tag:blogger.com,1999:blog-2761684730989137546.post5539354997512013638..comments2024-03-29T09:25:57.035-04:00Comments on Mike Norman Economics: Did Goldman perpetrate one of the largest frauds in U.S. history?mike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-2761684730989137546.post-48381396691524422010-03-04T07:39:04.885-05:002010-03-04T07:39:04.885-05:00Matt,
Thanks for grabbing some vintage from the c...Matt, <br />Thanks for grabbing some vintage from the cellar!<br />JillMortgageAngelhttps://www.blogger.com/profile/02797341866990387426noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-74449936910895463242010-03-02T07:38:16.951-05:002010-03-02T07:38:16.951-05:00heres Mikes post then.<a href="http://mikenormaneconomics.blogspot.com/2008/09/dangerous-new-policy.html" rel="nofollow">heres</a> Mikes post then.Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-66717126525589610782010-03-01T07:04:39.228-05:002010-03-01T07:04:39.228-05:00MA,
Mike's show was the best! It was an enlig...MA,<br />Mike's show was the best! It was an enlightening time for me also...maybe thats why Im often nostalgic...<br /><br />I still lean towards the "incompetent" camp but take your point that these paople may all just be big time deceivers. I guess it has to be one way or the other, either they are being deceived or they are deceivers, neither one is good for the rest of us!<br /><br />"spiritual boldness" yes! thats what I think it really means. (Paul wasnt talking to Timothy about his failing tentmaking franchise in Asia Minor!)<br /><br />But I interpret Paulsons prayer as if he was sort of praying for the courage to screw over the country! Its like he was looking for the courage to figure out a way to politically manipulate/navigate the govt process to the unfair advantage of himself and those around him (his industry) by using Treasury balances to prevent a wipeout of all financial sector equity (or worse if you want to believe just certain Cos. equity!)<br /><br />I will continue to consider your point of view...Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-90981047440649749622010-02-26T14:29:07.329-05:002010-02-26T14:29:07.329-05:00One more thought re:
"IMO it's incredibly...One more thought re:<br />"IMO it's incredibly naive to believe they just don't get it. Nobody can advance that far in a chosen profession and be that stupid."<br /><br />And they're erroring in their own favor! HEL-LO?!MortgageAngelhttps://www.blogger.com/profile/02797341866990387426noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-49949450278620072522010-02-26T14:15:14.523-05:002010-02-26T14:15:14.523-05:00I will never forget 2008! It was a "time of e...I will never forget 2008! It was a "time of enlightenment" for me! In June 08 I stumbled on Mike's Economic Myths and Facts segment via itunes. That's the only segment I listened to at first. By the end of July I was religiously time blocking the full two hours, a segment at a time, into my daily calender. <br />I must say, one of the things I love about Matt's participation here is the element of nostalgia it brings to me personally. (Thank you!) <br /><br />But, unlike Matt, Mike's optimism puzzled me rather than encouraged. What I learned from Mike's show began to negate my old paradigm bit by bit by bit. Now that I've come full circle on my thought in these matters I contend the the movers and shakers ARE in paradigm. I'm stunned everytime you (Mike AND Matt) give them (bankers charged with navigating our economy out of this mess.) benefit of the doubt. IMO it's incredibly naive to believe they just don't get it. Nobody can advance that far in a chosen profession and be that stupid. <br /> <br />(although I dont think the Apostle Paul was talking to Timothy in the same context but I digress)<br /><br />I'm guessing you perceive this to be closer to a prayer for mercy rather than spiritual boldness. <br /><br />hmmm, Maybe you're beginning to shed some of that naivete! (Just an observation.)<br /><br />Only two know for sure - It is between Paulson and his Maker.<br /><br />Time will tell!<br /><br />In fondness,<br />JillMortgageAngelhttps://www.blogger.com/profile/02797341866990387426noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-61015198798899760932010-02-23T22:23:23.217-05:002010-02-23T22:23:23.217-05:00Matt,
You may recall that in the early days of th...Matt,<br /><br />You may recall that in the early days of the market collapse and as the panic grew, I stayed optimistic and bullish about the prospects for stocks and, more generally, for the economy. I did this not just on my radio show, but on my appearances on Fox as well, because I never imagined in a million years that there would be such a monumental failure of policy on the part of men who were supposedly "Masters of the Universe." <br /><br />What you and I and Warren and a few others took for granted, was the notion that the problems in subprime had absolutely ZERO ability to bring down the entire global financial system, but we ended up finding out that it could, when, ultimately, those who are in charge literally had no other way to deal wth the crisis than to pray. <br /><br />Sadly, we are starting to see, all too clearly, I might add, that the current leadership is nothing more than vacuous sham. Those who have been held in high esteem for decades are being exposed as nothing more than privileged, over-educated, insecure primadonnas who have been sheltered by money and the fact that they have been members of the right "club." <br /><br />At a time when we need leaders with assuredness, courage, intellect and the humility to admit when they are wrong, we get adult children more inclined to protect their careers, reputations and bank accounts than anything else. I don't blame them completely, however. They are a product or byproduct of the electorate. If ignorance runs rampant in the electorate, which I believe it does, then our leadership will reflect that. God help us!mike normanhttps://www.blogger.com/profile/03296006882513340747noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-40109819563908456032010-02-23T20:26:07.667-05:002010-02-23T20:26:07.667-05:00Mike,
I remember at the time around when Lehman f...Mike,<br /><br />I remember at the time around when Lehman failed, I would listen to your casts and you would go over the situation and have guests on and talk with Warren and others about the govts options, how they could guaranty the payments system, how the Fed could lend to Lehman if they couldnt get funded as a last resort, etc...I personally felt that things could work out in a reasonable way with rational govt interventions, etc...based on what you were reporting. I felt basically confident and somewhat assumed that those in govt would figure this out (as 'we' had). <br /><br />Now take Henry Paulson (former Goldman). WSJ from Paulsons recent book: "In September 2008, as the financial world was falling apart, Paulson writes that he admitted to his wife that he was scared. She encouraged him to pray and together they recited the Bible’s Second Book of Timothy, Verse 1:7 – “For God hath not given us the spirit of fear, but of power, and of love, and of a sound mind.”<br /><br />So how is it that Paulson has to literally <i>pray to God</i> to lose his spirit of fear (although I dont think the Apostle Paul was talking to Timothy in the same context but I digress) when I (a nobody) had confidence and what I felt was a decent handle on the situation and the govts range of options to deal with this?<br /><br />Our leaders are really failing us when they have to resort to prayer in response to a situation that only calls for a judicial application of man-made legal constructs. (Such as those you went over on your show) I really lost a lot of respect for Paulson when I read this.Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.com