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Michael Covel (FT Press)

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Michael Covel (Collins)

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Michael Covel (FT Press)

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Broke (Film DVD)

Michael Covel

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We Are Nuts

Economics, Multimedia | August 3rd, 2008

A diatribe on the Fed (MP3).

Note: No vulgarity or ugly attacks. There are other places for that.

  • Brian Loughnane

    Excellent blog. Western European airports portrait a similar picture. Just look at my own home country of Ireland. The property bubble has burst just like everywhere else and the government is continuing it’s pursuit of spending €1.2 billion on the redevelopment of the airport. That money would quite easily redevelop all five of our international airport (yes five ….. with a population of 4 million people) and then some. As Michael O’Leary, a prominent Irish businessman, put it: “why are we trying to gold plate the Taj Mahal”. The U.S. is not alone in having a Government that takes pride in “pissing away” the peoples hard earned cash. The only “energy” I see in Dublin Airport is the Government’s energy in recklessly spending the peoples hard earned cash and, of course, the energy of the people spending their not hard earned borrowed cash on holidays.
    I welcome the energy of the far eastern peoples …. fingers crossed they may rub off on the West.

  • http://None Vincent Clark

    John Maynard Keynes might disagree with you Brian. He might argue that in times of economic turmoil, the government should step in and use the taxes we paid, in the good times, to fund large public works, to keep people in jobs. Great thing is that the govt will get far more bang for their buck now that they are not competing with the commercial market for labour.

  • http://www.tltblog.com Ladi

    It’s really interesting to observe how things change. I’ve had the opportunity to experience different countries and cultures, around the world and who knows what the future holds. I can’t predict it, but what the trends tell me is that there’s a huge shift in economic power and the U.S needs to be able to shed it’s old skin to move quicker to the change.
    My country used to be a Developed country, but in less than a decade it fell to a third world country due to bad leadership and lack of foresight. Our currency to a dollar was 1 to $2, back in 1980s and by 1990s our currency became over 100 to $1.

  • http://michaelcovel.com Michael Covel

    The economic turmoil we have was created after the Fed panicked after 9/11. They dropped rates to 1%. Real estate bubble then followed. So these people that made the mess are the ones to clean it up? Faith in the government to solve personal economic issues is blind lunacy.

  • Vincent Clark

    “The economic turmoil we have was created after the Fed panicked after 9/11″

    Michael! Michael! Michael! You know better than that! Somewhere on this site you even point out, that at the time of 9/11, the market was already collapsing.

  • Vincent Clark

    P.S. Anyone who takes out a morgage that is say, more than 3 times the average salary for an average house, deserves everything they get when the proverbial hits the fan. I know people who were buying at 9 times multiples….and looked on incredulous as I pointed out the danger they were letting themselves in for. It was a no brainer for anyone who cared to think about it.


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