David Stockman — Right On The Money, Economy, Trump and The Warfare and Welfare State — You Have Been Warned — Videos

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World’s Greatest Memory and Trump’s La la Land | David Stockman’s Warning

Published on Apr 29, 2017

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[youtube-https://www.youtube.com/watch?v=5exbO-Ros2Q]

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Stockman: Market Will Not Be Pretty Under Trump

[Ed. Note: To see exactly what this former Reagan insider has to say about Trump and specifically what he believes must be done to drain the swamp, David Stockman is sending out a copy of his book Trumped! A Nation on the Brink of Ruin… And How to Bring It Back out to any American willing to listen. To learn how to get your free copy CLICK HERE.]

As bonds break a three day win streak and the U.S market hitting new record highs with a trifecta of records, CNBC was roaring about what to expect going forward. The Daily Reckoning contributor David Stockman joined Courtney Reagan to discuss what to expect going forward.

After the CNBC host positioned the critiques offered by David Stockman of the Trump administration she asked whether that would continue given the state of the market. Stockman did not mix words beginning the conversation with, “What’s going on today is complete insanity. The market is apparently pricing in a huge Trump stimulus package, when if you just look at the real world out there the only thing that is going to happen is a fiscal bloodbath and a White House train wreck like never before in U.S history.

How much more evidence do these so called traders need? Trump is lost in Twitter-land and he is out of control. He is turning out to be a complete jackass in the Oval Office. Co-President Bannon is off the deep end on terrorism, travel bans, Mexican walls, immigrant bashing and protectionism.”

David Stockman is a former Reagan Administration official who was the Office of Management and Budget Director. He also served as a two-term Congressman from the great state of Michigan. His latest book, Trumped! A Nation on the Brink of Ruin… And How to Bring It Back is out now. It offers his insight and exclusive analysis on exactly what the newly elected president must do in order to succeed in the White House. To get your own FREE copy, CLICK HERE to learn how.

“[They are] having nothing to do with the economic agenda and Trump has got an empty economic bench. He’s got no Secretary of the Treasury, no Office of Management and Budget, no Council of Economic Advisor Chairman. By this time, when I was there with the Reagan Administration, the plan was ready to go and he was going to Congress within a couple of days into February. We have a debt ceiling freight train coming down the road which will hit March 15 and then the cash will start running out and the system will be on edge. All of the continuing resolutions expire in April.”

“They are going to spend the year trying to repeal and replace Obamacare and it will be a fiasco. Nothing is going to happen this year. I don’t even think they can pass the budget resolution. There is going to be no tax action this year. If there is any bill next year it is going to be deficit neutral. Which means it is not going to add $15 to earnings like these crazy people expect.”

“Why would you be trading in this market, with this kind of chaos emerging everywhere at twenty six times trailing earnings? That’s where we are. It is completely crazy and it is only a question of how many more days or weeks that this kind of fantasy land can last.”

David Stockman Market In Text 2

Courtney Reagan then pressed back asking, “At what point do you give in and admit that [Trump] is atypical but maybe he could get things done? I mean, look at all of the CEO’s that Trump has met with.” The former Reagan insider remarked that, “CEO’s come and go with every president. They came in with Reagan, they tell a president what they want to hear. These guys are just selling the song and dance about how many jobs they’re going to create in the next five years. They have no clue.”

“If we have a recession in the next five years, which surely we will, because recessions have not been outlawed and we haven’t had one for ten years. None of this stuff is going to happen. This is meaningless. What is meaningful is that Trump is out of control. This tweeting and getting off track on all of this terrorism stuff. This is a sign that there is going to be no governing coalition and that all of this fiscal stimulus expected by Wall Street is a complete fantasy. It can’t happen.”

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When CNBC then turned over the camera to a day trader who asked about the positive sentiment that exists within the market regarding Trump and his plan to deregulate Stockman stayed true to message. “Trump is just putting out press releases and the guise of Executive Orders. All of this stuff is going to get litigated, it goes through a rulemaking process, that takes years. So the relief on regulation will be important, but it way down the road and it won’t be that impactful.”

“The second thing, is we’re at 92 months in this expansion already. It is running out of gas. You can’t expect it to run forever. That is seemingly what is priced in by the market.”

“The third thing is, we have a giant debt and deficit problem. The debt ceiling is coming back into play it will be 20 trillion when it freezes in on March 15th. I’ll tell you this, people aren’t paying attention to the fact that Trump will never get a debt ceiling increase through the Congress without a government shutdown. When that happens it is, “bar the doors” because nobody is expecting it. We need to look at the facts, not the hopes.”

As the CNBC affirmed, it is not clear that the market is just going to drop tomorrow and history will repeat itself, Stockman repositioned. “The market it clearly factoring in a big Trump stimulus and I think anybody down there would admit if it doesn’t happen, if we get zero tax cuts, if we get a fiscal bloodbath in the Washington I am describing – the market is not going to stay where it is today at these absurd multiples of earnings.”

“This is all based on the idea that there is going to be a surge of economic growth and that profits are going to come back from about $89 a share by basis, where they were during the last twelve months, to a potential $110 or $130. My argument is there is not going to be any economic rebound. There is not going to be any profit surge. Therefore the market will be repricing dramatically downward once it is clear.”

Another CNBC analysis asked why – with the positive trends in jobless claims, manufacturing increasing, interest rates at near record lows – would the market not close out the year near record levels? “The market is assuming that profits are going to rebound. That we are not going to have any market dislocation and that nobody is going to be pushing back on Trump. It is hard to understand how people watching the day-to-day action down there could believe that.”

“Everybody is pushing back on Trump, he can’t even get his cabinet approved. He’s going to be bogged down in a Supreme Court fight, he’s going to be bogged down in a fight over a ridiculous travel ban. The idea that there is not going to be pushback is naive. What there is going to be is a train wreck. It is already clear that the people in the White House have no idea what they’re doing and it is only a matter of time before this honeymoon goodwill evaporates and the politicians get down to doing what they do best. Which is to undermine and obstruct anything that might be positive.”

When finally asked whether there is anything positive that would make him turn bullish in the near future he responded affirmably, “No, because Trump is inheriting thirty years of a disaster created by his predecessors. We have to take this $20 trillion of debt seriously. There is $10 trillion more built in under current policy, and that is without a dime of Trump tax cuts, infrastructure or stimulus. There is going to be a tremendous fiscal crisis in the years ahead which will prevent any of the kind of action that the “stimulus junkies” are looking for.

To catch the full interview with David Stockman on CNBC click here. If you would like to claim your own free copy of David Stockman’s bestseller Trumped! Click here to learn how.

Thanks for reading,

Craig Wilson, @craig_wilson7
for the Daily Reckoning

https://dailyreckoning.com/stockman-market-under-trump/

David Stockman

From Wikipedia, the free encyclopedia
David Stockman
David Stockman by Gage Skidmore.jpg
Director of the Office of Management and Budget
In office
January 21, 1981 – August 1, 1985
President Ronald Reagan
Preceded by Jim McIntyre
Succeeded by Jim Miller
Member of the U.S. House of Representatives
from Michigan‘s 4th district
In office
January 3, 1977 – January 21, 1981
Preceded by Edward Hutchinson
Succeeded by Mark Siljander
Personal details
Born David Alan Stockman
November 10, 1946 (age 70)
Fort Hood, Texas, U.S.
Political party Republican
Spouse(s) Jennifer Blei (1983–present)[1]
Education Michigan State University (BA)
Harvard University
Website Official website

David Alan Stockman (born November 10, 1946) is a former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan.

Early life and education

Stockman was born in Fort Hood, Texas, the son of Allen Stockman, a fruit farmer, and Carol (née Bartz).[2] He is of German descent, and his family’s surname was originally “Stockmann”.[3] He was raised in a conservative family, and his maternal grandfather, William Bartz, was a Republican county treasurer for 30 years.[4][5] Stockman was educated at public schools in Stevensville, Michigan. He graduated from Lakeshore High School in 1964[6] and received a B.A. in History from Michigan State University in 1968. He was a graduate student at Harvard University, 1968–1970 studying theology

Political career

Stockman’s Congressional portrait

He served as special assistant to United States Representative and 1980 U.S. presidential candidate John Anderson of Illinois, 1970–1972, and was executive director, United States House of Representatives Republican Conference, 1972–1975.

Congress

Stockman was elected to the United States House of Representatives for the 95th Congress and was reelected in two subsequent elections, serving from January 3, 1977, until his resignation January 21, 1981, to accept appointment as Director of the Office of Management and Budget for U.S. President Ronald Reagan.

Office of Management and Budget

Stockman was one of the most controversial OMB directors ever appointed, also known as the “Father of Reaganomics.” He resigned in August 1985. Committed to the doctrine of supply-side economics, he assisted in the passing of the “Reagan Budget” (the Gramm-Latta Budget), which Stockman hoped would curtail the “welfare state“. He thus gained a reputation as a tough negotiator with House Speaker Tip O’Neill‘s Democratic-controlled House of Representatives and Majority Leader Howard Baker‘s Republican-controlled Senate. During this period, Stockman became well known to the public during the contentious political wrangling concerning the role of the federal government in American society.

Stockman’s influence within the Reagan Administration was weakened after the Atlantic Monthly magazine published the infamous 18,246 word article, “The Education of David Stockman”,[7] in its December 1981 issue, based on lengthy interviews Stockman gave to reporter William Greider.

Stockman was quoted as referring to Reagan’s tax act in these terms: “I mean, Kemp-Roth [Reagan’s 1981 tax cut] was always a Trojan horse to bring down the top rate…. It’s kind of hard to sell ‘trickle down.’ So the supply-side formula was the only way to get a tax policy that was really ‘trickle down.’ Supply-side is ‘trickle-down’ theory.”[7] Of the budget process during his first year on the job, Stockman was quoted as saying, “None of us really understands what’s going on with all these numbers,” which was used as the subtitle of the article.[7]

After “being taken to the woodshed by the president” because of his candor with Greider, Stockman became concerned with the projected trend of increasingly large federal deficits and the rapidly expanding national debt. On 1 August 1985, he resigned from OMB and later wrote a memoir of his experience in the Reagan Administration titled The Triumph of Politics: Why the Reagan Revolution Failed in which he specifically criticized the failure of congressional Republicans to endorse a reduction of government spending to offset large tax decreases to avoid the creation of large deficits and an increasing national debt.

Fiscal legacy

President Jimmy Carter’s last fiscal year budget ended with a $79.0 billion budget deficit (and a national debt of $907,701,000,000 [8] as of September 30, 1980), ending during the period of David Stockman’s and Ronald Reagan’s first year in office, on October 1, 1981.[9] The gross federal national debt had just increased to $1.0 trillion during October 1981 ($998 billion on 30 September 1981, up from $907.7 billion during the last full fiscal year of the Carter administration[8]).

By 30 September 1985, four and a half years into the Reagan administration and shortly after Stockman’s resignation from the OMB during August 1985, the gross federal debt was $1.8 trillion.[8] Stockman’s OMB work within the administration during 1981 until August 1985 was dedicated to negotiating with the Senate and House about the next fiscal year’s budget, executed later during the autumn of 1985, which resulted in the national debt becoming $2.1 trillion at fiscal year end 30 September 1986.[8] Reaganomics had just begun.

In 1981, Stockman received the Samuel S. Beard Award for Greatest Public Service by an Individual 35 Years or Under, an award given out annually by Jefferson Awards.[10]

Business career

After leaving government, Stockman joined the Wall St. investment bank Salomon Brothers and later became a partner of the New York–based private equity company, the Blackstone Group.[11]:125–127 His record was mixed at Blackstone, with some very good investments, such as American Axle, but also failures, including Haynes International and Republic Technologies.[11]:144–147 During 1999, after Blackstone CEO Stephen A. Schwarzman curtailed Stockman’s role in managing the investments he had developed,[11]:146 Stockman resigned from Blackstone to start his own private equity fund company, Heartland Industrial Partners, L.P., based in Greenwich, Connecticut.[12]

On the strength of his investment record at Blackstone, Stockman and his partners raised $1.3 billion of equity from institutional and other investors. With Stockman’s guidance, Heartland used a contrarian investment strategy, buying controlling interests in companies operating in sectors of the U.S. economy that were attracting the least amount of new equity: auto parts and textiles. With the help of about $9 billion in Wall Street debt financing, Heartland completed more than 20 transactions in less than 2 years to create four portfolio companies: Springs Industries, Metaldyne, Collins & Aikman, and TriMas. Several major investments performed very poorly, however. Collins & Aikman filed for bankruptcy during 2005 and when Heartland sold Metaldyne to Asahi Tec Corp. during 2006, Heartland lost most of the $340 million of equity it had invested in the business.[13]

Collins & Aikman Corp.

During August 2003, Stockman became CEO of Collins & Aikman Corporation, a Detroit-based manufacturer of automotive interior components. He was ousted from that job days before Collins & Aikman filed for bankruptcy under Chapter 11 on May 17, 2005.

Criminal and civil charges

On March 26, 2007, federal prosecutors in Manhattan indicted Stockman in “a scheme… to defraud [Collins & Aikman]’s investors, banks and creditors by manipulating C&A’s reported revenues and earnings.” The United States Securities and Exchange Commission also brought civil charges against Stockman related to actions that he performed while CEO of Collins & Aikman.[14] Stockman suffered a personal financial loss, over $13 million, along with losses suffered by as many as 15,000 Collins & Aikman employees worldwide.

Stockman said in a statement posted on his law firm’s website that the company’s end was the consequence of an industry decline, not due to fraud.[15] On January 9, 2009, the US Attorney’s Office announced that it did not intend to prosecute Stockman for this case.[16]

Web site

In March 2014 Stockman launched a web based daily periodical, David Stockman’s Contra Corner featuring both his own articles and those from leading contrarian thinkers on geopolitics, economics, and finance.

Personal life

Stockman lives in the Upper East Side of Manhattan in New York City.[12] He is married to Jennifer Blei Stockman and is the father of two children, Rachel and Victoria. Jennifer Blei Stockman is a chairwoman emerita of the Republican Majority for Choice,[17] and President of the Solomon R. Guggenheim Foundation Board of Trustees.[18] In 2013, Stockman signed an amicus brief to the Supreme Court in favor of same-sex marriage.[19]

Quotes

  • “[Social Security] has to be means-tested. And Medicare needs to be means-tested […] Let the Bush tax cuts expire. Let the capital gains go back to the same rate as ordinary income.”[20]
  • “The Republican Party has totally abdicated its job in our democracy, which is to act as the guardian of fiscal discipline and responsibility. They’re on an anti-tax jihad — one that benefits the prosperous classes.”[21]
  • “I invest in anything that Bernanke can’t destroy, including gold, canned beans, bottled water and flashlight batteries.”[22]
  • “Ninety-two percent of the wealth is owned by five percent of the people.” (Bloomberg TV 2013)
  • “[T]he Republican Party was hijacked by modern imperialists during the Reagan era. As a consequence, the conservative party cannot perform its natural function as watchdog of the public purse because it is constantly seeking legislative action to provision a vast war machine of invasion and occupation.” [23]

Bibliography

  • The Reagan Economic Plan, 1981
  • The Triumph of Politics: Why the Reagan Revolution Failed, Harper & Row, 1986, ISBN 9780060155605
  • The Great Deformation: The Corruption of Capitalism in America, PublicAffairs, 2013, ISBN 9781586489120
  • Trumped!: A Nation on the Brink of Ruin, and How to Bring it Back, 2016

References

  1. Jump up^ “LOSING THE BATTLES AND WINNING THE WAR”. Lexington Herald-Leader. April 7, 1985.
  2. Jump up^ Hunter, Marjorie (December 12, 1980). “Office of Management and Budget David Alan Stockman; Strong Support From Kemp Chosen by House Republicans Views on Economy”. The New York Times.
  3. Jump up^ “News65”. 19 June 1998.
  4. Jump up^ “The Tuscaloosa News – Google News Archive Search”.
  5. Jump up^ “The Montreal Gazette – Google News Archive Search”.
  6. Jump up^ Heibutzki, Ralph (2012-06-04). “Stockman Surprise Speaker at Lakeshore’s Graduation”. The Herald-Palladium. Retrieved 2012-06-04.
  7. ^ Jump up to:a b c William Greider (December 1981). “The Education of David Stockman”. The Atlantic Online.
  8. ^ Jump up to:a b c d Treasury Department’s Historical Debt Outstanding – Annual 1950 – 1999
  9. Jump up^ Office of Management and Budget Historical Tablessee Table 1.1 (Excel Spreadsheet)
  10. Jump up^ “Jefferson Awards”. Jefferson Awards.
  11. ^ Jump up to:a b c David Carey & John E. Morris (2001). King of Capital: The Remarkable Rise, Fall and Rise Again of Steve Schwarzman and Blackstone. Crown.
  12. ^ Jump up to:a b “Collins & Aikman seeks to emerge from bankruptcy,” Bloomberg News article by Jeff Bennett, published in the newspaper The Advocate of Stamford and (identical version, perhaps with changes by the local editor in the common business section for both newspapers) in the Greenwich Time on September 5, 2006, page A7, The Advocate
  13. Jump up^ David Carey and Lou Whiteman, “PE firms find buyer for Metaldyne,” The Deal, Sept. 1, 2006.
  14. Jump up^ Levin, Doris (29 March 2007). “Stockman Outsmarts Self in Detroit”. Bloomberg. Retrieved 19 September 2014.
  15. Jump up^ “Ex-Collins Chief David Stockman Charged With Fraud (Update10)”. Bloomberg. March 26, 2007. Retrieved 2010-08-02.
  16. Jump up^ “Fraud charges dropped against ex-Reagan aide David Stockman”. Chicago Tribune. 10 January 2009. Retrieved 19 September 2014.
  17. Jump up^ About Us Republican Majority for Choice
  18. Jump up^ Trustees, Solomon R. Guggenheim Foundation
  19. Jump up^ [1]
  20. Jump up^ “Why David Stockman Isn’t buying it”. CBS News. March 2, 2012.
  21. Jump up^ Dickinson, Tim (Nov 9, 2011). “How the GOP Became the Party of the Rich”. Rolling Stone. Retrieved 2011-11-10.
  22. Jump up^ David Stockman: I Invest In Anything Bernanke Can’t Destroy, John Carney, CNBC, October 6, 2010
  23. Jump up^ Stockman, David (2013). The Great Deformation — the corruption of capitalism in America. PublicAffairs. p. 688. ISBN 978-1586489120.

External links

United States House of Representatives
Preceded by
Edward Hutchinson
Member of the U.S. House of Representatives
from Michigan’s 4th congressional district

1977–1981
Succeeded by
Mark Siljander
Political offices
Preceded by
Jim McIntyre
Director of the Office of Management and Budget
1981–1985
Succeeded by
Jim Miller
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John Mauldin & Jonathan Tepper — Code Red: How to Protect Your Savings from the Coming Crisis — Videos

Posted on February 21, 2016. Filed under: Banking, Blogroll, Books, Business, Communications, Constitution, Corruption, Crime, Crisis, Economics, Employment, Federal Government Budget, Fiscal Policy, History of Economic Thought, Investments, Law, liberty, Macroeconomics, Microeconomics, Monetary Policy, Money, Non-Fiction, People, Philosophy, Photos, Radio, Rants, Raves, Regulations, Tax Policy, Taxation, Taxes, Video, War, Wealth, Welfare, Wisdom, Work, Writing | Tags: , , , , , , , , , , , |

 

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Laurence H. Meyer — A Term At The Fed — Videos

Posted on February 7, 2015. Filed under: American History, Banking, Blogroll, Books, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Money, Non-Fiction, People, Philosophy, Photos, Politics, Radio, Rants, Raves, Regulations, Talk Radio, Tax Policy, Taxes, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , |

Lawrence Meyera term at the fed_

Interview with Laurence Meyer :: Forefront :: Part 1

Interview with Laurence Meyer :: Forefront :: Part 2

Interview with Laurence Meyer :: Forefront :: Part 3

Laurence Meyer

From Wikipedia, the free encyclopedia
Laurence Meyer
Born March 8, 1944 (age 70)
Bronx, New York
Nationality United States
Field Macroeconomics
School or tradition
Neo-Keynesian economics
Alma mater MIT (Ph.D., 1970)
Yale (B.A., 1965)
Influences Hyman Minsky

Laurence Meyer (born March 8, 1944) is an economist and was a United States Federal Reserve System governor from June 1996 to January 2002.

Meyer received a B.A. (magna cum laude) from Yale University in 1965 and a Ph.D. in economics from the Massachusetts Institute of Technology in 1970. He then taught at Washington University in St. Louis for 27 years. Meyer also ran an economic consulting firm, Laurence H. Meyer and Associates, with two former students. After he moved to the Fed, he sold his interest in the firm and it renamed itself Macroeconomic Advisers. He won several economic forecasting awards while running the company.

He was nominated to the Fed by President Bill Clinton along with Alice Rivlin in 1996. At the Fed, Meyer was one of the Governors most ready to raise interest rates, because he believed that the economy was operating near full capacity, and especially that employment was near the non-accelerating inflation rate of unemployment, or the rate that would cause inflation. Alan Greenspan, the Chairman at that time, was one of the leaders of the idea that improved productivity would allow the Fed to keep interest rates low without causing inflation.

After leaving the Fed, Meyer became a Distinguished Scholar at the Center for Strategic and International Studies. He also resumed working with Macroeconomic Advisers.

Publications

  • Meyer, Laurence (2004). A Term at the Fed : An Insider’s View. Collins. ISBN 0-06-054270-5.

External links

http://en.wikipedia.org/wiki/Laurence_Meyer

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The Growth Gap Widens As U.S. Heads Into Another Recession: Real Gross Domestic Product Down From 3.1% in Third Quarter to .1% in Fourth Quarter 2012! — Videos

Posted on February 28, 2013. Filed under: American History, Banking, Blogroll, Books, Business, College, Communications, Demographics, Economics, Education, Employment, Energy, Federal Government, Federal Government Budget, Fiscal Policy, history, Inflation, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Quotations, Raves, Regulations, Reviews, Tax Policy, Taxes, Unemployment, Video, Wealth | Tags: , , , , , , , , , , , , , , , , , , , , , , , |

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, FEBRUARY 28, 2013
BEA 13-06

* See the navigation bar at the right side of the news release text for links to data tables,
contact personnel and their telephone numbers, and supplementary materials.

Lisa S. Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov
Recorded message: (202) 606-5306
Ralph Stewart: (202) 606-2649 (News Media)
Jeannine Aversa: (202) 606-2649 (News Media)
National Income and Product Accounts
Gross Domestic Product, 4th quarter and annual 2012 (second estimate)
      Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 0.1 percent in the fourth quarter of 2012
(that is, from the third quarter to the fourth quarter), according to the "second" estimate released by the
Bureau of Economic Analysis.  In the third quarter, real GDP increased 3.1 percent.

      The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month.  In the advance estimate, real GDP declined 0.1 percent.  The
upward revision to the percent change in real GDP is smaller than the average revision from the advance
to second estimate of 0.5 percentage point.  While today’s release has revised the direction of change in
real GDP, the general picture of the economy for the fourth quarter remains largely the same as what
was presented last month (for more information, see "Revisions" on page 3).

      The increase in real GDP in the fourth quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), nonresidential fixed investment, and residential fixed
investment that were partly offset by negative contributions from private inventory investment, federal
government spending, exports, and state and local government spending.  Imports, which are a
subtraction in the calculation of GDP, decreased.

	The deceleration in real GDP in the fourth quarter primarily reflected downturns in private
inventory investment, in federal government spending, in exports, and in state and local government
spending that were partly offset by an upturn in nonresidential fixed investment, a larger decrease in
imports, and an acceleration in PCE.

_______

FOOTNOTE.  Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified.  Quarter-to-quarter dollar changes are differences between these published estimates.  Percent
changes are calculated from unrounded data and are annualized.  "Real" estimates are in chained (2005)
dollars.  Price indexes are chain-type measures.

      This news release is available on BEA’s Web site along with the Technical Note and Highlights
 related to this release.  For information on revisions, see "Revisions to GDP, GDI, and Their Major
 Components".
_______

      Final sales of computers added 0.10 percentage point to the fourth-quarter change in real GDP
after adding 0.11 percentage point to the third-quarter change.  Motor vehicle output added 0.19
percentage point to the fourth-quarter change in real GDP after subtracting 0.25 percentage point from
the third-quarter change.

      The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.5 percent in the fourth quarter, 0.2 percentage point more than in the advance estimate; this
index increased 1.4 percent in the third quarter.  Excluding food and energy prices, the price index for
gross domestic purchases increased 1.1 percent in the fourth quarter, compared with an increase of 1.2
percent in the third.

      Real personal consumption expenditures increased 2.1 percent in the fourth quarter, compared
with an increase of 1.6 percent in the third.  Durable goods increased 13.8 percent, compared with an
increase of 8.9 percent.  Nondurable goods increased 0.1 percent, compared with an increase of 1.2
percent.  Services increased 0.9 percent, compared with an increase of 0.6 percent.

      Real nonresidential fixed investment increased 9.7 percent in the fourth quarter, in contrast to a
decrease of 1.8 percent in the third.  Nonresidential structures increased 5.8 percent; it was unchanged in
the third quarter.  Equipment and software increased 11.3 percent in the fourth quarter, in contrast to a
decrease of 2.6 percent in the third.  Real residential fixed investment increased 17.5 percent, compared
with an increase of 13.5 percent.

      Real exports of goods and services decreased 3.9 percent in the fourth quarter, in contrast to an
increase of 1.9 percent in the third.  Real imports of goods and services decreased 4.5 percent, compared
with a decrease of 0.6 percent.

      Real federal government consumption expenditures and gross investment decreased 14.8 percent
in the fourth quarter, in contrast to an increase of 9.5 percent in the third.  National defense decreased
22.0 percent, in contrast to an increase of 12.9 percent.  Nondefense increased 1.8 percent, compared
with an increase of 3.0 percent.  Real state and local government consumption expenditures and gross
investment decreased 1.3 percent, in contrast to an increase of 0.3 percent.

      The change in real private inventories subtracted 1.55 percentage points from the fourth-quarter
change in real GDP, after adding 0.73 percentage point to the third-quarter change.  Private businesses
increased inventories $12.0 billion in the fourth quarter, following increases of $60.3 billion in the third
and $41.4 billion in the second.

      Real final sales of domestic product -- GDP less change in private inventories -- increased 1.7
percent in the fourth quarter, compared with an increase of 2.4 percent in the third.

Gross domestic purchases

      Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- decreased 0.1 percent in the fourth quarter, in contrast to an increase of 2.6 percent in the
third.
Current-dollar GDP

      Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
1.0 percent, or $40.2 billion, in the fourth quarter to a level of $15,851.2 billion.  In the third quarter,
current-dollar GDP increased 5.9 percent, or $225.4 billion.

Revisions

      The "second" estimate of the fourth-quarter percent change in GDP is 0.2 percentage point, or
$9.2 billion, more than the advance estimate issued last month, primarily reflecting an upward revision
to exports, a downward revision to imports, and an upward revision to nonresidential fixed investment
that were partly offset by a downward revision to private inventory investment.

                                                                     Advance Estimate             Second Estimate
                                                                       (Percent change from preceding quarter)

Real GDP.......................................                            -0.1                         0.1
Current-dollar GDP.............................                             0.5                         1.0
Gross domestic purchases price index...........                             1.3                         1.5

2012 GDP

      Real GDP increased 2.2 percent in 2012 (that is, from the 2011 annual level to the 2012 annual
level), compared with an increase of 1.8 percent in 2011.

      The increase in real GDP in 2012 primarily reflected positive contributions from personal
consumption expenditures (PCE), nonresidential fixed investment, exports, residential fixed investment,
and private inventory investment that were partly offset by negative contributions from federal
government spending and from state and local government spending. Imports, which are a subtraction in
the calculation of GDP, increased.

      The acceleration in real GDP in 2012 primarily reflected a deceleration in imports, upturns in
residential fixed investment and in private inventory investment and smaller decreases in state and local
government spending and in federal government spending that were partly offset by decelerations in
PCE, exports, and nonresidential fixed investment.

      The price index for gross domestic purchases increased 1.7 percent in 2012, compared with an
increase of 2.5 percent in 2011.

      Current-dollar GDP increased 4.0 percent, or $605.8 billion, in 2012 to a level of $15,681.5
billion, compared with an increase of 4.0 percent, or $576.8 billion, in 2011.

	During 2012 (that is, measured from the fourth quarter of 2011 to the fourth quarter of 2012),
real GDP increased 1.6 percent.  Real GDP increased 2.0 percent during 2011.  The price index for gross
domestic purchases increased 1.5 percent during 2012, compared with an increase of 2.5 percent during
2011.

                                            *          *          *

      BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov.  By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

                                           *          *          *

                             Next release -- March 28, 2013 at 8:30 A.M. EDT for:
                Gross Domestic Product:  Fourth Quarter and Annual 2012 (Third Estimate)
                              Corporate Profits:  Fourth Quarter and Annual 2012

gdp_large

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No Bailouts For Greece Or California–Videos

Posted on March 24, 2010. Filed under: Blogroll, Communications, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, Homes, Investments, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , , , |

3/19/10 Jim Rogers on Bloomberg

 

Greece Gives EU 1 Week Deadline for Aid

Greece Considers Asking IMF For Help

Kraemer Sees IMF Taking Assistant Role in Greece Aid: Video

Bill O’Reilly: California Is Bankrupt

Glenn Beck Discusses Barney Frank’s California Bailout Idea

Ron Paul USA is Bankrupt Our Credit Will Get Cut Off,We Will Be Done

Tim Geithner Agrees With Ron Paul- Austrian’s where right

Peter Schiff & Steven Keen on Dateline(Australia) – Part 1 of 2

Peter Schiff & Steven Keen on Dateline(Australia) – Part 2 of 2

Peter Schiff explains how bad government monetary policy could lead to the end of the dollar.

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Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Job Creating Businesses and CIT–Videos

The 12 Trillion–$12,000,000,000,000 Crime of The Century: The Decline and Fall of United States of America By Radical Socialist Spending–Look Before You Leap!

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Federal Government Extortion Of Sound Banks–You Decide?–Take This TARP and Shove It!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009!

 

 

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