Why is the biggest story of the day? Because Ben Bernanke is a well-intentioned arsonist. Bernanke inherited an American and global economy built on an upside down pyramid of debt, with a very small asset base. When the entire edifice began to collapse in 2007, the Fed Chairman was slow to react.
August 26th, 2009 | Dan Denning | 1 comment | ContinuedAll Posts Tagged With: "barack obama"
Obama Admits: America is Out of Money
“Well, we are out of money now,” Obama said. It’s kind of shocking to hear a politician be so direct. Surely it must have been a slip up. But the man is right. America, along with Britain, is financing a hodge-podge of corporate welfare and classic handouts with deficit spending…
May 25th, 2009 | Dan Denning | 10 comments | Continued
Begging the Question: Recovery to What?
Does it mean that American “consumers” (so-called) are awaited momentarily in the flat-screen TV sales parlors with their credit cards fanned-out like poker hands, ready for “action?” Not too likely with massive non-performance out in cardholder-land, and half the nation’s electronics inventory wending its way onto Craig’s List.
April 17th, 2009 | James Howard Kunstler | 29 comments | Continued
The Collapse of 2009
Because most people don’t live and shop on Wall Street, the “Panic of ‘08″ was viewed by Main Street as if from afar – even though many were losing money. But when commercial real estate crashes it will hit much closer to home. The depressive atmosphere of thinly shopped, half- vacant malls will strike emotional chords and all the senses.
March 20th, 2009 | The Daily Reckoning | 5 comments | Continued
Huge Inflation
Distract from what? Huge inflation. Yes. Yes. We know. There is no huge inflation now. In fact, industrial production in the United States fell for the fourth month in a row. It hasn’t been this low since 2002. But then, why would output grow when demand is falling and credit remains tight?
March 17th, 2009 | Dan Denning | 1 comment | Continued
Fire Chief Bernanke
The Federal Reserve, under the leadership of Ben Bernanke, called out all the fire trucks and opened up all the hoses. Rates were cut to zero…and the Fed expanded its balance sheet – increasing the amount of credit available to the banking system – by nearly $1 trillion.
March 3rd, 2009 | Bill Bonner | 4 comments | Continued
The Trouble With Banks
Meanwhile, there is not much we can tell you that you don’t already know about the global rout in stocks. Wall Street is at twelve- year lows. The FTSE is at six-year lows. And here in Australia the market has opened lower than its five-year low, as you’d expect after such a wretched overnight performance on global markets.
March 3rd, 2009 | Dan Denning | 6 comments | Continued
Planet Death Star
Kevin Rudd is headed over to America next month to speak with Barrack Obama about climate change, the global financial system, and others ways to save the world and improve on human nature. Perhaps he might ask him if America’s US$1.75 trillion annual deficit for next year should cause global investors to worry about America’s credit quality.
February 27th, 2009 | Dan Denning | 4 comments | Continued
Capitalism and Capitalists
Here at The Daily Reckoning, we don’t particularly like capitalism or capitalists. We just don’t like anyone telling us what to do. So, doing unto others as we would have them do unto us, we make no effort to tell others what to do with their money.
February 25th, 2009 | Bill Bonner | 1 comment | Continued
President Barack Obama and Franklin Roosevelt Are Becoming Akin
The President-Elect, Barack Obama, seems to become more Rooseveltian day by day. He has established a close personal relationship with the American public. Roosevelt used the “fireside chat” on radio to create a very similar personal following. It seems quite possible that, at some stage, President Obama will have to face the same denigration which Roosevelt suffered…
December 23rd, 2008 | William Rees-Mogg | 1 comment | Continued