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Guest Post: The Bennie Who Stole Christmas

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Submitted by Jim Quinn of The Burning Platform

The Bennie Who Stole Christmas

Ben Bernanke is a highly educated PhD from Princeton who has never
worked a day in the real world since he graduated from college in 1975.
His entire life has been spent in the ivory tower of academia surrounded
by models and theories that work perfectly in the comfort of his
office. After building his reputation as an “expert” on the Great
Depression by studying it and reaching the wrong conclusions, he came
down from his ivory tower in 2002 to join an organization that has
systematically destroyed the value of the US currency, thereby
undermining the well being of the once vibrant middle class.

He became a member of the Federal Reserve
and has served his masters (Wall Street Banks, Mega-corporations,
Washington politicians) unswervingly since. When he makes his now
regular appearances on 60 Minutes, he tries to
give the appearance of being someone concerned about the average
American. The facts in the real world completely obliterate the lies
he nervously mouths while answering softball questions underhanded to
him by corporate media mouthpieces. His quivering lip and nervous ticks
reveal his true nature. How could Bernanke blatantly take measures that
destroy the lives of millions of Americans?  Maybe Dr. Seuss had the
answer: 

 

It could be his head wasn’t screwed on just right.
It could be, perhaps, that his shoes were too tight.
But I think that the most likely reason of all,
May have been that his heart was two sizes too small.
Whatever the reason, His heart or his shoes,
He stood there on Christmas Eve, hating the Whos,
Staring down from his cave with a sour, Grinchy frown -
Dr Seuss

If the Grinch had been pimping for a small
pack of Grinchsters who impoverished the honest people of Whoville, then
the Dr. Seuss poem would have perfectly described Ben Bernanke, the
Federal Reserve and the banksters that run the show here in the USA. The
actions taken by Ben Bernanke, Alan Greenspan and their brethren on the
Federal Reserve over the last quarter century have destroyed the middle
class and left senior citizens impoverished, while enriching its Wall
Street masters. Now he is stealing Christmas from the hard working
middle class of this country.

Bernanke’s latest theoretical venture into manipulating the puppet
strings of the economy began with his speech at Jackson Hole in August
and concluded with his Op-Ed on November 4. His master plan to buy an
additional $600 billion of Long-term Treasuries is being implemented on a
daily basis. This QE2 follows his previous QE1, which consisted of
buying $1.4 trillion of toxic mortgage securities from his masters, the
insolvent Wall Street banks. What follows are Ben Bernanke’s own
words:   

“I believe that additional purchases of longer-term securities,
should the FOMC choose to undertake them, would be effective in further
easing financial conditions.”
Ben Bernanke – August 27, 2010 -  Jackson Hole

“Given the Committee’s objectives, there would appear–all else
being equal–to be a case for further action. For example, a means of
providing additional monetary stimulus, if warranted, would be to expand
the Federal Reserve’s holdings of longer-term securities. Empirical
evidence suggests that our previous program of securities purchases was
successful in bringing down longer-term interest rates and thereby
supporting the economic recovery.”
Ben Bernake – October 15, 2010 – Boston Speech

“To promote a stronger pace of economic recovery and to help
ensure that inflation, over time, is at levels consistent with its
mandate, the Committee decided today to expand its holdings of
securities. The Committee will maintain its existing policy of
reinvesting principal payments from its securities holdings. In
addition, the Committee intends to purchase a further $600 billion of
longer-term Treasury securities by the end of the second quarter of
2011, a pace of about $75 billion per month.”
Ben Bernanke Fed Announcement – November 3, 2010

“This approach eased financial conditions in the past and, so
far, looks to be effective again. Stock prices rose and long-term
interest rates fell when investors began to anticipate the most recent
action. Easier financial conditions will promote economic growth. For
example, lower mortgage rates will make housing more affordable and
allow more homeowners to refinance. Lower corporate bond rates will
encourage investment. And higher stock prices will boost consumer wealth
and help increase confidence, which can also spur spending. Increased
spending will lead to higher incomes and profits that, in a virtuous
circle, will further support economic expansion.”
Ben Bernanke – November 4, 2010 – Washington Post Op-Ed

Ben and his friends on the Federal Reserve have a PR machine to help
sell their lies. Let’s assess whether Ben and his Federal Reserve have
helped or hurt the average American.

Throwing Senior Citizens Under the Bus

Then he slunk to the ice box. He took the Whos’ feast, he took
the who pudding, he took the roast beast. He cleaned out that ice box as
quick as a flash. Why, the Grinch even took their last can of Who hash.
-
Dr Seuss

 

There are approximately 40 million senior citizens living in 25
million households in the US. According to the Census Bureau, more than
12 million of these households survive on less than $30,000 of income
per year. The median household income in the US is $49,777. A full 70%
of all over 65 households make less than the median income.  A recent
study found that 58% of those between 60 and 84 will at some point fail
to have enough liquid assets to allow them to get through unanticipated
expenses or declining income.

The vast majority of their income is from Social Security payments.
Most senior citizens are rightly risk adverse and dependent upon income
from certificates of deposit. During the 1990′s and as recently as 2007,
a senior citizen could get a 5% return on a CD. Many of these people
depended on this interest income to pay their everyday expenses. Below
is a chart that plots the average interest rate for 6 month CDs since
1964. Today the average rate on a 6 month CD is .30%.

Ben Bernanke is to thank for this poverty enhancing rate. He reduced
the discount rate to 0% while paying interest on deposits at the Fed.
The affect of this policy has been to transfer hundreds of billions to
the Wall Street criminal banks from the pockets of senior citizens and
other Americans dependent upon interest income to sustain their meager
lives. A brainless CNBC anchor can look at this chart and realize that
the Federal Reserve caused the housing crisis by driving down rates from
2002 through 2005. Ben Bernanke, who never saw the housing collapse
coming and personally had an exploding adjustable rate mortgage, has
learned nothing from the prior disaster. He has driven rates down to 0%
in order to force people into speculative investments. The Federal
Reserve is a perennial bubble blower. This will likely be the final
bubble of Bennie’s career.

 Graph: 6-Month Certificate of Deposit: Secondary Market Rate

These recent actions by the Federal Reserve are just the tip of the
iceberg. Alan Greenspan, the Federal Reserve and the US Government have
systematically screwed senior citizens for decades by purposely
understating CPI. The result has been that the cost of living
adjustments to Social Security has seriously lagged real inflation. For
the 2nd consecutive year senior citizens will get no cost of living
increase on their Social Security. The average monthly Social Security
payment is $1,074. While seniors struggle to make ends meet, Wall Street
banks are handed billions in free money by Ben Bernanke. The chart
below details the COLA increases since 1975. Alan Greenspan and his
commission began manipulating the CPI in the early 1980s. 

Social Security Cost-Of-Living Adjustments
Year COLA
1975 8.0
1976 6.4
1977 5.9
1978 6.5
1979 9.9
1980 14.3
1981 11.2
1982 7.4
1983 3.5
1984 3.5
1985 3.1
1986 1.3
1987 4.2
1988 4.0
1989 4.7
Year COLA
1990 5.4
1991 3.7
1992 3.0
1993 2.6
1994 2.8
1995 2.6
1996 2.9
1997 2.1
1998 1.3
1999 2.5
2000 3.5
2001 2.6
2002 1.4
2003 2.1
2004 2.7
Year COLA
2005 4.1
2006 3.3
2007 2.3
2008 5.8
2009 0.0
2010 0.0
a The COLA for December
1999 was originally determined as 2.4 percent based on CPIs published by
the Bureau of Labor Statistics. Pursuant to Public Law 106-554,
however, this COLA is effectively now 2.5 percent.

 

Since 2000, seniors have seen their monthly payment increase by 27%,
or less than 2.5% per year. I challenge anyone to convince me that
inflation has been 0% for the last two years. I have calculated my real
inflation and it is four times the government reported figure. I suppose
government bureaucrats and Federal Reserve Chairmen don’t fill up their
gas tanks or go food shopping. John Williams at www.Shadowstats.com
calculates the CPI as it was calculated prior to the Greenspan fraud.
Based on this true assessment of inflation, prices have increased by
100% since 2000, or 8% per year.

Only an Ivy League academic could examine the following yearly price
data and conclude, as Bernanke has, that inflation is well contained:

  • Unleaded gas up 24%
  • Heating Oil up 28%
  • Corn up 50%
  • Wheat up 48%
  • Coffee up 56%
  • Sugar up 27%
  • Soybeans up 30%
  • Beef up 26%
  • Pork up 22%
  • Cotton up 101%
  • Copper up 33%
  • Silver up 72%

I wonder what a can of Who Hash will cost in 2011?

The truth is that senior citizens spend a much higher percentage of
their limited income on the basics of housing, transportation, food, and
insurance. So, these increases have a much greater impact on seniors
than rich bankers and Princeton scholars. The figures for key items over
the last decade prove the point that seniors have fallen further due to
the inflationary policies of the Federal Reserve.






Category Expense Cost in 2000 Cost in 2010 % Increase, 2000 – 2010
Housing Homeowner’s insurance (annual) $508.00 $1,059.00 108%
  Real estate tax (annual) $690.00 $1,223.88 77%
  Heating oil (gallon) $1.15 $2.88 150%
  Natural gas (per thousand cubic foot) $6.37 $10.39 63%
  Electricity (per kw hr) $0.08 $0.12 50%
Transportation Regular gas (gallon) $1.26 $2.75 118%
Medical Medicare Part B premiums (monthly) $45.50 $110.50 143%
Food 10 lbs. potatoes $2.98 $4.98 67%
  Eggs (dozen) $0.93 $1.79 93%
  Ground chuck (lb.) $1.90 $2.83 49%
  Bread, white loaf $0.91 $1.36 50%

 

Helping Housing?

And the one speck of food That he left in the house,
Was a crumb that was even too small for a mouse.
Then He did the same thing To the other Whos’ houses
Leaving crumbs Much too small For the other Whos’ mouses! -
Dr. Seuss

Not only was Ben Bernanke complicit in aiding Greenspan in creating
the housing bubble by keeping interest rates too low for too long,
completely missing a two standard deviation (PhDs love this stuff) price
bubble right in front of his eyes, telling Americans that we had a
strong housing market, telling Americans that housing price declines
would not affect the economy, not regulating or policing the rampant
mortgage fraud that was happening under his nose, and aiding and
abetting the very criminal banks that created the bubble, but now he has
blatantly lied by saying his QE2 $600 billion monetization of our debt
is to support the housing market. If you believe this, I have some prime
real estate with great views in the mountains of Afghanistan to sell
you. 

In his October 15 speech, Bernanke assured the world that QE2 would reduce long term interest rates. On November 4, he stated:

“Lower mortgage rates will make housing more affordable and allow more homeowners to refinance.” 

On October 7, one week before Bernanke gave the green light to QE2,
the 10 Year US Treasury rate was 2.38%. Today it stands at 3.3%, almost
100 basis points higher. I’m guessing this guy isn’t very good picking
his weekly football pool. Interest rates have done the exact opposite of
what he proclaimed they would do. These rates have surged in the face
of an already weakening economy, as unemployment continues to rise and
home prices continue to fall. A 100 basis point rise in Treasury
bonds piles approximately $120 billion more interest expense per year
onto the backs of future generations.

 Chart forCBOE Interest Rate 10-Year T-No (^TNX)

The rate on 30 year fixed mortgages has surged to 5.07% from 4.4% in
mid-October. That should do wonders for refinancing and home purchases.
Bernanke’s actions have priced millions of people out of the market. He
has inflicted more damage on an already teetering housing market and has
insured that home prices will plunge by another 20% in the next year.

Mortgage rates for Dec. 15, 2010

Despite the trillions of dollars thrown at the housing market by
Bernanke and Obama through home buyer tax credits, mortgage modification
programs, purchasing toxic mortgages from the criminal banks at 100
cents on the dollar, artificially reducing mortgage rates, and forcing
those government run disasters Fannie Mae, Freddie Mac and the FHA to
backstop more bad loans, home prices are resuming their downward
trajectory to fair value. That value is at least 20% lower. With 22.5%
of all properties (10.8 million properties) with a mortgage having
negative equity, the housing market was already in dire straits. With
the surge in mortgage rates caused by Ben Bernanke’s actions, a rapid
plunge in prices can be expected in 2011, resulting in more foreclosures
and negative equity swamping millions.  

The truth is that Ben Bernanke could care less about the average
American homeowner making $48,000 per year. The real purpose of QE2 was
to further enrich his masters on Wall Street and the ruling elite who
control the wealth in this country.

Wall Street Wealth Bailout

 

“When the Fed uses QEII to subsidize the largest players on Wall
Street, it is disadvantaging the smaller, better run banks, and it is
also playing with politics. Priyank Gandhi and Hanno Lustig, in a
National Bureau of Economic Research working paper issued in November
(No. 16553), suggest that the implicit collective guarantee extended to
large U.S. financial institutions reflects an annual subsidy to the
largest commercial banks of $4.71 billion per bank, measured in 2005
dollars. But, even more important, the paper notes that subsidies for
the “too big to fail” banks shows the Fed’s willingness to support the
equity markets, an extraordinary and ultimately political act that
requires further hearings by the Congress.”
Chris Whalen

Chris Whalen and a few other brilliant analysts realize the true
purpose of Ben Bernanke’s actions. Bernanke even revealed his true
intentions in his November 4 Op-Ed:

“Higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending.”

On August 26, the day before Bernanke’s Jackson Hole speech, the
S&P 500 was at 1,047. Today, it stands at 1,247, a 19% increase in
the face of  weakening economic conditions for the middle class worker.
The more speculative NASDAQ stood at 2,119 on August 26, and today sits
at 2,649, a phenomenal 25% increase as more middle class Americans have
lost their jobs. Over this same time frame, according to the BLS, there
are 500,000 less Americans employed.

The truth is that Ben Bernanke’s sole reason for implementing QE2 is
to enrich the few at the expense of the many. The chart below paints the
picture clearer than the lies and misinformation you will get from CNBC
and Fox. The top 1% wealthiest Americans own 60.6% of all the stocks in
America, with the next 9% wealthiest owning 37.9% of the stocks in
America. That leaves a full 1.5% of stocks in the hands of the remaining
90% of Americans. Who is benefitting from QE2?

Part 2 of the table clarifies who Bennie is working for. The 90% of
Americans have 42.3% of the liquid deposits, 61.5% of residential
investment and 73.4% of the debt in the country. Ben Bernanke’s actions
have resulted in liquid deposits paying 0% interest (19 largest banks
out of 7,700 banks control 50% of all deposits), residential real estate
prices declining, and the cost of carrying debt to rise. Meanwhile, the
top 1% convinced the public they needed a tax cut so they could
continue to buy  gifts like Clive Christian’s $247,000 Imperial Majesty
perfume, packaged in a diamond-encrusted Baccarat crystal bottle.

Table 2: Wealth distribution by type of asset, 2007
  Investment Assets
Top 1 percent Next 9 percent Bottom 90 percent
Business equity 62.4% 30.9% 6.7%
Financial securities 60.6% 37.9% 1.5%
Trusts 38.9% 40.5% 20.6%
Stocks and mutual funds 38.3% 42.9% 18.8%
Non-home real estate 28.3% 48.6% 23.1%
TOTAL investment assets 49.7% 38.1% 12.2%
 
  Housing, Liquid Assets, Pension Assets, and Debt
Top 1 percent Next 9 percent Bottom 90 percent
Deposits 20.2% 37.5% 42.3%
Pension accounts 14.4% 44.8% 40.8%
Life insurance 22.0% 32.9% 45.1%
Principal residence 9.4% 29.2% 61.5%
TOTAL other assets 12.0% 33.8% 54.2%
Debt 5.4% 21.3% 73.4%
 
From Wolff (2010).

 

Of course, we all know the rich create all the jobs. Too bad they
were created in India and China. No more conclusive evidence of the
Federal Reserve destroying the American middle class can be found on the
US Census Bureau site. The median household income in the US reached
its all-time peak in 1999 at $52,388, in today’s dollars (key data
point). Ten years later the median household income is $49,777. The
standard of living for the median household in the US has fallen by 5%
in the last decade, even using the government manipulated CPI.

The mainstream media will not report this fact. They will report the
non-inflation adjusted figures that show a 22% increase in the median
household income. They do this because they know that the average
American has no clue what the term “inflation adjusted” means. Ben
Bernanke, the Federal Reserve, and the ruling oligarchy can only retain
their power through the use of inflation, while slowly destroying the
currency, impoverishing the masses and enriching them. The website www.mybudget360.com has suggested the proper mission statement for Bennie and the Feds should be:

“To aggregate as much wealth into the banking system
while eliminating the American middle class by a slow systematic
dilution of their currency and financial well being and standard of
living.”







   
Table H-6.  Regions–All Races by Median and Mean Income: 1999 to 2009
(Households as of March of the following year.  Income in current and 2009 CPI-U-RS adjusted dollars (28))
Region and year Number (thousands) Median income Mean income
Current dollars 2009 dollars Current dollars 2009 dollars
 
2009 117,538 49,777 49,777 67,976 67,976
2008 117,181 50,303 50,112 68,424 68,164
2007 116,783 50,233 51,965 67,609 69,940
2006 116,011 48,201 51,278 66,570 70,819
2005 114,384 46,326 50,899 63,344 69,597
2004 113,343 44,334 50,343 60,466 68,662
2003 112,000 43,318 50,519 59,067 68,886
2002 111,278 42,409 50,563 57,852 68,976
2001 109,297 42,228 51,161 58,208 70,521
2000 108,209 41,990 52,301 57,135 71,165
1999 106,434 40,696 52,388 54,737 70,462

 

While real average weekly earnings for the average American are lower
today than they were in the early 1970s, you will be happy to know that
Wall Street bonuses have recovered nicely from the dip in
2008.  Compensation at Goldman Sachs, Morgan Stanley, JPMorgan Chase,
Bank of America, and Citicorp increased by 31% in 2009. Average
compensation rose by 27% to more than $340,000. Bonuses jumped above the
$20 billion mark in 2009, but sadly trail the record of $35.5 billion
in 2006 just before Wall Street destroyed the financial system of the
entire world. According to the NYT, 2010 will be a banner year:

“Wall Street’s five biggest firms have put aside nearly $90
billion for bonuses. Whether it’s for jewelry, high-end clothing or
apartments, bonus spending has long fed a post-holiday boom in January
and February, especially in Manhattan and expensive suburbs like
Greenwich.”

I’m sure this information warms the cockles of your heart.

At the end of Dr. Seuss’ poem, the Grinch repents and brings a happy ending to Whoville:

That the Grinch’s small heart Grew three sizes that day!
And the minute his heart didn’t feel quite so tight,
He whizzed with his load through the bright morning light,
And he brought back the toys! And the food for the feast!
And he, HE HIMSELF! The Grinch carved the roast beast! -
Dr. Seuss

Even if Ben Bernanke’s heart was to grow three sizes, he would be
discarded by the other Grinchsters (banksters) like piece of Whoville
tinsel. The truth of our current situation is better captured by Mick
Jagger in his song Sympathy for the Devil:

I’m a man of wealth and taste
I’ve been around for a long, long year
Stole many a man’s soul and faith

But what’s confusing you
Is just the nature of my game

The people running the show in this country
will not be bringing joy to Whoville. You need to understand the nature
of their game.

 

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Mon, 12/20/2010 - 15:05 | 819080 TruthInSunshine
TruthInSunshine's picture

"Here come The Bernank, Here comes The Bernank

Right down Maiden Lane (XXVI?)."

 

WilliamBanzai could do something with this...a whole lot of fertile ground.

If The Bernanke is actually the grinch, then who will Geithner, Obama, Paulson, Blankfein, Jamie Dimon, Blythe, Pelosi and Boehner play?

What about The William Dudley and The Brian Sacks?

Mon, 12/20/2010 - 18:34 | 819587 downrodeo
downrodeo's picture

I think to include everyone on your list, a more apt analogy would have to depart from dr seuss and head straight for dante alighieri...you'd be at the 8th circle at least before you could smell the stench wafting from these bastards.

Mon, 12/20/2010 - 19:58 | 819781 caconhma
caconhma's picture

The Holly shit. Just look at the following yearly price data:

  • Unleaded gas up 24%
  • Heating Oil up 28%
  • Corn up 50%
  • Wheat up 48%
  • Coffee up 56%
  • Sugar up 27%
  • Soybeans up 30%
  • Beef up 26%
  • Pork up 22%

If this food & energy inflation rates will stay for 3-5 more years, millions and millions Americans will starve. It will not be only seniors. The food-stamps will not provide even a survival minimum. Just think about the consequences to follow!

Mon, 12/20/2010 - 22:53 | 820042 ebworthen
ebworthen's picture

Hey now, there's a formula for that price data that will reduce it to an outlier, not statistically relevant, and not reported in the media.  I think Ben has it in his left shoe.

If you are breathing there is no such thing as air pollution, because you aren't dead yet.

Tue, 12/21/2010 - 00:45 | 820241 MichaelNY
MichaelNY's picture

Welcome to hyper-inflation 0.90.

Mon, 12/20/2010 - 15:04 | 819086 Miramanee
Miramanee's picture

The end of the middle class:

http://www.youtube.com/watch?v=SZk0EkJ2ukY

Mon, 12/20/2010 - 15:11 | 819087 Spalding_Smailes
Spalding_Smailes's picture

....... "According to Geithner's written testimony, the restructuring of AIG's repayment plan agreement "will accelerate the government’s exit on terms that are likely to lead to an overall profit on the government’s support for AIG, including the value of Treasury’s interests in AIG held outside of TARP.”

Last week, publicized its plan to repay the Federal Reserve and establish a recapitalization game plan that will cut its tether to government assistance for good.".........

 

AIG up 3% today.

Mon, 12/20/2010 - 15:06 | 819098 TruthInSunshine
TruthInSunshine's picture

I like to think of AIG as Goldman Sachs' and JP Morgans' own big, fat goose that laid the taxpayer backed credit derivative stuffed golden egg.

Mon, 12/20/2010 - 15:09 | 819108 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Makes you wonder if the Bernank's favorite movie growing up was Soylent Green.

Mon, 12/20/2010 - 15:13 | 819118 Spalding_Smailes
Spalding_Smailes's picture

Hey Bill,

6 weeks ago we talked steel ect.one night. Did you buy US Steel at $44...? What a ride.

The new ride is Olympic Steel (zeus).. another 30% coming up.

Mon, 12/20/2010 - 15:51 | 819244 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

No Spalding, missed that one.  Have been rather out of sync for the last month. I'm consoling myself with the fact that missed opportunities are easier to make up for than missing capital ...

Mon, 12/20/2010 - 15:15 | 819122 PunkSgt
PunkSgt's picture

This guy not only believes in Santa Clause but Bernank as well... 

http://www.optionsninja.com/2010/12/15/anal_yst-the-last-defender-of-the...

Mon, 12/20/2010 - 15:14 | 819123 TradingJoe
TradingJoe's picture

And still, some out there still think/say this is the greatest country on earth, well, if you can pay the up and coming uber-taxes and have something left for inflation then, well then, yes it is! Guns and Ammo Folks, or Renunciation! I am not sure if gold and silver will help much, given the real state of this US of "ours"!

Mon, 12/20/2010 - 15:19 | 819137 israhole
israhole's picture

"And still, some out there still think/say this is the greatest country on earth,"- TradingJoe

LOL!  You got that right.  Most of these types have also never been outside the US for the same reason.

What did people think would happen when you let criminals like Shalom Bernanke control the inkjets?

Mon, 12/20/2010 - 15:28 | 819142 karzai_luver
karzai_luver's picture

Yeah, the whole prop job is funny,you have to wonder at the outrage from the free market conservative types who rail against the liberal elite and their entitlements.

 

Well The Bernank who is the bid is an elite or I have never smelled one.

 

Oh well, playtime for socialists, who said it don't work.

Between O and Timmay and The Bernank they have socialized the bid and believe that the "traders" are entitled to ever rising bids.

funny stuff.

 

hello.........................

Mon, 12/20/2010 - 15:38 | 819198 hidingfromhelis
hidingfromhelis's picture

RE: the SSI COLA adjustments...but how much has the price of canned cat food increased lately?  Gotta love hedonics and substitution!

Mon, 12/20/2010 - 15:44 | 819213 Crispy
Crispy's picture

Rates will move. And when they do it will be for the ages.

Mon, 12/20/2010 - 15:45 | 819224 Bartanist
Bartanist's picture

Yes, it seems clear that it is all the Fed's fault, but I have also been thinking how we in the US accommodate an economy where each and every family and parent wants a better life and social condition for their kids than they had. My father was a capenter that started his own business. My various uncles worked most of their life in the same career: for the post office, at a lumberyard, as an engineer for an auto parts company and none of the wives were forced to work to pay for a house, taxes, basic transportation and put food on the table. Some wives worked, but mostly as they got older. And all of them raised reasonably good kids and their marriages have lasted for life.

Some may argue that life without a yatch, a palatial house, a jet and generational wealth beyond what can possibly be spent is not life. Others may argue that life without an iPhone, 55" LED-LCD screen w/surround sound and BMW would not be worth living. Most of our parents might disagree...

Maybe it is because I am getting older, but as I look around the house at all of the trappings of "a life better than my parents" I start to wonder if I missed the point of what is life and what is just stuff. As we approach Christmas, have I taught my children to like "excess" too much and value the intricacies of life too little?

If capenters want their kids to become executives where do the carpenters come from? ... or do we just print money and buy all of our needs from those who are a generation or two behind? How can we do this? Should we do this? Is this what the Fed is trying to accommodate? Or are we just spoiled kids who have gotten old?

Mon, 12/20/2010 - 16:19 | 819314 Vergeltung
Vergeltung's picture

+1000. very well said. I have had the same thoughts for a long time. it's nice to know I am not alone.

Mon, 12/20/2010 - 17:21 | 819444 duo
duo's picture

Welcome to Fight Club.

You don't own stuff, your stuff owns you.

Mon, 12/20/2010 - 18:44 | 819608 downrodeo
downrodeo's picture

+1,000,000

core messages:

-god doesn't like you

-you are going to die

-you have give up

"...it is only after we've lost everything, that we're free to do anything..." - TD

 

http://www.trilulilu.ro/YourRiver/c13ef61c8d47ff

 

Mon, 12/20/2010 - 19:53 | 819768 RoRoTrader
RoRoTrader's picture

Very nice to read that, Bartanist.

Tue, 12/21/2010 - 01:37 | 820333 I Am The Unknow...
I Am The Unknown Comic's picture

Kudos Bartanist.  Please keep spreading those "dangerous thoughts" around.  What would happen to the banksters if everybody thought like you?   Whoa! 

Thu, 12/23/2010 - 10:32 | 825970 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Nice Christmas story really, since his father was also a carpenter.

The obsession with stuff = wealth is an American tragedy.

Unfortunately, I think that the Chinese have caught this curse.

Mon, 12/20/2010 - 16:10 | 819291 thepigman
thepigman's picture

Now Hussman, a mainstream fund manager says the markets are a Ponzi fraud. Send the black helicopters for him. http://www.hussmanfunds.com/wmc/wmc101220.htm

 "We are now left with a Ponzi scheme"

Mon, 12/20/2010 - 16:16 | 819309 thepigman
thepigman's picture

An outgrowth of FASB rolling over

and allowing phony accounting for

all the financials.

Mon, 12/20/2010 - 16:21 | 819321 thepigman
thepigman's picture

And you know what? Word of mouth

will trump CNBC. This shit will not

sell to retail.

Mon, 12/20/2010 - 16:21 | 819318 Vergeltung
Vergeltung's picture

excellent post/article.

Mon, 12/20/2010 - 16:30 | 819342 buzzard beak
buzzard beak's picture

I don't know who I loathe more, the Bernankes of this world who yammer on and on about how their serving the greater good as they blithely drive full speed towards catastrophe, or the Quinns of this world who yammer on and on about some fictional hard working middle class on whose behalf they are supposedly filled with outrage.

Oh go eat another byproduct burger with your byproduct fries and your sugary byproduct water, have another couple of those byproduct cream donuts, and quit that god awful whining. We all know you haven't worked a lick at anything half-useful in decades.

Mon, 12/20/2010 - 17:44 | 819494 DavidPierre
DavidPierre's picture

Mr. buzzard beak:

You nailed SmokeyQuinn perfectly!

Here he is, in one his frequent Bi-polar states, "yammering on and on" to himself today @

www.theBurningAssholes.com

..................................................................

Smokey says:

See, Quinn, that’s the difference between you and me. I’d have said, “Look here you fucking pussy, if you want me to continue to grace your board with my unrivaled wisdom and astute insights on everything economic and financial, (to say nothing of the ass-whipping you’re setting yourself up for), you will put my site at the top of your blogroll forthwith, you fucking douchebag.”

Like or Dislike: 0  1

20th December 2010 at 3:16 pm

  • Administrator says:

    Smokey

    That is the exact email I sent to Tyler.

    Like or Dislike: 2  1

    20th December 2010 at 3:23 pm 

  •  

    Mon, 12/20/2010 - 20:58 | 819885 Jim Quinn
    Jim Quinn's picture

    What a pathetic excuse for a traitorous human being. How do you live with yourself, you sheep fucking mongoloid?

    Mon, 12/20/2010 - 21:29 | 819892 DavidPierre
    DavidPierre's picture

    Aw...Did I hurts the little SmokeyQuinn's tender feelings?

     Show your true intellectual depth and ability to be an obscene little fat man who is anal-fixated on bestiality!

    Where's that 9/11 thread over at your sheeppaddock.com that you deleted and then lied about doing because you were losing the debate?

     

     

    Mon, 12/20/2010 - 21:46 | 819952 Smokey1
    Smokey1's picture

    David Pierre----Attacking another ZH Quinn post as usual. Sorry, DP, as bad as you wish otherwise, 9/11 was not an inside job. It was masterminded and carried out by Islamic terrorists. Such a shame that Quinn has booted you off his blog, but he has strict regulations over there preventing posting by deluded psychotic traitors. You spend your entire miserable existence grasping 9/11 conspiracy nonsense in a futile attempt to justify your cowardice and traitorous acts. You would be a laughingstock on Quinn's site, but you are not, because everyone there knows you are sick.

    Tue, 12/21/2010 - 00:13 | 819982 DavidPierre
    DavidPierre's picture

    SmokeyQuinn:

    Come on MORON you can do better than that.

    How about this bi-polar rant that you deleted off of your "30 Blocks of Racism" thread.

    Well... I copied it and it still lives in cyborg-space and it's now coming right back to haunt you.

    ...................................................................

     

    http://theburningplatform.com/blog/2010/03/17/30-blocks-of-squalor-pothole-update/

    http://theburningplatform.com/blog/2010/04/12/spring-has-sprung-on-the-30-blocks-of-squalor/

    "Smokey says:

    LLPOH—In my opinion you are being a bit harsh. Blacks should be respected. What other form of animal can walk around on two legs and sometimes communicate with humans? Dogs can’t. Cats can’t. Sheep can’t and cows can’t. Blacks are arguably the most sophisticated animal in the history of the planet, yet there are still people who insist on criticizing them. Some blacks could even pass for humans, admittedly a very few, but the reality is that some COULD pass for being human. Admiration, not contempt or pity, should be reserved for all blacks. —-And fudd, you don’t have to be ashamed of being black as midnight. I’d already suspected as much before you gave it away tonight, based upon the rank stupidity and unmatched ignorance of all your comments across the board whenever you post here. No way in hell a white person is as fucking stupid as you are."

    Smokey says:

    “ Jesse Jackson, Martin Luther King, Jeremiah Wright, and Al Sharpton are fucking worthless, stinking alley niggers of the lowest order. I get sick as shit of the way whites are routinely discriminated against in this country. The fucking spics are just as bad, worse actually, than the blacks. They come over here and murder and steal from this country and make fucking demands of the citizens here. All a spic knows how to do is steal and fuck. That’s it. Steal and fuck. And Tarbaby can’t fucking wait to legalize all of them so that he gets their votes to provide support for his Socialist agenda. Entitlements have pissed this society down the drain.”

    Mon, 12/20/2010 - 22:19 | 820002 Jim Quinn
    Jim Quinn's picture

    How dejected must you feel when the sheep say they have a headache?

    Mon, 12/20/2010 - 23:23 | 820095 DavidPierre
    DavidPierre's picture

    Did you, or did you not write, post and then subsequently delete the above racist post in the "30 Blocks of Squalor" thread that you keep running at your blog?

    Yes or No ?

    .................................................................

    Enough already with your sheep-shit shtick! Be a man!...own up!... little boy!

    Mon, 12/20/2010 - 23:33 | 820118 Jim Quinn
    Jim Quinn's picture

    Bah, Bah, Bah

    Did you or did you not fuck that sheep/wife?

    Mon, 12/20/2010 - 23:44 | 820132 DavidPierre
    DavidPierre's picture

     

    Take that as... Yes.

    Now maybe you should explain why anybody like you should be shown any respect?

    You show no respect for other people.

    Tue, 12/21/2010 - 00:09 | 820176 Jim Quinn
    Jim Quinn's picture

    Pathetic traitorous 9/11 conspiracy lunatic dickheads don't deserve respect. They deserve to be shit upon. Keep posting on my articles and I will obliterate you like the sheep fucking American traitor that you are.

    Tue, 12/21/2010 - 01:13 | 820205 DavidPierre
    DavidPierre's picture

     

     

    clinical notes: 12/20/2010

     

    wildly free associating

    more anal bestiality

    obliterate? 

    omnipotent power fantasies.

    insomnia?

    nightmares?

    sexual dysfunction evident.

     

    "...Emmm...very interesting!"

    "Please ... continue."

     

    Mon, 12/20/2010 - 16:35 | 819354 apberusdisvet
    apberusdisvet's picture

     

    Systematic elderly genocide.  The coup de gras will be the rationing inherent in the Obamacare HC portion of the Cloward-Piven strategy.  The final elimination will be the red pill you must take on your 60th birthday.

    Mon, 12/20/2010 - 16:44 | 819367 DavidPierre
    DavidPierre's picture

    SmokeyQuinn, from The Wharton School of 'Busy-ness' has never worked a honest day in the real world since he graduated from college as an accountant. His work life is now spent in the ivory tower of academia surrounded by his many cribbed models, charts and graphs and plagiarized theories and verses from popular songs, that work perfectly for him in the comfort of his office where he blogs away all day @...

    www.TheMoronicPlatform.com .

    After building his reputation as an “expert” on The9/11 by supossedly studying it, he reached the same mystical conclusions as the official 'conspiracy theory', shoved down the sheeple's throats by the USSA's MSM. He bans and deletes anybody who challenges this nonsense on his blog, (Denninger style), and posts liar's comments under assumed aliases to buttress his warped, and many times racist, rants.

    SmokeyQuinn often and religiously celebrates the 'many miracles' of Osama bin Laden and his magic band of 19 elves who, with only cellphones and box-cutters, somehow preformed 'Wonders and Magic' on that special day so long ago.

     

    Mon, 12/20/2010 - 16:51 | 819382 thepigman
    thepigman's picture

    Tell your grandma (and

    your grandpa), US

    stocks are a Ponzi

    fraud based on false

    accounting.

    Mon, 12/20/2010 - 17:19 | 819440 DavidPierre
    DavidPierre's picture

    "Tyler Durden is the embodiment of the idea that the only thing that matters is content. And since ideas tend to be ephemeral, the right question is not who or what he or she may be, but what the sought-after goal is. To wit: content, especially in the context of often complicated financial matters, succeeds in its goal not if it convinces, but if it makes the reader think and reevaluate existing preconceptions."

    {Now... listen up real hard here SmokeyQuinn!}

    "Often, that involves forcefully breaking (and sometimes destroying) established, often petrified, structures and modes of thought,...{about The9/11 !}

    ... and who better to achieve this than Tyler Durden."

    "Additionally, by avoiding the same “personality cult” trap with which traditional corporate-entrenched media often attempts to lure its ideological opponents,...

     we enjoy forcing them to acknowledge just how much (or, much more often, how little) of the actual content they can overturn in order to establish the veracity of their ideas."*

    *TD 

    Mon, 12/20/2010 - 21:00 | 819893 Jim Quinn
    Jim Quinn's picture

    You make blood sucking leeches look good.

    Mon, 12/20/2010 - 21:40 | 819908 DavidPierre
    DavidPierre's picture

    Best STFU SmokeyQuinn you ain't doin your fatass any good pissing down your own leg.

    Anybody wondering what this is all about re: SmokeyQuinn.

    Here are some of links detailing his sorry assed history.

    #577149

    #577421

    #495628

    #577815

    Classic SmokeyQuinn at his best!

    Mon, 12/20/2010 - 22:29 | 820012 Jim Quinn
    Jim Quinn's picture

    It might be time for another tribute to the mongoloid sheep fucking American Vietnam pussy traitor on TBP.

    Please explain to the Zero Hedge readers about your contention that George Bush conducted the 9/11 attack. The voices told you so.  

    Guess what you pathetic warped douchebag? I brought down Building 7. Did you take your lithium today? The team of doctors have concluded that a lobotomy would not be helpful, since your pea brain is too far gone.

    Try to fight off that urge to go into your daughter's room tonight. I can't believe they let you near her after the prior incidents.  

    Mon, 12/20/2010 - 23:12 | 820065 DavidPierre
    DavidPierre's picture

    Very good... very deep!

     SmokeyQuinn blathering in not unusual form in his bi-polar fantasy world... letting his mind wander in happy contemplation of incestual bestiality... frothing about his favorite ewe that's actual his sister and pretend wife...Avalon... @ www.thesheeppaddock.com ... a blog he calls home.  

    Tell me what you really think, you might think, if you thought about it....MORON!

     

    Mon, 12/20/2010 - 23:35 | 820122 Jim Quinn
    Jim Quinn's picture

    Ignore those voices in your head. Sheep aren't people. Say no to those irresistable urges. You know the ones. Turn yourself in. You know what you did last night.

    Mon, 12/20/2010 - 23:59 | 820164 DavidPierre
    DavidPierre's picture

    You are such a child... little man.!

    Fixated, apparently forever trapped at the anal stage of personal development.

    Best advice I can offer a MORON like you is to STFU! 

    With each of your comments you just go deeper and deeper into the hole of self condemnation.

     

    Tue, 12/21/2010 - 00:11 | 820178 Jim Quinn
    Jim Quinn's picture

    Time to go back to the barn. Your wife is waiting. Bah.

    Tue, 12/21/2010 - 01:02 | 820235 DavidPierre
    DavidPierre's picture

     

    MORON:

    You's ma Bitch !!!

    Mon, 12/20/2010 - 16:47 | 819375 Victor Berry
    Victor Berry's picture

    It's amazing how quickly a little power went to the heads of Ayn Rand Libertarians like Greenspan and Bernanke.  Hang out with the richest class only and pretty soon dickering with the free market to promote the "wealth effect" seems like a real good idea.

    The Federal Reserve arrogance is similar to that exhibited by SCOTUS in the Bush v Gore decision of 2000.  The conservative justices knew it would be trouble for the powerful elite if ordinary Americans found out that our government can function without a president.  Same thing applies to the Fed and our economy.

    Mon, 12/20/2010 - 16:59 | 819397 thepigman
    thepigman's picture

    Bull: Watch me go long this fraud and make money.
    Bear: Get me the fuck away from this fraud.

    Mon, 12/20/2010 - 17:05 | 819409 optimator
    optimator's picture

    I went to school in that area, and was allowed to use the Princeton Library (50 year ago).  I did enjoy the drive up Lawrenceville road, very scenic.  I wasn't impressed with what I saw of Princeton then, nor am I now.  seeing what they produce-- phonies that never in their lives will get their hands dirty or produce anything of substance.  Binny does a great job for the Boyz tho, and won't have a clue as to why he's hanging form a lamp post when the day of reckoning arrives.

    Mon, 12/20/2010 - 17:10 | 819426 HiHoSilver
    HiHoSilver's picture

    good post, but why ruin your credibility using a crap stat like average comp of GS employees.  everyone knows thats a slanted measure

    "Compensation at Goldman Sachs, Morgan Stanley, JPMorgan Chase, Bank of America, and Citicorp increased by 31% in 2009. Average compensation rose by 27% to more than $340,000."

    Mon, 12/20/2010 - 20:54 | 819877 Jim Quinn
    Jim Quinn's picture

    Came directly from the NY Comptroller.

    Mon, 12/20/2010 - 19:06 | 819657 honestann
    honestann's picture

    Bury Bennie under a mountain of coal.  Or just send him a present that explodes when he opens it.

    Mon, 12/20/2010 - 21:33 | 819936 Id fight Gandhi
    Id fight Gandhi's picture

    The grinch isn't as scary looking. Neither celebrate Christmas only ruin it.

    Tue, 12/21/2010 - 05:00 | 820453 benburnyanki
    benburnyanki's picture

    The Jewish/Russian Mafia has taken over the USA. All Bush's cabinet was Jewish. Hollywood is Jewish Mafia controlled. Banks are Jewish Mafia controlled. Universities back East are Jewish Mafia controlled. FBI, CIA, NSA, DEA, DHS, EPA, FDA, FCC, and Treasury are all Jew Mafia controlled.

    Mayer Lansky Jew Mob Boss ran america, not the Sicialian Mafia folks.

    We are so f**ked its not funny and all the crazy bitches that had babies in a world run by the Mafia are Mafia Dona Pigs who only care about what goes in and what comes out of their little fat asses.

    Men need to grab some tools and reapeat after me. This is my rifle, this is my gun. This ones for shootin Mafia and this ones for cunts.

    Ben Burnyankee say: "We wacked Jesus & JFK for Bank Bustin' and walked, and have a 40 foot container of Gringo Bar-B-Q sauce"

    Read Best Bank Book:

    www.filefactory.com/file/b422gc9/n/ndcic.pdf

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