Nails It – Economic Analyst El-Erian: The Era of “De-Globalization” is Here…

Finally an economic analyst gets prime-time media pundits to listen as he describes the fundamental difference between the U.S. “Economy” (Main Street) and the U.S. “Markets” (Wall Street).  Charles Payne understands most of this, but El-Erian has it nailed.

Allianz Group chief economic advisor, Mohamed El-Erian, accurately describes what is happening in an era where deglobalization is taking place. The U.S. economy is strong; however, the multinationals on Wall Street -invested overseas- are exposed.  Thus there’s a disconnect and accompanying market volatility.

This is well worth watching because this is the first well-regarded financial pundit that is speaking truth to Wall Street in terms the panel pundits will understand/accept.

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There is nothing that China and the EU can do to stop the de-globalization process; and efforts to stimulate their economy, more quantitative easing (pumping money) while the global supply chains are being shifted, are futile.

The more a nations’ economy is dependent on exports, the more exposure they have to the inherent downsides of de-globalization.   U.S. companies that are invested in these nations will lose their investment over time; some rapidly.  This will keep the stock market volatile, yet the Main Street USA economy is thriving.

President Donald Trump has purposefully stalled the process of globalization, and is resetting global supply chains. This is bringing massive amounts of wealth back into the United States.

In essence Titan Trump is engaged in a process of: (a) repatriating wealth (trade policy); (b) blocking exfiltration (main street policy); (c) creating new and modern economic alliances based on reciprocity (bilateral deals); and (d) dismantling the post WWII Marshall plan of global trade and one-way tariffs (de-globalization).

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238 Responses to Nails It – Economic Analyst El-Erian: The Era of “De-Globalization” is Here…

  1. TheWanderingStar says:

    Brian Moynihan, CEO of Bank of America, had some interesting comments on GloombergTV this morning. “Fear of recession is the threat.” And the MSM are doubling down on nit picking retailer earnings and of course the yield curve inversion – and on and on.

    Like

    • bayouwh0 says:

      Our stock markets seem so dependent on noises made by Trump’s enemies in politics and the media. The undercurrent of expansion and success, which is real, is muted by the self serving TDS sufferers on the left.

      Liked by 2 people

      • Esperanza says:

        Stock market IS in trouble. It’s decoupled from the real economy. It needs to reset itself. Luckily Main St is booming.

        Interestingly France, ( analogous to the US) , to Germany / China seems to be doing quite well. Unemployment well down, having had the giant sucking sound of our manufacturing going to Germany has its up sides….Germany apparently, is doing pretty bad. All those exports slowing down not good for its shallow exports based economy. Which is probably why we’re getting QE, the Euro being run by and for Germany.

        Liked by 1 person

    • Mendy Mendelbaum says:

      Actually WALMART just reported very good numbers.

      Liked by 2 people

      • TheWanderingStar says:

        Yep! But the talking heads picking everyone else’s numbers apart without digging in as to why. They just assume that it must be the consumer.

        Like

    • NYMinuteman says:

      The “journalists” on the mainstream media have been hammering away at the US economy since Trump was elected. With one breath they say he inherited a growing economy from Obama, and with next they say the growth is an illusion, that things are terrible except in the C-suite. Their purpose is manifest – to erode consumer confidence and actually CAUSE a retraction of consumer confidence and spending, to fuel a recession that they can then use it undermine Trump on the economy. It has been and continues to be relentless. I have liberal friends who are financially illiterate, who have come to me to borrow money because they can’t keep a budget or save, or have been through expensive divorces, or took jobs that required less work and hours because they were not willing, like my wife and I, to work the long and stressful hours to build a solid financial base for our retirement, and they are telling ME how the economy works, and literally CELEBRATING every time the stock market falls. Many of these financial MORONS who took low-stress easy government careers with their fancy educations,do not understand their state government pensions RELY on the market to pay their benefits, and even if the Feds bails them out, it is likely to come with reductions and means tests and other pain for them.

      One such, a “minority” member, has recently adopted the language of victinhood, sending me every news item about a police shooting or some “white supremacist” crap, and clippings from CNBC or MSNBC about how Trump’s tariffs may have short-term costs that will hurt the market. While he draws his paycheck from the Department of Agriculture (in international policy) he describes his country as “racist” and “fascist,” and goes on about Trump’s “Racist” immigration policies. This friggin’ elitist with his Ivy scholarship education and advanced degrees, who collects his fat senior civil service salary for doing literally nothing, runs down the country. He has no kids, and will leave nothing behind when he goes except some government debt that went to pay his pension. He built no business, created no jobs, and will have added nothing to the world except his existence, while the people he criticizes have constructed an entire economy and way of life that gave him both the chance at affluence and freedom that the rest of “people of color” throughout the world would die getting here to give to their children.

      It is disgusting to watch these people actively root for outcomes that will cause misery for the people on the cusp, for whom a recession could mean hardship or ruin, while they are safe in their fat media jobs or government protected positions, because they know they are morally and ethically bankrupt when it comes to issues and ideas to protect prosperity and a future for our kids by taking on China and the globalists now while there is still a chance.

      Liked by 12 people

      • sturmudgeon says:

        NYMinuteman: Good Post..Thanks! As one who has a ‘heap’ of relatives employed?? by various taxpayer-supported entities… I hear your complaint.. and I tire of attempting to point out to them their hypocrisy. They only have employment BECAUSE of the Private Sector.

        Liked by 1 person

      • I think federal pensions should be indexed to US GDP and public debt. It’s awful easy to be an armchair critic when your paycheck has ZERO connection to the economic health of the country. I too am surrounded by them; 100% have a strong liberal outlook, and at least 90% don’t have a clue.

        Liked by 3 people

      • conservativeprof says:

        Democrats are desperate to regain power. They do not care how many people die, lose jobs, or have other negative outcomes. They want a return to power by any means necessary.

        Liked by 4 people

      • honeybumjoy says:

        I liked your comment and so true about financial illiterate with the liberals. They would rather be on the receiving end and not work and complain. We have family members that are lazy & The education system is at fault. Dumbing down our future children.
        Now with the Cell Phone the enemies were using against the world population. The pandora box is open and nothing can stop the exposure to the evils of the liberals Dems and liberal GoP. The world is waking up. Think President Trump is doing great job to help the world reset better humanity from the evils.

        Liked by 1 person

  2. Lactantius says:

    The World Economic Forum met in Davos-Klosters, Switzerland from January 22 to 25, 2019. The mission statement of the World Economic Forum is: “To improve the world.” The 2019 theme was: “Globaliization 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution.”

    The “Davos Group” concern themselves with Economics, Investment, and Stakeholder Participation. They partner in the implementation of the goals through financing and transferring technology.

    The “Davos Group” is made up of stakeholders and major groups involved in global financing and commerce.

    They are self-chartered and have no police power or status as a state. The “Group” can meet anywhere or nowhere.

    Essentially, the “Group” is above any state and is made up of Billionaires plotting the course of the global economy.

    And why shouldn’t they?

    President Donald J. Trump is wresting the U. S. Economy back from the amorphous and self interested “Globalists” and they do not like it. Wall Street is largely in league with the Globalists.

    Socialism can not afford Globalism. No socialist state is engaged in importing the tired, huddled masses yearning to live free on socialism. That formula won’t work. Therefore, socialist states have to import part of the economy of wealthier states through exporting goods and services.

    If Germany had a “balanced, socialist economy” why would BMW manufacture cars in South Carolina for export to Germany?

    Winston Churchill famously noted: “’Each one hopes that if he feeds the crocodile enough it will eat him last.” Applying that notion to both socialism and globalism, they are each a game of chance which is spiraling out of control.

    Pity the DemonizingRat 2020 candidates. They are selling smoke and dreams which can not possibly be financed while President Donald J. Trump is amassing solid wins in repairing the economy and creating jobs.

    The DemoniizingRats have to up the demonizing and become even rattier because they have only their snake oil to sell.

    The Davos level Globalists are titans looking out for themselves and when push comes to shove, they will split and run to their own best interests. Their “Globalist” dreams are ancient and unenforceable against both time and tide.

    President Donald J. Trump must be defeated at all costs in 2020, lest the American economy grows too strong and independent of the manipulations by the Globalists.

    The great news is that the Globalists have no way of explaining what they are selling.

    Liked by 18 people

    • KnowSERENoFear says:

      Excellent comment. I would humbly argue that globalists and socialists are very much aligned in that they share an equal goal of centralization. The success of central banks is the marriage between the political elite and financial elite classes…each enabling the other. A centralized global government requires a centralized global economy.

      I would suggest that a tool to motivate the citizens of the US to succumb to socialism and the globalization of wealth is the “destruction of the planet” (real or perceived). This “impeding doom” motivates people to accept a “world government” that will globally “regulate” away this possibility using “redistributed” funds.

      Liked by 7 people

  3. Zippy says:

    Central banks ‘racing to the bottom’ means one thing, says Mark Mobius: that the stock market will do ‘very well’
    16 Aug 2019

    https://www.marketwatch.com/story/central-banks-racing-to-the-bottom-mean-one-thing-the-stock-market-will-do-very-well-says-mark-mobius-2019-08-15

    But everyone else gets, excuse me, CONTINUES to get MASSIVELY screwed. Also, the wild asset inflation in the stock market is absolutely PHONY… the cash value of a stock is ONLY what you can SELL it for and when this EVERYTHING bubble bursts, that won’t be much. And, BTW, small investors WILL be the last ones out the door just by virtue of the trading mechanisms.

    The Giant Sucking Sound of Financial Repression
    by Wolf Richter • Jul 31, 2019 • 104 Comments • Email to a friend
    In the US alone, it impacts nearly $40 trillion — with consequences for the real economy.

    Transcript segment from video below:

    It’s called interest-rate repression. Or more poetically, financial repression. It’s where central banks manipulate interest rates down to where investments with little credit risk, such as Treasury securities, FDIC-insured savings accounts and CDs, pay little or no interest, or pay less interest than the rate of inflation. People such as savers and retirees, and institutions such as pension funds, that depend on this cash flow have lost their income stream. In addition, the purchasing power of their principal is getting gradually wiped out by inflation. [which is officially significantly understated for reasons which I have previously detailed here – Z]

    How much money are we talking about? In the US alone, this interest rate repression impacts nearly $40 trillion. This includes savings products, Treasury securities, municipal bonds, and high-grade corporate debt. $40 Trillion with a T. A 2% reduction across the board cuts this income by $800 billion a year. And this has had an impact.

    Central banks have accomplished this interest-rate repression by pushing short-term rates to zero or below zero, and by buying bonds and other assets to push long-term rates down too. These were emergency measures during the Financial Crisis that have become the “new normal,” as it has been called. This new normal has been going on for over a decade now.

    Other central banks, including the ECB and the Bank of Japan, pushed their policy rates below zero. This, in addition to vast asset buying binges by those central banks, produced $13 trillion in negative yielding bonds. But that’s a different universe of idiocy that we’re not going to get into today. We’re going to stick to US conditions.

    Liked by 3 people

    • JoAnn Leichliter says:

      The stock market is grossly over-priced and has been for more than a decade. The primary cause for this is very low (often below inflation) interest rates. That drives money into the stock market, even for people for whom it is not the right instrument.

      Liked by 2 people

      • Mendy Mendelbaum says:

        I think your reasoning is only half the story. Crummy returns on fixed assets like money markets and bonds make people look for yield in equities. ALSO, money supply when it is high will cause all asset classes to be massively inflated. This might be at work too.

        Like

        • JoAnn Leichliter says:

          True, but low interest rates from the Fed are the cause of the small or non-existent returns on these safer instruments.

          Like

        • JoAnn Leichliter says:

          True, but low interest rates from the Fed are the cause of the small or non-existent returns on these safer instruments.

          Like

    • JoAnn Leichliter says:

      The stock market is grossly over-priced and has been for more than a decade. The primary cause for this is very low (often below inflation) interest rates. That drives money into the stock market, even for people for whom it is not the right instrument.

      Like

    • JoAnn Leichliter says:

      The stock market is grossly over-priced and has been for more than a decade. The primary cause for this is very low (often below inflation) interest rates. That drives money into the stock market, even for people for whom it is not the right instrument.

      Like

    • JoAnn Leichliter says:

      The stock market is grossly over-priced and has been for more than a decade. The primary cause for this is very low (often below inflation) interest rates. That drives money into the stock market, even for people for whom it is not the right instrument.

      Like

    • JoAnn Leichliter says:

      The stock market is grossly over-priced and has been for more than a decade. The primary cause for this is very low (often below inflation) interest rates. That drives money into the stock market, even for people for whom it is not the right instrument.

      Like

      • zorrorides says:

        You can say that again!

        Sorry JoAnn, couldn’t resist. I’m thinking of a day when we common Americans have a way to invest our savings into Main Street economy and forgo Wall Street stocks.

        Like

  4. 335blues says:

    I would love to see President Trump
    address the nation with an explanation
    of the decoupling of the economy from the
    stock market., and the other things he is doing.
    Mr. Erian did a pretty good job of explaning
    it to the CNBC folks, but somehow it seemed
    to bounce off of them, or perhaps go over their head. They did not utter a clear recapitulation
    of what Erian was saying, instead they kept
    muttering about ‘inverted bond market’.
    Rush Limbaugh’s suggestion that the marxist democrat party was running a test for the planned scaring of the population with recession fears just prior to the election could be rendered moot by helping the citizenry
    understand what is really going on. I believe
    American citizens would cheer Trump’s dismantling of the plan for global marxism,
    and it would help seal Trump’s win in 2020.

    Liked by 2 people

    • Robster says:

      Mr Trump is doing the opposite of explaining the decoupling of the economy from the stock market, instead he is constantly trumpeting stock market highs. To me, this is his biggest vulnerability.

      Liked by 1 person

      • Yes Robs but when the market goes down PDJT talks about employment. He’s an opportunistic self-promoter. Always has been and always will be. It’s part of his fighting spirit and we support the whole package, warts and all.

        Liked by 2 people

  5. Eventually a little light will blink on in somebody’s head and (s)he will win the Nobel Prize in Economics for this: “If your own government does not put ‘your nation first,’ nobody else will. But if every nation puts its own interests first and if it is clear with every negotiation that everyone is doing so, [only] the very best agreements will survive to be made.” The Prize will be awarded to Common Sense …

    Liked by 2 people

  6. Bendix says:

    Just wondering – I’m a big supporter of what our president is doing, that is unequivocal.
    I do however, keep hearing from people who question how, with all these store closings, etc., and knowing many families, still, just getting by, then where are these low unemployment figures coming from?
    What do we point to, when they ask?

    Like

    • bob says:

      You could point to Lebanon Missouri whose factories are paying sign on bonuses for unskilled factory workers and advertising this on big billboards. Relocation is sometimes and economic need. Go to where the jobs are not to where they aren’t. We have lots of counties with sub 2% UE and very low COL. (like 60% of the national average) So one can live nicely on their 28K factory job.

      Like

    • yy4u says:

      Bendix — Are the people asking these questions unemployed? Are you seeing a lot of store closing in your area? The mainstream media is pounding hard on the economy not doing well (as hard as they pounded on how WELL it was doing under Obama). I have heard the same thing but the person I heard it from gets all his news from “mainstream” news and distrusts any news that is not “mainstream”. So maybe people are out of work and maybe stores are closing, but then again, maybe the mainstream media is gaslighting them. Just a thought. What I keep seeing in my area is “help wanted” signs. Yet I also hear that people are out of work and that stores posting “help wanted” signs are closing. Color me skeptical.

      Liked by 1 person

    • KnowSERENoFear says:

      Also, and this sounds harsh, a lot of poor people deserve to be poor. They simply don’t know, or refuse to be responsible with money. Many simply can not discern need vs want. You give poor folks money and they spend it away. You give them a job and they are still poor. And on top of this, there are a lot of folks that thrive on being victims…they love the attention. So there is more to this equation than “supply & demand” in the job market.

      Like

    • I keep a few photos of graphs on my phone:
      – Unemployment rate by race, showing minorities benefitting from economy.
      – Wage growth, blue collar vs. white collar, showing minorities benefitting from economy.
      – # of legal immigrants accepted into USA, showing we are a welcoming country.
      – % of income donated to charity by country, showing we are a generous people.
      – Mass shootings per 100,000 people, showing we are ranked 62nd not #1.
      – Crime rate, showing we are safer than the evening news indicates.

      When you have stats from “independent” sources like Pew, Bureau of Labor Stats, FBI, then you can calmly speak to the numbers while dismissing the alarmism of the crisis du jour. People’s perceptions reflect media priorities (fear-based ad revenue) not facts. In these conversations it’s often helpful to ask Why rather than assert your position.

      The free market economic model requires continuous destruction of the “old” while allowing for the continuous creation of the “new.” In a properly functioning economy there will always be horror stories of plant closures and layoffs. The troubles start when crony capitalism and socialism prevents the old from being destroyed while regulations stifle the “new” from being created.

      Liked by 1 person

    • PBR says:

      Brick stores are getting killed because of online shopping, primarily Amazon. Those stores that do not offer online shopping won’t be around long. That’s a far cry from what they made it. Consumer confidence is up and it shows in the markets. Robots and automation are transplanting human bodies in stores, movies, etc…

      Like

    • rcogburn says:

      First, I’d point them right here. Let read, think, and reach their own conclusions. Once they understand the magnitude of damage, how and why the vested interests perpetuate it, why Trump is doing what he’s doing – I bet you won’t have to point them anywhere else.

      Thanks to Sundance’s incredible work, we’re all a spoiled for information and understanding, almost impossible to find anywhere else. Few people truly understand what’s really happened since China opened for business.

      Back then, the US was the wealthiest, most advanced nation in human history. China was backwater failed communist state, led by a mass-murdering communist dictator, bankrupt and circling the drain. Nixon and Kissinger (the Golden Child of Globalism) opened the door with the noble goal of defeating world communism by weakening the USSR and leading leading China out of Communism.

      40+ years later, the USSR is long gone, but the Pandora’s Box they opened with China has never been closed. Team Globalist writes the rules and makes trillions. American business is incentivized and/or forced to go along to stay competitive. The failed communist backwater is now a communist world power, on track to surpass the US, with a new dictator for life replacing the old one.

      All of this paid for by Americans. American jobs lost, American wealth drained, American IP stolen, American industries decimated, and we’re supposed to give ’em a kiss them after they *%#!* us.

      Second, I’d point them to Walmart.

      I personally can’t think of anything that defines everything wrong with China better than Walmart. Not that long ago, new Walmarts decimated entire “main streets” of small shops were forced to close. They could not compete on price. Walmart goes after against their own suppliers with its in-house brands. This lets Walmart demand lower prices from US suppliers, who are forced to move their business into China, and so on. This is all fueled by cheap Chinese goods, to the point where it’s hard to say when China stops and Walmart starts.

      Amazon is aggressively copying the Walmart model. The impact is mind boggling. This monster is 40 years in the making. Which brings us back to stores closing and people out of work.

      Third and final, I’d point them to ESGPDJT.

      He is only person in the world with the vision, the smarts, the guts, and the job title to take on this beast.

      https://www.pbs.org/wgbh/pages/frontline/shows/walmart/secrets/wmchina.html

      From a Frontline piece on the WA pretty good piece on the Walmart/China relationship. Worth reading the whole thing, excerpt here:

      …Wal-Mart buyers became actively involved in developing products, and educating the mainland Chinese on how to make goods that would sell in America. “You’d go into a factory in Taiwan that’s making men’s shirts. You see what works,” the Wal-Mart buyer recalled. “And then you go into China and tell a factory in China, ‘This is why we’re not buying from you.’ Chinese people are not dumb. They’re tenacious. They know they need to learn very quickly.”

      In 1992, with Wal-Mart clocking in at a 40 percent annual growth rate, Goldman Sachs analyst George Strachan released a study concluding that Wal-Mart was in the midst of “a major strategic merchandising revolution … breaking from a history of almost exclusive commitment to [U.S.] national-brand products, expanding and improving its private-label offerings … and marketing them more aggressively than ever before.”

      By lining its shelves with its own in-house brands, Wal-Mart began competing directly, on its own shelves, with its national, household brand-name suppliers. “It makes them more efficient,” argues Ray Bracy, Wal-Mart’s vice president of international corporate affairs. “I suppose you could suggest that they would like to not have that competition. But it makes them better.”

      The development of Wal-Mart’s house brands proved to be a watershed. Consumer surveys had established that Americans cared less and less about buying national brands: Low price trumped brand loyalty. In the period following Sam Walton’s death, when Wal-Mart’s sales slowed and its stock price began to stagnate, this consumer trend freed the company to ramp up the production of its house brands through unbranded suppliers in China, who now had privileged access to Wal-Mart’s 3,500 stores across America. The result was that Wal-Mart became its own de facto manufacturer, developing and designing products according to the taste of its customers, as analyzed by Wal-Mart’s supercomputer. Profits soared.

      Privately, long-time U.S. suppliers expressed dismay. “They invaded our core business model,” said one apparel maker, requesting that his name be withheld. “Wal-Mart seems intent on managing the total product life cycle.” If the competitive pressures of Wal-Mart’s store brands continue, he said he would close his American factories, abandon his own brand, and try to solicit Wal-Mart’s private label business in China. “We call it ‘the race to the bottom,'” he asserted. “It’s sad because I see that productivity increases [in America] are still possible through automation. There’s room for improved efficiency. But it’s impossible [to stay here] with retailers going for cheap Chinese labor.”

      By now, many American manufacturers, such as the apparel supplier, have little choice but to redefine themselves as “branded distributors” for overseas goods. In other words, instead of making their own products, they use their own brand names to market Chinese-made goods to retailers. They eke out profits by outsourcing production and marketing that production. The process is virtually the final step in the surrender to what Duke University Professor Gary Gereffi calls the Wal-Mart-China “joint venture.”

      For several years, Wal-Mart has been the single largest U.S. importer of Chinese consumer goods, surpassing the trade volume of entire countries, such as Germany and Russia. Global sourcing is now fully integrated into the company’s operations — giving Wal-Mart enormous leverage worldwide. Foreign products account for nearly all of Wal-Mart’s trumpeted low opening price point goods.

      During regularly scheduled conference calls with Wall Street analysts, Lee Scott, Wal-Mart CEO since 2000, touts global sourcing as the key to increasing company profits and continuing its expansion.

      “No one can compete with China. Such efficiency, such manpower,” said Frank Yuan, the former middleman who did business with Wal-Mart, and who now heads an international apparel trade show. “If you look at [Wal-Mart’s] shoes or housewares, 80 or 90 percent is coming out of China. And apparel is not as big as it should be.” After U.S. quotas on textile imports expire on Jan. 1, 2005, Yuan expects imports from China to rise to 80 percent of the apparel market.

      Privately, long-time U.S. suppliers expressed dismay. “They invaded our core business model,” said one apparel maker, requesting that his name be withheld. “Wal-Mart seems intent on managing the total product life cycle.” If the competitive pressures of Wal-Mart’s store brands continue, he said he would close his American factories, abandon his own brand, and try to solicit Wal-Mart’s private label business in China. “We call it ‘the race to the bottom,'” he asserted. “It’s sad because I see that productivity increases [in America] are still possible through automation. There’s room for improved efficiency. But it’s impossible [to stay here] with retailers going for cheap Chinese labor.”

      By now, many American manufacturers, such as the apparel supplier, have little choice but to redefine themselves as “branded distributors” for overseas goods. In other words, instead of making their own products, they use their own brand names to market Chinese-made goods to retailers. They eke out profits by outsourcing production and marketing that production. The process is virtually the final step in the surrender to what Duke University Professor Gary Gereffi calls the Wal-Mart-China “joint venture.”

      https://www.pbs.org/wgbh/pages/frontline/shows/walmart/secrets/wmchina.html

      https://www.demos.org/policy-briefs/not-made-america-top-10-ways-walmart-destroys-us-manufacturing-jobs

      https://www.epi.org/publication/the-wal-mart-effect/

      Like

  7. Ornus says:

    Good point at the end in regards to infrastructure, strong economy, low barrowing cost, and the Dems most likely will resist giving that win to Trump as well.

    Liked by 1 person

  8. I just want to know one thing- why the hell are my credit card interest rates so damn high??

    Liked by 1 person

  9. calbear84 says:

    Love how the CNBC hacks mention that ZIRP leads to mal-investment and also that government spending aka “stimulus” didn’t create jobs! Oh really! Now tell us again, WHO’S policies were those???

    Like

  10. Wilmer Chesser says:

    A great economy thanks to a great president who understands how to keep an economy doing great We have never had a president before with a knowledge this business man has .All i can say keep up the good work,

    Liked by 1 person

  11. fractionalexponent says:

    Remember, Dodd-Frank punished the FDIC main street banks for a recession they did not cause, and Obama bailed out the large Wall Street credit-default-swap banks, and the no-income-no-job-no-asset mortgage banks that, in fact, did cause the 2008-09 crisis.

    Liked by 2 people

  12. fractionalexponent says:

    The first thing out of Andrew Ross-Sorkin’s mouth when he got the CNBC job was “Americans are stupid.”

    In fact he is so stupid they had to change their display of the stock markets because he couldn’t subtract a negative number from a negative number.

    And Joe Kernan has to constantly help Andrew read and pronounce words on the teleprompter.

    Like

  13. fractionalexponent says:

    And CNBC Steve Liesman is a communist who worships the Fiat Reserve Bank.

    Like

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