• Sprott Money
    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

Art Cashin Early Thoughts

Tyler Durden's picture

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 02/12/2010 - 11:23 | 228379 phaesed
phaesed's picture

It was entertaining to watch pundits on TV trying to invent a stimulus or two for the rally. A couple even tried to attribute the rally in stocks to movement on financial reform.Duh!

1. Thank you for Cashin's comments.... the man truly is amazing.

2. This makes me think of all the times he got cut off for saying that there might be a correction and wonder at exactly what went through his mind to all the idiots on Squawk Box....

Fri, 02/12/2010 - 11:28 | 228386 Anonymous
Anonymous's picture

Trivia: q?

Fri, 02/12/2010 - 11:28 | 228387 Anonymous
Anonymous's picture

Whats probably more amazing is the frequency that CNBC solicits comments from this moron

Fri, 02/12/2010 - 11:29 | 228391 crzyhun
crzyhun's picture

Here is Strafor's take, equally sour. Total FUBAR!!



Fri, 02/12/2010 - 11:29 | 228392 arnoldsimage
arnoldsimage's picture

 For wicked men are found among my people;
they lurk like fowlers lying in wait. [1]
They set a trap;
they catch men.
27 Like a cage full of birds,
their houses are full of deceit;
therefore they have become great and rich;
28 they have grown fat and sleek.
They know no bounds in deeds of evil;
they judge not with justice
the cause of the fatherless, to make it prosper,
and they do not defend the rights of the needy.
29 Shall I not punish them for these things?
declares the Lord,
and shall I not avenge myself
on a nation such as this?”

Fri, 02/12/2010 - 11:40 | 228405 Dr Horace Manure
Dr Horace Manure's picture

TD reported about this back in September.

It looks like the idea to drain $1T from the system through reverse repos with money market mutaul funds is now upon us.

MMMFs are no longer covered by FDIC, and they can suspend redemptions under the new SEC rule.  Now they will be sold garbage from the FED's balance sheet?

Will all of the brain power assembled here at ZH please explain this so a simpleton like me can understand it?

My instincts tell me that MMMFs are now going to be a very dangerous place to put what we used to call "money".


Fri, 02/12/2010 - 11:41 | 228411 Anonymous
Anonymous's picture

You dont think Blankfein, Jaime Diamond, and Goldman shouldnt get bonuses? You guys sound like germans.

Fri, 02/12/2010 - 11:42 | 228413 Stevm30
Stevm30's picture

The question is: Is the European Council bluffing?

and if so...

Will the "speculators" call their bluff?

It's poker at this point - and the pot is huge.

Fri, 02/12/2010 - 11:42 | 228414 Vecon
Vecon's picture


Fri, 02/12/2010 - 11:59 | 228442 AnonymousMonetarist
AnonymousMonetarist's picture

not z - Arizona

Fri, 02/12/2010 - 13:08 | 228604 Anonymous
Anonymous's picture

you mean x

Fri, 02/12/2010 - 17:15 | 229076 greased up deaf guy
greased up deaf guy's picture

nope.  as monty burns would say... "you mean, there's a new mexico?"

Fri, 02/12/2010 - 13:50 | 228686 Damage Inc.
Damage Inc.'s picture

New Jersey

Fri, 02/12/2010 - 12:04 | 228415 Cognitive Dissonance
Cognitive Dissonance's picture

"We presume the pundits look for other causation simply to fill up air time."

I'm not picking on Art in particular but rather the consensus view in general when I highlight this statement. This is a major Achilles Heel for humanity and it's a trained response. The standard default assumption is that people are simply misguided or dumb or mistaken or any of a hundred other various afflictions that might explain why they're spouting nonsense or doing this or not doing that etc. 

This extends to the general public. How many times have I tried to explain to some poor sap the blantant manipulation and theft occuring right in front of their eyes and the automatic default response is "I'm sure there's some other explanation" which is then followed by a convoluted and poorly thought out reason for the manipulation.

I believe there are multiple reasons for this but after years of bumping into this emotionally defensive default position, I've concluded that it's simply an extension of the overall denial we operate within on a daily basis. To actually examine what's going on all around us at all times would require that we accept responsibility for it and then do something about it.

By not pointing a finger at someone else, we are indirectly avoiding pointing the finger at ourselves, as in "What are you going to do about this now that you've accepted it really is bad actors and not just stupidity?"

We will go to extreme lengths, regardless of the absurdity, to avoid examining ourselves, including avoiding examining others. Knowledge means responsibility. If I don't know, there ain't nothing to fix and I don't need to do anything. Hear no evil, see no evil, speak no evil, thus I don't have to do anything about the evil.  

Fri, 02/12/2010 - 12:34 | 228502 suteibu
suteibu's picture

Interesting thoughts.

First, people want to be positive and trusting.  It is easy for them when there are no major problems in their lives.  You see what happens to people when they have to deal with personal tragedy.  It is very difficult for most of them.  But this is a situation that is not personal, at least for those who have not lost their job or house.  So they remain positive until they have to deal with it.  And they don't want anyone spoiling that mindset for them.

Second, it is up to everyone to look after their own affairs.  Some think that means getting others to see life the same way because the individual feels he has no power.  The reality is that we want to be a part of some community and fear making choices that will force us to leave that community.  So people fret and worry and do nothing.

Fri, 02/12/2010 - 11:50 | 228422 dan22
dan22's picture

Greek Union Madness:

The Euro Crisis and the Greek bailout- all you wanted to know about the Greek public sector and unions.

The rate of worker participation in trade union organizations has been calculated at about 28%. More specifically, the level of trade union membership is substantially different between the private and public sectors.

2. In the private sector, union the density is not higher than 18% and stands at around 472,304 workers, as of 2007 data. The number of union members among public sector employees is calculated at 311,000 persons and represents about 60% of employment in the public sector. The latter number does not include unionized employees of the security forces who are not represented by the public sector trade union, nor does it include non-unionized military personnel. In certain areas of the public sector such as banks and enterprises under state control union density verges on 90%. 3. The Greek trade unions are represented at the highest level by two confederations the Greek General Confederation of Labor, founded in 1918, which includes all trade unions covering employees under private law labor relations in the private and broader public sector – that is, 70 union federations and 83 labor centers with a total of 472,304 voting members and the Confederation of Public Servants, established in 1947, which includes the trade unions of public administration, where public law labor relations apply. ADEDY is a three-level organization, encompassing 1,260 first-level trade unions organized in 46 federations and representing a total of 311,000 voting members. 4. The organizational structure of the trade union movement has the form of a pyramid, with three levels of representation: primary or first level (company, regional or craft unions), secondary (local labor centers, sector federations) and tertiary (national confederations such as GSEE and ADEDY). 5. Membership in employer organizations entails an obligation to take part in collective agreements with the unions.             
Fri, 02/12/2010 - 11:47 | 228428 the grateful un...
the grateful unemployed's picture

there's government intervention in the markets, and then there are the agents the government employs to intervene in the markets, and those agents front run the operation.

Fri, 02/12/2010 - 11:53 | 228433 AnonymousMonetarist
AnonymousMonetarist's picture

Let me get this straight...

The country of Greece, where a third of the economy is underground, where over the last 175 years the country has been in default about half the time, will now be monitored by the EU to insure that all future government statistics are accurate, will give the EU the power to audit its' books, and will have to follow the austerity measures laid out by the EU?

Are you kidding me?

There is no chance in Hellenic that Germany will support anything other than a Potemkin bailout.

Oh and might you suppose that the EU, once follow up reports from Greece show that there are -harumph- still ongoing 'discrepancies', will fine Greece for its' transgressions?

Other EU members probably won't be too terribly willing to gnaw at the horsehair holding the Damocles sword dangling above them also.

The canaries are chirping this morning as Dubai CDS, measured by bps, explode by over 17%.

And the dominoes are being set up as witnessed by the Spanish consortium scurrying to London to meet with its' 'bondholders'.

As mentioned on this blog in December of 2008 :

'A bank holiday where the Federales liquidate insolvent banks' capital structures (with the burden of proving solvency emphasized) per a crazy concept called price discovery is in the national security interest of the United States.

Fiscal initiatives that mandate and hold steadfast to the goal of increasing incomes on a generational basis are the greatest challenge in front of us.

Although it grieves me to say it, both given the implications for human suffering and the rapscallions throughout history that have parroted such a view but ... sometimes to solve a problem you have to make it a bigger problem.

If we can accomplish the Houidini-esque stunt of funding this debt at manageable levels it will only be by literally defining AAA as anything American (i.e. if America becomes AA then literally AA is the new AAA, with the assumption that the reasons for our 'downgrade' would serve as deleterious to all others, except maybe Mr. Gold.)'

I believe this vision is playing out. We are the last canary, and the biggest domino. But given the magic of our reserve currency, our 'downgrade' will only occur within the context of the world being downgraded first.

I've always held firm to the thesis that deflation is the midwife to hyperinflation. A real deflation, not just disinflation, requires liquidity evaporation due to multiple sovereign crises, where the backstop is called into question.

Deflation is the dollar bid, hyper-inflation is the downgrade of American's citizenry commensurate with a currency devaluation .

Would suggest that the quantity of liquidity evaporation will very much define the quality of any hyper-inflation.

We have a free skate while there are troubles in Euroland (should stretch over months not weeks) and then we'll find out just how thin our ice really is.

Beware the Trojan Hoax.

Fri, 02/12/2010 - 12:02 | 228449 Anonymous
Anonymous's picture

Good post.

Fri, 02/12/2010 - 13:44 | 228674 Hephasteus
Hephasteus's picture

Speaking of places with 1/3rd of the economy underground. Has anyone really looked at how corporations work. Or been to mexico or looked at a globe.

Fri, 02/12/2010 - 16:52 | 229044 carbonmutant
carbonmutant's picture

Watch the Greek unions...

Fri, 02/12/2010 - 12:00 | 228443 Anonymous
Anonymous's picture

Al Capone was a helluva businessman. The guy knew how to get results. I think he's Obama's hero, but Obama has been neutered. That's why he needs that muthafuckkin pitbull, Rahm.

Fri, 02/12/2010 - 15:12 | 228857 BlackBeard
BlackBeard's picture

Agree.  Rahm's just a big bitch.

Fri, 02/12/2010 - 12:09 | 228459 Master Bates
Master Bates's picture

We double topped at resistance, making new lower lows.  Then today, the market fell.

Did anybody think that the bullshit rally would continue?

Fri, 02/12/2010 - 12:16 | 228473 Anonymous
Anonymous's picture

Art Cashin? This is what he said:
"Next week could be interesting."
And thats exactly what he was saying since last March, every week, literally. Useless... And his napkin charting? It is just that - napkin charting.

Fri, 02/12/2010 - 17:31 | 229091 greased up deaf guy
greased up deaf guy's picture

nobody's forcing you to read his thoughts... since last march.  when watching television, do you flip through the channels looking to watch shows you can't stand too?

"And his napkin charting? It is just that - napkin charting."

this is about as insightful as "it is what it is."  thank you for that.

Fri, 02/12/2010 - 12:34 | 228503 bankofamerika (not verified)
bankofamerika's picture

Did quants cause the crisis? More pain to come: http://finance.yahoo.com/tech-ticker/talk-is-cheap-bernanke.com

Fri, 02/12/2010 - 12:36 | 228513 Anonymous
Fri, 02/12/2010 - 13:00 | 228578 brown_hornet
brown_hornet's picture

Trivia:  q, u

Fri, 02/12/2010 - 13:28 | 228656 bruce wayne
bruce wayne's picture

South Carolina

South Dakota

Fri, 02/12/2010 - 14:13 | 228735 Anonymous
Anonymous's picture

Trivia Question: Only Q (New Jersey)

Fri, 02/12/2010 - 15:46 | 228935 Orly
Orly's picture

Everyone has this bass-ackwards.

It is not the stock market following the inverse of the dollar, it is the inverse of the dollar following the rampant liquidity in the markets.  As long as there is mucho money floating around, the market will rise and the dollar will fall...until it doesn't.

I know it is a small point, but it is one that needs to be clarified.

Sat, 02/13/2010 - 12:58 | 229858 Grand Supercycle
Grand Supercycle's picture

Choppy sideways action and chronic mixed signals continued this week, but the buying support I have previously mentioned returned on Friday 12 Feb.

It seems the DOW / SP500 / EURO / COPPER counter trend rally may start this coming week.

Daily charts remain bearish of course.


Mon, 04/19/2010 - 09:59 | 307775 Tom123456
Tom123456's picture

ucvhost is a leading web site hosting service provider that is known to provide reliable and affordable hosting packages to customers. The company believes in providing absolute and superior control to the customer as well as complete security and flexibility through its many packages. cheap vps Moreover, the company provides technical support as well as customer service 24x7, in order to enable its customers to easily upgrade their software, install it or even solve their problems. ucvhost offers the following different packages to its customers

Do NOT follow this link or you will be banned from the site!