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	<title>Comments on: Firefighter Arson And Our Macroeconomic Policymakers</title>
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	<link>http://baselinescenario.com/2009/08/27/firefighter-arson-and-our-macroeconomic-policymakers/</link>
	<description>What happened to the global economy and what we can do about it</description>
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	<item>
		<title>By: Uncle Billy vs. Mont Pelerin</title>
		<link>http://baselinescenario.com/2009/08/27/firefighter-arson-and-our-macroeconomic-policymakers/#comment-26077</link>
		<dc:creator><![CDATA[Uncle Billy vs. Mont Pelerin]]></dc:creator>
		<pubDate>Tue, 01 Sep 2009 17:28:06 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=4828#comment-26077</guid>
		<description><![CDATA[test]]></description>
		<content:encoded><![CDATA[<p>test</p>
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		<title>By: aldante</title>
		<link>http://baselinescenario.com/2009/08/27/firefighter-arson-and-our-macroeconomic-policymakers/#comment-25976</link>
		<dc:creator><![CDATA[aldante]]></dc:creator>
		<pubDate>Mon, 31 Aug 2009 22:39:13 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=4828#comment-25976</guid>
		<description><![CDATA[This is what I was thinking:

Synonyms:
1. collusion, sedition. 2. Conspiracy, plot, intrigue, cabal all refer to surreptitious or covert schemes to accomplish some end, most often an evil one. A conspiracy usually involves a group entering into a secret agreement to achieve some illicit or harmful objective: a vicious conspiracy to control prices. A plot is a carefully planned secret scheme, usually by a small number of persons, to secure sinister ends: a plot to seize control of a company. An intrigue usually involves duplicity and deceit aimed at achieving either personal advantage or criminal or treasonous objectives: the petty intrigues of civil servants. Cabal refers either to a plan by a small group of highly-placed persons to overthrow or control a government, or to the group of persons themselves: a cabal of powerful lawmakers.]]></description>
		<content:encoded><![CDATA[<p>This is what I was thinking:</p>
<p>Synonyms:<br />
1. collusion, sedition. 2. Conspiracy, plot, intrigue, cabal all refer to surreptitious or covert schemes to accomplish some end, most often an evil one. A conspiracy usually involves a group entering into a secret agreement to achieve some illicit or harmful objective: a vicious conspiracy to control prices. A plot is a carefully planned secret scheme, usually by a small number of persons, to secure sinister ends: a plot to seize control of a company. An intrigue usually involves duplicity and deceit aimed at achieving either personal advantage or criminal or treasonous objectives: the petty intrigues of civil servants. Cabal refers either to a plan by a small group of highly-placed persons to overthrow or control a government, or to the group of persons themselves: a cabal of powerful lawmakers.</p>
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		<title>By: Silke</title>
		<link>http://baselinescenario.com/2009/08/27/firefighter-arson-and-our-macroeconomic-policymakers/#comment-25822</link>
		<dc:creator><![CDATA[Silke]]></dc:creator>
		<pubDate>Sun, 30 Aug 2009 10:19:31 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=4828#comment-25822</guid>
		<description><![CDATA[I guess your quote is here at 2:00 &quot;wo laufen sie denn?&quot;
the best of it comes at about 2:50
http://www.youtube.com/watch?v=HQ4QGvqKqT8&amp;feature=related
a pity it&#039;s so much word play and thus untransferrable]]></description>
		<content:encoded><![CDATA[<p>I guess your quote is here at 2:00 &#8220;wo laufen sie denn?&#8221;<br />
the best of it comes at about 2:50<br />
<span style="text-align:center; display: block;"><a href="http://baselinescenario.com/2009/08/27/firefighter-arson-and-our-macroeconomic-policymakers/"><img src="http://img.youtube.com/vi/HQ4QGvqKqT8/2.jpg" alt="" /></a></span><br />
a pity it&#8217;s so much word play and thus untransferrable</p>
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		<title>By: Eric</title>
		<link>http://baselinescenario.com/2009/08/27/firefighter-arson-and-our-macroeconomic-policymakers/#comment-25812</link>
		<dc:creator><![CDATA[Eric]]></dc:creator>
		<pubDate>Sun, 30 Aug 2009 05:37:51 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=4828#comment-25812</guid>
		<description><![CDATA[Das Stimmt aber wohin laeufen Sie?]]></description>
		<content:encoded><![CDATA[<p>Das Stimmt aber wohin laeufen Sie?</p>
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		<title>By: Larry Kudlow is Giddy</title>
		<link>http://baselinescenario.com/2009/08/27/firefighter-arson-and-our-macroeconomic-policymakers/#comment-25787</link>
		<dc:creator><![CDATA[Larry Kudlow is Giddy]]></dc:creator>
		<pubDate>Sun, 30 Aug 2009 00:07:48 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=4828#comment-25787</guid>
		<description><![CDATA[it&#039;s not a comspiracy, it is the result of social fraternalism. Bending the curve. We could actually fix the financial abuse opportunities in a weekend - every one of you knows how, but Bernanke walks a line between love and hate. I think he is human so he has a bias towards love. As expenseive as his affairs are for the rest of us.]]></description>
		<content:encoded><![CDATA[<p>it&#8217;s not a comspiracy, it is the result of social fraternalism. Bending the curve. We could actually fix the financial abuse opportunities in a weekend &#8211; every one of you knows how, but Bernanke walks a line between love and hate. I think he is human so he has a bias towards love. As expenseive as his affairs are for the rest of us.</p>
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		<title>By: Yakkis</title>
		<link>http://baselinescenario.com/2009/08/27/firefighter-arson-and-our-macroeconomic-policymakers/#comment-25784</link>
		<dc:creator><![CDATA[Yakkis]]></dc:creator>
		<pubDate>Sat, 29 Aug 2009 23:24:46 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=4828#comment-25784</guid>
		<description><![CDATA[In the face of &quot;unspeakable complexity&quot; there&#039;s no point in trying to understand.  That&#039;s what makes Carson&#039;s post so &quot;intelligent.&quot;]]></description>
		<content:encoded><![CDATA[<p>In the face of &#8220;unspeakable complexity&#8221; there&#8217;s no point in trying to understand.  That&#8217;s what makes Carson&#8217;s post so &#8220;intelligent.&#8221;</p>
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		<title>By: egominimus</title>
		<link>http://baselinescenario.com/2009/08/27/firefighter-arson-and-our-macroeconomic-policymakers/#comment-25713</link>
		<dc:creator><![CDATA[egominimus]]></dc:creator>
		<pubDate>Sat, 29 Aug 2009 16:54:55 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=4828#comment-25713</guid>
		<description><![CDATA[how would you know? most of this thread, like many others here, contians mostly rants with sweeping generlized statements, with no argumentation whatsover. It&#039;s really lazy. You are a self parody!

Rather than sources for inspiring debate and the presentation of ideas, most of what is bandied about here is just &quot;pseudo-intellectual&quot; grafitti.]]></description>
		<content:encoded><![CDATA[<p>how would you know? most of this thread, like many others here, contians mostly rants with sweeping generlized statements, with no argumentation whatsover. It&#8217;s really lazy. You are a self parody!</p>
<p>Rather than sources for inspiring debate and the presentation of ideas, most of what is bandied about here is just &#8220;pseudo-intellectual&#8221; grafitti.</p>
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		<title>By: egominimus</title>
		<link>http://baselinescenario.com/2009/08/27/firefighter-arson-and-our-macroeconomic-policymakers/#comment-25710</link>
		<dc:creator><![CDATA[egominimus]]></dc:creator>
		<pubDate>Sat, 29 Aug 2009 16:43:56 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=4828#comment-25710</guid>
		<description><![CDATA[&quot;Mainstream economists can neither explain nor predict anything&quot;

Given the prolofic output of this group of people, easily accessible here on the net, this kind statement speaks volumes.]]></description>
		<content:encoded><![CDATA[<p>&#8220;Mainstream economists can neither explain nor predict anything&#8221;</p>
<p>Given the prolofic output of this group of people, easily accessible here on the net, this kind statement speaks volumes.</p>
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		<title>By: egominimus</title>
		<link>http://baselinescenario.com/2009/08/27/firefighter-arson-and-our-macroeconomic-policymakers/#comment-25708</link>
		<dc:creator><![CDATA[egominimus]]></dc:creator>
		<pubDate>Sat, 29 Aug 2009 16:31:43 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=4828#comment-25708</guid>
		<description><![CDATA[This is one of the most intelligent posts on this and many blogs. But, I would quibble further with the dig at academics or &quot;quasi-platonic....&quot; dont even know what that means. 

One of the clearest explanations of what has happened, is a system complex beyond our understanding.]]></description>
		<content:encoded><![CDATA[<p>This is one of the most intelligent posts on this and many blogs. But, I would quibble further with the dig at academics or &#8220;quasi-platonic&#8230;.&#8221; dont even know what that means. </p>
<p>One of the clearest explanations of what has happened, is a system complex beyond our understanding.</p>
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		<title>By: Silke</title>
		<link>http://baselinescenario.com/2009/08/27/firefighter-arson-and-our-macroeconomic-policymakers/#comment-25678</link>
		<dc:creator><![CDATA[Silke]]></dc:creator>
		<pubDate>Sat, 29 Aug 2009 08:06:25 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=4828#comment-25678</guid>
		<description><![CDATA[thank you 
no German journalist mocking American love of conspiracy theories has ever even hinted that for you it is a word which such broad meaning 

- neither was I alerted to it by anything else from the novel*) to long journalism
*) maybe I should have mustered the patience to read Dan Brown - might have taught me about it ;-)

- I&#039;ll try to learn to understand it as it is meant but feel deeply unhappy about the discovery 
- if everything is called the same name as the really big bad stuff then the smaller fry provide a very good smoke screen for the really powerful guys/girls]]></description>
		<content:encoded><![CDATA[<p>thank you<br />
no German journalist mocking American love of conspiracy theories has ever even hinted that for you it is a word which such broad meaning </p>
<p>- neither was I alerted to it by anything else from the novel*) to long journalism<br />
*) maybe I should have mustered the patience to read Dan Brown &#8211; might have taught me about it ;-)</p>
<p>- I&#8217;ll try to learn to understand it as it is meant but feel deeply unhappy about the discovery<br />
- if everything is called the same name as the really big bad stuff then the smaller fry provide a very good smoke screen for the really powerful guys/girls</p>
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		<title>By: Yakkis</title>
		<link>http://baselinescenario.com/2009/08/27/firefighter-arson-and-our-macroeconomic-policymakers/#comment-25661</link>
		<dc:creator><![CDATA[Yakkis]]></dc:creator>
		<pubDate>Sat, 29 Aug 2009 01:06:17 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=4828#comment-25661</guid>
		<description><![CDATA[That would explain it. You are talking about
http://en.wikipedia.org/wiki/Conspiracy_%28political%29

whereas we are talking about (I think)
http://en.wikipedia.org/wiki/Conspiracy_%28civil%29]]></description>
		<content:encoded><![CDATA[<p>That would explain it. You are talking about<br />
<a href="http://en.wikipedia.org/wiki/Conspiracy_%28political%29" rel="nofollow">http://en.wikipedia.org/wiki/Conspiracy_%28political%29</a></p>
<p>whereas we are talking about (I think)<br />
<a href="http://en.wikipedia.org/wiki/Conspiracy_%28civil%29" rel="nofollow">http://en.wikipedia.org/wiki/Conspiracy_%28civil%29</a></p>
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		<title>By: Silke</title>
		<link>http://baselinescenario.com/2009/08/27/firefighter-arson-and-our-macroeconomic-policymakers/#comment-25648</link>
		<dc:creator><![CDATA[Silke]]></dc:creator>
		<pubDate>Fri, 28 Aug 2009 22:10:29 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=4828#comment-25648</guid>
		<description><![CDATA[maybe it&#039;s a question of definition

 - in my book a conspiracy is aimed at damaging or toppling the sovereign which means the GunPowder Plot though it is called Plot qualifies for me as a conspiracy whereupon the Great Train Robbery http://en.wikipedia.org/wiki/Ronnie_Biggs doesn&#039;t qualify because they were after enriching themselves and not interested in doing something to the sovereign
of course it is hard to draw a definite line, there always will be debatable cases 
- as to the mob and the drug cartels from the little I think I might know for sure I doubt that it would be really in their interest to damage or topple the sovereign*) 
- dominate yes but that&#039;s something I&#039;d rather call a state within a state

maybe that sounds like hair-splitting to you, but I just can&#039;t forget the havoc the fake claim of a conspiracy known by the name of &quot;-lders of Z--n&quot; managed to contribute to and probably still is able to do again

Also any attempt to harm or topple the sovereign will hopefully even today be taken just as seriously as on 9/11 the invasion of a terrorist entity was taken

if we start calling any backroom get-together of local &quot;nobles&quot; for the purpose of hatching a plot to enrich themselves a conspiracy we will need another word for the really big stuff.

*) current activities of the Taleban probably contradict that assumption but they are said to have been very successful in preventing poppy growing while in power]]></description>
		<content:encoded><![CDATA[<p>maybe it&#8217;s a question of definition</p>
<p> &#8211; in my book a conspiracy is aimed at damaging or toppling the sovereign which means the GunPowder Plot though it is called Plot qualifies for me as a conspiracy whereupon the Great Train Robbery <a href="http://en.wikipedia.org/wiki/Ronnie_Biggs" rel="nofollow">http://en.wikipedia.org/wiki/Ronnie_Biggs</a> doesn&#8217;t qualify because they were after enriching themselves and not interested in doing something to the sovereign<br />
of course it is hard to draw a definite line, there always will be debatable cases<br />
- as to the mob and the drug cartels from the little I think I might know for sure I doubt that it would be really in their interest to damage or topple the sovereign*)<br />
- dominate yes but that&#8217;s something I&#8217;d rather call a state within a state</p>
<p>maybe that sounds like hair-splitting to you, but I just can&#8217;t forget the havoc the fake claim of a conspiracy known by the name of &#8220;-lders of Z&#8211;n&#8221; managed to contribute to and probably still is able to do again</p>
<p>Also any attempt to harm or topple the sovereign will hopefully even today be taken just as seriously as on 9/11 the invasion of a terrorist entity was taken</p>
<p>if we start calling any backroom get-together of local &#8220;nobles&#8221; for the purpose of hatching a plot to enrich themselves a conspiracy we will need another word for the really big stuff.</p>
<p>*) current activities of the Taleban probably contradict that assumption but they are said to have been very successful in preventing poppy growing while in power</p>
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		<title>By: aldante</title>
		<link>http://baselinescenario.com/2009/08/27/firefighter-arson-and-our-macroeconomic-policymakers/#comment-25639</link>
		<dc:creator><![CDATA[aldante]]></dc:creator>
		<pubDate>Fri, 28 Aug 2009 18:54:27 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=4828#comment-25639</guid>
		<description><![CDATA[What&#039;s the mob then? What are drug cartels? What about the $200 million conspiracy in San Diego county involving 26 people and 100 properties?  No conspiracies........wow.
Ohhhhhhh R u being facetious?]]></description>
		<content:encoded><![CDATA[<p>What&#8217;s the mob then? What are drug cartels? What about the $200 million conspiracy in San Diego county involving 26 people and 100 properties?  No conspiracies&#8230;&#8230;..wow.<br />
Ohhhhhhh R u being facetious?</p>
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		<title>By: Silke</title>
		<link>http://baselinescenario.com/2009/08/27/firefighter-arson-and-our-macroeconomic-policymakers/#comment-25632</link>
		<dc:creator><![CDATA[Silke]]></dc:creator>
		<pubDate>Fri, 28 Aug 2009 17:35:48 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=4828#comment-25632</guid>
		<description><![CDATA[there are classes of course there are
but no matter how much coordination is generated by membership to the same class when further climbing up the ladder is possible competition will take place 

- all those who are not content with just making their place in life as comfortable as possible will get fired up, coalescing, outrunning eachother, coalescing again in all kinds of different combinations

of course there are price-fixing cabals when they think the risk is manageable but a cabal to self-destruct in order to be able to rob the state coffers 
- I try hard but I can&#039;t find a motive for that 
- and they better than anybody else must have known that they were about to blow up 
- after all to know such things made them worth their ridiculous salaries - and little me was constantly told that the pure size of those incomes was proof that things were in safe, trustworthy and expert hands]]></description>
		<content:encoded><![CDATA[<p>there are classes of course there are<br />
but no matter how much coordination is generated by membership to the same class when further climbing up the ladder is possible competition will take place </p>
<p>- all those who are not content with just making their place in life as comfortable as possible will get fired up, coalescing, outrunning eachother, coalescing again in all kinds of different combinations</p>
<p>of course there are price-fixing cabals when they think the risk is manageable but a cabal to self-destruct in order to be able to rob the state coffers<br />
- I try hard but I can&#8217;t find a motive for that<br />
- and they better than anybody else must have known that they were about to blow up<br />
- after all to know such things made them worth their ridiculous salaries &#8211; and little me was constantly told that the pure size of those incomes was proof that things were in safe, trustworthy and expert hands</p>
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		<title>By: D. Christopher Leonard</title>
		<link>http://baselinescenario.com/2009/08/27/firefighter-arson-and-our-macroeconomic-policymakers/#comment-25609</link>
		<dc:creator><![CDATA[D. Christopher Leonard]]></dc:creator>
		<pubDate>Fri, 28 Aug 2009 16:20:17 +0000</pubDate>
		<guid isPermaLink="false">http://baselinescenario.com/?p=4828#comment-25609</guid>
		<description><![CDATA[In &quot;social classes&quot; Schumpeter noted that members of a class behave towards eachother differently than to those outside the social group boundaries. Certainly the upper echelons of the banking/finance community in NYC-London do so. They socialize together, live proximate to eachother, vacation in the Hamptons, send their kids to the same schools, and marry amongst eachother with greater frequency than with marriage partners drawn from other groups. They purchase university educations from status good schools (e.g. Oxbridge, the Ivys)to build and maintain social networks.
They certainly plan for the future in as much as they effectively lobby national governments for policies favourable to their interest (e.g. no regulation of derivatives, repeal of Glass-Steagel). So the assertion that &#039;people&#039; don&#039;t plan isn&#039;t tenable.
While their are probably not formal agreements, the assumption there must be formal cabals misunderstands the nature of informal social networks in the construction and maintenance of elites.
There is at least a half century of empirical research on elite behavior - starting with C.W. Mills that belies your claims.
Try reading a history of the Warburgs, or the Wendels, or the DuPonts. Or undertake a proserpography of senior management in U.S. investment banks, money center banks, and brokerage houses (plus senior staff in treasury, Fed) and it ought to be an eye-opener. In otherwords, it doesn&#039;t have to look like a price-fixing cabal in an industrial sector to have informal but powerful coodination!]]></description>
		<content:encoded><![CDATA[<p>In &#8220;social classes&#8221; Schumpeter noted that members of a class behave towards eachother differently than to those outside the social group boundaries. Certainly the upper echelons of the banking/finance community in NYC-London do so. They socialize together, live proximate to eachother, vacation in the Hamptons, send their kids to the same schools, and marry amongst eachother with greater frequency than with marriage partners drawn from other groups. They purchase university educations from status good schools (e.g. Oxbridge, the Ivys)to build and maintain social networks.<br />
They certainly plan for the future in as much as they effectively lobby national governments for policies favourable to their interest (e.g. no regulation of derivatives, repeal of Glass-Steagel). So the assertion that &#8216;people&#8217; don&#8217;t plan isn&#8217;t tenable.<br />
While their are probably not formal agreements, the assumption there must be formal cabals misunderstands the nature of informal social networks in the construction and maintenance of elites.<br />
There is at least a half century of empirical research on elite behavior &#8211; starting with C.W. Mills that belies your claims.<br />
Try reading a history of the Warburgs, or the Wendels, or the DuPonts. Or undertake a proserpography of senior management in U.S. investment banks, money center banks, and brokerage houses (plus senior staff in treasury, Fed) and it ought to be an eye-opener. In otherwords, it doesn&#8217;t have to look like a price-fixing cabal in an industrial sector to have informal but powerful coodination!</p>
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