Rosenberg Goes On Offensive, Mocks Birinyi, Tells Koolaid Guzzlers To "Put It In Their Pipe And Smoke It"

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Wed, 01/05/2011 - 12:23 | 849398 Hephasteus
Hephasteus's picture

Rosie the bear swipes his paw. Oh my.

Wed, 01/05/2011 - 12:55 | 849509 unwashedmass
unwashedmass's picture

He's right, tho. We should have a contest corrupt are our markets?

Everyone nominates their favorite scam o' the day.

Mine right now is BAC -- totally negative volume, and its rising......levitating on HFT alone.

Wed, 01/05/2011 - 14:31 | 849885 pslater
pslater's picture

My favorite scam of the day - the Fed!

Wed, 01/05/2011 - 15:53 | 850108 billhilly
billhilly's picture

My favorite scam of EVERY day - the Fed!

Wed, 01/05/2011 - 13:05 | 849561 Prof Gulliver
Prof Gulliver's picture

A broken clock is right twice a day, but this fat doofus is only right once a decade. How Gluskin Sheff allows this idiot to appear in public is beyond me. It's not as if Ben was doing this in secret. He openly bragged about what he was going to do. And now Rosie complains he would've been right except for the Fed.

Wed, 01/05/2011 - 13:08 | 849569 HarryWanger
HarryWanger's picture

I've been saying this about Rosie too for some time. He just needs to go away. At this point with job creation and manufacturing rising strongly, it's time for the big bear to capitulate and admit we're in a very strong economy now.

Wed, 01/05/2011 - 13:14 | 849590 thepigman
thepigman's picture

No, Wanger, you need to go away for

being stupid.

Wed, 01/05/2011 - 14:25 | 849864 Max Hunter
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Anyone that says manufacturing is in a STRONG recovery isn't worth listening to.  Hey Harry... Some of us are directly linked to manufacturing and know that your comments are pure bullshit..  You should stop fucking lying..  There are other flavors of kool aid that are actually presentable.. Manufacturing in a strong recovery isn't even lied about on MSM.  Get a clue..

Wed, 01/05/2011 - 13:16 | 849595 tmosley
tmosley's picture

No, actually, YOU need to go away.

We are in a very strong BUBBLE right now.  The fact that you can't tell the difference between real growth fueled by capital investment from savings, and capital destructive "growth" from money printing labels you as a bag holder.  

Wed, 01/05/2011 - 13:20 | 849603 SheepDog-One
SheepDog-One's picture

'Very strong economy' HarryWanker? Just remove the QE monetizing and zero interest rate printing POMO garbage...and lets just SEE how strong it all is!

Wed, 01/05/2011 - 13:33 | 849657 homersimpson
homersimpson's picture

No one can be this stupid or ignorant. I congratulate you for the great acting job as a troll you have performed admirably the past year.

Then again, if history is any indication.. you aren't acting..

Wed, 01/05/2011 - 14:45 | 849917 Oso
Oso's picture

wow, it is just painful to read both this and the preceeding comment.  why dont you take a look around the world and then see what happens if the monetization spigot turns off. 

Wed, 01/05/2011 - 13:17 | 849597 Slim
Slim's picture

They've only been open about asset price support recently.  It didn't shock anyone much as if you've spent any time at all looking at markets, you could see it happening back in early 2009 when it was still very hush hush.

Wed, 01/05/2011 - 12:25 | 849401 TruthInSunshine
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Organic economic growth is a dead concept, like Latin. Unemployment lines are long. Keynes is the new god. Austrian Economics has been outlawed by the state. Adam Smith references are being removed from public school textbooks. Money printers have negotiated higher compensation, yet more are demanding to be paid in PMs.

Wed, 01/05/2011 - 12:40 | 849457 Bearster
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Just like they can remove gold from the official vocabulary, but not its monetary role, they can refuse to utter the truth but that doesn't change a damned thing.

Right now, I think Austrian school economics is on the rise.  Exhibit A: a recent issue of The Economist (a bastion of Keynesian/Friedmanite thinking if ever there was one) had a section on the Austrian school.

Wed, 01/05/2011 - 12:51 | 849501 Bearster
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Just like they can remove gold from the official vocabulary, but not its monetary role, they can refuse to utter the truth but that doesn't change a damned thing.

Right now, I think Austrian school economics is on the rise.  Exhibit A: a recent issue of The Economist (a bastion of Keynesian/Friedmanite thinking if ever there was one) had a section on the Austrian school.

Wed, 01/05/2011 - 13:49 | 849728 Oh regional Indian
Oh regional Indian's picture

Organic growth is dead indeed. Virulent, debt fueled growth was the norm, virulent debt fueled bust is upon us, as soon as someone will be allowed to speak the truth to the masses.

I really like this line:

"I was forever skeptical because what drove that bear market rally was phony wealth generated by a non-productive asset called housing alongside wide spread financial engineering, which triggered a wave of artificial paper profits."

Rock on Rosenberg.


Wed, 01/05/2011 - 12:24 | 849403 goldmiddelfinger
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"As far as equities are concerned, make no mistake, we are in the throes of an intense bear market rally, which is likely at the very late stage. "


He's pissed.

Wed, 01/05/2011 - 13:19 | 849601 SheepDog-One
SheepDog-One's picture

Not as pissed as the sunshine and lollipops brigades will soon be when an HFT removes 25% of your 'profits' one morning soon.

Wed, 01/05/2011 - 13:34 | 849650 Saxxon
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He got left out.  I can't hold my nose and buy AAPL, either.  The dumb money made the most money in 2009 and 2010.

Wed, 01/05/2011 - 14:20 | 849853 traderjoe
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Don't forget about gold and silver in 2010. 

Wed, 01/05/2011 - 12:23 | 849404 Gene Parmesan
Gene Parmesan's picture

It amazes me that this needs to be explained to anybody, particularly to people who work in the industry.

Wed, 01/05/2011 - 12:47 | 849485 thepigman
thepigman's picture

People who work in the industry lie

as a matter of course because they're only interested in

extracting a fee or commission from



Wed, 01/05/2011 - 13:30 | 849642 rosiescenario
rosiescenario's picture mean the sell side....the used car sales folks? They are not compensated for being honest...their bread is buttered on a different side from investors'.

Wed, 01/05/2011 - 12:23 | 849407 Trimmed Hedge
Trimmed Hedge's picture

It's okay to cry....

Wed, 01/05/2011 - 12:23 | 849408 LongSoupLine
LongSoupLine's picture

I'm sure Birinyi will respond as soon as he remeasures with his ruler and changes his Depends undergarment.

Wed, 01/05/2011 - 12:27 | 849417 TonyV
TonyV's picture

Rossie, go to Walgreens and buy some KY Jelly. You will need it.

Wed, 01/05/2011 - 13:12 | 849584 HarryWanger
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He needed it a long time ago. That 80+% rise had to be painful for him.

Wed, 01/05/2011 - 13:17 | 849592 SheepDog-One
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You Kool Aid guzzlers will be the ones needing the KY when one evening soon Bernanke decides he cant control it anymore and decides to pull the plug on futures for the ride back down due to Bernankes 15 minute 'liquidity removal button'. Got to be faster than an HFT, do ya feel lucky? Well do ya, punk?

Wed, 01/05/2011 - 13:24 | 849619 buzzsaw99
buzzsaw99's picture

Bernanke is a sociopathic douche. He will keep flooding wall street with money as long as there is breath in his stubby little body.

Wed, 01/05/2011 - 13:45 | 849703 SilverIsKing
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I'm just hypothesizing here but what would happen, if after the Fed owns all of the Treasury debt, the US Government defaults?  The Fed is owed trillions of money that it itself created out of thin air and then that debt just disappears.  Just curious as to how the dominoes would fall in such an instance.

Wed, 01/05/2011 - 15:14 | 850008 hedgeless_horseman
hedgeless_horseman's picture

In my opinion, this scenario does not get enough attention.  I have dark fears of post hoc and/or ad hoc collateral claims.

Wed, 01/05/2011 - 17:29 | 850395 cougar_w
cougar_w's picture

ad hoc collateral claims

There is a name for that: extortion

But will it be the Chinese or the British? Or just maybe the IMF, wouldn't that be just too delicious.

Wed, 01/05/2011 - 21:40 | 851248 mamba-mamba
mamba-mamba's picture

Maybe this is the plan. Sort of like a company buying back all its stock and then going private.

Wed, 01/05/2011 - 12:29 | 849425 topcallingtroll
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I hate to be such a troll but I dont care what the reason is when my investments go up. Money is money and I am going to get my share. However my finger is always poised an inch above the sell button. Going long does not have to be going stupid.

Wed, 01/05/2011 - 12:50 | 849499 Rogerwilco
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This reminds me of the scene in the movie "The Pianist". A little Jewish boy is walking around selling candy to detainees awaiting their train ride to the death camp, and he's gouging the hell out of them, not budging on the price. Finally the old man gets pissed at the kid and asks him "What are you going to do with the money?"

What good is a paper "profit" when the whole economy collapses? In a renormalization, we're looking at a 25%-40% deflationary collapse.

Wed, 01/05/2011 - 12:51 | 849502 Internet Tough Guy
Internet Tough Guy's picture

Some Madoff investors knew it had to be a ponzi but they thought they could get out in time. Are you faster than an HFT?

Wed, 01/05/2011 - 13:06 | 849559 jeff montanye
jeff montanye's picture

you have to ask yourself if you feel lucky.  well do you ...?

Wed, 01/05/2011 - 13:05 | 849555 Alex Zhyk
Alex Zhyk's picture

That's OK. As long as one knows that his currency denominated investments outgrow that currency inflation.

Wed, 01/05/2011 - 13:07 | 849563 jeff montanye
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see above re: luck

Wed, 01/05/2011 - 14:12 | 849819 Alex Zhyk
Alex Zhyk's picture

I prefer not to try my luck in gambling.

Wed, 01/05/2011 - 13:35 | 849656 rosiescenario
rosiescenario's picture

" finger is always poised an inch above the sell button..."

...uh, you might want to get a bit closer...those computers running the HFT's are quite fast as you might recall from last year's action.

Wed, 01/05/2011 - 13:37 | 849669 homersimpson
homersimpson's picture

It's people like you that give Banana Ben and Obama inspiration to manipulate the economy at taxpayer expense. Give the populace "free" or "cheap" bread from the grain stores before the upcoming drought and famine..

Wed, 01/05/2011 - 17:33 | 850404 cougar_w
cougar_w's picture

I dont care ... however my finger is always poised an inch above the sell button.

Then actually you care a great deal.

You are a gambler, not an investor. That's fine. But the gutters are paved with the corpses of gamblers.

Wed, 01/05/2011 - 12:32 | 849432 Ferg .
Ferg .'s picture

He's right with regard to equities . Pull up some weekly charts . Overall structure is still bearish .

Wed, 01/05/2011 - 12:32 | 849433 LoneStarHog
LoneStarHog's picture

What defines a Bull Market:  1) Inflating indices ... 2) Appreciating indices ... DUH!

Wed, 01/05/2011 - 12:34 | 849439 wiskeyrunner
wiskeyrunner's picture

Wow the stock market keeps rising day after day, seems they don't read zero hedge. Seems there is zero risk in buying stock index futures.

Wed, 01/05/2011 - 13:25 | 849495 SheepDog-One
SheepDog-One's picture

'They' dont read Zerohedge? Im not sure if HFT robots can actually read.
Yep, I hope they all keep believing 'this time, its different...there is no risk'. Those people will find themselves starving in the streets soon, stabbed in the eye over a can of tuna.

Wed, 01/05/2011 - 13:42 | 849687 Saxxon
Saxxon's picture

The broad market is Euphoric.  We have seen this before.  The sugar high seems to be kicking into a higher gear since real trading resumed on January 3.  Look at those tails on the daily charts.  Every dip bought with gusto.  Unstoppable.

I am glad I'm not short again watching this mad cow.  It's going straight up.  I thought 01/03 was the blowoff top but maybe not.

Were it not for precious metals I would have lost money last year because I "believed none of it" and still do not.

Wed, 01/05/2011 - 20:18 | 851038 Lord Koos
Lord Koos's picture

Last week I rolled over my meager IRAs out of equities and into hard assets, industrial & precious metals ETFs.  In a few months when I'm able to cash out the IRAs without penalty, it will all go into physical.  I maybe will miss the very top of this bull(shit) run but I'd rather risk that than lose 25% or more if there is a correction before spring.  

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