Glenn Beck Talking about planes with Roubini and Schiff! (9-22-08)

[LargoWinch]

Thanks for Glenn to explain to Joe and Jane Six pack that parachutes are now needed, but none are to be found.

Part A:


Part B:

[D-Mack]

Re: Glenn Beck Talking about planes with Roubini and Schiff! (9-22-08)

No remote control this time ? *cough * cough*


So what I got from this is, that Mega's pet monkey (supporter of Ron Paul) is advocating deflationary collapse. Nouriel Roubini points out we need Wall Street to keep Main Street alive, or without a working financial system it's over.


I don't know if this is choosing between a hyperniflationary collapse or deflationary collapse, but it seems Beck prefers a bailout.


I think I've heard Roubini in the past talk about measures like lowering the mortgages so that they can be paid off and people can stay in their homes. My question is aren't there more possibilities and not just choosing between bailout or immediate collapse?

Like getting back to Glass-Steagall, cheap credit for infrastructure & production, somehow getting rid of derivatives, Fed etc.

[Finster]

Re: Glenn Beck Talking about planes with Roubini and Schiff! (9-22-08)

Thanks for Glenn to explain to Joe and Jane Six pack that parachutes are now needed, but none are to be found...

Ditto. Beck is that rara avis in the general media that has been attention to what's going on, and doing a remarkably good job explaining it to the layman.

[mikedev10]

Re: Glenn Beck Talking about planes with Roubini and Schiff! (9-22-08)

peter is expecting inflationary recession. beck does not like bailout but seems to accept it.

[nathanhulick]

Re: Glenn Beck Talking about planes with Roubini and Schiff! (9-22-08)

No remote control this time ? *cough * cough*


So what I got from this is, that Mega's pet monkey (supporter of Ron Paul) is advocating deflationary collapse. Nouriel Roubini points out we need Wall Street to keep Main Street alive, or without a working financial system it's over.


I don't know if this is choosing between a hyperniflationary collapse or deflationary collapse, but it seems Beck prefers a bailout.


I think I've heard Roubini in the past talk about measures like lowering the mortgages so that they can be paid off and people can stay in their homes. My question is aren't there more possibilities and not just choosing between bailout or immediate collapse?

Like getting back to Glass-Steagall, cheap credit for infrastructure & production, somehow getting rid of derivatives, Fed etc.

I wouldn't say that Schiff is "advocating deflationary collapse". He has consistently called for a return to sound money. Incidentally, he has also set up all his clients to prepare for an inflationary collapse of the US dollar, and would stand to lose money if we had serious deflation.

[Guest]

Re: Glenn Beck Talking about planes with Roubini and Schiff! (9-22-08)

I think there are so many variables it's impossible to say for sure if "tough love" or massive money printing will be the best course in the long run. Bailouts will certainly postpone the day of reckoning. But will they make it worse?

Schiff is well positioned for a crash so he's perhaps not thinking in terms of how it effects the masses out there who are not. It's easy to say "let it crash and start over" when you're sitting on a mountain of gold.

But it's beside the point, because they are going to go the bailout route. And once you start that ball rolling its hard to say no later.

And if we do as a result of this bailout mentality see hyperinflation and the complete breakdown that can cause in an economy, a credit crash induced depression might seem mild in comparison.

What's funny is we were F####d even w/o this crisis due to our unfunded obligations. And this whole thing is a morally wrong transfer of wealth from savers and prudent people to debtors and risk takers. But you sometimes have to be pragmatic about it.

[kingcopper]

Re: Glenn Beck Talking about planes with Roubini and Schiff! (9-22-08)

to me, Schiff is not advocating anything except to say that this bailout may not be helpful but will definately cost a lot. I agree and believe that we are being sold through the emotion...fear.

[fightthepower]

Re: Glenn Beck Talking about planes with Roubini and Schiff! (9-22-08)

I like Beck, lately he has been talking about these major economic issues and is putting it out there for the average guy.

[Verrocchio]

Re: Glenn Beck Talking about planes with Roubini and Schiff! (9-22-08)

Maybe G. Beck has been reading iTulip. His line was generally consistent with many of those who post here, and he even used the 2nd of 9 innings analogy, something we mulled over several months ago.