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Watch Obama Explain Why Keynesianism Has Been A Failure

Tyler Durden's picture




 

Watch the teleprompter advise the president on the correct choice of words at his address to workers at a Fiat, pardon Chrysler Group, Toledo supplier park, during which he will have to explain why both fiscal and monetary policy (read Keynesianism) is now a confirmed failure. But far from Austrian economics finally get the respect it so much deserves, this will merely retrench the current idiotic policies - just read any column by Krugman demand doubling down on stimulus post haste: that's what happens with junkies - it never ends, and in fact the "last" does must always be more and more and more...

 

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Fri, 06/03/2011 - 13:23 | 1336627 camoes
camoes's picture

You can see him here as well! He's been working out... http://www.youtube.com/watch?v=G5zAAASsuyk&feature=related

Fri, 06/03/2011 - 15:43 | 1337246 IdioTsincracY
IdioTsincracY's picture

Keynesianism has failed! .... great!

Reaganomics was bull shit!!

Trickle down economics was even moooore bull shit!

Socialism only existed as welfare for the rich!!

Natural economics is an oxymoron!!

So  .... what is left? What should we try next?!

Fri, 06/03/2011 - 15:54 | 1337319 Peak Everything
Peak Everything's picture

Ummm, how about we live within our means?

Ooops sorry, too late, that would have worked in 1980. We are so far beyond our means (and our means are in decline) that the best plan is to not have kids. This will avoid them having to suffer and will help reduce pain for the remaining people.

Fri, 06/03/2011 - 15:55 | 1337338 IdioTsincracY
Fri, 06/03/2011 - 17:53 | 1337698 Bob Sacamano
Bob Sacamano's picture

Yes, the rising tax revenues in the face of tax cuts is indeed staggering.  Seems clear spending was and is the primary problem - always has been a problem with government.

Fri, 06/03/2011 - 16:02 | 1337349 southsea13
southsea13's picture

A good point; unfortunately when I tried living within my means (quite successfully, I thought: no debt, no mofos ringing me up day and night, no bailiffs` letters etc) , my `friends`  - who needs enemies, right? -  complained about my being `tight` as they chucked their dosh on overpriced eating out, moving coffins like the Mazda Mx-5 and so on. I`m with you on the not having kids thing, this linky may be of interest: http://www.poetryfoundation.org/poem/178055

Fri, 06/03/2011 - 16:10 | 1337408 mnevins2
mnevins2's picture

@ss13. Interesting link - one frequently confirmed by my wife and I as we observe that "the apple doesn't fall from the tree" with the kids and parents in town/social circles.  FWIW, we were also quite frequently criticized for being "cheap" and "frugal" and "miserly."  We take little pleasure in the struggling of others today, but are aware that much of their present condition was self-induced.  Our teen kids?  They've always worked and that made them semi-rare amongst their peers.  They get it, though - unlike our elected "leaders" who are just as lost today as ever before.

Fri, 06/03/2011 - 16:20 | 1337436 southsea13
southsea13's picture

@mnevins2: The binge of readily-available credit has dried up, but somehow people are still buying crud like Ipads and whatever toys they can get their hands on. I`ve always tried to take the view that if you want something, then save for it. 

Our `leaders` are just chumps, and it seems that whoever is in power is going to be a disappointment, or, at least, fail to live up to over-optimistic expectations (e.g the ability to be able to run a country with the national interest at heart). In the UK we`ve got cut after cut after cut coming and slowing up the economy in a race-to-the-bottom austerity doctrine. Obama seems like he doesn`t know what he`s doing at all, and the round of wars we`ve seen (and are still seeing), just makes things worse. 

Fri, 06/03/2011 - 17:57 | 1337722 Bob Sacamano
Bob Sacamano's picture

Appreciate the above comments. 

Living within / below means is a big part of the issue.  But it does require discipline and personal responsibility -- which is in very short supply.  Many seem to feel entitled and / or a victim of some sort and are most comfortable calling on others (government) to solve their problems -- many of which are self inflicted. 

Fri, 06/03/2011 - 18:32 | 1337839 BigJim
BigJim's picture

I believe Bastiat said something along the lines of: "Government is the belief that we can all get rich picking each other's pockets" - there's the problem right there. A grants B power when B promises to take money from C and give it to A.

Sat, 06/04/2011 - 01:28 | 1338803 CEOoftheSOFA
CEOoftheSOFA's picture

During so-called "Reganomics" the federal debt was quadrupled.  So how was that different than what we are doing today?

Fri, 06/03/2011 - 13:28 | 1336637 mayhem_korner
mayhem_korner's picture

I think this sums it up quite nicely:

http://www.youtube.com/watch?v=dsx2vdn7gpY

 

Fri, 06/03/2011 - 14:29 | 1336930 LaLiLuLeLo
LaLiLuLeLo's picture

When is China pulling the plug? This shit is getting annoying now

Fri, 06/03/2011 - 15:26 | 1337185 Instant Karma
Instant Karma's picture

It finally occured to me: Obama is a Sociopath. The coldness. Distance. The harshness toward critics. The dictatorial nature. Classic. 

Fri, 06/03/2011 - 15:34 | 1337230 trav7777
trav7777's picture

little slow on the uptake, huh?

Fri, 06/03/2011 - 22:15 | 1338445 WeeWilly
WeeWilly's picture

More of a narcissist methinks...

Fri, 06/03/2011 - 13:28 | 1336639 HistorySquared
HistorySquared's picture

Superbama saved the world!

Fri, 06/03/2011 - 13:26 | 1336647 slaughterer
slaughterer's picture

Fuck, this idiot has no chance in 2012.  

Fri, 06/03/2011 - 13:29 | 1336665 kaa1016
kaa1016's picture

He's got a great chance due to the idiots on the other side.

Fri, 06/03/2011 - 13:39 | 1336706 Hugh G Rection
Hugh G Rection's picture

He was born in Keynesia, his presidency is unconstitutional, not that the constitution matters anymore.  TSA----4th amendment what?  Libya---- War Powers Act? Who gives a fuck. Congress alone coining money? That's so pre 1913.

 

Now bend over and take more change.

Fri, 06/03/2011 - 14:05 | 1336806 Bob
Bob's picture

Did you see his delivery as remarkably weak?  I can hardly blame the Publicons for cornholing him at times like this.  What a punk. 

What a show.  Bring on the other clowns.

I've got the corporate media on, all the time.  What other Real Media is there, after all? 

Surely the only news that matters is politicians.  Now we got Anthony's Weiner-or-not and Edwards' scam . . . must be the most important things, I guess.  After Caylee and the local dog story. 

I'm wondering if the political class might be experiencing a massive Spitzer-izing.  We wouldn't give a shit, but the news says it's all what matters.  Funny how we never get around to deeper shit at all . . .

Fri, 06/03/2011 - 14:12 | 1336838 Hugh G Rection
Hugh G Rection's picture

Back in my neocon days I watched faux news religiously.  Never thought I would have to go on youtube to get real news.  I really like RT and infowars.

 

More shenanigans from the $10/hr tyrants at the TSA.

http://www.youtube.com/watch?v=RwvcpS5iLjI

Fri, 06/03/2011 - 14:39 | 1336971 morty_schatzberg
morty_schatzberg's picture

yep, fox and msnbc, like the republicrats, are a false dichotomy. you got to hand it to em.

they know how to host a good puppet show. 

Fri, 06/03/2011 - 14:46 | 1336973 Bob
Bob's picture

Yeah, you mock those assholes for the wages they submit to, but . . .

Yeah, I do too.  Imagine that level of ignominy.  I wish I could afford to fly more--I just can't restrain myself in those kinds of situations. 

WTF is up with the flying American public, anyway?

Suck-ups or somethin' ? 

Just sayin

JHC. 

Fri, 06/03/2011 - 15:00 | 1337044 ReallySparky
ReallySparky's picture

I flew last weekend.  What a freaking circus.  What was most disconcerting was the way every TSA agent went out of their way to be friendly and talkative to children.  I imagine that they have received special training on, " how to calm the fears of little ones and indoctrinate them that all is well".  I refuse to go though the full body scanner.  So every time one of the TSA rainbow collar wearing dyke's has to pat me down.  Honestly, I would prefer a man do it.   I fully make it know to them what a farce this is and that they have a choice to work somewhere else.  One of the TSA queens in Miami says, "well the only way you will avoid this is to get your own plane".  So I say to her, "wow that sounds real fair and just, If I spend my money on my own plane than I am exempt from this violation of my rights?"  "I guess that all men really are created equal then."  She had no comeback for that.  For a second I thought I saw a glimmer of independent thought breeze though her head, but alas, while walking away she asks her supervisor if she can take her break.  The whole thing is such a joke.  And the fools that work at TSA are creepy.

Fri, 06/03/2011 - 16:04 | 1337377 southsea13
southsea13's picture

Do not give up! I`m not going to try and suggest that anyone take the kind of risks that got Socrates into the hemlock kool-aid thing, but questioning these chumps may be the best way to get some independent thought going. Seems to me that there`s a nasty Muslim hiding somewhere in the airport queue waiting to self-detonate in the minds of these people, and they`ve swallowed the hype hook ,line and sinker. :(

Even if one hired henchperson gets his or her synapses going, that`s a start. :)

 

Fri, 06/03/2011 - 14:12 | 1336847 Joe Davola
Joe Davola's picture

It's like a reality show, only realer.  And everyone know that nothing's contrived on those reality shows.

Fri, 06/03/2011 - 14:50 | 1337010 Bob
Bob's picture

succinct.  all we have to do is breathe "right" and everything will be just fine.  we'll live.  if america's business is business, how come the news has almost nothing to do with business?  shit, it's owned by business, after all.  wtf.

Fri, 06/03/2011 - 14:24 | 1336889 Concentrated po...
Concentrated power has always been the enemy of liberty.'s picture

3 junks and no comments.  You wankers that are junking Mr. Rection should post an original thought. 

 

The prez is a disgrace.

Fri, 06/03/2011 - 15:47 | 1337305 dark pools of soros
dark pools of soros's picture

disgrace?? depends on who's view?  obviously you are part of the view that doesn't matter

Wall Street's view is quite different

Fri, 06/03/2011 - 17:13 | 1337589 Moe Howard
Moe Howard's picture

I didn't junk you, I don't understand who would unless Chewbacca - I mean Giant Ass, I mean the first lady Meeeeshelll, did it, but who did the other three?

Fri, 06/03/2011 - 13:46 | 1336743 Iriestx
Iriestx's picture

Versus a mormon that implemented a much more socialist healthcare program the last time he was an elected official?

Or against the reality TV star that quit her governorship to hock her ghostwritten novels?

Maybe the Pizza CEO playing the part of the token black?

Or the miluqtoast ultra-socially conservative bible thump?

The GOP and Fox News won't let Ron Paul or Gary Johnson win the nomination, so that point is moot.

While I detest Obama with the fire of a thousands suns, the people the republicans are lining up are no better (outside of Paul and Johnson) and have no chance.

 

Fri, 06/03/2011 - 13:55 | 1336792 DaveyJones
DaveyJones's picture

it's almost as if both parties...don't work for us anymore

Fri, 06/03/2011 - 15:40 | 1337255 trav7777
trav7777's picture

the party system works like this. 

Party A puts out a bunch of shit in the primaries.  Their nominee becomes shit.

Party B does the same thing or has the incumbent.

You end up with an election between dogshit and horseshit.

And people actually cheer and lock themselves into this false dilemma.

Fri, 06/03/2011 - 15:49 | 1337313 dark pools of soros
dark pools of soros's picture

yes and the cabinet and other positions seem to shuffle the same paid turds around regardless who's in the top seat

Fri, 06/03/2011 - 18:34 | 1337854 BigJim
BigJim's picture

It's almost like it's planned this way.

Fri, 06/03/2011 - 14:03 | 1336803 Cathartes Aura
Cathartes Aura's picture

this is the point when the reality of electing a "figurehead" becomes blatantly obvious to you, when you realise it's a tragicomedy designed for distraction, when you stop seeing "reality" as a TeeVee show you can switch the channels(figureheads) on, when you chuck the TV. . . & just stop voting.

Fri, 06/03/2011 - 14:18 | 1336865 Bob
Bob's picture

and . . .

Fri, 06/03/2011 - 15:55 | 1337328 dark pools of soros
dark pools of soros's picture

and...  convert everyone to using local time banks to avoid fiat and certain taxes entirely 

 

barter is the money of the poor..  well let's rise past slaves to serf as a first step

Fri, 06/03/2011 - 14:10 | 1336843 kaa1016
kaa1016's picture

Exactly. When will people realize that everything they get fed day in and day out is all bullshit. Very few have a real grasp on the real economic issues in the country. Dems and Repubs, again it's all bullshit. We just went through a gigantic credit bust. There is nothing that the government can do to stop this whole thing from falling apart. Everything that they have done, going back to Bush, remember TARP and the other "emergency tools", have either delayed the inevitable or made the eventual deflationary bust much worse. If people tune out the noise, I mean news and the politico's, they would be a lot better off.

Fri, 06/03/2011 - 14:14 | 1336863 Iriestx
Iriestx's picture

That which does not kill you only delays the inevitable.

 

 

Fri, 06/03/2011 - 14:20 | 1336871 Bob
Bob's picture

It's time for a systemic reset.  The old language/system didn't work so good

Fri, 06/03/2011 - 14:36 | 1336942 Wynn
Wynn's picture

The law of cause and effect settles all scores.

Fri, 06/03/2011 - 15:53 | 1337334 karzai_luver
karzai_luver's picture

That which does not kill you (is only transitory).

Must follow the talking points of the day, dear comrade!:)

only delays the inevitable.

Sat, 06/04/2011 - 09:50 | 1339074 Hephasteus
Hephasteus's picture

Oddly enough what finally killed off the roman empire may finally kill off the amercian empire. They started boiling grape juice to reduce it and adding it to wine it was acidic so it developed copper acetate so they switched to lead. Now taking lead out of everything is doing us in.

I just read through all the electronics failures the DOD has had since the stated the Restriction On Hazardous Subsances ROHS compliance that tries to remove lead from stuff.

They got a burnt out relay from a nuclear power plant that developed tin whiskers. A laundry list of dead satellites and tin whiskers in everything causing shorts and problems and a really bad silver addiction.

 

Fri, 06/03/2011 - 13:51 | 1336777 kito
kito's picture

yes im sure nit-wit-mitt is the savior. face it, he will win becuase the other side of the oligarchy will have only clowns to offer

Fri, 06/03/2011 - 14:13 | 1336854 Problem Is
Problem Is's picture

"Fuck, this idiot has no chance in 2012."

Obama Bin Liyin's $1 Billion in Wall Street campaign
bribe-o-la...

And a propagandized idiot Amerikan public watching campaign commericals on CNBC who can't think their way out of a McD's bag...

Say otherwise...

Fri, 06/03/2011 - 14:32 | 1336895 Bob
Bob's picture

For all that it matters, it's interesting the spotlight is being shone on politicians.  The most coherent message I can gather from the corporate media narrative is that the mutha fuckin people corporations bought need to take some serious lashings.  And then get paid. 

Somebody's gotta do it!  And it sure ain't gonna be the Boss. 

The more I think about this, the more I commit to taxing the fuck out of the Boss.  It grieves me that innocent people will get hit that way, but when you look at the numbers . . . count it as being in the wrong place at the wrong time, understanding the larger situation!  We're sorry!

I think we should put the fucking banksters and their various criminal minions and sychophants in prison where they belong, but surely taxation is not that hard to get done?

If it is, we're totally fucked. 

Fri, 06/03/2011 - 14:33 | 1336949 phungus_mungus
phungus_mungus's picture

Perhaps, but never underestimate the power of stupid people in large crowds... that's how we ended up with this clown in the first place... 

Fri, 06/03/2011 - 13:29 | 1336642 hugovanderbubble
hugovanderbubble's picture

Obama you have mantained the farce in Wall Street, so u are part of the scam...

Thats all i have to say.

 

 

Fri, 06/03/2011 - 13:29 | 1336646 mayhem_korner
mayhem_korner's picture

Edit:  The brutal and irreversable shot to the economy occurred on Nov. 4, 2008.

'nuff said

Fri, 06/03/2011 - 13:27 | 1336653 alien-IQ
alien-IQ's picture

He'll spread the "hopium" and the SS will be watching the crowd closely taking names and photos of any who dare not applaud when cued. Much like a Mussolini rally in Italy...or a Netanyahu speech in congress.

Fri, 06/03/2011 - 14:20 | 1336876 Problem Is
Problem Is's picture

My girlfriend will have to smuggle the bullhorn in under her skirt so I can get in at least one:

"Fuck you Barry Soetoro you Wall Street Puppet, telepromtin' moron, CIA tool..."

Before the Schutzstaffel SS Gestapo US security forces taser may ass...

Fri, 06/03/2011 - 13:32 | 1336654 White.Star.Line
White.Star.Line's picture

His fiscal and monetary policies have NOT been a failure for his bosses, who have profited greatly from them.

Fri, 06/03/2011 - 13:30 | 1336655 baby_BLYTHE
baby_BLYTHE's picture

Chaircreature is a monetarist not a Keynesian.

I argue monetarism is far worse. At least with Keynesianism some of the money goes to the people, monetarism is for and by the banksters

Fri, 06/03/2011 - 13:42 | 1336714 mayhem_korner
mayhem_korner's picture

You're talkin' about some bastardized strand of monetarism I'm not familiar with.  The only real role of banks in a laissez-faire monetarist economy is to ensure the money supply v. real production growth relationship does not migrate too sharply.  Interbank lending rates need to be the noblest of the i-rates in order to dissuade yield/carry arbitrage.  Banksters should have no stake other than the compensatory i-rate spread for facilitating transactions. 

That may be utopia in today's world, but that's what monetarism is at its core.  Virtually impossible to sustain once you decouple the currency from something that has real/scarcity value.

 

 

Fri, 06/03/2011 - 13:45 | 1336758 Ivar Kreuger
Ivar Kreuger's picture

No Blythe is talking about macroeconomic policy as articulated by Milton Friedman and Ben Bernanke.

The distinction between Keynesianism and Monetarism is important and misconstrued often on the pages of ZH.

One adovocates supply side solutions (money printing) the other demand solutions (jobs programs).

They are not the same.

 

Fri, 06/03/2011 - 14:08 | 1336820 mayhem_korner
mayhem_korner's picture

Monetarism is NOT about money printing.  It's about the (correct) recognition that interest rates are the lever to push/pull to regulate money supply via its cost.  Monetarism is about keeping supply in check, but always indirectly.

The notion of supply-side being money printing is the bastardization I'm talking about.  The reason Keynesians think that monetarism failed is because of the misuse of low interest rates, particularly by Greenspan, as a catalyst for overinvestment and bubble creation. 

Friedman was AGAINST money printing, called it a "form of taxation".  In his own words...

http://www.youtube.com/watch?v=qmndhS-Qf20

Fri, 06/03/2011 - 15:49 | 1337058 Ivar Kreuger
Ivar Kreuger's picture

Not about printing money?

Where do you think Helicopter Ben got his nickname?

BB: "The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at no cost." (He referred to a statement made by Milton Friedman about using a "helicopter drop" of money into the economy to fight deflation.) Bernanke's critics have since referred to him as "Helicopter Ben" or to his "helicopter printing press." In a footnote to his speech, Bernanke noted that "people know that inflation erodes the real value of the government's debt and, therefore, that it is in the interest of the government to create some inflation.

From the famous deflation speech.

http://www.federalreserve.gov/boardDocs/speeches/2002/20021121/default.htm

 

Fri, 06/03/2011 - 17:19 | 1337617 mayhem_korner
mayhem_korner's picture

You've made my point.  Ben is NOT a monetarist.

Fri, 06/03/2011 - 14:15 | 1336866 Clowns on Acid
Clowns on Acid's picture

Ivan = nonsense. You misconstrue. It is really simple. Supply side of monetarism is ensuring that the money supply growth has a real interest ate attacjed to the "price" of money.

Nice try at obfuscation, but consider yourself corrected.

Fri, 06/03/2011 - 13:46 | 1336753 Clowns on Acid
Clowns on Acid's picture

b_Blythe - moneatrism is nothing like what the Keysians have done presently. "Bailouts" are not monetarism, QE1,2,3 are not monetarism.

Keysian theory is the Gov't spending / printing money, period. Monetarism is the monitoring of the money supply using interest rates as the cost of obtaining the $. It is just that the Gov't $ have gone to the "corporates" (banks and GE's of this economy) to effect the distribution.

These left wing facsists have merely corrupted the entire process by holding a gun to the banksters heads. Beginning with the CRA Act, and subsequent funding of Fannie and Freddie making them indespensible in the mortgage markets. Then bailing them out. Who do the banks owe allegiance to? Not the markets... but to the Gov't and their policies.

This is modern day Keysian theory, not at all monetarism.  

Fri, 06/03/2011 - 13:53 | 1336787 Ivar Kreuger
Ivar Kreuger's picture

Bailing out banks is in no way associated with Keynesian policy.

Ask Bernanke whose macroeconomic model his is following, Keynes or Friedman?

The answer is not Keynes.

Fri, 06/03/2011 - 14:19 | 1336800 DaveyJones
DaveyJones's picture

How Goldman (1) runs the regulatory agencies (2) enjoys absolute legal immunity and (3) glides no matter what party is in power should be our first clue that this is not economic policy or philosophy. It is corruption. The same "policy" is used in other fundamental areas of our "economy." Monsanto and Pharma run the FDA, Oil runs Foreign Policy, etc.    

Fri, 06/03/2011 - 14:12 | 1336839 mayhem_korner
mayhem_korner's picture

Bernanke is not following Friedman.  Friedman would NEVER advocate direct intervention of the money supply.  He always advocated interest rates as the lever to make sure money supply and production investment are properly disciplined.

You've got to get past the veil of the FED to recognize that what is going on now is entirely Keynesian.  The FED is only printing money to enable the fiscal spending (KEYNESIAN policy) to go on without the real impacts being felt.  There is nothing Friedman-esque about Bernanke.

Some of us understand the IS-LM model for what it is, and some of us have read a lot of hearsay and think they understand what monetarism is all about.

Fri, 06/03/2011 - 15:09 | 1337083 Ivar Kreuger
Ivar Kreuger's picture

It's pretty obvious Ben is following Friedman.

Read his NBER papers or speeches.

BB: " Friedman's monetary framework has been so influential that, in its broad outlines at least, it has nearly become identical with modern monetary theory and practice. I am reminded of the student first exposed to Shakespeare who complained to the professor: "I don't see what's so great about him. He was hardly original at all. All he did was string together a bunch of well-known quotations."

From an article titled Bernanke is no Keynesian.

http://www.freerepublic.com/focus/f-news/1508720/posts

 


Fri, 06/03/2011 - 16:06 | 1337351 The Profit Prophet
The Profit Prophet's picture

If you think you can qualify the bastardized economic tragedy that has gone on in America over the last two decades as one macro theory vs. another, you are truly lost friend!  Federal Chairmen were not picked based on their macro economic inclinations....they were chosen on their ability to say "Yes Master" and their ability to lie with a straight face. Yes, they are all Keynesians now, and all Monetarists, and all Austrians, and all Randian free-market lunatics....whatever bastardized "theory du jour" it took to keep the GREED party going. The party is coming to an end....

T.E.I.N. everyone!  

Fri, 06/03/2011 - 17:28 | 1337634 mayhem_korner
mayhem_korner's picture

It's pretty obvious he's got you fooled.  The whole "I'm a Friedman sheep" is a guise.

As soon as he adopted QE and started up the printers, Ben bastardized the notion of monetary economics. 

Fri, 06/03/2011 - 14:15 | 1336844 mayhem_korner
mayhem_korner's picture

+1 Give the man a cigar!  (Clowns on acid, that is...)

Fri, 06/03/2011 - 13:31 | 1336657 AldoHux_IV
AldoHux_IV's picture

It's time to rally the peasants into thinking they still matter in this overall rape and pillage aka economic genocide.

At least his top economic advisor is a former executive for the largest food stamp processor in the country: JPM.  He's got his priorities straight-- the American dream = food stamps, unemployment, bailouts for the rich/banksters, and more 'compromises' with the republicants in finishing off any other social benefit for the peasantry.

BTW, are those bankers in the crowd or did they install an applause sign by gunpoint-- wait a minute I forgot people actually think he still cares and will deliver on the promises of hope.

Yes we can bitchez.

Fri, 06/03/2011 - 14:42 | 1336980 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

Yes We Can.  But Let's Not.

Brought to you by The Programmed President.

Fri, 06/03/2011 - 13:28 | 1336661 devilsindetails
devilsindetails's picture

This is nonsense. Barack Obama and Ben Bernanke go in public forums and say they want to help the country while taking the oppossite actions. They're no different than Carlos Menem, Carlos Salinas De Gortari and all the other Latin American presidents who presided over the Latin American debt crisis. 

Fri, 06/03/2011 - 13:32 | 1336662 TexDenim
TexDenim's picture

BOzo can't prounouce "Keynes" much less explain his economic theory.

Reagan was an poor actor who turned into a great politician. BOzo is a great actor who turned into a terrible political leader.

 

Fri, 06/03/2011 - 13:37 | 1336704 baby_BLYTHE
baby_BLYTHE's picture

He has been on training wheels since day 1. He decided it best to just let the Pentagon and Federal Reserve run the country while he plays golf and fly around in his fancy plane

Fri, 06/03/2011 - 14:27 | 1336904 Problem Is
Problem Is's picture

Barry Soetoro is a CIA creation, useful idiot that makes no decisions...

Obama Bin Lyin' does what he is told... I mean.. He does what he reads on the teleprompter...

Fri, 06/03/2011 - 16:01 | 1337348 karzai_luver
karzai_luver's picture

Problem is that NOW he has finally figured out that only the few cultists

around him are paying any mind to him.

 

He knows he is speaking to at most a couple of thousand people.

They all get this way, the cult surrounds them and then it's all over before they knew what hit them.

WIll be the same for the next one and the next until something breaks.

 

Fri, 06/03/2011 - 13:29 | 1336663 surferexx
surferexx's picture

"the last dose"

Fri, 06/03/2011 - 13:29 | 1336664 slaughterer
slaughterer's picture

When does he give the same speech to Fannie and Freddy?

Fri, 06/03/2011 - 13:29 | 1336666 jmc8888
jmc8888's picture

Austrians are full of shit too.  Just from Keynesian land the grass looks greener.  It's not, they're BOTH BROWN and crappy.

MONETARISM is shitty, no matter what 'school of non-thought' it is.

Glass-Steagall

Fri, 06/03/2011 - 14:20 | 1336888 Dr. Acula
Dr. Acula's picture

FYI, Austrian != monetarism

 

Fri, 06/03/2011 - 13:49 | 1336671 hedgeless_horseman
hedgeless_horseman's picture

Remember what we learned after Obama's prior telepromting at a Chrysler plant?  It is hard work winning the future.

http://www.failingcivilization.com/68/stupidity/chrysler-workers-get-drunk-high/

 

Fri, 06/03/2011 - 14:09 | 1336824 Cathartes Aura
Cathartes Aura's picture

oooh, rare sighting of that endangered species, the Great Amrkn Werker!

well done.

Fri, 06/03/2011 - 14:32 | 1336937 Problem Is
Problem Is's picture

Classic... Yes we can!

Didn't they just become Federal Government workers after the bailout?????

Fri, 06/03/2011 - 13:34 | 1336677 Gully Foyle
Gully Foyle's picture

http://www.dailymail.co.uk/news/article-1373780/Mystery-scars-Obamas-hea...

Mystery scars on Obama's head prompt another question from conspiracy theorists - has the President had brain surgery?

 

https://texasdarlin.wordpress.com/2011/01/25/new-photo-shows-mystery-sca...

New Photo Shows Mystery Scar on Obama’s Head Going All the Way Down His Neck?

 

 

Fri, 06/03/2011 - 13:47 | 1336770 the not so migh...
the not so mighty maximiza's picture

it was those retiliian overloards, they had to take out his desire to fight back for the human race.

Fri, 06/03/2011 - 17:18 | 1337600 Moe Howard
Moe Howard's picture

Have you seen Hilary Clinton lately in a high def face shot, sans makeup?

I am starting to believe in the retillian overlordy thing. I think that beetch on the supremes Ginsberg is one too, anyway she can't be human.

Fri, 06/03/2011 - 13:57 | 1336776 the not so migh...
the not so mighty maximiza's picture

maybe it was the Reptoids

Fri, 06/03/2011 - 19:32 | 1338008 ParaZite
ParaZite's picture

That's just zipper burn from all of the dick Obama's had to suck at BP and other corporate sponsors to get that billion in campaign money ready to bribe his way back into office in 2012. 

Fri, 06/03/2011 - 13:35 | 1336680 Yen Cross
Yen Cross's picture

  Oh Im watching! Believe me I'm watching. Why doesn't the guy mention GM ipo's, (flop) and natural disaster derived profits!

Fri, 06/03/2011 - 13:35 | 1336683 doomandbloom
doomandbloom's picture

give me one more hit....its the last..promise..serious..dont you believe me Tyler?

Fri, 06/03/2011 - 13:40 | 1336742 GeneMarchbanks
GeneMarchbanks's picture

puff puff pass.

Fri, 06/03/2011 - 13:36 | 1336689 Highrev
Highrev's picture

aND He DoeS So WiTH a SMiLe oN HiS FaCe.

 

Damn, but he is good with DUMBING IT DOWN!!!!

Fri, 06/03/2011 - 13:33 | 1336693 zeek
zeek's picture

Barrack Obama == bump (roadblock) on the road to recovery

Fri, 06/03/2011 - 13:33 | 1336695 Clowns on Acid
Clowns on Acid's picture

"That's what we are fighting fo"? Sounds like a community organizer in Chicago, not a responsible President.

Oh wait a minute...Obama is a community organizer from Chicago.

Why did the Gov't have to lend $ to Chrysler? Why couldn't banks, if it was such a good investment and Chrysler paid back the loans on time?

Obama ...not the free market, is responsible for the "recovery"? A community organizer, employing his historical methods, has saved the economy of the US?

Even the Krugman's of this world cannot believe this ...can they?

 

Fri, 06/03/2011 - 13:37 | 1336697 kito
kito's picture

how can we declare keynesian policies a failure when the world still flocks to our bonds, when fiat currency is still in circulation, when greece and spain and ireland and portugal are still standing? tyler is pulling a george w-- "mission accomplished".

Fri, 06/03/2011 - 13:44 | 1336754 zeek
zeek's picture

Seriously?!  I hope you're just trying to be antogonistic, otherwise you've just placed yourself in the sheep pen.

Fri, 06/03/2011 - 13:34 | 1336700 slaughterer
slaughterer's picture

I am watching this, and, actively, my brain instantaneously labels about 70% of what he is saying as disinformative, fascist propaganda.  Is this normal?  Or do I need to have a treatment?

Fri, 06/03/2011 - 13:40 | 1336739 Silver Dreamer
Silver Dreamer's picture

Citizen, you need to take your pills.

Fri, 06/03/2011 - 13:35 | 1336701 Silver Dreamer
Silver Dreamer's picture

There he goes again mentioning China. /sigh

Fri, 06/03/2011 - 13:39 | 1336709 knowless
knowless's picture

win the future!

Fri, 06/03/2011 - 13:37 | 1336711 walcott
walcott's picture

what a crock of shit.

Fri, 06/03/2011 - 13:39 | 1336712 walcott
walcott's picture

this is what happens when 1%, the jews have all the money. And unless you

kiss their fucking ass you don't get jack. That's how jews like it. 

And fuckheads like Weiner are sabotaging this country and destroying any remaining

liberty. Its a joke. We can't make the investment because the jews have every fucking

dime. They want to kill all gentiles that's their goal.

Fri, 06/03/2011 - 13:39 | 1336735 lizzy36
lizzy36's picture

Yes we do.

And if your comment is any evidence, the job will be very very easy.

Fri, 06/03/2011 - 14:30 | 1336920 Sean7k
Sean7k's picture

LOL

Fri, 06/03/2011 - 13:47 | 1336767 zeek
zeek's picture

gotta blame someone... blame yourself.

take your crap talk elsewhere... 

Fri, 06/03/2011 - 13:48 | 1336779 mayhem_korner
mayhem_korner's picture

get a hold of your xanax, there, Adolph...

Fri, 06/03/2011 - 13:59 | 1336791 kito
kito's picture

@walcott--i pray for your sterility

Fri, 06/03/2011 - 14:48 | 1337018 morty_schatzberg
morty_schatzberg's picture

truth hurts. henry fords being saying it for 100 years. and ya'll are still pecking the ground for clues

Fri, 06/03/2011 - 15:45 | 1337286 ElvisDog
ElvisDog's picture

The Jews killing all non-Jews would be a tall order, what would that be 40-50 million killing 7 billion? The world certainly would have a lot of elbow room when they're done with the killing.

Fri, 06/03/2011 - 17:52 | 1337706 mayhem_korner
mayhem_korner's picture

And that, is the cliff notes version of the book of Judges.

Fri, 06/03/2011 - 13:40 | 1336713 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

"Now, uh, uhm, I will lie that the economy is growing, or maybe it is that I am an idiot who does not understand basic economics, but anyways, we are still, uh, uhm, a long ways...we have a long way to go, we gonna uh, drive over some bumps that even Toledo couldn't handle...because you are not part of the, uh, power elite, like me."

Oh and by the way, that whole Discount Window thing............the banking system is on the verge of collapse, or else BS Bernanke does QE4ever.  But if he does QE4ever, then the debt ceiling will have to be raised.  Then that shows the policy has not worked.  If that happens, people question the system.  Basically, it's all over

Fri, 06/03/2011 - 13:42 | 1336731 Mr Lennon Hendrix
Mr Lennon Hendrix's picture
Major Banks Need Bigger Capital Cushions- Fed's Tarullo:

http://www.cnbc.com/id/43269492

Fri, 06/03/2011 - 13:40 | 1336715 No Bid
No Bid's picture

Does Bernanke know he's speaking?  Stocks always drop when the Dalaibama opens his mouth and it's pretty obvious that the robots took over after 10am or so.

Fri, 06/03/2011 - 13:37 | 1336722 SumSUN
SumSUN's picture

I watched Obama for 60 seconds and had to cringe away the urge to punch my computer screen.  No wonder the US$ is down right now.

Fri, 06/03/2011 - 13:42 | 1336724 TraderMark
TraderMark's picture

44% of Americans surveyed say they will not invest in stock market ever again; 58% have lost faith market is fair

Thankfully Goldman still has the other 40% to steal from :)

http://www.fundmymutualfund.com/2011/06/prudential-financial-survey-44-n...

Fri, 06/03/2011 - 13:41 | 1336725 pepperspray
pepperspray's picture

Damn.  I just got here and watched the last 30 seconds. 

Fri, 06/03/2011 - 13:43 | 1336738 knowless
knowless's picture

you didn't miss much, at least they kept the cameras live for the meet and greet.

Fri, 06/03/2011 - 13:44 | 1336756 mayhem_korner
mayhem_korner's picture

Need some vicadin?  immodium? 

Fri, 06/03/2011 - 13:38 | 1336726 eatthebanksters
eatthebanksters's picture

Junkies always need bigger 'fixes' until they die or get off the shit...

Fri, 06/03/2011 - 13:38 | 1336727 SumSUN
SumSUN's picture

Whata FUCKING circus my... SHIit.... stop....

Fri, 06/03/2011 - 13:45 | 1336729 hambone
hambone's picture

Barf...I think big O's betting on America to spend it's way out this...and so am I by buying gold.

BTW - also betting on market will rise on days Pres speaks...curious that, coincidence?  I think not.

Fri, 06/03/2011 - 13:40 | 1336730 Cdad
Cdad's picture

Proudly announcing how great his bailout of GM was.  My God.  Our president knows not one thing about economics.

Goes on to suggest how rising food and gas prices were problems PRIOR TO his Federal Reserve chairman's money printing.  A complete revision of actual events.

Announces repayment from Chrysler [which actually came as a result of Fiat's purchase of the government share...ie private sector.  And he fails to mention the loss of taxpayer funds at GM.  Convenient.  Suggesting the auto industry is growing...channel stuffing anyone?  Employment report anyone?

**The BlowHorn here discontinues coverage knowing that its spin is much more important than the fiction the President is receiving from the teleprompter**

Moves on to populism...rallying the union troops at Chrysler [who know they will always need government intervention to survive.

Moves on to "more of the same" mantra.  More BRIDGES TO NOWHERE cash.  Come on Average Joe...pay up! "Investment!"

**over at the BlowHorn, "terminator...errr..."market resilience" and "global growth."  Because we all need constant reminders why everything is just fine.**

Shout out!  "For Toledo!"

Fiction.  Entirely fiction and pap. 

We're gonna need a bigger teleprompter.

 

 

 

 

Fri, 06/03/2011 - 19:21 | 1337980 John McCloy
John McCloy's picture

Sir CDAD
Our fucking Federal Reserve Chairman knows nothing about economics..lol
Or is the greatest thespian of all time.
+1 Jaws reference

Fri, 06/03/2011 - 13:42 | 1336734 slaughterer
slaughterer's picture

They have the "Obama speaking" on the robots activated.  Should take care of any problems.

Fri, 06/03/2011 - 13:41 | 1336744 slaughterer
slaughterer's picture

Tyler, that smiling Obama picture you use whenever you do these "live Obama" posts is really fucking up my sex life.

Fri, 06/03/2011 - 13:44 | 1336745 AldoHux_IV
AldoHux_IV's picture

That's the difference between dumbocraps and repugnantcants: one will wine and dine you and may even use ky or a mickey so you don't feel the rape as much the other one gives it to you.

Fri, 06/03/2011 - 13:45 | 1336746 chet
chet's picture

I'm not going to get involved in one of these discussions, but...

Tyler, can you please tell us which modern President hasn't spoken from prepared speeches, off a teleprompter or otherwise?  Thanks.

Fri, 06/03/2011 - 15:56 | 1337333 ElvisDog
ElvisDog's picture

Lincoln and Douglas when they had their famous debates would talk for 30, 60, or 90 minutes at a time, no teleprompters, just hand-written notes. People could actually talk coherently on their feet in those days.

Fri, 06/03/2011 - 13:42 | 1336748 mayhem_korner
mayhem_korner's picture

My lunch just flash-crashed into the toilet.

Fri, 06/03/2011 - 13:47 | 1336755 Hooter Shaker
Hooter Shaker's picture

I used to do a little and the little wouldn't do, so the little got more and more...

Fri, 06/03/2011 - 13:44 | 1336757 Cassandra Syndrome
Cassandra Syndrome's picture

 

Keynes is dead, long live Hayek

Fri, 06/03/2011 - 13:46 | 1336763 mayhem_korner
mayhem_korner's picture

Should we be expecting a full reversal of the DXY since its double black-diamond move post-NFP this lovely morn'?

Fri, 06/03/2011 - 13:49 | 1336765 web bot
web bot's picture

I've got an few questions I'd like to ask... and given the nature of Krugman's comments, they are serious.

How in the #uck did Krugman get a Nobel Prize? What are Krugman's comments on the fact that we are looking at Trillion dollar a year deficits for the foreseeable future? Does he see a "consequence" to this? Did he actually ever attend elementary school and learn how to count? Does he have fingers missing or something, which explains his inability to count, hence to grasp the fact that the US debt is increasing by $1,000,000,000.00 every 19 seconds? Has he tried to attend Kumon or some other rehabilitation program to learn how to count?

Fri, 06/03/2011 - 13:58 | 1336789 djsmps
djsmps's picture

How the #uck did the Assassin-In-Chief get a Nobel Peace Prize two months into office?

Fri, 06/03/2011 - 13:59 | 1336796 web bot
web bot's picture

That was going to be my next post.

Fri, 06/03/2011 - 15:06 | 1337086 jomama
jomama's picture

being ripping off someone else's thesis. 

and, dare i say it, being a j00

Fri, 06/03/2011 - 13:51 | 1336778 fonestar
fonestar's picture

Any leader who did offer real change to this economic system would get the JFK hairdoo very quickly.

Fri, 06/03/2011 - 13:49 | 1336781 I am Jobe
I am Jobe's picture

ISM reports that Service Sector expanding. WTF, what a nation of paper pushers, how pathetic. Fire Congress and Shut down Whore Street and no more Whore House.

Fri, 06/03/2011 - 13:57 | 1336788 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I can't believe cnbc is breaking news but they are.  GOLD IS THE PROP TRADE.  IT IS THE LOAN OF FIRST RECOURSE.  BANKS LOAN GOLD.  ALL BANKS.  THE SYSTEM IS PREDICATED OFF OF THE GOLD RESERVES TO LOAN AS ASSETS.

Correlation in Financials, Gold Is 'Disturbing':

http://www.cnbc.com/id/43252129

Fri, 06/03/2011 - 14:04 | 1336810 kumquatsunite
kumquatsunite's picture

Just an fyi...gold is not really an asset; you just don't know that yet. But if you knew what I know...

The only real asset is the American people and our country. So why have we been letting in immigrats that such the resources from the future; the resources are children will need? No country has ever Been This Stupid.

Fri, 06/03/2011 - 14:25 | 1336910 mayhem_korner
mayhem_korner's picture

But if you knew what I know...

Deciphering your unique brand of insanity is a challenge.  What do you have more of in your basement - military-grade weaponry or opiates?

I fear you have both...

Fri, 06/03/2011 - 16:24 | 1337449 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Gold is stored in vault by every single bank there is.  The use that reserve as an asset by loaning it out.  The BIS does this.  The Fed does this.  The IMF and World Bank do this.  JPM does this.  The Comex does this.  The LBMA does this.  All these entities loan gold, and when you move a reserve to an asset, it is thus just that-an asset.

Fri, 06/03/2011 - 13:57 | 1336798 Vuvuzela
Vuvuzela's picture

I'm not a fan of Moore but watch the movie Roger & ME

You will find the slogan Yes We Can in Flint Michigan in 1988.

The Kenyan Emperor Maximus shoyuld pay copyright fees to those workers in Flint

Fri, 06/03/2011 - 13:58 | 1336802 kumquatsunite
kumquatsunite's picture


Immigration is The Problem. Under the guise of "family reunification" and "white genocide" (meaning "diversity" is just another word for lets communize the United States via destruction of the culture and all that made America great. Funny isn't it? The only people in the world who aren't allowed to have a country of their own are American whites? That success just had to be destroyed and the way to do it was to play "racist" all day every day in every way. 

However, when America goes, the world descends into the Chinese nightmare. There will be no one to stop China from World Rule. The Russians know this and that is why there have been a few articles from Russian writers that bring attention to the gerrymandering of America based on immigrats. Does no one left in this country have the balls to save America for our children? Do whites have to be pushed off the cliff? Apparently the answer is yes. Teeny tiny sliver of a window left to save America but that would require ending All immigration, sending the green carders home, no...absolutely none..."family reunification immigration" and scouring those who've been let in falsely. We were to have ONE million a year in immgrants, the numbers have been close to ten million a year counting the illegals, who now number around Forty to Fifty Million (including birth drop illegal babies). Can you save your country for your children? Or does being racist mean to prove you are not that you genocide yourself and all we have ever been? hmmm...how existential on a Friday eh? Or you could read Patrick Buchanan who has been warning of this for years...and by the way they aren't "good people." They are people who want to steal your country and your children's future...

The American People know how to work: There is no way they can work enough to pay the immigrat benefits: free loans to by a business, food stamps (Seattle just had  a multi-million dollar scandal where One business was taking food stamps for fifty cents on the dollars: think how many there really are?), health care, and everything the actual working American has to pay for. Duh...save an American today, send a foreigner home. Too jingoistic for you? Try living somewhere else for a while!

 

Fri, 06/03/2011 - 14:11 | 1336833 hambone
hambone's picture

I listen to O'Bummer and that's bad. 

And then I read your diatribe and that's the kind of shit I seem to recall another of history's great German thinkers espousing in the early '30's.

Bad policies beget radical solutions etc. etc. etc.

Nice to see history repeating itself.

Fri, 06/03/2011 - 14:12 | 1336837 traderjoe100
traderjoe100's picture

Alfred E. Neuman

 

 

Fri, 06/03/2011 - 14:25 | 1336894 fonestar
fonestar's picture

It's funny.  Your last President could only repeat one thing over and over, for eight years.  This President, though more eloquent of a speaker seems to say nothing at all, over and over.

Fri, 06/03/2011 - 14:30 | 1336921 mayhem_korner
mayhem_korner's picture

He's not an eloquent speaker, he's an eloquent READER.  I'd take W over Hussein any day in a no-teleprompter beer summit.

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