those are the reasons jobs and loans are rationed
doled out

based on a ranked guess

about the likeliness to borrower or job hire

will perform as required and expected

Posted by js paine at 02:03 AM

interest rates
are like the cash pay part

of a ration card…get it ???

raut
you conflate crdit flow rates with interest rates

unless flow rates are a simple function of interest rates

its better to talk about the real direct thing

credit availibility and or credit demand

ie credit flow rate

in a crisis there's plenty of “bad “demanders of an extended credit line

but they get “rationed out “

and not by interest rate hiking

but by simple “no”s

Posted by: paine | Link to comment | July 28, 2008 at 05:49 PM

paine says…
note krugmans amazement at the inefectivenes

of the policy rate to determine real lending rates

the rates are signals not determinators
they can be ignored

look at the flows of funds

only that turkish death grip

herr volcker put the economy in

really directly effected credit flows

but it was so crude

the brainiacs gave up on it

instead of designing a sysatem that could do it with finesse

the red chinese have wisely followed
the japanese in creating a more detailed

set of quantity controls

hence their ability to defy the ” market laws” of forex

Posted by js paine at 01:59 AM

john v
you add nothing

confirm the obvious

and avoid

the difficult policy questions

swims in the crystal clear lakes of austria
talk of schein vert hi fi “growth”

blah blah blah

forget poole he's a bull horn for brainless
rotarian quality privateering

cato the dumber indeed

“back to purer private competitive scale firms and
robust market scrums…”

hoakus bogus baby

a dodo bird position

at this point even in washington

larry is quite another story
he's able to write

the devil's own software

and yet this looks like a ap dance ..

first we nationalize and publify
the loss crying naughty naughty

thn we

re privatize

the juice full plums

in easy pieces

the holy ghost

ie uncle's credit card

still casts a can't lose spell

nothing like backing
from a limitless

credit line

backed by taxing power

to thin out equity margins

and

up the “nearly sustainable “

operating leverage

of the frenzy feeders

queen looting and king fraud
btw

are the real deeper hazards here

not hyper risk

even factoring in

tales i win

heads you lose

Posted by js paine at 01:08 AM

“true free market economics”
does this operationally tanslate as

a state with a constitutional

total hands off the market policy ???

if so

can you safely claim

by abolishing even the possibility

of “state failure”

and thus any possibility

the state could be wrecking market function

you can expect

—-given reasonable start up time frame —-

spontaneous market agencies

can and will cure enough domestic market failures

to say ….out perform

any state centered rival system

still around

over a …..three decade long production race

Posted by js paine at 10:31 PM

“eviserating the arguments of Mankiw”

by any and all means availible !!!!!

if he proves to thickly hided
or his gut to leathery

use an axe and a shovel
if he proves too slippery to hold in place

nail him to the table

if he has cast a magic spell
and you can't get within ten feet of him

torch the whole building he's in

Posted by js paine at 10:30 PM

the definition of market self discipline
one pigs dinner is limited by the rest of the pigs

who limits the slop supply??

farmer brown aka uncle sam

“Brokerage houses and investment banks need to be as closely regulated as banks”

this time round
lets regulate the regulators too

am i wrong to boil down krug's Rx

for the house lot  based credit crumple

just

apply the old regs to the same old markets

that only look new cause they're unreg-ed  ???

if so
then how did we get back here from the triumphs of 1936 ???

and what MORE must we do
to make the reg system unsinkable this time

paul…got any memes on this

for us groundlings of THE SCIENCE METAPHOR

back in those same 30's

folks started transplanting human hearts

they quickly learned about rejection

the immune systems reaction

when some goo goo tried hooking

just any old dgf

“alien organs” into live but dead hearted human body systems

similarly
corporate capitalism's immune systems

eventually rejected reg hook ins

just took a little longer to kill off

“the alien organs”

Posted by: paine | Link to comment | July 28, 2008 at 08:40 AM
to design a proper

never again mechanism

after the present credit crisis

its prolly okay
to follow

that nazarene guy's

“love thine enemies” bit

so long as you don't

throw in his “resist not evil”

figure

there

but for the grace of being a loser

go i

don't make sense
blaming pigs for being pigs

hell forgive em if you must

just don't think they're

convertable into angels

course i'd carve up into hocks and chops myself

Posted by: paine | Link to comment | July 28, 2008 at 11:17 AM

paine says…
i agree joe

u can live life as an ox or a bull

your choice
but becoming an ox

isn't like getting a vaaaaaaasectomy

it ain't reverse-able

Posted by: paine | Link

paine says…
bullbust

take mark off that hate list

and i'll agree

with the rest

one thousand percent

cyrille
now after 8 years of free range

limited liability corporatism

neo lib is a mark of cain

not a 90's type brand name

for gub-corp do good biz detente “realism”

turned out do good biz wasn't do biz good eh ??

so folks like krug and delongeurs
have been rowing away

from their brand

as fast as they can

err once they caught the full whiff
some quicker and earlier then others …obviously

regardez:

paul's elfin nose
was clearly way more sensitive

then brad's snout

The world is nuanced and you need a an appreciation of subtleties.”
joe

prufrocks don't rock

nuance like seance

is a word

fit only for darkened front parlors

Posted by: paine | Link to comment | July 28, 2008 at 08:59 AM

paine says…
“Where is the vision (let alone the will) to transcend the thinking of a bunch of greedy bankers from 1910?”

the monster bankers blue print of 10
got built in 13

to “on the fly ” congressional orders

and obviously not to wall street's coherent priginal

specs..

uses drifted bank side entirely for thru the post great war years till….

frankenstein's monster roamed the landscape from 30-33

there have been both way reconstructions
ever since

but me hopes
i smell not an austria here

if so

crew
prepare to repell

flying gold bug invaders

Posted by: paine | Link to comment | July 28, 2008 at 09:06 AM

paine says…
rf

naked corporate welfare plans

need no other clever name

like invisible regs

programs which
allow pri-sec profiteers

to collect their entitled “rents ” from uncle

is called pork

no matter what you call it

pork is another dimension of “state failure”

Posted by: paine | Link to comment | July 28, 2008 at 09:13 AM

paine says…
” I suggested that we look at the idea of limiting the absolute size of firms “

that aim is worthy of mr weaver's populists
reminds me of

congressional term limits

the balanced budget amendment

and other such pop movements

based on the Lord above

and confident ignorance down here

Posted by: paine | Link to comment | July 28, 2008 at 09:17 AM

paine says…
“the 30-year …. project buidling Casino America”

lovely bw ..as edited …it was after all bi partisan

nb carter/clinton

“The gang of Krugman, Delong, Thoma, Summers, Rubin et al - these are the people who went along with the Chicago mafia, worshipping Alan Greenbum”

go get em bull's eye

nuance is for guys with rolled up trousers

“Everyday. By the sweat of my brow do I earn my bread. Making something that is top of the line, and widely sold, beating the crap out of the competition, day in, day out, in the real world”

that's one way to see thru
the less then worthless

negative long run sum paper demons (big and small)

there's another way

be one ..be a paper demon ..
that is one with a working bathroom mirror

anne :
attendez vous

Posted by: paine | Link to comment | July 28, 2008 at 09:28 AM

paine says…
“two distinct subspecies of “neoliberals.”

yes
repentent and non repentent

“i find neoliberals, monetarist and mankiw and his ilk to be simple minded. Unable to do the tedious hardwork to notice subtleties and nuance”

joe you need to postulate a notion
of “enlightened self interest” here

mankiw is a master of both hard work and your beloved nuance
but he's “hired” and rewarded handsomely

by..the dark side

okay so its a bounded enlightenment
but if thee's no life after this one

maybe its not bounded enough to cause greg's comeupence

Posted by js paine at 10:20 PM

BW
do u choose to call

the good ole econ con system

a religion vs

the more generic word ideology

because of the analogous quality

of econ con's institutional and personal “practice” ???

a revealed non demonstrable set of truths

and a persevering faith

aren't they both necessary

to say

“i got religion” real religion

not merely an external compliance

but faith in a undemonstrable revealation is
not necessary for

certain political ideological convictions

the two properly oughta start
with a leap …a conversion…a born again moment

where a whole is taken on the evidence of a part

but faith demands no back sliding
all doubt must be sublated

i suspect unlike believer to his toes me
you can't ever sublate your doubt

bruce w

the timber she grow mighty tall here

but i suspect i only wish you'd use the generic notion of ideology
for such shared characteristics

as systems such as calvinism and leninism share

a religion is a faith based ideology indeed

example
any claim to

an after death after life

clearly must be a revealed truth eh ???

example
leninism an ideology

but not a religion

because by your def

leninism as a historic mission type claim

has no need

to directly

confront what might exist

for each of us

“beyond deaths door “

okay Karl i know
THE L TEAMS stateless society

and

THE C TEAMS'S second coming

bring both of these ideological systems
to A MOMENT OR PERIOD OF ..demonstration….

but one that is postponeable by unlimited epicycles

Posted by js paine at 10:17 PM

thanx mark

the ten flat footed points

like a herd of pure …red raw meat

each one a pompously served up
tenderloin of wall street

and after all this elk's club agit prop
all this trumpeting

the chumbo ends it with what ???

this …this tender footed
humble pie

modest to the point of bathos

apologia viva

for the wall street tri-century project

“Still, this lesson
( that the best economy

is a market economy

and the best markets

are fresh raw

self grown markets

and

the best fresh raw self grown markets

the one's that burst

with juicey opportunity rich jobs …

are …

filled with free booting

borderless all seas sailing

capital ships

the type that without regad to anything but

their very own private profit max

make raw fesh open markets

sing like Gods choir )

YUP

(THIS LESSON)”…is doubtless one of the hardest to translate into language that public opinion will accept.”

peerless understatement EH ???

“The best of all possible economic systems is indeed imperfect.”
yes indeed

its a supportable proposition

that in the last 30 years

we have achieved

the highest form of institutional imperfection

in human history

“Whatever the truths uncovered by economic science, the free market is finally only the reflection of human nature, itself hardly perfectible.”

and citizens of earth
is that so wroooongah ????

unbeatable

thanks for providing us
once again

with a delicious and so easily

savage-able feast

and for dessert ??

u give us

— that is
those of us who

recall with joy

such scenes

as the charmer in kubrik's Sparticus

where the captured slave masters

are forced to grotesquely

battle each other to the death

in the training arena —-

what else but ..
the proper fate

for this corporate welfare blimp

after he's phillipicated

a thrashing by

none other then the baron wiener snitzel …

and in high dudgeon too

note well his attack

filled with rubbery wacks at all things
big and corporate …

all things intrinsic

to our glass tower fiends'

ruthless violations

of the planet's spontaneously grown

and otherwise virgin …..market forces

well…tis a sundae special

in particular i note with glee
this dagwood sandwitch of libertarian horrors

constructed of
new speak inversions

layered between

slices of the usual hands off bologne

and

for the piquancy of it all

flashs of full circle brilliance

”.. .pollution trading permits (new speak)

US imperial patrol of seas (piquant 360 )

central banking (new speak)

bailouts of failing banks (old meat loaf)

patents (piquant 360 AND new speak)

limited welfare (again with the lunch spread)

restrictions on insider trading (new speak)

forced transparency rules (super new speak)

culiminating in this catch all
omnibus slab of composte

” … a host of other interventions

slyly mentioned in passing

as somehow essential to markets”

ahhh fellow earth riders
i implore u

enjoy the self satire of it all

before the reality it implies consumes

your fleshy soul

the fatuous boss hired flack
dancing the big crow trumph dance

and for it he gets what ??

a medley of mighty odd and silly blows

from der lone ranger

zee baron WS

again thanx mark

t'is

unbeatable entertainment

“Like other observational sciences (e.g., epidemiology and ecology), economics will never satisfy the culture of the experimental sciences. On the other hand, generalizing from controlled experimental conditions to the messy real world can be unsatisfying too.”

exactly and well understated

i might at economics purports to being
a clinical science as well as observational

and its that side

the side that cries

“the point is to change it “

side

that causes most of the fuss

robertdfeinman

“I've been disappointed that there has been so little thought given to what a post-capitalist system would look like, one which is constrained by resource limits and must forgo the traditional ideas of “growth”. “

your green teeth are showing rf

one dogma tastes like another
after the first three squares

day two of an all reen diet

seems ..unbalanced

selling a workable majority
of american voters

on voluntary acts of negative growth

“less for us is more for the earth “

vis a vis

a planet where there's still rapidly growing

sets of south worlders

seems beyond unlikely eh ??

so now what ??

Posted by: paine | Link to comment | July 28, 2008 at 08:22 AM

paine says…
btw

the whole fear of non science

creates its own non science

in the up front

academic retreat from social reality

into the eternal certainty of pure models

Posted by: paine | Link to comment | July 28, 2008 at 08:25 AM

paine says…
“the unfortunate side effect of inducing smirks among biological and physical scientists.”

who cares about the “smirks”
of

those solid state egg heads

black board astronauts

blue print bombers

buterfly netters

and tube washers

As of today, the institutional culture of the discipline values math skills over scientific skills”

model construction requires no necessary confrontation with social reality
ivory towers are fairly feeble sources

of policy advance

but then again there are always
“the never so few “

who often not only pre figure much

(pigou and i hope soon lerner-vickrey)

but

actually make real time policy

and even on rare occasions

atlas like revolve the entire social planet (keynes)

Posted by js paine at 10:12 PM