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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 378.38

+2.7%

Nov 10 4:00 PM EST

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To: Tommaso who wrote (43477)	12/4/2008 9:47:56 PM
From: Joe S Pack	3 Recommendations Read Replies (1) of 217670

Yeap you are not alone. It is straight from horses mouth. It is worse than "Iraq War Intelligence". It is almost like 911 failure. It looks like a massive fraud as usual taxing J6P several hundred billion dollars within a few days with the help of their friendly media. minneapolisfed.org Facts and Myths about the Financial Crisis of 2008 V.V. Chari, Lawrence Christiano, and Patrick J. Kehoe Federal Reserve Bank of Minneapolis Research Department Working Paper 666 October 2008 ABSTRACT The United States is indisputably undergoing a financial crisis and is perhaps headed for a deep recession. Here we examine three claims about the way the financial crisis is affecting the economy as a whole and argue that all three claims are myths. We also present three underappreciated facts about how the financial system intermediates funds between households and corporate busi- nesses.Conventional analyses of the financial crisis focus on interest rate spreads. We argue that such analyses may lead to mistaken inferences about the real costs of borrowing and argue that, dur- ing financial crises, variations in the levels of nominal interest rates might lead to better inferences about variations in the real costs of borrowing. Moreover, we argue that even if current increase in spreads indicate increases in the riskiness of the underlying projects, by itself, this increase does not necessarily indicate the need for massive government intervention. We call for policymakers to articulate the precise nature of the market failure they see, to present hard evidence that differentiates their view of the data from other views which would not require such intervention, and to share with the public the logic and evidence that burnishes the case that the particular intervention they are advocating will fix this market failure I have this totally unorthodox view that a lot of this "crisis" is just manufactured by Chicken Hawk / Chicken Little GWB, who has listened to Bernanke and Paulson the way he listened to the "Weapons of Mass Destruction" intelligence and has set the whole thing off by stampeding Congress (and the Fed) into every sort of ill-advised accommodation.

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