UnThreaded | Threaded | Whole Thread (88) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: CCinOC Big funky green star, 20000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 757841  
Subject: Re: Racist Parade Float? Date: 7/10/2013 1:41 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
The liberal response to being caught in a lie is to lie more, and faster. They hope that some of the BS will stick. For LIV's, it actually works some of the time.

Rick Santelli on how easy it is to lob one right over the heads of most Americans.

http://video.cnbc.com/gallery/?play=1&video=3000181940

RS: I'd like to welcome a very special guest. I love wednesdays and I love reading Holman Jenkins Jr.'s column in the Journal every Wednesday. Thanks for taking the time to be our guest.

HJ: My pleasure. Great to be with you.

RS: Thelma and Louise, taking that last shot, boom. Are the biggest economies of the world delusional, Holman? Are they looking at the fact that whether it's Japan, Europe, U.S., to the lesser extent China, thinking that if they use the market and interest rates as little toys to fix things or make things better, if they fail nobody can take our place. That seems to be the logic I see. How do you see it?

HJ: Yeah, I see it the same way. Governments everywhere have accumulated 50 years of excesses, high taxes, high regulation, retirement and medical systems. They can't sustain themselves, and they know they've got to fix this problem, but instead the last -- since the crisis, basically they are relying on central bank to somehow patch things over by printing money, and it's not working. I don't think that people fail to understand what needs to be done but the political cost of doing it for any given politician at any given moment is too high, so let's just hand it off to Ben Bernanke, he'll take care of things for a while by printing some bucks.

RS: Bernanke, of course, is not only going to give the speech later on today, the minutes of the last Fed meeting come out, Holman. You now, listen...Princeton professor, super smart guys, but in the end let's keep it simple. He has calibrated our economy to basically run the carburetor at low interest, low interest rates is the calibration. What makes him think recalibrating is going to be easier or even work? Are we going to be able to sunset some of these post-crisis programs, specifically leading to low interest rates and high stock prices?

HJ: That's the $64 trillion question. I mean, it's amazing. you know, for 20 years the independent central bank was the icon. It was the altar we worshipped at. Countries even wrote central bank defense into law. That went out window so quickly in 2008 which makes you think it was an illusion and now we have all these policies meant to keep goosing this economy we refuse to reform, and it's hard to see how he ends it. Of course he wants to, wants to get back to the position where the central bank controls the value of the dollar and preserves its purchasing value, but he can never get back there. He's got to fill in for all the fiscal policies and regulatory policies that governments won't adopt. So I don't see how he's getting out of it. He's sending a signal, yes, please give me a way out, but I don't actually see it happening.

RS: Final question in the last few seconds. When i talk to people outside of what I do... friends, relatives... they hardly know who Ben Bernanke is. Do you think a big part of this problem is that the general public can't keep up with complicated topics? Is this something that -- that has the ability to change any time soon?

HJ: I don't know. I think I'd worry more when everybody knows who Ben Bernanke is because that's when things are really hitting the fan. Most people, thank God, and have lives that are more interesting to them than the financial news and still are engaged with their families, their jobs, their careers, their projects. The time to worry is when everyone knows who Ben Bernanke is and praying somehow that he can rescue them from a situation he can't rescue them from.

RS: Holman, thanks for taking the time to be the guest today and I'll look forward as usual to every Wednesday to reading your column.

HJ: Great to be with you. Thanks so much for having me.

RS: Carl, Kelly, back to you.


And so it goes.

http://thumbs.dreamstime.com/z/handsome-black-boy-child-bagg...
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (88) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement