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SAC's Heavy Hand Prompts Thomson Reuters to Join the Journalistic Capture Hall of Shame

Marla Singer's picture




 

Regular readers of Zero Hedge will be keenly aware of our animosity for, if not the mainstream media, the malaise that has gripped the mainstream media's ethos (and a massive swelling of its increasingly corrupt pathos, as it happens).  Our expressions of disgust go back months, even as far back as the birth of Zero Hedge itself.  So, today, when we recognize new manifestations of these illnesses, we are far past the point of outrage.  Our reaction might be better described as a slow, mournful shake of the head indicative of an almost bored (and certainly unsurprised) resignation.  The decline of journalism (and the resultant and pending takeover of yet another broken business model by the Federal Government) is a common theme here at Zero Hedge because it is so common a theme.  This morning it is Reuters that prompts our sad response.

 

 

Almost torn from the "through blue-tinted glasses" frames of "The Insider," Michael Mann's 1999 retelling of the 60 Minutes "Big Tobacco" story scandal (for the uninitiated, a pending sale of CBS to Westinghouse apparently prompted Don Hewitt and CBS lawyers to initially kill a 60 Minutes story highlighting a Brown & Williamson whistle-blower for fear of a deal-killing lawsuit by Brown & Williamson) the Carolina Business News Initiative's "Talking Biz News" blog (hereinafter "TBN") describes how Thomson "The World's Leading Source of Intelligent Information for Businesses and Professionals" Reuters killed Matthew Goldstein's piece on SAC's Steven Cohen.  Says TBN:

Reuters editors last week killed a story by investigative reporter Matthew Goldstein about hedge fund trader Steven Cohen after Cohen complained to top Thomson Reuters executives that he was being persecuted by the news agency’s reporting, sources at Reuters said.

 

Goldstein’s story was an “incremental” advance in the reports swirling around Cohen that he engaged in insider trader [sic] during the 1980s, Reuters sources said. There have been reports that Cohen is next in the sights of the SEC following the Galleon case, which featured SEC wiretapping the conversations of hedge fund manager Raj Rajaratnam.

Zero Hedge has, of course, been sniffing around this story for months.  But then, the CEO of our parent company's marketing division doesn't get calls from senior SAC executives.  (Probably because we don't have a parent company).  We are also quite sure that 60,000+ shares of Thomson Reuters held by SAC according to that firm's September 2009 SC13F-HR filing (up from ~42,000 shares in June of 2009 and up from 0 shares in March of 2009) is too small an amount to influence the likes of Devin Wenig.  Just for the record, Zero Hedge has never owned even a single share of Thomson Reuters.

In 1995 When CBS killed the 60 Minutes story, and though 60 Minutes was later permitted to air modified and then finally a full version of the piece, the Editorial page of the New York Times issued the anonymous and scathing journalistic rebuke that:  "The traditions of Edward R. Murrow and '60 Minutes' itself were diluted in the process."  One wonders what the New York Times would make of Reuters' antics today  Probably nothing.  When Mann directed "The Insider" it was a shocking tale.  Today journalistic perversion is a common bit of boring trivia.  One ought instead to wonder what the New York Times of 1995 would make of Reuters' antics today, but that institution has been dead a long time.  We defy you to try to imagine today's New York Times printing anything even remotely resembling this:

This act of self-censorship by the country's most powerful and aggressive television news program sends a chilling message to journalists investigating industry practices everywhere.

The 60 Minutes producer that championed the Brown & Williamson piece eventually left CBS over the incident.  (Lowell Bergman joined what may be the last real haven for investigative journalism on television, PBS' Frontline).  Perhaps more alarming for this particular story, Reuters does not even have lawyers fretting over a pending sale and a large lawsuit to fall back on:

Goldstein’s story was based on documents, and was approved by Reuters lawyers. After Goldstein contacted Cohen for the pro forma no comment before the story ran, Cohen repeatedly called Devin Wenig, CEO of the Thomson Reuters Markets Division and the No. 2 executive at Thomson Reuters, to complain about the story.

Wenig passed on the complaints to Reuters Editor in Chief David Schlesinger, who asked editors to look into them. Reuters editors debated the story for three days before finally killing it.

The decisions would appear to be totally editorial.  This is, of course, beyond disgusting- but, in keeping with the theme we introduced at the beginning of this article, also totally unsurprising.

If the closing years of this decade are ever given a one-word theme it might well be "capture."  The capture of regulators by financial institutions, the capture of financial institutions by the Treasury, the capture of the FDIC by the Fed, the capture of the Fed by the White House and the capture of the fourth estate (which this publication hereinafter refuses to capitalize) by the entity with the most "access" to sell this month.  Apparently, for Reuters, that's SAC.

We seriously doubt that you will ever read the killed Reuter's piece anywhere.  But, then, that is what Zero Hedge is for.

 

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Tue, 12/22/2009 - 09:26 | 171483 anynonmous
Tue, 12/22/2009 - 13:22 | 171742 knukles
knukles's picture

MSM Compromised, pliant?

Watch out it's happening to the Internet, too.  Evidence Google's joining of the internet Identity Layer protocol (or whatever it's called) and now the monitoring of your/our systems even when logged out of Google?

George Orwell was right.

This is small potatoes in media-land.

Keep on keepin' on, ZH

Tue, 12/22/2009 - 14:59 | 171876 tip e. canoe
tip e. canoe's picture

gift from col. kurtz:   scroogle.org

Tue, 12/22/2009 - 19:50 | 172183 knukles
knukles's picture

Merci mon coronel,

But the traffic which one generates via any intermediary even when logged out of Google is now recorded on Google and recpatured at a later time via an anonymous cookie as was noted by site: Tech Radar, posted on Cryptogon 12/06

Tue, 12/22/2009 - 20:12 | 172209 tip e. canoe
tip e. canoe's picture

do you know where the cookie is parked and how to scrub it?

Tue, 12/22/2009 - 16:19 | 171960 ZerOhead
ZerOhead's picture

I know I can be a tin foil hat wearing nutjob at times but what the hell is Google up to these days?

While Google did reactivate the autosearch function for "Climategate" searches... it is now deleting links to same articles. Current count is 8,470,000 today. Yesterday it was 10..1MM... day before 10.7 MM. Remember two weeks ago it was 30.1MM.

Using Bing  "Climategate" for comparison is over 50MM hits.

Try googling "googlegate"... yesterday 33 hits only... (Update... today 23,000)

Bing "googlegate" ??? ... Over 70 Million.

Was is happening here guys? Google censorship ALA China? Are the lights going out on Al Gores information superhighway? Just askin'

Tue, 12/22/2009 - 16:25 | 171982 Cognitive Dissonance
Cognitive Dissonance's picture

Google tipped their hand regarding their future proclivity to willing and complicit censorship when they agreed to Chinese censorship. The almighty buck is the one and only litmus test for corporations.

I also have a shiny hat and I don't trust companies that go from zero to 10,000 MPH in a few years. It smacks of artificial stimulation and the hidden hand and I suspect there's some CIA/NSA involvement in Google, Facebook etc.

Tue, 12/22/2009 - 20:34 | 172228 Anonymous
Anonymous's picture

Don't suspect, know. Google, facebook, myspace, youtube are ALL NSA/CIA Funded data mining ops.

And internet operation that provides a 'free service' is not free. Nothing is free. Remember that.

The IAO (Information Awareness Orifice) is alive and well.

-MobBarley

Wed, 12/23/2009 - 02:09 | 172430 TumblingDice
TumblingDice's picture

Yup, advertising works both ways. They can advertise info for you and they can advertise your info.

Wed, 12/23/2009 - 09:46 | 172521 Anonymous
Anonymous's picture

Dammit this thread cost me an hour of my life. I couldn't help but read all about identity layer protocol proposals. Damn internets.

But seriously, google is way beyond evil, think about it, to get information you have to give it! They are correlating anything and everything they can on everybody, using fuzzy logic, etc. If something doesn't exist in google, it doesn't exist on the web. AKA the "single point of failure".

Privacy wingnuts - time to read up on "Flash Cookies" for a fresh jolt of paranoia. Use Firefox and the "Better Privacy" plugin to get out of that hole. Delete cookies on exit and don't accept thrid party cookies.

Wed, 12/23/2009 - 14:10 | 172790 tip e. canoe
tip e. canoe's picture

thnx for that better privacy reminder.   gotta scrub those machines, keep em clean.

what i realized on uboob is that they now have some crazy visual recognition software that correlates by similarities in visual information.   realized my strange visual experiments on there were related with other weird visuals with no similar tags whatsoever.

time to go super subliminal psychedelic.

Tue, 12/22/2009 - 16:15 | 171959 anynonmous
anynonmous's picture

correction this is the link to the blog of Reuter's CEO

Glocer's Blog

and here is Goldstein on video December 4 discussing Cohen & SAC Capital

 

 

Tue, 12/22/2009 - 08:52 | 171487 anynonmous
anynonmous's picture

And this

http://radioequalizer.blogspot.com/2009/12/msnbc-libtalker-morning-joe-t...

During his syndicated radio show Friday, libtalker and MSNBC host Ed Schultz relayed to listeners how he observed 'Morning Joe' Scarborough and Mika Brzezinski take feedback directly from the White House during their program last week.

Tue, 12/22/2009 - 14:11 | 171805 Assetman
Assetman's picture

So what are we reduced to, in terms of getting good, honest investigative reporting?

Is Rolling Stone magazine it?

Wed, 12/23/2009 - 02:07 | 172429 TumblingDice
TumblingDice's picture

You do realize where you are posting this question?

Wed, 12/23/2009 - 11:53 | 172602 Assetman
Assetman's picture

I meant to include "mainstream media" in my commentary, not "all media".

Perhaps my enigma is now on an accelerated timeline to Zero.

Tue, 12/22/2009 - 08:51 | 171489 Anonymous
Anonymous's picture

S. Cohen has been shitting his pants for months since Galleon dropped. Its all hands on deck to try and cover all bases, destroy any evidence and to assasinate all ex-wives.

It is no coincidence that the markets have not budged since Rajaratnam, Chiesi, et al got busted. All the largest hedgies are a bit preoccupied staying out of the clink and wondering which one of their buddies is going to be the next to sing like a canary.

Tue, 12/22/2009 - 09:09 | 171499 deadhead
deadhead's picture

Well said and an excellent insight Marla.

The major media outlets have failed miserably in digging for and presenting objective information. 

This was predicted many years ago when corporate interests (GE being a perfect example) started buying media and press companies.

Just another card in the house of cards of lies, fraud, cheating and CONfidence building that the United States has built itself upon. 

Funny how we universally teach out children to "tell the truth" yet abandon that mantra with fury as we become adults.  We are paying the price now.

Tue, 12/22/2009 - 09:13 | 171500 serendipitous_one
serendipitous_one's picture

 

 But, then, that is what Zero Hedge is for.

You're damn right!  Great job (as always), Marla.  MSM is going to have an increasingly difficult time keeping their dirty laundry out of the public eye with folks like you and the rest of the ZH band of purported "ne'er-do-wells" on the job!  Well done!

Tue, 12/22/2009 - 09:14 | 171502 Anonymous
Anonymous's picture

Fuck it Babylon iz Burn!

Tue, 12/22/2009 - 09:16 | 171503 fiasco
fiasco's picture

i must protest.  everything complex moves toward-a it's natural fascistic state of war between famiglie

i encourage you to see 'capture' from the other perspective, a victory of the accumulation of power

per favore, americano, the future is italian fascism because it's the nature

 

 

Tue, 12/22/2009 - 11:28 | 171597 tip e. canoe
tip e. canoe's picture

si paisano, il duce is grinning in his grave-o.

Tue, 12/22/2009 - 11:56 | 171634 besodemuerte
besodemuerte's picture

"the future is italian fascism because it's the nature"

You're probably right, but I hope not.  I'd rather go fighting than relinquish my liberties.

We all know that mainstream media outlets are horrendous.  I'm wondering how long it will take the government to takeover the true sources of information (radio and internet).  I'm a believer that you can't stop the spread of information, adn the internet is by far the best instrument in doing so.  People have had their eyes opened more than ever thanks to the internet.  If they ever take this over we're fucked for sure.

Tue, 12/22/2009 - 12:19 | 171663 Anonymous
Anonymous's picture

"future is italian fascism"

the future is already here. no one on ZH should have any doubt of who runs the show in this country. if you are not a sympathizer/supporter of an OT a non-stop flight away from NYC, then you are not in the "inner circle".

Born in the USI, er USA.

Tue, 12/22/2009 - 14:55 | 171870 Cognitive Dissonance
Cognitive Dissonance's picture

The great American "experiment" was just that. An experiment in alternative control mechanisms. So was communist Russia and China.

We are now publicly and openly moving back to a more "normal" or "natural" control mechanism of a small group of elites holding power over everyone else. It's always been that way, only hidden from public view. The experiments were designed to hide that control and see if control and exploitation could still be maintained. Or at the very least, if new and more effective methods could be devised.

New methods were devised and they're now being implemented. Just watch your TV. Closely and frequently.

Tue, 12/22/2009 - 09:27 | 171510 I need more asshats
I need more asshats's picture

Selling out to sleaze bags. Was the Timothy Sykes episode your Achilles' heel? I wish I understood as I usually dislike using the word hypocrite. Show me the light.

Tue, 12/22/2009 - 09:27 | 171511 Anonymous
Anonymous's picture

When can we read the story here on ZH???

Tue, 12/22/2009 - 14:45 | 171853 AngryVoter
AngryVoter's picture

I was wondering the same thing.

Tue, 12/22/2009 - 09:27 | 171512 Dixie Normous
Dixie Normous's picture

Perfect.

Tue, 12/22/2009 - 09:47 | 171523 Miyagi_san
Miyagi_san's picture

A picture is worth a thousand LIES

Tue, 12/22/2009 - 10:16 | 171543 Medic
Medic's picture

That's a nice place.  I wonder what someone would do to protect that kind of lifestyle?

Sell their soul perhaps......

Tue, 12/22/2009 - 12:55 | 171682 Ripped Chunk
Ripped Chunk's picture

That spread would also look great from the air burned to the ground.  Thanks for the map!!!!

Tue, 12/22/2009 - 14:15 | 171810 Robb
Robb's picture

Really, Wow

Tue, 12/22/2009 - 09:52 | 171522 Leo Kolivakis
Leo Kolivakis's picture

Why doesn't 60 Minutes or any other respectful news outlet cover the big hedge fund and private equity fund managers more closely? Simple. George Carlin said it best: "....the real owners of this country want more for themselves and less for everyone else."

Having invested in some of the best hedge fund and private equity managers in the world, I laugh when I see people treating these guys like gods. They aren't half as smart as people think and they often manipulate stocks or private companies to profit any way they can, either through naked short selling/ insider trading (hedge funds) or through financial engineering/ debt loading (private equity).

But people are stupid. How many times do I hear "...he's so smart, he makes a lot of money." They consistently mistake wealth and luck for brains. In my life, I've met only one genius, and he wasn't running a hedge fund or private equity fund. His name is Charles Taylor and for years he taught political philosophy at McGill University and other universities. Read one of his masterpieces, Sources of the Self, and you'll see what I am talking about. The breadth and depth of his knowledge is awe-inspiring.

As for elite hedge fund managers getting away with murder, it's up to the government to start better regulating this industry. They can start by mandating that all pension funds and institutions invest via a managed account platform, but I guarantee that elite hedge fund managers will not go for this. They will say it's because they do not want their clients to "reverse engineer" their strategies, but the truth is that they do not want their clients to see all the shady trading they do intra-month.

As for the media, they do a shitty job covering what's really going on at public pension funds, which is why I keep blogging on the subject. It irks me to see regular hard working people contribute to pensions, and then have pension fund managers invest in hedge funds and private equity funds to claim "alpha" as they beat their bogus benchmarks and collect millions in bonus. It's all self-perpetuating scam and when there is big money involved, everyone looks away.

Tue, 12/22/2009 - 09:53 | 171528 fiasco
fiasco's picture

charles taylor is a left hegelian

what's-a matter for you-a!

you corrupt the youth

Tue, 12/22/2009 - 10:15 | 171533 Leo Kolivakis
Leo Kolivakis's picture

So what is your point? Marx was one of the most important thinkers in the world. Would you ban teaching his political theory at universities? Come on, let's get serious here. If Marx were alive today, he would be diligently examining the nexus between pension fund managers and financial oligarchs profiting off Casino Capitalism.

Tue, 12/22/2009 - 10:27 | 171549 fiasco
fiasco's picture

hey everybody, i expose-a one

i don't trust a man who publicly praises marx; one cannot imagine the vile ruminations of the private mind

you are banished from the city

Tue, 12/22/2009 - 11:27 | 171588 milbank
milbank's picture

Lame, very lame fiasco.  Your alias describes you perfectly.

Keep up the great work Leo. You, "TD," Marla and the other columnist are what I'm here for.   The problem with ZH getting so popular is the standard of postings, outside of a few has dropped miserably to the point of being vulgar and/or just banal.

Tue, 12/22/2009 - 13:33 | 171760 fiasco
fiasco's picture

you like the quality comments that quote george carlin and refer to charles taylor?

you like the quality comments that have a link to youtube?

george carlin and sources of the self made leo a smart man, maybe you too

this leo is so stupido, he handed his papers in at university with hyperlinks

 

Tue, 12/22/2009 - 13:35 | 171762 gabeh73
gabeh73's picture

fiasco is not vulgar...he is right on. Did you even see his first point? power will always "capture" as long are their are enough naive idiots to support big government....so any socialist or marxist philosophy that justifies empowering some benevolent super entity (the government) is pure idiocy...might as well be working for the biggest baddest corporations around if your pushing that crap, because you are only being a "useful idiot" if you are not.

 

 

Wed, 12/23/2009 - 00:43 | 172393 milbank
milbank's picture

Next time try reading for comprehension.  I did not say fiasco was vulgar.  That part of my comment was a general observation on the mass of lousy posts that now show up on this site.

I said fiasco was "banal" which is really worse.  Instead of disagreeing and bring reasons for disagreeing to the discussion he just goes off on how " Taylor is this" and "Carlin is that" and "Leo is this"  etc. ad nauseum. Add that Italian schtick (Schtick usually used in place of substance by those who lack it.) and all one can say is fiasco is a yahoo discussion board type and should go back there.  . .

I can only guess Leo must have had a very slow day to even mess with that lightweight as much as he did.

Tue, 12/22/2009 - 13:17 | 171614 Leo Kolivakis
Leo Kolivakis's picture

fiasco,

I am not praising anyone, merely pointing out the obvious. Marx had his shortcomings, but if you don't understand his important contributions to political theory, and his genius at exposing the contradictions of capitalism, then you're living in a very dark cave.

Tue, 12/22/2009 - 13:39 | 171767 fiasco
fiasco's picture

marx a genius....mama mia!

yes, i'm in a dark cave, and there's a small fire behind me, and people and things are moving between me and the fire, 

and their shadows on the wall in front of me are mistaken for the real things

and it's just a me here!

Tue, 12/22/2009 - 13:51 | 171779 WaterWings
WaterWings's picture

Take away reality TV and they'll attack you for it. Waking people up is a thankless job. People just need to step outside and see the light for themselves.

Or, in the vein of Fight Club: find your power animal.

Tue, 12/22/2009 - 15:43 | 171934 Anonymous
Anonymous's picture

Nobody here but us troglodytes.

Tue, 12/22/2009 - 11:47 | 171617 tip e. canoe
tip e. canoe's picture

"i don't trust a man"

you expose-a yourself right there paisano.  and the rest of your famiglia.

just remember there are those of us out there who are tired of watching the godfather for the 15,000th time, especially when it's forcibly beamed into our living rooms.  you get one more viewing, enjoy it while it lasts.   then it's time for us to take back the remote control.

Tue, 12/22/2009 - 10:43 | 171558 Anonymous
Anonymous's picture

If Marx were alive today, he would also be gazing with clever amusement. While the leftist elite pump Chinese solar stocks looking for bag holders, like you LEO.

Tue, 12/22/2009 - 11:08 | 171576 Miles Kendig
Miles Kendig's picture

Leo - Have at it.

And thanks for your contributions to my reading stack over this past year. 

Tue, 12/22/2009 - 11:12 | 171581 Anonymous
Anonymous's picture

Marx's skewed ideas have infected millions of people like some kind of computer virus for your brain. Marxism has been nothing short of a tragedy for humanity--witness the millions upon millions of people slaughtered by Marx adherents. Always with the same line "just a little more power, a little less individualism, and the perfect society can be formulated." Complete and utter bullshit. So excuse me if I disagree. I wouldn't go so far as to ban teaching it, but in higher education these days, Marx is downright celebrated and that is something that is horribly, horribly wrong.

Tue, 12/22/2009 - 13:32 | 171759 Leo Kolivakis
Leo Kolivakis's picture

I was waiting for this type of shallow remark and will simply reply that Marx was not a Marxist Leninist. He would have vigorously condemned this perversion of his teachings. Enlighten yourself a little and stop being so brainwashed by right-wing America.

Tue, 12/22/2009 - 14:23 | 171824 Anonymous
Anonymous's picture

I agree with Leo. Marxism and Socialism in their purest forms could work. Too bad they involve people and will therefore get f'ed up beyond comprehension. I don't think anyone can claim Soviet atrocities really had anything to do with Marxism other than because the leaders said it did. Communism and Socialism are the most easily corrubtible forms of potential government because they feed off of the good will and work ethic of a powerless people.

Tue, 12/22/2009 - 22:08 | 172303 Kayman
Kayman's picture

While supported by Engels, during his residence in the London Library (by each according to his ability, to each according to his need)- Marx certainly practiced what he preached.

But Marx failed to see the rise of the middle class.  Our current political masters and thieving banksters have failed to see the death of the American middle class. 

When things get out of hand in this country, Barry or his successor may have to call back the armies from Iraq and Afghanistan. I wonder who the boys will point their guns at ?

Wed, 12/23/2009 - 00:55 | 172400 i.knoknot
i.knoknot's picture

+100

same for pure capitalism. if anyone finds any, please send us a pointer. doubtless no humans are involved with it either.

i don't agree with Leo sometimes, but i always appreciate the value of ideas as both substantiation and argument against policy. Marx has value, if only to help articulate counter-opinion.

if it's black and white to any of you, you've sadly been mis-taught. look again, think, consider complexity.

cheers

Tue, 12/22/2009 - 11:27 | 171595 RonnieHonduras
RonnieHonduras's picture

And he'd probably be incorrectly blaming the free market when his own theories have encouraged the current freaks to create the political-corportist version of capitalism we have today, thinking if only they made the beast big enough, it'd make everything fair.  Dunces.  He, King Dunce.

Tue, 12/22/2009 - 13:29 | 171755 phaesed
phaesed's picture

I think you have something there LK.

He'd be one of the most prominent critics of this entire debacle.

I think a lot of readers forget one essential fact regarding the movie Fight Club....

Tyler created a neo-terrorist communist group that suppressed individuality.

 

Duh.

Tue, 12/22/2009 - 15:31 | 171919 Bolweevil
Bolweevil's picture

phaesed wins

Tue, 12/22/2009 - 16:16 | 171975 WaterWings
WaterWings's picture

Eh, that's pretty good phaesed.

Wed, 12/23/2009 - 06:27 | 172472 Anonymous
Anonymous's picture

This is the whole point. When Durden gives his chat about how "we're" not going to grow up to be movie stars, who is the actor playing Durden?

Tue, 12/22/2009 - 12:31 | 171670 WaterWings
WaterWings's picture

I agree - Hegelians need their head turned around or removed from spreading their insidious doctrines in classrooms. It's one thing to appreciate Marx for his 'alternative' view, and another to allow it to be held as an actual alternative to the Constitution. We see the results - and he's not done yet.

Tue, 12/22/2009 - 13:47 | 171776 cougar_w
cougar_w's picture

It's unlikely Marx today would have had anything to say on the US Constitution, except to comment that it is celebrated more in the breach than in the observance, and he would be largely correct.

However, he would certainly say that modern capitalism is EPIC FAIL and he would be largely correct there, too.

Sorry that everyone's gold-plated ladder to heaven has been yanked out from under them. But you can't really blame Marx for that. If anything he warned you what would happen and ... well lookie there ... we was right. Too bad, that.

Better luck next time around eh? Remember when you try to rebuild that failure is baked into the cake.

cougar

Tue, 12/22/2009 - 14:01 | 171790 WaterWings
WaterWings's picture

except to comment that it is celebrated more in the breach than in the observance

Couldn't have said it better myself, Coug. Violation of property rights, via interventionalist capitalism (oxymoron), became the norm too quickly. The Constitution was basically the most ingenious way of keeping one rich guy from using the Powerz to take from another rich guy. But most of the founding fathers didn't really care about the proles when it came down to it.

Personally, I would prefer a 'kumbaya' life where everyone gets what they need when they trip and fall in life. But I don't trust human nature - and neither did the founding fathers.

Tue, 12/22/2009 - 16:14 | 171967 Anonymous
Anonymous's picture

Epic fail?
More people have more to eat than they've ever had before, more people know how to read and write as well.

Wed, 12/23/2009 - 01:00 | 172405 i.knoknot
i.knoknot's picture

could be...

but when one considers the ratio of quality food and good writing to the other kinds... capacity clearly does not imply quality.

seems like more noise than signal

cheers

Wed, 12/23/2009 - 12:06 | 172616 WaterWings
WaterWings's picture

Yeah, Chinese factories discovered that Americans were to stupid to check product quality so our kids are chewing on toys with leaded paint and drinking baby formula with melamine.

Tue, 12/22/2009 - 11:22 | 171587 Yossarian
Yossarian's picture

I work for a HF with a good reputation and know and share meetings with many other HF mgrs so I concur with you Leo: we are NOT nearly as smart or calculated as people on the outside think we are.  To outperform consistently over short time periods you need an edge, and 99% of the time that "edge" is not based on some skill advantage.  We act ethically so our performance is nothing special compared to SAC- I wouldn't pay the 2/20 for our services but, hey, this business is apparently more about style than substance.

But I still think that making hedge funds the focus of legal ire only serves to distract us from the larger institutional market corrupter's.  A couple big HF perp walks and people will attribute the financial crisis to greedy HF's while continuing to perpetuate the wealth-destroying institutions who are really responsible.   

Tue, 12/22/2009 - 11:49 | 171620 Leo Kolivakis
Leo Kolivakis's picture

The majority of HFs are charging 2&20 for leveraged beta. Top funds are able to deliver alpha, most of the time, but even they are guilty of this. At least hedge fund managers have skin in the game, which is more than I can say for investment banking wimps who take ridiculous risks without putting one dime in the funds they manage.

Tue, 12/22/2009 - 11:54 | 171629 tip e. canoe
tip e. canoe's picture

From: Fuld, Dick

Sent: Saturday, April 12, 2008 2:52 AM (GMT)

Just finished the Paulson dinner. A few takeaways//

4-they want to kill the bad HFnds + heavily regulate the rest

http://dealbreaker.com/2008/10/i-just-killed-that-interview-m.php

Tue, 12/22/2009 - 12:00 | 171641 besodemuerte
besodemuerte's picture

I stopped reading your message after the 10th word. 

60 minutes =/= respectful news agency sir.

Tue, 12/22/2009 - 12:35 | 171681 Leo Kolivakis
Leo Kolivakis's picture

Amazing that you even got that far...stick to cartoons, you're a joke.

Tue, 12/22/2009 - 14:43 | 171849 besodemuerte
besodemuerte's picture

Then don't begin your posts with oxymorons.  Please don't get butthurt because someone disagrees with you.  It seems I've dented your ego, and as an apologetic action I've read through your thread.  It's no doubt many here, including yourself, are more educated than I in the history of Marx, Keynes, economics, politics, and the like.  Just because I haven't read as many books doesn't make me less knowledgable or entitled to contribute.

I'm not here to engage in a pissing contest, and I concede that even if I was you would probably win, but you must admit your intial post is pretty worthless.  It doesn't bring anything original to the table, rather you reinforce what everybody already has known for years.  Honestly I'd be more interested in you extending your original thoughts on Marx and his relationship with the modern world than reading you regurgitate daily headlines.   

Whether Marx's views have been correctly interpreted and implemented is up for debate.  What isn't up for debate is the obvious fail that they have brought upon us, whether or not that was his vision.  In your opinion, Marx has contributed much to theory and thought.  Unfortunately, he is quite celebrated for possibly the wrong reasons and as I said, has caused many a shitstorm for millions.

Tue, 12/22/2009 - 14:59 | 171877 AnonymousMonetarist
AnonymousMonetarist's picture

If Marx were alive today he would be seeking out the 21st century of equivalent of Russian and French anarchists so he could plagiarize their stuff.

Tue, 12/22/2009 - 15:05 | 171883 Leo Kolivakis
Leo Kolivakis's picture

besodemuerte,

Everyone has something to contribute, regardless of which books they have or have not read. I just didn't like the way you came across. 60 Minutes is far from perfect but it is one hour of television that I always try to watch, along with the Charlie Rose interviews.

As for Marx, ironically, if the powers that be want to salvage capitalism, they'd better brush up on their readings of Marx. They way we are heading, I predict mass nationalization of the entire financial and healthcare industries. Call it historic inevitability.

Tue, 12/22/2009 - 15:17 | 171900 besodemuerte
besodemuerte's picture

"They way we are heading, I predict mass nationalization of the entire financial and healthcare industries."

Aren't we already there?

Any particular pieces you suggest for a beneficial studying/interpretation of Marx?  That topic is pretty vast and I along with many others honestly don't have the time.  If you could isolate what one with average college level knowledge of him should focus on for an increased perspective that would be most helpful.

Tue, 12/22/2009 - 21:18 | 172266 Leo Kolivakis
Leo Kolivakis's picture

I suggest you start from a simple link:

http://www.historyguide.org/intellect/marx.html

And read Friedrich Engels' eulogy:

On the 14th of March, at a quarter to three in the afternoon, the greatest living thinker ceased to think. He had been left alone for scarcely two minutes, and when we came back we found him in his armchair, peacefully gone to sleep -- but for ever.

An immeasurable loss has been sustained both by the militant proletariat of Europe and America, and by historical science, in the death of this man. The gap that has been left by the departure of this mighty spirit will soon enough make itself felt.

Just as Darwin discovered the law of development or organic nature, so Marx discovered the law of development of human history: the simple fact, hitherto concealed by an overgrowth of ideology, that mankind must first of all eat, drink, have shelter and clothing, before it can pursue politics, science, art, religion, etc.; that therefore the production of the immediate material means, and consequently the degree of economic development attained by a given people or during a given epoch, form the foundation upon which the state institutions, the legal conceptions, art, and even the ideas on religion, of the people concerned have been evolved, and in the light of which they must, therefore, be explained, instead of vice versa, as had hitherto been the case.

But that is not all. Marx also discovered the special law of motion governing the present-day capitalist mode of production, and the bourgeois society that this mode of production has created. The discovery of surplus value suddenly threw light on the problem, in trying to solve which all previous investigations, of both bourgeois economists and socialist critics, had been groping in the dark.

 

 

Two such discoveries would be enough for one lifetime. Happy the man to whom it is granted to make even one such discovery. But in every single field which Marx investigated -- and he investigated very many fields, none of them superficially -- in every field, even in that of mathematics, he made independent discoveries.

Such was the man of science. But this was not even half the man. Science was for Marx a historically dynamic, revolutionary force. However great the joy with which he welcomed a new discovery in some theoretical science whose practical application perhaps it was as yet quite impossible to envisage, he experienced quite another kind of joy when the discovery involved immediate revolutionary changes in industry, and in historical development in general. For example, he followed closely the development of the discoveries made in the field of electricity and recently those of Marcel Deprez.

For Marx was before all else a revolutionist. His real mission in life was to contribute, in one way or another, to the overthrow of capitalist society and of the state institutions which it had brought into being, to contribute to the liberation of the modern proletariat, which he was the first to make conscious of its own position and its needs, conscious of the conditions of its emancipation. Fighting was his element. And he fought with a passion, a tenacity and a success such as few could rival. His work on the first Rheinische Zeitung (1842), the Paris Vorwarts (1844), the Deutsche Brusseler Zeitung (1847), the Neue Rheinische Zeitung (1848-49), the New York Tribune (1852-61), and, in addition to these, a host of militant pamphlets, work in organisations in Paris, Brussels and London, and finally, crowning all, the formation of the great International Working Men's Association -- this was indeed an achievement of which its founder might well have been proud even if he had done nothing else.

And, consequently, Marx was the best hated and most calumniated man of his time. Governments, both absolutist and republican, deported him from their territories. Bourgeois, whether conservative or ultra-democratic, vied with one another in heaping slanders upon him. All this he brushed aside as though it were a cobweb, ignoring it, answering only when extreme necessity compelled him. And he died beloved, revered and mourned by millions of revolutionary fellow workers -- from the mines of Siberia to California, in all parts of Europe and America -- and I make bold to say that, though he may have had many opponents, he had hardly one personal enemy.

 

His name will endure through the ages, and so also will his work.

What a prophetic eulogy. Some people think Marx is irrelevant, but the way things are going, he's becoming more and more relevant and those who choose to ignore his theories, no matter how imperfect they were, will suffer the consequences.

Tue, 12/22/2009 - 15:28 | 171917 Mr Shush
Mr Shush's picture

Oh, good Lord, Leo. The man appears to be a moral realist. That may be understandable in members of the general population, but in an academic philosopher it is simply jaw-dropping. I don't have the time to debunk his arguments in detail right now - and I've only read the first ten pages of your link - but . . . egads. That's really all I have to say.

Tue, 12/22/2009 - 09:48 | 171525 Dixie Normous
Dixie Normous's picture

Like clockwork, CNBS adds to this story this morning following the GDP number:

Instead of discussing perhaps the most important econ number (if you believe any gov't data) for an extended period of time, say 10 minutes with commercials, they jump to an interview with the ceo of Greystone, the nation's largest FHA lender.

You can't make this shit up.

"Hey GDP sucked (and without cars would have really sucked) but enough of that doom and gloom, let's go to someone who is doing God's work, lending to people who probably shouldn't be borrowing to buy a house."

Tue, 12/22/2009 - 09:49 | 171526 MarketTruth
MarketTruth's picture

Videodrome... long live the new flesh.

Tue, 12/22/2009 - 09:52 | 171527 Daedal
Daedal's picture

Turning your back on investigative journalism is signing your own death warrant. News, for the most part, is homogeneous across most sources -- those that distinguish themselves by offering information not found anywhere else will thrive, as is the case with ZH.

Tue, 12/22/2009 - 11:40 | 171608 milbank
milbank's picture

It depends on how you define "thrive" as I'm sure the ZH folks can tell you, there isn't much money in working for ZH. 

 

You can say, "well money isn't everything" but, to the owners of the MSM, it is and that priority will always be "Number One."  They will do or not do whatever is necessary with their financial news department under that priority.

Tue, 12/22/2009 - 13:14 | 171726 Ripped Chunk
Ripped Chunk's picture

Thats why I don't get my news from the MSM's of the world.  Sadly, many still do and will continue to do so because the concept of "biased reporting" completely eludes them.

Wed, 12/23/2009 - 01:06 | 172408 i.knoknot
i.knoknot's picture

know thy enemy? that's my interest.

besides, the audacity factor is almost entertaining in itself.

Tue, 12/22/2009 - 13:58 | 171789 cougar_w
cougar_w's picture

I agree to a point. To thrive, a media outlet needs to offer 28 second news farts that don't challenge anyone and don't scare advertisers.

ZH won't thrive as such, but will remain important. After the revolution we'll only remember that which was important, the rest having been consigned to the dustbin of history.

cougar

Tue, 12/22/2009 - 15:15 | 171892 Daedal
Daedal's picture

I forget where this is mentioned, perhaps Marla can provide more detail, but it has been noted on ZH by ZH staff that many hedge fund managers, politicians, prominent folk, and an increasing number of traffic in general paints a picture of a thriving ZH. Also, let us not forget that a lot of action taken by SEC, Chuck Schumer, responses by GS, and even the notice it received from CNBC clearly demonstrates that ZH is thriving. ZH was instrumental in bringing to the forefront the highly controversial topics regarding HFT, Dark Pools, etc.

I think describing ZH as thriving is self-evident. That is, thriving in its popularity and ability to deliver information (often not provided anywhere else) which is, for better or worse, valuable by those who read it. Quantity of money generated is a simple metric, but ultimately pointless. Perhaps I should have defined it initially, but I see ZH thriving as a source of valuable intellectual property, and the fact that senators and GS take note of whats written on this site should support that conclusion, not to mention the tremendous increase in web traffic. http://www.alexa.com/siteinfo/zerohedge.com#trafficstats

Tue, 12/22/2009 - 15:44 | 171937 CD
CD's picture

+1 It is indeed verifiably happening. As it does, it may be time to re-read Tyler's missives around the time ZH.com went online, as well as to revisit How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters] . While the internet is a wonderful source of a great many things, it does carry info in many directions:

http://www.quantcast.com/zerohedge.com (here I am curious as to their demographic estimates)

http://siteanalytics.compete.com/zerohedge.com/

http://technorati.com/blogs/directory/business/

It would be nice if there were some way to contribute to ensuring the continued 'prosperity' of ZH and staff beyond clicking 'Donate'. I just profoundly hope there are enough layers in place for when TPTB decide ZH is more than just a safety valve and an actual threat.

Tue, 12/22/2009 - 16:29 | 171989 cougar_w
cougar_w's picture

It is not self-evident at all; one serious lawsuit could bring this site crashing down and put it's principles on the ropes and just possibly in a court house. And don't you imagine for a split femtosecond they aren't aware of that. It's just the name of the game and we benefit because they stick their necks out.

Thriving culturally is I think what you are getting at. A buzzing hive of information and opinion, most of it of a very high quality. The signal to noise ratio on some days and for some topics is nearly unity. You have to love this immensely.

We all hope the ZH culture survives. But we pray that the ZH servers continue to run and our intrepid contributers stay in fine form.

There is thriving, and then there is running straight, fast and hot. All Hail the Heat!

cougar

Tue, 12/22/2009 - 17:46 | 172076 Rusty_Shackleford
Rusty_Shackleford's picture

 

"one serious lawsuit"

...or National Security Letter

And maybe,... just maybe,... some NSL's have been served to ZH already.  But they couldn't tell us about that even if they wanted to, could they?

http://www.youtube.com/watch?v=XfRU48QxfQE

Remember, the Patriot Act is the law of the land.

Tue, 12/22/2009 - 19:51 | 172184 Ripped Chunk
Ripped Chunk's picture

How can I forget it?

Rights had been chiseled away slowly but surely over many years. Then comes the "Patriot" Act and rips away big chunks of them.

 

 

 

Tue, 12/22/2009 - 22:23 | 172314 Marla Singer
Marla Singer's picture

Which land?

Tue, 12/22/2009 - 23:44 | 172363 CD
CD's picture

I think Marla is alluding to the fact that (in theory) US statutes apply within sovereign territory of the US, and the voice(s) we are hearing are broadcast from outside such realm. Still, makes it a pesky chore to maintain a sufficiently complex structure of one-way, failsafe cutouts. And agents sufficiently devoted have in the past come up with creative ways to bridge "legal standards".

We had a discussion a few months back on the topic of information density, and the relatively high level thereof here at ZH - this post and its ensuing commentary are a perfect example. While I am sure some are aware, nowhere on the web (outside professional [gov't or otherwise] intel gathering/analytic centers) is there such activity in real time on topics of such substance. If you know of one, pls. point it out [despite the risk my head would explode trying to explore it].

Thank you all (esp. Marla & Tyler), readers & contributors (even lurking, venomous agents of ill-intentioned organizations residing herein), for making this possible. Merry holidays and a happier new year to all.

Wed, 12/23/2009 - 05:23 | 172463 Voluntary Exchange
Voluntary Exchange's picture

Those who would prefer this kind of information source not "thrive" have a very large incentive  to find a way to stop it. Will the subversion of the internet succeed? Will the folks at Zero Hedge be able to survive long term?

Those who despise the circulation of "truth" are very resourceful in silencing it. Now that ZH is being noticed those who are responsible for ZH will now have to face the cost of truth telling in this world. Will they long endure? Every day is a victory. History suggests that they can expect some very nasty stuff in their near term future. Are they wise enough and brave enough to survive what is about to come?  Enjoying the ride! One hell of a classroom!

 

Wed, 12/23/2009 - 06:06 | 172468 tip e. canoe
tip e. canoe's picture

information just wants to be free

Tue, 12/22/2009 - 22:43 | 172328 Unscarred
Unscarred's picture

@cougar,

"To thrive, a media outlet needs to offer 28 second news farts.."

I literally just spit Wheaties all over my computer screen and keyboard.  I always hated it when people say they spew stuff on their computer because I didn't think it ever really happened...

F@#& me!  It's gonna be a bitch getting these little pieces out of the keyboard that fell between the keys.

Tue, 12/22/2009 - 10:08 | 171536 Psquared
Psquared's picture

Just because ZH doesn't have a parent company does NOT mean that Marla and Tyler can't (won't??) be declared "enemy combatants" and whisked away to a prison in Egypt to be tortured and never heard from again.

http://www.financialarmageddon.com/2009/12/shocked-and-unnerved.html

Tue, 12/22/2009 - 13:16 | 171730 Ripped Chunk
Ripped Chunk's picture

You see now when it is too late what we are up against:  Fascism.

Tue, 12/22/2009 - 14:00 | 171791 cougar_w
cougar_w's picture

Not just yet, not quite.

But shortly, in the scheme of things, in no time at all.

Tue, 12/22/2009 - 14:46 | 171854 Ripped Chunk
Ripped Chunk's picture

I agree. We are not there yet.  They need to bring more soft minded idiots that take orders well into the fold before we go full on fascism.

The process is ongoing. But with so many out of work................

Tue, 12/22/2009 - 16:20 | 171979 cougar_w
cougar_w's picture

.......... and idle hands do the Devil's work.

Tue, 12/22/2009 - 10:09 | 171538 bugs_
bugs_'s picture

The Truth can also Capture.  Even the suspicion

of truth can capture.  MSM ratings plumet - for

the most part I have been leaving my TV off

all year.  The free newspapers that they leave

on my lawn promptly go in the trash I do not

even look.  (Amazing that they must lie about

their subscriber base as well by giving it away

free now). Yet they cannot compete with the

Truth or even the delivery of the suspicion

of truth. Thanks ZeroHedge!

Tue, 12/22/2009 - 10:15 | 171541 Sqworl
Sqworl's picture

Mr. Cohen ordered a Code Red on Reuters!

http://www.youtube.com/watch?v=5j2F4VcBmeo

Tue, 12/22/2009 - 10:21 | 171545 Miles Kendig
Miles Kendig's picture

Marla,  I lost faith in Frontline ever since they failed so miserably to bring forth the real news from Khamisiyah.  I suppose the company lawyer meeting with the SGOTUS can have that effect.  So, either Reuters is just late to the party or it has decided to forgo anything but sanctioned marshmallow fluff work that forms the basis of nearly all journalism in todays world.  How I miss those that actually practiced the art of journalism.

http://www.pbs.org/wgbh/pages/frontline/shows/syndrome/closer/khamisiyah...

Tue, 12/22/2009 - 10:28 | 171550 Sqworl
Sqworl's picture

Merry Christmas Miles...x

Ask yourself who owns Reuters??????

Tue, 12/22/2009 - 11:01 | 171556 Miles Kendig
Miles Kendig's picture

And to you my masked friend.  x'o

And old question with an old answer since nominees are more in vogue than ever.  They just do the same old song and dance...

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

Perhaps this is another all around LHL situation...

http://www.youtube.com/watch?v=l9jX1KAKp78

Tue, 12/22/2009 - 11:38 | 171607 AnonymousMonetarist
AnonymousMonetarist's picture

The Woodbridge Company Limited is a Canadian private holding company and the principal and controlling shareholder (53 percent) of Thomson Reuters. Thomson Reuters was formed in 2008 when The Thomson Corporation acquired Reuters. Woodbridge is the primary investment vehicle for members of the family of the late Roy Thomson, the first Lord Thomson of Fleet.

 

Tue, 12/22/2009 - 11:46 | 171611 Miles Kendig
Miles Kendig's picture

Nicely tucked away within the Realm of the Commonwealth.

Tue, 12/22/2009 - 11:15 | 171584 Cognitive Dissonance
Cognitive Dissonance's picture

The entire main stream media complex has been co-opted for decades. It just becoming so obvious lately that even the walking dead can't help but notice. The key is to break small corruption and evil doer news story along with the occasional big "patsy" fish to convince those who wish to remain dead that the MSM is on the job, watching over America, so the dead can go back to sleep.

Same ole same old.

Tue, 12/22/2009 - 11:49 | 171610 Miles Kendig
Miles Kendig's picture

The song remains the same.  Information management has been a primary focus since WW I.  As with finance there is only so much that can be brought forward.  The rest remains some dude in a row boat, floating in a toilet bowl, selling chemical bliss.

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

Tue, 12/22/2009 - 11:53 | 171628 Cognitive Dissonance
Cognitive Dissonance's picture

I know that you know that I know that you know. :>)

I just need to say it out loud sometimes to differentiate myself from the terminally insane and the walking dead.

Tue, 12/22/2009 - 12:19 | 171652 Miles Kendig
Miles Kendig's picture

It would appear as though the brave new world of a 47yo virgin sitting in their basement, drinking a banana broccoli shake and singing mini tunes has arrived.

Me?  I am still trying to decide between the T-Bone steak, the jumbo rack of BBQ ribs or the grave fries while I look at the bowl of green jello, a Montecristo #1 and a copy of Playboy while I decide which streets I wanna travel.  Here is to bringin' the EF.

Tue, 12/22/2009 - 12:26 | 171672 Cognitive Dissonance
Cognitive Dissonance's picture

Demolition Man was such an under appreciated film when it came out, simply because Sylvester Stallone was playing lead. It was considered an action flick and not social commentary to the average viewer. I remember it being described as "quirky" in numerous reviews. You watch the film today and your mouth drops at all the little comments made that were so prescient.

John Spartan is my hero in today's homogenized and media controlled environment

http://www.imdb.com/title/tt0106697/

Tue, 12/22/2009 - 15:24 | 171912 tip e. canoe
tip e. canoe's picture

in the sequel, John Spartan comes back to a highly violent society to track down the non-violent tax evader Wesley Snipes, who plays himself.

Tue, 12/22/2009 - 17:21 | 172050 cougar_w
cougar_w's picture

I watched it on a lark once a long time ago. Came away thinking, "no way that was a Sly action movie." It was really kinda creepy.

Once in a while they slip one past the culture police.

Tue, 12/22/2009 - 13:20 | 171739 geopol
geopol's picture

Who's making all this noise? I'm trying to sleep..

Wed, 12/23/2009 - 16:16 | 172932 Unscarred
Unscarred's picture

NO SHIT (pun intended), that's Dr. Beeper from Caddy Shack!  That's fucking GREAT !!!

http://www.youtube.com/watch?v=IexH0itz3CQ

"Hmph.  Very good."

Tue, 12/22/2009 - 11:17 | 171547 virgilcaine
virgilcaine's picture

Do they ever report on the Bank closing that happen each week?  Seven closed last wk with a total hit to FDIC DIF of over 1 Billion... barely a mention of it.

 

Now onto Tiger Woods, Al Gore, and meaningless Sports events too numerous to count and your regular sched broadcast.

Tue, 12/22/2009 - 12:05 | 171624 Cognitive Dissonance
Cognitive Dissonance's picture

We are following a tried and true path first blazed by the Romans as the Roman Republic was transformed into a dictatorship, beginning with the first Caesar. The Rubicon was truly crossed on 9/11.

Bread and circuses for all! The ones for don't participate are too small in numbers to be anything more than an annoyance, like a fly during dinner. If the annoyance gets too bad, they will crank up the media spotlight on the fly "problem" and call for a national day of "patriotic" fly swatting.

Tue, 12/22/2009 - 12:17 | 171662 tip e. canoe
tip e. canoe's picture

interesting things about flys is that if there's enough garbage lying around, they are able to multiply much faster than you can kill em.  

Tue, 12/22/2009 - 12:31 | 171677 Cognitive Dissonance
Cognitive Dissonance's picture

While I agree with you in principal, in practice the flies can easily be lead astray. Fly paper and sweetened water remain excellent traps. Think about the upcoming TV season, led as always by American Idol and "24". People are not being forced to remain distracted. They willingly congregate in front of the boob tube.

Bread and circuses.

Tue, 12/22/2009 - 13:09 | 171720 tip e. canoe
tip e. canoe's picture

"You know, whenever Pharaoh wanted to prolong the period of slavery in Egypt, he had a favorite, favorite formula for doing it. What was that? He kept the slaves fighting among themselves. But whenever the slaves get together, something happens in Pharaoh’s court, and he cannot hold the slaves in slavery. When the slaves get together, that’s the beginning of getting out of slavery."  - MLK

Tue, 12/22/2009 - 13:17 | 171733 Cognitive Dissonance
Cognitive Dissonance's picture

Tip,

We are speaking the same language. I have no doubt about the power of the people. After all, we have the power and we have always had the power. Once (and if) this is realized by the masses, this bulls**t will end quickly.

But I would be delusional if I didn't recognize the power of the distraction we willingly participate in to avoid having to exercise that power. The average person is quite aware of the corruption and wholesale theft occurring in front of their noses. But after decades (centuries) of indoctrination and conditioning, the average Joe believes s/he is powerless and can do nothing about it.

How do we change this? That is the question. We know where the power lay. How do we convince others what we know to be true?

Tue, 12/22/2009 - 14:00 | 171781 Miles Kendig
Miles Kendig's picture

The forming basis of many human relationships is the mutually acknowledged shared experience.  This chemistry that provides the juice to the power media provides the seeds of its dissolution. The real question is how to move greater society where it looks to the real world for the experiences of life and to others who may happen to be there as a new paradigm index? 

 

Tue, 12/22/2009 - 13:56 | 171785 B9K9
B9K9's picture

How do we change this?

We don't have to change a thing - just let nature take its course. Mathematics cares not a whit about emotions. Regardless of man's puny attempts to control the value of exchange (money), the market (our collective biological drivers) eventually extracts the true value of production (wealth creation).

We, as a country, simply do not add enough unique value nor produce enough true wealth to finance the current level of government operations, including health care, food, security & living expenditures (pensions/SS). Thus, it will end.

All we see each & everyday are people pretending that death is an illusion. It's not; it's what is called "reality". It comes to governments just as surely as it comes to people. Rarely heroic, oftentimes mundane.

I keep telling people the real tell will be when the respective states begin to issue their own script. The front-line expenditure is unemployment; it is currently being financed nearly 100% by fedgov "stimulus" funds ie Treasury monetization via QE.

The next stage will be interstate script to pay in-state gov't salaries & collect state taxes (payroll, property, sales & income) in order to cover the feeding & housing of in-state unemployed.

The rest, shall we say, will be history as we begin the slow process of de-federalization.

Tue, 12/22/2009 - 14:09 | 171803 cougar_w
cougar_w's picture

What's got you scared is the knowledge that the good Roman people in the end did NOT save Rome.

If it desires so badly to burn ....  then that is what it needs. Let it burn.

cougar

Tue, 12/22/2009 - 14:39 | 171839 Cognitive Dissonance
Cognitive Dissonance's picture

No one has ever stopped these types of runaway trains. However, I remain calm in the knowledge they always run themselves off the tracks at some point of another, usually with a great many casualties.

My only hope is to save as many as I can from getting on the train in the first place. I don't have high hopes in the least that I will succeed to any degree. You can bring a horse to water but...........

Tue, 12/22/2009 - 15:33 | 171922 tip e. canoe
tip e. canoe's picture

"How do we convince others what we know to be true?"

hearts and minds (emphasis on the AND)?

Tue, 12/22/2009 - 10:54 | 171563 Anonymous
Anonymous's picture

Marla once again teeing it up and hitting it like Wallstreetpro2 once upon a time! Congratulations girl and all the best to you and ZH for doing what you do and how you do it.

Tue, 12/22/2009 - 11:01 | 171571 Anonymous
Anonymous's picture

Wonder what kind of security Cohen has at that joint? The woods at the back would provide an easy entry and I imagine the safe room is in the newbuild portion of the house.

Tue, 12/22/2009 - 11:09 | 171577 Anonymous
Anonymous's picture

Sell everything and close your accounts. Any time you see someone working for Reuters, tell them how much their organization is despised.

Come to think of it, slapping them on the face is a good practice, even if you don't tell them.

Tue, 12/22/2009 - 11:11 | 171579 Anonymous
Anonymous's picture

Think back to the Presidential Election when McCain came out with his famous Bomb, bomb, bomb Iran. The day before this, McCain was in third place so say Reuters. The day after, he is the choice of the Republicans. I never believed it for a moment nor had faith in any reporting by this conflicted company thereafter.

Tue, 12/22/2009 - 11:18 | 171585 Anonymous
Anonymous's picture

Steve Cohen should have talked to the reporter. Something like "yeah, I trade on inside information, what's it to you?" Then, dump the Reuters stock.

Not talking to the reporter, then calling Reuters management -- that's weak. What a pussy is Steve Cohen.

His weakness demonstrates his lack of confidence. He's toast if the law enforcement types want him. I can see it already.

Tue, 12/22/2009 - 14:15 | 171811 cougar_w
cougar_w's picture

Yeah, they don't make gangsters like they used to.

Mickey Spillane, we need you!

Tue, 12/22/2009 - 11:34 | 171600 Anonymous
Anonymous's picture

Matt Goldstein is one of the true good guys out there in financial journalism. I urge anyone with a good tip on a scandal or breaking news story to contact him (at the same time as ZH (: )

KEEP FIGHTING THE GOOD FIGHT!

Tue, 12/22/2009 - 11:35 | 171602 trav777
trav777's picture

this is almost enough to make you wonder if the ethnic clan that dominates finance is the same that dominates in media and that there isn't some sort of nepotism going on.

 

Tue, 12/22/2009 - 13:22 | 171743 Ripped Chunk
Ripped Chunk's picture

And what clan might that be?

Tue, 12/22/2009 - 11:46 | 171615 WaterWings
WaterWings's picture

Goldstein! Goldstein!

-1984

Tue, 12/22/2009 - 11:46 | 171616 Anonymous
Anonymous's picture

over 100 TRILLION in government investment accounts and not a sigh is heard,you follow the heard.Marla?are you any better than the mainstream,or on the fed payroll? CAFR1.com

Tue, 12/22/2009 - 11:50 | 171623 Anonymous
Anonymous's picture

Frontline's softball piece on the meltdown was simply odious...I almost wept tears for BoAs CEO until I came to my senses and gave my head a shake.

Tue, 12/22/2009 - 12:07 | 171649 Anonymous
Anonymous's picture

It would be just too Booyah! bad if Cramer joined the Court of the I-thought-I-got-away-with-that.

His infamous video should be enough to start that snowball down the mountain (imagine what he knows).

Tue, 12/22/2009 - 12:07 | 171650 Leo Kolivakis
Leo Kolivakis's picture

Read Greg Zuckerman's article in the WSJ:

Fund Boss Made $7 Billion in the Panic

I quote:

In this comeback year for investors, David Tepper may have scored one of the biggest paydays of all.

 

Mr. Tepper's hedge-fund firm has racked up about $7 billion of profit so far this year—with Mr. Tepper on track to earn more than $2.5 billion for himself, according to people familiar with the matter. That is among the largest one-year takes in recent years.

 

Behind the wins: a bet worth billions of dollars that America would avoid a repeat of the Great Depression.

Mr. Teper wasn't the only hedge fund manager who made a killing in 2009, betting on the recovery. Kind of makes you wonder, was this whole "crisis" manufactured by the top banks to concentrate power? Ok, now I am sounding too much like Marx...

Tue, 12/22/2009 - 12:45 | 171691 Crime of the Century
Crime of the Century's picture

Kind of makes you wonder, was this whole "crisis" manufactured by the top banks to concentrate power?

 

I would think not, more that the response offered an opportunity to accomplish it. Killing Lehman and Bear was a motive of the favored competitors, that I don't doubt, but the conditions for the crisis go back to the CRA and the '94 Citi redlining suit. I don't expect you to perceive that as the nexus of the crisis, but a strong argument can be made on the cause and effect flow.

Tue, 12/22/2009 - 12:52 | 171701 Leo Kolivakis
Leo Kolivakis's picture

Zuckerman's article is also available for free on Yahoo Finance:

http://finance.yahoo.com/career-work/article/108451/fund-boss-made-7-billion-in-the-panic?mod=career-leadership

Well worth reading it.

Tue, 12/22/2009 - 12:13 | 171658 Silver-Is-Better
Silver-Is-Better's picture

Thanks Marla for a good article. It is a sad day when this country has to rely on a news media without any balls and is controlled by the government.

Tue, 12/22/2009 - 12:15 | 171659 Anonymous
Anonymous's picture

The recent Reuters web site redesign tells the whole story: Reuters is not a serious online news outlet, is not serious about online journalism, and is not interested in delivering meaningful information online in a meaningful way.

Tue, 12/22/2009 - 12:20 | 171664 tip e. canoe
tip e. canoe's picture

one of your best, marla.  deep deep deep capture indeed.

great movie, the insider.  the green tones in that film were eerily prophetic.

Tue, 12/22/2009 - 12:22 | 171667 Heroic Couplet
Heroic Couplet's picture

Check out the Kentucky Tobacco Research Institute. Instead of being located with the UK Medical Center and their research facilities, it's located on an outparcel of the UK football stadium parking lot. It's a one story building about the size of a two car garage with the only windows located up under the eaves of the roof.

Tue, 12/22/2009 - 12:49 | 171694 anynonmous
anynonmous's picture

Glocer (CEO of Reuters) says financial information seems so commoditized; I can get pretty good quote of exactly where Yahoo is trading this second. But if I am SAC Capital or Citidel, I don’t just need the current price, I need the entire pricing ladder measured in milliseconds. What is the dark pool market doing, what is the futures market doing. And I need it in a form I can digest. It’s quality, but you also need to really know how they use the information; it is not good enough to simply throw up the content.

http://blogs.barrons.com/techtraderdaily/2008/05/28/d-thomson-reuters-ce...

Tue, 12/22/2009 - 12:51 | 171699 Anonymous
Anonymous's picture

honey, bill colby told us before he was murdered by the cia that every single significant news agency in the usa was controlled by the cia....if it is news that the newsfakers control news to manage government agendas including elections of kenyan born persons, i am glad you are waking up but it is a day late and a dollar short...

cbs is a newsfaker par excellence. so is reuters....anyone remember how cnn was shut down cold in 1990s over a documentary about war crimes committed by usa troops in vietnam? how they dragged that old fart westmoreland out of a coma to threaten lawsuits, etc? news is what the cia-fed want it to be....

this is 1984 and has been that way since 1948....

Tue, 12/22/2009 - 12:55 | 171708 Marla Singer
Marla Singer's picture

"honey, bill colby told us before he was murdered by the cia"

My family and I knew Colby personally. I used to talk to him all the time when I was a girl. You probably need to take this "murdered" bullshit somewhere else.

Tue, 12/22/2009 - 13:08 | 171721 Anonymous
Anonymous's picture

ruh-roh

Tue, 12/22/2009 - 14:15 | 171807 WaterWings
WaterWings's picture

(conspiracy theorists scatter for the exits! only for a little while - it's just not good mojo to be in the same room when she's droppin' the hammer!)

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