DANIEL GROSS | MONEY CULTURE

People Who Live In Glass Häuser

Europe's economies thought they were safe. They're not.

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  • Posted By: MegaDeath @ 10/24/2008 8:10:06 AM

    This is Good that Wall Street heads for big decline as recession fears stir panic. In order to get out of an recession is to allow the markets around the world to go under and let Infation increase as far as it can go. Once the world is in a tailspin, like the depression of the '30's, a world war is needed to revive the global economy. This is how jobs are produced and people will have money to spend, the markets will begin to improve.

  • Posted By: aaron4unitruth @ 10/22/2008 9:57:04 AM

    To have a better understanding of what caused the financial crisis and how we can remedy it please read a post titled "Why is the United States undergoing a political and Financial Crisis?" and watch the third video down labeled "The Money Masters" at: http://www.theartdeptchronicles.blogspot.com

    http://www.theartdeptchronicles.blogspot.com

  • Posted By: aaron4unitruth @ 10/22/2008 9:56:34 AM

    To have a better understanding of what caused the financial crisis and how we can remedy it please read a post titled "Why is the United States undergoing a political and Financial Crisis?" and watch the third video down labeled "The Money Masters" at: http:;//www.theartdeptchronicles.blogspot.com

    http://www.theartdeptchronicles.blogspot.com

  • Posted By: mercredi38 @ 10/13/2008 10:28:47 AM

    Will someone please moderate these comments and stop allowing "cani77" to post THE SAME comment over and over 8x? This person is obviously a nut case.

  • Posted By: comradeyap @ 10/13/2008 1:36:45 AM

    Elowyn I will just state facts but I believe it is not necessary for me to be persuasive. You havee no idea what you are talking about vis-a vis China. You know *** man !
    Mention the good intention of China for the world community, please know that China on the 2nd day of this financial meltdown, put up US$200 billion to be available to the US for the purpose of helping riding out the crisis. Premier Wen has said that China will maintain our huge cash reserves of American government bonds and cash reserves of US$2 trillion. You government are happy with China's response and so it should.

    Having said that, if the success of China drives you mad, then consider this prospect, China has 800 million peasant Farmers who have a reasonable life, far better than 20 years ago. China uplifted the lives of 450 million who had beofre lived below the poverty line. This is an achievemment that has never been known to have been achieved in all of history and what is more frightening for those of like you; China achieved in just a matter of 20 some years. What has been achieved came through the development of the manufacturing heartland of China on the coastal regions. That huge growth was the growth of the urban regions; but what is now been planned is the development of our rural heartland and this is where 800 millions peasant live and work. The success of this plan will make 800 million and uplift them into middle class. The prospect of the growth of China that will come on the back of this rural development is frightening.

    Just like the funding of China's urban development, the Chinese diaspora of Singapore, Taiwan, Malaysia, Hong Kong, Filipines, Indonesia and other centres of China immigrants. Think to yourself what this vision will put China in the coming years.


  • Posted By: tiger123 @ 10/13/2008 12:10:29 AM

    To Elowynd: Why do I write in English ? Becaruse you dont even known any chinese language!!! You are so empty-headed!!! All you said is suck!!! I came from China to learn your language and skills( not from you) ,and i found most of american are kindly and friendly. Why your God let me see your comment while I am about to go back with good mood. West world just have led the world for 300 years(are you happy what I said ?)You are so madcap in front of a person whose country led the world for 3000 years. You must known a lot of history as much as chinese. When we went ahead the other places of the world , we just output selflessly, and never thaught invading or robbing from your grand-grand-grand fathers pocket. When we faced troubles , your excellent nations and the wolf-japanese came to insult us . Anything happending now in China is our own business . I wonder if you lived in china or not ? Why when we feel our lives get better and better , you jumpt out like a clown . I have to admit my English is not good ,but depending your pitiful openion, you known less even than chinese school boy .

  • Posted By: Elowynd @ 10/12/2008 10:09:47 PM

    ooo, looks like comradeyap forgot that all china's money, which gives the average Chinese person about the same amount of money as a poor western child, bases it's whole economy on being slaves in western factories. China doesn't even grow enough food to feed itself. It still has it's factories, but I believe the west has seen china's true color's and isn't even willing to use them as slaves anymore. And what is with the Allah remark? China hates Allah! Are you a trecherous muslim or a lying Chinese person, pretending to be Muslim to try and cause grief? You Chinese have shown your true face and have lost something even more valuable than the millions your communist party murdered, your virtue. Now when people look at China, try as they might how can they see anything but a hatefull people, who seek to insult other nations, while Chinese riot over the slightest criticism. Soon your economy will die, you'll be starving to death again, you won't be even welcome in other countries because you will have made your race so despised, and worst of all you will have no one but yourself to blame for it. Remember as you starve under the oppression of your own government that when the world reached out to you you gave nothing at all back but hate. You have shamed yourself, your country; you are a disgusting example of everything that is wrong with China and humanity. Why do you write in English? You filthy pig! You won't even use your native toungue! Traitor! In future generations people like you will have made the Chinese name associated with all that is wicked; if you had any decendents, you personally don't seem like the type a girl would go for, they would be ashamed to bear the title of Chinese, which has come to stand for greed, hypocrisy, stupidity, and foolishly bringing about one's own downfall through exessive nationalism. Any other country that failed, is there any out there besides China that are likely to do so?, will at least know they have given something good to be remembered by but China has created nothing! Even the language is imported now. You should be ashamed of shaming your countrymen through your ignominious words. Ever notice how few Americans write stuff such as yours, if they do it is all against America. That is because the patriotic one's know that if they are too stupid to write they keep their mouthes shut. But in China a similar view has apparently not taken hold. You are a fool who shames your nation with your comments! Who will touch anything touched by a Chinese person if they think the Chinese are like you. You are disgusting, an idiot, and a blot on every group you belong to.

  • Posted By: Nowforthetruth @ 10/12/2008 9:42:13 PM

    This is a link to a CSPAN video clip of the Congressional hearings at the time of McCains attempt at S.190. to fix fannie and freddie

    http://www.youtube.com/watch?v=_MGT_cSi7Rs

    "Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis"

  • Posted By: Krohn @ 10/12/2008 8:57:36 PM

    THE AFFIRMATIVE ACTION CANDIDATE!

    NEVER IN THE HISTORY OF THIS COUNTRY HAS A PRESIDENTIAL CANDIDATE BEEN GIVEN SUCH A FREE PASS BY THE PRESS AND JUST ABOUT EVERYONE ELSE!

    I AM WAITING FOR A BLACK PRESIDENTIAL CANDIDATE TO MAKE IT ON HIS OWN MERIT.

    COLIN POWELL COMES TO MIND!

  • Posted By: comradeyap @ 10/12/2008 7:29:03 PM

    I just love to gloat a little at this time, when all in the west have for once very little to say and much to be embarrass about. Anything to say about China ? China is well placed by the grace of allah, to diversify. The Communist Party has just wrapped up their party conference and they have put together their vision for the development of their rural farm industries. We have seen in all the years that China has been and is socialist, that whatever China decides to do they do with great vision and success.

    This is just the perfect time for China to devote their resources into Farm reforms since demand for manafactured goods will deminish; other nations will have nowhere to go but for China we can stimulate demand by building our Farms and when the markets return to health, we will be there three stronger than before this financial crisis. Go China go !

  • Posted By: JS60 @ 10/11/2008 4:03:31 PM

    Cani77-
    you use a lot of words to draw no conclusion, or solution. You are an empty pan clanging. But it is clear where you get your example from. Your boy is not going to have anything to do with pulling the economy out of its current situation, no more than McCain would. Put your politics aside and realize that these guys do not have your back, any more than bank execs, Clinton, Barney Frank or Bush did. (Yes, they all have a hand in our current situation...)

    • Posted By: cani77 @ 10/12/2008 4:52:07 PM

      I dont believe hes perfect but unlike mccain he can use a computer
      and unlike palin it didnt take him 5 colleges to get a degree in jounalism.
      sometimes its a good idea to have a smart person running things like right now
      when the economy is crashing
      why elect someone who might be fun to have a beer with ,elect someone
      who is smart enough to fix this

    • Posted By: jblackwell88 @ 10/12/2008 2:26:04 AM

      Its pointless to argue with those who regard Obama as the Messiah.

    • Posted By: mercredi38 @ 10/11/2008 4:14:49 PM

      O sooo true.

  • Posted By: cani77 @ 10/12/2008 4:37:18 PM

    In a few weeks we will make a choice that will decide our future.
    I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
    Also, he perfectly predicted the current real estate market meltdown and the picture he paints about what will happen in the next couple years
    is terrifying.He thinks it will be worse then the great depression.
    The banks in the U.S. are going under one after the other. Countrywide ,Bear Stearns, Lehman Brothers and Merrill Lynch , Fanny and Freddy Mae ,AIG
    The government took them over because they are essentially bankrupt. Even with the goverment nationalizing hundreds of billions of dollars in debt the stock market is crashing
    the credit markets are frozen and all of us may suffer beyond anything in the last 80 years.
    McCain just like Bush " doesn't understand the economy".
    That not just my opinion its his own words. Not only does he not understand how to fix it but he does not understand exactly what is broken.
    It is no surprise that he doesn't. The people that make up these securities use complex mathematical models very few people understand.
    Bush and McCain both can take the credit for this mess since they helped deregulate the laws that were protecting us.
    Bush's economic advisor Phil Graham wrote the deregulation bill that allowed banks to take huge risks with all of our future.
    Now, Phil Graham is the head of McCain's economic policy.He is also McCain's choice for the next secretary of the treasury.
    No one in this country can afford for that to happen. The last time Bush met with his economic advisors was in March. He didnt realize that anything was wrong. Phil Graham had the guts to say that we are in a mental recession after he helped create the worst economy meltdown in our lifetime. Check out this link to the truth http://my.barackobama.com/keatingvideo
    It will take the best and brightest minds in the world to get us out of this nightmare. As bad as Bush has done, McCain would be
    even more destructive because things are in much worse shape. The next president will not inherit a surplus like Bush did but a crashing economy and a 11,600,000,000,000 (trillion) dollars deficit. Most of it Bush created and it will take decades to pay it back.
    If you do what you have always done then you will get what you have always got.
    When it comes to policy Bush and McCain are the same 90 percent of the time.
    So why are the polls even close then ?
    Mccains team just said they no longer want to talk about the economy.Instead they would like to spend time talking about obama
    which means running the biggest smear campaign in history.
    They think they can just tell you lies and you wont be smart enough to see through it
    Let's teach him we are smarter than that .
    Elect Obama Biden 2008


    Check out this video of sarah palins interview and ask your self if she understands what she is talking about.
    http://www.youtube.com/watch?v=r36Xc0GG4iQ

  • Posted By: cani77 @ 10/12/2008 4:37:09 PM

    In a few weeks we will make a choice that will decide our future.
    I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
    Also, he perfectly predicted the current real estate market meltdown and the picture he paints about what will happen in the next couple years
    is terrifying.He thinks it will be worse then the great depression.
    The banks in the U.S. are going under one after the other. Countrywide ,Bear Stearns, Lehman Brothers and Merrill Lynch , Fanny and Freddy Mae ,AIG
    The government took them over because they are essentially bankrupt. Even with the goverment nationalizing hundreds of billions of dollars in debt the stock market is crashing
    the credit markets are frozen and all of us may suffer beyond anything in the last 80 years.
    McCain just like Bush " doesn't understand the economy".
    That not just my opinion its his own words. Not only does he not understand how to fix it but he does not understand exactly what is broken.
    It is no surprise that he doesn't. The people that make up these securities use complex mathematical models very few people understand.
    Bush and McCain both can take the credit for this mess since they helped deregulate the laws that were protecting us.
    Bush's economic advisor Phil Graham wrote the deregulation bill that allowed banks to take huge risks with all of our future.
    Now, Phil Graham is the head of McCain's economic policy.He is also McCain's choice for the next secretary of the treasury.
    No one in this country can afford for that to happen. The last time Bush met with his economic advisors was in March. He didnt realize that anything was wrong. Phil Graham had the guts to say that we are in a mental recession after he helped create the worst economy meltdown in our lifetime. Check out this link to the truth http://my.barackobama.com/keatingvideo
    It will take the best and brightest minds in the world to get us out of this nightmare. As bad as Bush has done, McCain would be
    even more destructive because things are in much worse shape. The next president will not inherit a surplus like Bush did but a crashing economy and a 11,600,000,000,000 (trillion) dollars deficit. Most of it Bush created and it will take decades to pay it back.
    If you do what you have always done then you will get what you have always got.
    When it comes to policy Bush and McCain are the same 90 percent of the time.
    So why are the polls even close then ?
    Mccains team just said they no longer want to talk about the economy.Instead they would like to spend time talking about obama
    which means running the biggest smear campaign in history.
    They think they can just tell you lies and you wont be smart enough to see through it
    Let's teach him we are smarter than that .
    Elect Obama Biden 2008


    Check out this video of sarah palins interview and ask your self if she understands what she is talking about.
    http://www.youtube.com/watch?v=r36Xc0GG4iQ

  • Posted By: cani77 @ 10/11/2008 9:27:07 AM

    In a few weeks we will make a choice that will decide our future.
    I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
    Also, he perfectly predicted the current real estate market meltdown and the picture he paints about what will happen in the next couple years
    is terrifying.He thinks it will be worse then the great depression.
    The banks in the U.S. are going under one after the other. Countrywide ,Bear Stearns, Lehman Brothers and Merrill Lynch , Fanny and Freddy Mae ,AIG
    The government took them over because they are essentially bankrupt. Even with the goverment nationalizing hundreds of billions of dollars in debt the stock market is crashing
    the credit markets are frozen and all of us may suffer beyond anything in the last 80 years.
    McCain just like Bush " doesn't understand the economy".
    That not just my opinion its his own words. Not only does he not understand how to fix it but he does not understand exactly what is broken.
    It is no surprise that he doesn't. The people that make up these securities use complex mathematical models very few people understand.
    Bush and McCain both can take the credit for this mess since they helped deregulate the laws that were protecting us.
    Bush's economic advisor Phil Graham wrote the deregulation bill that allowed banks to take huge risks with all of our future.
    Now, Phil Graham is the head of McCain's economic policy.He is also McCain's choice for the next secretary of the treasury.
    No one in this country can afford for that to happen. The last time Bush met with his economic advisors was in March. He didnt realize that anything was wrong. Phil Graham had the guts to say that we are in a mental recession after he helped create the worst economy meltdown in our lifetime. Check out this link to the truth http://my.barackobama.com/keatingvideo
    It will take the best and brightest minds in the world to get us out of this nightmare. As bad as Bush has done, McCain would be
    even more destructive because things are in much worse shape. The next president will not inherit a surplus like Bush did but a crashing economy and a 11,600,000,000,000 (trillion) dollars deficit. Most of it Bush created and it will take decades to pay it back.
    If you do what you have always done then you will get what you have always got.
    When it comes to policy Bush and McCain are the same 90 percent of the time.
    So why are the polls even close then ?
    Mccains team just said they no longer want to talk about the economy.Instead they would like to spend time talking about obama
    which means running the biggest smear campaign in history.
    They think they can just tell you lies and you wont be smart enough to see through it
    Let's teach him we are smarter than that .
    Elect Obama Biden 2008


    Check out this video of sarah palins interview and ask your self if she understands what she is talking about.
    http://www.youtube.com/watch?v=r36Xc0GG4iQ

    • Posted By: mercredi38 @ 10/11/2008 4:09:23 PM

      Wow, it's even amazing how many times you were able to post this nonsense. When I've spoken to Obama supporters in the US the key theme is their utter ignorance. They spout off Obama's site as if they know it by heart. Not once have I been able to get a single one of them to pin down exactly how Obama proposes to do what he says he will do. In fact as an outsider, I've gone through his rhetoric line by line, and it's laughable. Why? Because IT CAN'T BE DONE in THIS economy - or almost ANY economy. Holy crap people!!! Does anyone even care that they are being completely fed B.S. that isn't even feasible? Neither McCain NOR Obama understands the economy and there is in fact enough substantiating proof that Obama went to Raines ( of Fannie Mae's demise ??? ousted 2004) for advice. Raines ironically just purchased a house in D.C. for 4.9 million. Perhaps he used some of the 90 million he siphoned into bonuses from the company while he was there from all the sub-prime lending the Clinton years encouraged.The mess is two-sided. McCain's an idiot and Palin's a total loser - but Obama is a liar of astronomical proportion. Out of the two of them it scares me that Obama will win because he has said more of what people want to hear versus, what is actually POSSIBLE. This post is just another inane example of the unthinking masses that are voting for him. Perhaps the world has Oprah to thank for that. When Oprah has more of a voice than say Jeffrey Miron (know him? anyone anyone??!!!) it's a sad commentary on North American society. Please keep in mind that the democratic government encouraged Fannie and dear old Freddie more than anyone into sub-prime lending. Why? Well...because gosh darn it po people need mortgages too, and they're easier to make money off of than anyone! So gee, surprise surprise when they can't make their payments because predatory lenders took advantage of less sophisticated borrowers and caused dear old grannie to go for broke. Makes me sick when Nancy Pelosi gets up there and rips the Republicans a new one knowing full well her party put the American people where they are today equally if not more so than her unpopular counterparts. Use your God given brains people and start thinking about how Obama can make this really work given the current climate!!! Both Obama and McCain pushed hard for a bailout. Already RIGHT THERE you KNOW neither one of them "gets it". Why? Because the American people will be footing the bill... ALL OF IT. Already the bailout is literally stalled in the process of frozen credit markets and legislation; furthermore, it isn't giving investors a bit of peace on Wall Street or anywhere else in the world- AND YOU'RE PAYING FOR IT!

      • Posted By: cani77 @ 10/11/2008 6:26:46 PM

        Palin has a degree in journalism from idaho
        mccain cant even use a computer to send email.
        neither are qualified to run a 17 trillion $ economy in a crisis !

        • Posted By: mercredi38 @ 10/12/2008 12:56:09 PM

          Cani77: You absolutely proved my point: jargon, rhetoric- nothing of substance. Good for you! You and the non- thinking masses will get what you get. I agree with jblackewell88 - it's impossible to get through to you people who see Obama as some kind of messianic figure. Whoaaa that's nuts....

        • Posted By: jblackwell88 @ 10/12/2008 2:27:43 AM

          McCain and Obama are both reflections of American ignorance in general, since it was the voters who collectively put them forward as candidates. We deserve everything we get. The blind are leading the blind and have no context for picking an intelligent leader for lack of intelligence ourselves.

  • Posted By: atkreimer @ 10/12/2008 12:14:53 PM

    Your article still smacks of American superiority but as I am fortunate enough to watch European Tv on a
    daily basis and also read the Spiegel comments, I can assure that Europe is in much better shape and the junk bought by their pensioners for their retirement and now worthless came from only one source:
    Lehman and was peddled to them by none other than good old Citi Bank. Germany has a very well regulated
    Savings Bank system and the poor result of the "decider's" meeting with the G7 ministers answers all questions. The Busch regime is finished and with it all those glory days of overindulgence.

  • Posted By: twofoot3 @ 10/12/2008 11:34:26 AM

    I happen to be one of the 10% that that thinks things are fine right now. I do not have my investments with entities that I have no direct control over. Most of you crybabies were not crying when you were making 25% a year and now you want me and others to come to your rescue. I will do that, in the form of buying your properties and goods at 10% on the dollar and then sell them back to you in a few years, when you are semi- solvent again.

  • Posted By: easternking @ 10/12/2008 5:02:12 AM

    To the fascist-loving Jblackwell1188, the only way to treat a deadbeat is to throw him out the house and he may become a hobo, tramp or gypsy. Of course fascism has its way to treat such beings as seen in Europe till today. Miss out on debt repayment, the mortgaged property is foreclosed ,and the newly homeless bankrupt may have to sail for somewhere else to colonise, and perform ethnic-cleansing acitivity that is wholly acceptable with fascism. Rings a bell, isn't it? I remember some20 years ago, in my Economic History of the US , a people now Native Americans were robbed of their herrtage and land rights to make way for new Americans.

    Today, a new wall south of Texas intends to keep aliens out. Long live fascism.

  • Posted By: sgtpopeye @ 10/12/2008 3:18:12 AM

    Apparently the Euro is tanking fast. Gas is dropping faster than Bill Clinton's pants

  • Posted By: bobben @ 10/10/2008 6:13:29 PM

    it is said , when china wakes up the world will shake , china just started to wake up and the world is indeed shaking , wealth is shifting from west to east .

    • Posted By: jblackwell88 @ 10/12/2008 2:34:01 AM

      When the dollar becomes worthless, what is it exactly that China will own? China better hope the dollars they're saving will be honored down the road.

  • Posted By: juanmbravo @ 10/10/2008 6:35:03 PM

    The Europeans still have a right to gloat about the death of the U.S. style capitalism and falling on its face... because it indeed has failed.... yes they participated, but only because they too were greedy and most importanlty, because they had FAITH in this system we so eagerly promoted. We'll I doubt they still have faith! It will be decades before we can convince anyone to follow along with us!

    • Posted By: jblackwell88 @ 10/12/2008 2:31:28 AM

      I have faith in capitalism, just not stock market gambling and the banking scam. There was a reason the early Christians went against usury ( and why early Jews benefited from it ). We need a form of capitalism reminiscient of what America was founded on. But definately NOT socialism. I'd take fascism before socialism any day.

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