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I'm just wondering if you practice what you preach?
Well I have read about history and economics for more than 20 yeas along with going to school for it(Mun, Quesnay, Smith, Keynes, Henry George, Ricardo, J. S. Mill, Freidman, Marx etc). Is that what you mean or that I avoided the housing bubble fall out because I agreed with Hyman Minsky and the post Keynesians on that issue?
If you want to be manipulated by both the politicians and the financial media with ignorance and lies be my guest. I just offered you something else. Take it or leave it. Go ahead and try an debunk it. If you do try to debunk it, you will probably become among the greatest of disciples. That is usually how it works. Do you really think the mainstream thinking on this issue is the truth given how full of beans they have been? I'd listen for farts.
That didn't answer my question. I don't really care about you vast reading ability. My kids hold their own on the kindle too and they are smart enough to know that you don't pay off a credit card with another one. Are you?
That didn't answer my question. I don't really care about you vast reading ability. My kids hold their own on the kindle too and they are smart enough to know that you don't pay off a credit card with another one. Are you?
I'll answer your question but with another question. Would you rather have me owe you a $100 or someone you know? Or would you rather have a $100 worth in treasuries? That is what happens when you pay a credit card. You exchange your debt to the bank and give them government IOUs otherwise known as Notes.
Your money says "Note" which is another word for "debt". (that is everything but coins because they used to be actual specie or the very commodity used as money and thus were not "debt" per se, but still a tool of credit)
As I said, talking about personal finances in comparison is pretty much an admission you have no education in economics at all.
Oh how silly. They have nothing but money. Its a command economy and everyone works for da guberment debt. When Insoc owes you, you have it made.
They want to help housing go up in price. Fuel prices going up in have already benefited millions. Those who had a mere $20 in their fuel tanks now have $30 worth in their tanks. Anyone with a full gas tank is richer with rising fuel prices.
Richer? their wallets are empty. What they are doing is trying to keep foreclosures from happening. They are trying to keep people paying on their mortgages instead of walking away.
Many homes are selling for one third of the original mortgage. I know, I bought one and there are thousands that were sold for a fraction of the original mortgage owed to the banks.
Now they don't want another wave of mortgages coming, so they are taking less money from the original mortgage holder to retrieve that mortgage for a lower payback to the banks.. It is a mess plain and simple. We are far from being out of the woods on the mortgage crisis.. it is still here and many homes are sitting with the owners in them for years and not paying a penny to the banks.
Richer? their wallets are empty. What they are doing is trying to keep foreclosures from happening. They are trying to keep people paying on their mortgages instead of walking away.
Many homes are selling for one third of the original mortgage. I know, I bought one and there are thousands that were sold for a fraction of the original mortgage owed to the banks.
Now they don't want another wave of mortgages coming, so they are taking less money from the original mortgage holder to retrieve that mortgage for a lower payback to the banks.. It is a mess plain and simple. We are far from being out of the woods on the mortgage crisis.. it is still here and many homes are sitting with the owners in them for years and not paying a penny to the banks.
Fact is the dollar is losing value.. interest to savers is gone.. thus creating no money to spend in the economy.. reason why the stock exchange is high is people are putting more money in to make money.
Who knows what the businesses are squandering it on with all that investment money.
We are in lousy shape and it will get worse.
Wait till Obama gets done squandering the taxpayers money. Default when no one wants to take on American debt.
Fact is the dollar is losing value.. interest to savers is gone.. thus creating no money to spend in the economy.. reason why the stock exchange is high is people are putting more money in to make money.
Of course it will lose value. Deflating a currency is the very definition of a Depression. The problem is that the money supply increase is being aimed at asset inflation rather than capital and labor hence the asset inflation we are seeing. That means employment will evaporate as it has.
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Who knows what the businesses are squandering it on with all that investment money.
We are in lousy shape and it will get worse.
Wait till Obama gets done squandering the taxpayers money. Default when no one wants to take on American debt.
I agree that da guberment is squandering money but its hardly worse than ZIRP. What we needed were defaults and principle reduction along with labor tax reduction until we were positive monetary growth again.
gwynedd1 - I understand the economics we are using even of some do not. Since the founding of the BanK of England, debt has become money.
IMHO the banks should remortgage the houses at their current value and take the losses themselves. The remortgage should only apply to the primary residence. The speculators and flippers should take their own losses.
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