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Joe Saluzzi: "Hope Is Not A Strategy"
Some more observations on the stock market bubble: Joe Saluzzi raising hell at Bloomberg as his nemesis, Irene Aldridge, gets interviewed by a cow.
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Hmm, time to rethink my strategy
Common sense not working
Hope not working
I'm at a loss
Listening to that blonde airhead beg him to say that "everything will turn around" makes me want to laugh and laugh and laugh...
Her desperation to hear that things are going to magically get better makes me want to puke. She resembles the sheep like behavior common in America. Someone needs to slap her in the face with reality by getting her out of the office and onto the streets so she can take a look at what is happening.
It's funny how they only want to look at the good out comes of the past (without knowing the sacrifice it took for them to achieve it) but refuse to even look at how much different our situation is today. Wishful thinking will not solve the problems we have in this Country.
She is not from this world.....
Joe's one of my heroes. Says it like it is.
DavidC
Have we had debt higher than today?
Somehow I doubt that
As a % of GNP.
Our GNP figures are trash. With tons of government and not real economy activity.
Government debt was higher as pct of GDP coming out of World War II, but total debt (private + public) was NOT higher. An underleveraged nation of savers was able to overcome the public debt. It ain't gonna happen that way this time.
This is like an overrated hollywood movie where actors just wants to go home, only one doing his job is Joe.
Seriously, what a farse!
What's that about hope?
"Money to bury Detroit's poor has dried up, forcing struggling families to abandon their loved ones in the morgue freezer."
When a society fails/is unable to bury their dead; it's a pretty good indication that the end is near.
Ancillary trade: short Hillenbrand
She was one of those cute girls that liked Unicorns,My little Pony and Smurfs
The blond cookie would be better suited for QVC
Hey, now. Leave QVC alone.
"We'll get you back hopefully on this show."
Sorry Joe but as soon as you cleared security on your way out, they hung up this sign.
"Truth tellers and non Kool-Aid drinkers not welcome."
"During times of universal deceit, telling the truth becomes a revolutionary act."
-- George Orwell
I am going long rice, oats and beans (in five gallon pails).
+1
Don't forget junk gold.
I liked the interview, but I'm a little disappointed that Joe didn't take the opportunity to elaborate on the fact that debt as a % of GDP (from all sectors) has never ever been this high. It's at 375% and climbing not counting what may be on the Fed's balance sheet, or current government programs that are in the pipe.
Debt as a % of GDP across all sectors is the mother of all bubbles, and there has not been a bubble of comparable size since the GD at around 270% 'ish if memory serves. All the other pimples that are being blown up right now pale in comparison.
The truth is, it's not getting paid back. Taxation is not a valid strategy, not even hyper inflation is a valid strategy unless the aim is to blow up the country. The debt is going to default, that's the truth.
Your memory is good. According to a chart I have, the previous peak of total private and public sector debt to GDP in the U.S. before the recent surge to 375% was around 270% in the first quarter of the first FDR term in 1933. Of course the only way the debt to GDP was up to 270% then was that GDP dropped roughly 46% from 1929 to 1933.
Total debt to GDP before the Great Depression was roughly half of what it was before this recession/depression started. And that's before the difference between future government spending commitments like Social Security and Medicare.
Dear Bloomberg,
You do not need to fight fire with fire when it comes to CNBC.
Please show some respect for human beings with brains and SLOW THE FUCK DOWN. Sacrifice one of the many pointless segments with vapour-headed idiots so that you can spend more quality time with guys like Saluzzi who are actually worth listening to. BUT OOOH OOOH OOOH, the market has only 10 minutes left to trade, we have to scoot through this segment real fast! WHO CARES! Just stop, for fuck's sake. Take a breath, remember how to shut up and rediscover how doing so allows you to actually THINK. Dammit, this talking over the top of each other at a million miles an hour has me pressing the off button so fast there's a sonic boom.
Leave the financutainment to CNBC, a model that's definitely working out really well for them....
It's tragic. Declining viewers and the station management think the way to go is to up the noise level, provide more flashy action camera pans, some more cleavage, etc. Hmm, maybe a little time on the street should be utilized. These are serious times, people are hurting and they want REAL information. The more these stations stray from truth to fiction, the more viewers they will lose.
They deserve to go extinct.
+1000
Joe stated what "we" all know, that there are a few of the "Big Guys" that are controlling the markets and there's no connection to fundamentals. Its impossible to be an investor in this market....you have to be a trader, and a fleet footed one at that, if you intend to participate. Buyer beware....
Who wants to "invest"? Don't be silly. But traders are making a ton on good volatility like today. If you can follow these time tested rules you can make a ton too:
http://finance.yahoo.com/news/Jesse-Livermore-Lessons-From-investopedia-3291641264.html?x=0
I don't see any combination of tax increases or GDP growth that can escort downward the debt that we currently have.This is relative to Triffin's dilemma which talks about a hard currency country like the U.S. after Bretton Woods of 44, the fact that you will eventually go broke expanding the global economy. The U.S. has two options in my mind as follows:
1. Get our own house in order at the expense of the rest of the world.
2. Devalue the USD by 50-60% and like majic your debt is down 60%.
On second thought I'm not sure the U.S. will bring down the global economy if we get our house in order as we have already caused that effect with our implosion. China/India will begin to consuming their own products and leave us in the dustbin of history.
All you young people, Learn Mandarin Chinese
It's kinda funny, every time I wake up over the last year or so I find myself facing EAST.
Curious
err,
if you are facing east, try Spanish, French, German, Polish...
If you wake up facing west try Mandarin.
Pb is central banks just have ONE strategy monetise the debt. This pretty much tells yu what the end of the story is going to look like. Markets can stay mispriced for longer than you can stay solvent Keynes is quoted to have once said. Nobody said they could stay mispriced forever though.
by Mediocritas
on Thu, 10/01/2009 - 15:34
#85558
Great post!!
I needed to hear that, I remember when Maria Bartiromo, the Sophia Loren of CNBC was interviewing Jim Rogers and he was explaining the flawed currency and why the FED IS IRRELEVANT, and she went on to say , yes I know but what can the FED do to solve the problem. The look on Rogers face was as if to say WHAT THE FUCK IS YOUR MAJOR MALFUNCTION.
It was priceless.
'House of cards' about today's market. LOL. Never expected to hear that on Bloomberg, the guy has some balls or it's just a matter of him being an outsider of those institutions which are manipulating markets, most likely both.
well the ditz wasn't as bad as everyone made her out to be....she was pleasant about her bubble headedness and that's really what counts....
Bubble headedness is always easier to deal with when exhibited by an young and attractive woman. An ugly old man is an entirely different matter. A person can only deal with so much.
all things considered she is still quite doable...
Thank you Mr. Saluzzi for being honest and open.
That journalist sure likes to make assumptions.
It's a game of: "How far will you go to protect what you have, and (rhetorically) how many of you are there?"
Mark it down, we will be at war w/ China in 10 years. We can't pay it back so we start a go to war. How can you not see it? We never need to pay them back. It's disgusting! Anyone want to bet?
You can't go to war with a country that would be better off if it lost 300 million people.
boy oh boy, u r so right there !
Just bow deep at the waist and ask his eminence, "Mssr. Yang, would you prefer honey or sugar with your tea?"
Lots of young, single males, too. It won't take ten years. The Chinese will be out of the dollar in less than five years. Walmart will be taking renminbi at the self check out in two.
doubtful. China needs us more than we need them, and as someone pointed out, they could stand to lose 300mm people.
more likely, China and the West will band together against something deemed more "nefarious". Islam? Possibly.
Project for a New American Century
PNAC: the "Mein Kampf" of World War IV
"While the unresolved conflict with Iraq provides the immediate justification, the need for a substantial American force presence in the Gulf transcends the issue of the regime of Saddam Hussein ...
"the process of [military] transformation, even if it brings revolutionary change, is likely to be a long one, absent some catastrophic and catalyzing event - like a new Pearl Harbor ...
... advanced forms of biological warfare that can "target" specific genotypes may transform biological warfare from the realm of terror to a politically useful tool."
-- Rebuilding America’s Defenses, September 2000, Project for a New American Century www.newamericancentury.org
signed by Dick Cheney, Paul Wolfowitz, Donald Rumsfeld, Jeb Bush, Richard Perle, Scooter Libby, et al.
"I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones."
-- Albert Einstein
Got change ?
....a BIG THANK YOU to the creators of this website ......... I adore it & have learned so much. Sincerely ..........
Carol Massar and Matt Miller are Tweedle Dum and Tweedle Dumber.
Is there any media that CAN be trusted?
When a situation is discussed in terms of how it can still be salvaged if you just believe it is time to hunker down.