written by economist ann pettifor in 2003! bout the shit that's going down...
“When the central bank chiefs of America and Britain, Alan Greenspan and Eddie George, sidled up to (British and American consumers) in the 1980s and 1990s, nodded and winked, consumers took the hint, and dutifully embarked on a binge of borrowing and spending. The nod and the wink were never explicit, but the easy money policies that deregulated lending, boosted credit card companies and lowered interest rates have provided the incentives for consumers (on declining incomes) to borrow like there’s no tomorrow. That, consumers rightly calculate, is just what the powers that be want them to do.
And so debt has spiralled. By borrowing and spending, the middle-class consumers of the US and the UK, heroically and almost single-handedly, are holding up damaged economies, scarred by the bursting of asset bubbles such as stocks, telecoms and dotcoms. These bubbles, in turn, had their origins in the credit bubble created by central bankers and other deregulators.
But one group of people has stayed away from the party: the rich. According to (The Real World Economic Outlook, Sept. 2003) …..the rich have declined to become heavily indebted, both in the US and the UK. They have sat idly by and watched as central bankers helped inflate a credit bubble, which then flowed into and fortuitously pumped up the value of assets, including property.
The rich can’t believe their luck. The economic policies responsible are the kind they could only dream of for most of the postwar period. In all OECD economies over the past three decades, central bankers and finance ministers have clamped down on wage and price inflation, lowering labour and commodity costs. At the same time, they have recklessly let asset-price inflation rip, as we now see most notably in the stratospheric price of housing.
These double standards hurt the poor, and enriched the rich.”
I listened to another report and got the date of that anti-regulation bill -- it was over Christmas in 2000, and had the support of both Democrats and Republicans. So! I was wrong! Boy, this is crazy complicated stuff! I was confused by the fact that Sen. Phil Graham brought the bill to the floor -- more recently he's been McCain's economy advisor... until he made that comment about America's problem really being that we're a 'nation of whiners'. Hmm! Looks like you're right Sarah -- this trend got kick-started just before Bush took office, and the craziness seems to have pulled everyone into it. It is true however that a general push for de-regulation has marked the Bush admin, as well as a marked increase in deficit spending. (Not surprising given that his hero is Reagan.)
Dammit! I go away for one day and miss all the discussion. Anyway, SW I beg to differ on your statement about NPR. I know a whole bunch of people who consider themselves conservatives that listen to it. Okay, maybe they're just Republican, but still. I'd also like to add that I contend that the Jim Lehrer News Hour is still the most non-biased news out there. It's dry as all get out, but if y ou want to know the facts you'll find it all there. BBC is supposedly really good too, but I'm never awake to hear it.
Oh and I just found out that a potentially good size project for us, just got cut by 7/8 due to all this damn credit crisis stuff. Yippee-skippy!
Lastly, some food for thought. The National Debt since the 1040s.
I am on deadline and this is about the last place I should be, however, I just came home to find a piece of paper sent to me from the financial firm that manages my 401k. I expected that I would have lost a lot, but when I opened the letter, it was just one piece of paper with a bunch of withdrawals and negative numbers on it, and a zero balance at the bottom. I mean....WTF. On my June 30 statement I had over 10k in there. It's not a lot but it's a nice nest egg, and I never did anything with it, because that's my 401k, and you're not supposed to do anything with it, right? It just sits there for years and years and does what it does, right? Something is amiss. The thing said "if you did not approve these transactions call us immediately." I'll be calling tomorrow.
I want my money back. Where did it go? If it really all went away, I'm calling up Hank Paulson tomorrow and asking for a bailout.
This is going to get much, much uglier before it's all over.
Wk, there *must* be some mistake. It's virtually impossible for your 401k to drop all the way to zero. Man. Good luck, I'll be crossing fingers for you!
Yeah I hope so. All the negative numbers didn't even add up to my previous balance. And I did NOT authorize ANY transactions on it. If somebody messed with it, heads will roll!!!!
with all this stress in the US and Europe our politicians are in a frenzy. The public wants to know the exact effects on our economy since they are our largest traders. Well we found out one of them collapsed under the stress. Funny but true, sadly he happens to be the father of [insert similar vado-esque comment] a good friend. Spent the evening with him ensuring he remains in good spirits.
And in other news I on a reading frenzy the last few days two taschen monographs, and now mid way through this. I am starting an award for the school for the 2nd yr design studio for best sketch book. And this is the book is the likely award (might through in a moleskin too)
I love that adorable little book, techno! Steven showed me a copy, I need to get one of my own.
I just yesterday received the little tome "On Bullshit" which I've been meaning to get forever. Election season drove me to search it out - used at Powell's for 4 bucks.
That sure is a pretty graph. If I remember from my Recent Past class correctly - an I am no expert being that I wasn't even born at the time - before the recession began in the late seventies, credit was still considered bad form socially, meaning it was looked down upon if you bought anything on credit. But once the recession hit, it was actually cheaper to buy things on credit because you would get, let say milk, at yesterday's price, and not have to pay the new higher price when cost went up. Maybe I didn't word that well, but I hope you get what I'm saying. Again, I wasn't even alive, and it was just one college class, but the prof. was pretty cool.
Have I mentioned that the MIL is coming this weekend? I was nice, and invited her up. I asked her to come Friday through Sunday, and she called to say she'd be up Saturday cause she had to do laundry ect. When I asked if she could be here by 1030 so I could make a gym appointment, she said "It'll be hard, but I can try." WTF?! Seems to me, if you complain that you never get to see your grandson, when you're invited to see him, you make every effort to eek out as much time as possible. Whatever. I should really stop trying to make sense of that woman. Any suggestions?
Oh, and I think I came up with a good free date night idea. We may go out after dark, and have a wine-picnic in some un-finished new house in an un-finished new subdivision. Since we're adults, if we get caught, do you think they'd still be leniant if we aren't damaging anything?
nam- i received your email and just wrote ya back. the b.o.s. is pretty damned good as it is set in mid 70's london. lots of sex drugs vindaloo and rock n roll. also, lots of racism, sexism and classism mixed in...
with gas so cheap i may need to go on a road trip.
Was on the phone with the financial manager when tuna emailed me. Turns out they switched financial firms and no one told me, so the zero balance was a reflection of the money being transferred. There is a god! And I did lose about 25% but that's way better than 100% !!!!!
Oh man DubK I'm sorry - if I'd been thinking straight I might have suggested that scenario to you as the exact same thing just happened to me with Angus' college savings fund! They switched managers so I got a big ZERO BALANCE statement - but I'd gotten a letter previous to is saying to look for the switch.
Glad you are breathing clear now!
Sarah, sorry I didn't understand the idea was a couple's night out, not a family night. Wine in a house under constuciton sounds romantic to me!
With great humility and not a little a bit of embarrassment (that I've decided I'm just going to shrug off), I present the final first draft of our website.
Yes, it's a cheesy iweb site, and is out of date before it even goes live, but it's what we've got.
I only just realized that it's friday night in a few hours, and have no plans. :( That makes me feel pretty lame, but hopefully something will turn up.
LB- it's nice, simple and speaks to your clientele. the best part is this:
and your smiles on the contact us page.
since were showing off websites, Ms. Tk's is now live and accepting paying clients (hint, hint). ps- we're not yet back in LA, but that phone is an LA area code...
to complicate the return to LA, I spotted a call for adjunct landscape faculty at the GSD that is tempting, but I don't know if I want to move back to boston.
LB I think that website is fine for your office. Its informative enough for your potential clients etc. fyi i got drunk and had sex in most of those houses while they were under construction. would have been more fun if i wouldn't have been alone :(
Funny, vado, I had exactly the same experience in all those houses!
KIDDING!!!! To all my former, current, and potential clients: I have never had sex in any of your houses!
I managed to hold off happy hour for an hour and got some work done on my son's Halloween costume (roadrunner). Now I'm rewarding myself with a Manhattan, I haven't had one in awhile and it's yummy. Maraschino cherries + bourbon = delicious combo.
I'm actually just drowning my sorrows as I'm exceedingly jealous that Steven Ward and a bunch of my other companions are going to be able to listen to three super-smart guys talk tomorrow at the AIA KY-IN convention, namely Michael Speaks, Wil Marquez, and Kevin Klinger. Steven, please post a wrap-up!
So I had this crazy idea, I made a presentation board, and I put it in our showcase on campus today. And people liked it! They really liked it - I got so much positive feedback. It's a little scary but I might be pursuing a patent and some business opportunities through this concept. Which is why I'm being so terribly and utterly vague about it. I'm sorry but I had to share ... it's such a great experience to sort of step outside of the usual boundaries that you are used to operating within and find that your ideas hold value with people.
congrats wk. hope you make lots and lots of money like that guy who invented the light that gets put in the back windshield of cars. btw i posted on your blog entry, but should have prefaced the post with "the fact that not having seen what your idea is the following may be irrelevant..."
great quote Steven. hope whoever said it is right. its a hard day when shit is not even worth its weight in fertilizer.
Thread Central
Speaking of Bourbon,
I have recently switched from my go to drink of Makers Mark straight up or on the rocks to Bullitt....
I find it to be much less sweet than Makers...
Ho wis everyone doing today?
Woops.
I guess it is actually spelled Bulliet
i'm drunk...how you
and i
ve walked into another glass door...i swear those things should be illegal
puddles, I thought of you this morning as I enjoyed a leisurely* brunch.
* Define leisurely as leftover quiche eaten in front of my computer at 10:30am because I was too busy this morning to eat breakfast.
written by economist ann pettifor in 2003! bout the shit that's going down...
“When the central bank chiefs of America and Britain, Alan Greenspan and Eddie George, sidled up to (British and American consumers) in the 1980s and 1990s, nodded and winked, consumers took the hint, and dutifully embarked on a binge of borrowing and spending. The nod and the wink were never explicit, but the easy money policies that deregulated lending, boosted credit card companies and lowered interest rates have provided the incentives for consumers (on declining incomes) to borrow like there’s no tomorrow. That, consumers rightly calculate, is just what the powers that be want them to do.
And so debt has spiralled. By borrowing and spending, the middle-class consumers of the US and the UK, heroically and almost single-handedly, are holding up damaged economies, scarred by the bursting of asset bubbles such as stocks, telecoms and dotcoms. These bubbles, in turn, had their origins in the credit bubble created by central bankers and other deregulators.
But one group of people has stayed away from the party: the rich. According to (The Real World Economic Outlook, Sept. 2003) …..the rich have declined to become heavily indebted, both in the US and the UK. They have sat idly by and watched as central bankers helped inflate a credit bubble, which then flowed into and fortuitously pumped up the value of assets, including property.
The rich can’t believe their luck. The economic policies responsible are the kind they could only dream of for most of the postwar period. In all OECD economies over the past three decades, central bankers and finance ministers have clamped down on wage and price inflation, lowering labour and commodity costs. At the same time, they have recklessly let asset-price inflation rip, as we now see most notably in the stratospheric price of housing.
These double standards hurt the poor, and enriched the rich.”
her blog Debtonation
aha, I stand corrected!
I listened to another report and got the date of that anti-regulation bill -- it was over Christmas in 2000, and had the support of both Democrats and Republicans. So! I was wrong! Boy, this is crazy complicated stuff! I was confused by the fact that Sen. Phil Graham brought the bill to the floor -- more recently he's been McCain's economy advisor... until he made that comment about America's problem really being that we're a 'nation of whiners'. Hmm! Looks like you're right Sarah -- this trend got kick-started just before Bush took office, and the craziness seems to have pulled everyone into it. It is true however that a general push for de-regulation has marked the Bush admin, as well as a marked increase in deficit spending. (Not surprising given that his hero is Reagan.)
Dammit! I go away for one day and miss all the discussion. Anyway, SW I beg to differ on your statement about NPR. I know a whole bunch of people who consider themselves conservatives that listen to it. Okay, maybe they're just Republican, but still. I'd also like to add that I contend that the Jim Lehrer News Hour is still the most non-biased news out there. It's dry as all get out, but if y ou want to know the facts you'll find it all there. BBC is supposedly really good too, but I'm never awake to hear it.
Oh and I just found out that a potentially good size project for us, just got cut by 7/8 due to all this damn credit crisis stuff. Yippee-skippy!
Lastly, some food for thought. The National Debt since the 1040s.
anybody ever see the buddha of suburbia? i am watchin it on the digital video disc player. its quite good.
Um....
OK.
I am on deadline and this is about the last place I should be, however, I just came home to find a piece of paper sent to me from the financial firm that manages my 401k. I expected that I would have lost a lot, but when I opened the letter, it was just one piece of paper with a bunch of withdrawals and negative numbers on it, and a zero balance at the bottom. I mean....WTF. On my June 30 statement I had over 10k in there. It's not a lot but it's a nice nest egg, and I never did anything with it, because that's my 401k, and you're not supposed to do anything with it, right? It just sits there for years and years and does what it does, right? Something is amiss. The thing said "if you did not approve these transactions call us immediately." I'll be calling tomorrow.
I want my money back. Where did it go? If it really all went away, I'm calling up Hank Paulson tomorrow and asking for a bailout.
This is going to get much, much uglier before it's all over.
ouch you ought to be callin his home number...
Oh god DubK, I hope it's some kind of mistake. One that is easily fixable!
beta: I noticed you're over on the Dow thread, what are you doing up this late? Don't you get up at like 3 in the morning to work out?!
I'm off to bed. Hang in there all.
Wk, there *must* be some mistake. It's virtually impossible for your 401k to drop all the way to zero. Man. Good luck, I'll be crossing fingers for you!
Yeah I hope so. All the negative numbers didn't even add up to my previous balance. And I did NOT authorize ANY transactions on it. If somebody messed with it, heads will roll!!!!
with all this stress in the US and Europe our politicians are in a frenzy. The public wants to know the exact effects on our economy since they are our largest traders. Well we found out one of them collapsed under the stress. Funny but true, sadly he happens to be the father of [insert similar vado-esque comment] a good friend. Spent the evening with him ensuring he remains in good spirits.
And in other news I on a reading frenzy the last few days two taschen monographs, and now mid way through this. I am starting an award for the school for the 2nd yr design studio for best sketch book. And this is the book is the likely award (might through in a moleskin too)
I love that adorable little book, techno! Steven showed me a copy, I need to get one of my own.
I just yesterday received the little tome "On Bullshit" which I've been meaning to get forever. Election season drove me to search it out - used at Powell's for 4 bucks.
i'm still alive
Hello,
Vado.
I have been meaning to watch that one. Actually all of Hanif's movies/serial work...
Actually one of his essays that he wrote in Nov 2006 was what inspired me to start my blog, "Weddings and Beheadings".
See here
That sure is a pretty graph. If I remember from my Recent Past class correctly - an I am no expert being that I wasn't even born at the time - before the recession began in the late seventies, credit was still considered bad form socially, meaning it was looked down upon if you bought anything on credit. But once the recession hit, it was actually cheaper to buy things on credit because you would get, let say milk, at yesterday's price, and not have to pay the new higher price when cost went up. Maybe I didn't word that well, but I hope you get what I'm saying. Again, I wasn't even alive, and it was just one college class, but the prof. was pretty cool.
Have I mentioned that the MIL is coming this weekend? I was nice, and invited her up. I asked her to come Friday through Sunday, and she called to say she'd be up Saturday cause she had to do laundry ect. When I asked if she could be here by 1030 so I could make a gym appointment, she said "It'll be hard, but I can try." WTF?! Seems to me, if you complain that you never get to see your grandson, when you're invited to see him, you make every effort to eek out as much time as possible. Whatever. I should really stop trying to make sense of that woman. Any suggestions?
Oh, and I think I came up with a good free date night idea. We may go out after dark, and have a wine-picnic in some un-finished new house in an un-finished new subdivision. Since we're adults, if we get caught, do you think they'd still be leniant if we aren't damaging anything?
nam- i received your email and just wrote ya back. the b.o.s. is pretty damned good as it is set in mid 70's london. lots of sex drugs vindaloo and rock n roll. also, lots of racism, sexism and classism mixed in...
with gas so cheap i may need to go on a road trip.
Vado, if you come to North Texas, you can get it for 2.75 a gallon!
Techno - From just the few pages I've seen I WANT that book.
DubK - Seems slightly odd and disconcerting about the withdrawals. I hope everything turns out for the best. Keep us posted.
Went for an on-site visit today. The space is looking AWESOME. I think we're right on schedule for November 30th punch date. YAY!!!
DubK - check your email ASAP
Was on the phone with the financial manager when tuna emailed me. Turns out they switched financial firms and no one told me, so the zero balance was a reflection of the money being transferred. There is a god! And I did lose about 25% but that's way better than 100% !!!!!
is losing 25 percent an angry god or a loving god?
Oh man DubK I'm sorry - if I'd been thinking straight I might have suggested that scenario to you as the exact same thing just happened to me with Angus' college savings fund! They switched managers so I got a big ZERO BALANCE statement - but I'd gotten a letter previous to is saying to look for the switch.
Glad you are breathing clear now!
Sarah, sorry I didn't understand the idea was a couple's night out, not a family night. Wine in a house under constuciton sounds romantic to me!
Even if its trespassing?
well it would add a little taste of danger and enhance the romantic experience, no?
Keep your clothes on, have ID with you, I'm sure you'll be fine.
With great humility and not a little a bit of embarrassment (that I've decided I'm just going to shrug off), I present the final first draft of our website.
Yes, it's a cheesy iweb site, and is out of date before it even goes live, but it's what we've got.
Friday afternoon....can I start happy hour yet?
Especially if it is trespassing and if the clothes are off...
But seriously LB is right as long as you have ID and clothes on you should be fine....
LB, those are quite some nice residential remodels and such.
And yes Happy Hour time... Soon enough for me too.
Also i wish this was my bathroom!!!
Ahhh it isn't working... Oh well.
LB i love that all white bathroom with skylight above bathtub.
but what fun is it if the clothes stay on?!
I only just realized that it's friday night in a few hours, and have no plans. :( That makes me feel pretty lame, but hopefully something will turn up.
LB- it's nice, simple and speaks to your clientele. the best part is this:
and your smiles on the contact us page.
since were showing off websites, Ms. Tk's is now live and accepting paying clients (hint, hint). ps- we're not yet back in LA, but that phone is an LA area code...
to complicate the return to LA, I spotted a call for adjunct landscape faculty at the GSD that is tempting, but I don't know if I want to move back to boston.
Tree..
But it is the GSD...
LB I think that website is fine for your office. Its informative enough for your potential clients etc. fyi i got drunk and had sex in most of those houses while they were under construction. would have been more fun if i wouldn't have been alone :(
full day of aia convention programs today.
best quote, paraphrased:
'realize that the shit falling on you is actually fertilizer.'
website looks good, lb. congrats!
Funny, vado, I had exactly the same experience in all those houses!
KIDDING!!!! To all my former, current, and potential clients: I have never had sex in any of your houses!
I managed to hold off happy hour for an hour and got some work done on my son's Halloween costume (roadrunner). Now I'm rewarding myself with a Manhattan, I haven't had one in awhile and it's yummy. Maraschino cherries + bourbon = delicious combo.
I'm actually just drowning my sorrows as I'm exceedingly jealous that Steven Ward and a bunch of my other companions are going to be able to listen to three super-smart guys talk tomorrow at the AIA KY-IN convention, namely Michael Speaks, Wil Marquez, and Kevin Klinger. Steven, please post a wrap-up!
Cross-posted, Steven! Glad you had a good day!
God, I need a little Palin Humor to make my day better....
wil marquez is not so super-smart, yet.
Oh puddles, hush! Wil rocks!
snook, all I got is Caribou barbie and Mooselini, both of which make me giggle.
So I had this crazy idea, I made a presentation board, and I put it in our showcase on campus today. And people liked it! They really liked it - I got so much positive feedback. It's a little scary but I might be pursuing a patent and some business opportunities through this concept. Which is why I'm being so terribly and utterly vague about it. I'm sorry but I had to share ... it's such a great experience to sort of step outside of the usual boundaries that you are used to operating within and find that your ideas hold value with people.
DubK, that's the best feeling of them all. Congratulations!
dubk that presentation board didn't envolve being naked did it?
There was no nudity. Ironically it did have to do with clothing though. Email me for details. ;o)
Great websites LB and Mrs. TK. Both simple and to the point, my favorite.
that is some nice work LB.
congrats wk. hope you make lots and lots of money like that guy who invented the light that gets put in the back windshield of cars. btw i posted on your blog entry, but should have prefaced the post with "the fact that not having seen what your idea is the following may be irrelevant..."
great quote Steven. hope whoever said it is right. its a hard day when shit is not even worth its weight in fertilizer.
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