UPDATE
Glenn was on fire today with the unsustainable national debt, with interviews with Damon Vickers and David Buckner. Also a heads-up that Glenn is doing a special show from The Villages in Florida on Saturday which will be televised. 3pm est.
Remember when we all saw this video a couple of weeks ago? Somebody sent it to Glenn. Anybody checked the Titanic of all debt clocks lately?
Thought I might add a few comments from an earlier post about Nouriel Roubini that goes straight to what Glenn and Damon Vickers are speaking about.
Diamond Tiger:
November 16, 2009 at 11:26 pmI’m glad to hear you are doing so well…as for the rest of us – it’s hard to “go borrow some” when you have been laid off because your former boss is about to lose his company, your town is starting to look like Flint, Michigan, and you know if there is one more bump in the road in your daily life, you will be going to the food bank to feed your child. THAT is the reality for millions of Americans. BTW – I am not panicking, I’ve been living the nightmare since before December 2006.
- November 16, 2009 at 11:54 pm
I have to add one more thing “Cant”. What you are seeing in America today is the average American has realized where the “buy now and pay later” addiction has gotten us with all the bailouts and red ink that we are about to endure and pass on to our children – and we are saying “No More”. You are looking at cold turkey time and let the chips falls where they may. It’s time to put a floor under the fall – not start another spending cycle and worry about it later. We are done with the games.
The simplified truth of the asset bubble that Nouriel Roubini is speaking about; explained by David Buckner.
Glenn’s program is going to be changing starting in the new year:
China Concerned About Our Debt:
As much as I hate to say it, many of us in the financial industry have had our best year since 2007. Banks and customers have loosened their fears and loans are out there in the form of new products for all types of needs. Investors are back on track and doing deals but it may not be felt for a while. I have to be honest, there is money out there now, when the last 2 years there was nothing but a freeze on lending, and investor fear was huge, paralyzing the banking system. We have safer new product for people and it’s going to take a short while to cycle into other markets where it can be felt. It was the first to collapse on Christmas 2006 to a slow domino effect and it will be the thing that may heal us being the first to make a comeback. I’m not tooting any horns but I cannot sit silent when I know better. Stop panicking. It hasn’t been this good since the collapse that Christmas Eve in 2006 when Indy Mac failed, causing up to 400 banks to follow over the course of the last 2 years. Home prices have been stabilized and people are buying. California is making a come back in the housing market and as California goes, so goes the nation. There is money to be had. Go borrow some. Be a part of the solution instead of “hunkering down”. That’s what bankers and customers did in 2007 and 2008 and it clearly didn’t work. It’s our time now to pick up the pieces and move on. All my life I heard of doomsday stories and this time this is just that. A story. Believe it or not, we are coming out of this even though the amount of jobs available in the newpaper is reduced to 1.5 pages from 10. The first to collapse is now the first to recover and the last to collapse (jobs) will be the last to recover. It’s just the way it goes. Would have happened no matter who is pretendident. It’s the market and I saw it collapsing before anyone else and now I see it coming back up before anyone else. However, in both instances no one who is/was not a part of the action on the front lines believed me.