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 LloydMiller |
What Caused the Economic Collapse! |
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Posts: 596 Sun, Jan 4, 2009 8:49 PM |
In my view, the proximate cause of the collapse was the stubborn, inexorable increase of interest rates several years ago when Bernanke first took office. This steady increase in rates triggered adjustable mortgage rate increases, making them unpayable for many homeowners, investors, and speculators.
Lloyd Miller, Research Director
Last Edited By: LloydMiller Fri, Apr 2, 2010 8:01 AM.
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LloydMiller |
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Posts: 596 Sun, Jan 4, 2009 8:58 PM |
LloydMiller wrote:Yes, I know, the "Austrian Economists" (followers of von Mises, Rothbard, et al) point to the prior credit expansion under Greenspan as the cause. However, that overlooks that the rate increases DID NOT reflect market forces, ie. increased demand for money or a decrease in the quantity of money. The interest rate increases were arbitrary and often "would not stick", ie. loans actually took place at lower rates than set by the FED. . . the market only reluctantly followed! But the rates were translated into higher mortgage rates due to the way adjustable rates are calculated. Did the FED purposely pull the rug out from under the Fannie Mae and Freddie Mac scams? Maybe. . . .? Because neither Congress nor the President were willing or able to end the scam? Did the FED realize the heart of capitalism, Wall Street's INVESTMENT BANKS, would hit the dust as a result? The Establishment economists seem to claim the FED "had" to raise rates because they were "too low". . so, low that the FED no longer had any room to "fine tune" the economy. . . makes no sense! A rate increase that must be completely reversed was IDIOTIC! Lloyd Miller, Research Director
Last Edited By: LloydMiller Fri, Apr 2, 2010 8:02 AM.
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Ole Dude |
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Posts: 205 Mon, Jan 5, 2009 10:52 AM |
LloydMiller wrote:In view of the fact that the Fed is owned by private banks including international investment banks, I would expand the question to a more open ended "What is going on"? Is this a signal (or transition strategy) that capitalism as we knew it is being displaced in the NWO? (this is DC from the old list.) |
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LloydMiller |
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Posts: 596 Mon, Jan 5, 2009 10:41 PM |
Ole Dude wrote: Glad to see someone made it over to the new A-albionic system. Again, you are espousing the "Master" conspiracy, ie. that the Ruling Class / Conspiracy is essentially unitary. I am skeptical. I think there are powerful ruling class factions, but they are fighting for power and, as often as not, what happens is the unplanned consequence of conflict, conflicting plans and/or just plain fighting amongst the powerful. You will recall that in a prior post you asked what I meant by "Master Conspiracy". I mean any theory that considers the ruling class or conspiracy well enough organized and dominant enough to execute successful societal plans most of the time. I'd say most so-called "conspiracy theorists" have a "Master" or unitary theory. They might see Zionist Jews, "Insiders", International Bankers, "the CORPORATIONS", the Rockefellers, the Rothschilds, the British Royal Family, the Jesuits, the Catholic Church, etc. . . as the "Masters" or "High Cabal". They are all in the "Master Conspiracy" school of thought. Robert Welch, I believe, coined the term "Master Conspiracy" referring to his "Insider" or "Illuminati" conspiracy behind "Communism." Greenspan said he was surprised the premier Investment Banks, the heart of Capitalism would mismanage their portfolios in such an insane manner. Of course, he could be dissembling, but I don't think so. I don't think the old Ayn Rand buff is that dishonest. Lloyd Miller, Research Director
Last Edited By: LloydMiller Fri, Apr 2, 2010 8:03 AM.
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Ole Dude |
Nigel Farage warns of euro meltdown | #4 | |||
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Posts: 205 Tue, Jan 20, 2009 11:14 AM |
Jorg sent me this link from Germany this morning.
Nigel Farage warns of euro meltdown |
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return2reason |
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Posts: 93 Tue, Jan 20, 2009 11:22 AM |
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LloydMiller |
#6 | ||||
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Posts: 596 Tue, Jan 20, 2009 12:03 PM |
Ah! Interesting that you could post the U-Tube display, but not "play lists."
I deleted the whole "play list" discussion. However, I listened to the Michael Hoffman lectures on religion and altered mental states. Very interesting. He has certainly evolved since I first started dealing with him back around 1975. He used to be an extreme Bible Thumping "literalist". Perhaps we can keep the "other" message board set-up to link play lists. . . yeah, Hoffman isn't music. . Lloyd Miller, Research Director
Last Edited By: LloydMiller Fri, Apr 2, 2010 8:04 AM.
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LloydMiller |
My Theory of the Economic Crisis | #7 | |||
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Posts: 596 Sun, Feb 15, 2009 5:46 AM |
[Lloyd Comments] Strange that so few point to the obvious interest rate "error" of Bernanke that started the crisis. Does anyone ask if an interest rate that had to be completely reversed within a few months was an ERROR. . . ERROR! ERROR! Or accident on purpose to elect Obama AND/OR put an end to the mortgage insanity at Fannie Mae and Freddie Mack? Here is a post I made quite some time ago now. . . [Lloyd Commented] Lloyd Miller, Research Director
Bernanke Appointment: October 24, 2005
After the collapse of the Clinton Administration / Internet-High Tech
Bubble of the 1990's, interest rates settled-out at a very low rate compatible with the requirements of the new "Global Economy".
The Federal Reserve "Member Banks", accustomed to making easy
money via "rates", hated the new interest rate dispensation. Greenspan began restoring "profitable" interest rates in 2004 (what he
defined as "building balance sheets" during an earlier crisis). Bernanke incomprehensibly continued this policy far beyond whatever benefit
moderate increases might have had until he triggered drastic adjustable rate increases and brought the economy into crisis. As shown on the chart, Bernanke
VICIOUSLY ratcheted-up rates with NO END IN SIGHT and allowing no way for the economy to gradually adjust!
Bernanke should be asked to resign by the President and/or
Congress.
Lloyd Miller, Research Director, A-albionic
Research
Click -- A-albionic Book Inventory
Liquidation Sales
> > Bernanke Appointment: October 24, 2005 > > After the collapse of the Clinton Administration / Internet-High Tech Bubble of the 1990's, interest rates settled-out at a very low rate compatible with the requirements of the new "Global Economy". > > The Federal Reserve "Member Banks", accustomed to making easy money via "rates", hated the new interest rate dispensation. Greenspan began restoring "profitable" interest rates in 2004 (what he defined as "building balance sheets" during an earlier crisis). Bernanke incomprehensibly continued this policy far beyond whatever benefit moderate increases might have had until he triggered drastic adjustable rate increases and brought the economy into crisis. As shown on the chart, Bernanke VICIOUSLY ratcheted-up rates with NO END IN SIGHT and allowing no way for the economy to gradually adjust! > > Bernanke should be asked to resign by the President and/or Congress. > > > Lloyd Miller, Research Director, A-albionic Research > Click -- A-albionic Overview, WWW Sites, Discussion Lists > Click -- A-albionic Book Inventory Liquidation Sales > Lloyd Miller, Research Director
Last Edited By: LloydMiller Sun, Nov 29, 2009 7:37 PM.
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LloydMiller |
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Posts: 596 Sun, Nov 29, 2009 7:41 PM |
Lloyd Miller, Research Director
Last Edited By: LloydMiller Fri, Apr 2, 2010 8:05 AM.
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LloydMiller |
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Posts: 596 Fri, Apr 2, 2010 8:09 AM |
In the interest rate chart above, note the interest rate spike from later 2004 thru most of 2006 engineered by the moron Bernanke. Greenspan started the spike, but Bernanke is the one who carried to the extreme that caused the economy to tumble into the gutter!
Lloyd Miller, Research Director
Last Edited By: LloydMiller Sat, Apr 3, 2010 10:34 PM.
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Christopher Herman |
#10 | ||||
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Posts: 1 Fri, Apr 2, 2010 9:58 AM |
In relation to the idea that the financial crisis was planned by the people seeking a "new world order":
The fact of the matter is that most economists do not even seem to understand economics very well. Prominent figures that are often looked to such as Paul Krugman are often muddled in their thinking. If apparently educated economists cannot express matters clearly, how well can we expect politicians, especially considering that the level of rhetorical discourse among politicians is at a very poor level, most likely reflect the low literacy of the population in general? Who would have had the smarts to conspire such a crisis? Without trying to explain it in detail, it seems to me that the cause of the crisis was a combination of intersecting factors, with Goldman Sachs in the end jockeying for position to rise to the top in the aftermath. The mortgage issue, which was driven by the domestic political interests of the Democrats, intersected with Federal Reserve policy, which was qualified by the respective perspectives of Greenspan and Bernanke and the monetary policies which followed from that, and was complicated by the speculative methodology of investment bankers, which was then qualified by the respective regulatory, fiscal, and monetary of all the nations involved in the subprime loan nexus. All these intersecting factors were too complicated to be preplanned. This is not to dismiss the significance of such gatherings as the Bilderberg meetings, but isn't the purpose of that meeting to sort differences among the elite? My impression is that such differences are not inevitably concluded at the end of every year's meeting, but may carry over into several years, or on a long term basis, coupled with the possible fact that the purposes of the meeting are not as clear and apparent to everyone who attends. |
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LloydMiller |
#11 | ||||
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Posts: 596 Sat, Apr 3, 2010 9:44 PM |
Christopher Herman wrote: Ok, but my point was that the interest rate spike was the proximate cause. . . it may have been a calculated move on the the part of the Federal Reserve, first under Greenspan and continued under Bernanke to put a stop to the housing/mortgage bubble and the associated speculation and mortgage paper churning on Wall Street. I suspect that Bernanke didn't have the knowledge or guts to handle the puncturing smoothly and almost destroyed the world economy. It's not that the whole concatenation of events and trends were planned. It was that the FED planned to bring that array of trends, "a bubble", to an end and did so in a ham handed way. Lloyd Miller, Research Director
Last Edited By: LloydMiller Sat, Apr 3, 2010 10:40 PM.
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