Former S.A.C. "Portfolio Manager" Ron Insana Is Back... And He Appears To Be Pissed

Tyler Durden's picture

This one was just too hilarious to pass by without presenting. It was in fact hilarious enough that it could be presented a la carte without spoiling it by actually commenting on what the CNBC "contributor" had to say...Which means: open season for ZH readers. Take it away.

What the Doomsayers Don't Say to You, posted originally on HuffPo where Ronnie is baaaack.

Friday's report
on the nation's unemployment situation had a little for the bulls and a
little for the bears, when it comes to this nation's economic outlook
for 2011. While the unemployment rate plunged in December to 9.4 percent
from 9.8 percent, only half of the improvement came from Americans
finding new jobs. The other half of the improvement came from
discouraged workers exiting the labor force, which has the perverse
impact of reducing the unemployment rate.

(It's a quirk of the strange calculus that goes into divining the nation's unemployment statistics.)

Only 103,000 new jobs were added to payrolls last month, well below
market expectations and below the 150-200,000 jobs needed to keep up
with population growth and growth in the labor force.

Indeed, Federal Reserve Chairman, Ben Bernanke, in testimony before a
Senate committee, acknowledged that it could be four to five years
before the labor markets return to "normal."

"Normal," as measured in historic terms, implies a 5-6 percent
unemployment rate. There are some who suggest that our labor force never
will return to "normal." But that view is unnecessarily pessimistic and
belies the improvements being seen in the economy, each and every day.

By the way, a quick return to "normal" would imply that the economy
would add about 600,000 jobs a month for over a year, which it rarely,
if ever, has done. Absent such an immediate and stunning improvement in
job creation, there is virtually no way the unemployment rate could get
back to "normal" in less than a few years, under even the most
optimistic scenario.

That does not mean we can't, or won't, see meaningful improvement in
the labor market in the months, and years, to come, that will be felt by
all.

Many on Wall Street and many, many more on Main Street, were
understandably discouraged by the December report and the Fed chief's
comments, as one might expect, given the grudging improvement in the
jobs picture, even as enormous piles of cash build up on bank balance
sheets and in corporate coffers.

But this worry about the economy is beyond misplaced, in my view.
After a serious recession like the one we have just experienced, borne
of an economy gone wild, it is a miracle that we have recovered as much
lost ground as we have, compared to the alternative scenario many of us
were contemplating only two short years ago.

Yet, there remain countless doomsayers who suggest that another, even
more serious crisis, is just around the corner. Citing the possibility
of a renewed credit collapse in Europe, a series of municipal
bankruptcies here in the U.S., or another leg down in the housing
market, they say we are just days, weeks, or months away from that
dreaded "double-dip," or another downturn that will make the first phase
of the "Great Recession" feel like a walk in the park.

My good friends, economist, Nouriel Roubini; author and investor,
Nassim Taleb; hedge fund manager, Doug Kass; and banking analyst,
Meredith Whitney, all repeat a mantra that remains in vogue among the
gloom and doom jet-setters.

They claim that we are being falsely encouraged by recent economic
statistics that create an illusion of recovery that is either being
borrowed from future prosperity, or is the very temporary result of
"recession fatigue," a condition that I never before have encountered.

In short, and for a variety of under-discussed reasons, they are flat-out wrong.

Few of the naysayers have bothered to incorporate into their overly
pessimistic assumptions some truly miraculous developments that have
taken place since Ben Bernanke's "great intervention," which prevented
us from experiencing a catastrophic 1930s-style depression, or a
protracted, Japanese-style stagnation.

Unlike those prior periods, the U.S. economy already has recovered ALL of the lost output since the start of the Great Recession.

  • Third-quarter GDP stood at a record 14.7 trillion, eclipsing the peak hit in the third quarter of 2008.
  • Retail and food sales, which surged 5.5
    percent over the holidays, now stand at1.12 trillion, according to the
    Commerce Department -- just under the1.17 trillion peak hit in the 4th
    quarter of 2007.
  • Consumers have driven down indebtedness, and
    added to their savings. The savings rate has jumped to 5.3 percent,
    while household debt-service burdens have been cut by228 billion.
  • Auto sales are running at a 12.5-million-unit
    rate which, while below the 17-million-unit peak at the height of the
    economic recovery, is still three million more vehicles being sold than
    at the trough of the recession.
  • Household net worth, after collapsing by a
    staggering17.5 trillion from 2007-2009, has rebounded sharply in the
    last several quarters... by nearly6 trillion, not a trivial sum. It
    remains well below its historic highs, but has improved significantly
    and likely will continue to improve over the next several years.

The statistics mentioned speak for themselves. In addition, market-based
indicators, from stock prices to interest rates and commodity prices
are, in tandem, forecasting improving future growth, not a return to
recession. These indicators, when flashing the same signals
simultaneously, rarely have delivered an errant forecast.

While many remain deeply concerned about the fragility of what might
be the start of a self-sustaining economic recovery, there is real
reason for optimism that, indeed, a true and lasting recovery is
underway.

As I return to blogging for The Huffington Post, I despair over a
political environment which has led us down a path that now goes beyond
partisan politics, as of this past weekend, to one of a clear and
present danger.

I also worry that far too many voices continue to prey on the
financial fears of a society that has seen more than its share of
problems and pain.

And, while I often have been described as a Cassandra, and rarely a
Pollyanna, for the first time in many years, I see reason to rejoice in
an economic recovery that, while uneven, appears to be gaining strength
and durability every day.

If only our political situation would improve as much as our economic
condition, I would hold even greater hope that happy days are, indeed,
here again.

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I think I need to buy a gun's picture

i have yet to see ron insana right about anything

Didn't his hedge fund fail once or twice.

Do the opposite of what he does.

uno's picture

porky pig also.

I remember how much he hated Ted David back in the day, not sure why but he seemed obsessed with it.

Common_Cents22's picture

 

Ted david got fed up w/ the wall street bankster crap and went to work on his tan.

uno's picture

here is a quote from Ted David about CNBS

 

“In the beginning, it was very forthright and honest. Unfortunately, these networks decided [toward the end of my tenure] to start taking a position that it’s good for the markets to go up and bad for the markets to go down,” David reflected. “… People started putting on pom-poms and became cheerleaders, rooting for the market to go up... and looking wan and dejected when it was down. That’s not the way to cover news, as far as I’m concerned.”

goldmiddelfinger's picture

That's beautiful. My lips are quivering. I think it's why Ted's mother didn't name him Jones.

repete's picture

Ron is the Suze Orman of hedge fund managers.

wilburpup's picture

Saw Ted shopping at Stew Leonard's in Norwalk a while back.  The tan preceeded him.

tbd108's picture

Not fair to Mr. Devito! He is trying to be funny.

tamboo's picture

more delightful joo comedians covering for their murderous sect.

Rentier's picture

Wife thinks he looks like Morocco Mole...

 

http://www.comicartcollective.com/detail.cfm?page=2ED240CB-3048-77F0-119...

 

And yes this would mean that back in the day Joe Kernen was Secret Squirrel.

Hero Protagonist's picture

Ron fears a world where he will be judged solely based upon performance.

Popo's picture

.. or one in which we apply critical thought:

 

  • Third-quarter GDP stood at a record 14.7 trillion, eclipsing the peak hit in the third quarter of 2008.

(Thanks only to unsustainable deficit spending).

  • Retail and food sales, which surged 5.5 percent over the holidays, now stand at1.12 trillion, according to the Commerce Department -- just under the1.17 trillion peak hit in the 4th quarter of 2007.

(Increasing food sales in nominal dollar terms is nothing other than a very bad omen.  This is not a measure of consumption.  It is a measure of consumer price inflation on staples.  Witness the global food riots:  http://www.businessinsider.com/food-riots-worldwide-2011-1 ).

  • Consumers have driven down indebtedness, and added to their savings. The savings rate has jumped to 5.3 percent, while household debt-service burdens have been cut by228 billion.

(So wait... is consumer spending good?  Or is consumer saving good?  I'm so confused.   I dare you to clarify the difference between a "decrease in household debt-service" and "credit collapse".    Because a credit collapse is both deflationary and antithetical to "recovery").

  • Auto sales are running at a 12.5-million-unit rate which, while below the 17-million-unit peak at the height of the economic recovery, is still three million more vehicles being sold than at the trough of the recession.

("Yes, we're up to our necks in warm shit.  But this shit could smell worse")

  • Household net worth, after collapsing by a staggering17.5 trillion from 2007-2009, has rebounded sharply in the last several quarters... by nearly6 trillion, not a trivial sum. It remains well below its historic highs, but has improved significantly and likely will continue to improve over the next several years.

(So we were down a cataclysmic $17.5T, and now we're back up a measly $6T.   So since 2007 we're down a devastating $11.5 trillion, and only back up slightly because of a historically unpredented increase in national debt, and debasement of the currency.    In total, US household net worth is down a crippling average of $2.875 trillion per year over the past 4 years.  What's your point again?  That economies don't move in straight lines?)

 

I'm feeling slightly embarrased for Ron.  He should go and spend some time in the country.

 

goldfish1's picture

http://www.bbc.co.uk/news/business-12149340

Bangladeshi police have used tear gas and water cannon against angry investors after the stock market incurred huge losses.

Trading on the Dhaka Stock Exchange index was halted after it fell by 660 points, or 9.25%, in less than an hour.

It was the biggest one-day fall in its 55-year history.

goldfish1's picture

Bangladesh stocks rise after fall prompts protests

http://www.independent.co.uk/news/business/news/bangladesh-stocks-rise-after-fall-prompts-protests-2181507.html

Many investors in the Bangladesh's Dhaka and Chittagong exchanges are individuals with modest means who have taken out large loans to invest in shares to improve living standards.

timhinchliff's picture

That gain in third quarter GDP is also measured in that funny little worthless paper green thing called the US dollar. How much has the dollar devalued over that year that pop-pom Ron in referring too?

WestVillageIdiot's picture

This cunt was recently the keynote speaker at the event for the American Bankers Association at the Waldorf Astoria.  I could have found a way in to hearing him speak but I chose to stay at work and thrust a small pen knife repeatedly into my inner thigh.  It was much less painless than listening to this cunt speak.

 

I apologize to all of the cunts I may have offended.  "Keynote speaker"!  What the fuck? 

rosiescenario's picture

A+...so you enjoyed the movie "Secretary"?????

WestVillageIdiot's picture

Was that the porno with the double-jointed midget that did shorthand using her anus?  If not, then I am not familiar with it.

goldmiddelfinger's picture

I enjoyed the movie. No one alive can pronounce the actress' name

blunderdog's picture

Maggie...pronounced "MA-gee."  But you have to know her.  If you don't, try "Ms. Jake's sister."  I'm sure that'll go over great.

But forget the kids and check out dad's movie w/Billy Bob and Hank.  Well worth it.

It's the only film of its type of the past 30 years, at least.

M2Market's picture

True that, although I humbly suggest that let this cunt speak for all its worth, as it is virtually impossible to find a contrarian indicator better than Ronnie Insaneana.

Michael's picture

The Internet and the blogosphere are responsible for undoing decades and decades of social engineering within a matter of a few short years. This is why the control freaks and our overlords hate the Internet so much. I am enjoying watching it happen in real time. Making control freaks and overlords heads explode is my favorite pastime.

Someone should do a comprehensive article on this topic.

TruthInSunshine's picture

The Internet and the blogosphere are responsible for undoing decades and decades of social engineering within a matter of a few short years. This is why the control freaks and our overlords hate the Internet so much.

This.

It's true.

They will try to negate truly unrestricted expression and communication on the internet, as it is the only true threat to their web of deception and propaganda, and it's something they never envisioned or foresaw, in all of their planning/strategy/thinktank sessions.

In fact, how many tens of thousands, hundreds of thousands, or even millions of people would have known what POMO, QE, TALF, TARP, Maiden Lane or Fractional Reserve Banking are, or who William Dudley, Brian Sacks, Steven Cohen, Blythe Masters, Max Keiser, Jim Sinclair or a plethora of other people are, without the truly democratic technology of nearly unfettered freedom of expression, speech and debate found on the internet, where people thousands of miles apart can communicate in real time?

They will try to shut it down or to restrict it heavily.

Guard it with zeal, protect it and safeguard it: If it is allowed to be restricted in any meaningful way, chances of obtaining real knowledge and truth about particularly critical things and events will be lost forever.

This development is a tool of the upmost importance. They will try with all their might to destroy it, in order to preserve their corrupt oligarchy.

Michael's picture

"and it's something they never envisioned or foresaw, in all of their planning/strategy/thinktank sessions."

Very perceptive of you. They never saw it coming, ever.

I like to think about all the money they invested in buying up every major news agency in the world to spread their propaganda, and watching all that investment being rendered worthless by the Internet and the blogosphere.

Amschel's picture

Thats why we see the God Damn government hate-speeching the intranetz,Wikileaks false flag terror and stux net virus and all the other false-flag crud,trying to legislate the net,and create internet 2.If theres no internet,you will never get any real information or news,let alone Max Keiser or Alex Jones,etc.If this gets passed,I (and all free men)must  hope there will be an underground internet.

Lord Koos's picture

Max Keiser -- who is he?  Superficially he appears to be a commentator on a Russian TV channel who promotes the financial collapse of the USA.  Not that it needs promoting, but who is the guy?

No More Bubbles's picture

Michael & TruthinSunshine -

Very well said and completely true.  They think they have won again and have control.

This time they are wrong....

 

EPIC FAILURE is at hand..........

King_of_simpletons's picture

This is a red pill, blue pill situation.

The potency of the potion inside the pills have a fundamental impact on "reality" for the person taking it.

goldmiddelfinger's picture

If he's posting at Huff Po he has a political agenda and that would be to cheerlead the economy, irrespective of the facts, that is represented by the Democrat White House

Careless Whisper's picture

Huff Po has been linked to George Soros, the Rothchilds' errand boy.

 

rocker's picture

He has failed by himself twice, I think.  He is desperate for a Job anyswhere since he left CNBC who says: No Thanks.

dd

Michael's picture

Why the Method for Figuring the Unemployment Rate Was Changed
Bill Clinton was interested in legacies early on in his presidency. By changing the official unemployment formula to sweep away the so called discouraged workers, he attained a record low unemployment level not seen in decades. The reason for his changing the official unemployment calculation formula had a lot to do with “the economy stupid,” as he was fond of saying. He wanted the numbers to look better than they actually were.

Bill Clinton's other atrocities include;
Signing NAFTA
Repeal of Glass-Steagall
Executive Orders mandating Agenda 21 (Sustainable Development)
Al Gore

And they love him for it. I don't get it.

Bob's picture

Really, you do Bill an injustice to omit his initiation of the Extraordinary Rendition program, Michael.

WestVillageIdiot's picture

Give the guy a break.  If you lived with Hillary for 30 years you would be doing some freaky shit, too. 

goldmiddelfinger's picture

So for that he lusted for Kathleen Willey?

MachoMan's picture

Because of this contingency, I specifically forbade myself to choose a wife from lawschool. 

Rogerwilco's picture

Don't forget Waco and Rwanda, his deft handling of those two dot the i and cross the t.

Michael's picture

"Fortunately, Bill Clinton had the courage to defy the United Nations in 1995 and act to bomb the Bosnian Serbs (with NATO cooperation and sponsorship). Then he had the foresight to send in U.S. peacekeeping forces, a deeply unpopular step."

All we know how to do is bomb the shit out of them. And you wonder why the rest of the world hates us.

rocker's picture

Your insight on this point is very welcomed by myself.

knukles's picture

And.......
He refused to sign the international treaty banning the manufacture and deployment of anti-personnel landmines, joining a handful of co-relations such as N. Korea and Iran. 
In fact, he even "recieved" the resignations of several of the JCoStaff subsequent to them taking the position favoring said treaty.

But repealing Glass-Stegal takes the cake. 

goldmiddelfinger's picture

No Marc Rich takes the cake-literally.

fredquimby's picture

A friend of mine & his wife had dinner at his house a while back....along with 4 armed guards in the dining room....Guess you can't trust your neighbours these days eh!

bronzie's picture

"sweep away the so called discouraged workers"

297K in this reporting period - that's how they got the 0.4% 'improvement'

go to shadowstats.com for real economic numbers - current unemployment is about 22% using the methdology that was in place prior to all the manipulation done by Bill and others