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Bill Fleckenstein versus Barton Biggs On QE2
Today's must watch clip comes from Bloomberg TV, which interviews Bill Fleckenstein and Barton Biggs for their takes on the Fed's launch of the latest iteration of monetary insanity. Bill Fleckenstein, whose opinion on the Fed is no secret and has appeared on Zero Hedge many times previously, obviously sees the Fed's action for what it is: the last act of a desperate, secretive politburo in which a group of petrified economists, who have not been right once in the institution's recent history, pretend to set interest rates, when all they do is create bubbles. We are now seeing the last bubble: that, whose implosion will require extraterrestrial lifeforms to write a blank check to rescue a failed global Keynesian experiment. This is not lost on Fleckenstein. As for Biggs, there is no surprise where the 70+ year old stands on the issue of endless monetary stimulus by the Fed: sacrifice a calf while chanting Ben Shalom 100 times each night. That and taking one's geritol, which dosage after a statement like the following obviously was missed last night: "Bernanke has gotten the stock market up, which is what he wants to do, the stock market is an important symbol of confidence, and Mr. Market is a pretty good forecaster of the economy." Fleckenstein's response is, of course, spot on, and calls out the complete logic fail in the Traxis man's stream of consciousness: "When Mr. Market was reveling in the equity bubble and real estate bubble, it didn't see any of the problems coming. Easy money gets markets up, but doesn't solve any of the problems." Much more in this long overdue smack down of one of the most overrated asset managers in history.
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LOL. Deer in the headlights look from Betty at 1:45ish was priceless.
OK, back to watching the clip!
ROTFLMAO! TOTAL FAIL! I can just imagine what Betty heard in her gov't subsidized earphones- "Betty DON'T ANSWER THAT! 'O' is working on an answer now.. wait... standby.. go to commerical break! QUICK before the public senses the truth being exposed! BETTY! BETTY QUICK! STALL! STALL! GO TO COMMERICIAL! SAY WE NEED TO PAY THE BILLS!"
Man, she must have had a crisis in her brain- "If I tell the truth, I might lose my high paying job... but if I say something else, I might seem like a dumb blond.. what to do?!"
Ya but.... i'd hit that.
Yes you would - and that's the reason stupidity is perpetuated. Both of your gene pools should end here.
4 junks because you would bang a total hottie?!?
Seriously, this wasn't the best showing by poor Betty. Everybody has a bad day sometimes. Let's hope she takes this as a challenge to improve.
Biggs looked like a zombie.
LOL - I was thinking the exact same thing as I was watching this. She is just to stupid for her job.
Is that even possible in Television?
no
Check out the link to this video on the Bloomberg site. They edited out her classic moment!
http://www.bloomberg.com/video/64293570/
That was a nice edit.
You are correct, that is why she went into a commercial so fast it wasn't because there was one. It was because she couldn't be shown to be looking like the student and not the all knowing financial broadcaster (also she can't help the truth along because then the useful idiots would think it was the truth). And also ask yourself what network do you know that came off of a break within a minute and change go into another commercial, it only happens when they want the anchor to stop the guest from making sense and/or if the anchor doesn't know where the question is leading.
It was priceless.
Where do they get these bimbos?
I usually give Bloomberg much more cred the CNBS, errr BC. I may have to reconsider.
Good lord, does she really understand how foolish she looked in that interview. It was so much more than a "deer in the headlights" look, it was a "this does not match what the last 20 guest have said" look. That was actually painful to watch.
"Look, Bill I understand what you're saying Bill. I wasn't dodging your question. I agree with you on inflation."
No.....You.....Don't......Understand!
BTW you never answered the question because you aren't supposed to answer questions. You're supposed to look pretty while asking written questions handed to you or whispered in your ear.
The denoument:
The hired robosigners saying: "Training? What training?"
The tellers, saying: "Fraud? What fraud?"
The citizen saying: "Slavery? What Slavery?"
mmmmmmmmmmmmmmm.....Let me take you down, cause I going to...
Strawberry Fields, nothing is real, and nothing to get hung about.
Strawberry Fields, forever. Living is easy with eyes CLOSED, MISUNDERSTANDING all you see. Its getting HARD TO BE SOMEONE, but it all works out, it doesn't matter much to me.
:) LB
Let's see Barton is judged by his "returns", so did he put all his investors money in the Zimbabwe stock market in 2006-2008 when it was rising 200+% per fucking day??? Benron has decided he will win the Robert Mugabe Prize for Zimbabwenomics.
Price this market rise in GOLD, and you can see how it is crashing (just like the dollar).
I am still a multi-trillionaire in Zimbabwe dollars, bitchez!
http://www.youtube.com/watch?v=NDV9IeD_oIM
Happy happy ending girl!
I thought her eyelashes were going to make her fly away somewhere in the middle of the interview..
The Betty girl is just another brainless airhead like her counterparts at CNBC. To have her ask that stupid question to Fleckenstein is an insult to the latter and the viewer.
What Barton Biggs argued for is indefensible. Even Betty knew that had led us into the current mess in the first place. Biggs knew better, he was just talking from his equity positions.
Damn...She makes Bloombergs useful idiots look good.
On another note....Word has it Olbermann was run off today. Consumed by his own parasitical buddies.
Ok, whoever hired this geisha, will you please step forward ?
Phenomenal -- thx for cutting to the priceless moment.
That was great.
Evidently the person feeding her the questions is a bit slower in coming up with intelligent responses.
Wow, totally Saved By the Bell! on the ropes, nowhere to go....Ding
interesting interview.
fleck has a conscience and biggs is a mercenary looking out for himself - and only for the next 3 months. what a pig.
fleck did drop the ball in two places.
1. the fed's mandate is not low unemployment and stable prices. in orwellian fashion, the fed has deceived everyone into believing that the expected results of following its mandate are the mandat itself, thereby completely nullifying the mandate itself!
it sounds insane, it is insane, but it is completely true.
the fed's mandate is to keep credit aggregates in line with GDP (the result being low stable prices and unemployment). the fed took credit parabolic to GDP.
i won't even touch the fact that "stable prices" is morphed, in orwellian fashion, to "constant inflation."
2. when asked what fleck would've done differently the correct response is that he wouldn't have blown the bubble in the first place, therefore, no insane action would have ever been required! instead, he said bernanke did the right thing initially. that's far too nice an evaluation for the criminal financier bernanke.
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. The one aim of these financiers is world control by the creation of inextinguishable debt.” Henry Ford
If the American people ever allow the banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children will wake up homeless. I sincerely believe the banking institutions (having the issuing power of money) are more dangerous to liberty than standing armies. My zeal against these institutions was so warm and open at the establishment of the Bank of the United States (Hamilton's foreign system), that I was derided as a maniac by the tribe of bank mongers who were
seeking to filch from the public. —Thomas Jefferson
this is just sad. biggs, my god....so if the stock market is flying everything is peachy.
this guy makes millions managing money....gives me the willies.
He looks "mostly dead" until Puppet master Ben Dover sticks his hand up Barton's ass and makes his lips move.
That explains his disposition.
Barton... Barton... BARTON!!! WAKE THE FUCK UP!... You're on!
My God... This dumb fuck is a managing partner? Anybody watching this who is in his fund should IMMEDIATELY, AND I MEAN IMMEDIATELY, strap on a chute and bail.
Tyler, if you read this please post the chart that you put up yesterday showing the S&P vs Gold.
It's dinosaurs like Biggs who led us down this road... Unfortuantely the comet Bernanke will produce the same result for us all.
#1
bitch is fucked.. where on earth they find ugly stupid bitches..
her place is on street w/ mouth WIDE OPEN..
mood... tell that to 20% unempl/ underempl people...
#2
cant see that old fucks on TV.. buffet, munger, biggs etc..
worst is greenspan...
why do you need to be on Tv? you're fucking die soon.. sit home
at coach .. fondle grandchildrens...
i'd forbid all those old fucks to be in charge.. 60...thats it
time to bad..
alx
Why Pope wear monkey hate?
rip
nice bunny. Mongro says "me hungry."
Bimbo: What would you have done?
Bill: Let the market sort it out.
Bimbo: OK, but what would you have done?
/sigh
LOL
+1
Fleck schooled poor Betty. She didn't have an answer, and had to take a break to ask her handler. Sad little reporter, maybe get some people that know what they are talking about instead of "cuteness". Betty, you may want to think about commenting on miniskirts and the weather.
Why does Betty try to push words into Mr. Fleckensteins mouth, he never said hyperinflation. Think she just feels stupid and is trying to make Mr. Fleckenstein look bad.
Betty why would you want to speak for the evil empire if you don't know what you are talking about?
Both Fleck and Biggs believe stocks go higher from here.
Betty obviously went to the Erin Burnett School of Broadcast "Journalism"...
Erin would be proud.
if you want real facts get them yourself.. they are trying to sell junk to people who like to stare at pretty faces
smart viewers aren't impulse buyers anyway so who cares about them??
She seems to be obsessed with 'agreeing with him on inflation' no matter how many times he says thats not what he's saying. What a simple bitch.
Oh, you're talking about something actually being MEANINGFUL! On TV no less.
I don't know, maybe -- someday?
Funny part in there where it comes across like "hold on for a minute, Germany is on the phone and says Biggs is full of shit" Hahahahahaha.
The QE 2.0 program is a tacit admission on the part of the Fed that they are giving up on a housing recovery. Just look at what is happening to the 10-year and the 30-year.
They (the Fed) have decided to go "all-in" on blowing another equity bubble instead.
40 shots of tequila works for me....
just to get through the rest of the interview.
He nails her, she goes to commerical to ask for help. Moronvision at its best. Another Useful Idiot. Why can't these people just LISTEN to the question and objectively ANSWER IT without instead running cowardly to commercial in fear? Simple... Yes, the market WAS happy when it was booming, duh!
Guaranteed that she has at least one person SCREAMING in her earpiece: "DO NOT SWING AT THIS PITCH...DO NOT SWING...GO TO COMMERCIAL."
hahahaha "we've gotta go to an ad..." Translation - "oh crap, you're asking me something??!! errrr, ummm, fuck i'm a hand model... what do i know about anything??"
And as for the stupid question "what would you have done" ... heres the answer ... NOTHING. How fuking stupid are these people. "i am hearing more agreement" ... why do they need to agree??!
nice hands, tho.
You got it HUggy.
It sounded like a Kumbaiyah circle, fractured every three minutes by a commercial break.
Fleck didn't have it in him to say that the printing of money isn't wealth creation. Printing money doesn't create wealth, it doesn't create jobs, it doesn't do anything other than flow into the stock market through primary dealers. That in itself might raise the SPY or DOW but it hasn't fundamentally changed the productive capacity of factories. (are there any left here?) Therefore the only place that the job no.s are rising are in the al gorerhythmic functions of the BLS's (Bloody Lying Shysters) Birth Death model.
Gun the stock market to ensure a positive wealth effect from a general populace whose stock portfolio is somewhere between decimated and naught, whose home is worth either close to zero or now owe substantially more than its worth (the unanticipated new car off the lot effect) and whose confidence bounces about between panic and homicidal rage.
Great Idea.
Ever heard of the Coinage Act of 1792? Penalty for debasement of currency; death.
Oh fuck, let's get to that commercial break...
" Mr. Market is a pretty good forecaster of the economy."
My Ass!
+2
at least he didn't say "an economic policy."
Sign of the (QE2) times, Our local Walmart is now pricing fruits and veggies by the piece instead of by weight. This morning the display for broccoli had a sign in large letters "$1.00", and in much smaller type underneath "each". Plums were priced 20 cents each (or about $1.50 a pound).
In the past I've seen unit pricing for a few kinds of fruit, but this seems to be something new, an attempt by Wally World to raise prices by altering the basis.
By this time next year they'll be pricing grapes by the piece.
1lb bags of pistachios have been replaced with 8oz. Getting close
Just announced the new program, 2 days ago, and already are talking QE3.
The Chi Coms, and Bankstas, have put WAY too much LSD in the H2o supply...........
This keeps up, a loaf of bread will be $25.00 by mid Feb.
This has been happening in food for quite a while ... instead of raising prices, which would signal price inflation, they are reducing the size of the packages and giving you less food for the same price.
It's all marketing and, like Bill Hicks once said, anyone in marketing should KILL THEMSELVES! NO, SERIOUSLY, KILL YOURSELF!
i re-run clip again..
I'M NOT SURE BIGGs IS ALIVE...
could be it some kindof puppet or jsut computer generated picture .
alx
Be careful. He is one of the elite pulling the strings.
No wonder he acted like a goat staked out in India, while the Tiger moves in.His ass was cutting O rings.
Betty, "So to summarize.. both Bill and Baarton agree that stocks should go up from here.. good stuff thank you!"
lolz..
Hmm, stakies not go up from here so far today! DOW down, gold up, I wonder what the purchasing power ratio loss for stocks is today? 2% at least.
little disapointed n Bill...minced words relative to the Fed & policies...should not have said he agreed with Paulsons bailout of his banker brethren and should have characterized it as just that...what the fuck man...
Big disapointment here too with Bill. You have to wonder about where his head is making those kind of statements.
Enjoyed her freaking out when SHE was asked a question. Just like these fucking actors to play like they know everything with tough prepared questions then fold on the turnabout. The media is as corrupt as everything else.
The meritocracy is dead.
priceless
Barton Biggs
europe is "bunch of grouches"
bernake is "an american"
how it's gonna play out? Umm . . . I dunno
Name calling, Flag Waving, and "I dunno"
And you are still sending your money to "this" guy.
Bwaaahahahahaha!
Barton Biggs
europe is "bunch of grouches"
bernake is "an american"
When I heard that I immediately thought currency war, trade war, war. He even fits the part of politician.
I must apologize - there is the concept of fair and balanced
Other than complain, Fleckenstien was unable to verbalize any solution.
These seems to be a case of Dumb and Dumber
Anyway, Barton Biggs =
Alzheimer's diseaseI'm putting my money in spackle and paint, seems to be the fastest growing market out there. How does QE2 help the average Joe sixpack Bart? Doesn't... This is the only way they can finance our massive debts to keep the Government from having to declare insolvency.... Just look at the UST ponzi Bart and tell me how this would continue without another fresh round of cash to hand out to their buyers?
Where in the Hell do they find these mouth breathing ding-dong bitches?
- Oh, Europe is on the phone, hello...BRAHAHAHAHAHAHAHAHAAA.
I believe the Fed is trying to use their advanced knowledge of human psychology to manipulate the markets. They are using the "Stockholm Syndrome" method.
My GOD. when Biggs says that FAT lie, I know the end of the world is near!
THEY BELIEVE THEIR OWN EFFING LIES!
Well theyre certainly clinging to the hope that WE buy their stupid lies, which obviously they dont even believe themselves.
Barton Biggs.......I'm speechless! What a clown. What a complete and utter buffoon.
And people entrust their money to his firm?
"And people entrust their money to his firm?"
It goes without saying, just because an individual may have wealth, doesn't make them smart. What about Bernie Made-Off?
Maybe a slight change: just because an individual may have wealth, doesn't make them ETHICAL.
A $50 to $100 billion bailout of Corporate Credit Unions with taxpayer dollars....
http://www.cujournal.com/dailybriefing/12_207/-106227-1.html?zkPrintable=true
Just one more sign.
Anyone who thinks this total destruction of the dollar and our current system is ACCIDENTAL, is a member of the "OTHERS".
Members of Obama's new "Reach Around Team".
QE to Infinity,nope,QE till the fkr is on the ground bled out like a cut hog.
Mr Market died March 9th, 2009.
Faith in market fundamentalism was completely repudiated during 2008. TPTB made a deliberate decision to seize control and marshal asset prices in an inflationary direction. This was of course a self-serving plot, a way to avoid default or repudiation of debt which they hold on assets that would have become deflated. That's all you need to know.
What is this fascination with the stock market?
The best performing stock market in the last decade was Zimbabwe?
Using this logic Zimbabwe is the wealthiest country in the world.
BTW there is no more "market" it is nothing other than a gambling den between computer programs. Get real.
eggsolent point. I second that. I am sick of Barton Biggs types wanting free money. must be fucking nice to sit around and collect money. bunch of worthless assholes....
+1 million for a cup of coffee in Zimbabwe. That is what went through my head while watching the clip. I am surprised that it wasn't thrown out there. Hell, anywhere else for that matter when talking heads clamor that a rising market is a healthy sign in this environment.
Bail Outs ? WTF.... Let the crook Banksters fail and let us move on. Fuck the fake stock market !
Basically all Biggs said was: Sure this could easily all end in disaster down the road but my personal income comes from investors who value how we perform in the next couple of months.
Uh, thanks Barton. Please make plans to cryogenically freeze your head after you die in case a future America is ever in need of your sage advice.
I don't care if Betty Liu carries water for the Evil Empire or not, she's too hot to look at directly and I always have to minimize the window and just listen when playing a segment she's on. If she stood up, showed her go-go boots on camera and told me to get short a basket of dollar denominated commodities, I'm not sure I'd be able to resist.
+100 So right Mercury... he said what ails this country in a million different ways: Short term-ism. Looking quarter to quarter, moment to moment... like a bird or beast of the wild just trying to survive. There is no hope in thinking these fools... (read: Policy makers & capital allocators... is there even a difference anymore?)... will EVER do what's needed to fix the structural issues that we are facing... until it all comes crashing down.
Gotta love the "grumpy central bankers" comment by Biggs at about 9:35.
Geez......this guy is a managing partner? He reminds me of my late father in law. The guy had a serious stroke and after that everytime he didn't agree with me he'd say "awwwww you're coo-coo!"
Scary.....M.R.
Biggs has his flat in Manhattan, his summer places in the Hudson Valley and out in the Hamptons. He has made gobs of money off of the system for the last 50 years. He hasn't a clue about the average American because he never thinks west of the Hudson because in his mind that is where all the serfs live. His thinking is corrupt to the core because he doesn't have a clue how the average American lives.
Hot Babe !
Ahhh. I feel at peace here. Was that the Prez bookin' on Big Blue this AM?
Fleckenstein for Treasury Secretary?
Fleckenstein at the end: “My point is that the reason I’m talking about this QE not being necessary is because I believe that the belief that printing money can help us is what created some of the other problems, and I believe doing this might help us in the short run, but in the longer run we’ll be worse off. As speculators, we can figure out what to do. I’ve thought that the Fed’s pursued bad policy for a decade but I’ve been able to make money…but I don’t think it’s the right thing for my kids and their kids.”
*
There were a lot of "legendary" asset managers created over the last 30 years thanks to easy money.
"We probably will have a bigger bubble but it could happen a couple of years from now. However, our investors only care about the next few months."
- Just paraphrasing Biggs
So he can see the problem coming down the road but if it's not an immediate threat he doesn't care.
Sounds like the mantra of an asset manager to me.
Fleckentstein destroys these clowns. They can't even speak straight or finish a 10 minute interview without taking 3 commercial breaks.
OMG - That woman is way to stupid to interview Bill.
She even had to get help during the commercial break to answer his question.
Bill, you think Fed should be abolished.
Bill, you think hyperinflation is coming.
Bill, you think this will all end in disaster.
Was there a question anywhere in there from Betty or did she simply attempt to misportray Fleck (you think this, you think that) and paint him as a "wacko". Force Fleck to backpeddle from these statements asserted to him. It was a straight out attack of Fleck trying to say how out of touch and insane his POV is...Bloomberg is everybit as fucking ridonculous as the other propaganda vehicle of CNBS. Sad.
Market was happy thus QE2 and Fed are right...priceless. Gotta save this clip as it will end right up there w/ those showing "insane" and "crazy" Schiff was in '06, '07 (and likely still now if Schiff were to lined up in front of the fed luving, market pumping firing squads of Bloom / CNBS).
+1 I think Schiff was on Fast Money Halftime today CNBS (by phone) and said basically that the markets are an Illusion now with QE1-2.....So brain dead Pete Najarian from Optionsmonster turns and says:
So, in this Illusionary market...What would you be buying?
Just completely priceless.
Biggs, channeling Chuck Prince:
“As long as the music is playing, you’ve got to get up and dance. We’re still dancing.”
this biggs guy is a duddering old fool! completely personifies the old world system that is in the process of coming down.
seems like the longer this all goes on, the more the remaining gov and fed cheerleaders are just a bunch of mumbling old people. at least jim rogers gives some hope for growing old and still having common sense.
Maybe the market forecast the economy before it became totally manipulated. I wonder if he thinks touching up the X rays will cure cancer?
"I just totally disagree....Bernanke got the stock market up".
Barton Biggs is a complete douche...
POG London PM Fix $1395.50.
I dont get these guys 'stock market UP is all we care about'...OK so theyre perpetually SELLING all day or what? When do they realize a gain ever?
A market that simply rises is hardly good for anyone at all. Someone holding today can be completely wiped out on tomorrows open and buy and hold is dead anyway, really always was just for suckers anyway.
Makes NO sense at all, any of it.
The sole reason they keep Betty Liu on the air at Bloomberg is that she is the only fin-TV "reporter" that Jim Rogers will give interviews to anymore.
Contrary to whoever said it, the Fed does not have a dual mandate. It's only mandate is to "maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates." The part after "so" is only stating why the Fed has been given the mandate before the "so".
1. Nothing more irritating than an elitist bimbo trying to sound like she knows what she is talking about. Notice how she reframes her guests answers in an attempt to gain credibility beyond the erection she has been hired to provide.
2. Barton Biggs is the epitome of the Wall Street psychopath that MAX KEISER rages about. Biggs cares not a wink of the damage the FED is doing to everyone else in this country that can't afford to ride the inflation train. He only care's about himself as he is an inflation junkie.
3. Barton Biggs see soft housing prices as a threat? Maybe to him, but not to the people who like to buy a house without having to go into debt for the rest of their lives.
(I found Mako)
I liked this Kingworldnews interview with Fleckenstein yesterday. He really calls it. Would almost think this was TD:
http://kingworldnews.com/kingworldnews/Broadcast/Entries/2010/11/4_Bill_Fleckenstein.html
OK OK OK OK OK OK OK OK OK we need a commercial break NOW we need to pay the bills BREAK DAMMIT CUT OFF THE CAMERA!!!!
this can not be real. Barton Biggs could not have said what he said in the last segment. "My clients don't give a shit about the long run, all they care about is how I do over the next few months, and that's all I care about too, and it's not my job to worry about that"
ROFLMAO!
Right, Barton Biggs does not give a shit about anything beyond the next three months because there's high probablility he'll be dead. I assume Barton is estranged from his children and grandchildren as well.
Chemba,
That's just too funny!!!! That comment is almost as funny as Betty Liu trying to figure out how she's going to keep the unwashed mainstreet holding their hands cupped under Wall Street's ass for their next shit dump.
Kind of OT - anyone know how Fleck's most recent fund is doing? I made an inquiry back when they were setting it up, but haven't followed. Fleck is a good egg.
Fleck does not money anymore..he collapsed the fund and made us a lot of money..
He was tired of the drag of management
Thanks. I thought I had heard that, but then about a year ago he was putting together another fund. I looked at it. Just wondering if that endeavor went forward.
Fleck sees the future. Barton sees a trade. He may be right in the near term, but... This whole thing ends with a bang, up... then downnnnn. 1999 visited. I mean really, at what level of assets prices do we overcome the fact that we have too much stuff and no end demand? S&P1300, 1400, 5000??? we are just delaying the inevitable adjustments to a more sustainable economic system that doesn't need monetary heroin fixes...
BTW, Betty is eyecandy with a microphone...
WTF
This is a great interview Bill of course gets it. They speak of deflation as if it is the plague when it is the cure. The only reiteration I seem to notice is that this is all designed to prevent the elites from losing value on their assets. The same assets they did not work to produce and the same savings they stole to increase risk in order to grab profits from the future at the expense of the rest of us.
All easy money has done is create more debt and distortion while impoverishing us and making us more reliant on other nations and a services sector so why in the world is double of the same poison going to lead to anything but disaster.
Someone wake up Barton...he is dozing off in his plastic shirt..."I'm here."
LOL
LOL I had to chuckle at that too... 'Scuze me Barton "HUH uh yea yea Im here'....'OK you want happy ending now or later'?
Funny interview, what a clownshow.
Does that say DNR on his name badge? That's not very nice. ;)
'But aren't markets happy'? WTF was her last job as a massage girl? Happy ending is what she cares about, ah so.
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It's not devaluing, it's 'çompetitive non-appreciation'.
Courtesy CNBC. First in business worldwide.
WTF?!?! Every time Fleckenstein makes an excellent argument it's: "Ehh, we gotta go to commercial"...
I thought Bloomberg was better than CNBS, but what the hell?
They apparently only have 20 seconds set aside for their interviews, ask 1 question get half an answer then its emergency commercial break? To 'pay the bills'? LOL call the CFR, they pay these assclowns bills.
Biggs seems like he has dimentia. Defends Bernanke saying thius is America??The guy is daft....Who owns all our debt and has all the dollars you idiot.
And that Betty.....what is she taking for meds?
Chart: SPX
All aboard!
http://99ercharts.blogspot.com/2010/11/spx_2025.html
http://www.zerohedge.com/forum/99er-charts
I get a chuckle out of Biggs bringing up the dual mandate of the FED. Like QEII is going to create jobs. Can he elaborate on that? Even if you suggest that it may save a few Wall Street jobs by increasing book values or trading profits its going to kill profit margins in industries that are reliant on commodities and lead to even more layoffs. Bergabe is a nut.
This video is depressing. Bloomberg should just stop broadcasting (despite the fact that this is 10X the quality you would get on CNBC) Fleckenstein is obviously talking about the long term macro economic health of the American economy. He makes sense, and from my perspective he is spot on.
THEN Bloomberg, and its moronic anchor, brings on geriatric Biggs. Biggs has no context. All he cares about is making a profit in the next two weeks. He's living in the now, not because he may be in a casket within two weeks, but because he is a slimy trader seeking instant profit.
These two guests shouldn't even be debating eachother. They are talking from two completely different perspectives. One is concerned with the long term health of the United States while the other is looking only to loot the US by piggybacking off of QEII. And frankly, Biggs shouldn't be on TV ever because he is a one trick pony and appears to be senile.
Mr. Fleckenstein convinced me to buy silver a long time ago. I've done alright with his advice on metals. Now equities, that's a different story. He doesn't have a great track record with the market. But who cares anyway?
Biggs manages $1 billion and makes tons of moeny. Fleckenstein is a nobody who makes NOTHING.
Fleckenstein is a bum and Biggs is an old-school investor talking his book. Nothing to see see here, move along.
LMAO!!!!!! Classic and so true!!!!
And you two have been engaged, how long?
You're beginning to sound too much like me -- or visa versa.
Either way, it's fun.
how many fucking commercials do they take? this zipperhead is a complete moron.
All these wall street guys have grown fat and lazy at brokerage firms. They have all become lefists this the mkt scam that continues. Here is a qoute off of Rush Limbaughs website......
BIGGS: I voted for Obama. I'm a fan of Obama. But I think that his tax program has really affected the market, and so I'd like to see him back off from raising the capital gains tax to 20%, the dividend tax to 20% and send a different signal. Don't tax the real entrepreneurial, long-term investment part of the economy. The redistributionist part of his social agenda has bothered the market a lot, and so he ought to step back a little bit from that.
notice the old gyu be-be-be-be-be-be-be whenever trying to answer a questions = means looking for words that would cover his lies lies lies, they all do it on npr or nytimes so typical....
What's funny is that Barton told HIS clients back in Jan 2008 that His people should protect themselves now, (buy food, a retreat, guns, etc) because it is all going to crash.
Biggs's Tips for Rich: Expect War, Study Blitz, Mind Markets
Jan. 30 (Bloomberg) -- Barton Biggs has some offbeat advice for the rich: Insure yourself against war and disaster by buying a remote farm or ranch and stocking it with ``seed, fertilizer, canned food, wine, medicine, clothes, etc.''
The ``etc.'' must mean guns.
``A few rounds over the approaching brigands' heads would probably be a compelling persuader that there are easier farms to pillage,'' he writes in his new book, ``Wealth, War and Wisdom.''
Biggs is no paranoid survivalist. He was chief global strategist at Morgan Stanley before leaving in 2003 to form hedge fund Traxis Partners. He doesn't lock and load until the last page of this smart look at how World War II warped share prices, gutted wealth and remains a warning to investors. His message: Listen to markets, learn from history and prepare for the worst.
<snip>
The rich get complacent, assuming they will have time "to extricate themselves and their wealth" when trouble comes, Biggs says. The rich are mistaken, as the Holocaust proves. "Events move much faster than anyone expects," he says, "and the barbarians are on top of you before you can escape."
<snip>
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aImBVle3OMyo&refer=home
Ah, note that we regular folks without millions and a retreat "Are The Barbarians" of which he speaks.
See, it IS an Us and Them.
LOL - I don't think Bill was playing by the rules here...
"They're grouches and Bernanke is an American"
Briggs explaining why other finance ministers are also heavily criticising QE2
+100
I like this Fleckenstein cat. Saw his book on amazon....is it worth reading?
Fleckenstein lost clients 90% in his "short fund".
See lawsuit here: http://caselaw.findlaw.com/us-6th-circuit/1469294.html
We can thank Bernanke for buying us a copy of Japan's lost decade and a copy of Weimar's hyperinflation, probably in that order.
Well what can be learned from the exchange. Other than the moderator has no clue.
The FED must monetize the debt.
But, Biggs' question is valid, what else can the FED do at this point? However, his stance did not mention debasement of the currency. Why?
----------
Biggs' is very helpful in the sense of how the political class will navigate through the controlled collapse of our currency. They will look at each other in confusion while they pay 10% more a month for food and energy and the CPI hardly moves. This is price inflation, a delayed effect on monetary inflation. This is the result of failed fiscal and monetary policy.
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I guess to the average American this is the end game. The destruction of savings and the ability of wages to keep pace with living expenses. Nationally imposed poverty.
It is perhaps this indirect "tax" on the FED control of our money system that has always been the way to unlink FED action and congressional debt, to negative growth and the destruction of investment, and by extension, jobs.
So one cannot really discuss the topic of job growth without recognizing the effects of debt and currency debasement.
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Conceptually, then as investors are we not faced with the cycle of following FED asset inflation in order to keep pace with inflation. If so, then what happens when FED momentum is pulled, or through crisis, legislated away? What is the plan then?
How do we escape negative real returns due to ongoing debasement? And at what point do we move away from exposure to this debasement?
Is it now possible to map out the FEDs future monetization of debt, at what amounts and at what rates, given the president's budget, the demographics, and other pressures on entitlements? If the FED controls 40% of all T buys, how will it ever back out?
The FED cannot backout without an equivalent reduction in deficits. What will be cut in amounts large enough to allow the FED to tighten? Or do we experience an on-going monetization of debt, call it QE3 and QE4 and ... ?
At what point do we pull all investment?
Mark Beck
You should have pulled investment LONG, LONG AGO.
Personally, for 30 years I've been unwilling to invest in anything but my own productive endeavors, plus gold, silver (and a few miners of gold, silver, platinum, palladium, rare-earths, etc).
Though I cannot avoid being paid in fiat currency, I have converted virtually all my fiat to real assets immediately for 15 years now. I have even found I can exchange gold for goods (rather than buy with cash) for about 96% of the goods I want and need.
Sure, everyone should do that. The predators-that-be would be out of business in days. But they won't.
Is it possible that the fed moving to own more treasuries than China and Japan combined is a defensive move? A kind of mutually assured destruction doctrine in a cold war/economic world war that assures no one dare start dumping then en mass.
Any MIC (military industrial complex) junkies out there might appreciate this thesis.
-profd
we ..commercial break .. pay the bills.
that says it all. content comes second.
satisfying the ponzi comes first. slaves.
Biggs even suggested that we would eventually end in an "hyperinflation bust", but STILL doesn't care -- as long as much of that money ends up in HIS pockets. Unbelievable!
This is the kind of wacko who would suggest "the right thing to do" is whatever some authority happens to deem helpful "in the short run". If that's "kill everyone with blue eyes", then that's totally fine with him. If that's "permanently enslave the entire world to central banksters", then that's totally fine with him.
The guy would have been at home working for Hitler.
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