Thomas Geoghegan.

  10. #10 by brewski on February 17, 2011 - 10:11 am

    I have commented briefly on the topic of US corporate governance before. I agree with cav mostly.

    What is interesting in a lot of cases in the US when companies have been sold to its employees and then then employees are 100% in charge and it is their own money at stake, often the actions they take are the same ones greedy hedge fund owners might make such as eliminating unprofitable divisions, cutting wages and benefits, looking for efficiencies everywhere. It is funny how people behave when it is their own money vs some distant third party shareholder.

    The worst part about US corporate governance is that it isn’t even what it says it is. The current system purports to be representing the owner’s [shareholders’] interests. It doesn’t even do that.

    Mostly the boards represent management’s interests where management’s interests and the shareholders’ interests are pretty far apart. If shareholders’ were asked they would probably not be in favor of giving the CEO a bazillion dollars in compensation for the company being an average performer. If the shareholders were asked they would probably not be in favor of risking the farm on no-document loans.

    But board members are mostly nominated by the CEO and the procedural ability for shareholders to oppose the nomination is pretty limited. This is backasswards. The CEO is not the owner, he/she is the hired help and should not be picking who the shareholder representatives are. A complete overhaul of our corporate governance rules is in order which would start with shareholders nominating and picking board members first and the CEO, management and current board members don’t get a say. The suggestions by cav are good too for the reasons he outlined.

  11. #11 by cav on February 17, 2011 - 12:53 pm

    The GOP meme for the year is “We’re broke and anyone who refuses to sacrifice is a fricking traitor!!!”

    Never mind who broke the economy, never mind who’s in bed with the banks, never mind ending any one of: Bush tax cuts; Iraq; Afghanistan… would pretty much resolve the problems.

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