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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....
Whats probably more amazing is the frequency that CNBC solicits comments from this moron
Here is Strafor's take, equally sour. Total FUBAR!!
For wicked men are found among my people;they lurk like fowlers lying in wait. 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 justicethe 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 myselfon a nation such as this?”
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".
You dont think Blankfein, Jaime Diamond, and Goldman shouldnt get bonuses? You guys sound like germans.
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.
not z - Arizona
you mean x
nope. as monty burns would say... "you mean, there's a new mexico?"
"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.
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.
Greek Union Madness:
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.
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.
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.
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.
Watch the Greek unions...
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.
Agree. Rahm's just a big bitch.
We double topped at resistance, making new lower lows. Then today, the market fell.
Did anybody think that the bullshit rally would continue?
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.
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.
Did quants cause the crisis? More pain to come: http://finance.yahoo.com/tech-ticker/talk-is-cheap-bernanke.com
Trivia: q, u
Trivia Question: Only Q (New Jersey)
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.
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.
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