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December 27, 2010
Krugman - Still Proving PhDs Are Worthless
It's fantastic heckle from start to finish!
I would quote part of it to entice you to read it, but I would sooner cut up a great piece of artwork than risk defaming it.
Friday: No Major Economic Releases
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[image: Mortgage Rates] Note: Mortgage rates are from MortgageNewsDaily.com
and are for top tier scenarios.
Friday:
• At 10:00 AM ET, *University of Michig...
2 hours ago
8 comments:
From your link:
Krugman says "it still feels like a recession in America."
I'll see your heckle, and raise you one:
July 9, 2008 - McCain adviser talks of 'mental recession'
"We have sort of become a nation of whiners," he said. "You just hear this constant whining, complaining about a loss of competitiveness, America in decline" despite a major export boom that is the primary reason that growth continues in the economy, he said.
G.H.,
There's nothing quite like a massive trade deficit to "fuel" our "major export" boom, lol.
Get it? Fuel? Hahaha! Sigh.
As a side note, if we consider our export boom to be major then what should we call our import boom?
Major seems too small a term to do it justice.
I like General. We have a "general import boom". Yeah, that sounds about right.
I'm thinking about "Pattoning" my phrase. Get it? Patton? Hahaha! Sigh.
Thank you. Thank you very much. You've been a wonderful audience. ;)
From the Krugman link:
"...we had better stop the ZIRP crap right now, because the data up above strongly implies that we're going to continue to play this game right up until every Senior Citizen who saved for retirement (and has gone from a 5% safe return to zero over the last three years) runs out of money and starves."
From General Patton: A Soldier's Life:
"Whether this is in good faith," Patton wondered, "or as a bait I did not and do not know."
"There's nothing quite like a massive trade deficit to "fuel" our "major export" boom, lol."
Technically, that happens a lot. China probably ran trade deficits for years as they imported the machines needed to keep their export boom going.
We aren't doing that, but we do export a lot of stuff. Those may include tons of imported parts and components even.
My friend at Boeing says their new trend is "insourcing" as in making stuff in house in the USA.
Coba
There is serious inflation in China. They put price controls on vegetables. That can't be good. They are doing everything they can EXCEPT let the Yuan rise.
I was looking carefully for empty buildings - and they do exist, big time. I saw a luxury apartment complex that has been completed for 6 months that has maybe 10-20% occupancy. The city its in is busy building tons of government buildings like huge status sports complexes...for the 2012 College Olympics...man are they excited about that. I have never heard of the college olympics. I suspect every town in China saw the Beijing Olympics and went crazy.
They even now have started building government subsidized low cost housing. LOL. Yeah, we have high prices due to a housing bubble -let's build MORE!
Where did we see that before?
Coba
Coba,
"We aren't doing that, but we do export a lot of stuff. Those may include tons of imported parts and components even."
Are you saying we import "tons of imported parts and components" and then export them back from whence they came?
At a loss I presume, LOL.
It's the California Pizza Kitchen business model gone federal!
Coba,
"My friend at Boeing says their new trend is "insourcing" as in making stuff in house in the USA."
That's good news. Is your friend concerned about China getting into the plane manufacturing business? How many years before Boeing becomes like General Motors? And why hasn't Japan been much competition? Any thoughts on that?
"There is serious inflation in China. They put price controls on vegetables. That can't be good."
Yeah, here we go again. The "rice shortage" a few years back will not be soon forgotten.
"I was looking carefully for empty buildings - and they do exist, big time."
The global imbalances and capital misallocation continue. It can't end well. Andy Xie now says that the US or China will crash. If China crashes first then the US might do okay for a time thanks to lower commodity prices and therefore a smaller trade deficit. Who really knows though?
G.H.,
"It's the California Pizza Kitchen business model gone federal!"
It's the food stamp business model that concerns me most these days. 1 in 7 Americans! No joke.
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