This is the best interview with an economist I've seen all year, I love Steve Keen.
He hits this out of the park at before the halfway part his interview starts and he just completely and quickly diagnoses what's going on and where we're all going wrong it's beautifull.
It's so freaking ironic that the biggest socialist we've ever had in the White House can't even use socialisim correctly.
We could of used a HEAP of it do fix the banks and instead we just gave them the money to lend to us and of course they didn't lend anything and they won't for reasons explained.
It's so refreshing to agree completely with someone and just sit back and let them explain it all.
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When written in Chinese, the word "crisis" is composed of two characters. One represents danger and the other represents opportunity. John F. Kennedy
Good stuff, but I was confused on one point. They said that total consumer debt was 43 trillion. But then later they mentioned that Obama could have paid off every mortgage and all credit card debt for 11 trillion. What am I missing?
Good stuff, but I was confused on one point. They said that total consumer debt was 43 trillion. But then later they mentioned that Obama could have paid off every mortgage and all credit card debt for 11 trillion. What am I missing?
Well car loans are a lot of it but it still dosen't add up.
Installment loans don't count as either CC or mortgages, for example student loans wouldn't count, bank signature loans, car loans, 401k borrowings, borrowings against a CD.
I would say that it's just a mistake and they should have said could have vastly paid down, not completely paid off.
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When written in Chinese, the word "crisis" is composed of two characters. One represents danger and the other represents opportunity. John F. Kennedy
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