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Hugh Hendry: "If There Was A Way To Short Obama, I Would"
In his traditionally curt and to the point way, Hugh Hendry proclaims his "love" for the president, in this rare profile piece on the Scottish fund manager by the NYT. While none of his opinions will come as a surprise to Zero Hedge regulars ("The euro? It’s finished, Mr. Hendry proclaims. China? Headed for a fall."), we do recommend the article to those still unfamiliar with one of the truly iconoclastic fund manager still left in the open. While Hendry does not run a fund nearly as large as some behemoths out there (his Ecletica is less than $1 billion, John Paulson is $30), it does afford him a nimbleness that JP (whose recent rumored liquidations in the gold market are destined to create feedback loops that further accelerate liquidations) or, much more blatantly, Pimco (with its $1 trillion + in Treasuries, Corporates, Sovereigns and Mortgages) which is the market in all its verticals, can only dream about. It also affords him the opportunity to say what is on his mind, and on those of many others, who however dread the political consequences for being a little too honest. It is this forthrightness and honesty that has reserved Hendry a sterling place within the Zero Hedge community, his candor regularly scoring posts receiving well over 20k reads (and at 60k hits, his "I recommend you panic" is among the Top 20 most popular Zero Hedge posts of all time).
Some snippets from Julia Werdigier's profile of Hendry:
Mr. Hendry runs the successful hedge fund firm Eclectica Asset Management. It is an old-school macroeconomic fund company with a big-think, globe-straddling style more akin to the Quantum Fund, of George Soros fame, than to the high-tech razzle-dazzle of Wall Street’s math-loving quant analysts.
“Hugh is an anachronism,” said Steven Drobny, a founder of Drobny Global Advisors. “He reminds one of the original hedge fund managers from the ’70s and ’80s.”
At 41, Mr. Hendry is also emerging from the normally secretive world of hedge funds to captivate fans and foes with a surprising level of candor.
And speaking of "I recommend you panic" which is must watch for everyone...
Last May, on British television, he verbally sparred with Jeffrey D. Sachs, director of the Earth Institute at Columbia and perhaps the best-known economist writing on developmental issues.
Another Hendry spectacle was his undressing of the naked Joseph Stiglitz emperor (full clip here):
Before that, he took on Joseph E. Stiglitz, the Nobel laureate, about the future of the euro. “Hello, can I tell you about the real world?” Mr. Hendry interjected at one point. It was a huge hit on YouTube.
By all accounts, Eclectica is not your typical 2 and 20 FoF-leeching dream corpse. Unlike most places, here you will likely know if you are en route to getting blown up well before the PMs shut down the place, and suspend redemptions, as was the case for 99% of all US hedge funds in late 2008:
Mr. Hendry has made — and sometimes lost — money for his investors. Eclectica’s flagship fund, the Eclectica Fund, is up about 13 percent this year, besting by far the average 1.3 percent loss among similar funds.
But returns have been erratic — “too much sex, drugs and rock ’n’ roll” for some investors, he concedes. In 2008, the Eclectica Fund was up 50 percent one month and down 15 percent another. Mr. Hendry plans to change that.
The firm bet correctly that the financial troubles plaguing Greece would eventually ripple through to the market for German bonds, considered the European equivalent of ultra-safe United States Treasury securities. But the firm lost money betting on European sovereign debt in the first quarter of last year.
And just like subprime was John Paulson's ticket to riches (with a little now settled help from Goldman Sachs), so China has all the makings of pushing Eclectica from a modest fund by modern zero cost of money standards, to the next big thing should Hendry be proven right (which he will be)... within a reasonable time frame:
His latest obsession is China. He likens the country to Starbucks: good at growing quickly but not so good at creating wealth.
“The idea is that things would happen today that are commonly thought of as impossible, most notably a significant reversal of China,” Mr. Hendry said.
Maps cover the walls of his office. On one, blue magnetic pins plot his recent trip through China. He filmed himself there in front of huge, empty office buildings and giant new bridges in the middle of nowhere — signs, he said, of a credit bubble.
Along with his fund co-manager Espen Baardsen, a former goalie for the Tottenham Hotspur soccer team, Mr. Hendry is devising ways to bet on a spectacular deterioration of China’s economy. He declined to divulge any details.
As for Hugh Hendry's book club, those who wish to follow in his footsteps, here is the recommended reading:
The inspiration for his investment approach comes from an unlikely source: “The Gap in the Curtain,” a 1932 novel by John Buchan that is borderline science fiction. The plot centers on five people who are chosen by a scientist to take part in an experiment that will let them glimpse one year into the future. Two see their own obituaries in one year’s time.
We certainly wish Mr. Hendry all the best, as his post-activist ways inspire a certain jouissance within his fans that none of the other deeply institutionalized hedge fund managers can recreate. And obviously we are excited by his eagerness to participate in open media discourse of his views: should a domestic TV station be able to tap into his raw id and spark highly-intellectual round table debates, the long-forgotten art of watching TV for intelligent content (and certainly commercial free) may actually one day come back to the US.
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#1 NON-douchebag: Hugh Hendry
worth watching again:
http://www.youtube.com:80/watch?v=H0a_FA_J6Sw
"Fair enough..."
Brilliant piece!
Did G.W find the WMD`s yet ?
He went as far as the Tomb but forgot the secret handshake.
maybe its sorta is possible. the william hill wagering firm used to take bets on presidential candidates.
There's also Intrade.
Right now it has contracts for (R)s taking the House and Senate, Harry and Babs keeping their seats, Blago being found guilty, unemployment rates, Dow above/below various values, etc.
It's not as big as the "real" markets so you might not be able to move that much size, but it's surprising how much predictive power such a small market still has.
Mancrush confirmed.
dvo - is that Devon Dudley of ecw fame? if not, just ignore
I see he inspires in you a certain jouissance.
I'm sure Paulson beat him to it.
P-squared was the real brains behind that operation, as evidenced by recent return profiles.
Paulson is thirsty for some aqua con gasse, Pellegrini.
Hugh is a badass, I can not put it any other way.
Here is another badass, Max Keiser, on Jones, today:
http://www.youtube.com/user/fairinfowar#p/c/AF87D10C5FB237F6/15/oGDzVn4M1fw
No doubt.
"Maps cover the walls of his office. On one, blue magnetic pins plot his recent trip through China. He filmed himself there in front of huge, empty office buildings and giant new bridges in the middle of nowhere — signs, he said, of a credit bubble."
Muir, you triggered my memory.
'Wait a second....that video of China...that guy...that guy was Hugh!'
I saw this last year, and did not realize it was the man, Hugh Hendry!
http://www.youtube.com/watch?v=ektMQGbW3wk
Yeap.
Nice clip.
good one.
me too, but thought no way same guy. awesome for the throwback.
Muir can you please get rid of that animated avatar. Animated gifs went out in the 80's and animated avatars soon followed. And my complaint does not have anything to do with any sexist/gender issues - just aesthetics . Are those your tits? I've seen some man tits in my time but ... wow!
oh, and like yours is sooo original. is that your real face?
(I'm just playing, and really wanted to say to beware the bate 'cuz it's a trap!)
May I suggest as a compromise between you and Muir that he display only one bouncing breast, covering up the other?
Please tell me you are a woman. Because I have serious trust issues with any man who wants tits to go away. Especially ones as nice as those.
I would short Uncle Ben and his predecessor Il Maestro.
Don't fight the tape and don't fight the Fed or you won't be long for the investment world.
Please change your user name to "Useless Cliches"
How about
"The Fed is our Friend"
Very fitting seeing how the new regs will allow for an agency, housed inside the fed, to protect you and your household from preditory practices of banks.
"
"THe Fed is your Friend"
I think it could work for them, build up some good will and regain some trust.,
After all it will be a rocky road and it is good to know PIMCO will be selling insurance for a market collappse. Very indicative indeed.
Investment world? What world are you living in? There are only trades.
The tape is a tapeworm, parasitic by nature, that will consume those that feed on it unless they know how to short it.
Yet HH is long BB, aka long the mass of dollars BB has and will create.
I'd be happy with kicking the liar out of office. Profiting off of stupid people seems so Goldman Sachs-ish.
TODAY WAS LOWEST PUT VOLUME SINCE 07
It's the third week of July, one day after expiry, and typically the highest vacation week of the year, the humidity in major metros is 110%, the temperatures are in global warming red zones, the air is thick with pollution, and consumers confidence is in the crapper.
I'm probably one of the only traders who bought and sold some today. And half-heartedly at that.
A month from now, this week won't even be shown on the charts because it is a nothing week, full to the limit with meaninglessness.
yes... which is why it is 85% below last year, in which data was so exciting...
yes... which is why it is 85% below last year, in which data was so exciting...
S&P 500 index option volume is very light, with about 429,000 contracts on the tape during the session, according to Trade Alert. Index futures are higher on the day with S&P futures near 1,068 and the CBOE Volatility index at 25.66, down 2.25 percent. In SPX options, the most active contract is the downside September 700 put, with 25,000 bought for $1.15 per contract this afternoon as futures traded near 1,062, said Trade Alert president Henry Schartz. These puts are about 34 percent out-of-the-money, and the premium outlay of $2.875 million may hedge up to $2.67 billion notional value, he added. The SPX rose 0.60 percent to 1,071.25. Reuters Messaging: doris.frankel.reuters.com@reuters.net
CB,
you should ask Nassim Taleb and Mark Spitznagel of Universa Investments L.P. ( http://www.universa.net/ ) why they are buying these deep OTM puts....last time they did it was 6th of May this year - 20 minutes before the flash crash. Anyway, the trade didn´t work out - I guess it doesn´t make sense with ZIRP in place, isn´t it ?
Are we sure its them ?
also take a look at the vix aug $60 call - today's vol 57k w/ op int 6.5k
somebody bought a block of 38k this morning
Who are you people junking every single comment Cheeky makes lately? Go somewhere else if you don't like certain people; there are other places to get your jollies that will have no effect in the end. Sometimes this dawg just doesn't understand...
My guess, the "precious" crowd. He got a record junk(17) last time.
Which made me feel ok (yes, I'm weak) since a "flaming homosexual trapped in a woman's body" (her words) keeps junking me. As well as the pious guy who expressed being offended by my avatar.
Unlike me, I doubt very much, CB gives a crap.
You got that right.
+inf
getting junked means nothing, by now there are people here just to junk because this is an influential website.
++++++++++++++++++++++++++++++++++++++++++++++++++++
Lovely Avatar.Where is she now ............ ?
"My guess, the "precious" crowd"
Not all. While sometimes I feel like a PM cheerleader, I still enjoy the depth of Cheeky's research - albeit much of it goes over my head. Waaayyy over my head.
Lothar, the price of popularity.
Draws the Yahoo crowd, who apparently don't respect Cheeky or Bouncing Breasts.
IMHO, thems are banning offenses. But what the heck do i know.
Instead of a paywall ZH should come up with some sort of test.....like if you find this offensive [insert muir's avatar], or Cheeky's top 10 comments, then ZH doesn't want you as a reader.
Hard to believe i don't run this site, isn't it?
We have rules already.
http://www.youtube.com/watch?v=agi8PUmlAKU
Yep, even if along side is just about the same thing. Pull those creds just like footballs Lizzy !!
And it's nice to hear the sound of your paws pup
I got junked.... I think that's my first time. Oh, losing your ZH virginity... :-)
Interesting... to say the least.
Hey junkers... prolly not gonna work out in your favor; just saying!
Lothar, it's not the ZH you left before your flooding. It's a new world of junking nasty turds. Glad to see you here.
Must be why I bought puts today.
I'd bet he and Jim Rogers both own Harley Hog Hard tails, full leathers, tats, and chains for belts, take rides thru Shangdong, just for kicks and argue the entire time over China, yes China, no, quaffing a couple of Ting Taos, while getting full body massages from beauteous Euro-asian nudies in opium dens all over Canton.
Are you saying that's a bad thing? :)
"Whatchu talkin' about foo? <a href="http://www.wallstreetoasis.com/forums/yes-we-did">Yes we did</a>. I mean, yes we did, we got James, Bosh and Wade all on the same team. I don't care about this country, I just care about my corporate masters and mindless fluff."
What kind of a downstroke would one need to invest in the Eclectica Fund?
looks like 5% subscription fee, with 5,000 pund minimum investment, with 1.75% management fee. he'd better earn it.
Long US CDS?
Long guns?
Long soybean paste?
perversely, long the $
your Obamaville is calling
"perversely, long the $"
agreed, perceptive.
Also agree...with inclusion...timing is everything!
Long Seeds.
Long Family
Long Friends
Long Community
short windmills
short burritos
short msnbc
short burritos? what's up with that?
Personally I love Chipotle, BUT if I were shorting Obama I would bet against Amnesty in an illegalimmigration bill. It was a funny not PC joke that made me laugh when I thought of it. Sorry (not really).
*edited for spelling
no sweat, I'm from Texas and get sensitive when people start talking down about Mexican food;-)
Hey I LOVE TEXAS! Was thinking about relocating there someday (especially if SHTF and you guys decide to succeed, I mean secede). :-)
Don't live there now, but I WILL be the first to go back if they secede.
Are you in Oklahoma now? I'm a Texas boy but ended up here in OKC and man the mexican food sucks here. I am an OK state fan though so I love the Mike Gundy avatar.
Love Mex food and have worked/lived in Texas 3 times.
Mish has a new column out...claims Tex budget shortfall/problems now only slightly less than Cali.
I would be second back to Texas if they opt out. Hook em Horns!
Long MSNBC and Rachel Maddow
Love windmills
Neutral on burritos
Be careful of those neutral plays...
http://seattletimes.nwsource.com/html/businesstechnology/2010863874_taco...
Another one bites the dust. I am more concerned about my stomach per burritae..
The ratings for MSNBC are not favorable and wind turbines will only be profitable by Capping and Taxing us.
Mexicans don't eat frozen burritos nuked for a couple of minutes...unless they are starving. That shit isn't Mexican food!
Eh, MSNBC is the "Two Minutes Hate" for the Dems.
Long Rifles and Freedom:
http://www.youtube.com/watch?v=lztc048mYU8
After everything he has already written on the topics of gold and the dollar, it is most impressive to read this:
Click Here: FOFOA: Gold: The Ultimate Wealth Consolidator
The material contained within relates directly to hidden life of the US$, what it was, what it is, what it will become, and why.
FOFOA is fitting the final few pieces to the puzzle, and the big picture that is emerging is as much of a surprise to most as it will be obvious in hindsight.
This information demonstrates why almost everyone commenting at ZH, as intelligent as they may be, are working from a false premise concerning the nature of their numeraire, the dollar.
I include Hugh Hendry, as clever as he undoubtably is. A lot of people making the most fundamental of assumptions about the underpinnings of their trading.
#60
Long FOFOA
+.99999 fine
Let me be succinct to the "precious" crowd.
Bullshit.
Call them "faggots," too. I hear that's a great way to win debates.
I would not belittle someone for their sexual orientation.
Nor for their race, sex or Nationality.
Only for their stupidity.
edit: full disclosure, I own some of the precious (40 oz. of Phiharmonics delivered by USPS in 1999) Which, of course, makes me stupid (Y2K scare) but lucky.
Lastly, to compare yourself with some oppressed group in an effort to escape personal responsibility for your own stupidity is shameful.
So there.
I'm really curious to read some good arguments against gold. Just calling a thesis you disagree with "stupid" is insufficient.
I own no gold whatsoever, don't plan to, and have advised people who ask me about it to spend the money investing in themselves and their skills.
"I own no gold whatsoever, don't plan to, and have advised people who ask me about it to spend the money investing in themselves and their skills."
i guess you assume everything will be just fine always....well...dahhh...it will not...
you better protect yourself...this is not about who is right and who is wrong is about survival...
Muir, you did not read the article or you would not have commented as you did.
You would have been floored by the situation as laid out prior to the year 2000.
It's all coming into view just as seen that far back when gold was "cheap".
Try again, here is the link: Gold: The Ultimate Wealth Consolidator
Ask yourself why phenomenally low interest rates by the CBs is NOT working to provide the "liquidity" needed to keep the squirrel cage going 'round. The answers are found in the article quoted and this paper from 1969:
The Role Of Monetary Gold Over The Next Ten Years
muir, not sure if this was intended (I'm sure it was), but I read all your posts to hang out at your avatar, nice job.
Naw, kick a person in their wallet is the easiest way to win a fight quick.
Now stop calling the twinks "faggots", because the Kykes, Mickey's, Wop's, Spic's, Yanks, Canucks and Ivan's will start getting pissed. Namely because the Krauts, Chinks, Nips, Scots and Wogs will have something to say about the whole affair.
Don't even get me started withthe Broads. With the way chicks raise crotch fruit today I'm not sure if the snow flakes could handle it all.
//s
Thanks for posting the link, nuinut. I found this rather interesting:
That being written in 1999 and gold has gone up ever since. If the CBs want to keep providing "liquidity" to the system they will have to allow gold to appreciate against the dollar continuously. That bodes well for gold pricing, and an even tighter noose around the necks of the CBs. What a tangled web they have woven.
I found that passage very interesting too.
I have posted FOAs methodology for that statement here - #478320
May as well put it here too; this is important stuff.
Regarding Rockys quote, from his comment above, this FOA quote explains the mechanism further, and this is worth the time it takes to read, so please persevere:
Paper gold has been the mechanism providing liquidity to the $IMF Bretton Woods regime since sometime in the '80s. Gold must continue to appreciate in order for this liquidity to be maintained, or it's game over.
As I said above, this undermines most economic analysis, does it not?
The dollar is not what it seems. The FOFOA post explains this, and more, far more extensively, for those who find it interesting. For everyone else, it's bullshit.
+++++++++++++++++++++++++++
Almost All In...Should have picked it for a screen name!...Hindsight, always 20/20
If CNBS had him on the air in studio, would the news readers explode or implode?
Kraft should hire Hugh to pimp Kool-Aid.
'Do what I don't do: Drink the Kool-Aid'
I'd prefer Jim O'Neill: "I got a job at Goldman Sachs by drinking copious amounts of Kool-Aid, and so can you!"
Well, dropping your shorts and going long is simply out of the question
Depends on the woman. Personally I'd give it a shot with the blonde presenter in the Stiglitz vid.
I think maybe he was looking at it from his perspective - notice his handle is "ED"? (as in Erectile Dysfunction).
It could have just been a statement of fact, like the most famous disclaimer of all "Previous performance is not an indicator of future returns".
Thanks Tyler for bringing HH to my/our attention. His live, unscripted comments re Sachs were truly something special. There's nothing like spontaneity.
Vote out the Democrats
Vote out EVERYBODY.
+1! It's an INCUMBENT problem.
-(infinity) and FAIL
Obama was elected to the US Senate and served 3 years of his first 6 year term before becoming President. What if the encumbent stayed in office?
Democrat or Republican.....they are the same $*it. We cannot keep going back and forth between two parties accepting money from the same people and expect anything to change.
Words spoken with wisdom. Furthermore, the whole left right is the illusion that keeps everyone from seeing the truth. We cannot solve any problems in this country in its current state of governing.
Start with abolishing lobbying and getting corporations out of robbing you blind. That means starting over. From scratch.
Well, to be fair, there are a few rare republicans who aren't also utterly corrupt hacks, such as congressman Ryan from Wisconsin and Ron Paul. There really aren't *any* such democrats.
+0.9984. Ron Paul can keep his job.
Bruce Lee-Don't Sweat the Techniquehttp://www.youtube.com/watch?v=p_kStJ-uvyA
The only great thing he has done is getting interest in auditing the Fed.Ron Paul thinks everything should be deregulated and let the corporations go wild. I say that's already happening and they need to be stopped.
Ron Paul and his son are stuck in Ayn Rand ideology. Great read when you are 16--little to do with the real world. Until taxpayers don't have to pay for unfettered capitalism and the externalities they cause then fuck Ayn Rand and the horse she rode in on. Junk away. Idealism is so nice on paper.
Of course, if everything was deregulated, there wouldn't be any protecting certain banks or insurance companies as being "too big to fail", would there be?
You can't look at only the aspects of a policy that you don't like. I mean, we have an 8,000 page tax code as the result of decades of bribes buying special treatment is that really a laissez faire economy?
Government spending as a percent of GDP is around 40%. The Fed, UST, FDIC, OCC, OTS, FHA, etc. all regulate the banking industry. That is, we have a large government presence in the economy, both in a spending and regulatory capacity, yet we have "corporations running wild." How can corporations run wild if they're "fettered"? Simple, the corporations' protections and connections allow them to act with impunity. Unfettered markets impose legal liability and demands on capital adequacy and self-insurance that are far, far stricter than our laughable regulatory regime.
By definition, taxpayers can't pay for unfettered capitalism. If they did it would be fettered, corporatism, or both.
I'm not a laissez-faire ideologue, but this argument makes no sense to me. You're free to argue that politicans coopt the free market ideology to reward cronies, but I don't see how Paul has done or enabled that (voted against Gramm-Leach-Bliley, TARP, ARRA, and so on).
One way to short our "community organizer" is in invest in impeachment...
You know what? Community organinzing is a great thing. It saves neighborhoods, helps children that are in harms way grow up in better environments to be productive citizens, and increases the prosperity of the areas. In Phoenix, community organizers have had great success with would be gang members, teenage pregnancy, and literacy. And that place is one tough nut to crack.
This is in no way defending Obama as I feel he has betrayed us with his ties to Dimon, et al, and really didn't know what he was getting into given the state of the country and entrusting Larry Summers, Geithner, and Bernanke with the economy. I am very disappointed in him.
But what the fuck is your problem with community organizers? And state your answers succinctly instead of junking. I'm sick of this shit.
They can organize the hell out of their communities as long as they don't use MY tax dollars to do it!!!
You're ranting Howard. I'm the one being junked here not you.
Community organizers are a valuable asset at the street level. That does not mean they have the executive level experience to be the chief executive of the Federal government or the Commander in Chief of the armed forces. And electing one president is a fools errand. It's no wonder the Constitution is being discarded for the current political agenda.Required reading for ZH regulars
http://2.bp.blogspot.com/_H2DePAZe2gA/TER_1jnFFVI/AAAAAAAAN0Q/2aQevfr-ur0/s1600/themaestro.jpg
Alan Greenspan's comedic genius.
WOW....This is simple amazing....Here is what Ferdi Lips wrote in the book's "Part IV: Gold Rush and the Gold War": "It is estimated that the 'paper gold' market in 1999 is many times larger than the actual physical market. Estimates range from a minimum of 90 to an excess of 100 paper-ounce contracts being written for every ounce of physical gold that changes hands.
In case you wonder who Ferdi Lips is....Mr. Lips was Managing Director for Rothchilds in Zyrich....
here comes the shocking thing....you know when he wrote this...hold your breath....in 2001....
anyone cares to guess what should be the number now....with all these printing going on and when 72 "analysts" say gold will go over 5.000 it slumps down day after day....i dont know....game over....thats for sure....
Agreed that the Short O trade will get crowded quickly as all spending becomes an emergency level event. I am looking forward to hearing more from Hugh....
hi Miles...agree more from Hugh is great. Also agree that all spending will become emergency. Junk me too.
FINALLY! I'M A MEMBER!
Of what?
Howard Beale fan club possibly, where do we sign up?
Lean out your window and say whatever yawanna... and you're in
Well, now, this is interesting...
http://www.thesun.co.uk/sol/homepage/news/3060907/Black-parents-give-bir...
I have no explanation. Anyone? Bueller?
On a more serious note, it might be time to buy a few December crude calls...
http://www.debka.com/article/8918/
i love HH. i think he is absolute greatness; however after the market has made its way I have a feeling we will look back and think of HH as nothing more than a novelty act. we would basically need a dozen black swans to get an environment that somewhat resembles his predictions.
i heart HH!
"I recommend you panic" is still one of my all time favorite t-shirt lines. Not sure yet what the visual counterpoint should be but the line is pure zeitgeist. The distillation of the times in the crucible of a single line!
Just short everything Obama took over - clean energy, health care, auto, banks, and the debt he takes on.
Wow. Like taking candy from babies.
Many of us view an internal consistency of policy/staff/and political class that exists beneath the facade of POTUS. It is both parties who are at fault. None of these problems started yesterday, they have all been building for a very long time. Now with information access avaible on a never before seen basis we are suddenly aware of those mechanisms of control and manipulation. They become harder to hide.
But nothing will ever change unless people address the root cause, TPTB.
interesting to read the comments here on Hugh - sounds like he pissed off a lot of people with the "short Obama" comment..
http://www.huffingtonpost.com/2010/07/19/hugh-hendry-hedge-fund-ma_n_651...
THANKS A LOT.... just when I think that the world is finally waking up you have to go and link me to that?
In all seriousness though, my kids have a better understanding in reality than a great number of those posters.
I'm amazed. I've don't think I've ever read anything quite like that. Taken as a whole, it's one of the saddest things I can imagine.
Your right, quite a bummer.
As Gully Foyle pointed out above you, both parties are at fault and the problems have accumulated over decades. HuffPo types are like the majority of America, however, and prefer merely to cheer for Team Red or Team Blue. They refuse to see the political system as the source of their woes, or at least refuse to believe that the fix is anything more than voting for whom you'd rather have rob you, and then applauding with equal fervor as they do so.
Yea reminds me why I don't go to HuffPoo. What a bunch of mindless Barney Frankensteins..."Rich Republican bad, rich Democrat good."
Hugh is a bad mofo, just as bad the keisermeister ;p.
"Another Hendry spectacle was his undressing of the naked Joseph Stiglitz emperor".
I like Hugh Hendry, but this was just another one of those "discussions" where Hendry didn't listen to Stiglitz, Stiglitz didn't listen to Hendry, and the "moderator" didn't listen to anyone, but interrupted everything that anyone was trying to say, so that the viewers couldn't listen to it either. Carles Casajuana would have been worth listening to as well as well, but we didn't get to hear his case either. How about reconvening these people and letting each of them have his full say, with full opportunity to respond to the others. And get a moderator who knows how to arrange that, instead of another aggressive motor-mouth.
XAUUSD / XAUEUR / XAUAUD bearish warnings issued since July 1 continue . . .
http://stockmarket618.wordpress.com/about
duplicate : (
Here is Hugh Hendry vs Joseph Stiglitz and Carles Casajuana from Feb `10:
http://www.youtube.com/watch?v=E4MAifsp-8E&feature=player_embedded
Stiglitz says the U.S. can print money it can't default "it is literally absurd."...