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We Saved The World!
All eyes on Jackson Hole today, as the world's Plutocrats assemble to "discuss issues" related to the safety and stability of the global financial system. When in reality, they were high-fiving, partying, enjoying booze, escorts, and fine food.
Bernanke begins by proclaiming how he "saved the world" from being enveloped in a total collapse from quadrillions of derivative bets gone bad.
After that statement was issued, and photo shoots were concluded, it was pretty much back the original intended schedule:
10:00am
Bernanke, Trichet, Shiracowa, Weber, etc. assemble in the rec hall for a game of poker:
12:00pm:
Lunch, and more photo ops with Steve "Yeastman" of CNBC, who congratulates everyone for bringing in the government to micromanage the economy, stock markets, and credit markets:
Head to the bar for some drinks, meanwhile, laughing at how easy it is to jam stock futures in the early morning hours after a horrific collapse during Asian trading.
4:00pm
Call in the 15-year old Asian massage girls for a rubdown
And of course there will be a fancy dinner, more drinks, more card playing, and plenty of swimsuit models at the end of the night.
Today, pretty much another "Junker Run" as homebuilders, reits, etc. of the worst quality were being gunned the hardest.
Led, of course, by the companies like Maguire Properties which are at the closest to bankruptcy.
Note to ZeroHedgers: I'll be travelling out of town the next few business days, should be back on Wednesday....
Good weekend to all Riverboaters....
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Awesome stuff from you Robo as usual.
Hurry back.
I'm thinking I want to get on their team.
I'm with you, Big K. I'd definitely be willing to take that sweet lookin 15 yr old asian shiksa on the right home with me. And, hurry back RobotTrader, your luscious fem fatals will be sorely missed.
LOL... every comment Liesman ever makes, perfectly summed up in a nutshell right there. I hope little cartoony depictions of CNBC talking heads becomes a recurring feature. Like one where Kudlow says "Obama is destroying the country with his socialist big government policies, but this is a new bull market and it's not too late to buy! Dow 15,000 by December, what say you Ned Riley?!?"
thank you for the article!
in my telecommuting experience today, i fell asleep on my couch after the housing numbers came out... but woke up to realize i'd left CNBC on. idiot. i did get to see santelli rip liesman a new one... and then the two went back and forth about who would send the other a memo to polish the other's brass. it was hilarious.
did anyone see the after-hours volume? max-pain trade was on today at opex...people were sent running to cover or to rebalance their called-away shares when they got caught short at expiry with their pants down. and with a 15 year old asian masseuse polishing the brass.
thanks, robo.
some classic Robo there...loved the daily agenda, particularly the 15 yr old asian massage girls....great stuff Robo, have fun during your trip to Jackson Hole.
bank failures update so far:
CapitalSouth Bank, Birmingham AL
First Coweta Bank, Newnan GA
ebank, Atlanta GA
Funny that a bank in Birmingham goes bust where they announced today that Baskin Robbins was having an extremely good quarter.;)
Nice donation by JD Rockefeller to give the plutocrats Grand Teton NP.
Hope they all enjoy their benefactor's largesse.
Great how the rich manage to set aside all these national treasures, then cringe when the hoi polloi want to camp anywhere them. First Boho Grove with the boys now they go into the hole.
Oh, Yes, we saved the world in order to destroy it later.
We had to destroy the world to save it.
Safe travels my friend...will be in withdrawals until your return.
discuss issues related to the dismantling of the safety and stability of the global financial system. With all the distractions an all, it's a wonder they manage to get anything done. The chicks are hot to trot by the looks
Meanwhile, Natural Gas takes a muff dive by -5% to $2.74 in the front month contract. Ah well, good stuff Robo !
This like 2006-2007 daze, Windy.
I could provide some liquidity to those asian massage girls
a massage house on nearly every block in Shanghai... if you're ever in the neighborhood
brilliant - that wouldn't be an image of the liesman hisself would it? Why the grin on his face???? - sorry I answered my own question
I'm stuck in the airport for a few hours.
Just had to post the excellent missive from my favorite poster at Prudent Bear Chat:
From Spock (aka Rasputin)
A true classic. I know you guys will enjoy....
......................
"At this point, the gloves are off and the central banks are resorting
to every manner of skullduggery to try to keep ahead of the continuing
collapse.
Today is great example. Bernanke nearly breaks his own
arm patting himself (and the other central banks) on the back for their
massive, coordinated, unprecedented fiatsco-flinging and claims the
"recession" is over. Meanwhile, the Fed has been busily monetizing like
crazy, extending and expanding virtually all the "Alphabet Soup"
programs and even extending the U.S. Treasury monetization.
Not
to mention that Uncle Sugar had to literally nationalize the entire
Wall Street and commercial banking/mortgage system as well as two out
of three U.S. automakers.
Also, a few other items that Benny the
Beard neglected to mention during his acceptance speech for the
"Academy Award for the Best Liar" trophy today include:
1. Delinquencies/foreclosures nationwide are at a whopping THIRTEEN PERCENT and growing
2.
Which translates to TRILLIONS OF FIATSCOS of destroyed loans, MBS,
CDOs, CDO-squareds, CDO cubeds and other related derivatives currently
sitting on the books of banks, pension funds, mutual funds, insurance
companies and other failed financial gamblers
3. Unemployment is at least TEN PERCENT nationwide (and probably much more if real stats were ever released),
4. World trade has ABSOLUTELY COLLAPSED
5.
Central banks are sitting on TENS OF TRILLIONS OF FIATSCOS OF DESTROYED
"ASSETS" and won't even disclose what they are, or from whom they were
taken
6. There are hundreds--if not THOUSANDS--of mortally
wounded banks currently being kept on life support (in addition to the
banks that Uncle nationalized, as mentioned above)
(Spock
Conclusion): These guys are desperate to keep the sheeple from overt
panic. They are currently pulling out all the stops, pumping,
monetizing, reflating, using "Algo/Igor" robotraders to levitate equity
indices and jawboning us all to death with visions of sugarplums that
the "Crisis has passed." and "The recession is over.".
Yet, what you DON'T see is the unwinding of ANY of the programs, schemes, or scams.
Nor will you for years or decades to come.
Oh,
and by the way, the currency markets and whip and spoon hoarders (which
now include ALL central banks) aren't buying the B.S. as the U.S.
fiatsco has been getting beaten bloody and gold and silver have been
able to fend off every single attack by the Evil Cabal.
Notwithstanding,
the central banks are NOT going to quit flinging fiatscos, or lying
about what they are doing. So far, they have been able to re-incite
bubbles in the world's stock markets, so the C.B.s can claim "Mission
Accomplished" and pray that the sheeple don't catch on to what is
really happening, and will then re-start their former spending and
speculating patterns.
However, reading through the comments
posted under a "Marketwatch" article regarding Bernanke's speech today,
one is clearly left with the impression that the lambs are no longer
entirely ignorant of the culpability of the central banks in this
worlwide collapse and reflation.
So, look for this fight to get
even nastier between the forces of debt and derivatives collapse (and
sheeple pulling back spending) and the central banks and governments
who will absolutely never stop trying to assert their wills and reflate
the world economy to former multi-trillion-fiatsco-per-year "growth"
(translation: massive bubbles).
We're scroomed to EVEN LARGER "convulsions" going forward, folks.
And more propaganda like today's happy talk.
(Spock Update): Here is the link to the "Marketwatch" article mentioned above:
Bernanke congratulates self
Just like the stock market collapses of 2000-2002 and 2007-2008 were
turned around on a dime and turned back into bubbles, so to has TPTB
been able to halt the "reversion to mean" in Existing Home Sales and
re-invigorate the speculation.
And here is the graph from Calculated Risk blog to prove it:
Never undersetimate the power of the Fed and Uncle Sugar
(Spock): That one-hundred-eighty-degree turn around from total collapse to re-skying happened in a very short time.
And
all it took was for the Fed to commit ONE-POINT-FIVE TRILLION fiatscos
of MBS monetization, Uncle Sugar to take over Fannie, Freddie, FHLBs,
pump up Ginnie, start writing sub-prime loans, hand every "new"
homedebtor 8000 fiatscos, and also prop up and pump up all the failed
gamblers in the MBS/CDO/Squared/Cubed space to the tune of trillions of
fiatscos more.
Heh, and to think that even this Vulcan was
screeching almost exactly a year ago: "We're scroomed!!! Fannie and
Freddie failed!!! A massive debt and derivatives collapse will consume
us all!!! Housing will never recover!!! Run!!! Hide!!!"
And here we are, not even twelve months later, and "all is well".
So, never underestimate the power of TPTB.
It is truly awesome."
MISSION ACCOMPLISHED
http://www.economist.com/daily/kallery/displayStory.cfm?story_id=1428750...
Party on Wayne. Party on Garth.
Nice post, Robo!
Ben's assurances at Jackson Hole are the same "situation-is-contained" mantra he spouted in 2007 and since then. Ben had some real howlers in his speech...maybe he was practicing for an appearance on Letterman's show.
1. "As the Federal Reserve cannot make an unsecured loan..." [in justifying failure to save Lehman].
2. The Federal Reserve responded to this crisis "by lending freely against sound collateral."
3. "Although we have avoided the worst,...[irrational exuberance].
4. "A year after the onset of the current crisis in August 2007, financial markets remained stressed, the economy was slowing, and inflation--driven by a global commodity boom--had risen significantly. What we could not fully appreciate when we last gathered here was that the economic and policy environment was about to become vastly more difficult."
Robo this type of post is not ZeroHedge worthy and is in fact an embarassement. Stick to the facts.
Be sure to demand a full refund.
What's wrong with the charts?
If the sheeple are not spending, then maybe they are not sheeple, but rational humans. And they may be 15 yr old Asian masseuses, but they have the bodies of 13 year olds
If the sheeple are not spending, then maybe they are not sheeple, but rational humans. And they may be 15 yr old Asian masseuses, but they have the bodies of 13 year olds
Ya think this will be Ben's "Mission Accomplished" moment?
Central bank schedule.
Party
Slow down QE weaseling out of those credit default swaps that are running out of time.
Pull plug on Robo Market
Collect the Credit Default Swaps that seemed so highly unlikely 3 years ago.
Set up Kingdom swap program. Where each country enslaves it's residents for the benefit of some foreign power like some sort of weird circle jerk.
Just got a call from Jackson Hole, and apparently Bernanke has authorized visas for a few dozen otherwise unemployed Albanian marble workers to construct a new national monument in his honor. Nothing too grand, just a Colossus at Rhodes type of thing standing astride the Reflecting Pond on the DC mall, complete with a "manus gigantus" to truly portray just how Big Ben really is. Word is that they might recycle the water through the statue's robust appendage and have the effluent trickle down on a smaller carving of a group of little people meant to represent the US Taxpayer. The thing should definitely draw in busloads of PRC tourists on Foreclosure Tours of America.
Actually the ages of the escorts were marked up to over 18 since they supposedly are going to held until maturity.