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Rep. Paul Ryan Slams Geithner, Tells The Secretary He Should Be Most Concerned By "Bond Vigilante" Criticism

Tyler Durden's picture





 

Today's Geithner drubbing comes courtesy of Sen. Paul Ryan, who in a brief 3 minutes presentation indicates why the proposed budget is not only a joke (the fact that he compares it to a "box of cigarettes" speaks words for the future health of this country. One wonders if it is Ben Bernanke or Goldman Sachs who has assumed the role of Surgeon General), but why the bond vigilantes are just waiting in the corridors to see the Fed and PD's control over the bond market slip before they bring the house down.

Ryan begins:

"If you are going to solve this [budget] problem, why don't you do that. Why don't you give us a budget that actually gets the deficits to a sustainable level."

Then Ruan quotes a very prescient observation from Peter Orszag before the WSJ:

"The 'unusual situation' the government finds itself in—with other
countries willing to finance U.S. debt at low rates— won't last. When it flips, the question is how do you get ahead of that
to avoid the downward spiral of rising interest rates, a plunging
dollar and a sinking economy."

He concludes:

"The vigilantes in the bond markets are going to get us, and the American people are going to get hurt. Why aren't you giving us a budget not punting to a commission, but why aren't you giving us a budget that using your own definitions and standards is actually sustainable... You can blame Bush only so long... You obviously inherited a tough situation, you are only making it worse."

Since the Fed and Primary Dealers controls the bond market (for now), Rep. Paul has nothing to worry about. For now.

Cllick on graphic below and fast forward to 62 minutes in the video for exchange.

h/t An0nym0us


 


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Wed, 02/03/2010 - 13:09 | Link to Comment BlackBeard
BlackBeard's picture

How can anyone not hate that stupid stupid face?!?

Wed, 02/03/2010 - 13:28 | Link to Comment AN0NYM0US
AN0NYM0US's picture

This   link  takes you directly to the clip

 

Wed, 02/03/2010 - 16:18 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

His smile is a tell.

Wed, 02/03/2010 - 13:29 | Link to Comment bugs_
bugs_'s picture

You just know he is saying F.Y.VERY MUCH.

Wed, 02/03/2010 - 13:35 | Link to Comment Ripped Chunk
Ripped Chunk's picture

Reminds me of a kid I went to school with that cheated on most of his exams.  I didn't really think about the moral aspect of it at the time.

Now I think about it every day.

Wed, 02/03/2010 - 14:22 | Link to Comment TraderMark
TraderMark's picture

that was my first thought as well

 

"would you trust this smile"?

I've seen it as used car lots.

Wed, 02/03/2010 - 14:31 | Link to Comment TraderMark
TraderMark's picture

geez, I thought that photo was just Tyler grabbing the most swarmy screen shot he could to make Geithner look silly.

 

But he has that damn smile on for half the 3 minute clip with Ryan.

As an aside I saw Ryan in 2008, in a few interviews and my first thought was GOP candidate for Prez in 2016.

When the bond vigilantes finally come visit the US this will be a helpful clip for him.

Wed, 02/03/2010 - 15:20 | Link to Comment Anonymous
Wed, 02/03/2010 - 20:34 | Link to Comment Gilgamesh
Gilgamesh's picture

Mark, it's in the plans.

Could you write him a note an encourage him to run for the Senate this year, and kick out the jackass in the seat now?  It would help him in the run for Pres in '16, but he is getting advice to the opposite from his handlers...  Every little bit from national voters helps.

Wed, 02/03/2010 - 16:19 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

His "Jack".

Wed, 02/03/2010 - 19:53 | Link to Comment Anonymous
Wed, 02/03/2010 - 13:09 | Link to Comment tenaciousj
tenaciousj's picture

Ever think there was a point where Geithner was looking around the room for the sucker they were gonna throw under the bus, then realized... 'oh shit'

Wed, 02/03/2010 - 13:26 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

I love the "sucker at the poker table might be you" analogy. I personally think all the so called "public" faces (Bernanke, Geithner, various political critters including Obama etc) are the actual suckers or patsies. The real power behind these people never ever show their faces to the world.

Wed, 02/03/2010 - 13:39 | Link to Comment Ripped Chunk
Ripped Chunk's picture

"The real power behind these people never ever show their faces to the world."

Cuts down on tax audits from rouge IRS employess with an axe to grind.  Oh yea, also cuts down on assasination attempts.

Wed, 02/03/2010 - 13:58 | Link to Comment Anonymous
Wed, 02/03/2010 - 14:04 | Link to Comment Anonymous
Wed, 02/03/2010 - 15:28 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

There are many many levels and they ebb and flow over the centuries. If a Rumsfeld or GHWB comes onto the scene, they simply have been given the keys to a larger more powerful vehicle for whatever reason.

IMHO the face of the "real" power is never ever exposed to the public and rarely if ever exposed to the patsies, regardless of the level the patsy currently occupies. They are simply controlled by the patsy above, who also has a master(s) to answer to. We are all just cogs in the mechanism. Some are more powerful than others and thus enjoy more of the perks. The illusion of self control is itself the most powerful control mechanism in the world.

Wed, 02/03/2010 - 17:03 | Link to Comment Ripped Chunk
Ripped Chunk's picture

So how to fix?????

Any one with a suggestion?

When I post what I think the answer is, I get booed off the stage.  Look closely at the history of these people and you will see that the tools that they use to gain and maintain power, are the same ones that will be needed to destroy them.

 

Wed, 02/03/2010 - 17:43 | Link to Comment viahj
viahj's picture

Kinda like in the movie "Trading Places"?

Wed, 02/03/2010 - 19:37 | Link to Comment Ripped Chunk
Ripped Chunk's picture

"Going around shootin' people in the kneecaps just because you are pissed at em' won't work. That's called assault with a deadly weapon. You'll get 20 years for that shit" 

Wed, 02/03/2010 - 13:28 | Link to Comment gmrpeabody
gmrpeabody's picture

+1

Wed, 02/03/2010 - 13:15 | Link to Comment John McCloy
John McCloy's picture

Hes has been at the Lee Strassberg School of acting the past few weeks. They have been coaching him with two prime retorts to everything:

1) We inherited this. (This way anytime a clip is shown to on prime time if ever the democrat subliminal "Blame it on Bush M.O." remains visible..AKA deflection from Pres. Obama administration.

2) Timmy G's favorite lately. "And If you will join us". He says this 45 times per hearing. Nobody needs to join you . We need to boot you and prosecute you for stealing from the Treasury. It is treason pal.

Wed, 02/03/2010 - 13:35 | Link to Comment faustian bargain
faustian bargain's picture

The "we inherited this" line is especially rich, given his prior position.

Wed, 02/03/2010 - 13:45 | Link to Comment TheGoodDoctor
TheGoodDoctor's picture

Yeah it would be great if he had a Freudian slip saying "We created, er inherited this."

Wed, 02/03/2010 - 13:58 | Link to Comment WaterWings
WaterWings's picture

+1

We'll never know if that pink elephant was left out on purpose.

Separately, Geithner doesn't seem to take much time on personal grooming. Look at those teeth!

Wed, 02/03/2010 - 15:14 | Link to Comment ratava
ratava's picture

normal teeth, you just watch too much tv

Wed, 02/03/2010 - 16:41 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Didn't you read the memo? Everything on TV is normal and what you experience in "life" is abnormal. This is why you must purchase everything advertised on the tube and become intimately involved in the personal life of every single person you see on the tube.

I know that sounds totally silly when written but for the average Joe, as much as they claim to know the difference between TV and reality, they consistently have difficulty recognizing the difference.

There were some interesting experiments done shortly after brain scans became advanced enough to watch the brain "work" in real time. The subconscious can't tell the difference between real and TV. To the unconscious mind, they are the same thing. This is because the unconscious mind has no filters or ability to tell the difference between the two. And our unconscious mind is the controlling entity in our day to day experience.

So when a person is shown a real object while the brain is being scanned, certain parts of the brain light up with activity. When the person sees a picture of the same object, the same parts of the brain light up. When a person holds a real object in his hand, certain parts of the brain light up. When the person sees a picture of him or herself holding an object, the same parts of the brain light up.

There is no difference between real and fake to the unconscious mind, which is one of the reasons dreams are real to the (now conscious) unconscious mind. This is why advertising and propaganda are so effective. I've been studying this for months. It explains a lot of what's going on and why we as a nation are not resisting these bastards.

Wed, 02/03/2010 - 17:31 | Link to Comment WaterWings
WaterWings's picture

+1

This isn't just neat-o information, CD. You've hit upon one of the most important topics ever! in human history.

It explains a lot of what's going on and why we as a nation are not resisting these bastards.

And why they also feel so much smarter and snarkier than you whenever you tell them things are going to get ugly pretty soon. Television makes me sick: nothing but sarcasm padded with car and mattress-liquidation-sale commercials. Whenever our fellow komrads are surfing the interwebs it's Facebook, email and "news" like this:

http://www.zimbio.com/The+50+Most+Infamous+Female+Teacher+Sex+Scandals/a...

If only they knew the Mogambo "Freaking" Guru is back!

 http://dailyreckoning.com/2010-us-budget-strains-the-printing-press/


Wed, 02/03/2010 - 17:32 | Link to Comment faustian bargain
faustian bargain's picture

I repost relevant news stories - and the occasional zerohedge posting - on facebook often. I'm guessing most of my facebook 'friends' think I'm a little eccentric by now.

Wed, 02/03/2010 - 18:21 | Link to Comment WaterWings
WaterWings's picture

I think most of my friends and family blocked/deleted me a long time ago. Facebook is my soapbox - not my recipe exchange tool. If I want to exchange recipes with someone I ply her with alcohol first. Months later she is probably explaining to her friends, "My ex-boymonsterfriend would only talk about the economy, machine guns, and the Gaza Strip. What planet was he on!"

Wed, 02/03/2010 - 17:33 | Link to Comment merehuman
merehuman's picture

I submit , thoughts create, negative attitude = negative thought

negative thought = negative reality being created.

Some folks hear the same song all day= and fail to change it.

No effort is made to teach our  children to watch and guide those thoughts, nor do we as adults perfect our ability to manage our emotions. We are still children in many ways. Even those who pull the strings of power.  

Being human is only  one part of being alive. I see myself as a unit of awareness and the human i can become is a managed asset led and powered by the greatest asset... LOVE.

Lets change  OURSELVES , recognize when we have enuff, share when we have too much.

The real world is not built on money but on TRUST. Without love of self theres no honor therefore no trust.

 

Wed, 02/03/2010 - 17:57 | Link to Comment boiow
boiow's picture

+108

Wed, 02/03/2010 - 18:34 | Link to Comment Anonymous
Thu, 02/04/2010 - 03:36 | Link to Comment WaterWings
WaterWings's picture

+1

Hey, MH! No yoga mats here!

Wed, 02/03/2010 - 13:17 | Link to Comment percolator
percolator's picture

Oh, how I'd love watch someone waterboard Timmy to get the truth out of him.

Wed, 02/03/2010 - 13:28 | Link to Comment Cpl Hicks
Cpl Hicks's picture

I bet he would spill his guts as soon as you started to bend a pinky finger back.

Wed, 02/03/2010 - 14:25 | Link to Comment Ripped Chunk
Ripped Chunk's picture

No doubt. He is informer to the bone and a total pussy. 

Makes you wonder why they picked him? Don't. He has been the sacrificial lamb that knows only enough to get himself jailed. And that has been the plan from day 1.

Wed, 02/03/2010 - 14:31 | Link to Comment Anonymous
Wed, 02/03/2010 - 17:04 | Link to Comment Ripped Chunk
Ripped Chunk's picture

Lithium

Wed, 02/03/2010 - 14:39 | Link to Comment Steak
Steak's picture

The Dark Knight for President!

<Batman has no "jurisdiction." He'll find him and make him squeal! I know the squealers when I see them.>

Wed, 02/03/2010 - 15:46 | Link to Comment Miles Kendig
Miles Kendig's picture

Send Timmay and the rest to The SERE school located at Fort Bragg N.C. and let the cadre there do their job.  We would have the whole picture within 21 days.  All of it.  After all, American politicians enacted the repeal of Habeas Corpus, unlawful search & seizure, extraordinary rendition and unlimited imprisonment without trial for American citizens.  It's time these folks discovered what they enacted first hand. 

Wed, 02/03/2010 - 13:18 | Link to Comment IBelieveInMagic
IBelieveInMagic's picture

How do you cut the budget when more than half of it is pretty much untouchable that are programs continuing from the past -- every program appears to be a holy cow! Defense is the biggest of all.

Truthfully, we are all indulging in wishful thinking -- no politician is willing to offend any entrenched interests. So, the deficits can only continue to grow until the market turns on them. Then, they will hopefully get the cover to perform the painful reform required. Until that point in time, we are just venting!

 

Wed, 02/03/2010 - 14:06 | Link to Comment Anonymous
Wed, 02/03/2010 - 14:33 | Link to Comment BS Inc.
BS Inc.'s picture

How do you cut the budget when more than half of it is pretty much untouchable that are programs continuing from the past -- every program appears to be a holy cow! Defense is the biggest of all.

Yes. Institutional economics predicts that small groups of extremely interested people will almost always be able to mount a defense of their interests against taxpayers, who are too diffuse to band together to stop the small group. Employees of these programs constitute just such a small group and the Congress members who "own" the programs are not about to see the programs cut and their little fiefdom dismantled.

I mentioned the other day that there are still "emergency" farm programs from the Great Depression era.

Mancur Olson and the "public choice" economists had this phenomenon nailed already in the 1960s, it's just that, at the time, it seemed like the game could go on forever. Well, right about now is the practical equivalent of the end of "forever". Either that, or we're going to go full-on Japan-style Keynesianism and screw ourselves even more so that a few million government employees can keep their Ponzi going.

Wed, 02/03/2010 - 15:09 | Link to Comment John117
John117's picture

Uh, hello.  800 lbs Gorilla in the room over here.  Hello!

By  "small groups of extremely interested people", I suppose you mean the 57.6 million people who received a Social Security check in Dec 2009 , or the 44.8 million who received Medicare payments in Feb 2008 (latest # I could quickly find)  or the 58.7 million Medicaid enrollees in 2009.

We need a serious discussion on how to dramatically change our entitlement system.  EVERYTHING ELSE, including the defense budget, is peanuts in comparison.  Dave Walker is right.  In less then 10 years, growth in these three budget line items crowds out ALL non-discretionary spending, ALL.  And we're not even talking about then because they are sacred cows.

OK, Thank you.  You can all go back to complaining about Goldman Sachs & HFT now.  

 

Wed, 02/03/2010 - 15:22 | Link to Comment BS Inc.
BS Inc.'s picture

By  "small groups of extremely interested people", I suppose you mean the 57.6 million people who received a Social Security check in Dec 2009 , or the 44.8 million who received Medicare payments in Feb 2008 (latest # I could quickly find)  or the 58.7 million Medicaid enrollees in 2009.

To a certain extent, you are correct. However, let's not forget that the attempts at reforming those programs are constantly thwarted by the "custodians" of the programs themselves, who muddy the waters with propaganda of old folks being thrown out into the streets or living in poverty if even a penny of those programs is touched. Notwithstanding the fact that, yes, there would need to be periods of grandfathering-in to ensure that people were not left destitute, over the long-run, dismantling those programs is in the interests of everyone. Everyone except those in the Federal government who derive their power from those programs, of course.

So, the trail does lead back to that "small group of people". The small group just happens to have persuaded a much larger group that the programs are "sacred cows".

Wed, 02/03/2010 - 15:59 | Link to Comment Anonymous
Wed, 02/03/2010 - 14:55 | Link to Comment faustian bargain
faustian bargain's picture

The only thing that politically allows the profligacy to continue, decade after decade, is the Fed's printing press. If massive government spending were forced to be covered by actual taxes (not invisible inflation taxes), you can bet those policies would be heavily curtailed due to a highly stressed population of taxpayers. The taxpaying middle class has gotten off easy for a long time, which is why more of them are not vocal in opposing ever-expanding government.

Please note that I am not in favor of raising taxes, but rather of rational accounting and of ending destructive monetary policy.

Wed, 02/03/2010 - 15:01 | Link to Comment docj
docj's picture

Well, how's that working for California?  The US writ-large is probably only about 2-3 years behind Cali on the road to default, and Cali will likely be there before we know it.

Wheeeeeeeeeeeeeeeeeee!!

Wed, 02/03/2010 - 15:13 | Link to Comment Anonymous
Wed, 02/03/2010 - 13:24 | Link to Comment economessed
economessed's picture

Ah Pauly, Pauly, Pauly, thanks for the great show.  I appreciate you representing the disgust that I've expressed to you numerous times over the past few years on the plane bewtween Milwaukee and DC and to your staff on practically a weekly basis.

But until you step up and tell the white hairs you back here in SE Wisconsin that we're going to have to means-test or cut their Social Security, Medicare and substantially reduce Pentagon spending, you're just another member of the cast in the great DC theater.

PS -- you're NEVER going to live down that TARP vote.

OH, and Timmy -- resign now.  You're a parasite.

Wed, 02/03/2010 - 14:17 | Link to Comment Anonymous
Wed, 02/03/2010 - 13:25 | Link to Comment glenlloyd
glenlloyd's picture

That face just begs to be punched....really, I mean it.

Wed, 02/03/2010 - 13:37 | Link to Comment faustian bargain
faustian bargain's picture

If he ever ventured out into the real world without bodyguards, I wonder what would happen.

Wed, 02/03/2010 - 14:01 | Link to Comment WaterWings
WaterWings's picture

Oh, well back in Feb '09 you still could:

http://www.youtube.com/watch?v=S4hrnbhIHDY

Wed, 02/03/2010 - 14:04 | Link to Comment WaterWings
Wed, 02/03/2010 - 14:13 | Link to Comment TheGoodDoctor
TheGoodDoctor's picture

The chicken at the end was hilarious.

Wed, 02/03/2010 - 14:49 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

"The right chicken for the wrong bank."

Wed, 02/03/2010 - 15:31 | Link to Comment BS Inc.
BS Inc.'s picture

That face just begs to be punched....really, I mean it.

When I see a face that effects me that way, I don't imagine punching it, I imagine shoving a rifle butt into it REAL hard.

Bill Ayer's mugshot from the 1960's always makes me feel that way.

Wed, 02/03/2010 - 13:26 | Link to Comment Screwball
Screwball's picture

That was one of the most pathetic hearings I have ever watched, and I watched the whole thing.  These people are doing is the same thing they have done for years - play partisan politics, blame the other side, and kick the can down the road.  Both sides were guilty.  What a bunch of useless idiots, yet we pay them.  Pathetic all the way around.

CNBC is going to have Bob Corker on in a few minutes to talk about Volckers Bank plan.

 

Wed, 02/03/2010 - 13:38 | Link to Comment faustian bargain
faustian bargain's picture

We don't exactly 'pay' them. They just take our money.

Wed, 02/03/2010 - 13:51 | Link to Comment Daedal
Daedal's picture

+

Wed, 02/03/2010 - 14:52 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

"We don't exactly 'pay' them. They just take our money."

If you think about it for a minute, they've been taking it from you and I for decades through inflation, so this method is just a little more direct, more efficient really.

Productivity going up is good, right?

Wed, 02/03/2010 - 14:57 | Link to Comment faustian bargain
faustian bargain's picture

Inflation is the best thing that ever happened to governments.

Wed, 02/03/2010 - 15:05 | Link to Comment WaterWings
WaterWings's picture

Because you can't fake gold!

Wed, 02/03/2010 - 15:36 | Link to Comment Miles Kendig
Miles Kendig's picture

Productivity going up is good, right?

If productivity means looking busy then I suppose the tweakers would agree.

Wed, 02/03/2010 - 13:27 | Link to Comment lsbumblebee
lsbumblebee's picture

Wow. He sure is being grilled. What a grilling. I bet he gets grilled all the way back to his seat behind his desk at the Treasury Department.

Wed, 02/03/2010 - 13:42 | Link to Comment Anonymous
Wed, 02/03/2010 - 13:44 | Link to Comment Segestan
Segestan's picture

Cutting cost is near impossible.. a small example is a quote from ...John Monks will declare to the President of the European Council: “We are extremely concerned that Governments will exit prematurely from the stimuli packages which have been applied since the crisis started and that precipitate action will retard growth and further increases in unemployment. European trade unions sent a letter to their Heads of government with a clear message: You have saved the banks, now save the jobs”.

 And this is only a trade union. just imagine the special interest demands of minorities of every ilk.

Wed, 02/03/2010 - 14:16 | Link to Comment Rick64
Rick64's picture

 This is just another ruse to supply the banks and make the citizens think they are going to get some relief. There was no transparency with the money congress already approved. Where did it go? Will this time be any different? There is already enough money in the budget. We just need to get rid of the dirty politicians and balance it. None of the government agencies work effectively or efficiently.

Wed, 02/03/2010 - 14:16 | Link to Comment Miles Kendig
Miles Kendig's picture

Give me leave to rail at you, -
I ask nothing but my due:
To call you false, and then to say
You shall not keep my heart a day.
But alas! against my will
I must be your captive still.
Ah! be kinder, then, for I
Cannot change, and would not die.
Kindness has resistless charms;
All besides but weakly move;
Fiercest anger it disarms,
And clips the wings of flying love.
Beauty does the heart invade,
Kindness only can persuade;
It gilds the lover's servile chain,
And makes the slave grow pleased again.

John Wilmot

Wed, 02/03/2010 - 14:21 | Link to Comment JR
JR's picture

Unlike Tennessee Ernie, “deeper in debt” after loading “16 tons of No. 9 coal,” Americans DO NOT owe their SOUL “to the company store.” 

Clearly our citizens didn’t sign up to ride with a cattle drive headed to oblivion.  Years of graft, theft, criminally applied inflation, government lies and manipulation of a political system by oligarchs and their toadies—the likes of Geithner—have steered the good ship American Empire toward the ultimate debt iceberg.

What happens when we strike the massive ice stretching for miles in the deep: who says our leaders are NOW giving us the true picture?

Like Shaw once warned the English:

The captain is in his bunk, drinking bottled ditchwater; and the crew is gambling in the forecastle.  She will strike and sink and split.  Do you think the laws of God will be suspended in favor of England because you were born in it?

Americans can’t have a government run by oligarchs and recipients.  The rich aren’t going to pay.  The poor have become an enormous mass of subsidized voting-power. And the middle class can’t pay.

Investment bankers are looting the Treasury. Government spending is swallowing 38 percent of GDP, annual deficits are hitting 10 percent of GDP; the debt ceiling heads for $15 trillion and the Congressional Budget Office says we’re on track for the debt to equal 100 percent of national income within this decade.

Here’s my question:  What will Americans say when the invoice for the debt finally means liquidation of their assets, and an all-consuming federal garnish on salaries, savings and retirement funds?  If the government slips into receivership what will citizens do?

Probably they will force a long overdue political sea change, install leaders who tell the truth and truthfully represent them.  This foundation will include a transparent sound currency system without the private Federal Reserve.

And, let’s face it, it will mean walking away from all that debt, tearing up those sheets of paper with the legal words crafted to steal the American dream and stuff the pockets of the white shoe burglars.

Does America owe its soul to the gang who would write “Federal Reserve Note” and THIS NOTE IS LEGAL TENDER next to the picture of the father of our country?  No.

Wed, 02/03/2010 - 14:42 | Link to Comment Anonymous
Wed, 02/03/2010 - 14:47 | Link to Comment Anonymous
Wed, 02/03/2010 - 15:05 | Link to Comment WaterWings
WaterWings's picture

Ordo Ab Chao

Wed, 02/03/2010 - 14:55 | Link to Comment WaterWings
WaterWings's picture

The funny thing about politics is you generally have two groups of people:

Those that just want to be left alone, and those that envy their possessions.

As the ranks of the those that justify looting swell to the point of bursting the former group will be galvanized into action - what, pray tell, is the catalyst?

Wed, 02/03/2010 - 19:42 | Link to Comment Shortbus Bully
Shortbus Bully's picture

Historically, I'd say, it is agents of the latter shooting individuals of the former dead in the streets.

Thu, 02/04/2010 - 03:41 | Link to Comment WaterWings
WaterWings's picture

Instead of the Sysphean rock it's Lucy and the football from Peanuts

Wed, 02/03/2010 - 14:26 | Link to Comment Anonymous
Wed, 02/03/2010 - 14:31 | Link to Comment Anonymous
Wed, 02/03/2010 - 14:43 | Link to Comment Anonymous
Wed, 02/03/2010 - 17:21 | Link to Comment Anonymous
Wed, 02/03/2010 - 14:49 | Link to Comment Anonymous
Wed, 02/03/2010 - 14:58 | Link to Comment WaterWings
WaterWings's picture

China already knows they ultimately only have one option: In Coming Big Mess

Wed, 02/03/2010 - 15:02 | Link to Comment faustian bargain
faustian bargain's picture

+1

Wed, 02/03/2010 - 15:17 | Link to Comment boiow
boiow's picture

"It will be sudden, painful and completely unpredictable"   

.this 'black swan' thing keeps cropping up. might even read the book.

Wed, 02/03/2010 - 15:35 | Link to Comment faustian bargain
faustian bargain's picture

I enjoyed it. Really thought-provoking, and Taleb is fun to read. IMO

Wed, 02/03/2010 - 16:02 | Link to Comment Screwball
Screwball's picture

I'm glad to hear that.  His book is next up on my list from the library.   Just finished Too Big To Fail.  Not bad, but not what I expected.

Wed, 02/03/2010 - 18:51 | Link to Comment Daedal
Daedal's picture

I also recommend "Fooled by Randomness" which was Taleb's first. In fact, I just finished it a few days ago, and am currently reading "Black Swan".

Another must read is "More Than You Know" by Mauboussin

Wed, 02/03/2010 - 16:19 | Link to Comment Anonymous
Wed, 02/03/2010 - 17:48 | Link to Comment merehuman
merehuman's picture

in one hundred years....

Just brilliant deduction ANON. Thanks

Wed, 02/03/2010 - 16:57 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

"I expect documents to come to light that will show that Geithner and Summers did the WTO negotiations on behalf of the industry and viewed the completion as a 'deliverable' to their financial constituents. How can Obama say, while Summers and Geithner are his team, "if the banks want a fight, I am ready to fight them"?

http://www.newdeal20.org/?p=8015

Wed, 02/03/2010 - 17:07 | Link to Comment Anonymous
Wed, 02/03/2010 - 18:00 | Link to Comment faustian bargain
faustian bargain's picture

There's a subclass of 'foreseeable' black swan events called grey swans. If I understand correctly, these are the high-impact events that you know are possible (even if unlikely), and therefore you are able to exploit or protect against. I think a currency collapse, sovereign default, taxpayer revolt, bank runs, etc., those might be considered grey swans.

Wed, 02/03/2010 - 17:25 | Link to Comment Anonymous
Wed, 02/03/2010 - 18:08 | Link to Comment nopat
nopat's picture

SecTreas: "We're going to solve our part of the mess we inherited..."

There you go folks, that's the crux of the issue here.  They inherited a problem of which they have ZERO responsibility or accountability, nevermind the fact they were hired to take care of it.  That, my friends, is your government.  Fucking assbags, the whole lot of them.  Tar, feathers, torches, pitchforks.

The time is now.

Do NOT follow this link or you will be banned from the site!