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Comments about rich vs poor shocks CNBC reporter. (funny)

JMapleton

JMapleton

Diamond Member
Marc Faber, one of my favorites, describes how the wealthy and powerful use the banking system to "get back" at the poor (by creating inflation) and working class because of entitlements and wealth redistribution. The female CNBC reporter is speechless once she hears this, kinda funny yet thought provoking at the same time.

It starts at 6:45 and Faber gives his answer through 9:15, when the reporter's reaction happens.

http://www.youtube.com/watch?v=ZeTYO5ViN9s&feature=channel_video_title
 
Someone should fire the quack or find another consultant. He's just spouting the standard conservative nonsense that no doubt makes some people feel self-righteous, but only makes the problem worse. Basically the pot calling the kettle black and then blaming the pot for their common problems. The guy needs a shrink, but he's obviously functional enough and so deep in denial its not likely to ever happen.
 
It's amazing that every single thing he mentioned (art, gold, RE) are actually relatively weakly correlated to inflation when compared to stocks.

What's he going to be saying once Asia has a shit-ton of problems again?
 
LegendKiller said:
It's amazing that every single thing he mentioned (art, gold, RE) are actually relatively weakly correlated to inflation when compared to stocks.

What's he going to be saying once Asia has a shit-ton of problems again?
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Probably that Martians are manipulating the economy. Wow! Its like magic!
 
wuliheron said:
Someone should fire the quack or find another consultant. He's just spouting the standard conservative nonsense that no doubt makes some people feel self-righteous, but only makes the problem worse. Basically the pot calling the kettle black and then blaming the pot for their common problems. The guy needs a shrink, but he's obviously functional enough and so deep in denial its not likely to ever happen.
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I don't think you really listened to him. He said that the system is broken due to both sides gaming the system and that it leads to escalation. With this escalation, the poor will suffer the most. What is so wacky about that??
 
I watch Sqwuack every morning, if Becky Quick isn't on the road hanging from Warren Buffet's 89 year old balls, then she's usually looking dazed and confused at the anchor table. I've been calling for Mark Haynes to make a return ever since they made the change 6 or so years ago.
 
ccbadd said:
I don't think you really listened to him. He said that the system is broken due to both sides gaming the system and that it leads to escalation. With this escalation, the poor will suffer the most. What is so wacky about that??
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In psychological terms he is basically blaming the victim by claiming it is merely the majority voting themselves entitlements that is the root of the problem. Its like blaming a woman for her husband beating the shit of her, and when he sees the doctor bill he beats her again. No doubt the two have a dysfunctional relationship and everyone can see that much, but, blaming her merely makes the situation worse by encouraging both to feel the beatings are justified. Before there can be any hope of sorting out the mess and preventing a disaster both must agree that the worst of the abuse must stop.

Despite the husband making a fortune off the relationship by among other things selling cheap foreign imports to the public, they complain the public spends too much money. Despite American workers being among the most productive and working the longest hours of anyone in the developed world, the wealthy complain they are stupid and lazy. However, note that at any time if the American people simply refused to buy all these cheap foreign goods the situation would change dramatically for the better.

It is not a one sided relationship where the husband is simply evil and the wife is merely a victim. As any cop will tell you, domestic disputes are their least favorite calls to make. If the cops get between the two they are both likely to attack the cops. If the cops haul the husband off to jail, the wife almost never presses charges. You can talk until you are blue in the face to such dysfunctional couples, but unless the worst of the abuse stops there is almost no hope for them reaching any sort of workable arrangement.
 
It's disgust (or more like fear) of a fellow human being; much like a wife beater (thanks wuliheron) is obviously angry at women.

When people cry about the abuse, we are bleeding hearts. Frankly, I'd rather have a bleeding heart than bloodied knuckles.

Also, regardless of me "asking for it", you would still be the aggressor; what would your God say about that?
 
wuliheron said:
However, note that at any time if the American people simply refused to buy all these cheap foreign goods the situation would change dramatically for the better.
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Agree, though this has been going on so long now that in many cases we have no American made alternative to choose in the case of electronics and clothing, just to name two.

People love being able to choose among 10 different varieties of foreign made cheap crap apparently, not realizing that if there were only 4 choices + more jobs they'd likely be better off.

Despite my finance and economics background, I really do think we need a small amount of protectionism or all of our lower and middle class jobs are going to be gone to the lowest cost producing countries. Sad.
 
Macamus Prime said:
It's disgust (or more like fear) of a fellow human being; much like a wife beater (thanks wuliheron) is obviously angry at women.

When people cry about the abuse, we are bleeding hearts. Frankly, I'd rather have a bleeding heart than bloodied knuckles.

Also, regardless of me "asking for it", you would still be the aggressor; what would your God say about that?
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Are you asking me? I'm agnostic, but in an Asian kind of way a very spiritual agnostic (if that isn't too confusing). For me life is a miracle none of us did a damn thing to deserve and if you don't like it you are free to return it at any time for a complete refund. The fact that so few actually choose to do so is an indication of just how much most people will put up for the miracle. I don't know if it is supernatural in origin or if there's a God, but it inspires awe and wonder and deserves to be called a miracle. If there is a God I suppose he would see this as another miraculous opportunity for forgiveness, understanding, and personal growth on both sides.
 
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brencat said:
Agree, though this has been going on so long now that in many cases we have no American made alternative to choose in the case of electronics and clothing, just to name two.

People love being able to choose among 10 different varieties of foreign made cheap crap apparently, not realizing that if there were only 4 choices + more jobs they'd likely be better off.

Despite my finance and economics background, I really do think we need a small amount of protectionism or all of our lower and middle class jobs are going to be gone to the lowest cost producing countries. Sad.
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We don't necessarily need to buy everything made in America. I just used that as an obvious example that the public is contributing to the problem even as they scream and yell for it to stop. They obviously want someone else to do it for them, but then they keep voting for the same people and ideas that haven't managed it in decades of supposedly trying. Its like watching a drug addict stick a needle in their arm, and then complain about it slowly killing them. There just isn't much you can do in such situations except to suggest they seek help and keep trying every possible solution no matter how unlikely it might seem.
 
ccbadd said:
I don't think you really listened to him. He said that the system is broken due to both sides gaming the system and that it leads to escalation. With this escalation, the poor will suffer the most. What is so wacky about that??
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Faber was absolutely right, he just said his statement in a very unusual way.

As cooky as he sounds sometimes, this is one guy who has a great track record and lots of credibility.
 
brencat said:
Despite my finance and economics background, I really do think we need a small amount of protectionism or all of our lower and middle class jobs are going to be gone to the lowest cost producing countries. Sad.
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Protectionism only works in the short term, it only delays the inevitable collapse of domestic markets that are uncompetitive on a global basis. Globalism always catches up eventually, you can run from it, but will eventually catch up. So it's better to let the market do it's work and let these industries slowly fade instead of building them up for a huge collapse.
 
JMapleton said:
It's only minimal compared to our problems.

http://en.wikipedia.org/wiki/List_of_countries_by_current_account_balance

And China will have problems, particularly their housing market, which will crash, but that will only create buying opportunities in Asia. In the long run, Asia is the future.
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The CAB is a far larger problem for China than it is for the US. How else can China keep up the illusion of a manufacturing economy without the positive balance of trade created by an artificial currency peg?

They can't. Just as with the US, the housing market isn't insular and the credit created over there is many times as large as it was here.

Lastly, as a debtor whose creditors have absolutely no recourse to the debtor nation, who owns who? China is effectively an unsecured creditor in the US, beholden to the US to purchase USTs endlessly until China's economy becomes a fully self-sustaining consumerist economy, which it is still a long way from becoming.

China can't force the US to pay. It can't dump the USTs in the open market, otherwise it will destroy its own economy. It can't do anything at all with the USTs.

They are trapped by their own hubris of the "middle kingdom".

You know what I say? Fuck em. QE3 @ 2TR. Fuck em with their manipulation of the world trade supply/demand dynamics. Fuck em with their making the US a mega-creditor nation by leeching our manufacturing. Fuck em for thinking they can bootstrap their economy on the backs of Americans.

Let them eat inflation and see how it feels to be manipulated.
 
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