Comments on: Credit Markets Doomed; Dow Headed to 36,000

By: james

james — Mon, 01 Jun 2009 02:52:04 +0000

Hyman Minsky 1986 pointed to the fact stated by Marx that crises are not anomalies in the capitalist system but are a necessary component of the beast.

Minsky in Stabilizing an Unstable Economy showed how every time the Fed stepped in to bail out institutions in trouble, going back to the commercial paper crisis of 1966 through the 74-75 recession and the Reagan tax cut induced recession of 82-83 right up to the burgeoning S&L fiasco as he wrote, by providing liquidity and staunching the blood running from the system the Fed was ensuring that another, worse crisis would ensue.

Unless the system itself is changed this is gonna continue happening. As the fools on CNBC tout the resuscitation of the DOW and the refinance your loan shysters fill the airwaves, another bubble is inflating that will burst just in time to hinder my son’s chances of finding work when he gets out of college….he’s 13 now.

By: Hugh

Hugh — Mon, 01 Jun 2009 02:29:27 +0000

The important thing to understand here is that the financial industry and its sockpuppets in the media remain unreformed and unrepentant. Having crashed the economy and living off of government largesse have not modified their arrogance an iota.

We saw this before with Iraq. Being right can be a career killer. Being wrong is often the basis of, and prerequisite for, a stellar media career. All this is just more evidence of the corruption and self-dealing of our elites and that our country’s problems will not be fixed by any of them.

I wonder sometimes how bad things would have to get for their to be real change. But then I wonder if these bums were thrown out if even stupider bums would take their places.

By: JaneaneTheAcerbicGoblin

JaneaneTheAcerbicGoblin — Sun, 31 May 2009 22:33:19 +0000

Dow 36,000? He really wrote that, eh? Jeez.

It’s on the same lines of “The End of History” by Mukiyama. Both horribly wrong.

By: bobh

bobh — Sun, 31 May 2009 20:25:10 +0000

At a time when the moneychangers have brought the country to near ruin, the Republican Party is championing the cause of “bondholders”, which are mainly hedge funds and the like. Really smart politics.

By: Phoenix Woman

Phoenix Woman — Sun, 31 May 2009 18:49:19 +0000

Thanks. Teddy picks up on this here.

And it’s not that O/T, as the same Trad Media that uncritically passes along GOP blast-email bogosities about Sotomayor and Glassman’s debunked fantasies will give far less time to this story than they will to whatever set of talking points RNC staffers hand them.

By: jonerik

jonerik — Sun, 31 May 2009 18:42:37 +0000

Isn’t an opinion piece on financial markets from James Glassman like having one from Jim Cramer? Anyway, I thought the NYT didn’t have any comics page.

By: BooRadley

BooRadley — Sun, 31 May 2009 18:29:39 +0000

Thanks masaccio.

By: Synoia

Synoia — Sun, 31 May 2009 17:57:11 +0000

LAMO thanks.

By: Jo Fish

Jo Fish — Sun, 31 May 2009 17:53:15 +0000

Oh, and in re Glassman….

An educated person…

I rest my case.

By: Jo Fish

Jo Fish — Sun, 31 May 2009 17:50:26 +0000

Does Glassman get his blast-faxed information directly from the Desk of Bob “I-Hate-Unions-and-all-Labor” Corker? What a tool. Well, after the Dow went to 36000 and I retired from all that money I made short-selling, I bought his book off the remainder table at Borders and donated it to the local Ron Paul meetup group.

They loved it.