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Some Painful Truthiness From Paul Volcker

Tyler Durden's picture




 

Guess the old man is not going to fill Larry Summers sweaty shoes:

  • Volcker: "So Difficult" To Dig Out Of Recession
  • Volcker: Will Take "Long Time" To Repair Economy
  • Volcker: "Underlying" market problem is "too big to fail" issue

and FTW:

  • Volcker: Mortgage market is "absolutely broken"

Someone please tell Obama to turn the volume on Geithner off, and to start listening to Volcker. Please

 

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Thu, 09/23/2010 - 14:29 | 600485 Ragnarok
Ragnarok's picture

I hope baby boomers like the taste of cat food.....

Thu, 09/23/2010 - 14:43 | 600532 AccreditedEYE
AccreditedEYE's picture

+1

Thu, 09/23/2010 - 14:51 | 600556 Dismal Scientist
Dismal Scientist's picture

See the performance of PETM shares. Apparently, boomers will stop spending on their children, sorry pets, last of all...

Thu, 09/23/2010 - 14:59 | 600579 Joaquin
Joaquin's picture

There won't be any cat food left for Gen X once the Baby Boomers are gone.  Gen X will be pining away for that good old delicacy as they look under rocks for their food.

Thu, 09/23/2010 - 15:43 | 600717 Ragnarok
Ragnarok's picture

I'm part of generation "Get the fuck out of dodge and pioneer in greener pastures".

Thu, 09/23/2010 - 16:01 | 600783 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

Screw cat food.  $4/day at the dollar store gets you all you can eat and drink.  People food is cheaper than cat food, and presumably tastes better.

Thu, 09/23/2010 - 16:42 | 600902 Robslob
Robslob's picture

Watch the movie FOOD Inc. to gain an understanding of why and worse...how this is possible and Cat food will appear to be a treat.

Thu, 09/23/2010 - 17:06 | 600969 Arkadaba
Arkadaba's picture

Great documentary and reinforced why I should buy local (and organic) whenever I can.

Thu, 09/23/2010 - 18:34 | 601127 Rainman
Rainman's picture

I personally stockpile mucho cans of tuna and boxes of Kraft Macaroni and cheese . That with a propane torch and jug water is all that's needed to live large. Residing in earthquake country, when the big one hits I'll be serving the entree and side daily to the neighbors in exchange for their gold and silver coins. None are prepared.

Fri, 09/24/2010 - 08:00 | 601855 Lux Fiat
Lux Fiat's picture

I'm a fan of canned food with long-off expiration dates.  My core emergency food holdings are not dependent on water and heat to eat.  Love dutch oven cooking when camping, and figure that in a local or broader emergency situation, it could come in handy. Wood is plentiful, butane, propane, etc. possibly not.

If you are going to store H2O, don't skimp.  Had bought some el cheapo store brand water bottles, and went to start rotating them just a bit ahead of their expiration date.  In just a little over ayear, the plastic had gone brittle, and one point in the seam on every bottle had developed a hole, and small amounts of lovely blackish green gunk was floating around in them.

Hope I never have to break them out in earnest, but just in case, as I'm not willing to risk my family's wellbeing on just in time food delivery.

Thu, 09/23/2010 - 16:09 | 600812 Kayman
Kayman's picture

Rag

Do you mean the stuff in the can or a skinned tabby ?

Fri, 09/24/2010 - 02:44 | 601704 StychoKiller
StychoKiller's picture

Inquiring (and very sick, I might add!) minds wanna know!

Thu, 09/23/2010 - 14:34 | 600490 williambanzai7
williambanzai7's picture

GRANDPA

http://williambanzai7.blogspot.com/2010/09/grandpa.html

BTW, Geithner and Obama are both Gen X 

Thu, 09/23/2010 - 17:23 | 601010 tip e. canoe
tip e. canoe's picture

classic banzai...also love the Mt. Flush More

Thu, 09/23/2010 - 14:32 | 600493 Restcase
Restcase's picture

Surprised the old man is even allowed on this team. A quote for your collection - responding to a charge of declining influence: "I did not have influence to start with."

Google "paul volcker no influence" and you'll get 17,400 hits.

BTW, Google "tim geithner genius" and you'll get 65,600 hits.

Thu, 09/23/2010 - 14:38 | 600505 Hunch Trader
Hunch Trader's picture

P.V. is a "hero" with 32,100 results, but T.G. 146,000...

Thu, 09/23/2010 - 15:58 | 600777 Arkadaba
Arkadaba's picture

Yes but if you type in "Tim Geithner is ..." Google only gives you one suggestion:

Tim Geithner is ... an idiot

Thu, 09/23/2010 - 16:04 | 600790 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

"Geithner asswipe" gets 10,800 results.

Thu, 09/23/2010 - 16:57 | 600946 Problem Is
Problem Is's picture

Hilarious...

Thu, 09/23/2010 - 17:29 | 601023 tip e. canoe
tip e. canoe's picture

"geithner obama bromance" = 33,400

Thu, 09/23/2010 - 14:32 | 600494 jimcg
jimcg's picture

He's just angry because he wasn't invited to the party.

They know that he'll just ruin things.

Thu, 09/23/2010 - 14:59 | 600582 G-R-U-N-T
G-R-U-N-T's picture

You mean he will ruin what they already have ruined?

Thu, 09/23/2010 - 14:33 | 600496 Chemba
Chemba's picture

what if you google "Tim Geithner elf-eared moron"?

Thu, 09/23/2010 - 15:17 | 600637 economessed
economessed's picture

For what it's worth, I got "About 3,590,000 results" when I googled "tim geithner go perform a sexual act upon yourself"

 

 

Thu, 09/23/2010 - 14:36 | 600501 buzzsaw99
buzzsaw99's picture

straight from the no shit sherlock files.

Thu, 09/23/2010 - 14:38 | 600508 ShaneAshton
ShaneAshton's picture

Volcker is aways forgotten when these corporate shills praise Reagan and bash Carter...who appointed him to the post in the first place??? mmmm i wonder

Thu, 09/23/2010 - 14:47 | 600543 mnevins2
mnevins2's picture

Yes, Carter appointed him, but Reagan stared down the cries to replace him. They both deserve credit.

Thu, 09/23/2010 - 14:38 | 600509 mikla
mikla's picture

Thu, 09/23/2010 - 15:13 | 600629 -1Delta
-1Delta's picture

wow who would have thought stating the obvious would impact the market- we must give this broken piece of shit way to much credit for being "efficient."

Thu, 09/23/2010 - 14:40 | 600516 cougar_w
cougar_w's picture

We <3 you Mr. Volcker.

Please be careful about flying via private aircraft, and around hot tubs.

Thu, 09/23/2010 - 14:59 | 600576 Cognitive Dissonance
Cognitive Dissonance's picture

It didn't take very long for "hot tubs" to become a favored meme for "rubbed out", did it?

Thu, 09/23/2010 - 18:16 | 601086 cougar_w
cougar_w's picture

True.

Next month the Hot Tub and Recreational Bathing Association of America will be running full-page ads in major markets refuting the idea that hot tubs are in any way inherently lethal. "We are not a tool for murder in the hands of ruthless oligarchs bent on suppressing truth in a democracy. Really. We're hot tubs. Just hot water and bubbles. We're actually a lot of fun. Come on guys give us a break here."

Thu, 09/23/2010 - 14:40 | 600518 Cincitucky
Cincitucky's picture

Isn't Volcker getting to that age where he less likely to be believed... because he could possibly be senile?

Thu, 09/23/2010 - 14:57 | 600573 Cognitive Dissonance
Cognitive Dissonance's picture

Not exactly.

The term "senile" is used for those who are poor to middle class.

"Eccentric" is used when one is reasonably well enough off to threaten the newspaper or TV network who dares to call you senile. Or who can afford the full time lawyer who will do it for you.

Thu, 09/23/2010 - 15:25 | 600663 lizzy36
lizzy36's picture

don`t stop Reagan from getting elected to 2 terms.

and most republicans still worship at his alter.

Thu, 09/23/2010 - 16:19 | 600841 Cognitive Dissonance
Cognitive Dissonance's picture

And that alter is worshiped at a minimum every other year around elections. Jack Welch, the ultimate sucker upper, mentioned his name 4 times on CNBC in the half hour I listened to this morning while getting ready for work.

Reagan will be a deity by 2012. Which means they'll need to exhume his body for burial in the Great Pyramid.

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

Thu, 09/23/2010 - 17:00 | 600956 Problem Is
Problem Is's picture

I'll bet Reagan's hair is still jet black...

Thu, 09/23/2010 - 17:05 | 600966 Careless Whisper
Careless Whisper's picture

"Government doesn't solve problems; it subsidizes them". ... R Reagan

Thu, 09/23/2010 - 22:58 | 601476 Things that go bump
Things that go bump's picture

I hated that fucker.  Couldn't stand to even look at him.  I hope they buried him with a stake through his heart.  God grant he lie still.

Thu, 09/23/2010 - 14:40 | 600520 Mongo
Mongo's picture

Obama cannot hear, only smell... the money filling his pockets as he gives taxpayer money to GS and folks.

 

K? Bye!

Thu, 09/23/2010 - 17:11 | 600979 TeamAmerica
TeamAmerica's picture

Reality Check:  WHO gave money to Goldman Sachs?   Hint:  NOT OBAMA.

Thu, 09/23/2010 - 14:40 | 600523 Segestan
Segestan's picture

Volckers policies forced interest rates to 21% , next up the cabal tries Gold manipulation gig, to drive rates down to 'affordable' levels. Volcker killed housing. Now Low wages from immigration to imports has again killed housing , the US consumer.

All these people need to be replaced.

Thu, 09/23/2010 - 14:48 | 600535 Hephasteus
Hephasteus's picture

Buy house 100k. Pay 250k. House degades to 80k worth of value over the 30 year payoff. What's broken about that?

Let me see here. As soon as you sign the mortgage papers you instantly create 100k into the financial system. YOU create this by your promise the banks just print the money for ya. But the banks get paid back 250k. Only you didn't create 250k. You created 100k.

I just can't for the LIFE of me see exactly what could wrong with that sytem. But what I am certan is that Voker understands this and is lying out of his little weasle ass.

Thu, 09/23/2010 - 14:44 | 600537 Quinvarius
Quinvarius's picture

The hard but correct choice that must be made is to get this dead weight of a banking system off the public dole.  It is eating up our entire GNP for decades to come and it is still not working right.  End the experiment in socialism.  Fund the FDIC and let these banks die.

Thu, 09/23/2010 - 14:48 | 600545 Turd Ferguson
Turd Ferguson's picture

A public official giving an honest assessment of our financial situation?

Thu, 09/23/2010 - 14:49 | 600549 nutkicker
nutkicker's picture

Everyone knew truth hurts. No one knew quite how much.

Thu, 09/23/2010 - 14:52 | 600559 sweet ebony diamond
sweet ebony diamond's picture

 

More truthiness please.

Thu, 09/23/2010 - 17:08 | 600972 Things that go bump
Things that go bump's picture

We don't want truthiness.  We voted for hopiness and changiness and there is going to be hell to pay if we don't get it.

Thu, 09/23/2010 - 18:11 | 601089 cougar_w
cougar_w's picture

Word!

Thu, 09/23/2010 - 14:55 | 600564 House Atreides
House Atreides's picture

Couldn't help but post this from the FT :

"Henry Kissinger once suggested that Lawrence Summers, Barack Obama’s outgoing economic adviser, should be hired by the White House solely to shoot down bad ideas. In a few weeks, Mr Summers will move back to Harvard where he will be able to think up good ideas"

 

and

 

"There is barely an economist in the world who would deny that Mr Summers has a bigger brain than they do"

 

Almost choked on my cornflakes.

 

http://www.ft.com/cms/s/0/0611a72a-c66f-11df-8a9f-00144feab49a.html

Thu, 09/23/2010 - 15:02 | 600586 Joaquin
Joaquin's picture

That may no say a lot about Summers but speaks volumes about the economists

Thu, 09/23/2010 - 15:02 | 600588 Shameful
Shameful's picture

I love the MSM. Here we have Larry the Hutt, king of destruction. A long history of destruction and bad ideas but the MSM has nothing but glowing things to say about him. About the best thing about him is falling asleep in meetings. At least when he is in a diabetic coma he can't create the normal level of damage he does while he is awake.

Thu, 09/23/2010 - 15:07 | 600606 Hephasteus
Hephasteus's picture

Can I play Larry.

White House. Why don't we try an honest financial system that makes sense.

Larry- That's a BAD IDEA. You don't want to even TRY THAT.

Thu, 09/23/2010 - 16:13 | 600827 Kayman
Kayman's picture

Too bad that big brain comes in such a small container....

Fri, 09/24/2010 - 02:50 | 601707 StychoKiller
StychoKiller's picture

Head-shrinking meets mind-expanding drugs! :>D  Kinda like 10 Lbs of poop in a 5 Lb bag!

Thu, 09/23/2010 - 14:56 | 600572 spartan117
spartan117's picture

Maybe he should try shorting Gold to give the appearance that all is well.

Thu, 09/23/2010 - 14:59 | 600583 Segestan
Segestan's picture

"There is barely an economist in the world who would deny that Mr Summers has a bigger brain than they do"

 

No wonder the world goes from crisis to crisis... scary!!

Thu, 09/23/2010 - 15:08 | 600614 FEDstidius
FEDstidius's picture

Because it's planned. You can't have this many identical "crises" over this long of a time period and not know this is intentional.

Thu, 09/23/2010 - 15:07 | 600604 FEDstidius
FEDstidius's picture

Some truth from "Gee ain't the CFR grrraaand" Volker:

We've taken everything else of value so its time to hand over those gold fillings!

Thu, 09/23/2010 - 15:10 | 600619 ghostfaceinvestah
ghostfaceinvestah's picture

"Volcker: "Underlying" market problem is "too big to fail" issue"

Isn't that precious, from the guy who started the TBTF doctrine (see: Continental Illinois).

Thu, 09/23/2010 - 16:08 | 600803 old_turk
old_turk's picture

Wrong!

 

Volcker started the 'good bank/bad bank' doctrine ... Who knew that they'd run out of good banks so soon? 

Bad bank/worse bank doesn't work near as well.  See Citi, BoA, JPM and (gasp) WFT. :-)

Thu, 09/23/2010 - 18:14 | 601096 cougar_w
cougar_w's picture

They're going to a color system next.

The beige banks get to absorb the mauve ones.

See? That's financial system innovation at work right there, it is.

Thu, 09/23/2010 - 18:27 | 601113 saulysw
saulysw's picture

You, sir, are a genius. Cougar for president! A cat you can believe in.

Thu, 09/23/2010 - 19:29 | 601202 cougar_w
cougar_w's picture

Damn straight! And none more of that hopey-changey stuff in my administration. It's all fangs and claws and ripping spleens out in the Rotunda, mo'fos.

And naps. And salmon. But yeah fangs and claws mostly.

Thu, 09/23/2010 - 21:34 | 601370 saulysw
saulysw's picture

Hang on... you eat FISH?! Vote for the other guy!

Fri, 09/24/2010 - 00:13 | 601589 Hephasteus
Hephasteus's picture

Throws his hat in the ring.

How about the banks that shorten down to 3 letters get to absorb every other bank.

Haha your so fucked deutsche bank and credit suisse.

Fri, 09/24/2010 - 02:52 | 601709 StychoKiller
StychoKiller's picture

What color is beyond the "red-alert" phase?

Thu, 09/23/2010 - 16:14 | 600830 Pedro
Pedro's picture

Just love the word "truthiness".  I also love the truthy nature of Volcker calling out the TBTF's.

 

Thu, 09/23/2010 - 16:38 | 600886 Dagny Taggart
Dagny Taggart's picture

Stephen Colbert on the comedy channel dubbed it "the word", if memory serves.

http://www.colbertnation.com/the-colbert-report-videos/24039/october-17-2005/the-word---truthiness

Thu, 09/23/2010 - 16:16 | 600836 Godisanhftbot
Godisanhftbot's picture

Would you buy a used car from Geithner?

Wouldn't he look more the part in a Pinky Lee checkered jacket?

 

http://www.tvshowmemories.com/PinkyLee/1x.gif

Thu, 09/23/2010 - 18:28 | 601117 saulysw
saulysw's picture

That reminds me : wasn't he trying to sell a house too? Did he offload that?

Thu, 09/23/2010 - 16:33 | 600878 ATTILA THE WIMP
ATTILA THE WIMP's picture

Paul Volker is a member of the Pilgrims Society.

http://www.nndb.com/people/220/000023151/

Meet the World Money Power, free online book (PDF) by Charles Savoie

http://www.silver-investor.com/charlessavoie/cs_dec04.pdf

Pilgrims Society membership list.

http://www.isgp.eu/organisations/Pilgrims_Society_members_list_AZ.htm

Mr. Volker is also a Bilderberger, a Trilateralist and a member of the CFR.

http://www.biblebelievers.org.au/bball.htm

 

Thu, 09/23/2010 - 16:54 | 600926 Miles Kendig
Miles Kendig's picture

And he still knows things, 'magine that.  There is a need for all voices regardless which side of the inside looking out, outside looking in paradigm one falls.

Thu, 09/23/2010 - 16:36 | 600884 Miles Kendig
Miles Kendig's picture

Volcker = Constituency consultant and prop since he doesn't play at Bernie's on weekends anymore.

Thu, 09/23/2010 - 17:08 | 600973 Kayman
Kayman's picture

Volker took the heat, but he did kill inflation. Bernanke is too gutless to hurt his pals that need their daily fix of ZIRP.

Bonuses all 'round gentlemen, bonuses all 'round.

Thu, 09/23/2010 - 18:47 | 601140 JLee2027
JLee2027's picture

 

Being the chief economic advisor to HUSSEIN HOPENCHANGE is like asking to be executed at some future date. Volcker knows what's happening. Sharp as a tack at 83. He can't save this mess.

Fri, 09/24/2010 - 02:55 | 601711 StychoKiller
StychoKiller's picture

Yes, fighting the laws of Mathematics (expotential functions) Physics (gravity) is a real bitch!

Sat, 09/25/2010 - 22:53 | 604991 CL1
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