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Gary Edwards

Warren Buffett Explains How The Bailout Is Crushing Healthy Companies - 0 views

www.businessinsider.com/shing-healthy-companies-2009-3

financial-crisis warren-buffett socialism banksters

shared by Gary Edwards on 02 Mar 09 - Cached
  • Gary Edwards on 02 Mar 09
     
    ".....There's a lot of talk about how the bailouts are creating moral hazard and rewarding bad behavior. But those are pretty abstract ideas, the kind of things people wonder whether or not we can afford to worry about while the economy is tanking. Sure we'll pay a long run price  for screwing up the market's discipline but in the long run we're all dead. So forget "moral hazard" and just look at Warren Buffett's description of what is happening to his home construction business, Clayton Homes. Clayton, which makes pre-fab homes, also has a lending business. Surprisingly, Clayton hasn't been crushed by the markets because it maintained high lending standards and doesn't have a balance sheet overflowing with defaulting loans..." And the solution is? Buffett is/was a successful capitalist. Yet he fully supported a socialist takeover of the government. Obama's campaign rhetoric was that of a hard core socialist declaring war on constitutional capitalism. And there was Buffett, standing at Obama's side, arguing that all capitalist should be supporting the systemic change Obama socialism promised to deliver. And now Buffett's complaining? What is it about socialism that attracted Buffett in the first place? Did he really think the socialists he worked to elect would pour tax payer debt money into the capitalists hands, and let the markets go their merry way? The socialist seeks to control the means of production, limit the rights of property ownership, and redistribute the wealth created by capitalist. Socialism does not have a wealth creation model. Redistribution of wealth and control over the means of production is something Buffett supported with both his money and his personal assurances to constitutional capitalist everywhere. Yet here we are. Exactly where Buffetts advice and pleas intended us to be. And now he's complaining? Buffett didn't like the belief in big government programs, big government spending and crisis interventionism of Bush's compasionat
Gary Edwards

Obama To Americans: You Don't Deserve To Be Free - Forbes - 1 views

www.forbes.com/...ns-you-dont-deserve-to-be-free

Obammunism Statism Ayn-Rand-Libertarian

shared by Gary Edwards on 02 Jan 14 - No Cached
  • President Obama’s Kansas speech is a remarkable document. In calling for more government controls, more taxation, more collectivism, he has two paragraphs that give the show away. Take a look at them. there is a certain crowd in Washington who, for the last few decades, have said, let’s respond to this economic challenge with the same old tune. “The market will take care of everything,” they tell us. If we just cut more regulations and cut more taxes–especially for the wealthy–our economy will grow stronger. Sure, they say, there will be winners and losers. But if the winners do really well, then jobs and prosperity will eventually trickle down to everybody else. And, they argue, even if prosperity doesn’t trickle down, well, that’s the price of liberty. Now, it’s a simple theory. And we have to admit, it’s one that speaks to our rugged individualism and our healthy skepticism of too much government. That’s in America’s DNA. And that theory fits well on a bumper sticker. (Laughter.) But here’s the problem: It doesn’t work. It has never worked. (Applause.) It didn’t work when it was tried in the decade before the Great Depression. It’s not what led to the incredible postwar booms of the ’50s and ’60s. And it didn’t work when we tried it during the last decade. (Applause.) I mean, understand, it’s not as if we haven’t tried this theory.
  • The typical Republican would never, ever say “the market will take care of everything.” He’d say, “the market will take care of most things, and for the other things, we need the regulatory-welfare state.” They are for individualism–except when they are against it. They are against free markets and individualism not only when they agree with the Left that we must have antitrust laws and the Federal Reserve, but also when they demand immigration controls, government schools, regulatory agencies, Medicare, laws prohibiting abortion, Social Security, “public works” projects, the “social safety net,” laws against insider trading, banking regulation, and the whole system of fiat money.
  • I pick 100 years deliberately, because it was exactly 100 years ago that a gigantic anti-capitalist measure was put into effect: the Federal Reserve System. For 100 years, government, not the free market, has controlled money and banking. How’s that worked out? How’s the value of the dollar held up since 1913? Is it worth one-fiftieth of its value then or only one-one-hundredth? You be the judge. How did the dollar hold up over the 100 years before this government take-over of money and banking? It actually gained slightly in value.
  • ...5 more annotations...
  • Laissez-faire hasn’t existed since the Sherman Antitrust Act of 1890. That was the first of a plethora of government crimes against the free market.
  • Though not in Washington, I’m in that “certain crowd” that has been saying for decades that the market will take care of everything. It’s not really a crowd, it’s a tiny group of radicals–radicals for capitalism, in Ayn Rand’s well-turned phrase. The only thing that the market doesn’t take care of is anti-market acts: acts that initiate physical force. That’s why we need government: to wield retaliatory force to defend individual rights. Radicals for capitalism would, as the Declaration of Independence says, use government only “to secure these rights”–the rights to life, liberty, property, and the pursuit of happiness. (Yes, I added “property” in there–property rights are inseparable from the other three.) That’s the political philosophy on which Obama is trying to hang the blame for the recent financial crisis and every other social ill. But ask yourself, are we few radical capitalists in charge? Have radical capitalists been in charge at any time in the last, oh, say 100 years?
  • Even you, dear reader, are probably wondering how on earth anyone could challenge things like Social Security, government schools, and the FDA. But that’s not the point. The point is: these statist, anti-capitalist programs exist and have existed for about a century. The point is: Obama is pretending that the Progressive PGR -2.02% Era, the New Deal, and the Great Society were repealed, so that he can blame the financial crisis on capitalism. He’s pretending that George Bush was George Washington.
  • What Obama is indeed responsible for is the injustice of robbing some to (allegedly) benefit others. To the extent that cronyism, not the free market, sets income, that is an injustice to be laid at the statists’ door.
  • There is no such problem as “unemployment” under capitalism. Prices fall to clear the market. Twice the work force could be employed if average wages dropped in half. But that’s nominal wages; with a constant money supply, prices would also fall in half–or slightly more than that. This isn’t just theory. America’s workforce has grown steadily decade after decade, yet the standard of living has risen at the same time. I grant you that the rise has slowed as statist intervention has grown. Think of the phenomenal progress between, say 1900 and 1920 as compared to the minor progress from 1993 to 2013. Most of the progress in the last 20 years has come in the freest area of the economy: electronics and computing.
  • Gary Edwards on 02 Jan 14
     
    Harry Binswanger defends laissez-faire capitalism, using Ayn Rand Objectivism.
  • Paul Merrell on 02 Jan 14
     
    The major problem with Ayn Rand Objectivism is that it's an "ism." The Utopian ideal it is based on has never existed in reality and likely never will; its principles have never been tested. Moreover, I will argue that Binswanger is incorrect in arguing that the anti-capitalist phenomenon in America began with creation of the Federal Reserve; it dates much farther back. The economic basis for the Revolutionary War was largely the Crown-granted monopolies granted to the first great British "companies" (corporations), which had the effect of forcing North American colonists to pay monopoly rents for common goods and kept American ship owners from importing those goods from elsewhere to sell at a lower price. The Founding Fathers were strongly against privately-owned corporations and government-granted monopolies, with only two exceptions, copyrights for literary works and patents for inventions. The Constitution's prohibition against government-granted monopolies is implicit in its allowance for only two narrowly-defined types. The Founding Fathers' writings explicitly discussed the difference between "natural" monopolies and those created by government or anti-competitive conduct. During the early years of the nation corporations were permitted by the States, but only for public purposes, usually for public works such as bridges or roads for which there was a need to amass capital. These early American corporations were usually chartered only for the time required to complete the public work and to recover the invesment and a small profit, e.g., from tolls for using a bridge or road. Many of the early state constitutions explicitly limited the lifetime of corporations. However, such early opposition to corporations gradually eroded; corporate purposes were expanded, corporations were granted perpetual life, and the corporate form of doing business became much more widespread. Here, it is important to recognize that corporations are market artificialities c
Gary Edwards

Honk if you're paying my mortgage! :: Tim Geithner, What Part Of This Chart Don't You U... - 0 views

www.businessinsider.com/art-dont-you-understand-2009-3

financial-crisis obama-socialism shiller-chart real-estate home-values banksters

shared by Gary Edwards on 05 Mar 09 - Cached
  • Gary Edwards on 05 Mar 09
     
    Tim Geithner and Ben Bernanke are still parroting Wall Street's take on the meltdown--that it's a "liquidity crisis," not a "solvency crisis."  The infamous Schiller Chart is a history of Home Values going back to 1890. The Cahrt graphically screams that housing values have to fall another 20% to 30% before they might begin to level out. That is, if the capitalist engine of America's wealth and prosperity is still in existence then.
Gary Edwards

Apathetic-USA.com Intro Movie - 0 views

apathetic-usa.com

cloward-piven saul-alinsky manufactured-crisis obammunism video

shared by Gary Edwards on 17 Apr 10 - Cached
  • Gary Edwards on 17 Apr 10
     
    Very powerful video entitled "Wake Up America".  Covers Cloward-Piven / Saul Alinsky "Rules for Radicals" strategy.  The core idea being to load up America with unsustainable debt, cripple and hog tie the capitalist engine of prosperity, then create/manufacture crisis after crisis where Americans are forced to turn to bigger and bigger Government solutions until their liberty and the Constitution disappear.
Gary Edwards

Obama To Americans: You Don't Deserve To Be Free - Forbes - 0 views

www.forbes.com/...2

Obammunism Statism Ayn-Rand-Libertarian

shared by Gary Edwards on 02 Jan 14 - No Cached
  • We radical capitalists say that it was the regulatory-welfare state that imploded in 2008. You may disagree, but let’s argue that out, rather than engaging in the Big Lie that what failed was laissez-faire and individualism. The question is: in the messy mixture of government controls and remnants of capitalism, which element caused the Great Depression and the recent financial crisis?
  • By raising that question, we uncover the fundamental: the meaning of capitalism and the meaning of government controls. Capitalism means freedom. Government means force.
  • Suddenly, the whole issue comes into focus: Obama is saying that freedom leads to poverty and force leads to wealth. He’s saying: “Look, we tried leaving you free to live your own life, and that didn’t work. You have to be forced, you have to have your earnings seized by the state, you have to work under our directions–under penalty of fines or imprisonment. You don’t deserve to be free.”
  • ...3 more annotations...
  • As a bit of ugly irony, this is precisely what former white slave-owners said after the Civil War: “The black man can’t handle freedom; we have to force him for his own good.” The innovation of the Left is to extend that viewpoint to all races.
  • Putting the issue as force vs. freedom shows how the shoe is on the other foot regarding what Obama said. Let me re-write it: there is a certain crowd in Washington who, for the last few decades, have said, let’s respond to this economic challenge with the same old tune. “The government will take care of everything,” they tell us. If we just pile on even more regulations and raise taxes–especially on the wealthy–our economy will grow stronger. Sure, they say, there will be winners and losers. But if the losers are protected by more social programs and a higher minimum wage, if there is more Quantitative Easing by the Fed, then jobs and prosperity will eventually trickle up to everybody else. And, they argue, even if prosperity doesn’t trickle up, well, that’s the price of the social safety net. Now, it’s a simple theory. And we have to admit, it’s one that speaks to our intellectuals’ collectivism and Paul Krugman’s skepticism about freedom. That’s in Harvard’s DNA. And that theory fits well on a bumper sticker. (Laughter.) But here’s the problem: It doesn’t work. It has never worked. (Applause.) It didn’t work when it was tried in the Soviet Union. It’s not what led to the incredible booms in India and China. And it didn’t work when Europe tried it during over the last decades. (Applause.) I mean, understand, it’s not as if we haven’t tried this statist theory.
  • Obama’s real antagonist is Ayn Rand, who made the case that reason is man’s basic means of survival and coercion is anti-reason. Force initiated against free, innocent men is directed at stopping them from acting on their own thinking. It makes them, under threat of fines and imprisonment, act as the government demands rather than as they think their self-interest requires. That’s the whole point of threatening force: to make people act against their own judgment.
Gary Edwards

Bruce Krasting: The Fed bombed the market - I ask, "Why?" - 1 views

brucekrasting.blogspot.com/...d-bombed-market-i-ask-why.html

Banksters Zero-Hedge Collapse-Euro banksters

shared by Gary Edwards on 19 Aug 11 - No Cached
  • Gary Edwards on 19 Aug 11
     
    This is an interesting post.  The WSJ published an article yesterday claiming that the Federal Reserve Bankster Cartel was looking at European Banksters and assessing the quality of "funding positions" and asset status for their USA branch operations.  The Fed Banksters are also consulting with EU regulators about European Bankster concerns. The WSJ article (http://on.wsj.com/nugr7s) triggered a massive market crash on Thursday.  Over $2 Trillion was washed away in the panic following the publication of this WSJ story.  That's on top of the $6 Trillion lost following the Obama Debt-Man-Walking deal with Congress. But here's where it gets interesting.  Bruce Krasting contacted Zero Hedge's Tyler Durden and got this reply; "the story is a Fed plant". Tyler Durden believes that the Feds want to create a world economic crisis to justify a massive QE3 where tens of trillions of dollars would be created and distributed to the worlds Banksters.  This follows the $16.1 Trillion created and distributed to the world's Banksters in 2009 - 2010 under QE1 and QE2. Incredible.  Just a few days ago Republican presidential candidate Gov Rick Perry warned the Fed Banksters not to flood the market with a new QE3.  No doubt what Perry has in mind is that the Fed will flood the world's economy with dollars, debasing the currency even further, but providing a phony and very temporary veil of prosperity - just enough to get Obama into a second term.   Not a bad concept for the Banksters since Obam has proven himself time and again as the bes tfriend the Banksters have ever had.  Obama has overseen the transfer of over $23 Trillion of USA taxpayer debt to the world Bankster community.
Paul Merrell

US Intel Agencies Try to Strong-Arm Trump into War With Russia - 0 views

www.counterpunch.org/...arm-trump-into-war-with-russia

war & peace Russia-demonization Syria pivot-to-Asia U.S.-foreign-policy

shared by Paul Merrell on 12 Jan 17 - No Cached
  • Powerful elites are using the credibility of the US Intelligence agencies to demonize Russia and prepare the country for war. This is the real meaning of the “Russia hacking” story which, as yet, has not produced any hard evidence of Russian complicity. Last week’s 25-page report, that was released by the Director of National Intelligence James Clapper, illustrates to what extent intelligence is being “fixed around the policy”.  Just as the CIA generated false information related to Weapons of Mass Destruction to soften public resistance to war with Iraq, so too, the spurious allegations in the DNI’s politically-motivated report are designed to depict Russia as a growing threat to US national security. The timing of the report has less to do with the election of Donald Trump as President than it does with critical developments in Syria where the Russian military has defeated US-proxies in Syria’s industrial hub, Aleppo, rolling back Washington’s 15-year War of Terror and derailing the imperialist plan to control vital resources and pipeline corridors across the Middle East and Central Asia. Russia has become the main obstacle to Washington achieving its strategic vision of pivoting to Asia and maintaining its dominant role into the next century. The Intelligence Community has been coerced into compromising its credibility to incite fear of Russia and to advance the geopolitical ambitions of deep state powerbrokers.
  • The “Russia hacking” flap shows how far the Intel agencies have veered from their original mandate, which is to impartially gather and analyze information that may be vital to US national security. As we have seen in the last two weeks, the leaders of these organizations feel free to offer opinions on  issues that clearly conflict with those of the new President-elect. Trump has stated repeatedly that he wants to reduce tensions and reset relations with Russia, but that policy is being sabotaged by members of the intelligence community, particularly CIA Director John Brennan who appeared just last week on PBS Newshour with Judy Woodruff. Here’s an excerpt from the interview: “We see that there are still a lot of actions that Russia is undertaking that undermine the principles of democracy in so many countries. What has happened in our recent election is not new. The Russians have engaged in trying to manipulate elections in Europe for a number of years… the Russians tried to interfere in our electoral process recently, and were actively involved in that. And that is something that we can’t countenance.” (“Interview with CIA Director John Brennan”,  PBS Newshour)
  • Brennan, of course, provided no evidence for his claims nor did he mention the hundreds of CIA interventions around the world. But Brennan’s accusations are less important than the fact that his appearance on a nationwide broadcast identifies him as a political advocate for policies that conflict with those of the new president. Do we really want unelected intelligence officials — whose job it is to provide the president with sensitive information related to national security– to assume a partisan role in shaping policy? And why would Brennan –whose is supposed to “serve at the pleasure of the president”– accept an invitation to offer his views on Russia when he knew they would be damaging to the new administration? Powerful people behind the scenes are obviously pushing the heads of these intelligence agencies to stick to their ‘anti-Moscow’ narrative to force Trump to abandon his plan for peaceful relations with Moscow.  Brennan isn’t calling the shots and neither are Clapper or Comey. They’re all merely agents serving the interests of establishment plutocrats whose geopolitical agenda doesn’t jibe with that of the incoming administration. If that wasn’t the case, then why would the Intelligence Community stake its reputation on such thin gruel as this Russian hacking gibberish? It doesn’t make any sense. The people who launched this campaign are either supremely arrogant or extremely desperate. Which is it?
  • ...2 more annotations...
  • What’s really going on here?  Why have the Intelligence agencies savaged their credibility just to convince people that Russia is up to no good? The Russia hacking story has more to do with recent developments in Syria than it does with delegitimizing Donald Trump. Aleppo was a real wake up call for the US foreign policy establishment which is beginning to realize that their plans for the next century have been gravely undermined by Russia’s military involvement in Syria. Aleppo represents the first time that an armed coalition of allied states (Russia, Iran, Syria, Hezbollah) have actively engaged US jihadist-proxies and soundly beat them to a pulp. The stunning triumph in Aleppo has spurred hope among the vassal states that Washington’s bloody military juggernaut can be repelled, rolled back and defeated. And if Washington’s CIA-armed, trained and funded jihadists can be repelled, then the elitist plan to project US power into Central Asia to dominate the world’s most populous and prosperous region, will probably fail. In other words, the outcome in Aleppo has cast doubts on Uncle Sam’s ability to successfully execute its pivot to Asia. That’s why the Intel agencies have been employed to shape public perceptions on Russia.  Their job is to prepare the American people for an escalation of hostilities between the two nuclear-armed superpowers. US powerbrokers are determined to intensify the conflict and reverse facts on the ground. (Recent articles by elites at the Council on Foreign Relations and the Brookings Institute reveal that they are as committed to partitioning Syria as ever.)  Washington wants to  reassert its exceptional role as the uncontested steward of global security and the lone ‘unipolar’ world power.
  • That’s what this whole “hacking” fiasco is about. The big shots who run the country are trying to strong-arm ‘the Donald’ into carrying their water so the depredations can continue and Central Asia can be transformed into a gigantic Washington-dominated corporate free trade zone where the Big Money calls the shots and Capital reigns supreme. That’s their dreamstate, Capitalist Valhalla. They just need Trump to get-with-the-program so the bloodletting can continue apace.
Gary Edwards

Taleb: I Have Discovered The Solution To The Global Financial Crisis - 0 views

www.businessinsider.com/global-financial-crisis-2009-7

financial-crisis financial-solutions mortgage-crisis socialism-debt capitalist-prosperity Banksters

shared by Gary Edwards on 14 Jul 09 - Cached
  • Gary Edwards on 14 Jul 09
     
    Nassim Taleb and his hedge-fund partner Mark Spitznagel weigh in in the FT with an analysis of the world's problem (too much debt) and a reasonable solution (convert some of the debt to equity).  Taleb explains how banks can end the mortgage crisis, lowering monthly mortgage payments by converting mortgage debt to equity: Excerpt: The only solution is to transform debt into equity across all sectors, in an organised and systematic way. Instead of sending hate mail to near-insolvent homeowners, banks should reach out to borrowers and offer lower interest payments in exchange for equity. Instead of debt becoming "binary" - in default or not - it could take smoothly-varying prices and banks would not need to wait for foreclosures to take action. Banks would turn from "hopers", hiding risks from themselves, into agents more engaged in economic activity. Excellent excellent excellent!
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