Who's laughing now?

[fccool]

If the same people year after year would come and were dead wrong about every single thing... would you still listen to them?

The degree to which some of these people live out the "imagination land" is unbelievable! The thing is ... after being dead wrong about everything... we hand these people power and money and say... fix it. THEY CAN'T. They were laughing at people who were correct. They have not a clue what's going on. They are still trying to put out the fire of debt with more oil of Fed and government lending! And we are giving them our "go". It's ridiculous.

People like Bernanke and Paulson should be chased out with a broom. All of these mumbo-jumbo pushers... have no clue... and we believe them. Why? Why not listen to people who were dead on?

[Dr. Shane]

I don't hear anyone laughing. Please tell. Whose laughing?

[fccool]

The reference was to people who were laughing at anyone who dared to say that we are in a bad shape. Those econo-pundits who make living of economic jargon and "hedging" money they did not earn. The same people who were wrong, and Government is trying to prove them right by bailing them out.

This is just 1st episode in series entitled "I told you so".

[Dr. Shane]

I guess I never heard anyone claiming we were not in bad shape. And I certainly don't hear anyone laughing. If being about to say "I told you so" makes one laugh I would suggest such a person seek psychiatric help.

[fccool]

Shane, have you even watched the video???? I'm talking about presidential economics advisers telling in 2006 that the economy is in the best shape possible, and that housing prices will keep rising... and there's nothing to worry about. THEY were laughing! Now, no one is laughing! THAT'S MY POINT!

[Dr. Shane]

Lots of people, and I mean a lot of people, warned the housing bubble was going to burst and people were going to be upside down in the mortgages. We even discussed that here many times dating far back before 2006. It didn't take any rocket scientists to see that train wreck coming. What many of us didn't know was that these investment firms were buying and selling these high risk mortgages as commodities.

[fccool]

Shane, the housing bubble was a given. Ben Stein was right in the video... it really is a tiny portion of the problem. The problem is the underlying design of the system that asks for debt in order to sustain itself.

So, now when the recession is unavoidable, the econ-pundits at the top propping up the failed companies and "investors". The same ones that were laughing at the prospect of crash. The question still remains... why are we given taxpayers money to people who said that everything is fine and dandy? That's the point. "I told you so" somehow does not express what really happened since early 90s really. This is a debt crisis that was 20 years in making. Don't blame the housing market for it. Housing market would be fine if people were saving money, of if the Fed hiked the rates where these should have been... in teens.

[fccool]

Here's an article to show why dow is still above 7k. There are enormous efforts to keep the markets up.

http://www.marketoracle.co.uk/Article464.html