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What The U.S. Credit Downgrade Means For You: MyFoxNY.com
Good one, Mike.
I am amazed that Fox News has such a knowledgeable, intelligent person as yourself on their station. Don't get me wrong, I think that it is great that you are on Fox because some of the people I know who watch Fox need your perspective very badly. But, I can't understand why management allows your ideas.
nice one indeed. I don't understand why Fox does it either...but they do and that is so cool.
Hopefully your message was received by some members of the audience Mike. I agree GLH. I would uncomfortably suggest that perhaps Mike is forwarding the agenda of the 'elite'. I think that this downgrade by the S&P is serving some greater political purpose. The bi-partisan committee will use it to justify a pre-determined course of action. If so, then I would expect that both; more negative events/announcements about America's financial position, and greater media hype surrounding the S&P announcement. This will prepare the public for the agenda the 'elite' has planned. email@example.com
@shuanI don't think Mike is supporting "their" agenda at all. I think he is discounting it. Their agenda is based on fear, confusion, and mis-information (mis-inflation LOL). The S&P cherade is all about extending the debt ceiling debate beyond the halls of congress so that they can get even more of the cuts they want that haven't yet materialized. But considering the way Moody's, Buffet, and even Greenspan of all people are resisting and disproving these allegations by S&P is very, very encouraging to say the least. This may backfire on "them" more than they realize and based on statistics the farther they pursue their selfish ends the more likely and intense is the blowback and the marginalizing of their own neoliberal paradigm. Their very existence is their downfall my friend. ;) Nothing false can maintain itself. Logic, history, and science all prove this. The only question is when and how much damage will it take, and I don't think anyone has that answer per say. So until then, the name of the game as I can see it is "He wins who endures to the end." ;)
@MarioFYI, I think Mike is most likely pursuing an 'altruistic' agenda. I was entertaining an element of skepticism. If Mike's arguments are well-founded they will stand the test of time. It would be unwise to fall into a false sense of 'intellectual security', and not suggest the less obvious.I think the charade could have positive as-well as negative outcomes, so far I think the S&P thing is apolitical. Perhaps this whole debt-issue has been deliberately blown out of of proportion to encourage people to understand the issue. How do we know that there is not some 'altruistic elite' behind the S&P nonsense. The absurdity of the S&P debate will attract obvious criticism. Why present an obviously flawed argument? To deliberately attract criticism ? Is this part of 'their' grand plan? As you say, with each false event, there is an associated 'truth leakage' gained by the public. Could the downgrade be used to justify higher taxes? Or more spending? One thing is obvious, it is generating discussion. This is an opportunity for 'fringe' fields like MMT. firstname.lastname@example.org
well anyone can use MMT principles to promote their own game, but if the cat was really out of the bag then people would realize how things really worked and then UE, slashing social services, raising taxes would all become much harder to justify and therefore more problematic for policy makers. S&P clearly is not looking out for anyone but themselves and "them." I mean that is just obvious beyond refutation considering their history over just the last 10 years..heck the last 3 years!the downgrade could justify higher taxes but that clearly won't be happening based on the way the politics are set up on the thing. Not even a default in a few days got them to raise taxes. Do you honestly think a super committee will? Please. So that leaves the only obvious agenda which is slashing more social programs, which again only helps S&P and the financiers. I completely agree with you that it's generating more open and widespread discussion of MMT and MMT principles. And that is for sure a good thing. One more example of their "truth leakage" as you put it. I like that term. Sounds militaristic like "bad intelligence" or something. We have alot of THAT going around too that's for sure! LOL ;)
Perhaps they're untying the knot so the cat can escape? What we are both doing is 'curve-fitting'. There is undoubtedly more substance to your curve than there is to mine. Nonetheless I think it is healthy for less obvious ideas to be suggested.
Tonight on PBS we had Charlie Rose with :Steve Rattner - "expert on car mfg"Bill Sahlman - of Harvard Uni.Nouriel Roubini - Mr. InfrastructureBill Gross : PIMPcoSteve Rattner rattled that the "USA owes China $2 Trillion"It just strikes me again how stupid and out of paradigm these egg heads are.Does the USA still owe Warren Mosler his money via some bank that it is credited in ? Does the USA still owe Buffett his piggy bank(s)?Does the USA still owe all American's their savings ?NO NO NO NO and NOThey already EARNED the monies and deposited them into accounts, and for China that means a treasury bank account - it's just a special bank account.THE FACT IS THAT THEY ARE NOT SPENDING IT AND CREATING HEAT IN THE ECONOMY.DITTO FOR OPECFOR UKFOR JAPANESEFOR ALL THE REST OF THE HOARDERS WHO ARE SAVING AND NOT SPENDING.WHEN WILL THIS LUNACY STOP ?FAR*#$*&#*$&*#$ !!!!WE DON'T OWE THEM TWICE ...THEY DID NOT GIVE US ANYTHING ...PRINTING MONEY ? NO ! NOT PRINTED ENOUGH TO BEGIN WITH IN ANTICIPATION OF THE GOODS ( TOXIC AND WITH LEAD ) COMING IN THE DOOR.FOR EVERY DOLLAR WE SPEND ON THEIR CRAP, IT IS A DOLLAR INTO THEIR PIGGY BANK - THEIR TREASURY ACCOUNT.
great interview, mike. one point though - S&P has no business second-guessing whether there is a willingness to pay - or to put it another way - whether there was any political in-fighting before the debt ceiling was increased. the fact of the matter is that the government did honor its commitments and therefore no default event was triggered.if a businessman argues with his partners on whether to pay back a bank loan the night before the loan is due, but ultimately does honor the commitment, then the bank would not lower his company's credit rating.maybe its time to draft a whole new set of regulations to control the ratings industry.
agreed 100% shittreport. well stated. I hear ya google. We all feel your pain my man.
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