3-8 Dec Economic Calenduhh: Autos Mortgages and Claims Meets Fiscal Cliff
The $200B dollar bill for SANDY will be more a boon than bust, but not on this side of the fiscal cliff, as nobody noticed that rebuilding the NorthEast post SANDY is a constructive economic event. YET. And all that DOW pop means folks are shifting to more bellweather stocks if they're obeying Buffet's injunction to "ride out the fiscal cliff." Meantime Boner, leader of the Republican terrorist group, is firing his lunatic fringe from committees to shore up his power to compromise, and in one week everybody goes on vacation.
So if you think that DOW pop is anything but defensive sector rotation, think again. Silver turned around to end flat to the penny, but was dying on the vine only to be saved by don't worry be happy Congressional comments. nobody believes. The sides have not yet sat down.
Traders delight, but not to be looked at by feint of heart. GLTA, and oh, when the unemployment claims numbers come out today and Friday, duck.
Your economic assessment is based on a false premise—that rebuilding what has been damaged is somehow an economic plus. If what you said was true, it would be to our benefit to blow up buildings, set fires and simply walk around breaking windows. We could destroy our way to prosperity. That would coincide with the other false paradigm, that of borrowing ourselves there.
That paradigm has been debunked adequately and I'm surprised you've not encountered the rebuttal before now.
"If what you said was true, it would be to our benefit to blow up buildings, set fires and simply walk around breaking windows."
I believe the debunk has been debunked by the reality of WWII and Vietnam and Korea which revved up the economy because we were bombing the crap out of THEM, and building the crap out of US. This time we at least build the crap out of US--and the vehicle, printed FEMA support dollars, provides another $100 Billion in work, workers working to do that work, and saved homes, less foreclosures, more cars and tools bought, more infrastructure restructured, yes, all on borrowed money.
I thought this was going to be a MEAT less Friday, but one good debunked rumor deserves its replacement. I got to go with YDM on this one, and yes, it is a return to revisionism, and the pre kumbayah days where warmaking, however heinous, makes sprillions of bazongabux.
Yeah that's known as the "broken glass fallacy". Per Wikipeida:
"The parable of the broken window was introduced by Frédéric Bastiat in his 1850 essay Ce qu'on voit et ce qu'on ne voit pas (That Which Is Seen and That Which Is Unseen) to illustrate why destruction, and the money spent to recover from destruction, is actually not a net-benefit to society."
yourdeadmoney is a repository of every idiotic logical fallacy, myth and urban legend in existence.