comments by Bellingham Bill

Bellingham Bill   befriend (0)   ignore (3)   Sun, 1 May 2016, 9:42pm PDT   Share   Quote   Like   Dislike     Comment 1

yeah I recently read that rent-seeking article and was pleasantly surprised that it defined rents as getting something for nothing, not the rent of "economic rent".

Bellingham Bill   befriend (0)   ignore (3)   Sun, 1 May 2016, 9:42pm PDT   Share   Quote   Like   Dislike     Comment 2

"Locke says that it is when you mix your labor with the land that it becomes yours."

Last I checked Locke was irrelevant today. Well, except for the:

https://en.wikipedia.org/wiki/Lockean_proviso

Bellingham Bill   befriend (0)   ignore (3)   Sun, 1 May 2016, 9:32pm PDT   Share   Quote   Like (1)   Dislike     Comment 3

saving is deferred consumption.

but if something is not consumed now, it is not created, and there is no need for the workers involved.

you can't buy a candy bar and save it for 20 years to enjoy in your retirement.

what savings really is buying a spot at the casino table we call the equities market -- or otherwise acquiring a piece of something that will produce income in the future.

thing is, we've got too much of this investment action, we're drowning in people trying to save money.

saving, is, in fact, stupid, on the macro level.

we'd all be much better off in a full-on keynesian/MMT economy where there wasn't recession-level slack in the system

where are the bounds of wealth creation now? Where are we running out of stuff?

Metals, maybe. Energy, not really. Rare earths, dunno.

At any rate, in a more virtualized, appified economy, we're going to need less stuff-stuff to satisfy our needs and wants.

Zuckerberg was pitching this not too long ago:

http://www.wired.com/2016/02/vr-moral-imperative-or-opiate-of-masses/

Of course housing is one thing we're not creating enough new wealth in. Those that own have a vested interest in keeping new supply out of their local market -- NIMBYism and last-one-in-itis.

We could stand to invest more in our transportation systems, as transportation is another way to multiply land wealth, allowing people to live further from major work and retail centers.

What this country needs is tons of investment in new capital wealth. Schools, hospitals, housing, streets, parking garages, computer-controlled traffic lights.

We'll get there, but slowly, since most people are too bamboozled now to be able to see they have the power to demand any new public -- government -- investment in the commons.

Bellingham Bill   befriend (0)   ignore (3)   Sun, 1 May 2016, 9:17pm PDT   Share   Quote   Like   Dislike     Comment 4

I parachuted into the Bay Area in mid-2000, at the peak of the madness and just before the bottom fell out of the dotcom mania.

Bellingham Bill   befriend (0)   ignore (3)   Sun, 1 May 2016, 7:40am PDT   Share   Quote   Like (1)   Dislike     Comment 5

Never mind that Social Security and Medicare have an unfunded liability in excess of $100 trillion

people think that like with military spending we're going to throw this $100T into a furnace and never see it again.

Medicare spending by the baby boomers is going to be an immense jobs program here. It's going to be the main engine pulling our economic train.

Boomers are age 52-70 this year.

Bellingham Bill   befriend (0)   ignore (3)   Sun, 1 May 2016, 7:34am PDT   Share   Quote   Like   Dislike     Comment 6

KgK one says

If you tax corporate, aren't you taxing same money twice once at corporate and then from person who gets dividends?

yes, this is how taxes work. My after-tax income becomes somebody else's after-tax income.

I'd be OK with eliminating corporate income taxes actually

blue is corporate pre-tax income, red is their tax paid.

Corporations own more than $4T worth of land, so if slapped a 10% tax on their land ownership and got rid of the corporate income tax we'd be revenue neutral . . .

Bellingham Bill   befriend (0)   ignore (3)   Sun, 1 May 2016, 7:25am PDT   Share   Quote   Like (1)   Dislike     Comment 7

jazz music says

Our tax money created silicon valley through NASA programs with the requirements to launch intelligent probes to other planets and send data back.

No, NASA was the addendum on our ICBM program.

Bellingham Bill   befriend (0)   ignore (3)   Sat, 30 Apr 2016, 7:45pm PDT   Share   Quote   Like   Dislike     Comment 8

Funny thing with all the printing the Bank of Japan has been doing, I just noticed the yen has strengthened 10%:

Kurdoda's going to need a bigger printing press.

Bellingham Bill   befriend (0)   ignore (3)   Sat, 30 Apr 2016, 6:34pm PDT   Share   Quote   Like   Dislike     Comment 9

> then with the Japanese ambassadors begging for peace being turned away by FDR,

The Japanese sent their second negotiator to the US in mid-November, about when the Japanese First Air Fleet began staging to Hokkaido in preparation for their late November sortie to Pearl Harbor.

The Japanese did not want "peace" in 1941 -- after all, Kurusu had been sent to DC by the new Prime Minister, Army General Tojo -- they wanted to continue their war in China, forcing CKS's surrender and the total subjugation of China as a client state in the Japanese New Economic Order, their East Asian Co-Prosperity Sphere.

With Hitler's tanks having overrun all of Europe and looking to be in Red Square before winter, French Indochina and the Dutch East Indies were glittering prizes free for the taking -- but for the American interference in Japan's affairs here.

Bellingham Bill   befriend (0)   ignore (3)   Mon, 25 Apr 2016, 8:40pm PDT   Share   Quote   Like   Dislike     Comment 10

Bellingham Bill   befriend (0)   ignore (3)   Mon, 25 Apr 2016, 7:47pm PDT   Share   Quote   Like   Dislike     Comment 11

fun trivia: it won't be until 4/17 of next year until the span of time since Dec 31, 1999 matches the time between the single's release and that date.

Prince's 80s singles are part of the sound-track of my high school days, but not the biggest fan.

I started watching his SNL appearances collection but it was pretty dreck.

He had a good run at life, props to that.

Bellingham Bill   befriend (0)   ignore (3)   Sun, 24 Apr 2016, 12:19pm PDT   Share   Quote   Like   Dislike     Comment 12

Bellingham Bill   befriend (0)   ignore (3)   Sun, 24 Apr 2016, 12:16pm PDT   Share   Quote   Like   Dislike     Comment 13

Strategist says

Why would profit seeking companies want to pay someone for doing nothing

Companies aren't profit-seeking, they don't have actual brains or motivations

https://en.wikipedia.org/wiki/Control_fraud

Bellingham Bill   befriend (0)   ignore (3)   Sun, 17 Apr 2016, 8:05pm PDT   Share   Quote   Like   Dislike     Comment 14

"These banks knowingly committed suicide?"

the banks were being run by people who got really really rich making bets with "other peoples' money" on housing loans.

annual growth of household indebtedness in mortgage, 2009 dollars

Banks are legal fictions and do not have human capabilities.

The people running "the banks" -- aka Wall Street knew what they were doing, mostly. "Heads I win, tails you lose" essentially

Bellingham Bill   befriend (0)   ignore (3)   Sun, 17 Apr 2016, 2:07pm PDT   Share   Quote   Like (1)   Dislike     Comment 15

you know, if you've fucked up your own society such that you're a refugee, fleeing from it with nothing, it might behoove one to revisit one's cultural inheritance and cut what's bullshit about it.

and observing muslims -- and 'orthodox' religious people in general -- come with plenty of bullshit doctrines to revisit.

Bellingham Bill   befriend (0)   ignore (3)   Sun, 17 Apr 2016, 1:52pm PDT   Share   Quote   Like   Dislike     Comment 16

mell says

Nobody here on patnet has made a bull case for Gold in a while,

FWIW I thought ~$1000 was a perfectly reasonable minimum. Unlike RIMM or ARLP someday etc. it's not going to $0.

And if everyone prints, we'll see the price of gold go up, perhaps.

But like oil, the higher the price goes, the more supply comes on line, LOL

Bellingham Bill   befriend (0)   ignore (3)   Sun, 17 Apr 2016, 1:51pm PDT   Share   Quote   Like   Dislike     Comment 17

mell says

But didn't we expect it to unwind?

Draining the pool is good if you want a recession:

but nobody wants that now, other than the GOP of course. They love recessions when they're out of power.

Bellingham Bill   befriend (0)   ignore (3)   Sun, 17 Apr 2016, 12:45pm PDT   Share   Quote   Like   Dislike     Comment 18

mell says

Lastly Gold never hit its demise that you proposed

$1400 was a good time to sell, LOL

Bellingham Bill   befriend (0)   ignore (3)   Sun, 17 Apr 2016, 12:39pm PDT   Share   Quote   Like   Dislike     Comment 19

mell says

has the Fed balance sheet increased well into 2015 or hasn't it?

Bellingham Bill   befriend (0)   ignore (3)   Sun, 17 Apr 2016, 9:42am PDT   Share   Quote   Like   Dislike     Comment 20

AFAICT the only thing the Fed is responsible for is what they didn't do 2002-2006, not what they did.

Bush's deregulators came back for a 2nd bite at the apple, after their first go-around in the 80s which resulted in the S&L crisis and its $100B+ bailout.

Borrowers in high-cost areas were getting teaser-rate ARMs -- a financial innovation of the last decade -- which juiced valuations by allowing borrowers to qualify for their loans on the teaser rates that would last 2 or 3 years.

shows how 30 year mortgage rates (green) didn't move much when Greenspan dropped rates during the Bush recession -- but people who got into 5 or 7 year ARMs then (2002-2004) got really good deals -- as ZIRP hit in 2008 to bail them out and made refinancing possible, as long as they weren't too far underwater.

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