patrick.net

It is the most thoroughly-discredited discipline in recent years. The number of academic and corporate economists who failed or refused to see the housing bubble is astonishing.

In a world where there was meritocracy and accountability, most would be forced out of their jobs in disgrace.

Finally, someone has some balls whether it is 'completely' true or not.

"This is a monstrous problem at present because the economy is floating along on The Fed's "sea of liquidity" along with deficit spending. But anyone with an IQ larger than their shoe size knows that this is artificial and thus cannot continue forever."

"and the intentional distortions continue it is utterly insane to make those capital investments. Political whim and favoritism, when it trumps entrepreneurship, superior product and service, does severe structural damage to the real economy."

>
The entire world in which we live is predicated on exponential growth.

Population growth is also exponential. Economic growth is exponential. Without these 2 forces the world would look very different. All assumptions for social security for example are predicated on their continuation. Without economic growth, capitalism would be very tough to maintain, not to mention the banksters ponzi schemes.

Heraclitusstudent says

Without economic growth, capitalism would be very tough to maintain

actually, no.

the ponzi, as you mention, is just this:

http://research.stlouisfed.org/fred2/series/GINIALLRH

revert that back to 1970s levels and everyone would have immense amounts of wealth.

http://research.stlouisfed.org/fred2/graph/?g=kKQ

is per-capita real GDP since 1950, showing PER-CAPITA productivity has risen 3X since WW2.

We all collectively produce enough to feed, clothe, entertain, education, heal, the entire population.

The problem is mostly successful rent-seekers -- in energy, healthcare, housing mainly -- skimming off so much of the national income.

AFAICT there's also an imbalance with out $500B+ trade deficit, that is money that our productive economy is losing overseas, essentially paycheck money we're bleeding out and not getting back as wages.

Perhaps the PPACA mandate is unworkable since employers hold the whip-hand these days.

The solution to that is simply Single Payer, and an admission from the Republicans that their stupid RomneyCare idea hatched at their AEI think tank can't work nationally.

I really expect that to happen, LOL.

I used to work at Wells Fargo, and it amazed me that the people who made the decisions as to who got sub-prime loans were people that had no prior experience in the collections department. It would seem pretty basic to me that if I were running a bank, the people trying to get money from deadbeats would have at least some input on the whole loan decision process.

zzyzzx says

It would seem pretty basic to me that if I were running a bank, the people trying to get money from deadbeats would have at least some input on the whole loan decision process.

They sold a lot of their loans, so I doubt they cared what happened a couple of months or years down the road.

You: How much is this thing I need?

Cashier: It’s $20.

You: But last year it was $15?

Cashier: Yes, but now it’s cheaper because it’s better.

You: But it’s not cheaper. It’s 33% more. It’s $20.

Cashier: No, it’s 50% better and $20.

You: What?

Cashier: Do you have an econ PhD sir?

You: Can I just buy the old one for $15?

Cashier: No.