Re: On a Related Note...What happens after a Proper Debt Default
back2basicz
2/20/2012 3:04:40 PM
Scott,
Quite right.
We live in an America today where people refuse to take responsibility for their actions.Its always someone else's fault.
That alongwith the notion of Privatized Gains and Socialized losses(which has transformed America into a Crony Capitalist country-where the Govt just doles out favors to the highest bidder);is what ails America today.
For instance check the Clean Tech "investments" in companies in the CleanTech Sector under Obama here.
http://www.thefiscaltimes.com/Articles/2012/02/16/Obama-Clean-Tech-Money-Goes-to-Political-Cronies.aspx#page1
Especially at a time when our Debts are so High can we afford politicians pandering to their various constituents like this???
That is why I am hoping for Debt reboot to happen sooner rather than later.
Its only after that will we see a real and constructive dialogue on the Size and Scope of the Government-The biggest problem around the world today.In the meantime,I am buying Gold and Land internationally out of the reach of Uncle Sam.
Regards
Ashish.
Re: On a Related Note...What happens after a Proper Debt Default
Scott Raynovich
2/20/2012 12:10:16 PM
Ashish,
It comes down to common sense -- do you want to flush the bad debts down the toilet and start over or do you procrastinate ad-infinitum?
We see that with Greece. It's obvious the country is bankrupt -- this morning one-year Greek debt yields over 600% -- and will never to be able to pay its debts. Yet the Euro system insists on trying to paper it over to avoid the potential calamity of CDS triggers, banks going under, e.t.c. That's cause many banks overpaid for Greek debt and leveraged it.
So, are they doing the right thing, or are the merely being held hostage by bank leverage?
It's clear that when you have an overindebted company, country, or society, at some point you have to wipe it clean and start over -- like Iceland. In the end, the human entrepreneurial spirit is strong and things always restart and grow, you just have to give them a chance.
Unfortunately in this modern world nobody seems to want to deal with the realities of an overindebted society.
--Scoptt
Re: On a Related Note...What happens after a Proper Debt Default
back2basicz
2/17/2012 11:35:11 AM
Scott,
Yeah,I know.
Its a good feeling.
Unfortunately I dont see anything like that happening in America anytime soon.
Can you imagine ,"I am Just doing God's work"-Llyod Blankfein or Jamie Dimon behind Bars???
Oh the Blasphemy behind such thoughts!!!
Its good but not happening here in the US of A...
Re: On a Related Note...What happens after a Proper Debt Default
Scott Raynovich
2/17/2012 11:20:59 AM
@ashish -- wow that is really interesting Iceland has been off my radar screen recently but happy to seem them bouncing back!
Re: Fundamental Investing
back2basicz
2/17/2012 11:15:22 AM
Scott,
You have to aspire higher(much-much higher) than the Crony Capitalist called Warren Buffet,whose best deals today consist primarily of sweet-talking and buying out Corrupt Politicians like Obama(look at all the companies he wants to buy today-ADM,General Dynamics and Exelon-who all benefit from explicit Govt subsidies)
http://reason.com/archives/2012/02/09/warren-buffett-baptist-and-bootlegger
http://www.caseyresearch.com/articles/exploring-not-so-altruistic-aspects-buffett-rule
http://www.liberallyconservative.com/warren-buffett-americas-ultimate-crony-capitalist/
How about living upto Graham and Dodd's original standards of Value Investing???
Now that will be a great place to aspire to...
Regards
Ashish.
P.S On a related note-Why do ordinary Americans tolerate parasities like Buffet???
On a Related Note...What happens after a Proper Debt Default
back2basicz
2/17/2012 11:09:44 AM
Scott,
This is what happens when a Country which was over-indebted(which is clearly where Greece is today);defaults properly and arrests its Corrupt Bankers-Iceland leads the way.
Too bad we won't see anything like that Happen in the US.
After all,Obama,Romney,McCain and the rest of the clowns who are in the running for President are all sitting in the pockets of the Big Banks aka JPMorgan & Goldman.
Still its good to see how fast Iceland recovered from its Default(clearly shows Free-market Capitalism & Markets works if you let it work)
- ICELAND RATINGS RAISED TO INVESTMENT GRADE BY FITCH
- FITCH UPGRADES ICELAND TO 'BBB-'; STABLE OUTLOOK
- FITCH DOES NOT EXPECT ICELAND TO SLIP BACK INTO RECESSION
- FITCH SAYS ICELAND GOVERNMENT DEBT PEAKED AT 100% OF GDP IN '11
>@Scott, we really want you to succeed like Waren Buffet because we are following your advice very closely :).
>
That's not enough you have to send money too -- don't want this to be like the Buffett story with the lights out below.
Re: Fundamental Investing
yalanand
2/16/2012 10:15:00 PM
may I some day be as successful as Waren Buffet.
@Scott, we really want you to succeed like Waren Buffet because we are following your advice very closely :).
Re: A lot of insight
yalanand
2/16/2012 10:10:02 PM
I just can't decide if this is a tragedy or a comedy.
@Noreen, I think its was tragic event a year before and now it has become comic event. I think only people who are truly affected by this are Greek citizens themselves.
Thanks Street Smart, may I some day be as successful as Waren Buffet.
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