Paul Farrell On The One Thing Buffett, Gross, Grantham, Faber, And Stiglitz All Agree On: "Bernanke Plan A Disaster"

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Tue, 11/02/2010 - 12:43 | 693513 Cortez
Cortez's picture

My local Burger King franchise went out of business as of yesterday.  A sign of the "recovery"?  Of course, QE2 will save America.

Tue, 11/02/2010 - 12:56 | 693563 Internet Tough Guy
Internet Tough Guy's picture

More likely a sign of falling cardiac arrest deaths in your town. Which came first, the Whopper or the angioplasty?

Tue, 11/02/2010 - 13:12 | 693629 Cortez
Cortez's picture

1. Whopper consumption

2. unemployment

3. improvement in health from Whopper affordability issues and starting a vegetable garden.

4. Angio not needed.

Tue, 11/02/2010 - 15:59 | 694159 Temporalist
Temporalist's picture

Just wait until they tax your garden or forbid you to grow one without a license and arrest you if you don't have one. 

I'm waiting for them to prohibit herb gardens on windowsills.

Legislating morality is a huge problem.  Who cares if someone wants to be obese and kill themselves with food?  Making bad choices about your health should not be illegal any more than choosing to eat fugu or take prescription meds or not.  I know way more people on "legal" meds that use their "problem" as a way out; a pity party poor me cop-out.  Some people prefer to jog, some sit. 

What if you are a horizontal person in a vertical world?   Is that so wrong?

Don't tell me what to eat and I won't tell you to mind your own business.  I don't suck off the system and I take responsibility for myself so why should anyone give a shit about what I do.  I want to enjoy my short life and I don't need advice about how to spend my is my time afterall.

Tue, 11/02/2010 - 19:22 | 694546 Minion
Minion's picture

Tell me about it.  I've been thinking of starting up a company that shows farmers how to grow and process their own Biodiesel.  I can only imagine the Gman's response to giving the little guy a way to bypass his fuel racket......  but if they're serious about carbon credits, that could balance it out. 

Wed, 11/03/2010 - 12:51 | 696205 Temporalist
Temporalist's picture

At least one person I've heard about was contacted by the IRS for tax evasion for not declaring his use of biodiesel (svo).  Imagine the govt. actually allowing innovation, new technology, even welcoming something like alternative fuel (which they essentially spent billions on for the DoE) and yet they threaten citizens with jail for using their own alternative fuel source.

It goes against corporate interest just like electrical cars have, and competing currency, and cross state insurance, and freedom.

Tue, 11/02/2010 - 13:23 | 693678 xenophobe51
xenophobe51's picture

Dude. It's desperate out there.

Tue, 11/02/2010 - 13:40 | 693746 whatsinaname
whatsinaname's picture shows plenty of folks shutting down

Tue, 11/02/2010 - 13:52 | 693776 hambone
hambone's picture

Anybody know what the math looks like for this new QE2?

At present we have POMO's about 10 trading days a month for $25b ($2.5B each roughly 10x month). 

QE2 is proposing $100B'ish a month (20x's a month @ $5B each)

Total to maintain Fed balance sheet and put QE2 in effect $125B month? or $6.125B daily?


Tue, 11/02/2010 - 15:13 | 694014 Janice
Janice's picture

QE2.....proof that size does matter....but velocity can be stimulating.

Tue, 11/02/2010 - 12:43 | 693514 NOTW777
NOTW777's picture

I am not to blame.  I can tell the difference between right and wrong.

to continue to argue that all politics and politians are the same is worse than what bernanke is doing

Tue, 11/02/2010 - 13:03 | 693596 Rasna
Rasna's picture

to continue to argue that all politics and politians are the same is worse than what bernanke is doing

OK, a small concession... MOST politics and MOST politicians are the same... The ones who get it can be counted on 2 hands.

Tue, 11/02/2010 - 13:07 | 693611 NOTW777
NOTW777's picture

i agree that many are corrupt and many on both sides are terrible but I'm not so lazy and depairing to, in sloppy fashion argue they are all identical and there is no difference.

Tue, 11/02/2010 - 13:14 | 693626 Sean7k
Sean7k's picture

What a piece of flaming crapola. However, I digress. Let's look at what is being said in this delightful piece of propaganda:

1. Bernanke doesn't know what he's doing. This is Japan all over again. How about, Bernanke knows exactly what he's doing. Have you looked at what is happening to the middle class of Japan? Lower and lower wages. Wealth transfer. Wealth accumulation within the upper 1%. Politicians taking the blame while central bankers continue to gut the economy for their own benefit. The FED wants to gut America.

2. It isn't the FED, it's the politicians  fault because they won't reign in the bankers. How do you reign in someone who owns you lock, stock and barrel and who has paid you to be their fall guys? The politicians do not run the FED, it is the other way around. Who owns the gold in Ft Knox? The NYFRB. How is that audit coming or the request for information to Bloomberg? Who else can increase your taxes to the degree it is impossible to ever pay them without being subject to a vote by the people?

3. This is the kicker. It's our fault, because we did not pay attention and require good government. We voted them in, so it's our fault. In light that both parties are run by the same corporations and that party machinery dictates who gets to be a candidate- perhaps it is fair to say we were voting for tweedledumb and tweetlespree. Constantly gamed by propaganda, false flag operations, media mind games developed at the Aspen Institute and Rand. The average American cannot be expected to recognize this level of mind control- heck most experts are incapable. 

The people who manage our population are brilliant. They have resources beyond our understanding. They rarely make mistakes. They are so cavalier as to brag about it(see David Rockefeller, Henry Kissinger or Zbignew Bresinski's comments). They control every major corporation, government and media outlet in the world. 

We have only one thing in our favor: numbers. As it has always been, the eternal battle between ability to control versus numbers. 

Paul Farrel is a sycophant, Warren Buffet is a toady, Bill Gross is an actor. They all have a part to play in the desemination of propaganda. It is up to us to educate.


Tue, 11/02/2010 - 13:20 | 693662 NOTW777
NOTW777's picture

dont you just love "experts" and gurus who expose their own faulty thinking and then conclude, collectively that is OUR fault

Tue, 11/02/2010 - 13:28 | 693700 Sean7k
Sean7k's picture

+++++ it's a living I guess...

Tue, 11/02/2010 - 13:35 | 693732 SheepDog-One
SheepDog-One's picture

Dyin' aint much of a livin, son.

Tue, 11/02/2010 - 16:14 | 694193 RockyRacoon
RockyRacoon's picture

If Bill Gross says this is MY fault then it's a given that it's NOT my fault.   He is a very nice contrary indicator.  Makes things much simpler.

Tue, 11/02/2010 - 14:38 | 693870 macholatte
macholatte's picture


What a piece of flaming crapola. However, I digress. Let's look at what is being said in this delightful piece of propaganda:

 Thanks. I could agree more, but I won't. You were bordering on eloquent.


Democracy passes into despotism.

Tue, 11/02/2010 - 14:36 | 693922 DaveyJones
DaveyJones's picture

"It's our fault, because we did not pay attention and require good government. We voted them in, so it's our fault."

I know, I feel the same way about my date rapist. I mean, I'm the one who let him in the door.

Tue, 11/02/2010 - 16:33 | 694244 Walter_Sobchak
Walter_Sobchak's picture

Exactly, trust no one.

Tue, 11/02/2010 - 15:01 | 693981 Ferrari
Ferrari's picture

I completely agree with you. What are our options? Going anti-corporate, I voted for Nader in 2000. Do I feeel proud about that? Not really. If Obama proves one thing, it's that the whole system is bought. If anyone thinks that any other candidate in '08 would have given us Glass-Steagal, they're delusional.

Tue, 11/02/2010 - 16:29 | 694222 Sean7k
Sean7k's picture

What are our options? This is the difficult question. It is easy to say revolution, unless you have a family to care for or live in an area that would be difficult to survive in(urban). This is not a question to be cavalier about. 

Still, to do nothing is not much of an option either. 

Since I do not claim to have this answer- I will suggest what I am doing.

I have taken myself out of the debt system. I own assets. I keep as little money in FRN's as possible. This includes PM's, foreign currency and foreign investments (yes, I recognize central banks are international in their organization, but I am subject to the rule of the dollar) I have a farm and the ability to grow my own food, supply my own water and stocks of materials. I have a library of volumes on every necessary subject I can think of- and I have read most of them. I have real skills. I know my neighbors and work to create a support community. I try to educate and expose the lies we are told. Like many on this site do tirelessly- Thank you Tyler and the many Contributors here. I am ready to defend America from her enemies, tragically, they are our rulers.

This will not work for everyone. I recognize my quality of life will be based on a new set of standards and those standards will not appeal to everyone. 

I would love my government, but all governments seek to subjugate their people. The problem is government at all. I do love the American people ( and foreign ones I have met in distant lands as well) and that will have to do. 

I think you have to find something that allows you to be at peace with yourself and your surroundings, recognizing that your surroundings may not always be at peace with you. While I am sure many here can tear my answer apart, so far, it is what has worked for me. I wish you all the best.

Tue, 11/02/2010 - 15:05 | 693987 Apocalypse Now
Apocalypse Now's picture

Nice articulation of the big picture.

I find it sad when people of inferior IQ go on about how so and so in banking, the fed, or big corporations is so stupid.  The fact that they have established monopolies and funded/bribed politicians to benefit those monopolies would indicate that those individuals are bright, not dumb individually.

Where we collectively fall down is when it becomes everyone for themselves to the point that jobs are exported or replaced with computers so that we gut the buying power of the consumer (70% of the economy).  Short term gains that benefit the corporations and executive bonuses, but over the long term this happens > higher unemployment > less credit and disposable income > less purchases & lower prices > more layoffs and job losses with less purchases and lower prices > and the cycle continues in a self-reinforcing loop.  This is called a death spiral and the question remains what can break us out of that loop?  Small businesses are where jobs have been added, but the system doesn't work for small business because they are not big enough to give campaign donations to fund politicians - so politicians don't work for them.  Nobody of significant power in government has been able to change tax and tariff strategies to stimulate the economy.  The CFR represents big corporations and it is too powerful, there is no balance because of corrupt megalomaniacs. 

All the fed money just goes into the big banks (their owners) and sits there, but we must consider intent and if this is intentional.  Most of the gains on the P&L's have been from reduced interest payments as corporations have 50/50 short term to long term debt typically and job cuts.  By stimulating inflation, input costs will go up but with no final demand increases (jobs, jobs, jobs, jobs, jobs, jobs, jobs) that will just cut margins.  What is even worse is that with zero interest, savers (CONSUMERS) have no yield with which to use to purchase or consume.  To make matters even worse, the free money at low interest is being used for M&A - that is a net loser for jobs, we could eventually have one diversified corporation in the end with 5 million workers and 300 million unemployed workers - ruthlessly efficient but not very stable structurally.

It's a takeover, how hard is it to understand that their interest(s) are not our interests.

Our problem is a crisis of confidence due to corruption.  Politicians will be squeezed between corporate interests (bribes and future campaigns) versus the majority of constituents ($$'s versus #'s).  I wonder what JFK meant by covet means?

Tue, 11/02/2010 - 15:49 | 694124 Lucius Corneliu...
Lucius Cornelius Sulla's picture

The sad thing is that the politicians are cheaper than a Thai hooker, relatively speaking of course.

Tue, 11/02/2010 - 15:50 | 694136 hambone
hambone's picture

+ dirtier!

What does that say 'bout those who elect, re-elect these folks?

Tue, 11/02/2010 - 15:58 | 694156 Lucius Corneliu...
Lucius Cornelius Sulla's picture

No disrespect intended for Thai hookers.

Tue, 11/02/2010 - 19:27 | 694551 DosZap
DosZap's picture

Flashback,to our beginnings.

Do we get it WHY the Founders wanted NO FRIGGING Central BANK?,

But,we are so much more intelligent than they.

Tue, 11/02/2010 - 14:41 | 693931 Ripped Chunk
Ripped Chunk's picture

Not sure why you were junked. It's TROLL CITY here now though.

Many politicians do not have the background to understand what Bernanke is doing. But they have no problem acting as though they do. ALL politicians are sociopathic narcisists.  Ask any shrink and they will confirm.


Tue, 11/02/2010 - 19:29 | 694552 DosZap
DosZap's picture

 ALL politicians are sociopathic narcisists


And what are the Banksters then?.

Tue, 11/02/2010 - 12:43 | 693516 redpill
redpill's picture

The sad irony is that people think the elections today are going to change any of this.

Tue, 11/02/2010 - 12:46 | 693525 Azannoth
Azannoth's picture

There are certain 'economic' indicators that no fool can ignore like i.e. an empty stomach

Tue, 11/02/2010 - 15:43 | 694110 matt5hansen
matt5hansen's picture

Einstein said, "An empty stomach is not a good political advisor".  If this is true, millions of Americans will make more poor decisions when they go to the polls.

Tue, 11/02/2010 - 13:00 | 693587 chet
chet's picture

I've just got a feeling the market ends up negative tomorrow.  Election and QE priced in.  Can't see what the big upside surprise would be.

Tue, 11/02/2010 - 13:37 | 693738 SheepDog-One
SheepDog-One's picture

There sure has been a ton baked into this smelly cake based upon nothin!

Tue, 11/02/2010 - 13:04 | 693600 NOTW777
NOTW777's picture

well farrel believes obama is the same as reagan

and he "respects" gross and buffet

I dont need to listen such advice

Tue, 11/02/2010 - 14:36 | 693919 Uncle Remus
Uncle Remus's picture


It's a process.

Tue, 11/02/2010 - 12:44 | 693519 TheGreatPonzi
TheGreatPonzi's picture

Banana Ben is just plain insane. He's a psychopath. Like Al Maestro Greenspan, Volcker, etc. These men should be put on trial for crimes against humanity.

Tue, 11/02/2010 - 13:02 | 693590 janchup
janchup's picture

Volker is by no means a psychopath; he saved the damn country 30 years ago.

Tue, 11/02/2010 - 13:13 | 693634 zaknick
zaknick's picture

No, he just plays ball with the criminals. He saved the country? For what? Bankster heaven? He saved their system not the American people's economy.

Tue, 11/02/2010 - 14:45 | 693942 Ripped Chunk
Ripped Chunk's picture

The Volker period was just another installment in the great experiment the puppet masters like to run on us inferior beings. Still confusing as to why they have allowed such a liberal level of sales of firearms for the past 20 years. I guess they think they have a handle on the situation.......................

Tue, 11/02/2010 - 15:13 | 694016 Cortez
Cortez's picture

Can't buy a machinegun at Gander Mtn. but the gov't has them.

Tue, 11/02/2010 - 15:16 | 694021 bank guy in Brussels
bank guy in Brussels's picture

Re: « why they have allowed such a liberal level of sales of firearms for the past 20 years »

Interesting bit of political psychology by the US rulers, that I observed there back in the 90s & early 00 decade. Seems to me they figured out two things:

(a) Tens of millions of working-class US white males, robbed of careers and livelihoods and assets and families, totally impoverished, would still imagine they were 'free' and support the bankster system, if they still had some guns and ammo; and

(b) Most people can be intimidated psychologically by the media, the legal system and cop swat-team 'shows of force', even if they personally own guns.

So the US rulers realised they could confiscate guns as the near-last thing they do, instead of the first ... they will probably confiscate the guns same time as the US dictators go around confiscating the gold again, as they wrap things up.

Tue, 11/02/2010 - 19:32 | 694555 Minion
Minion's picture

I might be naive, but I'm sure they have weapons we don't even know about that make the gun ownership issue a non issue.  Active Denial, for example:

From someone who has spent a couple years at a "defense" contractor, I wouldn't rule out the possibility of other directed energy weapons we don't know about, already in existence.  You'd be amazed to see some of the experiments with EM radiation on the brain they did in the 50s.  Hearing voices is only the beginning..........

Tue, 11/02/2010 - 12:45 | 693521 NOTW777
NOTW777's picture

is farrel at the polls today voting for every left wing politican and cause and then writing stuff like this when he gets back?

no different than gross or buffet - complain about whats wrong and then do the exact opposite

Tue, 11/02/2010 - 12:46 | 693524 Bearster
Bearster's picture

More angry left.  Bernanke is trying to fix the problems cause by the Tea Party??

Regardless of what you think of the Tea Party (I think they are a tiny, small, almost insignificant change in the right direction) there is one thing we all ought to be able to agree on:

  The Tea Party Is Not In Power Today

I asked on another thread, is this what passes for critical thinking on the angry left??

Tue, 11/02/2010 - 12:50 | 693538 Tyler Durden
Tyler Durden's picture

"Yet the good old partisan bickering will never end: so predictable is
human stupidity and the attraction of the "us against them" model.

Thanks for proving the point

Tue, 11/02/2010 - 12:57 | 693575 ZakuKommander
ZakuKommander's picture

Unbridled partisanship -- particularly on lightweight issues -- just plays into the hands of TPTB.  Divide and conquer/placate/distract the populace, and things remain the same at the top of the heap.

Tue, 11/02/2010 - 13:13 | 693636 NOTW777
NOTW777's picture

tyler, what are you proving???? you are fervently partisan (IMO - in a good way.) is that bad?

the lazy argument that all politicans are the same is no different than arguing you and krugman are the same.  you believe in your position and expose financial corruption. the mere fact that there are those who are the polar opposite of you does not make them right.  could someone could review your debate and argue - they are all the same?

people complain about "partisan" politics but offer no real world alternative.

Tue, 11/02/2010 - 13:16 | 693647 zaknick
zaknick's picture

Dude, you're another one of them deep into the left-right bankster imposed koolaid. Get a grip!

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