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Former Goldman Insider's Take On Obama's Speech And The Massive Pink Elephant In The Room

Tyler Durden's picture





 

From Nomi Prins

Obama's Speech and America, Inc.

Watching Obama deliver his State of the
Union Speech last night, reminded me of all the rah-rah quarterly
meetings that we had to attend as Managing Directors at Goldman, where
senior management would remind us all of how great we were, and if there
were any areas of competitive weakness relative to our adversaries at
other banks, all we had to do was step up our game, innovate and
globalize (or something like that.)

Obama wasn't delivering a summary of
what has, or is, going on for most Americans last night, no such
negative status report. And, if you didn't expect him to, he gave good
speech - full of reminders of how it is America's destiny and the
American dream to be great and powerful, "robust democracy" that we are.

There was a massive pink elephant in the
room called reality though. So, when he waxed proud when he said, "We
are poised for progress. Two years after the worst recession most of us
have ever known, the stock market has come roaring back. Corporate
profits are up. The economy is growing." I had a different reaction.

My reaction was wtf? Two years after the
worst recession? After? Really? What about the 26 million people
unemployed or underemployed in the country? What about the 4.4 people
applying for every job, compared to the 2.9 people per job after the
2000s recession? What about the 4.4 million jobs that should have been
added, just accounting for a population coming of job age alone, forget
any kind of growth, compared to the fact that instead, the job pool
declined by a quarter of a million people in the past two years, because
the time required to get a job is at record highs? What about the
nearly 8 million FAMILIES that have been foreclosed upon because of the
reckless investment bank race to create $14 trillion dollars worth of
toxic assets in the five years leading up to the financial crisis and
leave them to shatter lives and the non-stock market evaluated economy?
What about the fact that the government fiscally stimulated the banking
system by a multiple of 20 times more than it stimulated its citizens,
with nary a fight from the politicians our democracy is so lucky to have
as representation?  What about all that warm, cuddly multi-trillion
dollar support from the Fed and the Treasury Department on our country's
way to Sputnikian economic greatness?

"The rules have changed," said Obama.

Yes, they certainly have. Businesses can
offshore jobs because it is in their best profit and shareholder and
stock value interest to do so, with no federal incentive to alter this
strategy - that's why corporate profits and CEO salaries are up, whereas
the average median employee salary on a comparative basis is stuck
somewhere in the 1970s. That's why staring at the abyss of potential
bankruptcy in the fall of 2008, Goldman Sachs and Morgan Stanley got the
Fed's blessing to become federally subsidized bank holding companies.
And we, taxpayers, are still on the hook for the Fed's $29 billion of
backing of Bear Stearn's assets taken over by JPM Chase in a government
sponsored merger in the Spring of 2008 and coming with a bunch of
still-being-wrangled lawsuits, not to mention gleeful federally backing
of the further consolidation of the banking system to fewer, more
powerful, more obtuse, more risky players.

All of which, though technically not a
result of changing rules, but rules staying the same and working for the
reckless, were still rubber stamped by the Obama administration (yes,
and Bush too, and Clinton's deregulatory team, etc.) and its financial
king's, Tim Geithner, until recently Larry Summers, and incoming JPM
Chase's Bill Daly and GE's Jeffrey Immelt as job czar. (GE and JPM
Chase, having been happy bailout recipients, of course.) Small
businesses can't hire as many people, because they can't afford their
financing, even if banks will give them usefully sized loans, they don't
get the 0.25% interest money the banks get from the Fed when they need
it. Individuals got hosed, meanwhile, by shady home loans and shadier
modifications and higher fees on all sorts of credit, from cards to
student loans (a record $884 billion of which are outstanding to
students whose tuitions rise as their job and loan-payback prospects
fall). 

We're not talking just about steel mill
job eliminations over the years, we're talking about the solidification
of the administration's decision to ignore the mistakes and devastating
consequences of Big Finance and Obama suggesting last night, that people
consider becoming teachers, with a smile. No disrespect to teachers, of
course, they work much harder and make do with much less than traders,
but you don't see Vikram Pandit, Citigroup CEO rushing out the door to
become one, no you see him getting approved for a RAISE, of the sort a
teacher can only dream about, from a base salary of $1 million to $1.75
million this year, after Citigroup's survival was ensured only because
of massive government stimulus. Why? Because he is now valued at a 75%
pay increase, that Washington, and Obama would like to believe is due to
his hard work, and not to a government handout. America at its best.

There were some useful elements to his
otherwise CEO like speech (you department heads sitting out there - you
work together so America, Inc. can be the best it can be.) They included
adopting a fair immigration policy that doesn't chuck people out of the
country because the path to being here is so laden with decade long
bureaucracy and cost, keeping some elements of an otherwise
insurance-company gift of a health care reform bill that the GOP House
just repealed and that doesn't reform the cost of health care - such as
covering pre-existing conditions and people up to the age 26 under their
parents' plan (if their parents have a plan, that is) even though Obama
backed off from even trying to convince the room to consider full
coverage for all without egregious premiums, and wanting to increase the
spread of clean energy initiatives (that he said will create 'countless
jobs' as opposed to the countable 5 million he said it would create
during is campaign.)

But, in the end, Obama's practiced
eloquence in delivery, peppered with a few American success stories -
who can deny the hero behind the Chilean mine worker rescue his due? -
 and the now-debated investment over spending word choice, belied a
strong dose of something akin to condescension. If you don't have a job,
it's because of the Internet, not the banks hoarding $1 trillion that
we gave them at the Fed. If we're falling behind China in education,
it's because bad teachers should be removed, good ones rewarded and
parents (who apparently aren't doing as good as job as they could of
this) are not focusing on the education process more at home. If
America, has the 'most prosperous economy in the world' for its
corporations and financial insitutions, its because we all share a
common, attainable dream.

So, just go out and innovate and compete and get it. We'll be here watching the banks' backs.

 


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Wed, 01/26/2011 - 20:44 | Link to Comment Cleanclog
Cleanclog's picture

And "win" the future!  Since when is the future something we "win"?  All a game?  Our futures?  Ridiculous.

Wed, 01/26/2011 - 21:29 | Link to Comment downwiththebanks
downwiththebanks's picture

Thought the same thing.  What stupid phrasemaking.

Then again, all that really matters in the world is fucking the other guy over in the market, so perhaps is beautifully rational.

Wed, 01/26/2011 - 22:01 | Link to Comment medicalstudent
medicalstudent's picture

'the future is ours to win' -bho

 

usually when you are ahead the future is yours to 'lose'

 

guess we are losing.

Wed, 01/26/2011 - 22:36 | Link to Comment G-R-U-N-T
G-R-U-N-T's picture

Obama is a walking contradiction!!!

Wed, 01/26/2011 - 23:55 | Link to Comment Problem Is
Problem Is's picture

Stuff it Hopey McFuckin' One Term McChange
Obummer is a condescending, moronic dupe, and an idiot sloganeer extraordinaire...

(UWOT) Usless With Out Teleprompter, bitchez...

Thu, 01/27/2011 - 03:57 | Link to Comment jeff montanye
jeff montanye's picture

speaking of one term, imo that might just get him a jot closer to sympathy for the unemployed.  he's got little enough now.

Wed, 01/26/2011 - 23:55 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Grunt, actually what we saw in the state of the Break-up speech was the perfect practise of double-speak.

So clear now why Omama was the chosen spokesperson for this phase of the takedown.

AS Teleprompter in chief with a perfect voice/demeanor/gravitas, on command, he can pied piper many "followers" into anything, anyplace. 

This is nearing the pinnacle of 1984 for real and the gates look to me like they are going to clang shut anyday now. 

After this, it's going to be One Flew Over the Cuckoo's nest all the way. Imagine beign a sane person in an insane asylum!

ORI

http://aadivaahan.wordpress.com/2010/11/12/wisdom-for-warriors-3/

Thu, 01/27/2011 - 06:22 | Link to Comment Azannoth
Azannoth's picture

"hawaii-official-now-swears-no-obama-birth-certificate"

http://www.newsnet14.com/2011/01/27/hawaii-official-now-swears-no-obama-...

Signs affidavit declaring long-form, hospital-generated document absent

Thu, 01/27/2011 - 07:34 | Link to Comment bobert
bobert's picture

The gentleman signing the affidavit may want to disappear for awhile. Hang low so to speak. Go incognito......

It's better than being dead.

Thu, 01/27/2011 - 08:40 | Link to Comment blindfaith
blindfaith's picture

fooie...you can write and or find anything you want to back up this claim or defeat it.  Stop wasting you time on this tired notion.  IF IT WERE TRUE...what the heck is anyone going to do about it, call INS?

The 'fact' is, he is the best neo republican the democrats ever put in office.  As for the old republicans and democrats they are on their way to join Volcker to feed pigeons in the park.  They have given up, don't care, or can get any attention.

A national crises, a security crises in employment, foreclosures, infrastructure, intelligent health care, law and order, standard of living, American Morales, veterans treated like trash, any of these that should have gotten the SAME national emergency attention that Iraq and Afghanistan receives.  Just look at the trillions spent/lives lost on these farces, and he didn't even mention them in his worthless  and meaningless "State of the Union".

WHO gives a fat f*#& about the American people...NO ONE!  Not even Americans, it seems.

Thu, 01/27/2011 - 10:58 | Link to Comment FEDbuster
FEDbuster's picture

If you don't have an official, original birth certificate proving you are a natural born citizen, you will not be able to be on the ballot for President of the US here in AZ in 2012.  The law is making it's way through AZ senate right now, should be law very soon.  Other states to follow soon.

I don't think it will matter, Obama is a "one and done" like Carter.

Thu, 01/27/2011 - 08:25 | Link to Comment Bob Dobbs
Bob Dobbs's picture

President Obama reminds me of President Hoover.

Wed, 01/26/2011 - 23:27 | Link to Comment NOTW777
NOTW777's picture

just watch this obamacare testimony from today which will never see MSM

 

http://www.youtube.com/watch?v=XC9rhGWJA2w&feature=channel

Wed, 01/26/2011 - 21:40 | Link to Comment FoodTiger
FoodTiger's picture

to "win" the future, we need...

 

THE WAR ON TIME!!!

 

Wed, 01/26/2011 - 22:04 | Link to Comment medicalstudent
medicalstudent's picture

gotta love the 'equality' and 'fairness' bullshite.

 

it would be most fair if we were all dead, wouldn't it?

 

uh-oh... when logic hits walls... we are in trouble.

 

greenback!

Wed, 01/26/2011 - 22:25 | Link to Comment iDealMeat
iDealMeat's picture

+ 11:59  LOL'd on that one..

Wed, 01/26/2011 - 22:27 | Link to Comment Boxed Merlot
Boxed Merlot's picture

...we need...THE WAR ON TIME!!!

Evidently his speechwriters didn't get the memo:

"On a long enough time line the survival rate for everyone drops to zero."

But that won't stop DC from chryogenically freezing previously vibrant and necessary components of our society into a state of utter uselessness. I say pull the plug on the lifeless cadavers and put them in the ground where they belong.

Thu, 01/27/2011 - 05:48 | Link to Comment Azannoth
Azannoth's picture

You also need to be fighiting the Right war in the 1st place, and no Obama's wars are not your wars

Wed, 01/26/2011 - 22:53 | Link to Comment Drachma
Drachma's picture

According to DHS, there could be a timeist sleeper-cell in any neighborhood.

Wed, 01/26/2011 - 21:34 | Link to Comment zaknick
zaknick's picture

Welcome to the bankster Matrix.

Wed, 01/26/2011 - 22:35 | Link to Comment Mercury
Mercury's picture

Cleanclog:

Apparently the future has been something you "win" at least since 2005 when Newt Ginrich wrote a book on the subject with that exact title:  http://www.amazon.com/Winning-Future-Century-Contract-America/dp/0895260425

Who's vetting the president's bullshit these days?

Nice going Barry.

Thu, 01/27/2011 - 00:27 | Link to Comment Raymond K Hassel
Raymond K Hassel's picture

It was the State of the Crack Up Boom Address - and in that light, it was well fucking done. 

Thu, 01/27/2011 - 11:18 | Link to Comment MSimon
MSimon's picture

Win

The

Future

 

Get it?

Wed, 01/26/2011 - 20:48 | Link to Comment jm
jm's picture

I appreciate this piece, but I have to say Faber was even more eloquent when he called Obama a whore.

Wed, 01/26/2011 - 20:53 | Link to Comment unununium
unununium's picture

Faber needs to photoshop his jawline like Nomi did.

Wed, 01/26/2011 - 20:55 | Link to Comment jm
jm's picture

Obama needs to photoshop his ass out of the White House.

Wed, 01/26/2011 - 21:00 | Link to Comment Haywood Jablowme
Haywood Jablowme's picture

haha lmfao

Wed, 01/26/2011 - 21:13 | Link to Comment Hephasteus
Hephasteus's picture

The white house needs to photoshop the federal reserve out of my life.

Wed, 01/26/2011 - 21:53 | Link to Comment UGrev
UGrev's picture

Why stop there.. lets keep it going witih the photoshop removal of the BATF, DHLS, and CIA. Photoshop removal of the Internal Revenue Act as well, and photoshop in the un-equivocal and mandatory compliance to the constitution by the many states that, amongst the absolute compliance of the many states to the rights of the people, that the 2nd amendment be understood that all small arms in equivalence to the military, are allowable, and able to be purchased by citizens of the many states with no infringement including the ability to travel to, from and through any state in the union without repercussions. What one group of people thinks is not needed is not covered under the 2nd. It doesn't care what you think. That the 1st amendment includes all speech; even hate speech is covered under this. Just because we don't like it, doesn't mean it can't be said. 

Wed, 01/26/2011 - 23:34 | Link to Comment snowball777
snowball777's picture

And that my god-given right to drive a rolling meth lab through each and every state collecting the young daughters of America for my stable of bitches shall not be infringed!

 

Wed, 01/26/2011 - 22:00 | Link to Comment Dr. Porkchop
Dr. Porkchop's picture

The fed is more interested in

crtl-c dollar,

crtl-v,

crtl-v,

crtl-v,

crtl-v,

crtl-v,

crtl-v,

crtl-v,

crtl-v,

crtl-v,

crtl-v,

crtl-v,

crtl-v,

crtl-v,

Wed, 01/26/2011 - 22:38 | Link to Comment razorthin
razorthin's picture

good one

Thu, 01/27/2011 - 09:05 | Link to Comment Sudden Debt
Sudden Debt's picture

CTRL-C DOLLAR

CTRL-V DOLLAR

CTRL-V DOLLAR

CTRL-A

CTRL-C DOLLAR

CTRL-V DOLLAR

CTRL-V DOLLAR

CTRL-A

CTRL-C DOLLAR

CTRL-V DOLLAR

CTRL-V DOLLAR

 

It just goes a bit faster :)

Thu, 01/27/2011 - 14:47 | Link to Comment simonsito
simonsito's picture

i love that! you should write a letter to the NYFRB. I am sure they will be thankful for the advice, as they donr seem to have much experience in modern technology, considering their POMO desk ;)

as i just learned recently:
"As far as I know, there's no absolute definition for the size of any C/C++ type." So theres still way to go, even with strg+a :)

Wed, 01/26/2011 - 21:37 | Link to Comment FoodTiger
FoodTiger's picture

I'm still traumatized from the sight of a gorilla with a monster ass in a XXL-size Versace dress

Wed, 01/26/2011 - 21:41 | Link to Comment pslater
pslater's picture

+1000 LMAO!

Wed, 01/26/2011 - 21:45 | Link to Comment jm
jm's picture

GET SOME GREASE AND A SHOEHORN, BABY!  WE'RE NOT IN CHICAGO ANYMORE!

 

Wed, 01/26/2011 - 23:45 | Link to Comment NOTW777
NOTW777's picture

unnecessary and mean. hint some of your thoughts should not be shared

Thu, 01/27/2011 - 00:15 | Link to Comment Mad Max
Mad Max's picture

Do you mean Michael, err I mean Michelle?

Thu, 01/27/2011 - 00:55 | Link to Comment HoofHearted
HoofHearted's picture

Anyone else notice how Soetoro sounds a little like "Sir Mix A Lot"?

Thu, 01/27/2011 - 12:03 | Link to Comment InconvenientCou...
InconvenientCounterParty's picture

Gee Captain America, thought you'd be used to it by now from seeing your mom and sister.

 

Thu, 01/27/2011 - 00:23 | Link to Comment Calmyourself
Calmyourself's picture

CDS good, everything will work out, got it..

Thu, 01/27/2011 - 01:50 | Link to Comment adeptish
adeptish's picture

truly hilarious...

Thu, 01/27/2011 - 02:26 | Link to Comment adeptish
adeptish's picture

"Obama needs to photoshop his ass out of the White House."

 

The funniest thing I ever read on this site. Props jm.

 

 

Wed, 01/26/2011 - 21:39 | Link to Comment pslater
pslater's picture

Calling Obama a whore gives prostitution a bad name........

Wed, 01/26/2011 - 21:48 | Link to Comment jm
jm's picture

When he talks to Jamie Dimon it gives fellatio a bad name.

Wed, 01/26/2011 - 20:49 | Link to Comment NOTW777
NOTW777's picture

this should be on the front page of every newspaper and internet blog

"There was a massive pink elephant in the room called reality though. "

Wed, 01/26/2011 - 20:54 | Link to Comment NOTW777
NOTW777's picture

OT nice to see POT ripping through 174 - 3 for 1 split and nice div increase.

Wed, 01/26/2011 - 23:55 | Link to Comment Kali
Kali's picture
Without Oprah and Facebook, USA Worth 40 Dollars

  

0diggsdigg

by Andy Borowitz | January 26, 2011 - 9:01am

MINNEAPOLIS (The Borowitz Report) - A new economic study reveals that once Oprah and Facebook are subtracted, the United States of America is worth 40 dollars.

Professor Davis Logsdon, who conducted the study for the University of Minnesota Economics Institute, called the findings surprising: "Quite frankly, the number came in several trillions lower than we had expected."

And he added, in a note of caution, "That forty dollar figure is deceptive because we owe 42 dollars of it to China."

As a sign of Oprah's continuing economic power, yesterday more than 20 million Americans stepped forward to claim that they were her half-sisters.

An angry mob of Oprah's purported half-sisters marched on the talk show host's studio yesterday, demanding new cars and trips to Australia.

In an acknowledgment of the country's ballooning budget deficit, President Obama announced that tonight would be the first ever Tostitos™ State of the Union Address.

Thu, 01/27/2011 - 00:16 | Link to Comment Mad Max
Mad Max's picture

Brawndo, it's what plants crave.

Brought to you by Carl's Jr.

Thu, 01/27/2011 - 01:58 | Link to Comment saulysw
saulysw's picture

Kali, you have a way with words....nice one.

Wed, 01/26/2011 - 20:50 | Link to Comment Don Birnam
Don Birnam's picture

This "address" was essentially the kickoff of the Obama 2012 re-election campaign. The man's very essence is intransigence; much symbolism, but little practical substance.

Wed, 01/26/2011 - 21:21 | Link to Comment Bill D. Cat
Bill D. Cat's picture

Tucson was the start of his re-election campaign . 

Wed, 01/26/2011 - 21:32 | Link to Comment knukles
knukles's picture

Symbolism...

Bernays would have had a great snorting laugh with the optics of the speech, for Dr. Freud was there in full bloom.  The seating.  Cats and dogs laying down together.  Nobody seemed this odd.  Most interesting, for it was certainly not a spontaneous event. 
Many people were undoubtedly involved in negotiating the why, wherefores and with whoms in exchange for the whats.
Almost as though the One Party in Washington decided to dispense with the different coloured jerseys during the ritualistic scrum to send a message to the American People...
"Don't worry, we're all united, here to take care of you, one people, indivisible."  And thus, tone deaf to the most recent messages sent by the populace during the November election cycle which screamed No More Business As Normal.
For which the response was.... indeed, for we (all of us here on the telly you're watching, gentle minions) have heard you.  And we are dramatically, terribly frightened.  For no more business as normal means that the few, the wealthy, the bearers of the campaign contributions should not run the country anymore, that the voice of the people should hold sway.  That business as normal shall mean dismissal of wealth, power and privilege for those of us gathered in this august chamber.
Indeed, the action of solidarity, of bi-partisanship while intended, sent an explicit message.  We heard you, and draw the line, we are unified in the closing of the ranks.
While not intended, we really did hear the voice of the people.  And it has frightened us.

Wed, 01/26/2011 - 22:19 | Link to Comment Fearless Rick
Fearless Rick's picture

Well put. I just want to add that it was probably the worst SOTU speech I've ever heard - and I've listened to about 25 or so, and all of GWB's (wow, those were tough).

Obama came up with some of the most absurd ideas and long-range plans, so long they'll be soon forgotten, like putting 80% of America on renewable energy by 2050. Um, is that simply not doable? Cutting 400 billion over 10 years was a nice touch, like taking a sip out of a bucket.

His use of the term, "Sputnik moment" was appalling, since the phrase had been used on Larry Kudlow's show a few night's earlier.

The lowlight, however, had to be near the end, when he encouraged everyone to become teachers, probably the least-productive job in America. Obama is in conflict with none other than the erudite H.L. Menken on this, who said, "those who can't, teach."

Yes, let's all become teachers and live on glorious campuses and fart unicorns.

Wed, 01/26/2011 - 23:06 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

Yes we can't!   So we'll teach?

Wed, 01/26/2011 - 23:40 | Link to Comment snowball777
snowball777's picture

It was 2035, and it's doable, if we want to do it. I'm not sure why they dredged up a previous soviet ass-whipping (recall that we were behind when sputnik beeped over our skies).

Clearly the teachers of America did very little for you personally, but what should everyone grow up to be then, Rick?

Fund managers? Realtors? Lawyers? Congressmen?!

Thu, 01/27/2011 - 00:27 | Link to Comment Calmyourself
Calmyourself's picture

No snowball union teachers..  In my state they, yes they their union and their pensions are digging a hole it is impossible to dig out of..  The Realtors are easy to control by letting housing drop 40%, how do you get rid of teachers unions?  Why insult Rick? teachers unions are undereducating kids and enriching  the hell out of themselves.  Duh..

Thu, 01/27/2011 - 01:04 | Link to Comment johnnynaps
johnnynaps's picture

then you get out there and show us how a better job is done!

Thu, 01/27/2011 - 11:25 | Link to Comment MSimon
MSimon's picture

2035? Why not next week. All we need is enough stuff. It will take until 2089 to get enough stuff.

 

And please explain the advantages of doubling the price of electricity?

 

http://powerandcontrol.blogspot.com/2011/01/energy-is-wealth.html

Wed, 01/26/2011 - 20:50 | Link to Comment Dexter Morgan
Dexter Morgan's picture

I know Obama doesn't see my world, where tips are down for delivering pizzas while old men collect grocery carts for the local store.  I see people with masters degrees who get turned down for $15/hour jobs.  Maybe Phoenix is worse than your town but that's what I see.

Wed, 01/26/2011 - 22:46 | Link to Comment Dismal Scientist
Dismal Scientist's picture

I suspect their 'masters' degrees are the basic ABC. The dumbing down of education is rife.

Wed, 01/26/2011 - 23:47 | Link to Comment snowball777
snowball777's picture

A masters in what? That they borrowed how much to get?

How did these old men manage to dodge all those cushy pensions that everyone is complaining about? Don't they have personal fluffers paid for by the AZ taxpayers and lavish SS checks like the TeaPotDomeExpress says? Or did they just dip in to the equity of their paid of house and/or get burned by an ARM re-fi?

 

Thu, 01/27/2011 - 00:15 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Try NJ. My friends tell me that recent college grads from good families are 50% unemployed. 

Wed, 01/26/2011 - 20:51 | Link to Comment Dagny Taggart
Dagny Taggart's picture

Did the pot just call the kettle... nevermind

Wed, 01/26/2011 - 20:52 | Link to Comment NOTW777
NOTW777's picture

"What about the nearly 8 million FAMILIES that have been foreclosed upon because of the reckless investment bank race to create $14 trillion dollars worth of toxic assets in the five years leading up to the financial crisis and leave them to shatter lives and the non-stock market evaluated economy? What about the fact that the government fiscally stimulated the banking system by a multiple of 20 times more than it stimulated its citizens, with nary a fight from the politicians our democracy is so lucky to have as representation?"

no press conf., no speeches, no cnbc coverage

Thu, 01/27/2011 - 00:06 | Link to Comment Dave
Dave's picture

I was going to comment on this but decided not to.

Wed, 01/26/2011 - 20:51 | Link to Comment ExpendableOne
ExpendableOne's picture

Good post.

Today's snowstorm will do more for the country than anything Obambi can do.  Far better to have government shut down and stuck in their cars than "helping" us.

 

Wed, 01/26/2011 - 20:56 | Link to Comment NOTW777
NOTW777's picture

how about obama and michelle traveling to egypt, tunisia, algeria and taking ben with them so he can see the results of his work first hand

Wed, 01/26/2011 - 20:58 | Link to Comment Cheesy Bastard
Cheesy Bastard's picture

Even if he stays in the U.S. he will see those results eventually.  The only question is when.

Wed, 01/26/2011 - 21:07 | Link to Comment Cheesy Bastard
Cheesy Bastard's picture

Good post.  Coming soon to a theater near you.

Wed, 01/26/2011 - 21:07 | Link to Comment Mr Poopra
Mr Poopra's picture

Probably when Comex defaults in the coming weeks.

Wed, 01/26/2011 - 21:36 | Link to Comment knukles
knukles's picture

Can't happen, for they settle in paper when they so choose.  Just as the Fed shall transfer all losses to Treasury, wherein both simply assume 2 new accounts on the books; "due to" and "due from".
All's well.  Don't worry, be happy. 
You're in good hands with the State

Thu, 01/27/2011 - 00:13 | Link to Comment Dave
Dave's picture

Can someone who holds a contract for delivery and wants metal be forced to accept paper? OK maybe a few but how long can that continue? 

Thu, 01/27/2011 - 00:42 | Link to Comment knukles
knukles's picture

Answer #1: Yes.
Answer #2: For as long as the buyer's delivery option can be satisfied with paper.

Honestly, not meant to be sarcastic, humorous or light.  If the contract specifications say that's the way it can be done, then that's the way it'll be done.  Nobody likes it, they don't need to trade the contract.

Thu, 01/27/2011 - 00:46 | Link to Comment Diogenes
Diogenes's picture

"Even if he stays in the U.S. he will see those results eventually.  The only question is when."

 

Not as long as he keeps his eyes shut. I won't even bother to number the things he has managed to not see since he became president.

Wed, 01/26/2011 - 21:14 | Link to Comment alien-IQ
alien-IQ's picture

better yet...why don't we bring Tunisia to them? We all know the vital addresses to form a circle around. As long as we can get past the TSA Nazis on our way there...it should be ... a riot.

Wed, 01/26/2011 - 21:19 | Link to Comment NOTW777
NOTW777's picture

who s the pick for manning the water cannon? ben? biden? or maybe immelt

Wed, 01/26/2011 - 22:03 | Link to Comment flacorps
flacorps's picture

Denver has a complete backup capital (and I'm not talking under-the airport terminal, I'm talking right out in the open but behind impenetrable security). By the time anyone surrounds anything in D.C. they'll be happy to nuke it, blame it on al Qaeda and keep right on ticking.

Wed, 01/26/2011 - 22:30 | Link to Comment In Fed We Trust
In Fed We Trust's picture

what are you talking about? Denver has a complete back up capital?

Wed, 01/26/2011 - 23:12 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

Building 710 is an underground bunker complex designed to withstand a nuclear blast. ... Today Building 710 houses the headquarters of the Federal Emergency Management Agency. [

 Been there.  Makes Mt. Weather feel almost homey.

Wed, 01/26/2011 - 20:59 | Link to Comment topcallingtroll
topcallingtroll's picture

Tis true that parents don't put much effort into their kids education.  why don't you look at what asian parents do?  In Taiwan it is typical for virtually every kid to have an after school tutor and lots of homework.  I went to a nice private university but learned to avoid those classes with too many asian kids, because in those classis all the A's were taken.  I would walk by the library drunk and stoned as shit late friday night and look in the window and guess who was in there studying?  Yep you guessed it.  Ultimately it comes down to who wants it bad enough.  Most americans are lazy fucktards.  I say this as an american who was grateful my parents apparently had some asian blood in them.  Just enough for me to squeak by.  I am embarrassed by my kids' school and there are no good private schools where I live, so I too have hired tutors and send them to summer programs to stimulate their intellectual curiosity.  My ten year old wants to learn to program iphones and I'm going to send him to one of the computer camps at emory university again next summer.  It's much harder for people without money, but those chinese fuckers studying in the library on friday night were straight off the boat and they knew what their future would be if they didn't succeed in the university.  They didn't have any money, but they sure had a lot of motivation.

Wed, 01/26/2011 - 22:33 | Link to Comment chindit13
chindit13's picture

Empty bellies often are their own motivating force.  Let's see how they behave in two or three generations, after the easy life becomes entrenched.

I am of the view that to a large extent the fruits of success contain the seeds of its own destruction.  Human nature.  To provide an Asian example, the youth of Japan today (number one life goal for today's Japanese males:  hairdresser) is a far cry from the post war generation who rebuilt the country.

Wed, 01/26/2011 - 22:53 | Link to Comment Dismal Scientist
Dismal Scientist's picture

I rarely respond, but this is tragic. Hairdressers. A formerly proud culture dumbed down to an extreme. Where are the Statesmen of yesteryear ?

Thu, 01/27/2011 - 00:06 | Link to Comment chindit13
chindit13's picture

Where are the Statesmen of yesteryear ?

With about 30 Prime Ministers since 1989, at least the Japanese are trying to find out.

Thu, 01/27/2011 - 02:24 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Chindit, chilling about Japan, eh? Extensive, hands on experience with them and their culture. It is downright the craziest place on the planet. Well maybe North Korea and then Japan.

I ran a company for them in India and could not believe how my Japanese partner raised funds. Ridiculous. Totally ridiculous. The only requirement was increasing headcount, not profitability. When I finally put my hands up and said I QUIT, they kept trying to brbe me to stay, because it would look bad.

A classic example of a socially engineered society, in extremis.

ORI

http://aadivaahan.wordpress.com/2011/01/26/a-ha-ahahaha/

Thu, 01/27/2011 - 14:59 | Link to Comment Kobe Beef
Kobe Beef's picture

hairdressers.. hahaha.

My related Japan experience is walking down a street in any city at night, seeing a couple coming towards you holding hands, and...

...not being able to tell which one is a man until they are about 5 feet away.

happens all the time. Somebody's gotta dress all that hair? Who's gonna do it? You?

Thu, 01/27/2011 - 00:19 | Link to Comment Rick64
Rick64's picture

 I watched the westernization and deterioration of their culture over the years, its very saddening.

Thu, 01/27/2011 - 10:46 | Link to Comment AnAnonymous
AnAnonymous's picture

Empty bellies often are their own motivating force.

Maybe. But the fact is that quite a lot of Asians who study in the West are not empty bellies. Most of empty bellies stay in Asia. They dont come to study here.

The causation is much more in the very fact that hard work is going to pay as a lot of Asian countries are  on filling the ranks of educated jobs.

In the western world, strategies are all about cloning so one a rank is filled, the obsession is to get it filled with your own. Meaning parents wanting their children to get educated jobs and stuff like that.

Which makes the causation between hard work and an educated job looser. Places are already taken by children to come.

Asian countries are on the 19/20th century dynamics. Hard work translates into a job for them.

Simple hierarchical reality. War is the  opportunity to get promoted as officers kick the bucket. Same for every thing. When a position is already occupied by a proficient and experienced person, you have to queue.

 

 

Thu, 01/27/2011 - 00:08 | Link to Comment Rick64
Rick64's picture

 Agree totally. I think this problem grew in America when family unity was slowly broken down.

Thu, 01/27/2011 - 00:19 | Link to Comment Caviar Emptor
Caviar Emptor's picture

+1

 

Thu, 01/27/2011 - 00:19 | Link to Comment trav7777
trav7777's picture

total bullshit.

Review some studies on who performs well worldwide on standardized tests.  Finland is near the top and they don't crush their kids like the asians.

The US's "education problems" are as a result of Obama's demographic.  Blacks.  Period.  But he won't say that as he is part of the race hustling diversity delusion.  We must continue to throw money down a rathole so we can avoid uttering "hate facts" which contradict the fairy tale of multiculturalism

Recent study from Harvard prof demonstrating that diversity makes communities worse off in nearly every metric.  Diversity is a failure; the entire narrative is horseshit.

Thu, 01/27/2011 - 01:09 | Link to Comment johnnynaps
johnnynaps's picture

ranked 46th against the world, white Americans are ranked 6th. Yet, does the rest of the World have affirmative action? Just curious.

Thu, 01/27/2011 - 23:39 | Link to Comment simonsito
simonsito's picture

like so many germans with the turkish - you are both confusing race with social background?

Wed, 01/26/2011 - 21:04 | Link to Comment onlymyopinion
onlymyopinion's picture

Did his prescription medication run out?  Talk about a Debbie Downer.  

Hopefully he watched Cramer tonight.  Jim's take on the speech was spot-on IMO.

 

There must be a good reason why he's an EX-Goldmaner.

 

 

Wed, 01/26/2011 - 21:09 | Link to Comment NOTW777
NOTW777's picture

u watch cramer and then read ZH

Wed, 01/26/2011 - 21:41 | Link to Comment knukles
knukles's picture

Bi-polar self-medication. 

Wed, 01/26/2011 - 21:55 | Link to Comment NOTW777
NOTW777's picture

i guess ur thinking why go to a nice steakhouse when you have taco bell??

Wed, 01/26/2011 - 22:32 | Link to Comment chindit13
chindit13's picture

He's a she. She left Goldman by her own choice.

Thanks for the tax money, by the way. It's all you little people that help make my life so grand, almost as comfortable and luxurious as I deserve. Oh, while I've got your attention, make sure you have lots of little ones, because my kids are going to need some domestic help.

All the best,

Lloyd

Wed, 01/26/2011 - 21:06 | Link to Comment YHC-FTSE
YHC-FTSE's picture

As rants go, and we all have them from time to time, this one was sublime, superb, and salient. Good on you Nomi.

Wed, 01/26/2011 - 21:52 | Link to Comment NOTW777
NOTW777's picture

nomi did not comment on obamas prose about gay love in the military - wonder if that has some GS connotation

Wed, 01/26/2011 - 21:11 | Link to Comment Yen Cross
Yen Cross's picture

  Sweet! I'm ordering a frame for this post. Golden.

Wed, 01/26/2011 - 21:15 | Link to Comment goldstandard
goldstandard's picture

From Today's Maxine comic strip....


Let me get this straight . . . .. We're going to be "gifted" with a health care
plan
we are
forced to purchase and
fined if we don't, Which purportedly covers at least
ten million more people,
without adding
a single new doctor,
but provides for
16,000 new IRS agents; written by a committee whose chairman
says he
doesn't understand it; passed by a Congress that didn't read it but
exempted themselves from it; and signed by a President who smokes, with funding administered by a treasury chief who
didn't pay his taxes, for which we'll be taxed for four years before any
benefits take effect
, by a government which has
already bankrupted Social Security and Medicare, all to be overseen by a surgeon general
who is
obese, and financed by a country that's broke!   'What the hell could
possibly go wrong
?'

Wed, 01/26/2011 - 22:08 | Link to Comment NOTW777
NOTW777's picture

not to be outdone - kucinich sues for $150k over an olive pit

r congressional teeth worth $150k

http://www.cleveland.com/open/index.ssf/2011/01/rep_dennis_kucinich_sues...

Wed, 01/26/2011 - 21:35 | Link to Comment lynnybee
lynnybee's picture

 " Let me get this straight . . . .. We're going to be "gifted" with a health care
plan we are forced to purchase
 "

Yes, we are !!  except for the the Muslim people here in the U.S.   If you are Muslim you are EXEMPT FROM THE NEW HEALTH CARE INSURANCE SCAM, because Muslims consider that "USERY" .......... & THEY ARE RIGHT !!!    I'd like to be exempt from the new health care law, too !! ...... I also do not believe in 'USERY' ....... you know, like the USERY that's going on here in the U.S. since my favorite BANKSTER, ROBERT RUBIN took over the government !!! 

Wed, 01/26/2011 - 21:53 | Link to Comment NOTW777
NOTW777's picture

muslim or part of a union or you contributed well to obamas campaign

but, its good for the rest of us

Wed, 01/26/2011 - 22:49 | Link to Comment Things that go bump
Things that go bump's picture

I believe it is easy enough to convert.  

Wed, 01/26/2011 - 23:00 | Link to Comment Dismal Scientist
Dismal Scientist's picture

Usury. Not 'Usery'. I know you are a passionate ZH convert, I only ask you get the key concept correct linguistically. God bless you. If he exists. Or she. Or it.

Thu, 01/27/2011 - 00:23 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Didn't you catch what was buried deep in the middle of the SOTU? Cuts are coming to Medicare and Medicaid, the principle payors and the rate-setters for the industry. So the plan is proceeding pretty much as I expected: downsize healthcare across the board. And yes, despite more people with insurance. It's called making due with less. There will be less healthcare to go around I can guarantee it.

Wed, 01/26/2011 - 21:20 | Link to Comment hambone
hambone's picture

Repost from another thread...sorry, I think this is important.

Just got a better look at the CBO's #'s:

they expect tax revenues to increase from $2,228B in '11 to $3,090B in '13. That is a 40% increase in tax revenue. After tax revenue stalled out from '01 to '10 at $2T (high of $2.6T and low of $1.78 during all of '00's)...now they expect tax revenue to go $500B beyond any previous and they expect this will have no impact on nominal GDP of 5.1%.

Fuckingcredible. Who has the balls to put their name on this piece of trash?

They also expect spending will only grow by 2% ($3708B to $3794B). So, a net $862B pulled out in taxes from '11 to '13 and we have nominal 5% GDP.

Ohhh, and interest paid on the public debt (esp. short rates) will jump to over $450B (currently paying $200B)...so another $250B out of the economy from '11 to '13.

Ohh...ohh, and States and Muni's will be cutting back by another $100B to $200B.

So, net net, we'll remove $1.3T ('11 to '13) from the economy (just about 10% of the entire economy is pulled out of circulation) and we still grow by 5%!!!. How fucking stupid are people to believe this shit!!!

Fucktacular!!! Whatever spook is reading ZH, give me my labotomy now...let's just get it done with so I can fit in with the rest of FuckMerica.

Wed, 01/26/2011 - 21:26 | Link to Comment Yen Cross
Yen Cross's picture

Ouch! I guess Financial/Family planning is out of the question?

Wed, 01/26/2011 - 21:46 | Link to Comment hambone
hambone's picture

Where is the fucking backlash over something so incredibly stupid as this report!!!  How can this be taken and reported as a "non-partisan" statement to guide our government???  Did anybody read the fucking thing???  Have we gone over the edge where anything can be said by authorities is taken at face value???  Anybody that can add a couple numbers knows this thing isn't a little off but so far wide right it'd make FSU's kickers misses over the years look good.

Folks - read the fucking report...we are crashing ---> I mean we are in free fall.  Explain how it is otherwise...Harry Wanger, any other dipshit apologist, please come along now and explain how it's all going be all right.

Cause I think we are crashing...like a controlled demolition...an inside job.

Wed, 01/26/2011 - 22:01 | Link to Comment Cistercian
Cistercian's picture

 Derivatives and mortgage backed securities=financial Thermite.

Wed, 01/26/2011 - 23:46 | Link to Comment Yen Cross
Yen Cross's picture

Point taken. Thanks.

Thu, 01/27/2011 - 00:26 | Link to Comment Caviar Emptor
Caviar Emptor's picture

You know what's really spooky? Maybe CBO knows something and taxes really will need to increase by 40% just to keep the country solvent and service existing debt. 

Wed, 01/26/2011 - 21:22 | Link to Comment DavidPierre
DavidPierre's picture

What's up with "the state of the Union is strong"?

Where is simple common sense?

The President cannot come out and actually tell the truth?

 How would it be if Obama said last night, "OK, I'm gonna be straight with you, plainly we are screwed!

The Treasury is bankrupt and our central bank has only one option left, they can only increase their printing of ever more worthless Dollars. We must cut spending and the most logical area is where we spend (give away) to more than 50% of the population from the less than 50% who are actually working.

We must cut Federal salaries to bring them back in line with the private sector.

We must cut military spending and close bases across the globe.

We must slash and eliminate 75-80% of Federal programs and eliminate foreign aid.

We must raise taxes."

How would that have gone over?

Obama should have just come clean and said "aw hell, we are bankrupt and the Dollar is worthless, we need to declare official bankruptcy and just start over"!

Can you imagine the "counterintuitive" rally in the Dow Jones after this truth was spoken?

In reality, this is really where we are. Everybody knows it yet no one wants to say it and certainly no one wants to believe it!

Use your own common sense and do what is necessary to protect yourselves.

Gold is THE only asset class that has ALWAYS survived any and all financial calamities throughout history. Gold is the only asset class where your wealth cannot be wiped out while moving from one financial system to the next which is exactly where we are. Don't follow the herd, follow the common sense in your gut!

A rare commodity this common sense stuff!

lemet

Wed, 01/26/2011 - 21:43 | Link to Comment bobert
bobert's picture

I liked most of what you said here, however, disagree with the raising taxes statement.

Thu, 01/27/2011 - 00:27 | Link to Comment Dave
Dave's picture

Common sense is rarely common practice.

Wed, 01/26/2011 - 21:25 | Link to Comment Hedgetard55
Hedgetard55's picture

Watched "The Book of Eli" tonight. Exactly where we are headed.

 

Obama better photoshop a birth certificate because if it turns out he is not qualified to be Pres and CIC, he is going to have a lot of very angry military folk to deal with.

Wed, 01/26/2011 - 21:46 | Link to Comment bobert
bobert's picture

The governor of Hawaii not being able to put his hand on Barry's birth certificate (as he has stated) I believe should disqualify Obama from the 2012 presidential race. Make birth certificate authentication a "requirement" for all presidential candidates, We need more "regulation" correct?

Wed, 01/26/2011 - 23:35 | Link to Comment bobert
bobert's picture

I'm clairvoyant!

And now a little happier....thanks for the link!

Wed, 01/26/2011 - 21:25 | Link to Comment Lady Heather...UNCLE
Lady Heather...UNCLE's picture

Obama is just a teleprompted talking head. He lacks the intellectual gravitas to grasp the issues that pose 'clear and present danger' to USA (and world) affairs. He is a minion, a puppet. He is a waste of space.

Wed, 01/26/2011 - 22:25 | Link to Comment Sunshine n Lollipops
Sunshine n Lollipops's picture

Oh, but he's such a gifted and eloquent speaker! And they say he has 6-pack abs! He must be the greatest leader in the world--did you see how all of the esteemed Senators and Congresspeople stood and applauded his every statement? Why, it was as if they were witnessing the words of God being channelled thru His chosen instrument. I'm sure they all were having difficulty holding back the tears of joy and, yes, I'll say it, awe. I, for one, could not be more certain of our great country's bright and shining future after being lucky enough to watch that glorious spectacle on my 50" Samsung. We truly are the greatest nation on Earth. God bless America! We're #1! 

Actually, I flipped it on for, literally, about 5 seconds, which was all it took for my blood to go from normal to boiling. Im-fucking-possible to watch. Bald-faced lies getting standing ovations from the rest of the professional liars and career criminals. Despicable.

Wed, 01/26/2011 - 23:15 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

Obama is a Nobel Peace Prize winner for crying out loud.  What more do you want?

Wed, 01/26/2011 - 23:27 | Link to Comment mynhair
mynhair's picture

To be like China, and put our Nobel Peace Prize winner behind bars.

Wed, 01/26/2011 - 23:58 | Link to Comment CD
CD's picture

LOL in spite of myself. Shame on you for wanting to be like China, but ROFLMAO nevertheless.

Wed, 01/26/2011 - 21:26 | Link to Comment Temporalist
Temporalist's picture

Nomi forgot to mention the record 43 million people on food stamps, a 14.7% increase yoy.  Besides unemployment 14% of Americans are on food stamps.

http://www.economicpopulist.org/content/people-food-stamps-jumped-147-year

Wed, 01/26/2011 - 21:31 | Link to Comment satansanus
satansanus's picture

SBA website shows all there is to know about supporting small biz.

Every type of loan cue is on RED meaning THERE ARE 0 Small business that can get approved for small biz loans.

http://www.sba.gov/category/navigation-structure/loans-grants/small-business-loans/sba-loan-programs/sba-loan-queue/7a-loan-queue

NO NEW SBA LOANS being accepted. While big banks get 0% fed money ALL DAMNED DAY

Wed, 01/26/2011 - 22:46 | Link to Comment bob_dabolina
bob_dabolina's picture

There is 1 no?

Probably Harry.

Wed, 01/26/2011 - 21:31 | Link to Comment Yen Cross
Yen Cross's picture

Speaking of bottoming patterns. The DXY looks as if it might have some life. I'm long the Dollar again. Yes usd, not aud.

Wed, 01/26/2011 - 21:31 | Link to Comment gwar5
gwar5's picture

"Yes, we have no bananas" Obama, SOTU 2011

 

... is what he should have said. As usual though, the was full of crap.

Wed, 01/26/2011 - 21:35 | Link to Comment infinity8
infinity8's picture

what douchebag came up with "win the future"? how do i enter to win? can my household enter more than once? how many winners will there be? WHAT ARE THE ODDS ?

Wed, 01/26/2011 - 22:28 | Link to Comment Translational Lift
Translational Lift's picture

B'out the same as winning the lottery.............

Thu, 01/27/2011 - 00:35 | Link to Comment Pez
Pez's picture

He meant "be...be the future, Danny". "WIN...win the ball". "The ball is the future, Danny. Win...win the future." by the way, this isn't Russia. Is this Russia? This isn't Russia.

Thu, 01/27/2011 - 00:35 | Link to Comment Pez
Pez's picture

He meant "be...be the future, Danny". "WIN...win the ball". "The ball is the future, Danny. Win...win the future." by the way, this isn't Russia. Is this Russia? This isn't Russia.

Thu, 01/27/2011 - 02:26 | Link to Comment Assetman
Assetman's picture

I think what Obama meant was...

We must win the future-- because we have thoroughly f&cked things up from at least the past 30 years up to this point.

In other words, forget about us fraudsters and our past transgressions.  We must borrow even more from the future, so we can invest and win the future.  Us banksters will just toil as the middlemen and facilitate the transaction... for a nice spread.

If we happen not to win this future, why not have the Fed just buy the future outright with the proceeds from toxic-laden MBS reverse repos?  It only money, after all.

Thu, 01/27/2011 - 02:36 | Link to Comment Hephasteus
Hephasteus's picture

Ya. Let's win that future.

http://www.youtube.com/watch?v=yfdAGkjHGac

Wed, 01/26/2011 - 23:50 | Link to Comment Yen Cross
Yen Cross's picture

Kennys friend Stan said it was this douchebag called? Cartman stop it! I wasn't the guy that said ONE for All.

Wed, 01/26/2011 - 21:37 | Link to Comment bobert
bobert's picture

Who defines "discretionary" and "non-discretionary" federal spending?

Who defines "entitlement?"

Answer: Our politicians in an endless rant over the next two years. Unfortunately.

Will we see any legislation that controls future annual federal deficits?

What will our total federal debt amount to in the next couple of years?

When will the international community pull out of US Treasuries due to credit risk concerns?

Does the federal reserve have a lid in mind for it's balance sheet?

Just asking.

Wed, 01/26/2011 - 22:36 | Link to Comment Sunshine n Lollipops
Sunshine n Lollipops's picture

1) Don't be silly.

2) $362 Whomptillion.

3) March 11. Maybe the 12th.

4) Hahahahahaha! Good one.

I hope that helped. Any more questions, don't hesitate to ask.

 

Wed, 01/26/2011 - 23:19 | Link to Comment bobert
bobert's picture

Thanks!

I needed that.

Wed, 01/26/2011 - 21:41 | Link to Comment Yen Cross
Yen Cross's picture

 I'm watching the South Park douche John Edwards episode. Under/overtones here. I can read minds. 7 billion of them. (roughly) Ahhhh Timmmayyy.

Wed, 01/26/2011 - 21:44 | Link to Comment Temporalist
Wed, 01/26/2011 - 22:01 | Link to Comment Yen Cross
Yen Cross's picture

Thank You for the link. I watched it and will keep it in my trading bookmarks.

Wed, 01/26/2011 - 22:02 | Link to Comment NOTW777
NOTW777's picture

+100

we need more schiff common sense

Wed, 01/26/2011 - 21:44 | Link to Comment blindman
blindman's picture

http://archive.wbai.org/

Wednesday January 26 2:00pm   1 hour Reel World,Freq Kenneth?,CCCP, Haskins

if you wouldn't appreciate it, i wouldn't have posted it.

hit play.

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