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On Charles Ponzi Day We Celebrate Another All Time Record In Food Stamp Usage

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Thu, 03/03/2011 - 13:02 | 1015329 LawsofPhysics
LawsofPhysics's picture

The only graph that really matters at the end of the day.  Rally on!

(and hedge accordingly)

Thu, 03/03/2011 - 13:09 | 1015360 unwashedmass
unwashedmass's picture

 

you got it...the stock market is up, up, up, so as Ben told us all the other day, you may be hungry, whatever, you're delusional...

everything is going great.

Thu, 03/03/2011 - 13:13 | 1015385 idea_hamster
idea_hamster's picture

^^ Bread & Circuses: http://www.apple.com/ipad/

Pretty standard formula for a burning Rome....

Thu, 03/03/2011 - 13:43 | 1015501 SteveNYC
SteveNYC's picture

Heck, if they did what Bullard said ("They make their own investment decisions") than they'd have enough stock market gains to buy food. Stupid peasants!

/sic

Thu, 03/03/2011 - 13:09 | 1015362 unwashedmass
unwashedmass's picture

 

you got it...the stock market is up, up, up, so as Ben told us all the other day, you may be hungry, whatever, you're delusional...

everything is going great.

Thu, 03/03/2011 - 14:19 | 1015635 Mark McGoldrick
Mark McGoldrick's picture

 

It's truly amazing to me to see such supposed hard-core, gun wielding libertarians complaining about the society in which they live. Whether it's food stamps, plutocrats, ponzi economies, bailouts or manipulated financial markets, there seems to be no end to the disgust that libertarians have toward this country. Yet, at the same time, no one wants to leave the cozy confines of their middle class lifestyle to do anything about it.  I'm beginning to think that the cornerstone of libertarianism is simply just cynicism - all anger and bitterness with no action.  And by the way, buying a few silver coins because a cartoon told you it would crash a bank is not action.  

Meanwhile, look at the courage displayed by many other oppressed middle/lower classes around the world. ZeroHedge prominently displays all the rioting around the world on a weekly basis - thousands of oppressed people marching through their streets protesting governments and dictatorships that are not so different from ours. They are the ones with courage - not us.  We just rant on an internet forum, hoping that our cynicism will change something without having to put forth much effort.      

You can complain all you want, yet this is the "free" society that you have allowed to happen. When all you do is rant on an internet forum, then you are equally complicit in the demise of our country. What is the real difference between the ignorant masses who are sedated with American Idol and a bunch of cynical libertarians who know it all, yet do nothing about it?  

The answer: nothing. 

When you truly want your freedom (that is, not just ranting on the internet), you will stand up and stop allowing yourself to be treated like a slave.  Until then, that is all you are: a slave to the plutocrats who take the wealth of your labor and do whatever they want with it.

It's simple, uncomplicated social darwinism playing out.  The plutocrats bought your representatives, stole most of the wealth of your labor and devalued the little they allowed you to keep; that is the end result of a free society, and, ironically, the end result of libertarianism: the strong oppress and manipulate the weak.  Our big government which is owned by the plutocrats is simply the best vehicle to keep this charade going.   

So, how does this relate to food stamps?  Government subsidies are just more lubrication to keep the charade well oiled.  The plutocrats will make you work a little harder (which you will because you always do), so you can pay a little more in taxes (which you will because - again - you always do), so the plutocrats can take more of your labor (which they will because they...) and feed it to the poor and lazy, keeping them just complacent enough not to revolt, loot and disrupt this fantastic wealth sucking paradigm that the plutocrats have crafted. Keeping the poor complacent is just another cog in the wheel. 

We deserve this fate, because we do nothing about it. 

 

Thu, 03/03/2011 - 14:24 | 1015690 iDealMeat
iDealMeat's picture

Cut your consumption in half.. buy local.. ride a bike.. go to a farmers market to get real food...

 

 

Thu, 03/03/2011 - 14:48 | 1015825 LawsofPhysics
LawsofPhysics's picture

Done, done, and done (in fact, just sold soybeans to China).  However, the comment is noteworthy in the fact that we do have "zombie" masses.  I make it a point to know my neighbors and how they are getting along.  Everybody should.

Thu, 03/03/2011 - 18:27 | 1016656 ronin12
ronin12's picture

Don't do business with TBTF banks or other corrupt corporate behemoths.

Thu, 03/03/2011 - 16:02 | 1016142 WhatRTheyUp2
WhatRTheyUp2's picture

Well said.  The backseat driving we are currently involved in is no different than getting into a car with a drunk driver behind the wheel. 

The car wreck is going to happen and we all know it. 

Sitting in the back seat and complaining about it leaves you no less dead or injured. 

We need to take the keys away from the drunk to avoid the accident in the first place.

This act of intervention not only saves us but our posterity.

The founders would have expected no less.

Thu, 03/03/2011 - 13:18 | 1015408 plocequ1
plocequ1's picture

Dont forget the POMO graph

Thu, 03/03/2011 - 13:29 | 1015449 jus_lite_reading
jus_lite_reading's picture

Deeply disturbing chart, which should be the headline chart of the week on every national and international newspaper. I hope someone in the UK runs this data in a newspaper and overlays this chart with the one of Wall Street compensation. Guess what? They look similar.

The more people on food stamps, the higher the total compensation for Wall Street...

Thu, 03/03/2011 - 13:34 | 1015467 covert
covert's picture

going the way of the weinmar republic with fewer places to hide.

http://covert2.wordpress.com

 

Thu, 03/03/2011 - 13:03 | 1015334 jesse livermoore
jesse livermoore's picture

that graph is troubling

Thu, 03/03/2011 - 13:22 | 1015420 Zero Govt
Zero Govt's picture

yep, and even more troubling it'll peak in 2017 depending if the US Govt remains solvent! 

Thu, 03/03/2011 - 18:07 | 1016584 youngman
youngman's picture

It used to be social security and medicare/medicaid that had that graph....this will be a new permanent addition to this group....until this drops we are still in a recession/depression.....whatever

Thu, 03/03/2011 - 21:07 | 1017119 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

"that graph is troubling"

What Tyler won't tell you; Who is 2% of the population and out of that total, 76% are welfare recipients?

jews.

Shopping at their kosher stores secretly paying for their goods with the plastic food scooter card.

Who invented running 2 sets of books?

Disgraceful!

Fri, 03/04/2011 - 02:01 | 1017705 StychoKiller
StychoKiller's picture

I don't care if the EBT card holders are Martians:

"I cannot undertake to lay my finger on that article of the Constitution which
granted a right to Congress of expending, on objects of benevolence, the money of their constituents." - James Madison

"Charity is no part of the legislative duty of the government." - James Madison

Thu, 03/03/2011 - 13:05 | 1015336 Kaiser Sousa
Kaiser Sousa's picture

who cares...just buy more equities denominated n the debt coupon dollar...

dont u c the Dow is up, and the only 2 forms or real money r being manipulated once again off record highs????

ok, im sorry...

Thu, 03/03/2011 - 13:06 | 1015340 jesse livermoore
jesse livermoore's picture

I recently read an article that stated   the J P MORG  profits off the food stamp program

Thu, 03/03/2011 - 13:12 | 1015371 sulfur
sulfur's picture

how can they do that? are they printing food now?

Thu, 03/03/2011 - 13:17 | 1015409 johnQpublic
johnQpublic's picture

jpm manages the food stamp program and some unemployment benefits via a pre paid credit card like financial product

 

 

and ther are making 5.7 billion/yr on just the foodstamp end

fees galore on these cards

Thu, 03/03/2011 - 13:27 | 1015436 SpeakerFTD
SpeakerFTD's picture

Do you have a link to that data?

Thu, 03/03/2011 - 13:30 | 1015452 Cocomaan
Cocomaan's picture

http://www.fns.usda.gov/snap/ebt/ebt_status_report.htm

 

You'll see that most are run by JPMo EFS

Thu, 03/03/2011 - 13:38 | 1015482 euryale
euryale's picture

I googled "jp morgan food" and found a plethora of articles on this subject.

Thu, 03/03/2011 - 14:03 | 1015596 ghostfaceinvestah
ghostfaceinvestah's picture

http://abcnews.go.com/Business/Economy/story?id=7452561

 

Michele Brown has seen Americans' struggles with jobs first hand. She lives in hard-hit Florida, spent 20 years in the real estate business and recently had her days as a nanny cut back after her boss had his own hours reduced.

But nothing prepared her for what happened one day when she called a toll-free line to inquire about her food stamps.

"The woman who answered the phone -- it's not like she wasn't nice or anything -- but it was kind of evident that she wasn't in the States," Brown said.

It turns out the woman was at a JP Morgan Chase call center in India.

Thu, 03/03/2011 - 13:25 | 1015431 Cocomaan
Cocomaan's picture

JP Morgue runs most of the state EBT programs, including Cali, Florida and NY.

Thu, 03/03/2011 - 13:30 | 1015453 Zero Govt
Zero Govt's picture

if you want to know where food inflation comes from look no further than food stamps... it's exactly the same Govt intervention (market perverting process) as sub-prime...  you pump the lower end and create a 'floor' for prices. This ratchets up all prices above precisely as happened in US property and healthcare

All Govt mangling has unforseen consequences: food stamps are creating food inflation

Thu, 03/03/2011 - 13:36 | 1015474 Pants McPants
Pants McPants's picture

I get what you are saying, and I agree with it, although I think you are technically incorrect.

Food stamps cannot in and of themselves cause inflation - that responsibility alone rests with the Federal Reserve's policy of expanding the supply of money and credit.

But you are correct that food stamps will create a floor for prices.  I can't dispute that.

Thu, 03/03/2011 - 19:32 | 1016910 Zero Govt
Zero Govt's picture

McPants

"technically" i am correct because technically that is precisely what happened in US property (and UK) and healthcare. US Govt intervention designed to improve matters for the poor with social housing sent property prices soaring right up the scale to the point even $1m income households were paying 15-30 years to afford their own property.

Food stamps are creating a floor and creating food inflation. Period

Thu, 03/03/2011 - 13:48 | 1015510 Bob
Bob's picture

I understand your passion, which I'll leave alone here, but don't you think you're committing a bit of exaggeration here?   Think about it: 44M people buying an average of $134 per month worth of finished retail food products are the dominant force behind global commodity price inflation? 

Thu, 03/03/2011 - 18:34 | 1016671 ronin12
ronin12's picture

He didn't say it was the "dominant force behind global commodity price inflation."

Thu, 03/03/2011 - 19:48 | 1016954 Zero Govt
Zero Govt's picture

Bob

I'd say the dominant force in stocks, commodity and food inflation is investment money flows. Remember property is a huge sector in the Western world and when that bubble burst nobody wanted to throw money at that sector anymore. So alot of new free capital wanted a home to park and is now sloshing about in stocks, commods and food stuffs.

None of their demand curves has changed, even oil, so the only explanation is investors just piling in to a 'safe' and stable investment classes.

But Govt food stamps (food subsidies in effect) are definitely contributing just as the US Govts subsidy of corn ethanol has sent corn prices rocketing. All Govt intervention and subsidy is a perversion of free markets working, usually making prices more expensive and denying to all the benefits of deflationary forces.    

Thu, 03/03/2011 - 13:05 | 1015342 Harmonious_Diss...
Harmonious_Dissonance's picture

Ha!! Charles Ponzi day.

Thu, 03/03/2011 - 13:06 | 1015346 sabra1
sabra1's picture

what's wrong with dumpster diving?

Thu, 03/03/2011 - 13:07 | 1015348 Robert-Paulson
Robert-Paulson's picture

These figures are just downright disturbing

Thu, 03/03/2011 - 13:13 | 1015382 luk427
luk427's picture

Even more disturbing is JP Morgan profiting off it. Hidden bail out money.  http://goldsilver.com/video/food-stamps-profits-how-jp-morgan-gets-rich-with-increased-poverty/

Thu, 03/03/2011 - 13:31 | 1015457 SelfGov
SelfGov's picture

Yes JP Morgan gets paid to completely fail to manage the food stamp program.

I know several people who have had their benefits calculated incorrectly and then had money retroactively withheld or withdrawn.

Thu, 03/03/2011 - 13:09 | 1015349 Saxxon
Saxxon's picture

When MK is finally deposed in Libya (which will not be long) the DOW will scream up another 250 points instantly; oil and precious metals will dive.

I am not saying it's right; just saying what is.

Now is not the time to short the SPY or buy PM paper trades; wait for the news.

Thu, 03/03/2011 - 13:08 | 1015356 LawsofPhysics
LawsofPhysics's picture

I agree, hold the physical, short the paper and oil (for now anyway).

Thu, 03/03/2011 - 13:34 | 1015468 ColonelCooper
ColonelCooper's picture

I would agree, UNLESS MK manages to take out his oil infrastructure on the way out the door.  What happens in Saudi also plays a role.

Thu, 03/03/2011 - 13:51 | 1015531 Bob
Bob's picture

How could MK screw that one up?  How many guys would it take for a sour grapes dictator to make the world sorry for messing with the good thing he had going for so long?

Thu, 03/03/2011 - 14:07 | 1015612 Saxxon
Saxxon's picture

"I would agree, UNLESS MK manages to take out his oil infrastructure on the way out the door.  What happens in Saudi also plays a role."

MK is dead in his tracks if he does that.  I think our hardware is floating over there to get his ass out in return for not torching the fields.  MK has plenty of money with which to enjoy the good life in exile.  I would doubt he will throw that away.

Nothing is 100% or this would be easy.  I am not buying this PM dip or shorting SPY until the news comes out.

If I get the reaction in the market that I am expecting, I am 90% more likely to buy the PM dive than go short, as shorting has not been good to me in this mad cow market.

Thu, 03/03/2011 - 14:41 | 1015772 ColonelCooper
ColonelCooper's picture

I'm not arguing with your premise as it makes perfect sense, just think this is more of a crap shoot than a coin toss.

Thu, 03/03/2011 - 14:03 | 1015591 ElvisDog
ElvisDog's picture

I think that will be true for 1 or 2 days, but after that the fundamentals (by that I mean effects of money printing, commodity speculation, etc.) will resume.

Thu, 03/03/2011 - 13:09 | 1015355 alien-IQ
alien-IQ's picture

looks like the chart for the S&P since March 09...but without the dips. Coincidence?

Thu, 03/03/2011 - 13:09 | 1015357 system failure
system failure's picture

The recovery is still alive and well. Even this stat provides the evidence for the FED to continue with their policies.

Thu, 03/03/2011 - 13:11 | 1015373 Gene Parmesan
Gene Parmesan's picture

Blue shoots!

Thu, 03/03/2011 - 13:10 | 1015358 buzzsaw99
buzzsaw99's picture

The rich keep getting richer and that's all that really matters. I blame a corrupt CONgreff.

Thu, 03/03/2011 - 13:09 | 1015359 Kaiser Sousa
Kaiser Sousa's picture

there goes JP Morgan slamming the metals on the close n London again...

fucking balatant bullshit.......

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