who's got the testicles of a canary ????
why who else...
besides me that is
but st pauli girl...
read this high c over high c
stem winder ...
================================
i'll pontificate as a pre amble
unilateral belt tighening by uncle is not ....
not not the answer
in fact the global system needs
to have uncle's 600 billion
in excess external demand ...
replaced before .... yes BEFORE
uncle tapers down
we need a step by step cross taper
one step
up in net imports
by the rest of the planet
before
uncle takes a step down
then another and another
key here
slow steady
and always always err
on the side of excess
recall herr grimspans words
"we know
what to do with an inflation
but a deflation ...."
-----------------------------
now for paul's
copywrite pending
everybody loves
a poison pen song ....
working title:
" hey guys
we're pissin
in our own well here "
--------------------------------------------
paul:
" Last year America
spent 57 percent
more than it earned
on world markets"
"That is, our imports
were 57 percent larger
than our exports"
------- and that gap
is a huge chunk
of
the international trade total
like 7-8 %
pull that out and
the negative multiplier effect would lead to ....
but wait a moment
this is not paul's tale
he operates on the assumption
his readers despite
their own
symbol worker success stories
still gut-feel
"fuck the world
what about me and mine" -------
------
but back to paul
the amerikan hercules is ...-------
"... running up debts to
Japan, China and Middle Eastern oil producers. ... "
------- and ..and paul ???------
"Sometimes large-scale
foreign borrowing makes sense. ...
But this time our overseas borrowing
isn't financing an investment boom ...
business investment is actually low
by historical standards"
"we're using borrowed money
to build houses
buy consumer goods
and, of course,
finance the federal budget deficit"
--------paul
now why not untangle
that last expenditure bust out
like the priors are
by calling em out
one by one
in their "real economy "
form
like saying
we're borrowing
400 billion of that
to fund
two hundred overseas bases
build bull shit buck rodgers space weapons
and fight
two overseas wars of occupation
and while your at it
add in one other
no gub import whopper
the foreign oil tab
beating
the fisc deficit drum
has no direct place here...
no place at all
unless you're trying to
multi task.....
simultaneously
push your bob rubin type
fecal fiscal deficit
reduction plan
like say
let's slap a fake-full
shared sacrifice
re-tax
on fuckin richy rich ...
and
by mere misfortune
also
slow the job economy to a crawl
with expenditure restraints --------------
------- oh by the way
my fellow
foolish debt hole digging
householders
bend over....
right now !!!!
bend over
and
prepare to recieve your punishment --------
"In 2005 spending
on home construction
as a percentage of G.D.P.
reached its highest level
in more than 50 years"
-------- how in hell is that bad ?????
notice no talk of the lot bubble yet
cause thats not ...part of the "real " economy
but fuckinberry
this is actual home building
shelter expansion ...
jesus crimples
paul
is that so wroooong-ah ??????-----
------ but then he throws his belly punch -----------
" People who already own houses
are treating them like A.T.M.'s
converting home equity into spending money
last year the personal savings rate
fell below zero
for the first time since 1933"
------- if you nyt polonii
'nor borrower be.....'
i hope you at least
hardly hate
your pigfaced neighbors ------
" And it's a sign
of our degraded fiscal state ...."
-------- nb "degraded "
why why ...
u fuckin red state
fetus friendly
gub shrink addicted
krist kritters u ----------------------
------ so what's up doc ????------
"It all sounds unsustainable
And it is"
------- deeper science forces no fudge
this job calls for righteous casuistry ...--------
" Some people insist
that the U.S. economy
has hidden savings....."
-------- but pay them no heed ...-----
" I won't go into
the technical debate
about these claims ...
except to say
that the more closely
one ....
--one ---
looks at the facts
the less plausible
the "don't worry, be happy"
hypothesis looks"
------ no comment
besides vide
the final testement
of bill vickery ...
but god love paul
don't he follow
this fudge caking
with one nice distracting chop...
at the nyt pinata of choice ...---
"..Mr. Cheney announced ...
a newly created division
within the Treasury Department
would show that tax cuts increase
not reduce, federal revenue.....
That's the Bush-Cheney way:
decide on your conclusions first
then demand that analysts
produce evidence supporting
those conclusions"
----- but
back to the pleb wacking
in the wood shed ----------
" .... serious analysts know
that America's borrowing binge
is unsustainable. ... "
"So how bad will it be?"
" It depends on how the binge ends "
" If it tapers off gradually
the U.S. economy will
shift workers out of sectors
now caught up in
the housing construction boom
over to sectors that produce
exports or replace imports"
--------if only we have the time ....-------------
" we could bring the trade deficit down
and bring housing back to earth
without a net loss in jobs"
--------- but -----------
"In practice....."
" a soft landing looks unlikely",
" too many economic players
have unrealistic expectations."
---- for instance ??? -------
" us bond buyers ....
oblivious both
to the budget deficit
and to the consensus view ...
that the dollar will eventually
have to fall
30 percent or more
to eliminate the trade deficit"
----- nb "consensus view" ...--------
----- but what of us lubbers ???---------
"houses in the bubble zone
are overvalued
by between 35 and 40 percent,
creating trillions of dollars
of illusory wealth"
----- we coasters
are just sad old lubbers
living
in an ownership society
but owning...
nothin but "illusory wealth" -----
So it seems all too likely that
"America's borrowing binge
will end with a bang"
".. spending will suddenly
drop off
as both the bond market
and the housing market
experience rude awakenings"
-----in a phrase...we're all in for...-----
"... a rough ride"
------- what shit paul
where's the fury
or do u think
at least in part
the raw hunk
of the great amerikan "we"
that will take the hammer here
deserves what they're about to get ?????----
----- well fuck u
paul
but i'll take up your closer ....-----------
" Best wishes
and good luck, Ben;
you may need it "
Posted by pinky at February 14, 2006 05:45 AM