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Sprott's David Franklin On The Depression
BNN interviews Sprott's David Franklin. Reality, and an eerie manifestation of what a real financial news channel should resemble, ensues.
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BNN needs Maria Bartiromos lips
Why? Her lips aren't even that great. She's a mildly attractive idiot at best.
Wow its not like a game show.
You can tell how many people are reading the postings here. The link just takes forever to load due to the volume of GET requests. Good job kids! What happened to the integer questions? I liked those . . .
keep those math questions
as extra credit only....i can do without them thank
you very much...
They asked excellent questions and allowed sufficient time for him to answer. It didn't resemble a carnaval freak show.
Canucks (of which I am one) are in la la land up there, however.
http://www.greaterfool.ca/2009/07/23/for-a-good-time-call-mark/
I guess you haven't heard the good news:
Recession over, growth resumes: Bank of Canada:http://www.theglobeandmail.com/report-on-business/recession-over-growth-...
Ah this is great news! Hang on lemme go list my canned goods on ebay
I am pretty sure that I read on the Market Ticker forum that the head of Bank of Canada is Ex GS :-)
true dat:
http://www.bank-banque-canada.ca/en/bios/carney.html
Your inet > my sinet
He's from the NWT. Have you ever been to Ft. Liard?
"Prior to joining the public service, Mr. Carney had a thirteen-year career with Goldman Sachs in its London, Tokyo, New York, and Toronto offices. His progressively senior positions included Co-Head of Sovereign Risk; Executive Director, Emerging Debt Capital Markets; and Managing Director, Investment Banking."
http://www.bankofcanada.ca/en/bios/carney.html
And what do you know? Mark Carney, the Bank of Canada Governor, worked at GS for 13 years.
so what?
and every IT person in Canada worked for Nortel at one point.
there is no other world where corruption doesn't exist. right?
This is not what they said. They said they're anticipating a subdued recovery in the next quarter. That doesn't mean the recession will be over, much less it being a claim that the recession already *is* over.
Bah! Don't even get me started on those Canadians!
They don't even know how to run a bank! Their banks are "solvent" (whatever that means) and have "money" in them! They didn't even have the good sense to blow their citizens' pensions on subprime mortgages!
Besides, Canadians don't know how to print money. They have about the same number of Canadian dollars in supply as they did last year. We managed to double ours in under a year! And that's good, because more is always better!
USA! USA! USA!
but our dollar is worth less, so we win.
there you go again....finding more green shoots
With all circumspection, if you look at the point and figure charts for Dow, Nas, and SPY, they all point to much higher. Whatever and whoever got us here, we are up for now. And, I believe we are still deep in the big muddy! Dearest Leader not withstanding.
I think a lot of indicators point higher. The problem here is the lack of real retracement/backfilling.
9/10 days of almost vertical movement?
The bottom back in March didn't even do that.
Stocks down, Dollar down, Gold up... the first time in like 18 months!!! Zomg pinch me!!
Sprotts comments can be summed up as anything but paper, unless its copper, gold, silver, nickel backed. One might think he was called for a defacto retrunt o the gold standard. BIS just flinched
those crazy canadians.. who cares about substance when you can have flash.. yeah baby...
that's a total bummer. guess i'll buy another case of ammo instead of going for sushi today.
I for one welcome our new depressionary overlords.
Can we just all agree that bankers are the new zombies? Staggering across the landscape, with a gravelly mumbling of "mmmmoooorrreeee bbboonnuuusssseeesss" coming from their rotten throats.
zombie black holes
Good Morning Children:
We are in a depression. There are wicked forces of deflation and inflation (exponential debt inflation chasing the destruction of assets and overcapacity) feeding on each other like never seen, or at least quantified. We have some historical references to draw on, but this baby is its own creature in the end, and probably the combination of many bad economies that have preceded us (Ponzi, Tulips, South Sea, Mississippi Land Co., et al) magnified by modern inventions but driven by the ancient plagues of pride and greed.
AND the Governor of the Bank of Canada, a Goldman alumni btw, just declared yesterday that the recession was over....
Thanks for the tip on BNN. Always pleasant to hear the accepts from different parts of the world...and some reality.
This Story is a little old, but it tells it all in the bad bear charts. Also, everyone is starting to mention a double dip?
check it out: http://etfdailynews.com/blog/?p=1252=1
I *noticed* that too! They are like lemmings! Double dip would imply the first dip was not all falsified statistics no?
How about this shape
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The shape you propose is consistent with what I envision. This is not a temporary lull, this will be the new normal.
From another great canuck (who spent 30 mins on bnn this morning).
Perhaps the best leading indicator of global equities is China — it peaked in 2007 ahead of the pack and then bottomed in late 2008 a full four months ahead of the U.S. trough. In addition, the Shanghai index leads the CRB by two months and with an 80%+ historical correlation. There is no doubt that China’s fiscal stimulus is percolating and that the economy has turned higher, but the equity market there has surged 85% so far this year, so how much is priced in at this point is a concern. It looks like speculative fervor is back — the volume of credit that has flowed into the economy this year has amounted to one-third of GDP. Not only that, individual investors opened 484,799 accounts in China last week — the most since January 2008 and five times as many that were opened last January. This may be one sign of … irrational exuberance.
China: Shanghai
Cut and paste job from David Rosenberg's "Breakfast with Dave", but still useful.
I think you can chuck technical indicators out the window at this point. TD has been great at teaching us about predatory algos that headfake other algos into buying - So I'd humbly suggest any technical break out or buy signal is simply a function of predatory financial manipulation.
Beware of the [govt supported] financial complex
oops - forgot to log in.
GC
Absolutely. One can't rely on technical analysis as much these days because the signals are so distorted.
It's obvs that this is a violent bear market rally, most likely triggered by the computer trading algorithms at the various global megabanks.
When the rug gets pulled out don't be standing under the anvil.
While I believe this rally is pretty frothy, some technicals indicated a buy in the 870 area for the S&P with still another 40 or 50 pts to go on the upside, especially if the market NEVER sells off more than 1% again.
Or is it the (financial supported) government complex? Or . . . are they one and the same?
my vote is for 'one and the same' ie. interlocking directorates.
I do think it is computer traders, and I do think they realize that they can capitalize on this for a while. I don't think it's a coordinated effort in such that more than one company pushing algos out the door are trying to coordinate their efforts with smiling bureaucrats standing behind them. I do think that the bureaucrats are smiling though, because when the markets rise, even if it's because someone is manipulating them, it looks like their own policies are working. And take two, if the SEC doesn't follow up on HFT as much as they would have liked, they can just claim that the entrenched inteptitude is all a vestige of the bush administration, and really the problem was far worse than they thought. But for now, it's all smiles as the manipulators, still under the thumb of the administrators, because they know that everyone is only looking the other way because it supports their position, continue to rake it in while they can. This is a blue light special. (Blue pill light special?) And it won't last forever.
amen
amen, to project mayhem that is.
I actually learned something.
Point and figure charts? What, all CNBC's saddest viewers switched over here now? Fellas, there's no tits here - not that you could see.
Content, who the hell needs tangible content. Just dress it up pretty and put on lots of bling and gltiz. The avg Joe Q public is dumber than a sack of $hit anyways and won't clue in. Pretty sad that CNBC has actually developed a business model on this premise isn't it.
ooooops......Sorry- wasn't logged in.......This Story is a little old, but it tells it all in the bad bear charts. Also, everyone is starting to mention a double dip?
check it out: http://etfdailynews.com/blog/?p=1252=1
Apocalypse Now- The updated bad bear chart is actually here: http://www.dshort.com/charts/bears/four-bears-large.gif the link above is only a april article.
I figure this market, the economy and it's rebound is more akin to the plot line of "Weekend at Bernie's"...
and it's about as believable...
(concept trademarked by yours truly.. ;p)
GC
Who the hell is this BNN! Where is the octobox, the tight blouses and the inability to make out what anyone is saying? This channel is doomed, they must get with the times.
LOL
"Using a hockey analogy we're about at the end of the first period, starting the second period." Dammit can't those Canadians use baseball analogys? Come on... it's the top of the fourth.
Can anyone tell me why ECRI keeps predicting economic recovery while ECRI keeps predicting economic disaster? Wha accounts for the discrepancy?
NEW YORK, July 24 (Reuters) - A gauge of future U.S.
economic growth edged higher in the latest week, while its
measure of annual growth continued to stride at five-year
highs, feeding hopes that a smooth recovery is due this year, a
research group said on Friday. The Economic Cycle Research Institute, a New York-based
independent forecasting group, said its Weekly Leading Index
rose to 118.4 in the week to July 17 from 118.1 the previous
week. The index's annualized growth rate jumped to a fresh
five-year high of 7.7 percent from 7.0 percent one week ago. It was the index's highest yearly growth rate reading since
the week ended May 7, 2004, when it stood at 7.8 percent. "With WLI growth climbing to a new five-year high, it is
reaffirming that the end of recession is at hand and that the
U.S. economy is poised for recovery in short order," said
Lakshman Achuthan, managing director at ECRI. The weekly index rose due to higher stock and commodity
prices, said Achuthan.
(Reporting by Camille Drummond, Editing by Chizu Nomiyama)
Has anyone pointed out yet that the governor of the Bank of Canada also has a Goldman Sachs connection?
Just want to make sure that people are aware of that little factoid.
God, if only our US media would be so honest. I know that when people are grieving, you don't want to push them, but downright lying is just so wrong. People still have their guts and their eyes even with all the efforts by the president's working group and all their agents, to make them believe in green shoots.
BNN is playing virtually every minute of the day at my desk. Others would have CNBC playing and all I will remember for the rest of my life is Billy Mays screaming every 5 minutes and the plethora of sound effects as charts reversed-flipped onto the screen. I would love for someone to invent a sound effects package for BB to jazz up the black and charcoal facade!
Friday's here and its time to drown my sorrows...see ya at Ki.
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