Here is an outtake or highlight of one of Armstrong's statements....
Martin: Well unfortunately they’re not economists. Most of them are not even business people. Most of them tend to be probably the dominant profession of lawyers. And they have this attitude that they can pass a law and everybody has to comply. But that is not the case. You can pass a law and say 65 miles an hour and nobody can go above that. I mean, we are always looking at more and more regulation, and the problem is that we had this economic decline and then the natural response from someone is to say it wasn’t regulated enough. We had more than ten agencies regulating the CDSs that collapsed. Not a single one did anything to prevent a central crisis in this country. We keep adding layers and layers and layers of regulation, but they simply do not work. I mean the SEC has not prevented one economic recession, one economic decline. We have too many agencies and that is the problem of why they created Homeland Security because they admitted that a lot of these agencies had information on 9/11. Even the people who were from the first attack on the world trade center had drew the world trade center on the walls of their jail cells with planes going into it a year before. They took pictures all kinds of stuff, but nobody does anything. You have too many agencies and so they create Homeland Security supposedly to sit on top of all these agencies to get the information, and we are just so over regulated. I mean, just have one agency to do this. Why do we need so many different ones and they all contradict each other and then they compete and won’t share information. So we seem to defeat everything we do, but the answer is always to not improve what we have, but always add another agency until the point we have so many people running around, it is crazy.
Interesting stuff! Sounds like he thinks the next big crisis will be 2015. I think the near term question is will the deal in Europe really kick the can down the road enough to cause the market to run up in 2012. If this happens, and we get some better near term economic news it might be enough to help Hussein get re-elected. And of course his re-election will only result in additional layers of useless regulation and no real entitlement reform - so the end result will be an even bigger debt crisis.
No, it didn't.
It SAVED Iceland.
What was wiped out IN Iceland was a fictional "economy" that was serving none of the purposes of true economic activity.
The constant repetition of "Iceland wiped out, Iceland destroyed, the end of everything in Iceland", I mean, really!
Been there lately? Iceland is, right now, the most economically sound place on Earth.
The "pay the banksters or be wiped out" boogyman is a fraud.
If he’s so smart, how come he doesn’t say one word about our massive trade deficit?