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An Insecure White House Releases A List Of Pundits, Economists And Journalists Who Greet Its Decision To Boost The Deficit
- Bank of America
- Bank of America
- Barack Obama
- Ben Bernanke
- Budget Deficit
- Congressional Budget Office
- Consumer Confidence
- Gross Domestic Product
- Merrill
- Merrill Lynch
- New York Times
- None
- Obama Administration
- President Obama
- recovery
- The Economist
- Unemployment
- Unemployment Benefits
- Unemployment Insurance
- Wells Fargo
- White House
Next time you swing by the White House, remember to tell your now desperately insecure president that he has your support, or else we may get another temper tantrum like the one yesterday. It appears that now none other than the White House has the (in)security issues of a 14 year old girl. In what has to be the epitome of a surreal joke, the official White House website has released a list of actual individuals and institutions (among these, shockingly, the New York Times, Market Watch, Harvard and, no shit, Bank of America) who have voiced their "statements of support on the framework agreement on middle class tax cuts and unemployment insurance." Oddly, nowhere in this list is even a passing mention of the Zero Hedge reminder that just the tax cut extension portion of the deal is likely to boost the deficit, and thus the US funding need, by $5 trillon over the next decade. In other news, the market is up because consumer confidence is higher... and consumer confidence is higher because the market is up. The adventures of Alice through the looking glass have nothing on America's blind meanderings through the depression zone.
From the White House website:
Statements of Support on the Framework Agreement for Middle Class Tax Cuts and Unemployment Insurance
Below please see some statements of support on the framework agreement
on middle class tax cuts and unemployment insurance from various
economists, advocacy groups, pundits and editorial boards.
Economists and Economic Research
Michael Linden and Michael Ettlinger, Center for American Progress
“The deal as announced would save or create 2.2 million jobs [through
2012], excluding jobs saved by extending the broad based Bush tax cuts,
on which everyone agreed.” [CAP, 12/07/2010]
Peter Cardillo, Chief Market Economist, Avalon Partners in New York
“From a psychological standpoint, this probably will continue to boost
the markets in the sense that this most likely will lead to an expansion
in economic activity. People are going to be feeling a little bit
better, and that means they'll be maybe even spending a little bit
more.” [Avalon Partners, 12/07/2010]
Bank of America Merrill Lynch
“When the deal does get signed into law, it will force us to boost our
GDP estimates for 2011. Now, the early reports show that many
Democratic lawmakers are agitated with the deal struck by the Obama
administration. This implies there will be some political maneuvering,
particularly in the House of Representatives. Democrats in Congress may
pressure the President to make changes that Republicans are almost
certain to resist. Remember, what is critical for the economic outlook
is whether the two parties can work together and our sense is that the
President has too much invested in this deal to let it be scrapped. And,
when the deal does get signed into law, it will force us to boost our
GDP estimates for 2011. Our current forecast assumes that unemployment
benefits do not get extended and that the ‘Making Work Pay’ credit ends.
So, we are talking about a $130 billion hit to disposable household
income that does not materialize. In addition, this also implies a
higher budget deficit and more Treasury issuance. And, since Bernanke is
getting some help from fiscal policymakers, it implies somewhat less
pressure on the Fed to extend QE2.” [Bank of America Merrill Lynch,
12/07/2010]
Greg Mankiw, Professor of Economics at Harvard University
“I am generally pleased with the compromise over taxes the President
and Republicans struck yesterday… As the policy was described yesterday,
this payroll tax cut goes entirely to the worker. This increases work
incentives, but the main motivation is probably to increase take-home
pay, consumer spending, and aggregate demand… I should note that, as
part of the deal, the President also got his proposal to allow
businesses to expense investment spending. As I have said previously,
this is a good idea, but the impact is likely to be modest.” [Greg Mankiw, 12/07/2010]
John Silvia, Chief Economist of Wells Fargo
“[The deal] suggests more positive outlook for economic growth, corporate profits [and] employment.” [Wells Fargo, 12/07/2010]
Pundits and Editorials
Jonathan Bernstein, The New Republic
“Oh, it’s clear that Barack Obama and the Democrats are making a trade
they didn’t want, and in that sense are losing. But they’re winning
something, too. Actually, the best way to think of this is in the
context of a post that Klein wrote (if I recall correctly) last spring,
in which he noted that Republicans could have had whatever they wanted
on health care in exchange for their votes. What I think happened here
is that instead of the rejectionist strategy Republicans have used on
most issues, on taxes Republicans and Democrats both wanted substantive
results -- and that, given the party breakdown in the Senate, made a
trade-off close to inevitable.” [The New Republic, 12/07/2010]
Ezra Klein, Washington Post
“…It's something of a hopeful sign: The White House sat in a room with
Republicans and Democrats and managed to negotiate an actual compromise.
The final deal includes some things that Democrats will like and some
things they won't like, and it includes some things Republicans will
like and some things they won't like. But it's a deal, and a better one
than many -- myself included -- thought they'd reach. These tax cuts
were a bit of a special legislative case, as their scheduled expiration
forced action, but if you want to be optimistic, this process suggests
that the next two years might be a bit more productive than some of us
have been predicting.” [Washington Post, 12/07/2010]
Boston Globe Editorial Board
“If given a choice between a Washington showdown that prevents all
action until the next Congress, and a half-a-loaf compromise with some
clear benefits, most Americans would choose the latter. Obama has
rightly stated that the outcome of the 2010 election reflected a desire
for more compromise and less partisan gridlock. In dealing with the
Republican leadership, Obama is acting in the national interest, if not
necessarily pleasing his party’s faithful.” [Boston Globe, 12/07/2010]
Derek Thompson, The Atlantic
“Let's think about what this means from both a short-term stimulus
perspective and a long-term deficit perspective. In the near future,
this means significant help for American families and businesses that
seemed out of reach just a few days ago. Unemployment benefits are
considered the most effective form of stimulus. The payroll tax holiday
will double the relief from the Making Work Pay tax credit, giving
average worker thousands -- yes, thousands -- of dollars in additional
after-tax income. The extensions to the refundable portions of the Child
Tax Credit and EITC will also target low income families hit hardest in
the downturn. In short, a $60 billion tax cut for the richest will be
unsavory to some people, but it's become a vehicle for historic tax
relief for average Americans. Of the six stimulus ideas analyzed by the
CBO in the summer, this deal has four, including the two most
stimulative: jobless benefits and a payroll tax cut, both of which
target the middle- and low-income Americans.” [The Atlantic, 12/07/2010]
David Leonhardt, New York Times
“What actually seems to be happening: Democrats and Republicans agree
to extend all the tax cuts and also agree to an extension of
unemployment benefits, a cut in the payroll tax and, according to my
colleagues, ‘continuation of a college-tuition tax credit for some
families, an expansion of the earned income tax credit and a provision
to allow businesses to write off the cost of certain equipment
purchases.’ The amount of money pumped into the ailing economy: about
$900 billion over years. Subtract the $400 billion cost of the Bush tax
cuts. Subtract another $140 billion or so, which is the cost of
extending the Alternative Minimum Tax patch (and almost certainly would
have happened regardless). You’re then left with more than $300 billion
in net stimulus over two years. And while that sum will not be enough to
fix the economy all by itself, it is serious money… the outcome is not
all bad, especially for the short-term sake of the economy.” [New York
Times, 12/07/2010]
The Economist
“On Monday Barack Obama and Republican and Democratic leaders in
Congress struck a deal on a massive new package of stimulus and tax cut
extensions, worth some $800 billion (around 5% of GDP). Though it must
still pass the parties’ respective caucuses, this is good news for the
economy: the prospect of inadvertent fiscal tightening was the biggest
cloud hanging over the 2011 outlook… Economists had generally projected
growth next year at only 2.5%, and the biggest risk to that already
tepid outlook had been the prospect that some or all of Mr Bush’s tax
cuts would expire at the same time as much of Mr Obama’s temporary
stimulus. Tonight’s deal is likely to lead to a round of upward
revisions.” [The Economist, 12/07/2010]
Steve Kornacki, Salon
“There's also a longer term calculation at work. Note that the deal
also includes a reduction in the Social Security payroll tax and an
expansion of the earned income tax credit and the college tuition tax
credit. This is on top of the extension in unemployment benefits. These
measures have one thing in common: They are stimulative in nature. (So,
for that matter, is the fact that middle class Americans won't face a
tax hike -- something that would have happened had Obama balked at the
deal and played a long-term game of chicken with the GOP). Granted, this
isn't the type of stimulus that, by itself, will restore the economy to
good health, but it will help -- and it's more than Obama was on course
to get from the GOP. The compromise, in other words, gives Obama a
chance to take further action to boost the economy and bring
unemployment down...” [Salon, 12/07/2010]
Bill Scher, Campaign for America’s Future
“It's impossible to know exactly what the political ramifications are
and how it affects future policy. But the 13-month extension on support
for the long-term unemployed is real money, right now, for those who
need it most… Unemployment benefits for those out of work between 26 and
99 weeks beats no benefits for any long-term unemployed workers.
That's a compromise, where we get something. Not a capitulation, where
we get nothing. The deal is taking action .. our government taking
action. That should be embraced. We need to keep fighting for robust
investment in America's future to spark a sustainable recovery. And the
best way to do that is to build on what's good in this deal, tout what
middle-class voters are getting and bring back their appetite for more
action by our government.”[Campaign for America’s Future, 12/07/2010]
Steve Goldstein, MarketWatch
“Wall Street economists were tapping into their spreadsheets Tuesday,
ready to ratchet up their economic growth forecasts for next year in
light of the tax deal struck by President Barack Obama and congressional
Republicans, particularly the surprise one-year reduction in payroll
taxes. The proposal… would extend all Bush-era income-tax cuts as well
as federal unemployment insurance and lower the payroll tax by $120
billion with a 2-percentage-point reduction. The plan would also extend
the 15% capital-gains rate and proposes a 35% estate-tax rate with a $5
million exemption. Emergency unemployment-insurance benefits would be
extended through the end of 2011.” [MarketWatch, 12/07/2010]
Advocacy Groups
John D. Podesta, Chief Executive Officer of the Center for American Progress
“At the end of the day, President Obama decided he couldn’t abandon the
millions of Americans who are struggling to keep their families afloat,
who are diligently searching for work, and who simply cannot afford
higher taxes right now, even though the Congressional Republican
Leadership was more than happy to do so if we wouldn't pay their
ransom. It was a steep price, but this deal will mean about 2 million
jobs saved or created over the next two years. On balance, I think the
President was right to choose helping working Americans over a December
conflagration.” [CAP, 12/07/2010]
Lawrence Mishel, President of the Economic Policy Institute
“Who got what out of the deal is clear. The Republicans got tax cuts
for the best-off two percent and lower estate taxes for the very
wealthiest families, neither of which will do much if anything to create
jobs. President Obama won policies that will put or keep money in the
pockets of the families of the unemployed and middle and low-income
families, which will increase spending and create jobs. That’s what a
payroll tax holiday for workers, unemployment benefits and the various
tax credits will do: create customers for business and create jobs,
which is our biggest need right now. In two years, the American people
will have a clear choice about who the tax code will favor. That debate
will, I hope, highlight the hypocrisy of those wanting to deepen the
deficit by extending tax cuts for the rich while simultaneously cutting
health care, Social Security and domestic public investments.” [EPI.org,
12/06/2010]
Business Roundtable
“We are pleased that congressional leadership and the President have
made considerable progress toward a comprehensive bipartisan agreement.
It reflects a compromise by all sides to extend tax relief and help
provide certainty for American workers and businesses. This tax relief –
including the extension of the dividends and capital gains rate – will
provide a needed boost to job creation and investment. We applaud the
inclusion of the R&D credit and other important business tax
provisions that expired at the end of 2009. These provisions include
long-standing features of the tax code that businesses rely on when they
undertake hiring and investment decisions. Restoration of these
provisions lifts an uncertainty for businesses that will improve their
ability to employ more workers and grow the economy. Additionally, an
employee payroll tax deduction and an increased incentive to undertake
investment in machinery and equipment in 2011 should help to assist in
the recovery.” [BusinessRoundtable.org, 12/07/2010]
Bob Greenstein, President of the Center on Budget and Policy Priorities
"It’s a bigger deal than anyone expected… Both sides gave more expected and both sides got more than expected." [Washington Post, 12/07/2010]
Judy Conti, National Employment Law Project
"While it is a deal that gives much to the top 2 percent of wage
earners in this country, and far less to those struggling the most in
this economy, we commend the White House and all negotiators for
realizing that the long-term unemployed need our continued support.
There is much more to be done, especially for those who are beyond the
reach of the UI system, but this is a very positive first step."
[National Employment Law Project, 12/07/2010]
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They forgot Nassim Taleb!!! lol
who gives a fuck what those suckers ssay..
only word of imporance by the MISTER 10/30 Y BOND..
hey hey .. 10yy %3.3 already..
i guess december will be ok,
but real bloodbauth will start oin jan1 2011
alx
I would like to know if any of these fools publicly called this disaster before it happened. That is my lithmus test for any of these "Economists". If these fools didn't publicly acknowledge the looming storm was about to hit, you lose ALL credibility and should find another career.
""Insecure White House"" Releases A List Of Pundits, Economists And Journalists Who Greet Its Decision To Boost The Deficit
you mean like...??...data-insecurity...leaks...?? haha ah, eh, er? huh
"Insecure" White House, the diplomatic corps, the USA military tactical reporting databases used in Afghanistan/Iraq...We, the USA and most of the Worlds Governmental NSA, National Technical Agencies...etc...it is WONDERFUL that, like NAZI Germany 1933-1945...they keep RECORDS, lots and lots...and mere cryptology, physical security, 'personell vetting - security clearances..all THAT"...,.THAT NONE of these will ultimately hold back the treasure trove of Political/Economic Information that awaits 'historians' of the Future, regards THESE TIMES...
USA took several LARGE warehouses of NAZI documents back to USA in 1945, many warehouses full...in Arlington, Virginia....not for quite the reasons stated FYI, but rather for Operation PaperClip...Our Rocket Scientists, and Other 'assets" protected from Nurnberg Trials 1946....ha ha ha joke is on you Von braun, hero..
meanwhile be aware, CyberWar is possible as a tactical tool, and possibly will even replace nuclear Neutron CLEAN BOMBS!! Acquire the site clean of enemy personnell INTACT...ha ha ah
PROTECTION DISCUSSION fyi some practical things to know:
i have a COMCAST 20meg connection, as an Internet client who has been repeated attacted, continued DAILY in various configurations of attacker ways/means, and various defensive configurations/operating systems, hardward, and anti-intrusion/anti-virus software...AND HAVE LEARNED A LOT, that i would like to share with ZH readers....
1) yes, i have REALLY been attacked in a manner usually reserved for large companies, government agencies, etc...not for money, not for me being 'important', but probably just because i am 'fun to mess with'...i keep coming back, no matter what...harddrives 'wiped clean' (not merely erased)
and new O/S reloaded (without bothering to 'microsoft-activate' anymore, not when that 'clean load' will be knocked down in 1 hour or less...that includes ESPECIALLY MICROSOFT o/s 7...'THEY get lots of fun showing me how quickly THAT can be taken out...'
2) yes, i have 'implemented' every known 'retail version' of antivirus, including M/S VERY OWN...etc..nothing, NOTHING, ever detected!! nor stopped..
3) yes, i have/had implemented the M/S full-deal Professional Security Regime...REALLY...all the 'services' turned off, via msconfigure utility, for instance...and all the various 'local-security' options, and hiding the root/administrator, using only 'guest' or 'user' permissions
4) yes, i have/had/still do use a hardware firewall at the cable head (i REPLACED the COMCAST UNIT, at my own expense)
and limited the incoming ports to "80" and "443" only...out going ports, you must leave SOME of them open...in the "1024-1048" region for YOUR initiated communications...and of course SHUT DOWN the NETBIOS ms bullshit at the ethernet port, and as a service...theres more..
5) yes, i purchased and studied MANY security books relating to both MS and UNIX/LINUx..and implemented MANy MORE 'security-loophole' closures...
6) yes, i FINALLY did 'sort of' 'overcome' the/these intruders, which is what i would like to convey HERE..
6a) i find that using the UBUNTU in the CD/DVD only memory resident TOTALLY operating system with SOME ADDITIONAL measures taken...ALLOWS ME TO CONNECT , with continuous external interference (bringing some download speeds to less than 50kilobits/sec on a line that will work at 2-20 megabits when nobody is DDServicing me.....HOWEVER I CONTINUE TO BE ABLE TO USE THE INTERNET, WITHOUT THE BASTARD TEACHERS - TEACHING ME SOME LESSONS OF COURSE...the FINAL temporary solution...
6b) when UBUNTU is memory loaded/resident, usually there is NO security...its a 'demo' after all...however, you MUST CREATE a SECURE USER, protect the UBUNTU user (with near-root privileges), and protect the 'hidden' root users TOO
HOW TO DO: use 'passwd' to create the default 'Ubuntu' user password...it must be STRONG = 14 characters or more, with the entire ensemble of IBM character-set (256 possibles, printable/not printable)...the only 'practical' non-printable is THE SPACE BAR...so use numbers, symbols upper/lower case..use letters upper/lowercase..use about 25% of each 'set' = say 4 space bars randomly, 2 lowercase letters, 2 uppercase letters, 4 numbers, 4 symbols from set of upper/lower case...DO NOT USE ANY MECHANICAL SEQUENCE such as all the symbols from left to right, or any other easy to remember QUERTY physical pattern..it must be HARD, and forget your "easy to remember" THATs from pre-year 2000 advise...
HOW TO DO: use 'sudo passwd root' from the Ubuntu terminal command line... and create the 'root' password...make it one character DIFFERENT from the Ubuntus passwd, so that the "hash" of that 'root password' is different...
HOW TO DO: Create a USER could be named 'USR' under system/ administration/users and groups...give this USER 'no privileges' and provide a different (shorter password, maybe just trunkate the 'root' by a few characters)..
HOW TO DO: then create a SOFTWARE FIREWARE within the Ubuntu
...from the command line, as user = Ubuntu "sudo ufw enable' (the ufw firewall enable)..."sudo ufw logging full" (ENABLES the ufw firewall log with FULL LOGGING TRACE), "sudo ufw default deny incoming" (the basic default will be to block all tcp/ip 'uninvited' incoming packets on ports 1-65435 ...more commands are available here FYI)
HOW TO DO: finally, NOW, YOU CAN CONNECT TO THE INTERNET, BUT NOT QUITE FINISHED..set your hardware firewall to packet size '256' bytes (seems radical, but slows unhindered thruput to about 50%, not bad)...AND set your 'edit connections ethernet/radio to '256' bytes, and no DHCP, burt rather MANUAL TCP/IP like 192.168.0.11 on YOUR COMPUTER, and leave default hardware firewall at like, 192.168.0.1..and manually set you DNS at both firewall/computer..
NOW WITH ALL THIS DONE, you will not STOP the intruders if they are interested (want to play, 'teach you some more lessons') BUT THEY mostly mostly will NOT be able to disrupt your 'on-line-communications' to a 100%, just to 80% slowing of thru put, mostly DENIAL OF SERVICE PACKET FLOODING ATHT THE FIREWALL/COMCAST INTERFACE....which they will stop, once they see you've got the rest handled properly..
HOWEVER, sometimes, depending on THEIR interest, challenge level, a REAL INDUSTRIAL/NATIONAL INTELLIGENCE AGENCY capable hacker/intruder will STILL get in...you find 'locked processes, finally forcing you to reboot AND OF COURSE RELOAD THE ENTIRE OPERATING SYSTEM BACK INTO MEMORY...just about 3-5 minute however, so not bad..
YOU WILL NOT BE ABLE TO TRACE THE ACTUAL sucessful ATTACKING PACKET, THE REAL ONE...it will be ONCE and not more than 100 bytes long..SO FORGET YOUR "snort" software..it needs to be be, apparently, literally inside the hardware firewall, ath the first stages of decoding from COMCAST..
NO, COMCAST hasn't the slightest idea, what i am talking about, nor can i demonstrate it, nor have, apparently anyt others in my TCP/IP area complained...
YES, THEY CAN FIND you, by scanning the TCP/IP addresses in your area, they are all, by geographic area, and then finding your typical 'assigned IP'...and then finding your specific computer ID, used EVERYDAY BY ALL INTERNET CONNECTSS...http is not 'connectionless' but reiterates your address/computer ID for every screenfull...
YES, they can find you, even easier, with insertintg a 'cookie' on port '80/443' along with the http, etc..your computer will THEN DIAL BACK, as a kind of 'beacon' MAKING IT EVEN EASIER TO FIND YOU, but only if you are interesting enought to be worth 'hacking'...otherwise you are safe, security in anonyminity....millions of 'on line' computers, ll standard...
YES, they use 'ready made scripts', yes they find out your computer configuration ACPI/+startup ROM/flash...and then fetch from their existing databases, all they need to formulate on the spot the ideal 'single packet' intrusion...
NO, Microsoft is TOTALLY useless, and unfixable..UNIX is better, but only if you use its security, SELINUX and firewalls..AND BECAUSE IT IS NON-STANDARD, more difficult..but not for long...
So, for those interested...some ideas regarding REAL rather than 'pretend' computer security...all of those Microsoft antivirus systems, are TOTALLY USELESS, all the security features in MICROSOFT WINDOWS 7 PROFESSIONAL are totally useless...oh yah, the Cisco low-end firewall retail grade, for $200 is totally useless, i bought THREE of them and THEY BLEW OUT THE FLASHED PROGRAM ha ha aha...good thing there was a store warrantee...i returned each within ONE DAY...ha ha,
This is from the Onion....right?
The sad thing is fiction needs to be believable.
Indeed, fiction does need to be believable. Which is why I believe the following statement is particularly odd: (especially coming from TD!)
"Oddly, nowhere in this list is even a passing mention of the Zero Hedge reminder that just the tax cut extension portion of the deal is likely to boost the deficit, and thus the US funding need, by $5 trillon over the next decade."
Since when has lowering taxes decreased revenue to the government? The alleged '$5 trillion added to the deficit' is purely and completely a spending problem. Lest there be any debate about this I offer the huge increases in government revenue after the Kennedy, Reagan, and Bush 43 tax cuts.
Pure and simple, tax increases lock up capital that might be better emplyed elsewhere, cause capital flight, tax avoidance behavior, etc. Check with the states of California, NY, NJ, Illinois, etc. if you're still in doubt.
Furthermore, to have this administration say even one word about increasing the defict after what they have done is beyond ludicrous.
Keep that list handy. You'll be hearing a lot more from these people and organizations. In fact all your news will come to you via these immaculate examples of journalistic independence, the nation's shining light against media manipulation and access journalism.
/sarc
The truth just died. Some more.
Yep, truth from institutions is dead. They're just kicking the carcass around now.
Obama, if you're reading this, no one likes you and I'm totally not inviting you to my birthday party.
Obamas all- OMG, Im SO totaly insecure and not even popular anymore!
Was that one of the leaked cables?
Peter Cardillo, Chief Market Economist, Avalon Partners in New York
“From a psychological standpoint, this probably will continue to boost the markets in the sense that this most likely will lead to an expansion in economic activity. People are going to be feeling a little bit better, and that means they'll be maybe even spending a little bit more.”
-Agreed. As I said, this is the position I take and I witnessed it in full effect last week and throughout the Fall.
LOL! Harry trying to get more negative attention fix....sad.
More mouthpiece citations from the Wanker.
From a physiological standpoint, upon sitting down, if your butt cheek feels comfy as a result of having no FRNs in your wallet, you won't be 'spending a little bit more'
Hurry. Harry says his velvet Elvis paintings are selling out.
OH lol Harrys 'consumer discretionary products' are Elvis paintings in his van? Too funny.
I wonder what Harry's van look like?
Ah, Harry junked again. These guys really don't care for a reasoned approach to things; they have their mindset and that is just the end of that.
I am still looking for that elusive $10 loaf of bread (been looking since 11/04) but still no luck. The market, just as you said months ago, continues to grind higher into the year's end. Nic warned us yesterday of bad things to come, but today is still just more of the same old same old. The market will of course correct, but until there is somewhere else for this free money to go, well, nothing is really going to change.
Keep up the good fight Harry. These guys blow a lot of hot air about being independent of the mind, but they are really just part of a different herd.
Whatever happened to the bank runs on 12/7? What became of the Greeks who will not tolerate austerity? What of Ireland, who has voted to accept the ECBs money with no whimper nor bang? None of the disasters promoted here ever come to pass, but the ZH'ers go blustering along parroting the party line - The End Is Near! Never a question as to why this stuff doesn't happen. Never a look back at all of the daily crisis material to see which ones failed. Just a blind adherence to the ZH dogma.
The group here is passionate; passionate and to date, very, very wrong about what is about to happen.
Looks like a great holiday shaping up. Best to you and yours.
Can't find you a $10 loaf of bread. I can get you one cheaper.
Can't find you a $50 barrel of oil, though. Maybe your business doesn't transport anything.
No Mas, I don't know what business you are in or how old you are; but don't disappear from ZH when you and all of your future family members are on the list to pay for this ultimate Ponzi scheme for the rest of all of your lives.
I will not disappear unless I am no longer among the living. As far as paying for the ponzi scheme, I have done my share of that via the payroll tax and yet, still I am here and life goes on.
Just like our current crop of politicians and "economists" - respond to the easy part of the request. You obviously realize that your past "share of that via payroll tax" is nowhere near what will be required of you and YOUR FAMILY in the future to pay the country out of this Ponzi debt.
It's kind of puzzling to me. I've been long and short this market. I've always disclosed my positions in PMs and stocks. Funny thing is, when you're short, you're everyone's buddy. When you're long, you're the plague.
Also puzzling is that I am seeing with my own eyes and business books that consumers are spending more than they have in a long time. Our business is booming. Of course, these guys, who have no real look into what the consumer is doing, think they "know" better than those of us out here selling to the consumer.
It's an odd mindset but one that makes psychological sense. No one wants to admit they're wrong or that they missed out on something so they cling to the odd "hope" that it will all fall apart. And they find any shred of misinformation to support that position.
Yes, the market will turn at some point and when it does, I'll sell my equity positions and go short. It's really not that difficult.
"Also puzzling is that I am seeing with my own eyes and business books that consumers are spending more than they have in a long time."
Harry,
You don't understand cause and effect. PERIOD! Anybody can live a better life on a credit card if they so chose. Only question is, when you can't make the interest payments anylonger you are done. But not only are you done, you're buried 3x deeper then you were before you started the spree. Just give me your insight on how we will pay back the 15 trillion dollars that has been spent to create the mirage you are living in. If you can do that, it might help your credability a bit.
Gee Harry if what you say WERE true why aren't top line sales increasing in businesses?
I know this is another tricky one but if sales are increasing then why aren't the tax revenues increasing...
I know this another tricky one but if sales are increasing why is consumer credit contracting...
I know this is a tricky one but why are stocks at their 2007 highs with way lower sales...
I know this is a tricky one...but your a dick...and we all know why that isn't a tricky one...
Gee Harry if what you say WERE true why aren't top line sales increasing in businesses?
-Great example of what I'm saying here and how many at ZH don't understand what's happening in retail sales. My business is seeing top line sales growth. Most of the small business people I meet with regularly (manufacturers, suppliers, retail outlets) in our universe are seeing nice top line growth.
Unless you're out there in small business on a day to day basis, as I am, how can you even pretend to comment on something you know nothing about??? That's what puzzles me here.
Its called a 10K and I read them regularly...dumbass...
Happy your imaginary business is experiencing growth...
Whatever happened to the bank runs on 12/7? What became of the Greeks who will not tolerate austerity? What of Ireland, who has voted to accept the ECBs money with no whimper nor bang? None of the disasters promoted here ever come to pass, but the ZH'ers go blustering along parroting the party line - The End Is Near! Never a question as to why this stuff doesn't happen. Never a look back at all of the daily crisis material to see which ones failed. Just a blind adherence to the ZH dogma.
-You could add about 50 other "shit gonna hit the fan" scenarios to that list as well that never materialized. Look, ZH is a valuable resource of information. Some is great, some sensational. The problem is many here don't know the difference. Or they don't want to know the difference. Your statement hit it on the head perfectly.
How precisely are you selling more furniture to the consumer when revolving credit numbers are still in sharp decline?
Give me one example of how they corrected the problems we discuss other then a BAILOUT? ONE EXAMPLE WHERE THEY HAVE ACTUALLY SOLVED A SITUATION THROUGH CREATION OR INNOVATION.Go ahead, I'm waiting patiently... What you are actually witnessing today are the final nails in the coffin. I wouldn't have ever believed they would go to such great extent of desperation to hide their incompetece.
Harry, i am taking the same 'tactics' regards playing at 'investment' (zerosum gain of trading)...the key is
1) yes, the end of the Political/Economic World could happens, just as THERMONUCLEAR DESTRUCTION could have, (maybe more than we will ever know, for centuries of historical investigations/supercomputer simulations)...and of YOU old enough to remember THAT eh? the 'Fallout Shelter signs that quietly were removed from everywhere...
THERE WAS, THEN, NO WAY OUT, PERIOD!!...we all pyschologically lived thru it, by denial, by numbers so large that total dehumanization --- entire ABSURD situation was actually accepted as 'normal'
You people are worried about the TRIVIAL breakdown and economic violence that has occurred since 2007, and will ge worse yet...DO NOT WORRY, we all die anyway..
2) you CAN, really, still make SOMe MONEY in the Market, crumbs from the Big Boys tables...like a little mouse...hit and run day, hour trades, quick...
3) you CAN, not lose EVERYTHING, using the MANY tools to hedge your bets, AND the fact of your retail smallness..
4) you, as a human being, as a matter of mental hygenie AND PHYSICAL health must cope...just because NOW, 2010 you know what in 2006, only a few professionals knew, ones who CAUSED todays problems, and a FEW Cassandras...nothing has changed, except you and the rest of the Public KNOW...so what, the Flash Crash was PROBABLY, really, a TEST of resiliance by the Big boys...afterall it is not in their interest that things REALLY, ACTUALLY get out of control...they want to win their ASSETS, essentially INTACT...wasn't it wonderful to live in Hollywood in the 1930's...just a few rich, nobody could afford to crowd the streets, clubs, places of amusement for th rich...Ah, to have money, and have the rest of the Proletarians, BUSY BUSY BUSY, at work, not making trouble, not crowding-out all the nice place, the open air green vistas, 'reserved for the Idle Rich'...RIGHT, no!
5) so be modest in your stock market bets, ready to turn on a dime IN ONE MINUTE if needed..ready to somehow NOT LOSE, AND MAYBE WIN, 'a little'...
Yeah Harry you are actually right about one thing..."and that means they'll be maybe even spending a little bit more.”... I just gassed up the Benz at $359 a fucking gallon. And while I was inside I bought a $1.59 dollar candy bar and a $1.99 dollar pack of fricken gum. They better get those cuts passed soon so people don't realize what's going on. Absolute bullshit, that's what's going on. Add more to the deficit for future gernerations so those speculators and Ben can hide inflation. Oh and before I left the house I ate a box of cereal, It didn't even fill the bowl!
Harry is aiming for the award of the most junked user on ZH. Actually ... it would be fun to see those stats ;)
Well hell, lets just put all the propaganda pundits at the papers and TBTF bank CEO's in congress then!
That will be the call from the masses if any attempt at fiscal discipline is pursued. We have long since past the De Tocqueville event horizon. Soon, the demand for benefits and the vigilance of the bond market is the tidal force that will rip us apart.
Why be in congress when you already own congress?
Here's an opposing response to Barry's Back Room Deal from Olbermann at MSNBC that will be entertaining to all, each for their own reasons, as he goes more ballistic than ever before (and he's a legend already in that department):
http://www.msnbc.msn.com/id/40557029/ns/msnbc_tv-countdown_with_keith_ol...
This would be the genuine response of the "progressive" community. Hint: Olbermann essentially characterizes Barry as a useless bitch and explicitly states that he may not deserve renomination, much less re-election in 2012.
ha, olbermutt may have to be placed on the terror watch list. lol.
Obama the thin skinned immature man boy is gonna take his presidential benefits and go home. He will live up to his one term references he has made.
He is just trying to get his message out.....more teleprompters please
The White House website must get...what...at least 1,044 page views per day?
The first thing I do in the morning is pour myself a nice glass of cold orange juice and peruse the White House website. Exciting stuff...there.
Well gee I dunno, whitehouse.com used to be my favorite morning destination. Now seems like it's just a domain name parking space. Whut happened?
Obama should hire me. I'd fix that sucker right up.
++ whitehouse.com was pretty splugetastic. I knew they'd 86 it..
There was a time when I had a job teaching teachers how to use the Internet. I had to deliberately caution them about letting the kids go to whitehouse.com. Then I would show them the difference between ".gov" and ".com". They were mostly older women of course and not Interweb mavens, the distinction seemed trivial to them. I probably got way too much pleasure watching their heads explode.
Good times, good times.
I do believe Market Watch is actually worse than CNBC. They post stories that are not at all stories...and they do it all the time to ping a headline off of some quant somewhere...which responds with buying. I have read some breathtakingly stupid shit on that site over the years.
As for the actual issue, on whether or not the tax rate extensions pass, the back and forth on this has me thinking of getting small today...as the truth on the matter is probably already leaking out to the kleptocrats...who will surely club to death any of us that try to engage in real price discovery.
We are so doomed...it is hard to watch this f'n train wreck day by day.
Agreed, its just disgusting Id rather just pound my head against a wall all day than keep watching this shit...if what the Gooberment is doing to the american people were done to animals theyd be charged with animal cruelty big time.
Day after day they treat everyone like we're all IDIOTS! Just because we might not have a Harvard economics degree doesnt mean we dont know exactly whats been going on all along. Obama, fuck you.
Next week the White House will reveal a list of pundits, economists and journalists who are enemies of the state. Oh wait...
The list of enemies was growing so big that they decided to publish the friends instead.
"If you are not in this list you are not my friend... bitch!"
You are either with us, or against us, in the fight against terror.
Well I declare! It's the SAME list!
Great! We finally have a list of people (and institutions) who can be blamed when TSHTF. Thanks, President Obama, for providing a clear direction that so many sleeping (and soon to be ANGRY) Americans can look to when they finally wake up broke, hungry, and armed...you are now officially more dangerous to the health and welfare of a larger number of people than Assange was vilified for.
A private bank with perfectly elastic supply and perfectly inelastic demand. WOW!
And the words straight out of the master experimenters mouth:
The master economist must
understand symbols and speak in
words. He must contemplate the
particular in terms of the general, and
touch abstract and concrete in the
same flight of thought.
— J. M. Keynes
No wonder this country if f**ked forevermore!
Former Clinton Labor Secretary Robert Reich: “The President’s Last Stand Is No Stand At All: Why the Tax Deal is an Abomination"
http://robertreich.org/post/2132901013
Strange, I don't see his name in the official White House High-Priced-Hookers invitee list.
High priced hookers list...lol nice.
because half pint Reich is half price.
and where is the list they didn't publish - the enemies who oppose their plans? nixon must be rolling in his grave.
Outstanding. The Dead Pool, anyone?
Luminiferous aether had a lot of notable proponents also.
All this will do is allow me to continue to house, cloth and feed my family for a while longer while food and fuel continue to rise and my paycheck stays stagnant. The can is getting kicked down the road some more for the working middle class. This will allow the banks to steal the rest of the wealth and keep the masses from rioting while they do it.
I wouldn't think it would be too hard for the tax-and-spend Demorats to strike a deal with the borrow-and spend Repubes- it's all the same. Cutting spending isn't something they have the balls to do. So we speed toward the cliff with the brick on the accelerator.
And when they sign their new deal into law, it will be like hitting the nitrous button.
Looks like mostly fiscal liberals and people that expect a government handout (business roundtable). Corruption and faulty policy through and through......People should remember this list and refuse to acknowledge their existence.
Hey I got an idea for you Obama- Beat yourself unmerciful Tyler Durden in his boss's office style!! Go on Obama go F'n NUTS!
Not that anyone has heard of me, but who the hell are some of these people? And although we are calling it a cut, doesn't just mean we will have all the same things we had this year, and that hasn't been enough to let the economy grow naturally?
Market over pundits, again. and again. and again.................
"The railroad, part of Buffett’s Berkshire Hathaway Inc., is asking U.S. regulators for permission to move U.S.-Mexico border inspections, saying facilities in Mexico are better and that equipment reviews there match the quality on the U.S. side."
Ok back to the buisness of making money.
And they used to call Bush an imbecile.......
Perhaps Obama is just trying to prove he still has friends after all the resignations lately.
Please add my proud name to the opposing list! The SANE one!
Perhaps Oprah should take a cue from the WH and release a list of manly ex-boyfriends who support her assertion that she is most definitely NOT a lesbian. Studs like Stedman Graham: http://www.2snaps.tv/9811470
Oprah is NOT a lesbian.
Obama IS a leader.
I'm not a math whiz, but if I was, I would have to say that Obama is the square root of stupid.
lmao!
we need a symbol for that!
Shit Tyler,
Have you submitted the ZH viewpoint for posting on the WH website?
I'm sure they'd make you some room.
I agree with the insightful comments of most of you, so I'll just add this. Put it in the "reply to all" category:
DITTO! Thanks for the insights!
SPY is showing an ascending wedge pattern on today's chart. That means a downside break is expected.
Rex, The Wonder Dog
Bow wow, Bow wow.
There you have it. He's excited with the tax cuts.
GRRRRRRR.
Oh. I'm sorry. He thought Obama said he would be receiving more meat cuts.
Where's Mike Tyson and Latrell Sprewell on that list?
I actually want the tax cuts extended but I still hate Owebama because he is a big pussy.
Paul Krugman not on the list as he still thinks its not enough deficit spending.
I kept waiting to see the endorsement from the "Onion"
The White House is really desperate to copy and paste a bunch of crap from hacks to support their decision to run up the debt even more for political reasons. He can't even get his own party behind him. I think it's time the Name Dropper in Chief finds a new career.
Cliff Notes: If everyone increases economic forecasts and remains steadfast in their feigned optimism the economy will surely recover.
Ah ConfidenceGameonomics, the logical replacement of exhausted Bubblenomics
--
On which everyone agreed
from a psychological standpoint,
it will force us to boost our GDP estimates for 2011.
Tonight’s deal is likely to lead to a round of upward revisions
Wall Street economists were tapping into their spreadsheets Tuesday, ready to ratchet up their economic growth forecasts for next year
I, for one, am glad that economic reality (the bond market) is beginning to assert itself over these mind games and market manipulations.
If the bond vigilantes are on to our scent, no amount of feigned optimism is going to pull our ass out of the fire.
Let the real restructuring begin...
We proudly want the world to know that nobody here in DC has the huevos to actually cut spending or raise taxes or do anything that would stop the herculean deficit from spiraling even more out of control. We are gleeful that no one except some ne'er-do-well ZeroHedge readers will remember our glorious contribution to accelerating the collapse of the dollar and American society.
- Qoheleth
Can my name now go on the White House site?
Why should it be up to individuals, regardless of their income, to bridge the (huge) revenue gap of the federal government? Compare the amount of taxes paid by individuals to that paid by corporations and it becomes crystal clear that it is corporations, not those "evil, greedy rich people" that are not paying their fair share.
http://www.zerohedge.com/sites/default/files/images/fed_receipts.jpg
More Cowbell...........
There is absolutely no leadership in this nation. I have never seen such rear view politics in my life. They are running this nation like dictators, using the American taxpayer credit card and then assembling the information that is fit to print (Literally as we are seeing with this release) and simply saying.."See..we are not doing anything wrong because these co-conspirators agree."
Soon they will add more pundits like Kermit the Frog and Pluto. Oh, wait, not Pluto coz he can smell the shit.
laugh so you don't cry
What part of the video did he have the tantrum in? I don't want to listen to a half hour of this yambag.
now playing, The Ben Bernank in A Few Good Men-
http://www.xtranormal.com/watch/7933323/
...and fuck the white house.
Check this out:
The Unemployed Slaughtered: 13 Month Extension A Complete Lie – December 6, 2010 UpdateI’m going to try to make this as crystal clear as I can, because they purposely make this so convoluted that almost no one can follow it. The first victims of the economic collapse happened in November of 2008. And 800,000 plus people were laid off. In December of 2008, another 700,000 plus. January of 2009, when Obama was sworn in, another 1.2 million people lost their jobs. Just to make it easy, I’ll just focus on those nearly three million people.
All of those nearly three million people that I just spoke of will not get thirteen more months of unemployment. They get nothing. By the end of this month, all, and I mean all of those people will have reached their (“up to”) 99 weeks and will be thrown off the unemployment roll and they will no longer be counted as the unemployed, thus the unemployment number will go down.
They are wiping out everyone on unemployment to bring the unemployment rate down.
http://americaspeaksink.com/2010/12/the-unemployed-slaughtered-13-month-...
The numbers are butchered even worse than what you state - check out the birth/death BLS BS, the archaic way the BLS does its surveys (no landline, no permanent address, just a cell phone? - as in, most people under 30, you're far less likely to be counted; self-employed with revenues way down or near zero - you're gainfully employed, bitches), the flaws in even the payroll data, how seasonal employment data is calculated and other surely unintentional flaws in BLS reporting, and one wonders if the BLS isn't perhaps a propaganda arm of the government.
It wasnt me stating anything, I just copied and linked an article, but as you point out too, there is a lot of dangerous mischief going on.
haha, you're wondering?
Are you there God? Its me Barry. God, I just don't feel like my friends really like me. I mean they're all nice to me to my face. You know, being the TOTUS and all. And that crazy psycho bitch of a wife makes sure I get some respect. But its not the same. How come the cool kids aren't laughing at my jokes. and all the nerdy, suck ups around me are acting all weird. Sigh... maybe tomorrow will be a better day. If not I guess I can always fire up Air Force One and make all the mean kids pay for it. Yeah! That's it! Suck it, bitchez. Man, its good to be the king.
Jay-Z and Big E Smalls didnt make the list?
Don't believe what you see, believe what we tell you is weak coming from kids with a cookie jar and a fetish for cheap sugar highs.
That insecure 14 year old has been pimped so often she now believes she has the juice to tell her johns what to do, where to do it and how to do it. So sad that what pases for maturity has been corrupted and doesn't have the courage to put this sick little girl into rehab since it might damage their reputations. Like that pile of crap could get damaged any further from a straight shot of reality therapy.
More tails of the Hobits and Chickenhawks
Wheres Fox news?
Brick Obummer = Chickenhawk
Wikileaks didn't make the list for some reason.
Seriously, did everyone read that last one closely?
Judy Conti, National Employment Law Project
"While it is a deal that gives much to the top 2 percent of wage earners in this country, and far less to those struggling the most in this economy, we commend the White House and all negotiators for realizing that the long-term unemployed need our continued support.
Translation: "It's better then a poke in the eye with a sharp stick but not by much."
I wonder what pressure it took to extract even this begrudging back-hander.
whining and complaining
hope it helps
geez
Names just added: Moe, Larry and Curly.
See - if we all just "believe" that the economy is fine - then it will be so. If we all just "believe" that the markets are not rigged - then they will be fine and we will all be well to do. Thinking back to Phil Gramm - Americans are just whiners - such a smooth and smart politician. You really have to give the D's and the R's credit - they know how to cure malignancy...