World economy talk

[tidus1203]

By the way I just want to say PEACE to everyone. I just don't like kasi how some people na masyadong minamaliit ang ibang tao... Mutual respect is important and I do my best to do that but when someone tries to step on you rather than step on your ideas medyo below the belt na IMO thats why I have to defend myself...

[Galactus]

Well, yes, I am a mere manager in an ISO-Certified company. But I like what I do, and I do my job well. And I make a decent income out of it.

But I never criticized people like Bernanke or Greenspan or other true-blue economists. They have the creds, they have depth of experience and they have first-hand data before they act. And I never pitched my own solution on the current crisis, because admittedly, I can't solve it.

You talk kasi as if you know better, when in fact you're not. And your arguments are too repetitive and boring. Pitch your arguments before reputable economic and business magazines, and let's see what they have to say.

[tidus1203]

So what is it wrong to criticize public figures? Is it wrong to tell the world that I think they are making the wrong moves? Even the most educated people make mistakes. I am not here to entertain, if you find it boring don't read, don't reply, that's all fine for me. Ang ayaw ko lang is yung personalan. Ok I am no doctor. Ok I am just a trader, I also like my work just like you. I like how I don't have to answer to anyone if I decide not to trade I can do that. But please lang respeto lang ang hinhingi ko...

[uls]

Ecuador May Hit ‘True Monsters’ Harder Than Argentina
http://www.bloomberg.com/apps/news?p...3fc&refer=home

Ecuador actually has money to pay but just refused to pay

Ecuador’s default in 1999 “was due to a solvency issue,” Silvani said. “Now they do have the money to pay. This is a purely willingness to pay issue.”

President Correa of Ecuador said:

The bonds were “always structured for the benefit of the creditors, trampling on the national interests, dignity and sovereignty of our countries,” Correa told reporters in Guayaquil. “It is now time to bring in justice and dignity.”

hahaha

in short, the president of Ecuador tells the creditors "F--- YOU"

Correa, a 45-year-old economist who won election in 2006 promising to spend on the poor before paying debt, said Dec. 13 that his government is preparing to defeat legal challenges from “vultures.” The day before, he ordered officials not to make the $30.6 million interest payment due today on $510 million of 12 percent bonds maturing in 2012.

i like this guy

hehe

[shadow]

Aha! Never read about this before. Good piece by empy. Couldn't have said it any better.

Consider our contenders:

Ben Shalom Bernanke:

Current Position: Chairman, US Federal Reserve
Academic Qualifications:
Passed the Scholastic Aptitutde Test (SAT) with a near-perfect score of 1590 out of 1600
- AB Economics, Harvard University, 1975
- Doctorate Degree in Economics, Massachusetts Inst. of Technology, 1979

Awards and fellowships
Fellow, Econometric Society (1997)
Distinguished Leadership in Government Award, Columbia Business School (2008)

From Wikipedia:

Academic and government career
Bernanke taught at the Stanford Graduate School of Business from 1979 until 1985, was a visiting professor at New York University and went on to become a tenured professor at Princeton University in the Department of Economics. He chaired that department from 1996 until September 2002, when he went on public service leave. He resigned his position at Princeton July 1, 2005. Dr. Bernanke served as a member of the Board of Governors of the Federal Reserve System from 2002 to 2005. On February 1, 2006, he was appointed as a member of the Board for a fourteen-year term and to a four-year term as Chairman.[13]

In one of his first speeches entitled "Deflation: Making Sure It Doesn't Happen Here", he outlines what has been referred to as the Bernanke Doctrine. [14]

In view of his current position as fed chair, Bernanke also sits on the newly established Financial Stability Oversight Board that oversees the Troubled Assets Relief Program

Bernake's future as Federal Reserve chairman became uncertain on November 21, 2008 when it was announced that President-elect Barack Obama would name Tim Geithner as Treasury Secretary over Larry Summers, leading to speculation that Obama was positioning Summers as Bernanke's successor. Summers was picked to run the National Economic Council. Two Obama advisers said that Summers would be the leading candidate to become the next Federal Reserve chairman should Mr. Obama choose not to reappoint Bernanke when his term ends Jan. 31, 2010. [15] [16]

Economic views

With his predecessor, Alan Greenspan, looking on, Chairman Ben Bernanke addresses President George W. Bush and others after being sworn in to the Federal Reserve post. Also on stage with the President are Mrs. Anna Bernanke and Roger W. Ferguson, Jr., Vice Chairman of the Federal Reserve.He has given several lectures at the London School of Economics on monetary theory and policy and has written three textbooks on macroeconomics, and one on microeconomics. He was the Director of the Monetary Economics Program of the National Bureau of Economic Research and the editor of the American Economic Review. He is among the 50 most published economists in the world according to IDEAS/RePEc.


No-name trying-hard Economist:

Barangka Itaas School of Finance, Mandaluyong City
Papers published: ZERO (but with several posts on finance-related threads. Does that count? )
With 6 units in Economics while in college (Econ 11 and Econ 101)

this one is funny :lolabove:

Nope never tried hard to be an economist, they were never the best people anyway when it comes to making money in the markets But I am quite passionate with my ideas on how to IMO better run the economy... Whether you like my ideas or not, its not my concern... Bernanke is a public figure so its natural na makatikim sya ng lait. Pero you Galactus masyadong mo akong minamaliit, pero I won't stoop down your level di na kita mamaliitin din maskin alam ko ikaw mismo wala ka ring naman credo as you said isa ka lang empleyado sa isang kumpanya...

this one, I don't know...

just a question is there anything wrong kung empleyado LANG ng isang Co.?

[tidus1203]

Huh? Errr debt is their obligations they have to pay as promise or else they lose all credibility... Sometimes that's the problem when you get a socialist nut on the top...

[tidus1203]

just a question is there anything wrong kung empleyado LANG ng isang Co.?

Sir I treat people with respect but please treat me with respect to no matter how you disagree with me. I think medyo under the belt na kasi ginagawa nya so I had to fire back. I didn't wanted to do that, I have respect for everyone even the lowly janitors as long as they do an honest way to make money but mutual respect lang po ang hinihingi ko... I hope everyone understands.

[Galactus]

Mr. No-name economist: I think I have better creds than you. My college course was related to Economics, and I've worked as a Credit Analyst for over 14 years. I've analyzed over 5,000 financial statements (corporations, big and small; foreign and local) and made credit recommendations on each and every one of them. Financial analysis and credit ratings are my cup of tea. I can sense posers who talk as if they are economic experts, and it amuses me.

But I leave the economic prognosis and proposed solutions to the real guys.

[tidus1203]

Ok if you say so... Now moving the topic...

WASHINGTON (Reuters) - Congressional Democrats are drafting legislation to demand that the White House do more to reduce home foreclosures before Congress will agree to release additional money for the $700 billion bank bailout program.
Looking toward a possible request for $350 billion more cash for the Troubled Asset Relief Program (TARP), House of Representatives Speaker Nancy Pelosi said on Monday she and Rep. Barney Frank were discussing a prerequisite bill.
She said the Bush administration has "totally ignored" a provision of October's original TARP law requiring strong efforts to reduce home foreclosures, which have soared this year since the bursting of a historic real estate bubble.
"Absolutely nothing has been done to respect that part of the legislation," Pelosi, a California Democrat, told reporters as she discussed the House's agenda in coming weeks.
She and Frank have talked about "legislation that insists that the provisions of the (TARP) law be honored, before we release any more funds," Pelosi said.
Legislation demanding more foreclosure mitigation will be ready within the next couple of weeks, said Steven Adamske, an aide to Frank, the Massachusetts Democrat who chairs the House Financial Services Committee.
Senate Banking Committee Chairman Christopher Dodd said last month he was willing to legislate if the financial sector failed to do more to curb foreclosures, restrain executive pay and modify mortgages to help struggling homeowners.
It was unclear whether the Pelosi-Frank bill would also address executive compensation and mortgage modification.
It was also uncertain when or if the Bush administration would ask Congress to release the second half of TARP funding before leaving office. Of the $350 billion already released by Congress, only $15 billion remains uncommitted.
The administration said on Friday it might dip into the TARP to aid struggling U.S. automakers, which failed on Thursday to win a separate bailout of their own from Congress.
Pelosi said on Monday she expects the Bush administration will use the TARP to help the automotive industry.
Any commitment of TARP money to General Motors Corp or Chrysler LLC would further deplete the TARP bailout fund, possibly leaving the first installment tapped out weeks before President-elect Barack Obama takes over.
Ford Motor Co said on Monday that it "does not face a near-term liquidity issue" and will not seek possible short-term aid from the administration.
As required by law, if the administration wants access to the second half of TARP funding, it would have to seek congressional release of the next $350 billion. If Congress wants to prevent release of the funds, it must vote to reject the administration's request.
Pelosi said she was working on an economic stimulus package "and other legislation that will come to the floor" between January 6, when the new Congress is sworn in, and January 20, when Obama takes over as president from George W. Bush

http://www.reuters.com/article/newsO...4BE6AE20081215

It looks like the 2nd half of the TARP is gonna be released. Why do I have this feeling that until someone says an emphatic NO these bailouts will never cease...

[uls]

the market is already experiencing bailout fatigue

the big 3 automakers havent been bailed out yet but it seems people are no longer talking much about it

[tidus1203]

Oh yeah reminder to everyone. Fed meeting later tonight on interest rate. Ubos na bala ng Fed rates likely going to ZERO or near-zero. GET OUT OF THE US DOLLAR!

[uls]

yep

ZIRP

dollar 2 month low na

[shadow]

now back to our regular programming...:boring:

starring:

Uls and Tidus...:hihihi:

so ibig sabihin with all these experts of first world countries, eh lahat sila pare-parehong mali ang ginawa in trying to save their economies?

'coz if I will read yun post ni uls and Tidus eh palpak lahat ng naisip ng mga ways ng experts. so with all of their teams kahit isang member walang nakaisip na ang dapat gawin eh yun naisip ni Tidus and Uls?

hinde nila naisip yun pros and cons ng action nila?

I jus think that we including uls and Tidus are just seeing the surface, we definetely don't know what is happening behind those doors, I mean siguro naman they have deliberated it millions of times before they put their solutions into actions...

wala lang iniisip ko lang...

[uls]

Flame resistant

[emanzano]

Hi guys! As usual, i mean no offense to anyone. But i hope we could at least try to examine what is said, not who is saying it.

All of us here (in a car forum) surely do not have the credentials to solve this global crisis, and all we have are our opinions. And whether we admit it or not, we usually base our own opinions on someone else's opinion, i.e., the "experts" like Peter Schiff, Greenspan, Bernake, Madouff, etc. Personally, i'd like to hear all sides, especially if the sources are quoted. So i do find value in this thread and it would be a sad day if it came to an end because we start attacking each other.

So i hope we could all chill, please?

[tidus1203]

now back to our regular programming...:boring:

starring:

Uls and Tidus...:hihihi:

so ibig sabihin with all these experts of first world countries, eh lahat sila pare-parehong mali ang ginawa in trying to save their economies?

'coz if I will read yun post ni uls and Tidus eh palpak lahat ng naisip ng mga ways ng experts. so with all of their teams kahit isang member walang nakaisip na ang dapat gawin eh yun naisip ni Tidus and Uls?

hinde nila naisip yun pros and cons ng action nila?

I jus think that we including uls and Tidus are just seeing the surface, we definetely don't know what is happening behind those doors, I mean siguro naman they have deliberated it millions of times before they put their solutions into actions...

wala lang iniisip ko lang...

Maybe because we have different school of thoughts in economics that's why for the most part I disagree with Bernanke and co. Most politicians (except the Germans) are Keynesians named after Keynes the British economist who propose spending as a way to revive the economy. I am a follower of Austrian economics (which the German seem to also follow) so there lies our difference. Basically the Austrian thought is that the free markets is the best decider (if there is such a word) on how capital should be allocated and not government. So in essence, its the free markets that should decide who stays and who fails. Ang problem kasi ng Austrian economics sa bailout is the transfer of resources from the competent to the incompetent thus rewarding bad behavior and reckless decisions...

[tidus1203]

Hi guys! As usual, i mean no offense to anyone. But i hope we could at least try to examine what is said, not who is saying it.

All of us here (in a car forum) surely do not have the credentials to solve this global crisis, and all we have are our opinions. And whether we admit it or not, we usually base our own opinions on someone else's opinion, i.e., the "experts" like Peter Schiff, Greenspan, Bernake, Madouff, etc. Personally, i'd like to hear all sides, especially if the sources are quoted. So i do find value in this thread and it would be a sad day if it came to an end because we start attacking each other.

So i hope we could all chill, please?

Well I am just going to ignore all the mudslinging from now on... Will only respond to legitimate exchange of ideas rather than personal attacks which bring no value at all... Yan ang gusto ko sayo sir emanzano, we might disagree a lot here but in the end you are still respectful and for that you have my respect sir!

[uls]

Again

Flame resistant

back to business

[shadow]

Maybe because we have different school of thoughts in economics that's why for the most part I disagree with Bernanke and co. Most politicians (except the Germans) are Keynesians named after Keynes the British economist who propose spending as a way to revive the economy. I am a follower of Austrian economics (which the German seem to also follow) so there lies our difference. Basically the Austrian thought is that the free markets is the best decider (if there is such a word) on how capital should be allocated and not government. So in essence, its the free markets that should decide who stays and who fails. Ang problem kasi ng Austrian economics sa bailout is the transfer of resources from the competent to the incompetent thus rewarding bad behavior and reckless decisions...

I am not as good in economics as you are but I think I do understand it a little..

IMO, that theory "free markets is the best tool" is only good in a classroom, in a "perfect world" so to speak, but I think in real world, you can't just let the market decide on it's own, one way or another the gov't should intervene there is too much risk on that, there are many factors that Gov't should also consider, I mean which gov't would not just use that theory, na sige I'll just sit back, do nothing and just watch the "free market" works, bahala kayo sa buhay niyo survival of the fittest..

that is basically what you are preaching diba? but in real world gov't cannot work that way.

[tidus1203]

Yes I understand the impact of heavy job losses but there are already social safety nets like unemployment benefits established for people who are jobless. It might not be adequate but then that's how capitalism should work reward the good, punish the bad. But if they keep on rewarding bad behavior, the tendency of doing it again is very high because they know that they will be bailed out anyway. Yun na nga nagumpisa sa bail out of banks, tapos ngayon automakers na. Its not surprising if we see others ask for bailouts as well. Ultimately the taxpayers suffer and the children and grandchildren of the modern day Americans will already suffer for problems their ancestors cause... Thats what I like sir shadow, just friendly exhange of ideas keep it up.