Trouble looms for Dr Moore - Bob Colwell, former Intel chief architect
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The world borrowed too much money
SHY AND NOT-YET RETIRING Microsoft CEO Steve Ballmer has offered economic advice to Stanford University and said that the current economic problems have been caused by the world having borrowed too much money.
According to Cnet, Ballmer, who dropped out of Stanford to join the Vole, admitted that he could read a balance sheet back then, but not much else.
Apparently his parents were miffed that he dropped out to join Microsoft. His mum didn't know why anyone would want a computer and his dad didn't know what software was.
He said that if he had not gone into software, he probably would have landed a job in the insurance business. His plan is to retire around 2017, he told the students. µ
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The world borrowed too much money? More likely since time is money, the world borrowed too much time! Now is from pay check to payback!
@ Richard: What you say is only partly true, but keep in mind that the lack of true original economic individualities caused the majority or groups thereof to act in unison or in the same way. As in, "Hey, these people got rich doing this or that, so guess what I'm going to do." Exactly the same darn thing as the others.
Individuality is lost in the complex laws that are designed and frequently changes to keep others from a steady easy reach to personal economic goals.
But an illusion of originality that template in the process that looks like individuality remains. Fake indeed.
The money was borrowed from banks. So much that they make up 15% of American GDP. Manufacturing(value added) only makes up 13% and agriculture around 1%. Banks add no value to anything. IMO banks should be about 3% of GDP, the other 12% is just usury.
Dear folks,
I just want to make sure you understand that my desire to drive down interest rates for a decade or two, so we could advance the concept of people borrowing money on houses and taking out loans they couldn't afford was not really my fault. Nor was it the fault of the Congress pushing housing agencies to offer loans to low income folks who couldn't afford the loans otherwise.
It was those gosh darn hedgefunds and those big evil profitable companies! (Psst... did I hit all of the key talking points Mr. Clinton?)
I also find it sound economic policy to triple the debt in less than a decade as Obama has mapped out in his budget. I would like to mention (as I'm obligated to) that it is at times necessary to incur debt in a recession to stimulate growth. It is sound policy to spend 50% more than you take in and throw in effectively another 50% in a "stimulus bill" which contained money for anti-tobacco ads and contraception education.
Just please don't ask why Obama's budgets 3-4 years out still runs a deficit (when presumably his central plan has gotten us out of the recession). We haven't figure out the talking point for that... recession = need to do deficit spending, recovery = still need to do deficit spending... yeah that one will be tough to scare people with... am I talking out loud again... oops...
-Alan Greenspan
The world has borrowed too much money? Who did they borrow it off mars?
"The old-school solution: go on one last spending spree and then kick China's arse in a war and demand reparations. I dunno if we could kick China's arse, so we're stuck being poor."
China would then release all the American bonds, dropping the value of the American dollar. To see what happens when the value of currecy drops, look at Zimbabwe.
"He said that if he had not gone into software, he probably would have landed a job in the insurance business. His plan is to retire around 2017, he told the students."
How disturbingly honest of Mr. Ballmer.
William K. Black (PBS video interview yesterday)
http://www.youtube.com/watch?v=Rz1b__MdtHY
We need this man in Government, of course he's right and honest, so that kinda put's a dampener on that. Well worth watching.
Since when did the INQ become a fluff peice for Microsoft and Steve Ballmer. If you want to be muckrackers, you kinda have to be indescriminate.
Also, the headline had more real information then the story. Good thing there are smart readers here that add there own content.
China owns us. We issue bonds, people or foreign countries buy them. China has bought a lot of bonds. We use the money we borrowed to buy TVs made in China. So we have TVs, China has our money AND we are in debt to them!
The old-school solution: go on one last spending spree and then kick China's arse in a war and demand reparations. I dunno if we could kick China's arse, so we're stuck being poor.
OK, CIA official website says:
12 Trillion USA
10 Trillion UK
So that puts the uk in the lead per head of population by quite a margin considering there is aboot 60mil here and aboot 250mil there...go UK
foff Brown..Labour..etc...
Why blame the world? its the U.S.
United States debt its the biggest in the world
Good practice, ah?... take all the resources (by force if neccesary) then blame the rest of the world...
Lower the prices Balmer you moron!
8 more years of emBalmed software! But it's great they put so much effort into IE right before it becomes obsolete, but that's typical microsoft. Always 2 steps behind!
Australia is about to go into multi-billion dollar debt.
The USA has been in multi billion dollar debt for years.
Where is all this money coming from, who's lending it?
Who's going to profit from it?
Is it the World Bank?
Oil Companies? (they sure made quite a few billion while waiting for Junior to go to war again.)
Actually, the oil companies took alot of the extra cash that was floating around.
it was people. Stop evading individual responsibility by hiding in the herd mentality, it wont wash.