Mish tears into Reich's various prescriptions on the economy.
Payment for the absurd policies of FDR are now coming due. Social Security is broke, there is no "lock box" demographics are unfavorable, and acts like Davis Bacon and collective bargaining have wrecked many cities and states. When it comes to jobs creation, we need to...Read More
A little humor, for labor day. The ironic reality is the government's vast kafka-esque bureaus are just about this inattentive/irresponsible: ``Interior Department sources also confirmed the "change filter" light had been blinking for the past 12 years but the casing had become so saturated with grease and dust that federal officials failed to no...Read More
"The bank is moving to foreclose, but whether it's a short sale or foreclosure, the IRS will get involved. The money the bank forgives can be considered income, and you may to pay the taxes....Read More
"With the Fed possessing a world-class stable of lawyers, it’s a safe bet that every jot and tittle of the boss’ sworn testimony is rock-hard supportable. Here I’m more interested in what he doesn’t say....Read More
``Rising gold is not a signal of inflation, nor “deflation” — it is undeniable proof of the dollar’s demise and devaluation. Period. More telling than monetary “proof” of either inflation or deflation is the fact that we are immersed in a bona-fide banking panic — like grandpa used to enjoy. Such panics may or may not cause true monetary deflati...Read More
``Gold and gold mining shares were an average of around 25% of world financial asset between 1921 and 1981. Today, gold and mining shares are only 0.9% of world financial assets. If gold and mining shares were to go to 25% of financial assets, gold would go to over $31,000. But even if we assume that world financial asset would go down by 2/3rds fr...Read More
It would be nice if we had a real high-speed-rail system, but it doesn't look like this is going to get much done (nevermind the fact that there is a negative consequence to all spending that is not offset by cuts in government elsewhere).
I would say the money should be returned to the private sector, but this is just more borrowing, ...Read More
"Transactions of used apartments at 10 of Hong Kong’s biggest private developments fell for a second straight week as sellers held out for their listed asking prices after consecutive government land auctions that beat estimates....Read More
"Some contrarians might say it's a bullish sign that a mass market daily is playing up the bearish case. Maybe. But given that Wall Street still seems to think that it's business as usual and that things are in relatively good shape -- which most clear-headed individuals know is not true -- maybe the greater fools this time around are those they se...Read More
The government has given buyers using the credit another three months to close sales, and the initiative is being imitated on a smaller scale by states and private companies. But some think the market would be better off if we laid it to rest for good...Read More
