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Hugh Hendry: "I Would Recommend You Panic"
BBC Newsnight held another great financial round table discussion (why do these occur only in Canada and across the Atlantic? Is it so difficult to have 20 minutes of commercial free debate here in the US where people can actually tell the truth?) which brought together Hugh Hendry, Gillian Tett and Jeffrey Sachs. As usual, Hendry takes it odd with a bang: "I would recommend you panic. The European banking system is in a crisis." He continues: "Let's purge this system of its rottenness. Let's take on a recession. It's going to be tough, people are gonna lose their jobs. They are going to lose their jobs anyway. We can spread this over 20 years, or we can get rid of it over 3 years." Of course, the Columbia professor, is completely against purging the system: how else can US higher "educators" continue to indoctrinate generation after generation with the flawed principles of a bankrupt ideology, and continue getting getting paid handsomely if there is an global reset? Even funnier, Jeffrey Sachs loses it when Hendry calls him out on his BS at 5 minutes into the clip. The ensuing smackdown is worth the price of admission alone.
h/t Kevin
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"I Would Recommend You Panic"
Quote of the year to date.
+1
BP's incompetence is at least criminally negligent. This may appear unrelated -but this will really piss you off. Don't be put off by the foul language - imagine you're listening in on a oil worker convo. Maybe GW can chew it and give us a circumcised take:
http://www.youtube.com/watch?v=Vx8kMXufu3w
This needs to be NEWS. NOW.
Starts slow but ends strong... the fu$&ing chick is right about everything you know... and yes I also concur Thad Allen should be put into fu$&ing jail for fu$&ing negligence on this one (he's a goddamm BP apologist) ... and Obama has been largely fu$&ing AWOL.
Why the fu$% won't Obama allow Jindal to the bypass the EPA delays to just seal the wetlands to save them. If I were that deregulation pimping idiot Jindal I would just dredge and berm without asking and have the Louisianna National Guard on the scene with weapons. If Obama trys to stop him (he won't... think about the implications)... Jindal will become a freaking legend!
Action Now!! you mother fu$%ers!!!
Palin/Jindal 2012... the Tard Ticket!
ZerOhead
Dude, someone messed with the K and C keys on your keyboard.
Than&s!
+1
It is OK to use the word FUCKING in conversation if you want. ZH is pretty lenient as far as what they allow people to post.
really?...
FUCKING FUCKED FUCKERING FUCKS!!
+1
Zer,
I agree, Jindal has appealed WAY to many time, and far too long.
It's just like the friggin border, and AZ.
It's your state, you have to live there, you have to care for your interests....
Because F**ks**%^ doesn't give one shit.
It's like he's just a visitor here................friggin maniac.( Oh, they did fire the woman in charge of offshore drilling.....LOL).
Command and Control...............Roger Ramjet.
Very well put. Nanny state. Maryland cops learned their lesson (after allowing that merciless beating footage after the basketball game to go viral online) and is now gifting felonies to anyone taping an arrest. Same thing for angry letters to your senator:
http://www.huffingtonpost.com/2010/05/25/bruce-shore-unemployed-ph_n_588...
Here's the direct link to HuffPorn if you find the above uninteresting:
http://www.huffingtonpost.com/2010/05/20/kim-kardashian-poses-with_n_583...
Excuse ME!!
I'm perfectly capable of multitasking, thank you very much. :>)
Didn't O say that too? I guess he can take vacations and save the planet at the same time too.
There you go...35 burglaries which he did time for where the sum total is probably less than one mid-range house sold under a BS appraisal to a person whose income was jacked up to get it by the computer so the bank sell it at a hefty profit to Goldman Sachs who then put it in a CDO and sold it as triple AAA rate security without the loan tapes so 20 people could safely take out ultra cheap CDSs knowing the security buyer is going to be out 500m or more so the 20 CDS traders are in some serious money and the bank forecloses and socks some of the taxpayer money they got for throwing it on the Fed's balance sheet in everyone's bonus checks and lies about the house on the balance sheet so the stock will go up.
Nothing wrong there for the cops to investigate? But this guy gets the full Monty treatment of a grand jury indictment for writing a Senator because he's an asshole which means almost definite jail time for him because of a past criminal record that pales to insignificance when one considers the sheer quantity of people blowing up the Rule of Law on that one house for more bathrooms than they could possibly use.
Hey one more off the unemployment rolls. Hmm, I wonder if they put prisoners down as employed. There's 2 Million of them.
Great post.
It's official I've hijacked the upper portion of the thread (sorry Tyler) but I missed the video when it came on the radar around here a few days ago. I'm so freaking mad. Anyway. Here's some more:
10 Things You Need (But Don't Want) To Know About the BP Oil Spill:www.alternet.org/story/147014
Double-sized insurance payout ($270 million) for wrecked platform. Sound familiar?
As consumers of fuel, and as taxpayers, we've not only been severely cornholed, but skullfscked.
Don't even get me started on the damage to our life support system.
WW Don't worry its all related
http://www.marketwatch.com/story/exxon-valdez-and-the-birth-of-credit-de...
http://www.dailykos.com/story/2010/5/11/11558/1890?detail=f
Folks, that first paragraph, that is one sentence!! Give the man hand, that is some serious frustration.
+1
I went back and read it again. I am so used to reading my nephews terrible writing that I missed it the first time.
i saw "35 burglaries...<eye glaze>...so the stock will go up."
Maybe Bruce was unaware that it was Vicky's benign "angry letters" that got the Feds interested in setting up Randy Weaver to buy a sawed-off shotgun - supposedly.
He's getting off easy.
no bailouts for the gulf states !!!!!!!!!!!! no palin !!!!!!!!!!!!!!
Going for the new record in low IQ presidential administrations, with Palin/Jinda?
These two morons of the "get rid of the government, and drill baby drill" ilk, suddenly think the dread guvment isn't doing enough to fix capitalism's greatest debacle so far this decade?
At least the oil slick couldn't hit a better spot. Coating the dumbass red states with black death for years. Drill, baby, drill. Indeed.
...and how will "black death" help contribute to your standard of living today? tomorrow?
be careful where you throw rocks roadlust...
Have
You read her latest book, Mein Kunt?
+++
Morals, ethics, honesty, and now proper fucking booming - it's for pussies.
Got it.
Hello friend. Just a minor correction: "fucking proper fucking booming," is for pussies.
I quite love your avatar. I walked down the aisle with my bride to "Jackson."
Can you blame the voice of youth for asking, what is truth?
best thing i've seen all day . . . other than velobabe's new avi
Jump! you junkers! (I'm the 5th junk)
When you have "O" cheerleader Chris Matthews saying he is "scared" by the community organizer's detached approach to the gusher all I can say is that it's the transition faze between pleasing people and then turning on them.
We are so fucked.
WoW..... not sure why some flagged this as junk, off topic maybe (for this particular story) but not junk.
I think I got swarmed by BP trolls. They're off doing PR somewhere else on the web for the moment.
BP: "Don't ask, don't tell."
Thank you thank you thank you thank thank you thank you thank you for posting that. I've sent it along and posted it where I think it will be seen.
No idea why you got junked, unless someone(s) doesn't like the nasty language. Personally, it's nice to see cursing used where it's entirely appropriate and adds to the message.
Again, thank you.
My absolute pleasure. Somehow we need to get that content in a more public friendly format.
for what it's worth WaterWings, I forwarded that video to more than a handful of people, including one that blogs, when it was posted on ZH a couple days ago - it's a great, if maddening, piece of information that everyone, irregardless of "belief system" needs to be made aware of. . .thanks for keeping it alive.
I couldn't give less of a shit about the faceless "public." If the very necessary language in this video turns people off then fuck them in their stupid fucking earholes. I weep for America. This catastrophe is "just" a symptom.
Actually, I found the language in the video far less offensive than anything viewed on C-SPAN or CNBC.
on Thu, 05/27/2010 - 11:27
#377020
BP's incompetence is at least criminally negligent. This may appear unrelated -but this will really piss you off. Don't be put off by the foul language - imagine you're listening in on a oil worker convo. Maybe GW can chew it and give us a circumcised take:
http://www.youtube.com/watch?v=Vx8kMXufu3w
This needs to be NEWS. NOW.
WaterWings,
http://www.livestream.com/wkrg_oil_spill/share?utm_source=lsplayer&utm_medium=ui-share&utm_campaign=wkrg_oil_spill&utm_content=wkrg_oil_spill &... http://www.theoildrum.com/node/6493 ... Both where shared here by someone... Both are worth your time.
The Legislation that was blocked, by a member of Congress? maybe the House? either way the Whore in question... took in $1.2 million dollars in Bribbes, Oops! I mean Lobby Monies... and crushed the $75 Billion Dollar Clean Up Bill, before it could be put to a Vote!
Who expects to come to Florida to find clean beaches? What percentage of Florida's income is Tourism? No worries, its all good!
Be well WaterWings and yes this should all be news, JW
I'm liking your posts today. (I'm never biased for any reason)
Good links!
Just checked the live cam and all I see is MORE GUSHING OIL!!!
http://www.wkrg.com/gulf_oil_spill/spill_cam/
Good links, JW
saw the video.
fu$k%ng awesome.
oops .... i think someone messed with my keyboard too.
WaterWings, the lady cussing is doing her best to express her personal feelings without ripping some heads off. This will be incredibly worse in the days to come.
Carry your junks as a badge of honor. WW you will always be welcome in my house.
Deeply honored, MH.
ROFLMAO! Fscking video of the piece-of-s#!t-c*nt year!!
Deserves Oscar nomination best documentary.
That is one RIGHT ON video.
Long Live Iceland
I want to sincerely thank all for attending our Montly Junk Fundraiser. We got 14 as of the time stamp - woo hoo! And without any help from resident trolls. See you next month!
What was really great about it was the typical English (was it English or Irish or Scottish?) delivery, like he was discussing taking tea with crumpets rather than biscuits.
"Yes, I think I'll have a tea with milk and a little panic on the side."
Brilliant. I listened to it three times, almost soiling myself because I was laughing at the understatement of it all.
+1
I was thinking along similar lines. I dislike the style just as much as I dislike the cnbc idiots..
The freeze-frame photo of Hendry on the youtube screen makes him look like Beaker's dad. Yikes!
Ezekiel 33:6
But if the watchman sees the sword coming and does not blow the trumpet to warn the people and the sword comes and takes the life of one of them, that man will be taken away because of his sin, but I will hold the watchman accountable for his blood.'
New Living Translation (©2007)
But if the watchman sees the enemy coming and doesn't sound the alarm to warn the people, he is responsible for their captivity. They will die in their sins, but I will hold the watchman responsible for their deaths.'
English Standard Version (©2001)
But if the watchman sees the sword coming and does not blow the trumpet, so that the people are not warned, and the sword comes and takes any one of them, that person is taken away in his iniquity, but his blood I will require at the watchman’s hand.
New American Standard Bible (©1995)
'But if the watchman sees the sword coming and does not blow the trumpet and the people are not warned, and a sword comes and takes a person from them, he is taken away in his iniquity; but his blood I will require from the watchman's hand.'
GOD'S WORD® Translation (©1995)
" 'But if the watchman sees the enemy coming and doesn't blow his horn to warn the people and the enemy comes and kills someone, that watchman must die because of his sin. I will hold him responsible for their deaths.'
King James Bible
But if the watchman see the sword come, and blow not the trumpet, and the people be not warned; if the sword come, and take any person from among them, he is taken away in his iniquity; but his blood will I require at the watchman's hand.
American King James Version
But if the watchman see the sword come, and blow not the trumpet, and the people be not warned; if the sword come, and take any person from among them, he is taken away in his iniquity; but his blood will I require at the watchman's hand.
http://bible.cc/ezekiel/33-6.htm
Dude,
Don't give me choices. Just tell me what to do, when to do it and where it should be done.
Singed: Your humble slave.
Don't believe any of it...everybody knows they all spoke Greek in biblical times.
Exhaustive Concordance anyone? Throw up the Greek and Hebrew (although I wouldn't know either if it hit me in the head).
aramaic bitchez
Exactly.
We are the watchmen, blowing our horns to warn our friends/family/whomever of that which we have been blessed with the knowledge and wisdom to foresee.
"If a blind person leads a blind person, both of them will fall into a hole."
- Thomas 34:1
http://www.gnosis.org/naghamm/gosthom.html
In a land of the blind the one-eyed man is King.
Carter W. Lewis
who's beaker? from the muppets or is that a nickname?
Dennis Kneale.
Speaking of the other two, isn't it funny, no matter what the continent or accent, the industry whores all sound the same
Regardless of the ingredients, the cookie cutter press has the same mold.
Herd mentality was invented by the "experts" and is demonstrated on a daily basis.
BTW, 1:21 PM Eastern USA and the Ponzi is pushing like mad to get the S&P above 1092-93. The fat lady has put on a few pounds and if they don't push this over the top to close, she's coming down hard.
Sachs did such a bang up job in Russia, didn't he? Oops, that's right, he failed, didn't he?
Reminds me, somehow, of James Fallows, a writer for various news and political magazines who often postures as the bringer of wisdom. Except he seems to be quite the screwup. Right before the japanese economy went into its zombie state, Fallows had a cover article in The Atlantic to the effect that the Japanese would own us all, that it was inevitable. Get used to it.
It's curious how some people can fail spectacularly and yet keep popping up without any seeming repercussions to their status from those horrible screwups.
Someone on here had a good analogy. They're like those floaters that keep circling the bowl no matter how many times you flush, grinning insolently up at you and knowing you'll never get rid of them.
He's not only Scottish. He's a lorry-driver's son from Glesgie (and more power to him!) There's nothing tea and crumpets about Hendry's Glasgow-hardman style, though I'm sure he plays it up a bit for the camera.
TBH I think Tett (evidently a more middle-class lady from the south of England) probably did better at confronting Sachs on the substance, though.
I wish somebody would show this to Mr. Suchs. Actually, anyone taking a second to read this post should watch it, as well.
http://www.youtube.com:80/watch?v=H0a_FA_J6Sw
I have always advocated panicking early, to avoid the rush later. Today would work...
Excellent quote. And it is just a damn shame to see now you must go overseas or across the northern border to get 20 minutes of people telling any kind of truth at all. Land of the free, my ass.
Of course we're free. You can wear this T-shirt anywhere in America (as long as it's Burning Man).
Any time someone speaks unfiltered truth on CNBS they play bumper music and cut to commerical. "Sorry sir, sorry mam, but we are out of time and have to cut to a commerical break"
I hate to be manic, but most people panic when they're on the Titanic
...unless they're catatonic or moronic!
Jeffery "moronic" Sachs: another Keynesian playing his fiddle while the Titanic sinks or Rome burns.
Hugh Hendry: the new Scottish "Braveheart!" Yes, ZeroHedge, please create a shirt for him.
A black shirt with the immortal quote, "I would recommend you panic!" and underneath the quote, screen-print his face and his name, Hugh "Braveheart" Hendry, honorary member, ZeroHedge Fight Club.
I'll buy half-a-dozen immediately.
Sorry, but that's gay.
Johnny Left Hand is right (this time).
Horribly, but you get the picture
Sometimes, panic is the proper response! :)
If your the first one to exit.
If your at the end of the line, it's always best to start yelling: RELAX! ALL IS WELL!! NOW PLEASE MAKE WAY! VIP PASSING THROUGH!
Hugh is Scottish I think
They grow clea thinkers up there
Reminds me of Adam Smith
He is just warning that the invisible hand will slap you down whether you are a Keynesian or a communist or a greedy capitalist
And, he read Heidgger. So strange
David Hume. That is all.
aye, he's a scot - as that tool jeffrey sachs was talking over him, I was soo hoping hugh would jump up and gi' jeff a glasgow kiss, if ya ken what I mean!
That's what happens when every available alternative in the "Hitchhikers Guide to the Galaxy" does not work.
I gather half of the BBC audience picked up on that reference.
HGTTG: "What to do if you're trapped under a large boulder with no hope of rescue: Consider how lucky you are that life's been good to you so far. If, on the other hand, life hasn't been good to you so far, which given your present circumstances, seems more likely, consider how lucky you are that it won't be troubling you much longer!"
i don't know what's more offensive...the thought of a columbia business school professor on the program who is a paid spokesman for wall street , or jeffery sachs who is probably only qualified to speak about global poverty, and thus , outrageously , is taking the line of the banks on this program ( it's outrageous because the banks have impoverished the world and are responsible for putting the middle class into the impoverished class).
since when does jeff sachs know anything about banking?
"I Would Recommend You Panic"
Great bumpersticker.
I'm just waiting for the day I get invited to one of those roundtables... the BBC has welcomed my realistically hard-edged view more than once, but I had nobody to argue with or yell at :-) I made it clear several times on the BBC World News show that I consider the banking system to be insolvent if marked to market.
See http://boombustblog.com/press-coverage-a-media-appearances-a-awards.html for a real bear
Congratulations Reggie on the Eric Sprott recognition , well done!
Thanks. He's a good guy and one of my most loyal subscribers.
Hulk, was it you that asked me why I thought Virginia would come out of the mess better than other states? Here is one reason why:
http://www.epi.org/economic_snapshots/entry/job_searches_take_longest_in...
I try and catch any interview with Hendry. He's great. The interview with Stiglitz is another Hendry classic.
"Don't Panic" - Arthur Dent.
"So long, and thanks for all the fish."
"well how long do we have?" "about 9 minutes" "should we put bags on our heads?" "if it helps!"
"Mostly Harmless"
why is it draconian to let the banks who make the bad loans fail. you back up the consumer, get teh mony back from the bad lenders, go on. the schs guy doesn't understand we are in the problem because we never let banks have to pay for their bad loans.
it started years ago.
I'll buy Hendry 10 drinks.
Band aid off fast or slow?
Fast, please. The suspense is killing me.
Sachs is such a thin skinned tool. This guy would fold over on the first loss if he were actually in the real world.
(why do these occur only in Canada and across the Atlantic?
---------
logic and truth dont play well in the States. we like our hope and change thank you very much
Seriously, I've read that as "dope and chains" at first.
"Of course, the Columbia professor, is completely against purging the system"
You let things deflate and college tuition costs might be affordable again.
that sports medicine major from LAZYASS State U might not be so useful as it once was,so save your money.
Holy hell... Jeffery Sachs is a COMPLETE hack! People pay money to have their children "educated" by this guy??? We are doomed!
OTOH, Hugh Hendry is my personal f'ing hero.
If there were more of these types of shows (uninterrupted, unfiltered truth), then the lid would have blown-off months/years ago... there's a reason such shows are rare - truth in the land of lies & liars is dangerous.
Hendry is a bad mothafucka.
Also; I like what he said about him making a mistake predicting trends; he goes BK, while Sachs doesn't suffer any consequence. Bingo.
haha cheeky. Moral Hazard? How quaint! Everyone knows that moral hazard is a luxury worry. It doesn't cause any... Oh shit, I just realized I shot all the heroin I brought with me. It's technically an overdose, but I usually have this EpiPen... and forgot that I already used the last one. Any one spare an EpiPen?
No, but you can bum some acid from my Ben Bernanke Pez dispenser...........
+1
Tenured Bastard. I'd like to make him run this:
http://www.youtube.com/watch?v=IIcyFSYhvV4
Get back up there you fucking fuck.
at about 4:00, Sachs delivers the banksters' conditions: austerity for the masses, bailouts for the banks.
then starting at 5:30, a discussion of sweeping problems under the carpet, Sachs replies "very tough austerity programs have been started." Tough on who, Jeffrey?
then starting at 6:30, pressed on whether Greece will be able to ever repay its debt, Sachs lets the cat out of the bag: sovereign debts are not meant to be repaid, only serviced. In this manner, I suppose, the banks keep their claws in the political system and control it, as we have just seen with TARP etc., while lapping up constant debt service from taxpayers.
"I think there's a reasonable chance of that, of course, it's not repay its debt, it's service its debt, it's become a normal market participant again."
And there you have it.
Yep, but to be fair, most of the politicians are tickled with that arrangement as well. They're happy to toss a couple of percent of their budget towards the interest, as long as they can borrow a bit more next year. The political class has mighty long claws too.
You must have read my mind, you completely dissected that MoFo Columbia establishment-trained piece of waste.
Nicely done.
"sovereign debts are not meant to be repaid, only serviced"
Ex-fxxking-actly.
Great post.
That's the heart of the matter right there. Sovereign debt doesn't give a crap if you'll ever be able to repay a debt or how rediculous it appears to be or hopeless. Just that you keep making payments and that you order and arrange your affairs to keep the payments up. The people who run this world will kick and scream if anyone mentions default at sovereign level again. Personal default is ok. Becuase you just kick that up to the sovereign level once the banks go bad.
Reminds me of a great scene in the movie "The International". Anyone who detests banks as much as I, should really watch it. Pay particular attention when the agents are talking to the bank CEO about profit from arms sales vs servicing the debt. Classic!!!
Sachs hardly teaches. Sachs is a monk to the bankrupt green religion. He's doubled down on doom. He can't turn back.
The actual teaching he does is probably the most reasonable concepts coming out of his mouth.
Like Hugh says. You should panic. You should panic because the bureaucrats running the new inflation Hindenburg. This sucker is going to blow and Sachs will be advising Summers' stooges all the way to the gutter.
It was a "Jump to Conclusions" mat. You see, it would be this mat that you would put on the floor... and would have different CONCLUSIONS written on it that you could JUMP TO.
Thats the worst idea Ive ever heard...horrible just horrible.
Nice touch!!
Loretta call the tower, engine one and three have blown and were losing pressure and altitude. Are you sure captain, let's not jump to conclusions
you guys care too much about fundamentals. we are in a war with fundamentalists, don't you remember?
When debt no longer matters, neither do lawlessness and irresponsibility.
Well done Hugh....keeping it real !
But...but...AP headline today says 'Stawks Swing Wildly Higher on China Nod of Confidence to Europe'! Wow huh, guess it all really is just a big steaming pile of bullshit.
He is awesome.
Make him an honorary ZH member, send a cup or something, with "I Would Recommend You Panic" on it.
+1. That quote is the next great ZH T-Shirt. Git-er-dun.
+1 Great idea - t-shirt, mug, whatever. Awesome quote.
Yes, put his mug on a mug. And history shows you don't fuck with the Scots
Long Hugh Hendry, 2x short Jeffery Sachs (and by extension short the university that has given him tenure).
Could Jeff Suchs and Jiggly Titt be more worthless?
"If Suchs is wrong, he survives with tenure. If I'm wrong, I go bankrupt." What a classic.
Never fuck with an Irishman, at least when he's sober.
Ezekiel 33:6
Never fuck with an Irishman, regardless if he's sober or not! ;-)
Hugh is Scotish, not Irish.
All the more reason not to phuque with him.
Gotta be tough to wear kilts, blow bagpipes, toss cabers, and eat haggis.
That's why they invented single malt.
From the book, The Donkeys, a terrific history book about WW I, came the little nugget that the Germans had great respect for the Scots as fighters and in a nod to the kilt wearing sometimes refered to them as "the ladies from hell".
Specifically, to the Black Watch.
They also kicked the Roman's ass too...
They also invented ale with heather. The romans had a taste and wanted the recipie and they said piss off
http://video.google.com/videoplay?docid=3636435540043947603#
About 44 seconds in.
Hendry=Scot
He sure sounds Irish. Oh well, never fuck with a non-drunk Scot, then.
Can you imagine if Hugh WAS drunk? He would have made Jeffrey eat his pants... pay-per-view shit, for sure.
Sign me up!
The economist regarding the ability of Greece to repay its debts. "It's not repay it's debt, it's service it's debt and become a normal market particpant again."
Keep the Ponzi rolling forward. Match the insanity with more insanity and find the (next) bigger fool.
Yes -- debt slave is Sach's "new normal."
Permadebt good. Bailouts good. Austerity good. Recession, unthinkable.
Bingo.
I didn't think ZHers would miss that one.
That was the only honest thing the guy said.