Comments on: Response to the “Market Failure” Drones http://dailyreckoning.com/response-to-the-market-failure-drones/ Economic News, Markets Commentary, Gold, Oil and Investing Strategies. Sun, 27 May 2012 05:05:27 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Mike http://dailyreckoning.com/response-to-the-market-failure-drones/#comment-15306 Mike Sat, 18 Jul 2009 23:07:42 +0000 http://dailyreckoning.com/?p=17220#comment-15306 This is a beautifully written essay. I'll look for both authors' work now and will disseminate both authors' work. I've posted this on Mogambo's essay on California IOU's, but will try to repeat it here, since I've not seen it elsewhere. The mess in CA is well known and need not be repeated. But compare the economic situation in Texas. According to a recent opinion piece in the Wall Street Journal, more jobs were created in TX this past year than the other 49 states combined. And, rather than trying to pay for goods and services with IOU's, Texas governor Perry is reported to have announced that Texas would place $9 billion this year in the state's rainy day fund. Interestingly, in that connection, Texas has no state income tax. That contrast might be food for a book in itself. This is a beautifully written essay. I’ll look for both authors’ work now and will disseminate both authors’ work.

I’ve posted this on Mogambo’s essay on California IOU’s, but will try to repeat it here, since I’ve not seen it elsewhere.

The mess in CA is well known and need not be repeated. But compare the economic situation in Texas. According to a recent opinion piece in the Wall Street Journal, more jobs were created in TX this past year than the other 49 states combined. And, rather than trying to pay for goods and services with IOU’s, Texas governor Perry is reported to have announced that Texas would place $9 billion this year in the state’s rainy day fund. Interestingly, in that connection, Texas has no state income tax. That contrast might be food for a book in itself.

]]> By: Angus Whitton http://dailyreckoning.com/response-to-the-market-failure-drones/#comment-15286 Angus Whitton Sat, 18 Jul 2009 19:05:11 +0000 http://dailyreckoning.com/?p=17220#comment-15286 We have just the same problem here in the UK with our politicians and with our economy. Lessons never seem to be learned anywhere in the world! We have just the same problem here in the UK with our politicians and with our economy.

Lessons never seem to be learned anywhere in the world!

]]> By: Dick Huopana http://dailyreckoning.com/response-to-the-market-failure-drones/#comment-15273 Dick Huopana Sat, 18 Jul 2009 16:58:15 +0000 http://dailyreckoning.com/?p=17220#comment-15273 Woods says the budget deficit for F/Y 2007 was $162 billion. Yet, the official U.S. Treasury Dept's web site shows the government/taxpayer debt increased from a 2006 y/e balance of $8.5 Trillion to a 2007 y/e balance of $9.0 trillion. That means that Treasury had to fund a deficit of $500 billion - not $162 billion - by borrowing during f/y 2007. So, who is right: Woods or Treasury? Hint: It isn't Woods. Woods says the budget deficit for F/Y 2007
was $162 billion. Yet, the official U.S. Treasury Dept’s web site shows the government/taxpayer debt increased from a 2006 y/e balance of $8.5 Trillion to a 2007 y/e balance of $9.0 trillion. That means that Treasury had to fund a deficit of $500 billion – not $162 billion – by borrowing during f/y 2007. So, who is right: Woods or Treasury? Hint: It isn’t Woods.

]]> By: dadcss http://dailyreckoning.com/response-to-the-market-failure-drones/#comment-14860 dadcss Wed, 15 Jul 2009 02:55:47 +0000 http://dailyreckoning.com/?p=17220#comment-14860 "..imagine trying to tell a house flipper in 2004 that the housing market was a giant bubble that was going to burst." I did try this with the Mayor & city council in my small community of 5,000, with regard to their aggressive subdivision build out during the bubble years. My attempts went over like a lead balloon. Now we are stuck with the mess in our fair town. “..imagine trying to tell a house flipper in 2004 that the housing market was a giant bubble that was going to burst.”

I did try this with the Mayor & city council in my small community of 5,000, with regard to their aggressive subdivision build out during the bubble years.

My attempts went over like a lead balloon.
Now we are stuck with the mess in our fair town.

]]> By: Joe Thompson http://dailyreckoning.com/response-to-the-market-failure-drones/#comment-14841 Joe Thompson Tue, 14 Jul 2009 23:04:49 +0000 http://dailyreckoning.com/?p=17220#comment-14841 Excellent as always, Tom. Excellent as always, Tom.

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