[peace with honor]

is it nice out back?

[Poison Pill]

I’ll listen to the gold bugs now.

[SECURE AMERICA]

Guy who predicted the financial meltdown: Obama’s only making it worse

---

Socialism has never improved helped or corrected anything.
One only needs look at the last 100 years of history to see the destruction and devastation that has always resulted when socialism comes to power as it is in the United States right now.

[OpusatFR]

“If anyone needs me, I’ll be out back killing myself.”

Jeez. Aw come on. I have room at The Swamp. Lots of booze. Just bring the soda water. And the Deep Woods Off.

[rbg81]

This guy makes a lot of sense—at least to me. He is saying much of what I have suspected for some time.

[sergeantdave]

The northern states, run by liberals, will quickly go down first, and these states will try to rob successful southern states, run by republicans, to keep afloat.

[Las Vegas Ron]

Any one notice the length of the video is 9:11

[Aglooka]

People were talking about housing triggering a “collapse” years ago. Why is everyone in the MSM acting so surprised that this is happening?

[DugwayDuke]

“If anyone needs me, I’ll be out back killing myself.”

I’m curious. How did that work out for you?

[D Rider]

The Good news is that my house payment will be almost nothing. The Bad news, I will never be able to afford the insurance or property taxes.

[P.O.E.]

Hate to burst his bubble:

WSJ has been writing editorials about Fannie Mae & Freddie Mac malfeasance for about 6 years now.

The 2007 Economist was chock full of articles about how the world banking system was facing collapse.

It was just a matter of when, and how far, the fall would come.

[Swing_Thought]

Peter Schiff is of the Austrian school.

Unfortunately, I think he (and they) are right. How do we get out of this mess? How is the government going to pay for all of this spending - both the bailout spending by Paulson and the planned make work spending by Obama? It won't come from taxes, the money's just not there. So they'll try to borrow, but not only are there fewer dollars out there to borrow, but dollar holders are increasingly less likely to want to give 'em to the US federal government, knowing that the likelihood of getting paid back is decreasing.

So that leaves printing as the only solution. Hello inflation. Goodbye dollar purchasing power.

Does anybody else see any more likely outcome? I'm dying to hear it, but I don't think it's out there.

[Nachoman]

Hyperinflation and the DOW 4000-6000? I don’t think so. The price of equities will increase as well. Whether or not the value keeps up with inflation is another matter.

[JerseyHighlander]

Up until today I had only seen Obama's transition team making things worse.  HOWEVER, today they announced that Christina Romer will be brought in to head the CEA.  This is better than everything else that has been 'not as bad as possible' news, this is good news.  If Christina Romer and her husband David are brought in to run the CEA, you can expect the best minds in economics to flock to be their council, and even more important, the worst minds (such as Krugman) being left out in the cold.

  Via Greg Mankiw's blog (note that Mankiw has collaborated with Christina and her husband David Romer over the years.

Random Observations for Students of Economics

Monday, November 24, 2008

Christy Romer to the CEA

President-elect Obama plans to name Christina Romer... to chair his Council of Economic Advisers.

An excellent choice.

permanent link

[keats5]

Well, at least we’ll get some good songs out of this deal.

Hard times always make for good songs.

[southernnorthcarolina]

If our current recession morphs into a for-real depression -- not predicting it will, but if it does -- what type of depression will it be? A deflationary depression like the Great Depression of the 1930s, where prices of goods and services, and wages, drop along with stock prices? Or, will it be like Schiff predicts -- hyperinflation for goods and services, combined with falling stock prices?

Personal investment/savings strategy would need to be different, depending on the type of depression, should one occur. Gold would be an outstanding play in a Schiffian scenario, but in a deflationary depression, not so much.

Anyone here brave enough to take a net short position in equities?

[indthkr]

bump..........

[familyop]

"If anyone needs me, I’ll be out back killing myself."

It's kinda scary for some. But then some are scared by watching a strong man do fast, hard labor, or seeing others wearing cheap clothing, driving old cars, smoking cigarettes,...

[cherry]

don't even joke about killing yourself....please.....

you know, I just wish someone will tell us WHAT a depression looks like....is it deflation or hyperinflation....there's people saying both...

what happens to the food supply?...if we have a some cash, won't we get by?....

what will be the first thing that goes?.....

[cherry]

and Peter Schiff is great at the bad news, but Peter, what should we do?.....if you have no solution, stopping sermonizing....