An MMT site bringing you dogma-free economics without the pleadings of self interest
It's interesting how crazy the political hacks are getting. Maybe they sense their time is short?
he is not crazy - it's just that he never emerged from the 80s - that is all too evident in his interview.you would be surprised how many people in the US are experiencing this sort of "time discontinuity" and "information disenfranchisement" - so much so that their thinking is still well, so 80s.
We all know the authorities have this completely under control, and their track record is perfect. From Weakonomics:with the end of January in 2012 and going back to 2006 I’ve compiled a list. Please note the listed sources aren’t always the ones making the claims, it’s just who published the claim. Please enjoy the list: •1/31/2012 Homeownership rates fall to 66% as downturn nears a bottom – USA Today •1/10/2012 Has The Housing Market Hit Its Bottom? – Forbes •12/8/2011 Is the Housing Bottom Finally in Sight? – Kiplinger (my favorite!) •9/27/2011 This Has To Be The Housing Bottom – Seeking Alpha •6/21/2011 The Housing Bottom Is Here: Economist Russell Price Explains – Daily Finance •4/24/2011 We Could Be Near a Housing Bottom – Seeking Alpha •2/2/2011 Why the Housing Bottom Might Be Here – US News •1/28/2011 U.S. housing bottom seen in mid-2011: poll - Reuters •11/19/2010 Housing downturn has hit bottom – The Business Journal •10/25/2010 Rising Home Sales Point to a Housing Recovery – Daily Finance •10/8/2010 3 Signs the Mortgage Market Has Hit Bottom – Smart Money •5/12/2010 US Housing Prices Projected To Reach Bottom In Q3 2010 – NuWire Investor •4/27/2010 We Have Met the Housing Bottom, Maybe – The Atlantic •4/22/2010 More Signs of a Housing Bottom – Seeking Alpha •1/29/2010 In hard-hit markets, some see signs of bottom – MSNBC •2/12/2010 Builders: Housing bottom is here – SunSentinal •12/15/2009 Builders Say 2009 Marks Housing’s Bottom, 57% Predict Revenues Increase in 2010 (I checked, and a few did have revenue growth, most didn’t, and 2011 was worse) – World Property Channel •10/30/2009 Moody’s: No Housing Bottom Until Q3 2010 – Wealth Daily •8/21/2009 We Called It: The Housing Bottom – The Street •5/13/2009 Yet Another Greenspan Housing Bottom Call – Barry Ritholtz •2/9/2009 U.S. Housing Market May Bottom in 2009, Zandi Says – Bloomberg •10/27/2008 UCLA sees O.C. housing’s bottom by next summer – OC Register •8/27/2009 Cramer Calls the Housing Bottom (Q3 2009) – CNBC •8/17/2008 Greenspan sees housing bottom, criticizes bailout – Fosters •7/24/2008 The Media Are Missing the Housing Bottom – National Review (Larry Kudlow called this one) •2/21/2008 No housing bottom until ’10: CP Morgan – Reuters •1/15/2008 Mortgage bankers expect housing market to bottom out in third quarter – BizTimes •1/8/2008 Stable Existing-Home Sales Expected in Early 2008, then Gradual Rise – National Association of Realtors •12/19/2007 Is Collapse of Home Prices About To Hit the Bottom? – The Sun New York •12/1/2007 Will Home Prices Hit Bottom in 2008? Yes, but . . . – Kiplinger (again? of course!) •11/26/2007 Deere Sees a Housing Bottom in 2008 – Seeking Alpha •9/14/2007 Hovnanian Chief Says Housing Bottom Is `Very Near – Bloomberg •8/16/2007 Contradictory News Suggests Housing Bottom Could Be In View – Realty Times •5/25/2007 Housing Market Nears Bottom – Forbes •4/20/2007 Housing Bottom Callers – Calculated Risk (Hank Paulson here) •4/17/2007 IMF believes US housing market may bottom out – Reuters •2/17/2007 NAR Says Existing Home Sales Have Hit Bottom – Realty Times •2/8/2007 Housing still on down slope Economists say no recovery until midyear; prices face record fall – Market Watch •12/21/2006 Housing ‘close to bottom,’ realtor-group economist says – Market Watch •12/5/2006 Home builders see bottom of housing slump – CNN Money •11/15/2006 Housing slide may deepen; New forecast sees bottom in 2008 – Boston Globe •10/6/2006 Greenspan Says `Worst’ May Be Past in U.S. Housing – Bloomberg
As a non-economist, I was, for a long time, unaware of the elite nature of finance and economics or of the cunning of the bankers. However, having been born in the early 30s and grown up in an American community where there was little awareness of just who were the elites, I was among the multitude who had no idea of or how the American government was organized or run. By 1950, I had become aware of FDR's reputation, however, since then I have occasionally wondered what sort of background could have equipped FDR's administration to deal with the Great Depression. Recently, I learned of one-time Hoover Institution member and former Cal State Univ L A economist, Antony C Sutton, D.Sc.: [http://en.wikipedia.org/wiki/Antony_C._Sutton ]. who wrote a number of interesting books on politics and economics. The opening paragraph of Sutton's 1975 book "Wall Street and FDR", quotes President FDR who wrote to Col. Edward Mandell House on Nov 21, 1933 that: "The real truth of the matter is, as you and I know, that a financial element in the larger centers has owned the Government ever since the days of Andrew Jackson - and I am not excepting the administration of W.W.* The country is going through a repetition of Jackson's fight with the Bank of the United States - only on a far bigger and broader basis." W.W. = Woodrow Wilson.FDR's relatives and peers were in finance and banking businesses. While the American political system has long been recognized to be degenerate, it was not always so in the way it is today. It would not be possible for one to accurately account for the differences; because of the variety of intervening cultural/social phenomena have occurred over the recent past 70-80 years, it would be truly surprising if that multitude of exposure had not desensitized even the most resolute of American citizens.John Taylor is certainly a mis-informer in so far as his understanding of the MMR/MMT-versions/concepts of economics goes, he is also a staff member at Stanford Univ (another bastion of the elite). From Wikipedia:' In a 1993 paper he proposed the Taylor rule, intended both as a recommendation about how nominal interest rates should be determined and as a rough summary of how central banks actually do set them. He has been active in public policy, serving as the Under Secretary of the Treasury for International Affairs during the first term of the George W. Bush Administration. His book Global Financial Warriors chronicles this period. He was a member of the President's Council of Economic Advisors during the George H. W. Bush Administration and Senior Economist at the Council of Economic Advisors during the Ford Administration.Thomson Reuters lists Taylor among the 'citation laureates' who are likely future winners of the Nobel Prize in Economics.'I guess that in the sense that President B Obama was named such in 2009, one might imagine John Taylor to be at least as deserving as numerous others who have recently received the Nobel Peace Prize.
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