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Rosenberg Blasts Spare Tires And "Fast Money"... Oh And The 1987-Comparable Market

Tyler Durden's picture




 

David's observations on a continuously technically driven market:

Yesterday’s sharp and broadly based decline in the equity markets was the worst session since April 20 of last year. The S&P 500 is now down 7.6% from the mid-January peak and the Asia-Pacific market is just 40 basis points shy of seeing a 10% correction after having its worst session in 10 weeks; emerging market equity funds lost $1.6 billion in net redemptions in the past week, the largest outflow in nearly six months. Financials were clobbered 4.2% and led the decline, though basic materials weren’t too far behind. Volume swelled as all the major averages fell off — not a good sign for the bulls.

This is a stock market that is as overpriced as it was heading into the October 1987 crash and as the case back then, it wasn’t about the fundamentals but about policy discord between the U.S., Japan and Germany. A market priced for perfection requires perfection on all fronts.

Then Rosie finally lets the Fast Money momentum tzars have it:

I went for a 5km run at the club I recently joined (I aim to lose 30 pounds ASAP just to get back to being fat again, and the 30 pounds after that will finally take me back to my college days). Fast Money came on the tube and it was almost laughable to see them all grappling for the reasons why the selloff occurred. China here. Greece there. No, sorry. Remember Bob Farrell’s eleventh rule: “it’s the news that makes the market; not the other way around.”

The comments on Fast Money were that the fundamentals hadn’t changed — this selloff is pure emotion. Really? We had a 70% rally from the March low in advance of any serious turn in the economic data — this was purely a bear market rally that was rooted in the technicals (and short coverings). How do we know? Because at the January 19 high in the S&P 500 of 1150 it had completed a 50% retracement off the slide from the October 2007 highs to the March 2009 trough.

And near term-targets:

Now, since this is a technically-driven market, we are bound to get a 50% reversal of the bear market rally, which would take us to 912 on the S&P 500 — so keep your seatbelts on. We had been warning for a while that too much complacency had set in, and what happens when the market shoots up 70% without taking any serious break along the way? Investors tend to believe that we are into some sustainable new parabolic bull run.

Meanwhile, its seems that Mr. Market had already started to top out back in mid-September, yet so many pundits still believed we were still in the throes of a bull phase market even though a vivid topping formation was becoming increasingly evident. How about that slide in bond yields yesterday? In the realm of technical analysis, a break towards 3.2% on the U.S. 10-year Treasury note yield cannot be ruled out over the near-term.

We are still long-term fans of the commodity complex and precious metals but again, the charts are indicative of a further correction in coming weeks and months so keep your powder dry and be ready to add to long-term positions in the areas of the investment arena that are in secular bull markets.

The U.S. dollar has broken out on the upside, and while this is more a reflection of the problems overseas than anything overly encouraging state-side, the charts again are telling a story of a flight-to-safety not unlike what we experienced in late 2008 and early 2009. It is a countertrend rally in the greenback but this could last a while longer — the DXY tested the 90 threshold in the last such up-move nearly a year ago, which would imply another 10% rise from current levels (ie, this countertrend rally may only be 40% of the way done).

Again, countertrend rallies in the U.S. dollar are not generally associated with upward movement in the commodity complex, so expect to see further near-term declines in the resource space. Although the chart of gold against the euro and many other currencies still looks quite constructive.

Lastly, Rosie on the "productivity fugde" and deflation's ugly head:

U.S. productivity growth came in at a startling 6.2% annual rate in Q4, and this followed a 7.2% spurt in Q3 and a 6.9% runup in Q2. At no point in the past five decades has productivity risen so sharply over a three-quarter period — up at a 6.7% annual rate. And, look at the pattern since the third quarter of 2008: -0.1%; +0.8%; +0.3%; and then all of a sudden +6.9%; +7.2%; and +6.2%. Somehow, with no capital deepening during the 2002-07 expansion and no innovation to speak of (sorry, but iPhones don’t cut it), we are seeing a productivity burst that is almost without precedent.

Despite the loss of 452,000 jobs in the final quarter of the year, output in the nonfarm business sector exploded at a 7.2% annual rate. This is indeed the Houdini recovery. And with the downward revisions to employment, these productivity numbers are likely to show double-digit gains and make a mockery of the advances we saw during the tech revolution of the 1990s. Catch my drift — GDP growth is dramatically overstated and by perhaps as much as three percentage points.

But there were deflation thumbprints all over yesterday’s quarterly productivity report. Real compensation per hour sagged a 1.9% annual rate. Unit labour costs as a result, and this is a key fundamental driver of the inflation process, fell 4.4% at an annual rate and are flat or down now in each of the past four quarters.

Even if we believe that productivity gains are being overstated by mis-measured GDP data, unit labor costs are still contracting. On a year-over-year basis, unit labour costs are -2.8% and only five times since 1948 has the trend been this weak. This is about deflation, not inflation.

If demand growth is really being seen as organic or sustainable by the business sector, then someone has to explain why it is that in the allegedly best quarter for the economy in six years, the corporate price deflator failed to rise in Q4. It was a goose-egg – 0.0% — and the year-over-year trend is a mere 0.7%, which is less than half the pace of a year ago (+1.6%) when practically everyone thought the world was coming to an end. At least the last time we saw a GDP print like 5.7% we had some modicum of pricing power — the business deflator was up at nearly a 2% annual rate. Not zero.

We went into the databank, and back to 1947 we have seen plenty of times when output growth rose at over a 7% annual rate in any given quarter — over 60 times in fact. But never before has happened in the context of declining employment — normally such growth in output is met by a 650,000 quarterly increase in employment, not a decline in excess of 400,000 As we said, it’s the Houdini rabbit-out-of-the-hat recovery.

 

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Fri, 02/05/2010 - 13:53 | 219240 godfader
godfader's picture

Rosie has been skeptical of this rally right about when we passed 750 on the SPX. Every two dozen points up was greeted by his typical "momentum driven rally" and "equities are overvalued" analysis. He claimed the SPX has topped out at like 800, 900 and 1020. He was dead sure every time. And now I'm supposed to listen to this lunatic after we dropped from 1150 to 1050? Right.

Fri, 02/05/2010 - 14:07 | 219257 Mr. Anonymous
Mr. Anonymous's picture

BS.  He was calling a rise to +1150 in September. 

Fri, 02/05/2010 - 15:47 | 219481 godfader
godfader's picture

Non-sense. He was delusional all the way up. Every 4% in the Spooz he said we "finally topped out". Rosie may be a fine economist but this clown couldn't trade his rear end out of a wet paper bag. He should keep his comments to analysing NFP/GDP/ISM etc. instead of trying to make sense of the SP500 gyrations.

Fri, 02/05/2010 - 16:48 | 219639 reading
reading's picture

You obviously don't read his reports as he has said the whole time that the market could continue higher...

Fri, 02/05/2010 - 14:13 | 219270 Wynn
Wynn's picture

Fast Money @ 5, and Mad Money @ 6

Go get some

Fri, 02/05/2010 - 13:54 | 219241 20smoney
20smoney's picture

Great comments.  Love me some Rosie.

Fri, 02/05/2010 - 13:54 | 219242 ATG
ATG's picture

The market that makes the news?...

Fri, 02/05/2010 - 14:00 | 219249 Cognitive Dissonance
Cognitive Dissonance's picture

Poor Rosie, speaking facts, figures and common sense when all around him, delusion runs rampant. I'm amazed at the personal fortitude this man exhibits because it takes a brave and confident soul (or the ultimate in delusional belief) to stand against "conventional wisdom" and speak truth to power.

Either that or a long term contract for big bucks regardless of what you say. I vote the former because big bucks never equals a strong back and intestinal fortitude. Big balls can't be bought, only owned from birth. Not to worry, it appears the markets are returning to the mean. Fasten your seat belts, the next few months are setting up to be a wild ride.

Fri, 02/05/2010 - 14:10 | 219262 bokapita
bokapita's picture

You speak true, mighty CD

Fri, 02/05/2010 - 19:06 | 219896 gmrpeabody
gmrpeabody's picture

+10

Fri, 02/05/2010 - 15:19 | 219403 Master Bates
Master Bates's picture

I do agree with you, and I believe that the fundamental reasons that this market have been going up are B.S...

With that said, you can't make money trading the truth.  Only technicals and sentiment.  News is B.S., and the truth certainly has become more and more B.S. to the markets.
Anybody who thought this market was going higher at 1150 never saw a chart in their life.  It was obvious that the rising wedge was reaching its endpoint at that point.  The second it broke that trendline was an obvious point to short.
Now, we'll see a drop to a reasonable technical level, probably a 50% fib, and then it's time to wait and see where the market goes from there.

I learned early on in my trading (and I'm relatively new to this) that if you go against the herd "the market can stay irrational a lot longer than you can stay solvent."
Now I just look at pretty little graphs and make pretty good calls based on that.  If I were to try to guess and trade based on what B.S. news came out, I'd be broke...

Fri, 02/05/2010 - 14:05 | 219255 yabs
yabs's picture

godfader
yes you are and he is not a loonie

Fri, 02/05/2010 - 14:15 | 219273 MinnesotaNice
MinnesotaNice's picture

The time has come where reality intersects with delusion... Oz has run out of levers to pull... and we all have the unlimited ride wristband for Bernanke's self-designed amusement park... my guess is that we will overshoot to the downside his expectation of 912 on the S&P... simply because of the wild swings we have seen both ways in the past 1 1/2 years.

Fri, 02/05/2010 - 14:31 | 219300 MsCreant
MsCreant's picture

Glad to see you post. I feel so manipulated these days that I don't even trust a good crash when I see it.

Fri, 02/05/2010 - 14:50 | 219341 Cognitive Dissonance
Cognitive Dissonance's picture

Amen MsCreant.

Being gun shy is a natural reaction to numerous market pushes higher over the past 10 months that should have sold off more than they did. It demonstrates the power of the manipulators, who will retain emotional power over us much longer than we care to admit. This residual tendency to flinch will be used to manipulate us even further.

This is the nature of trauma based mind control techniques and as much as we are aware of it, it still doesn't change the tendency to cover up when the abusive spouse clenches the fist and raises the arm in what appears to be another beating about to be delivered. 

Fri, 02/05/2010 - 14:58 | 219357 MsCreant
MsCreant's picture

Can't tell what is real anymore. And that, too, could be a desired effect. Can keep you trapped in the paralysis of analysis. Always good to see you around too.

Fri, 02/05/2010 - 15:19 | 219402 bruiserND
bruiserND's picture

"Can't tell what is real anymore"

Sure you can, it was a crisis by design a "controled demolition" orchestrated by economic hit men, now your picking through the rubble to find food.

http://www.youtube.com/watch?v=MPjMUg9bt_I&feature=player_embedded

http://www.takeitbackday.org/

Follow us daily

Fri, 02/05/2010 - 15:21 | 219409 Master Bates
Master Bates's picture

The only thing that is real is the present.  The past doesn't matter, and the future is anybody's guess.

This is the most important lesson I've learned about the markets.

Fri, 02/05/2010 - 16:56 | 219664 carbonmutant
carbonmutant's picture

The Fog of War...

Fri, 02/05/2010 - 19:34 | 219935 Landrew
Landrew's picture

"Can't tell what is real anymore. And that, too, could be a desired effect. Can keep you trapped in the paralysis of analysis." MsC

It's good to know I don't feel this way alone. I have simply stopped trading, not knowing which gov. entity will corrupt the trade with more debt and bailout or destroy an otherwise well run company. As the old saying goes I don't have enough money to make sure I am right.

Fri, 02/05/2010 - 15:16 | 219384 MinnesotaNice
MinnesotaNice's picture

Hey MsCreant... perhaps this is an engineered sell-off... or simply a battle of wills between the Administration and the banks... we aren't going to help you pump up the market if you are going to impose burdensome regulations... the ultimate game of chicken :-)

Fri, 02/05/2010 - 15:23 | 219412 Master Bates
Master Bates's picture

Nah, the HFT's work off of algos tied to technical analysis and sentiment.  I don't think that anybody is purposely engineering this sell off.  I think that the technicals directed it, and the action of the other HFT's just accelerated it.

To win against a computer you have to think like one.  Fortunately, computers only know the same math and logic that humans know.  To masters those fundamentals is to be successful.

Fri, 02/05/2010 - 14:38 | 219316 Ned Zeppelin
Ned Zeppelin's picture

It's June 1944 and Reality has just hit the heavily defended beaches of Normandy. But still a long way from Berlin. There will be ups and downs, Godfader, but the upward trend was unsustainable. The downward trend is just gathering steam.  But no doom and gloom, it will just revert to something more closely reflecting reality, that's all.  Rosie has been trapped in the same place as many a ZHer - the facts and fundamental say "zig", the market goes "zag."  Perplexing to be sure, and one that has illustrated at least two good trading rules: don't fight the Fed, and the trend is your friend.  Rosie got it right, but he does not control the timing of when reality bites back.

Fri, 02/05/2010 - 14:57 | 219353 MsCreant
MsCreant's picture

I enjoy your comments.

Fri, 02/05/2010 - 19:17 | 219910 gmrpeabody
gmrpeabody's picture

+10

Fri, 02/05/2010 - 14:30 | 219298 Hephasteus
Hephasteus's picture

This week on Fast Money we discuss various economic engines.

http://www.youtube.com/watch?v=3VXEDUVkbt8&feature=related

Fri, 02/05/2010 - 14:32 | 219302 Paul S.
Paul S.'s picture

Do you think its a coincidence that the market started tanking after BO attacked HFT?  I can give it to you in one sentence.  Lloyd giveth, and when you attack his prop desk, he taketh away.

Fri, 02/05/2010 - 14:42 | 219325 miker
miker's picture

You are dead on with this observation.  And look what Britain is planning for banks that don't cut ridiculous comp contracts........drop their banking license.  Even though our "pay czar" says we can't do that with AIG.  Yes, I think the banks are retaliating and trying to scare Obama and Congress to back off.  Even Dodd from Conneticut voiced some concerns on Obama's goals to eliminate prop trading from banks.....likely being used as a front for Wall Street BSD's.  Should be interesting to see how far it goes down before someone blinks.

Fri, 02/05/2010 - 14:32 | 219303 pros
pros's picture

 

This economy is headed down the drain big-time,

but I do believe the productivity numbers-

in fact they're even better than rosenberg's ideas because of distortions in labor stats.

 

the fat is getting cut, big-time...I know of businesses down 30% with their staff down 70% and still alive!

think for a minute if JPM and Citi and BOA closed half their branches with huge layoffs---which they would have done except for huge govt subsidies (they're like Euro coal/steel in the '60's/'70's---corpses on govt life support)

but that efficiency is not necessarily a boost to the economy, although a near-term shot in the arm for corporate profits

it's hyper-deflationary.

productivity gains=low employment/low wages=low consumption/demand

Fri, 02/05/2010 - 14:36 | 219313 MsCreant
MsCreant's picture

So do you hold gold?

Fri, 02/05/2010 - 15:25 | 219416 Master Bates
Master Bates's picture

To hold gold in an environment where the liquidity is rapidly diminishing would be a fatal mistake.
It'd be good to hold gold if they start QE 2.0 or something like that, however...

Fri, 02/05/2010 - 15:30 | 219427 MinnesotaNice
MinnesotaNice's picture

I agree 100%... sold mine last week... but ready to buy again for the next round of QE if and when it comes...

Fri, 02/05/2010 - 17:19 | 219724 Anonymous
Anonymous's picture

It was good to have it today, Sr. Wanker.

Fri, 02/05/2010 - 14:34 | 219310 Leo Kolivakis
Leo Kolivakis's picture

What? No more Chanos on China? Bring out Rosie to spur on the ZH fleas!

(you are all so bearish, I'm surprised you still live in the US)

Fri, 02/05/2010 - 14:37 | 219315 MsCreant
MsCreant's picture

Now why are we fleas?

Fri, 02/05/2010 - 14:48 | 219335 Hephasteus
Hephasteus's picture

Diagreement heiarchy.

http://www.acceleratingfuture.com/michael/blog/images/disagreement-hiera...

People attack and defend based on capability.

It's the primal forces of understanding. You either expand understanding to ecompass the whole or you compress the whole to fit into the narrowly defined understanding. Basic thermodynamics. Or how to boil blood.

Fri, 02/05/2010 - 14:38 | 219317 Paul S.
Paul S.'s picture

Not Rosie.  The 700 point drop in the Dow.  By the way Leo, didn't you ever take a marketing class?  Calling potential readers fleas, isn't a good way to drive up clicks on your "articles".

Fri, 02/05/2010 - 14:48 | 219333 WaterWings
WaterWings's picture

Anyone without gold will feel like a flea.

Fri, 02/05/2010 - 14:58 | 219350 MinnesotaNice
MinnesotaNice's picture

Now, now Leo... just like the market can't continue going up, up, up... you can't be right forever... BTW how are those solars holding up... looks like First Solar is down 20% from its January high... and Canadian Solar is down 35%... by the way ZH fleas is really not a very endearing term for such a nice bunch of people... so when you dish it out you gotta take a little also  :-)

Fri, 02/05/2010 - 15:46 | 219477 Anonymous
Anonymous's picture

Wow, it takes a jackass of MONUMENTAL proportions to come out, as wrong as you are and have been, and not only remain smug but to THROW STONES at someone else who's yet to have been proven wrong!!!

I'm not defending the guy, i'm just calling you a jackass. You continually get proven wrong and deny the data. Rosie looks at the data, calls bullshit, says things may continue higher but the rally is being built on a foundation of unicorn farts and smiles (which will ultimately crumble).

While you sit back and ignore the larger structural picture and continue to assume this is a normal, post-war inventory recession that we will come roaring back from!

Fri, 02/05/2010 - 14:50 | 219342 for shizzle my ...
for shizzle my nizzle's picture

Sounds like Leo is ready to put on his tennis shoes.......and buy the dip ........Leo, if you ever met Chanos -- would you guys start-up a restaurant?

Fri, 02/05/2010 - 14:52 | 219347 Anonymous
Anonymous's picture

Leo, how's buying the dips working for you lately?

Fri, 02/05/2010 - 16:33 | 219573 Leo Kolivakis
Leo Kolivakis's picture

FANTASTIC!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Fri, 02/05/2010 - 15:21 | 219410 SRV - ES339
SRV - ES339's picture

Leo, Leo, please get with the program... this week it's fear of equities. So, where to go with my money? Oh, what's that you say... big T Bill auctions starting Monday... that's so perfect... a "safe haven" for my equity profits!

Lets see what happens after the auctions... why am I thinking dollar down and equities propped up again... has that happened before?

Fri, 02/05/2010 - 15:38 | 219450 Anonymous
Anonymous's picture

TD -
Can anyone care to guess how much $$$ is flowing out of the market over past few days.

I hear BenB is into "Channeling" via "outside" bidders... Feta and Olive Oil anyone?

Fri, 02/05/2010 - 15:40 | 219459 Brett in Manhattan
Brett in Manhattan's picture

Don't worry about Leo. Being a stock market guru doesn't require being right about anything.

Look at Ben Stein, who in 2007, said subprime was a tiny problem and that the financials were being given away in cereal boxes; yet, in 2010, he's still on Fox Business as an "expert."

Fri, 02/05/2010 - 15:44 | 219470 Master Bates
Master Bates's picture

They just listen to him because he was the boring teacher on the Wonder Years that SOUNDS like he is smart.

Sounding smart and being smart are two different things.

Fri, 02/05/2010 - 15:51 | 219492 Leo Kolivakis
Leo Kolivakis's picture

You guys are so wrong on the stock market, it's not even funny. You really think this liquidity rally is coming to an end? HAH! It's going to take off again in a huge way. Buy these dips, ya dorks!

Fri, 02/05/2010 - 16:29 | 219564 Anonymous
Anonymous's picture

Desperation and Despair are two stinky colognes and even worse when worn together.

Take a shower, take your losses and sit the rest of this one out, jackass.

Fri, 02/05/2010 - 16:32 | 219571 faustian bargain
faustian bargain's picture

I think you've just spent your last bit of sympathy capital.

Fri, 02/05/2010 - 16:35 | 219584 Leo Kolivakis
Leo Kolivakis's picture

Shove your "sympathy capital" where the sun don't shine and just buy them dips on solars.

Fri, 02/05/2010 - 16:47 | 219636 MsCreant
MsCreant's picture

Are you autistic? Asperger's maybe? You don't take social cues very well.

http://en.wikipedia.org/wiki/Asperger_syndrome

Alternative, you thrive on negative attention.

The way you act, you make me want to pick on you baaad, but if you are a masochist, then that is what you want.

Fri, 02/05/2010 - 16:52 | 219656 Hephasteus
Hephasteus's picture

He simply has influenza. He wants to influence and people have killer T4 lymphocytes that make the infection troublesome.

Fri, 02/05/2010 - 20:58 | 220014 reading
reading's picture

Leo, you are becoming a festering canker on this site.  Can you go back to your own blog and try to make some new friends?  

Fri, 02/05/2010 - 20:55 | 220008 reading
reading's picture

Seriously Leo, it's great that you have your opinion and I hope you trade on it to oblivion.  But could you please stop insulting readers on this site?  Your language and delivery are an insult to the intelligence of the readers who come here to read ZH.  Why don't you spend some time on your own blog?

Fri, 02/05/2010 - 23:48 | 220149 Kissy Ass
Kissy Ass's picture

I enjoy Leo's insight and comments. Leo has been right far more than Team Tyler or the dummy's like Reggie Milton.

Isn't the slogan for the parent company of ZH: "Fair and Balanced"? Leo adds balance. Let him be!

Fri, 02/05/2010 - 17:02 | 219691 carbonmutant
carbonmutant's picture

Hey Leo, Are you trying to God's work?

Fri, 02/05/2010 - 18:47 | 219855 MsCreant
MsCreant's picture

Leo should smile, I have good news. I heard God is trying to like him.

Fri, 02/05/2010 - 19:19 | 219914 Anonymous
Anonymous's picture

Why does anyone bother with him anymore. He lost me at "solar stocks" a long time ago. Just skip every one of his posts. Solar stocks? Fucking retarded.

Fri, 02/05/2010 - 19:55 | 219955 gmrpeabody
gmrpeabody's picture

Maybe Leo is trying to tell us that he believes BO and his handlers will keep the QE/printing presses working overtime. Keep the illusion going so that he/they can complete God's work before the masses wake up and spoil the party (play on words). The end must justify the means, from the look of it. Even if it means tearing down the economy for the next 50 years or so, so what? None of them will ever want for anything, or have to fly commercial again. Along the way, the rest of the world will stop financing the vision, and the $ will begin the death march back down, driving up equities, commodities, gold, cable rates, whatever is in it's path. Until it becomes a currency crisis in earnest. Good reason not to sell ALL your gold. Maybe he's right. Maybe a share of GE will hit $700, but it may take that much to buy a beer (draft at that). Is that what you're thinking Leo?

Fri, 02/05/2010 - 19:33 | 219933 Anonymous
Anonymous's picture

Fast Money is starting to look and sound like a bucketshop

and they are wrong 75% of the time

Fri, 02/05/2010 - 20:22 | 219986 Problem Is
Problem Is's picture

"Catch my drift — GDP growth is dramatically overstated and by perhaps as much as three percentage points."

Got to love that...

9.7% U3 and 5.7% GDP growth...

It IS a good thing for you President Barry O-Hoover that your vaunted Amerikan middle class are too mathematically illiterate to catch on that you are lying to their little numb nuts with numbers.

Fri, 02/05/2010 - 21:27 | 220043 I am a Man I am...
I am a Man I am Forty's picture

TYYYYYLLLEERRRRRR!!!!!

Time for Leo to go by the wayside like that other delusional troll that used to contribute for you.  You know, that guy out of Colorado.  Don't remember his name.  Intentionally forgot it.  He made me dumber and Leo is doing the same thing.  I get enough headaches from watching CNBC (have to watch it see what they are feeding the masses) and this is site is my sanity and Leo is ruining it for everyone.  Do something about this!!

Thanks and hope everyone has a superb weekend.  Even you Leo.

 

 

 

 

Fri, 02/05/2010 - 23:14 | 220134 MinnesotaNice
MinnesotaNice's picture

WRONG... Leo offers different, yet valid perspectives on our economy... and I consider him a good read (even when he makes references to ZH fleas :-)  

To do away with valid opinions which do not reinforce your own beliefs allows 'group think' to take hold... which I believe got us into this mess in the first place. 

ZH has always been a forum open to anyone with ideas they are willing to share and defend... that should never change. 

 

Fri, 02/05/2010 - 23:54 | 220152 Kissy Ass
Kissy Ass's picture

ZH has always been a forum open to anyone with ideas they are willing to share and defend

You have no idea how many people have been banned from this site do you? Tyler loves, and expects group think. WTF do you think 'flag as junk' is all about?

Sat, 02/06/2010 - 00:13 | 220163 MinnesotaNice
MinnesotaNice's picture

Actually I don't think you have any idea how many people have been banned from this site... I think you are starting an urban ZH legend here.

I have been here for a year now... and some of the more 'opinionated' people are still here... alive and well.  When I see Tyler or Marla take issue with posters... it is because they are treading on the lines of human decency or they are stepping over the legal lines putting themselves and/or ZH at legal risk.  

But if you have better information than me then share it...  

Sat, 02/06/2010 - 04:43 | 220277 WaterWings
WaterWings's picture

+1

Captcha is juuuust strong enough to keep most of the scary idiots away. I mean I'll admit I'm an idiot - I just think I have something to add every once in a while and I check my junks to make sure I'm not too drunks.

I am glad to see some of the more seasoned posters come back, MN. Despite the occasionally high noise ratio around here it's great to see "the good" have not given up on the rest of us. Merci. Cog Dis is an absolute champion. MsCreant is the mother I never had.

Sat, 02/06/2010 - 11:52 | 220402 MsCreant
MsCreant's picture

Okay, now back to bed with you young man! I know it's fun to be up at 2 in the morning, but you need your rest! And give me that bottle. I'll, er, put it somewhere safe for you... :-)

I think I'd be your teen Mom... I have a master's student who is in a Doctoral program elsewhere now and we joke I'm the teen mother he never had.

Sat, 02/06/2010 - 09:06 | 220322 chindit13
chindit13's picture

Being a trader and not an economist, I may just be ignorant of the facts.  That being said, what was the percentage of the economy represented by all the home building and kitchen remodelings and commercial real estate construction in the boom years?  Since most of that is gone, what could possibly have made up for it, plus all the collateral GDP resulting from the big paychecks of construction workers, so that we now get +5.7% growth?

I'm thinking that there's some bullshit out there.

Sat, 02/06/2010 - 11:53 | 220404 MsCreant
MsCreant's picture

Add in offshoring jobs, and production...

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