Arianna joined ABC “World News” host Diane Sawyer in an interview airing Tuesday night to discuss the ongoing struggles of the middle class, which is under assault in a variety of ways detailed in Arianna’s new book, Third World America.
“We need to help people in the middle class who are losing their homes,” Arianna said. “The truth is that democracy is not a spectator sport.”
Arianna rejected the notion that the solution would come from the political class, calling instead on ordinary citizens to help save their communities, like some of the people profiled in Third World America.
“When people take action, it’s the greatest antidote to despair,” she said. “It’s always been about people in their own communities taking matters into their own hands, and both changing things and demanding change from our elected leaders.”
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U.S. is in worse shape than Greece. U.S. unemployment is on the rise again – it has reached nine point six per cent, the first increase in four months. Some economists are arguing that the Obama administration needs to introduce another stimulus program to create new jobs. But Larry Kotlikoff, professor of economics at the Boston University, believes the U.S. needs to start cutting spending immediately – or face bankruptcy…
The discussion is extremely well-informed. CDOs, CDS, SIVs, ratings agencies and securitization are topics. A+ satire.
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Taylor discusses last week’s NFP report, which he calls a “goldilocks” number as liquidity will be ample, gives his perspective on the upcoming Fed decision, which he agrees with Goldman will be just the MBS roll off proceeds reinvestment into treasuries (which he thinks is already priced in), but he considers it a very small amount of money in the big picture. The result would be a weaker dollar “but only for a number of weeks.” The catalyst for the turnaround will be “things getting much worse.” Taylor does not see any unintended side effects of a new monetization phase, because, once again, the total amount will likely be small (we are not sure we agree with this: with the amount of margin for OTC products, commodities will likely benefit materially from a new QE round). Taylor repeats the old mantra that unlike Europe, the US has control over its currency, and that Europe is certainlyl unhappy with a weak dollar (a trend we believe we will see a lot of increasingly shorter frequency, higher amplitude moves in over the next few quarters). Taylor concludes by discussing his current trade: the short EURUSD pair. He does not see the euro going far beyond 1.35, and his target of 1 to 1.10 he sees as very realistic. As pertains to Europe, he sees the ECB easing in Q4, and due to the FX mismatch in global assets mostly denominated in dollars, he anticipates a major short squeeze in USD positions in Q3 and Q4, when the “economy starts to roll over.” He concludes by presenting his two sure bankruptcy candidates: Greece and Spain. We believe that with the European vacation season drawing to a close, the riotous festivities in the PIIGS may be upon us very shortly once again.
Robert Miller with the latest City and business news on a negative start to the week for the Asia Pacific markets, as Goldman Sachs downgrades Japan’s growth forecast; the US Federal Reserve could re-start asset purchase scheme; UK banks launch taskforce to examine lending to businesses and energy companies could be due a bounce as BP caps Gulf of Mexico oil well.
Peter Schiff is a successful businessman, bestselling author, and economic expert widely credited with foretelling the US economic crisis years before it occurred.
Peter is not a politician and has never held elected office, instead dedicating his entire adult life to economics and finance. A graduate of the University of California, Berkeley, Peter studied finance and accounting before joining a prominent brokerage firm. In 1996 he acquired Euro Pacific Capital, a small brokerage with no clients or revenues, building it into an industry leader in international investment strategies with thousands of clients and six offices nationwide. http://schiffforsenate.com/
The discussion is extremely well-informed. CDOs, CDS, SIVs, ratings agencies and securitization are topics. A+ satire.
