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3 bubbles stock, bonds, dollar-gov't strife prep
CaptainCrossman
Member Posts: 1,649 ✭✭✭✭✭
http://www.youtube.com/watch?v=qiCcpyKiC_4very informative show, Dr. Roberts is one of the leading top economists in the world, worked under Reagan
Comments
It's artificial wealth not backed by any services or production or labor.
The middle and lower classes are completely locked out of that market.
It's not the average Joe who has his money in the stock market making it go up, 85% of the market is bank holdings now, not private people.
It's FAKE !
quote:Originally posted by kissgoodnight
I heard that the stock market is up right now, because with the low interest rate, there is no other place to put money with the hope of getting anything back. So my guess is, if the interest rate goes up, the stock market will fall like a rock.
I"m thinking it's be cause Bernake at the Fed is pumping out 85 Billion new dollars a month and the banks are pouring $$ into the stock market.
In the long run, this ain't looking good.
[xx(][xx(][xx(][xx(][xx(][xx(][xx(]
GIVE THAT MAN A CEE-GAR !! You are dead nuts on there.
Funny how those banks don't funnel any of that money our way...unless it's for a house to pay back 3x what it's really worth, or for a vehicle to pay back $5,000-$10,000 in interest, or the car is worn out before it's paid off.
Imagine getting your bank statement and you had $10,000 in there, now you only have $9000 or $8800- and tough beans for you.
I'm not waiting until "next year"- I already moved over half my life savings into "other assets" other than cash or bank deposits, and this week I'm going to withdraw even more, and only leave enough in my account to pay the utility bills, taxes, and necessities.
I'M DONE- they have proven repeatedly they can't be trusted and are liars. They depend on bombing other countries into submission, to force them to use the dollar as backing currency, to increase demand for the dollar currency- and to prop up our system- and now BRICS i.e. Brazil, Russia, India, China, South Africa, are leaving- and the PIGS nations i.e. Portugal, Italy, Greece, Spain are bankrupt- because they invested in our hollow "mortgage based securities" i.e. USA real estate.
and we all know what real estate is worth now, compared to the peak around 2004 to 2006.
Now we're hearing the same old BS of "WMD's in Iraq" but this time it's "WMD'S IN SYRIA" same old boogy-man that doesn't exist- they only want to take down Syria, to install a central bank there, to prop up the US dollar. They already took down Iraq, Afghanistan, Libya, and Syria now, and next is Iran.
forget the fake reasons they make up to go in there, the real reason it, to prop up the dollar, i.e. "petro-dollar"
GET OUT NOW.
Cyprus isn't the only occurrence of this in recent history. Recall MF Global emptying bank accounts earlier in the year. Something like a billion dollars stolen and Corsine is still a free man. The rules are different for the elite and their lapdogs.
quote:Originally posted by us55840
quote:Originally posted by kissgoodnight
I heard that the stock market is up right now, because with the low interest rate, there is no other place to put money with the hope of getting anything back. So my guess is, if the interest rate goes up, the stock market will fall like a rock.
I"m thinking it's be cause Bernake at the Fed is pumping out 85 Billion new dollars a month and the banks are pouring $$ into the stock market.
In the long run, this ain't looking good.
[xx(][xx(][xx(][xx(][xx(][xx(][xx(]
GIVE THAT MAN A CEE-GAR !! You are dead nuts on there.
Funny how those banks don't funnel any of that money our way...unless it's for a house to pay back 3x what it's really worth, or for a vehicle to pay back $5,000-$10,000 in interest, or the car is worn out before it's paid off.
I do not know where you come up with this stuff.
quote:Originally posted by CaptainCrossman
quote:Originally posted by us55840
quote:Originally posted by kissgoodnight
I heard that the stock market is up right now, because with the low interest rate, there is no other place to put money with the hope of getting anything back. So my guess is, if the interest rate goes up, the stock market will fall like a rock.
I"m thinking it's be cause Bernake at the Fed is pumping out 85 Billion new dollars a month and the banks are pouring $$ into the stock market.
In the long run, this ain't looking good.
[xx(][xx(][xx(][xx(][xx(][xx(][xx(]
GIVE THAT MAN A CEE-GAR !! You are dead nuts on there.
Funny how those banks don't funnel any of that money our way...unless it's for a house to pay back 3x what it's really worth, or for a vehicle to pay back $5,000-$10,000 in interest, or the car is worn out before it's paid off.
I do not know where you come up with this stuff.
what makes you think we came up with it ?
Dr. Paul Craig Roberts, who served under President Reagan, and is called the "Father of Reaganomics", one of the top 10 economists of all time, Editor of the Wall Street Journal, Head of Policy at the U.S. Dept of Treasury, came up with it.
You're suffering from a severe case of denial, and you're gonna lose your * in the future because of it. Stop being so naive.
the man knows what he's talking about, and knows more about economics than you could hope to learn if you lived several lifetimes.
listen to his history at beginning of the show
I kept track of this at my job, so I know exactly how badly the banks are screwing guys like you on your loans.
that's why I haven't had any loans for years. No mortgage or car loans. DON'T DO IT.
put your mortgage loan amount, years to pay back, and interest rate in this calculator, see what you actually pay back
http://www.myamortizationchart.com/
even at that low rate you pay back $171,000 to buy a house for $100,000
Loan Summary
Principal:
$100000
Interest Rate:
4%
Loan Term:
30 years
Payment Summary
Number of Payments:
360
Monthly Payment:
$477.42
Total Principal Paid:
$100,000.00
Total Interest Paid:
$71,869.51
Total Paid:
$171,869.51
Yearly Amortization Schedule
Payments
Yearly Total
Principal Paid
Interest Paid
Balance
Year 1 (1-12)
$5,728.98
$1,761.04
$3,967.95
$98,238.96
Year 2 (13-24)
$5,728.98
$1,832.78
$3,896.20
$96,406.18
Year 3 (25-36)
$5,728.98
$1,907.45
$3,821.53
$94,498.73
Year 4 (37-48)
$5,728.98
$1,985.17
$3,743.82
$92,513.56
Year 5 (49-60)
$5,728.98
$2,066.05
$3,662.94
$90,447.51
Year 6 (61-72)
$5,728.98
$2,150.22
$3,578.76
$88,297.29
Year 7 (73-84)
$5,728.98
$2,237.82
$3,491.16
$86,059.47
Year 8 (85-96)
$5,728.98
$2,329.00
$3,399.99
$83,730.48
Year 9 (97-108)
$5,728.98
$2,423.88
$3,305.10
$81,306.59
Year 10 (109-120)
$5,728.98
$2,522.63
$3,206.35
$78,783.96
Year 11 (121-132)
$5,728.98
$2,625.41
$3,103.57
$76,158.55
Year 12 (133-144)
$5,728.98
$2,732.37
$2,996.61
$73,426.17
Year 13 (145-156)
$5,728.98
$2,843.70
$2,885.29
$70,582.48
Year 14 (157-168)
$5,728.98
$2,959.55
$2,769.43
$67,622.93
Year 15 (169-180)
$5,728.98
$3,080.13
$2,648.86
$64,542.80
Year 16 (181-192)
$5,728.98
$3,205.62
$2,523.37
$61,337.18
Year 17 (193-204)
$5,728.98
$3,336.22
$2,392.76
$58,000.96
Year 18 (205-216)
$5,728.98
$3,472.14
$2,256.84
$54,528.82
Year 19 (217-228)
$5,728.98
$3,613.60
$2,115.38
$50,915.22
Year 20 (229-240)
$5,728.98
$3,760.83
$1,968.16
$47,154.39
Year 21 (241-252)
$5,728.98
$3,914.05
$1,814.94
$43,240.34
Year 22 (253-264)
$5,728.98
$4,073.51
$1,655.47
$39,166.83
Year 23 (265-276)
$5,728.98
$4,239.47
$1,489.51
$34,927.36
Year 24 (277-288)
$5,728.98
$4,412.20
$1,316.79
$30,515.16
Year 25 (289-300)
$5,728.98
$4,591.96
$1,137.03
$25,923.21
Year 26 (301-312)
$5,728.98
$4,779.04
$949.94
$21,144.17
Year 27 (313-324)
$5,728.98
$4,973.74
$755.24
$16,170.42
Year 28 (325-336)
$5,728.98
$5,176.38
$552.60
$10,994.04
Year 29 (337-348)
$5,728.98
$5,387.28
$341.71
$5,606.76
Year 30 (349-360)
$5,728.98
$5,606.76
$122.22
$0.00
Totals
$171,869.51
$100,000.00
$71,869.51
pretty salty aint' it- your $100,000 home cost you $239,000 total payments
Loan Summary
Principal:
$100000
Interest Rate:
7%
Loan Term:
30 years
Payment Summary
Number of Payments:
360
Monthly Payment:
$665.30
Total Principal Paid:
$100,000.00
Total Interest Paid:
$139,508.90
Total Paid:
$239,508.90
http://en.wikipedia.org/wiki/Paul_Craig_Roberts
Paul Craig Roberts
United States Assistant Secretary of the Treasury for Economic Policy
In office
1981-1982
President Ronald Reagan
Personal details
Born
April 3, 1939 (age 73)
Atlanta, Georgia
Nationality
American
Alma mater
Georgia Institute of Technology
(B.A., Economics)
University of Virginia
(Ph.D., Economics)
Occupation
Economist
Paul Craig Roberts (born April 3, 1939) is an American economist and a columnist for Creators Syndicate. He served as an Assistant Secretary of the Treasury in the Reagan Administration earning fame as a co-founder of Reaganomics.[1] He is a former editor and columnist for the Wall Street Journal, Business Week, and Scripps Howard News Service who has testified before congressional committees on 30 occasions on issues of economic policy.
Roberts has written extensively that during the 21st century the Bush and Obama administrations have destroyed the US Constitution's protections of Americans' civil liberties, such as habeas corpus and due process in the name of "the war on terror." Roberts has been a critic of both Democratic and Republican administrations. Roberts has compared supporters of George W. Bush to "brownshirts with the same low intelligence and morals as Hitler's enthusiastic supporters." He has opposed the War on Drugs and the War on Terror stating it has "made widows and orphans of millions of Muslims". Roberts is a critic of Israel's policy toward Gaza "the world's largest concentration camp" populated by people who were "driven out of Palestine so that Israel could steal their land."[2]
Good grief,....this is how they have worked for as long as I know.
A place to live is pretty much a requirement.
While I and a number of others here are fortunate enough to be able to pay cash for a new home, most people are not.
What do you suggest they do,....live in tents on vacant land?
Same thing with a vehicle.
I guess it's better to lose your job, if you can't pay cash for a vehicle.
While our economy is certainly in trouble, I find this angle to be ridiculous.
Biography
Roberts is a graduate of the Georgia Institute of Technology and holds a Ph.D. from the University of Virginia. He was a post-graduate at the University of California, Berkeley and at Merton College, Oxford University.[3] His first scholarly article (Classica et Mediaevalia) was a reformulation of "The Pirenne Thesis."
In Alienation and the Soviet Economy (1971), Roberts explained the Soviet economy as the outcome of a struggle between inordinate aspirations and a refractory reality. He argued that the Soviet economy was not centrally planned, but that its institutions, such as material supply, reflected the original Marxist aspirations to establish a non-market mode of production. In Marx's Theory of Exchange (1973), Roberts argued that Marx was an organizational theorist whose materialist conception of history ruled out good will as an effective force for change.
From 1975 to 1978, Roberts served on the congressional staff. As economic counsel to Congressman Jack Kemp[4] he drafted the Kemp-Roth bill (which became the Economic Recovery Tax Act of 1981) and played a leading role in developing bipartisan support for a supply-side economic policy.[3] His influential 1978 article for Harper's,[5] while economic counsel to Senator Orrin Hatch,[6] had Wall Street Journal editor Robert L. Bartley give him an editorial slot, which he had until 1980.[7] He was a senior fellow in political economy at the Center for Strategic and International Studies, then part of Georgetown University.[4]
From early 1981 to January 1982 he served as Assistant Secretary of the Treasury for Economic Policy. President Ronald Reagan and Treasury Secretary Donald Regan credited him with a major role in the Economic Recovery Tax Act of 1981, and he was awarded the Treasury Department's Meritorious Service Award for "outstanding contributions to the formulation of United States economic policy."[3] Roberts resigned in January 1982 to become the first occupant of the William E. Simon Chair for Economic Policy at the Center for Strategic and International Studies, then part of Georgetown University.[8] He held this position until 1993. He went on to write The Supply-Side Revolution (1984), in which he explained the reformulation of macroeconomic theory and policy that he had helped to create.
He was a Distinguished Fellow at the Cato Institute from 1993 to 1996. He was a Senior Research Fellow at the Hoover Institution.[3]
In The New Color Line (1995), Roberts argued that the Civil Rights Act was subverted by the bureaucrats who applied it and, by being used to create status-based privileges, became a threat to the Fourteenth Amendment in whose name it was passed. In The Tyranny of Good Intentions (2000), Roberts documented what he saw as the erosion of the Blackstonian legal principles that ensure that law is a shield of the innocent and not a weapon in the hands of government.
[edit] Recognition
In 1987 the French government recognized him as "the artisan of a renewal in economic science and policy after half a century of state interventionism" and inducted him into the Legion of Honor on March 20, 1987. The French Minister of Economics and Finance, Edouard Balladur, came from France to present the medal to Roberts. President Reagan sent OMB Director Jim Miller to the ceremony with a letter of congratulation.[3]
In 1992 he received the Warren Brookes Award for Excellence in Journalism from the free-market American Legislative Exchange Council. In 1993 the Forbes Media Guide ranked him as one of the top seven journalists in the United States.[3]
[edit] Views
[edit] Criticism of Bush
Roberts opposed the Iraq War and writes frequently on the subject. On May 18, 2005, in response to the publication of the "Downing Street memo," Roberts wrote an article calling for Bush's impeachment for lying to Congress about the case for war.
Roberts was also a critic of a potential Bush administration attack on Iran. In an August 15, 2005 article, he states "Bush...dismisses all facts and assurances and is willing to attack Iran based on nothing but Israel's paranoia."
Although his criticisms of Bush often seem to align him with the political left, Roberts continues to explain Ronald Reagan's two goals--to end stagflation and the cold war. Roberts has written that "true conservatives" were the "first victims" of the neoconized Bush administration.[9] He has said that supporters of George W. Bush "are brownshirts with the same low intelligence and morals as Hitler's enthusiastic supporters."[10]
[edit] Israel
In an article for Counterpunch magazine titled "Pirates of the Mediterranean", Roberts wrote that for 60 years, Israel has replicated "the 17th, 18th, and 19th century theft of American Indian lands by US settlers." Roberts repeated charges that Gaza is "the world largest concentration camp" populated by people who were "driven out of Palestine so that Israel could steal their land." He called the U.S. State Department a "puppet" of the Israelis and the U.S. itself a puppet state" of the Israelis. He concludes that "there's no money for California, or for Americans' health care, or for the several million Americans who have lost their homes and are homeless, because Israel needs it."[11]
The Anti-Defamation League, a Jewish organization, has criticized Roberts as promoting anti-semitism for his increasing focus on "criticism of Israel and Jews" making his writings "popular with fringe publications on both the left and the right".[12] Roberts nominated Israeli peace activist Jeff Halper for the Nobel Peace Prize and he cautions against confusing a right-wing Zionist government with world Jewry. In one of his columns, "What Became of Western Morality?" (January 2005), he noted that it is Israeli newspapers, not American ones, that protest the Israeli government's "atrocities" against Palestinians:
"It is the goyim moralists who are silent, not the Jews. It is the Israeli newspaper Haaretz, not the goyim media, that provides reports of Israel's abuse of Palestinians. Gideon Levy's "The Neighborhood Bully Strikes Again" was published in Haaretz on Dec. 29, not in the goyim press. Levy's words-"Once again, Israel's violent responses, even if there is justification for them, exceed all proportion and cross every red line of humaneness, morality, international law and wisdom"-are not words that can appear in American print or TV media. Such words, printed in Israeli newspapers, never reach the goyim."
Roberts cautions against blaming all Jews for crimes of a right-wing government:
"The world will need to remember that although Israel is a Jewish state, it is a state whose policies many Jews find objectionable, just as a majority of American Jews oppose President Bush's wars of aggression in the Middle East and his unconstitutional policies at home. We must not confuse Israel's Zionist government with world Jewry, just as we must not confuse the American people with the war criminals in the Bush regime.
"Consider, who do you trust with your civil liberties, the U.S. Department of Justice or the ACLU's phalanx of Jewish attorneys? Roberts lists himself as a member of the ACLU.
"We must avoid the mistake that was made by blaming the German people for Adolf Hitler. It was the aristocratic German military that tried to remove Hitler. In contrast, Democratic Speaker of the House Nancy Pelosi blocked the attempt to impeach George W. Bush and Dick Cheney. Pelosi is a discredit to California, but shall we blame all of America for Pelosi's defense of war criminals? How can we do so when U.S. Rep. Dennis Kucinich courageously read out the articles of impeachment on the House floor?
"Are all Americans guilty because Kucinich did not prevail?" [13]
[edit] The South Ossetia War
In an interview on August 27, 2008, on a broadcast of The Alex Jones Show, Roberts stated that he believed that influential neoconservatives affiliated with the George W. Bush administration were leading the United States into a nuclear confrontation with Russia over the situation in Georgia and South Ossetia. Roberts gave the conflict "almost total certainty if John McCain gets in office" and stated that the conflict would be in a timeframe of about two or three years.[14]
[edit] 2009-2010 Iranian election protests
In a June 19-21, 2009 article in CounterPunch about the 2009-2010 Iranian election protests following the re-election of Ahmadinejad, Robert stated that while "the protests ... no doubt have many sincere participants," they "also have the hallmarks of the CIA orchestrated protests in Georgia and Ukraine. "[15]
[edit] September 11, 2001 attacks
Of the 9/11 Commission Report, he wrote in 2006, "One would think that if the report could stand analysis, there would not be a taboo against calling attention to the inadequacy of its explanations." (see Criticisms of the 9/11 Commission Report). He has reported findings by experts that conclude there is a large energy deficit in the official account of the collapse of the three WTC buildings, and says that this deficit remains unexplained.
Roberts comments on the "scientific impossibility" of the official explanation for the events on 9/11. On August 18, 2006, he wrote:
I will begin by stating what we know to be a solid incontrovertible scientific fact. We know that it is strictly impossible for any building, much less steel columned buildings, to "pancake" at free fall speed. Therefore, it is a non-controversial fact that the official explanation of the collapse of the WTC buildings is false... Since the damning incontrovertible fact has not been investigated, speculation and "conspiracy theories" have filled the void.[16]
In November 2012 Roberts again referred to al Qaeda's role in the attack as "unsubstantiated"[17]
[edit] Anwar al-Awlaki
When Anwar al-Awlaki, who was linked to some of the hijackers, was killed by a drone attack, Roberts objected, calling it "The Day America Died". He wrote that although Awlaki was critical of "indiscriminate assaults on Muslim peoples" and "told Muslims that they did not have to passively accept American aggression", the US lacked evidence that either Awlaki was a real threat or an Al Qaeda operative[18]
[edit] US media
"Anyone who depends on print, TV, or right-wing talk radio media is totally misinformed. The Bush administration has achieved a de facto Ministry of Propaganda."[19]
"The uniformity of the US media has become much more complete since the days of the cold war. During the 1990s, the US government permitted an unconscionable concentration of print and broadcast media that terminated the independence of the media. Today the US media is owned by 5 giant companies in which pro-Zionist Jews have disproportionate influence. More importantly, the values of the conglomerates reside in the broadcast licenses, which are granted by the government, and the corporations are run by corporate executives-not by journalists-whose eyes are on advertising revenues and the avoidance of controversy that might produce boycotts or upset advertisers and subscribers."[20]
[edit] Society
"If I had time to research my writings over the past 30 years, I could find examples of partisan articles in behalf of Republicans and against Democrats. However, political partisanship is not the corpus of my writings. I had a 16-year stint as Business Week's first outside columnist, despite hostility within the magazine and from the editor's New York social set, because the editor regarded me as the most trenchant critic of the George H.W. Bush administration in the business. The White House felt the same way and lobbied to have me removed from the William E. Simon Chair in Political Economy at the Center for Strategic and International Studies... In their hatred of "the rich," the left-wing overlooks that in the 20th century the rich were the class most persecuted by government. The class genocide of the 20th century is the greatest genocide in history."[19] Here he is referring to the mass murders in the Soviet Union and Maoist China of people for being members of the wrong class. His point is that as bad as Hitler's race genocide policies were, more people died as a result of the communists' class genocide policies.
[edit] Outsourcing jobs
Roberts testified before the US-China Commission and written many articles saying that the offshoring of high productivity, high value-added jobs in manufacturing and professional services is dismantling the ladders of upward mobility that made the U.S. an opportunity society. Consequently, he is an opponent of Global labor arbitrage. His latest book, published in German (2012) and Chinese, The Failure of Laissez-Faire Capitalism and the Economic Erosion of the West (Weltbuch, Dresden, 2012) critiques and reformulates large areas of economic theory.
[edit] War on Drugs
Though Roberts worked for the Reagan administration, which implemented a "zero tolerance" and "Just Say No" policy on illegal drugs and increased spending to combat drugs, in 2007, he penned an article on the web site VDare.com criticizing the excess of the War on Drugs which he termed the "militarization of local police".[21]
[edit] War on Terror
Roberts asked "Is the War on Terror a Hoax", and claims it has "killed, maimed, dislocated, and made widows and orphans of millions of Muslims in six countries". Roberts called the attacks "naked aggression" on civilian populations and infrastructure which constitute war crimes.".[21]
[edit] Republican Party
Roberts is seriously dismayed by what he considers the Republican Party's disregard for the United States Constitution. He has voiced his regret that he ever worked for it, avowing that, had he known what it would become, he would never have contributed to the Reagan Revolution.[22]
[edit] American democracy and oligarchy
Roberts has been increasingly critical of what he deems as the lessening of democracy in the U.S.; instead accusing it of being run by oligarchs by stating:
"The west prides itself that it is the standard for the world, that it is a democracy. But nowhere do you see democratic outcomes: not in Greece, not in Ireland, not in the UK, not here, the outcomes are always to punish the innocent and reward the guilty. And that's what the Greeks are in the streets, protesting. We see this all over the west. There is no democracy, there are oligarchies, some of these smaller European countries are not even run by their own governments, they are run by Wall Street... There is probably more democracy in China than there is in the west. Revolution is the only answer... We are confronted with a curious situation. Throughout the west we think we have democracy, we hold ourselves up high, we demonize China, we talk about the mafia state of Russia, we talk about the Arabs and so on, but where is the democracy here?" [23]
[edit] Cessation and resumption of journalism
On March 26, 2010, Roberts announced he was "signing off" as a journalist in a column titled "Truth Has Fallen and Taken Liberty With It".[24] However, after receiving thousands of emails demanding that he continue to write.[citation needed] Two months later he resumed writing.
In January 2012, his website, www.paulcraigroberts.org, appeared with a decade-long archive of his 21st century columns.
[edit] Financial crisis and the Federal Reserve
Roberts has argued that the Libor scandal completes the picture of public and private financial institutions manipulating interest rates in order to prop up the prices of bonds and other fixed income instruments, and that "the motives of the Fed, Bank of England, US and UK banks are aligned, their policies mutually reinforcing and beneficial. The Libor fixing is another indication of this collusion." [25] Roberts recommends stricter bank regulation, and a profound reform of the Federal Reserve System.
I was only talking about home/auto loans. I don't need to read the last 30 years of history, nor did I even say ANYTHING about this fellow you idolize.
Get back on your meds please.
I'm familiar with his work.
I was not aware he made it into the top ten list. Is the economist hall of fame in Ohio? Or somewhere else? Who are the other nine?
I guess once you identify Jews as the root of all evil, the rest falls into place. He is a hack at best and more than likely insane.
Nope. Not a fan of his vitriol and hate filled thought. His politics and policies are wrong. And his math is unsupported by reality.
Now we are doing amortization schedules on home loans.
Good grief,....this is how they have worked for as long as I know.
A place to live is pretty much a requirement.
While I and a number of others here are fortunate enough to be able to pay cash for a new home, most people are not.
What do you suggest they do,....live in tents on vacant land?
Same thing with a vehicle.
I guess it's better to lose your job, if you can't pay cash for a vehicle.
While our economy is certainly in trouble, I find this angle to be ridiculous.
Bingo. Holy smokes what if they rented for 600 a month 7200 yr. for 30 yr..216k down the drain with nothing to show for it.