TV Schedule

Markets continue to unravel

  1. Vierotchka
  2. related topics
James Galbraith on what needs to be done about the financial crisis.

The world financial markets plunged again on Wednesday despite the fact that the US Federal Reserve and other central banks synchronized an interest rate cut. Wall St. speculators sold off in the last half hour dropping the Dow 190 points. TRNN spoke to Dr. James K. Galbraith who said that markets will continue to unravel unless the mortgage crisis is stabilized and people are stable in their homes.

James K. Galbraith teaches economics at the University of Texas where he is a Senior Scholar of the Levy Economics Institute and the Chair of the Board of Economists for Peace and Security. The son of renowned economist, the late, John Kenneth Galbraith, he writes a column called "Econoclast" for Mother Jones, and occasional commentary in many other publications, including The Texas Observer, The American Prospect, and The Nation. He is an occasional commentator for Public Radio International's Marketplace.He directs the University of Texas Inequality Project, an informal research group based at the LBJ School.

Vierotchka

7 responses // Markets continue to unravel

  •  

    ..When you travel for a long amount of time in the wrong direction....you should not be too amazed to find yourself in a place you never wanted to be...Golden Ruler...Johnnie Hargrave

    Relevations
  •  

    The richest 400 Americans now have more money stashed away than the combined bottom 150 million Americans. Some $1.6 trillion.

    This was accomplished by selling off or shipping out every available asset, from jobs to seaports, smashing usury and anti-monopoly laws, raiding the public coffers and manipulating the medium of exchange and blackmailing the peasantry regarding common needs such as health care and energy to keep their asses warm, to name a few. The ultimate coup was to convince the entire nation that the well-being of the rich, meaning the well-being of Wall Street, was indeed the common man's well-being.

    The Really Hard-to-Swallow Truth About the Bailout
    http://www.alternet.org/workplace/101403/

    We now face market forces uninhibited by democratic governance. The bailout is an aggressive attempt to trade democracy for autocracy.

    How Capitalism Killed Democracy
    http://www.alternet.org/workplace/101523/

    “A banker is a man who loans you umbrellas when the sun is shining and demands it back the moment it looks like rain." Mark Twain

    recommended by Vierotchka
    WhiteNoise
  •  

    Folks, I started predicting this in 1987. I made a video-tape for the American Lyceum on the subject. I have 432 e-mails today from people who heard me predict it decades ago. Today an airline captain from Washington came to my home to discuss the fact that everything I have been predicting is happening (his was the third from airline captains and the like).

    A few days ago, one of the people television presents as an "expert" e-mailed me to ask for advice.

    For heaven's sake, learn something about the subject. Stop devoting your @#%^&! time to soap operas, professional football, Hollywood, and the utter nonsense to which you devote most of you time. Stop acting like teenage rock star fans. Find a website, buy a book, visit a library, and learn just a little about what the hell you are talking about. Realize that everything you say has been programmed in you by people who intended to create the reality you think you know.

    Take the "debate" a couple of nights ago and use it to do ANYTHING concerning your future, or that of you children and grandchildren.

    GROW THE HELL UP!

    Walks_in_Storms
  •  

    That's a little harsh, WalksInStorms. Yelling at these people is rather ineffective, not because they won't wake up, but because they already have awakened. Perhaps you meant your comments generally (toward the population as a whole, the electorate). But, it sounds as though you're angry with all of us. If you'd like us to understand the issues more precisely, tell us some info, some evidence, for your point of view. But, please, don't chastise us as if we're naughty children in need of verbal abuse.... Teach us.

    dkincheloe
  •  

    First, dkincheloe, you're right, My wife, Rita, gives me hell for that every once in a while. I am angry with "Americans." "Americans" - both those who knew damned well what they were doing (and that it was illegal) and those who sat by and l let it happen (either by their complacency or their selfishness) - took everything from me. EVERYTHING - wife (twice), family, business, and chance to ever again be gainfully employed.

    IRS as it existed then and as it exists today is the fault of you, the citizens of the U.S.

    Now that the chickens (vultures) of it all have come home to roost - chickens about whom I did everything in my poor power to warn - I'm getting sixty e-mails a day asking how to survive.

    The answer is to do what I did. I made dozens of mistakes at first, but when I had finally disabused myself of all the @#$%&! myths and lies - the same lies we're all hearing every day now - I was tougher than Rocky fighting the Russian (I watched the knockout scene in that movie so many times you wouldn't believe it - my morale booster, you see: I knew that I would keep getting up, and every time I did I would make my opponent pay).

    But I'll help if I can, especially if it will help bring down the people who changed my life just because they could and because they felt like it.

    First, learn economics. It is NOT rocket science. Stop listening to people who benefit with money by fooling you (Obama and McCain, for instance. A short cut is the banana island analogy I used extemporaneouly on night on a radio talk show. I'll publish it again on my www.judoknighterrant.com site. I'll embellish it enough to show how it realtes to what's happening today.

    The panic all the media is talking about it panic among the fat cats who fear they are losing their control of the public they prey upon. People who aren't in debt will be best off now. People who own gold, silver, and other things of real value - especially non-taxable items - will get along pretty well.

    Jobs will be lost by the gross, so plan to learn survivalism methods (I lived off the fields, streams, lakes, and woods for years, planted gardens in forests, woods, by rivers, etc - even vacant lots). Consider a small service business - things fat, old, and otherwise disabled (stupid or ignorant, for instance) can't do for themselves (i did almost every kind of this work conceivable: auto repair, electrician, bodyguard, carpenter, fix-it man, and many more).

    Learn to fight back. Get books about the law from places like Nolo Press, learn how to file a lawsuit. Use it against anyone who tries to take what is yours (be inventive - have your civil rights violated). Clog up the courts (be careful, though, be realistic - frivolous lawsuits can cost you plenty). Learn what a Colorado reporter investigating my story called "guerrilla law." I'll talk about it on my website (already have, a great deal).

    Learn how to make an effective threat - lawyers and politicians are cowards by nature, bullies who seek office and knowledge of the law in order to be superior and to prey (I infiltrated federal offices, tape recorded their conversations and video taped their actions, I loaned (1977) tape recorders and movie cameras to people in order that they photograph officials in illegal and otherwise reprehensible behavior. Organize it, have friends help you.

    Form mutual assistance groups. Make the government take down a bunch of people rather than one (in the seventies and eighties, I organized Iowa farmers in order to assure that if banks tried to take one guy's farm, everyone else who made loans or deposits from the bank would file chapter 11 or 13 bankruptcy and break the bank).

    Why didn't you here about all this? Think about it. It will help you deal with current events and what will follow. You need to wake up (like I did).

    Walks_in_Storms
  •  

    There is something essential missing in your response, Walks_in_Storms - where is the compassion and help for the most vulnerable; the children, the old, the disabled?

    Vierotchka

Add your response

Login/Registration is required to add a response