Bernanke has cultivated this idea that he is a brilliant scholar of The Great Depression, but that’s not true at all.— David Stockman
The most unique David Stockman quotes that are little-known but priceless
It's kind of hard to sell 'trickle down,' so the supply-side formula was the only way to get a tax policy that was really 'trickle down.' Supply-side is 'trickle-down' theory.
In 1985, the top five percent of the households - the wealthiest five percent - had net worth of $8 trillion - which is a lot. Today, after serial bubble after serial bubble, the top five per cent have net worth of $40 trillion. The top five percent have gained more wealth than the whole human race had created prior to 1980.
The Ryan plan isn't a budget. It's the last will and testament of the Republican party.
Insanity has infected all the central banks of the world.
A veritable incubator of short cuts, schemes and devices to overcome the truth.
One thing is certain. At some point global investors will lose confidence in our (U.S.) easy dollars and debt-financed prosperity, and then the chickens will come home to roost.
Kemp-Roth was always a Trojan horse to bring down the top rate.
The United States is broke — fiscally, morally, intellectually — and the Fed has incited a global currency war Japan just signed up, the Brazilians and Chinese are angry, and the German-dominated euro zone is crumbling that will soon overwhelm it. When the latest bubble pops, there will be nothing to stop the collapse. If this sounds like advice to get out of the markets and hide out in cash, it is.
Let's have honest interest rates. Let's let the free market set interest rates in that zone where supply of savings is matched up with demand for real borrowing for capital projects.
In short, Mr. Ryan’s plan is devoid of credible math or hard policy choices. And it couldn’t pass even if Republicans were to take the presidency and both houses of Congress. Mr. Romney and Mr. Ryan have no plan to take on Wall Street, the Fed, the military-industrial complex, social insurance or the nation’s fiscal calamity and no plan to revive capitalist prosperity - just empty sermons.
I'm just not going to spend a lot of political capital solving some other guy's problem in 2010.
I think the stock market is a very dangerous place to be at the present time.
In fact, the stock market today is almost identical to where it was in October 2007 and then there was a $7 trillion crash and before that in March 2000.
The Republican Party, as much as it pains me to say this, should be ashamed of themselves.
We need a wealth tax that on a one-time basis is going to take back at least some small fraction of the great windfall that the upper 1 percent, or 5 percent and pay down the government debt, pay back the federal debt because we can't put this on the next generation or they're going to be buried paying taxes.
The stock market in Japan was half the world market and where has the Japan economy gone since the 1990s? Nowhere. They've been struggling for two decades in the aftermath of a massive bubble that's collapsed. They've tried to work their way out of it by printing even more money and it hasn't worked. Now, I'm saying this is what all the central banks are doing. There is no honest interest rate in the world today.
If there were such a thing as Chapter 11 for politicians, the Republican push to extend the unaffordable Bush tax cuts would amount to a bankruptcy filing.
I think we're so addicted to bubble finance at the Fed that they can't get out of the corner they painted themselves into. I think the Fed is making federal debt so cheap that Congress has no interest, Washington has no incentive to ever face up to our massive fiscal gap that is going to grow, and grow as we go forward in time and so we have a paralyzed system.
Main Street has too much debt already.
It is simply a bonanza for speculators who can borrow the overnight money and then buy something that they can speculate on.
I don't think that Mitt Romney can legitimately say that he learned anything about how to create jobs in the LBO (leveraged buyout) business. The LBO business is about how to strip cash out of old, long-in-the-tooth companies and how to make short-term profits. All the jobs that he talks about came from Staples. That was a very early venture stage deal. That, you know they got out of long before it got to its current size.
I invest in anything that Bernanke can't destroy, including gold, canned beans, bottled water and flashlight batteries.