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Joined: 07/29/2008
Posts: 723
economics video

Watch the timelines as it gets closer to December 07 which we now know was the official beginning.

http://www.youtube.com/watch?v=2I0QN-FYkpw

bitmasher's picture
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Location: Colorado
Joined: 02/27/2002
Posts: 2973
economics video

Kudos to Peter. His concerns about the national savings rate is well founded and in hindsight he makes his opponents look comically bullish. DOW 16,000.... wow.... there is some hilarious commentary in the video. Thanks for posting.

However its worth noting that Peter is somewhat of a perennial bear and has been occasionally beating the drum of doom for awhile. Check out his archives here:

http://www.europac.net/archives.asp?year=2002&qtr=3
Lack of demand for Japanese government bonds could deal fatal blow to U.S. economy
That was in 2002.

If a person always sees doom and it finally happens are they prescient or is it just dumb luck? In Peter's case I would lean toward prescient, but you never can be too sure.

Gold, apparently a favorite of Peter's, is underwater for the year as well, and not much above its position of two years ago. Certainly better than the djia though.

Its also worth noting Peter's opinion on President Elect Obama.
http://www.youtube.com/watch?v=sMdF1CiQAkA

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Joined: 07/29/2008
Posts: 723
economics video

The vid was just for amusement. Economics is best looked at with numbers and words, but along those same lines...

Peter is a bear. If a $100 investment rises to $300 then falls back to 200 he'd say look I told you it would lose half it's value. Also the clips were cherry picked. But every time I hear the word hyperinflation my hypertension skyrockets.

I read Krugmans economics blog second or third every day, he is much more preiscent and timely in his warnings, but he is horrid on TV. Good part is he's a Keynesian and has a Nobel, which not many US economists have.

I know gold has been flat, but wish I had shares, seems safet than the USD.

I turn on my newsreader this morning to find out my bank has been using bailout money to buy a big retail bank on the East Coast. Good use of my tax dollars.

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