i read this

“we had a 23 year and 8 month period
(October 1873 to June 1897)

wherein we had 161 months of contraction

and 123 months of expansion,

or the the economy was in contraction

63% of the time”

wow pretty nasty…
but it makes me squeal like

it makes a republican squeal 

putting aside the shakey data base

if the price level was falling thru out
as it was

and much more in contraction then in recovery

when maybe price levels even rose some

who gives a fuck about nominal recovery
how much less time before

real output recovered ????

or is this string of numbers
corrected

for price level changes

i wonder …”hey jeeves …”

Posted by pinky at 10:54 PM

“Economists set themselves too easy, too useless a task

if in tempestuous seasons they can only tell us

that when the storm is past the ocean is flat again”

Posted by pinky at 10:52 PM

the silent white majority
elected nixon in '68

ie

b4 the inflation wave

really bit them in the ass

the anti liberal back lash had started in '66

and by 68 the nambo war
had caused

the hawk v dove struggle

inside the dembo's tent

the final candidate

the dem liberal

supine vp donor whore Hump

disgusted lots of us

yes main stream liberals

were getting it

from both ends

THE TIDE HAD TURNED

after chicago
one faction's rage turned

from rebellion to doom

a doom that hung over us peaceniks

for a decade

the other faction
kold war liberals

slowly dissolved into history

leaving only

benign localists like tip o'neil

missile heads

like

scoop jackson

and sly opportunistic goats

like

pat moynihan

choices were self indulgent on all sides

re active cultural forces
….its claimed…

rise to decisive levels

in comparatively prosperous times

especially among those plebs
that taste only the purple dregs

and teeter on the edge

ever fearful
of a shame-ful spill

or

enraged at

a snotty put down

Posted by pinky at 05:03 PM

of mice and men

here we arrive at the liberal impasse

what if huge deficits become perpetual ???

yes paul pulls the daddy jack rabbit
out of his hat

the war boom
but what explains the post war boom

enter his pre emptive eventually argument

after 15 years of dream defered the economy boomed on comsumer durables

and exports too btw

okay

so feature now's long run

no don't

i say run the massive deficits
needed to pull us

and the globe we rode in on

back to full speed ahead

and go ahead
re fi the whole god damn globes balance sheet

that's what a de facto global central bank

(our fed)commanding the global reserve currency

oughta do

the real deep fear is this ..i most unhumbly submit

that means we ain't in kansas anymore

and in oz
as that wild hippy jew suggested 2 k years ago

maybe the first here

will there by the last

Posted by pinky at 04:33 PM

folks the 66-79 period was not our first post war inflation bout

right after the war we had one too
and back then guys like abba lerner

were saying the system is flawed

we can't have all three goodies

true full employment

unions

freely set prices

and a slow stable

rise in the price level

the war had required a price board and wage freeze
to manitain true full employment

once firms were free to choose prices themselves

boink
add in a massive strike wave by industrial workers

double boink

the wage push barrier was born back then

and by the late 70's
it was clearly not a temporary phase

but a constant structural or institutional reality

a method to overcome the impasse was emerging
—-mark up cap and trade—

but instead of trying

to untie this system stunting gordian knot

we hacked thru it

by freely choosing to “kill the unions”

or at least shrink em away to insignifigance

by sending their jobs overseas

and

learning to “live with” chronic unemployment

enforced by a credit policy cycle

a regime that over 40 years now

has given us tepid wage growth

and credit binges

buggy
is reciting his 

70's anti K 

econ con catechism

prolly learned by rote
swallowed whole

and still

noticeably bulging out his throat

but here's a sample of his thinking

the wage price spiral

The causes? The growing costs —- not supported by tax increases —- of both the Vietnam war and the new Great Society programs

really ..we ran up against what
a output constraint ????

oh ya

growth supply side press botton 6 

buggy on jfk's mind set
in the ooops ..”70's ”

nixon ford time ?????

and they shared the greatest generations mind set eh ??

side light on belonger brad

“The memory of the Depression created a
predisposition on the left and center of political opinion that any unemployment rate was too high, and eliminated whatever mandate the Federal Reserve might have had for controlling inflation by risking high

unemployment.”

now that's what policy period ??
martin at the fed helm

brad is a believer in a sacred 5% unemployment floor
learned that thru learning about

the natural unemployment rate

and the nasty price dynamics

as policy pulls away toward either wing 

more utterly received stupidity and ignorance

“a perfectionist mentality that prevailed in the JFK and LBJ era regarding the ability of fiscal policymakers to “fine-tune” the economy”

show me new fronteer wizards
sollow and tobin gibbering suchly

prior to this period …in late 50's
note late 50's

paul samuelson the very buddha

of the neoclassical synthesis

was quoted by time mag iirc

as saying

the wage price spiral

is the major obstacle

to

smooth macro sailing

the inflation wave clearly started before nixon took office

but why defend that crumbling turf anyway ???

none if it detracts from the great society
and its major achievements

as humble know too little
economists

we oughta look at the wage price spiral

and study hard its kinematics

so we can build a model of its dynamics

buggy types
may figure its a wrap

—-check out his hoary five

all fine roman numeral points

that demolish hicksian stick figures—-

to them much has developed since the volckerdammerung

now we know to sprinkle some growth dust
over our breakfast porridge eh ??

a dismal interval the last 30 years in macro ….
u get zero steps forward and two steps back

the science has surpassed the lord k stage ????

thanks
to a bunch of 70's -80's growth toads ??

not likely

hence His Marvelous return
like king arthur

back among us in our time of need

———-

mouth breather econ cons
like buggy whip here

will soon be producing

a new set of stunting memes

ahh these tiresome
CW rhapsodes

so full of themselves
yet so empty

——-
there's a reply

——————-

buggy whip,,,, alas
has probably moved on

to teach some parrots no doubt

if anyone remains here
notice sir bug chooses

to stick me with the hicks sticks

no buggy i'll not defend hicks is/lm

it was still born so far as i'm concerned

at birth

it gave a closed system

a virtue if you are sending

around packages of

conventional wisdom and need a parlor trick box to add conviction

where none is deserved

here's my point readjusted

yes the 60's epigone may have rested content
with soothing assumptions about perpetually stable trade offs and such

but

the demolishment of this hicks box

only led to a new box

the one you rest so smuggly if politely in

right now

as events prove its sticks all over again

unless the price spiral inherent

in any capitalist production system

commanded by a pure credit system

is modeled accurately

and its not in any model i've browsed

we'll continue to scylla and charybdis
our way at limping to crawling speeds

keynes i submit suggested a cure not a model
yes he blostered the superiority of his cure

with the usual witty incisive

persuasive hodge podge

any sophist would envy

similarly lerner offered a cure to the price spiral
the mark up cap and trade

i further submit
and this is quite beside our point here

even given the vast increase
in public debt undoubtly involved

in a rapid recovery

i suspect “we'd”

gladly use the commanding heights

ie

the fed to cure the slump

maybe even brave

the future inflation fight

with no not a lerner cap and trade

but at least a kodiak paul volcker

figure four credit lock

if” we ” didn't fear the perpetual addiction

to deficits this might entail

an addiction that might threaten the foundations of the system

an addiction doing business as that toxic cocktail
socialism

Posted by pinky at 08:07 PM

“the WWII generation was leading the country and not inclined to whining”

guess rusty drinks some kool aide now and again

the generation that brought us
not only a crusade in europe

but the ike hiking foot soldiers

of kold war re action

the white ones
took the affluence their parents

struggled thru the 30's to launch

as their patriotic due

and gave credit to themselves

not the struggles

that induced unions and union wages

and gubmint playing field

leveling actions

but for the persistent oinkery
of the boomerest gen of them all

—my gen ..the worse white gen ever —-

the greatest gen would be
the 20th century swine agers numero uno

…

Posted by pinky at 07:34 PM

NI have yet to see an adequate justification on why it is fair, or moral, or just, to prop up declining home prices on the backs of other taxpayers”

which of us will pay this tax mate ???

indeed uncle is doing the borrowing now
at no opportunity cost

as we are in a time

of gathering

global idleness

“productive factors ” everywhere

are being laid off and shut down…

the future carrying costs
of any new public debt

created by uncle samaritan

have yet to be assigned

to a specific tax base

why assume
the rule following middle majority

need assign this burden to themselves

my objection
and i submit it oughta be yours too

is uncle using our credit line

to bail out

the fiddle fangle and fraud banksters' boats

not my neighbors'homes

notice relief brings out the wolf in some of us
Better we create jobs and job site empowerment

LeavesLess for our neighbors who

” follwed the rules”

To howl aboutRealpc

Thanks for reinforcing. My point

Howl on brother wolf
Howl on

…
I suggest we walk away from these debt pits

and rent each others

Foreclosed

Places from the banksters

when is acting decent indecent ??

when all your doing is helping a poor geef
support the mortgage monkey on his back

walk free brothers and sisters

in the spirit of milo reno
stop paying the man his mammonic tythe

what's worse???

watching some nice black guy
unfurl his co dependent “fix”

or

you werewolves

howling for shirkers blood

i call it a photo finish
———-

nice quote from brother dean baker

i'm with him the whole way

screw the bank turds
and

if he don't reverse course screw

the soulful kool man

in the white house

that's frontin' for em

“I have yet to see an adequate justification on why it is fair, or moral, or just, to prop up declining home prices on the backs of other taxpayers”

which of us will pay this tax mate ???

indeed uncle is doing the borroewing now
at no opportunity cost

as we are in a time

of gathering

global idleness

“productive factors ” everywhere

are being laid off and shut down…

the future carrying costs
of any new public debt

created by uncle samaritan

have yet to be assigned

to a specific tax base

why assume
the rule following middle majority

need assign this burden to themselves

my objection
and i submit it oughta be yours too

is uncle using our credit line

to bail out

the fiddle fangle and fraud banksters' boats

not my neighbors'homes

Dean's dream solution

let em stay
if they pay

but allow em to pay

only prevailing rent

a virtual reverse-able fore-closure

Posted by pinky at 07:27 PM

dougwood hen has it right here


http://www.truthdig.com/images/staff/henwood_350.jpg



“They’ve botched the stimulus,..”..but then he goes and lays this lead egg



“… they’re botching the financial rescue…”

botching ??? looks like a fine heist to me ..so far

and only likely to get more clever as it unfolds ….this is their home course hen

their home course …but i jump ahead



let us begin at the beginning…



“… the only thing that makes any sense is to nationalize the weakest banks,

kick out management, wipe out the shareholders, clear the decks,

and start over with a tightly regulated system. “

ie do it sweden's way and that led to what doug ???

well sweden's hi fi sector was back looking like it did b4 the crisis

in under 5 years so it “makes sense” for who ??? the wall street rexheads ???

to be fair you note “This isn’t even all that radical a position anymore …”

indeed not … in fact who gives a flying frog's leg about clever solutions

that preserve the system hey …clever solutions might help “uncle ” “win” in iraq too !!!!!

that being said i think so far
you doug are just playing

“reporter from the inside “

but then you go all righteous gobbler on us :

”, if these sick and devious “public-private partnership” schemes don’t work out, which seems likely. “

” devious ” perhaps but “sick “as in morbid ??? ..no …
what's up here …???counting out the kongs 

while their still on their feet again eh ???

recall carl denham:
“don't worry boys … we've taken a lot of the fight out of him since he left his island “

at this point why bother with the following



“There is a radical nationalization position - take the banks over and convert them to public institutions -“

not if you aren't prepared to say why the rad path
might be quite a better

as well as a different path

and only because what ???

because now its impossible as in

”.. completely out of the question with this gang.”


you point out correctly ”….. they’re doing absolutely everything they can

to avoid even an orthodox nationalization. “

maybe that's not because their sick and foolish and blind

but because a string of nationalization would not advance their interests as well as a strasight uncle bail

ya i agree “This is looking more and more like Japan’s disastrous indulgence of their “zombie banks” in the 1990s
than Sweden’s successful bailout…”



and the swedes didn't indulge their zombies ?? give me a brake

..talk to wallenbergerbitzstein about voodoo swedish style



and i even more second the notion

“Instead of a few rough years, we’re likely to get a miserable decade”

and that's because the time out to regroup serves the corporate agenda quite nicely..if we let em pull it off that is …



http://doughenwood.wordpress.com/2009/02/10/obama-to-coddle-bankers/



i repeat in summation:



Why. All the clucking mr hen??

yup not a bad call this “miserable decade “ahead business

but u leave me thinking your take is something like this:

these fucking bow tie heads are taking us thru purgatory just because

their driven ..like zombies to follow their ideological compulsions as much as their love of gain

and that they're gonna go japan's way not sweden's way not the way of …whatever ???

and make our lives far far worse then they have to be



why not say straight up 

We the weebles the job smurfs of america we don't need no stinking private credit system

and be done with it

we don't need no savings no stock holders no bondholders

they all suck the fruit of our toil …nope instead u give us this tap dance :



“There is a radical nationalization position

- take the banks over and convert them to public institutions -“

you don't even bother to add

and that would be also better as well as more radical ???

is it because you really don't know why it would be ???



i mean who cares that its 

” … completely out of the question with this gang.”

what are you saying isn't it as easy as one two three

All we need is our fuckin' Democrat congress to gain control of it's creature the fed

but Of course b4 that can happen the prog wing of the dems

would have to gain control of the party itself and since “this gang ” ain't that gang

that won't happen this time 'round …soooo In the interim …i feel a very functionless cart wheel has been done here

and for what end a mellow knowing indignation subsiding into resignation



why should we small tubers give a rusty fart about the great bail ????

its all just double entry book keeping as in double talk double back

double shuffle double duty double cross double steal ..Hell if you like

authoritarian farce Watch an episode of hogan's heros



why give any credence to this flim flam ???

and if you still think sweden knows a better passage thru here ..your wrong

sweden is part of the empire's posse ..right ??



my sermonette :

When it comes to the real world of poli econcon We the road kill need to keep our focus
on Uncle's recovery plans ..now caught in a process that has indeed been utterly as doug sez  “botched “

and from january of 07…at least ..but botched on purpose



but if we must talk balance sheet magic tricks

lets look at em from street level 

Whatever is done for the big banks …life out here in mortgaged middle america continues the slow process

—- a seepage really —- of rising delinquency and default

so try this



folks you can believe in the possibility of a peoples' Credit system



there is a better way bryan knew it debs knew it malcolm x knew it

today in this crisis the type of manure we oughta be spreadin out here among ourselves ..

well …..here's a shovel ready plan for us to bally hoo 

free land


yes free

no more payin the man for the right to live somewhere



how brothers and sisters ??

why

A federal land bank

ready to refi every inch of  land in this country…. startin with the land right there under our own homes

and at a zero rate of interest for ever and with no payments of principal till ya sell



or here's some agitation



” walk away from your three headed credit score you bumpkin …you got nothin to lose but your bills”



can the smart alick wall street confidential shit

hit em with righeous srtetchers

Posted by pinky at 02:40 AM