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Welcome To The Confidenceless, Stagflationary, Recoverlyess Recovery: Consumer Confidence Plunges

Tyler Durden's picture


The Confidence Board has released its Consumer Confidence Number, which in March went in freefall from the revised previous print of 72, highest in 3 years, to a below consensus 63.4 (expectations of 65). But while this number is largely irrelevant, the Inflation Rate index surged from 5.5 to 6.7, the highest since October 2008.

The chart below of inflationary expectations shows why Bernanke is in a bind: QE3 means this line will go parabolic; no QE3 means the market will go inversely parabolic. Pick your poison.

And longer-term. There has been a market crash after every historic surge.


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Tue, 03/29/2011 - 10:03 | 1112467 RunningMan
RunningMan's picture

What a shock.

Tue, 03/29/2011 - 10:28 | 1112601 Ray1968
Ray1968's picture

And the market is up because.........?

Oh yeah, its priced in. POMO. Whatever.

Tue, 03/29/2011 - 10:54 | 1112711 B9K9
B9K9's picture

Bernanke is in a blind

??? Never, ever make the mistake of assuming these guys didn't know exactly what they were doing. In 2008, they were faced with a deflationary collapse - of their own making, I might add.

They had two choices: let it go down then, or try a Hail Mary - after all, if the recovery attempt failed, then what would be the difference? Oh, other than case 1 would have been limited to the financial/economic sector, whereas case 2 is the nation-state itself, but I digress.

Ben, et al have always know they couldn't actually offset the credit component via straight monetary (or even fiscal) policy. So, the game was to pimp daddy the markets, in conjunction with the largest, most pervasive propaganda campaign of all time, along with a huge dose of bread (UI, SNAP, WIC) & circus (TV).

This was all done, of course, in order to get the idiot sheep to once again, 'buy, buy, buy!' not with real cash savings and/or earnings, but with credit supplied by their friendly neighborhood banker. It was a race against time, all hinging upon getting another broad-based bubble going before rapidly spiking price increases defeated confidence.

Well, surprise surprise, the campaign failed. Hence we are beginning to see the incipient 'escape from Moscow, 1812' rear-guard actions designed to protect the looters from the wrath of surprised bag holders. ZH has always been ahead of the curve; I would guess the next fertile zone would be communications facilities that supported the 'never forget' variety.

Tue, 03/29/2011 - 11:09 | 1112794 Cognitive Dissonance
Cognitive Dissonance's picture

As Todd Harrison of said back in 2008 as the disaster was publicly unfolding, the Fed made a conscious decision to sell the car crash and buy the cancer.

Welcome to the terminal stage of cancer. You get sick as hell, but you often hang on for much longer than you expected.

Tue, 03/29/2011 - 11:18 | 1112840 overmedicatedun...
overmedicatedundersexed's picture

If we are living in a constitutional republic this

"mulatto swan" as I refer to it has implications that are historic and terrifying. 


"Billionaire developer and possible Republican presidential candidate Donald Trump is now suggesting Barack Obama's presidency could be "illegal" if legitimate proof is not provided demonstrating the commander in chief is indeed a "natural born citizen" of the U.S. "

one eyed man in the land of the blind.

Tue, 03/29/2011 - 11:24 | 1112871 Cognitive Dissonance
Cognitive Dissonance's picture

one eyed man in the land of the blind.

Which one is the one eyed man? Trump or Obama?

Tue, 03/29/2011 - 11:36 | 1112918 tewkatz
tewkatz's picture

To answer that, we should all clean our monocles.

Tue, 03/29/2011 - 13:13 | 1113304 francis_sawyer
francis_sawyer's picture

"one eyed man in the land of the blind"

In the land of no clothes, the man with the biggest one eyed monster is king!

Tue, 03/29/2011 - 11:56 | 1113008 Mr Anderson
Mr Anderson's picture


The terminal stage of cancer is a perfect way to put it. Many people when first diagnosed with cancer rally. They don't feel bad so they go out and live life to the fullest (confidence index-up). As their bucket list gets smaller and the chemo isn't doing the trick they begin to lag, confidence goes down,  then when you know the end is near you panic.

Thus the great government bubble, saddled with the cancerous housing crisis creates true panic within society. 


Tue, 03/29/2011 - 11:59 | 1113018 glenlloyd
glenlloyd's picture

right on point

Tue, 03/29/2011 - 12:06 | 1113059 Truthiness
Truthiness's picture


Tue, 03/29/2011 - 11:20 | 1112829 wisefool
wisefool's picture

And Leisman just announced that the freedom of information act lawsuit that Fox Business and Bloomberg filed against the Fed has been decided in favor of getting the script to this Greek tragedy out there for all of us well read ZH'ers to play Mystery Science Theater 9000 with, instead of being regarded as a bunch of illegitimate cynics.

EDIT: And I say greek tragedy in earnest. Nobody was truly evil, including the Fed, banks, overleveraged buyers, MBA masters of the universe or the MSM. But everybody is going to die from inflation anyway. Obla De, Obla Da.

Tue, 03/29/2011 - 11:41 | 1112946 TheMerryPrankster
TheMerryPrankster's picture

When you jettison the common good for infinite wealth you are evil. When all consuming greed and the whole world be damned, becomes your common ethos, you are evil. When regulators who's very existence is precisely to regulate against such fraud and outright violations as the housing bubble and all its fraud incarnate, turn a blind eye, they become evil.

When the very President of this nation is himself a serial fraudster, he becomes evil. Evil thy name is Bush, Clinton, Obama, Goldman Sachs, SEC, Federal Reserve and countless others that make your number legion.


This was not a "natural disaster" this was man made and there is blame enough for all. Let history not be rewritten, let these names not be forgotten. We should build a monument to TARP constructed entirely of millions of worthless aluminum pennies, perhaps in the shape of an extended middle finger, and on this shrine should be the names of all who accepted TARP, all who designed TARP and all who voted for TARP.

Tue, 03/29/2011 - 12:00 | 1113016 Mr Anderson
Mr Anderson's picture

If you built a shrine with the middle finger.  Trav7777's head would become so large not even ZH readers could handle him.

Tue, 03/29/2011 - 12:28 | 1113153 j0nx
j0nx's picture

+ $750 Billion

Tue, 03/29/2011 - 10:54 | 1112724 dbach
dbach's picture

Its a tough time to be a bear. Maybe when good news finally hits the wires there'll be a solid sell off. I dont know anymore. But seriously who is buying?

Tue, 03/29/2011 - 10:27 | 1112605 Sudden Debt
Sudden Debt's picture



Tue, 03/29/2011 - 10:33 | 1112631 Don Birnam
Don Birnam's picture

The verdict:

DJIA +28

NAZZ +12 ( "BTFD" )

S&P +1

"Nothing much to see here, folks. Next ?"

Tue, 03/29/2011 - 11:02 | 1112762 redpill
redpill's picture

1) Continue physical accumulation.

2) Go long AGQ on margin.  If they want to lend money so bad use it against them.

Tue, 03/29/2011 - 12:08 | 1113058 lincolnsteffens
lincolnsteffens's picture

STFP-sell the fucking peak

Can volume go much lower?

Tue, 03/29/2011 - 10:05 | 1112469 firstdivision
firstdivision's picture

...and there goes the market running up on the bad news.  It is defo trying to price in QE3.  I wonder what the banks are putting on this survey for QE3?  My guess is $100T now.

Tue, 03/29/2011 - 10:08 | 1112492 A Man without Q...
A Man without Qualities's picture

Unbelievable!  Confidence down owing to inflation expectations does not imply a green light for more QE, but what do I know, I'm not a computer...

Tue, 03/29/2011 - 10:32 | 1112640 DB Cooper
DB Cooper's picture

But if you have a Phd in economics......

Tue, 03/29/2011 - 10:09 | 1112496 HelluvaEngineer
HelluvaEngineer's picture

Yup.  Dollar seems to have overhead resistance.  Hit it, went back in the shitter, and market took off.  CMG up 1.5%.  Go fraud.

Tue, 03/29/2011 - 10:20 | 1112556 Cdad
Cdad's picture

You have to just love that CMG action.  If you watch it intraday, you can clearly see the mechanism, how the fraud works at the individual stock level...a true "pyramid" stock.

And if the SEC ever pulled the tape of trades the day after the last earnings CC...I am convinced a good many syndicate members would find themselves with notices...or perhaps agents "visiting." is almost like the criminal syndicate known as Wall Street somehow thinks we are all blind or something.  And even more funny, the syndicate has somehow forgotten that its entire existence depends upon "trust."

Cue up Robo fraud with a 12 month chart filled with sound and fury, signifying nothing.

Tue, 03/29/2011 - 10:20 | 1112554 SheepDog-One
SheepDog-One's picture

I dont see the market running up unless youre talking about gold.

Tue, 03/29/2011 - 10:24 | 1112590 firstdivision
firstdivision's picture

Look at an intrady of SPX and look right at 10am what happened.

Tue, 03/29/2011 - 10:28 | 1112610 Cdad
Cdad's picture


I think Helluva was simply referring to the way the Roach Motel [SPY] jumped 3/4 of a buck in about 20 know, so that syndicate members can dump underlying stock into the gaping maw of that sick, sick, ETF...that is supposed to represent the S&P 500 mind you.....LOL!  Talk about striking right at the heart of the fraudulent equity market at Fraud Central, NY, NY.

But I don't think anyone really needs to worry about the market up and running away, because we all know that as soon as the underlying stock is dumped down the gaping maw of the Roach Motel, the syndicate will then be clear to ramp the Inverse Roach Motel while simultaneously naked short selling the Roach Motel into oblivion...for at least 20 minutes, thus showing everyone once again what a Ponzi scheme bunch of fuckwads the Criminal Syndicate Known As Wall Street really is.

Cue Jamie Dimon bitching about how hard it is to be a bailed out billionaire, while K. Finerman quivers about how hot he is, and all will be right with the world...and the American Dream won't be dead and in its grave or no...

Good grief [and by that I mean when will the layoffs finally be allowed to proceed from the now putrid financial services industry?]

Tue, 03/29/2011 - 12:07 | 1113066 A_MacLaren
A_MacLaren's picture

...and there goes the market running up on the bad news.

Uh, no.  Sad reality is it soundly and rsoundingly beat the whishper number.

Which was down around...  oh..............   2.

Tue, 03/29/2011 - 12:43 | 1113206 divide_by_zero
divide_by_zero's picture

AP Headline "Stocks gain as confidence falls less than feared", when did the meme change from "better than expected".


Tue, 03/29/2011 - 13:15 | 1113318 francis_sawyer
francis_sawyer's picture

Still 2 more trading days until the end of Q1...


Momos desperate to beat their "Lipper Averages" (whatever TF they are)...

Tue, 03/29/2011 - 10:03 | 1112472 Racer
Racer's picture

Who cares about people, HFT will love QEx

Tue, 03/29/2011 - 12:01 | 1113028 goldfish1
goldfish1's picture

"I think the market is beginning to believe that there will be no QE3," said Saxo Bank senior manager Ole Hansen.

"We expect that ... the end of quantitative easing..." said Goldman Sachs in a report on Tuesday.


Tue, 03/29/2011 - 10:05 | 1112476 shushup
shushup's picture

Great! Now the market will rally because the bulls in this market loves all news especially bad news.

Tue, 03/29/2011 - 10:04 | 1112481 DonnieD
DonnieD's picture

Inflation in October of 08?

Tue, 03/29/2011 - 10:07 | 1112488 Republican Lackey
Republican Lackey's picture

When peoples confidence is down they spend like drunken sailors! Buy gold to ward off the hyperinflation that always accompanies low consumer confidence!

Tue, 03/29/2011 - 10:06 | 1112490 Spalding_Smailes
Spalding_Smailes's picture

the Inflation Rate index surged 


Another nail in QE3 coffin ?

Tue, 03/29/2011 - 10:07 | 1112494 Republican Lackey
Republican Lackey's picture


Tue, 03/29/2011 - 10:09 | 1112498 oogs66
oogs66's picture

Nah, a sign that its working.  Everything is a sign that its working.

Tue, 03/29/2011 - 10:16 | 1112536 d00daa
d00daa's picture

Oh please.

Just watch all of the upcoming Q1 earnings "misses" and downward guidance revisions, and the equity rout that follows.

It's 2010 all over again.

Tue, 03/29/2011 - 10:28 | 1112587 Spalding_Smailes
Spalding_Smailes's picture

Not from the fortune 500 companies pimping wears across the globe .... It's been 8 quarters of growth for most, Starbux, McD's, Pepsi, Exxon, Yum Brands, Macy's , Chipotle, Fluor ect .....

Tue, 03/29/2011 - 10:38 | 1112648 d00daa
d00daa's picture

Less than half of those names you mentioned beat their Q1 "consensus," and ALL OF THEM revise expectations downward.  Wanna take the other side of that bet?

Tue, 03/29/2011 - 13:19 | 1113335 francis_sawyer
francis_sawyer's picture

"the Inflation Rate index surged"


Learn it... Know it... Live it!

Tue, 03/29/2011 - 10:09 | 1112491 Cognitive Dissonance
Cognitive Dissonance's picture

"Missed it by [ ] that much."

Agent Maxwell Smart

Tue, 03/29/2011 - 10:21 | 1112557 oklaboy
oklaboy's picture

Cog, were ya benn boy!!!

Tue, 03/29/2011 - 10:34 | 1112641 Cognitive Dissonance
Cognitive Dissonance's picture

Here....on a daily basis in the comment section. Just look and you shall find. Why mess around with articles when I can play in the sand box all day? :>)

Tue, 03/29/2011 - 10:09 | 1112495 GOSPLAN HERO
GOSPLAN HERO's picture

Only Soviet style central planning can save us, comrades. 

Tue, 03/29/2011 - 10:12 | 1112511 Republican Lackey
Republican Lackey's picture

The only thing that will save us is deflation.

Tue, 03/29/2011 - 10:13 | 1112512 Cognitive Dissonance
Cognitive Dissonance's picture

Does this means the Soviets won? 

How do I subscribe to Pravda?


Tue, 03/29/2011 - 10:16 | 1112544 EscapeKey
EscapeKey's picture

In Soviet Russia, Pravda subscribes to YOU.

Tue, 03/29/2011 - 10:46 | 1112683 Sudden Debt
Sudden Debt's picture

they did have a cool logo...

I still don't understand how it could go wrong...


Tue, 03/29/2011 - 13:43 | 1113418 tmosley
tmosley's picture

What, like on Facebook?

Tue, 03/29/2011 - 10:19 | 1112549 GOSPLAN HERO
GOSPLAN HERO's picture

It's called the NY Times, comrade.

Tue, 03/29/2011 - 10:48 | 1112703 Cognitive Dissonance
Cognitive Dissonance's picture

Why pay for my propaganda and indoctrination when I can get it for free elsewhere, comrade?

Tue, 03/29/2011 - 10:20 | 1112562 SheepDog-One
SheepDog-One's picture

'We will let you hang yourselves by the rope you manufacture'!

Looks like that Russian leaders speech from 30 years ago was spot-on.

Tue, 03/29/2011 - 11:31 | 1112608 Things that go bump
Things that go bump's picture


Tue, 03/29/2011 - 10:28 | 1112609 Things that go bump
Things that go bump's picture

Isn't that rope manufactured in China these days?

Tue, 03/29/2011 - 10:42 | 1112664 SheepDog-One
SheepDog-One's picture

NAFTA'd that factory. Actually Mexico probably makes it. 

Tue, 03/29/2011 - 11:31 | 1112901 divide_by_zero
divide_by_zero's picture

At best; assembled in the USA by Mexican labor, from Chinese parts.

Tue, 03/29/2011 - 16:55 | 1114344 takinthehighway
takinthehighway's picture

Well, after you snip off all of the buds and leaves, may as well do something productive with the stems...that's praiseworthy industrial efficiency right there!

Tue, 03/29/2011 - 10:51 | 1112706 buzzsaw99
buzzsaw99's picture

The slogan today would read: "We will sell the crapitalists the rope with which they hang themselves."

Tue, 03/29/2011 - 10:25 | 1112577 Bob
Bob's picture

As you will be aware, the United Nations Organization had planned, this month, to pay homage to Muammar Al-Qathafi for his human rights record . . .

Tue, 03/29/2011 - 10:23 | 1112581 John McCloy
John McCloy's picture

Price controls next. That will save us.
Next comes the public outcry at retailers for charging too much. Remember it is always imperative for outrage to be directed at the results and never the cause.

Tue, 03/29/2011 - 12:10 | 1113075 Oh regional Indian
Oh regional Indian's picture

Well said.


Tue, 03/29/2011 - 12:21 | 1113129 Cognitive Dissonance
Cognitive Dissonance's picture

Exactly. We are always allowed, even encouraged, to complain about the effects of the system. In fact, we are told we can do so because we are "free".

But don't ever question the system itself, just the admitted flaws. This in and of itself is the diversion that trumps them all.

Tue, 03/29/2011 - 13:24 | 1113359 francis_sawyer
francis_sawyer's picture

<b>Price controls next. That will save us.
Next comes the public outcry at retailers for charging too much</b>

Oh no! You had to go say it!

Now a NFLX chart from Robo is imminent!



Tue, 03/29/2011 - 10:08 | 1112497 gordengeko
gordengeko's picture

Head fake rally here.imo 

Tue, 03/29/2011 - 10:09 | 1112499 Republican Lackey
Republican Lackey's picture

I don't see stagflation in the housing sector. I see deflation.

Tue, 03/29/2011 - 10:14 | 1112524 DonnieD
DonnieD's picture

Deflation in asset. No change in mortgage payment. CPI Fails again for 95% of population.

Tue, 03/29/2011 - 10:13 | 1112514 Cdad
Cdad's picture

Wow...a perfect series of numbers after which the criminal syndicate known as Wall Street can once again, in HFT fashion, demonstrate how the equity market has zero credibility...thus further poisoning their own well, which is a necessary part of the sad, sad play that needs to carry on...until it ends in the mass liquidation of people from TBTF banks that no longer have meaningful business.

And then we can all start to heal.  Until then, enjoy the show, one of completely obvious fraud, of many, many different flavors, all on display for even the most casual Average Joe observer of the markets to see.

Hello SEC...are you out there?  Hello 4th estate...have you rediscovered your purpose yet?  Hello J. Dimon...can we get some more whining today?


Tue, 03/29/2011 - 12:09 | 1113068 goldfish1
goldfish1's picture

Jim Willie sez:


  • Call it the EMERGENCY G-7 YEN SELLING PACT or coordinated Japanese support, no matter. It will become the biggest, most grandiose coordinated monetary initiative in modern history.
  • The emergency meeting of G-7 nations was given a general purpose of dealing with Japan, but it was all about the rapid unwind of the Yen Carry Trade without a single mention of the vast perverse engine. The accord resulted in a global consensus that all nations would help to purchase USTBonds sold by Japan, from the unwind of the YCTrade.
  • The G7 Yen weakening accord is a disguised USDollar rescue, since a rising Yen goes with a falling USDollar. Attempts are made to avoid the USFed being isolated as the sole buyer of USTBonds, which is inevitable. They can rescue the Yen, but not the USDollar, the new toilet paper with green embroidery.
  • The USFed must monetize all the foreign central bank asset purchases of USTBonds ordered abroad, or face higher US interest rates and threatened USGovt debt default. Huge amounts of money will be handed through the New York Fed window, directly from the Printing Pre$$, a process well underway.
  • A USTreasury auction was postponed so as to enable more efficient printing operations. The sales in Brussels, London, and Tokyo will be covered by the USFed. Thus foreign currency exchange rates are rising versus the USDollar still.
  • The Yen Selling Pact by the G-7 emergency is better described as a Global QE3. Monetary expansion cannot be concealed, since out in the open, and blessed with global consent. The USFed is somewhat off the hook for its monetary inflation and the associated destructive effects. The major central banks have blessed the inflation as a necessity, with urgency.
  • A risk of a global central bank franchise model destruction could be in intermediary stage. The monetary system is at risk of greater and sudden fractures. If sovereign bonds have been on the defensive in the last year or more, watch how central bankers will be on the defensive in upcoming months. They manage an exploit of wealth, control the power centers, oversee failure, and dole out poverty even as they corrupt markets.
Tue, 03/29/2011 - 10:14 | 1112517 GOSPLAN HERO
GOSPLAN HERO's picture

Continue QE and the junkie will die.

Stop QE and the junkie will die. 

Take your pick.


Tue, 03/29/2011 - 10:14 | 1112530 Republican Lackey
Republican Lackey's picture

It's been like that since Sept of 2008 although few people realized it.

Tue, 03/29/2011 - 10:21 | 1112568 SheepDog-One
SheepDog-One's picture

Ive certainly been saying it here for a couple years.

Tue, 03/29/2011 - 10:16 | 1112537 EscapeKey
EscapeKey's picture

3. Talk about ending QE2 early, whilst in secret prepare for QE3.

I have no idea what comes after this phoney routine, however.

Tue, 03/29/2011 - 10:17 | 1112547 Horatio Beanblower
Horatio Beanblower's picture



The fear, the fear...


"Extremely low levels of radioactive iodine from the tsunami-hit Japanese nuclear plant have been detected in parts of the UK."

Read more:

Tue, 03/29/2011 - 10:20 | 1112566 EscapeKey
EscapeKey's picture

Have you been to Woking? Looks as if it's been hit by a nuke already. Nothing to lose.

Tue, 03/29/2011 - 10:11 | 1112518 RobotTrader
RobotTrader's picture

I'm watching crappy issues like McGraw-Hill go completely vertical.

Now at 52-week highs....


And the CANSLIM junkies are once again piling into "support" areas, hoping to catch those "cup and handle" and "flat base" breakouts...

The urge to speculate is higher than ever!


Tue, 03/29/2011 - 10:23 | 1112573 SheepDog-One
SheepDog-One's picture

Thats OK theyll all suddenly be killed soon.

Tue, 03/29/2011 - 10:35 | 1112638 hedgeless_horseman
hedgeless_horseman's picture

The urge to speculate is higher than ever!

Not for me, and many of the people I know.  

Better luck next generation. 

Tue, 03/29/2011 - 10:43 | 1112680 plocequ1
plocequ1's picture

Right on Robo. What is this consumer confidence i keep hearing about? Wasnt that a barrometer they used in the 80s? So fucking old school

Tue, 03/29/2011 - 10:45 | 1112687 firstdivision
firstdivision's picture

Which means it is time to take profits and wait for a pull back, or go defensive.

Tue, 03/29/2011 - 10:13 | 1112522 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

I don't know about you fellas, but i'm rather astute... don't be shocked about what i'm about to say, but i'm starting to get a feeling this whole market/economy might be a sham/scam/ponzi.

I hope i'm wrong, i'll keep an eye out and let you all know if i see any more clues.

Tue, 03/29/2011 - 10:16 | 1112545 johnQpublic
johnQpublic's picture


Tue, 03/29/2011 - 10:20 | 1112563 augie
augie's picture

I do not think this word means, what you think it means.

Tue, 03/29/2011 - 10:43 | 1112679 LFMayor
LFMayor's picture

anybody want a peanut?

Tue, 03/29/2011 - 10:57 | 1112734 buzzsaw99
buzzsaw99's picture

I do not think that word is spelled the way he thinks it is. [/inigo]

Tue, 03/29/2011 - 11:37 | 1112922 jimijon
jimijon's picture

When is that humble Italian immigrant going to get his Nobel in Economics? I mean Ponzi has influenced more economists than any Ivy Leaguer. I think we need to petition the Nobel Committee on his behalf. What do you say ZH'rs ?

Tue, 03/29/2011 - 10:14 | 1112525 TradingJoe
TradingJoe's picture

I am so not giving a damn since I DO NOT TRADE ANYMORE! All clients and myself are OUT! We own physical PMs and some puts/calls and that's it! This shit can go anywhere I couldn't care less! 

Tue, 03/29/2011 - 10:33 | 1112643 SilverBaron
SilverBaron's picture

Good! Now go out and get a real job that produces something for society.  The market keeps going up because all you traders are not siphoning off every one's retirement.  That is the only thing that Bernanke is doing right.  Absence of volatility makes it hard to be a leech.  If you are investing in the market because you think it has good investment value then buy and hold.  If you think it's a bad investment then stay out.  But quit trying to steal from the working man by taking advantage of ups and downs in the market.  I see a bunch of little leeches getting pissed off because the big leeches are not sharing any more.

Tue, 03/29/2011 - 10:44 | 1112675 Hansel
Hansel's picture

You're saying get out of the market so all your stocks can go up.  Leech hypocrite.

Tue, 03/29/2011 - 10:54 | 1112733 TradingJoe
TradingJoe's picture

I feel very sorry for you dude! You did not get anything! You seem to be extremely

Frustrated! Don't know nothing about me but dare to judge! Rethink yourself!

Tue, 03/29/2011 - 13:20 | 1113330 SilverBaron
SilverBaron's picture

Nothing personal against you per se.  I just think people are being hypocrites who sit back and try to play casino with other people's retirement money, and then call the government leeches.  Isn't that the pot calling the kettle black?  If you think you are such a good gambler, go live in Vegas.  At least in Vegas the people who lose know that they are gambling.  Millions of people have their retirements in 401K's that are automatically buying stocks every week.  Many people were automatically enrolled in the programs.  The 401K managers make it a rule that these people are not allowed to try to time the market, they just have to let it ride for the most part.  What makes it OK for other people to sit behind a computer and see how much of that money they can pull out?  Like I said a lot of traders (gamblers) need to (gulp) try working for a living.  If you think the working man owes you a living because you are so smart, then why don't you use your superior knowledge to invent something that will help your fellow man instead of hurting him? 

Tue, 03/29/2011 - 11:54 | 1113005 subscriptionblocker
subscriptionblocker's picture


Tue, 03/29/2011 - 10:13 | 1112528 EscapeKey
EscapeKey's picture

Good thing that Fed spokesdroid waffled on about cutting QE2 earlier today, so the Dollar could get pumped.

But they still haven't answered the question who on earth they expect to buy 10-yr at 3.5%, in an environment with rising inflation, if the Fed is no longer there to backstop Treasury sales.

Tue, 03/29/2011 - 10:17 | 1112542 Republican Lackey
Republican Lackey's picture

I sense a major reduction in spending from the Federal gov't. Could Congress actually pass a budget that reduces Federal spending a shit load?

Tue, 03/29/2011 - 10:19 | 1112550 EscapeKey
EscapeKey's picture

Cuts in Defence, Social Security, Medicare/Medicaid, or other mandatory spending?

Otherwise it's kind of pointless.

Tue, 03/29/2011 - 10:39 | 1112659 dbTX
dbTX's picture

That's why it's not going to happen

Tue, 03/29/2011 - 10:22 | 1112565 Spalding_Smailes
Spalding_Smailes's picture

It started in Wisconsin. This madness of lavish pay for the union scum is ovvvvvvvvvvvvvvaaaa , bring on austerity, cut spending 10%, problem solved.

Tue, 03/29/2011 - 10:22 | 1112578 EscapeKey
EscapeKey's picture

A 10% cut is nowhere near enough.

And benefits rise substantially over the next 5 years.

Rising pension and retiree healthcare costs for public safety workers are expected to consume 19% of the city budget within five years (up from 8.7% this year).

Tue, 03/29/2011 - 10:32 | 1112635 Spalding_Smailes
Spalding_Smailes's picture

And when the baby boomer die off they also stop drawing S.S. the long term chart changes.

So with this doubling, tripling of debt over the last few years, I wonder why the dollar has not crashed, thats right the debt is under control. USA still the strongest by far on the fiat block, always will be, the other crumble before her thats why they will always play the game ......

Tue, 03/29/2011 - 10:50 | 1112709 EscapeKey
EscapeKey's picture

Right, so LA have intentionally planned for 20% of their budget to go towards benefits & healthcare for public sector workers in 2015? And the US spending 40% more than she gains through taxation, that's under control, too - even with an increasing retired boomer population?

The UK, with her many flaws, at least only spends (710/590) 20% more than she takes in. Of course, boomers are about to retire over here as well.

Tue, 03/29/2011 - 10:32 | 1112639 Bastiat
Bastiat's picture

How do you feel about Wall St. scum?

Tue, 03/29/2011 - 10:36 | 1112655 Spalding_Smailes
Spalding_Smailes's picture

They should be in jail, did you see inside job, great movie for the sheep who do not understand the inter workings .....

Tue, 03/29/2011 - 10:37 | 1112652 Things that go bump
Things that go bump's picture

What about the lavish pay for federal employees?  No one ever mentions that.  If they cut everyone by 1/3 and capped it at 100,000 that would be a good start.  

Tue, 03/29/2011 - 10:37 | 1112660 Spalding_Smailes
Spalding_Smailes's picture

100% correct because they get what 80% of that after they stop working, a total joke .....

Tue, 03/29/2011 - 10:55 | 1112729 roadlust
roadlust's picture

"Lavish pay" is on Wall Street.

There is no "Lavish Pay" beyond that.

Except for maybe doctors and lawyers.

When they take a pay cut wake me up.


Tue, 03/29/2011 - 12:13 | 1113087 Truthiness
Truthiness's picture

plenty of people in NYC and SF making 150-300k working in tech...

Tue, 03/29/2011 - 12:15 | 1113095 goldfish1
goldfish1's picture

"Lavish pay" is on Wall Street.


Tue, 03/29/2011 - 12:20 | 1113127 MachoMan
MachoMan's picture

I think you need to add professionals of all kinds and small-medium sized business owners to the list if your definition of lavish can extend that far...  Virtually every tradesman I know makes more than the average attorney...  likewise, medical professionals are solely dependent upon insurance income...  when insurance comes in and pays less for the same procedures/care, then entire disciplines get swatted...  also know quite a few doctors who have quit practicing in particular areas because of the squeeze... 

In other words, you need to either pick a dollar threshold or a flat % of income relative to the average...

Tue, 03/29/2011 - 10:17 | 1112548 Spalding_Smailes
Spalding_Smailes's picture

Pimco after the leash gets snapped or the other central banks. China does not want the fiat game to end or any other nation. Only the doomer sect ....

Tue, 03/29/2011 - 10:19 | 1112558 EscapeKey
EscapeKey's picture

Well, I really want to grow wings and fly.

Tue, 03/29/2011 - 10:13 | 1112529 Boilermaker
Boilermaker's picture


There goes the DOW and SPX dead ass vertical.

My god.  When does this RIDICULOUS pumping f'ing end?

Tue, 03/29/2011 - 10:25 | 1112585 SheepDog-One
SheepDog-One's picture

20 DOW points? Im not particularly impressed nor calling it 'vertical parabolic mass ramp' myself.

Tue, 03/29/2011 - 10:51 | 1112695 Boilermaker
Boilermaker's picture

Velocity...and it isn't 20 DOW point, it's 60 peak to peak and, again, a huge jamming session. 

Tue, 03/29/2011 - 10:14 | 1112532 ivana
ivana's picture

It's Great Game of powerz. Beyond USA EU and all local markets.

After seeing all this scam since 2007, extend and pretend etc we are now at the point that not only banks are zombies - most of govrnments will be zombies soon!

Is there anybody, ANYBODY who still believes that all this is not rigged plot scenario? And that FED and utilities are making "wrong" moves, "not understanding" and blah blah blah

Tue, 03/29/2011 - 10:43 | 1112663 Founders Keeper
Founders Keeper's picture

[Is there anybody, ANYBODY who still believes that all this is not rigged...]---ivana

Unfortunately, nearly EVERYONE I know are not even suspicious the market, govt data, corp accounting, banking, etc. are rigged. They can't imagine such a thing is happening.

Thanks for your post, ivana.


Tue, 03/29/2011 - 14:00 | 1113500 James
James's picture

ivana asks -

Is there anybody, ANYBODY who still believes that all this is not rigged plot scenario? And that FED and utilities are making "wrong" moves, "not understanding" and blah blah blah


I've lost friends over this. First for telling them to get out. They thought I was nuts. Second they did'nt listen 'til too late.

Tue, 03/29/2011 - 14:02 | 1113502 James
James's picture


Tue, 03/29/2011 - 10:14 | 1112535 RunningMan
RunningMan's picture

I think when we get more spending reports like the last durable goods, the Fed will have to question QE3. We got the wealth effect, but a weak dollar and more expensive goods. We saw this reflected in spending by the wealthy, but ongoing declines in other areas like home purchases (the wealthy can't buy all the homes out there, and vacancy rates climbing). The Fed has backed into a corner, expecting their tactics to reboot the economy, but all it did was squeeze money through Wall Street and banks, and ultimately encourage misallocation of capital. Is anyone really surprised that confidence is still at lows?  

Tue, 03/29/2011 - 10:15 | 1112541 Oh regional Indian
Oh regional Indian's picture

Inflation, deflation, disflation, stagflation, henflation, foodflation, homeflation, gasflation...

It's a Flationary world people, let's just call it flation, since no one can agree which one is biting so hard that it hurts if you still have the capacity to feel.

That is my new mantra... It's a Flationary World. One day Dis and the other day In.


Tue, 03/29/2011 - 10:27 | 1112596 wandstrasse
wandstrasse's picture

Psycho-Schizo-Bermudaflation (Max Keiser)

Tue, 03/29/2011 - 10:59 | 1112751 pazmaker
pazmaker's picture

ORI, they sell something for that gasflation..try Malox!   :)

Tue, 03/29/2011 - 12:10 | 1113076 Oh regional Indian
Oh regional Indian's picture

hah! Burp!


Tue, 03/29/2011 - 10:17 | 1112543 the not so migh...
the not so mighty maximiza's picture

What amazing/exciting news, it gives me a soft-on


Tue, 03/29/2011 - 10:20 | 1112553 Oh regional Indian
Oh regional Indian's picture

That was funny!


Tue, 03/29/2011 - 10:19 | 1112555 GOSPLAN HERO
GOSPLAN HERO's picture

Its checkmate for Ben and the Fed!!!

Tue, 03/29/2011 - 10:21 | 1112560 Aductor
Aductor's picture

United Casinos of America. What would you expect, BTFD.

Tue, 03/29/2011 - 10:23 | 1112561 GOSPLAN HERO
GOSPLAN HERO's picture

We're fucked ... checkmate ... game over ... tilt ... tits up.

Thanks Ben!



Tue, 03/29/2011 - 10:22 | 1112576 Seasmoke
Seasmoke's picture

whats the rule, when you call checkmate and your opponent still has a workable move ?

Wed, 03/30/2011 - 02:23 | 1116069 StychoKiller
StychoKiller's picture

A good opponent should be able to see checkmate 3 moves before it gets there.  I usually just say 'check', then leave it to my opponent to recognize if it's checkmate or not.

Tue, 03/29/2011 - 10:25 | 1112598 writingsonthewall
writingsonthewall's picture

That's not even new news!

The only person who has no idea about how bad it all is, is 'gentle Ben' - who is (as we speak) going to try the SAME fix that has failed to work on the last 2 occassions.

"The definition of madness is to try the same thing over and over again and expect different results" - Gerald Celente (talking about the Fed as it happens) we should work out how we 'break it gently' to the sheepeople so they don't get all uppity and start rioting and shit.

You know people - all calm and that until it finally dawns on them and then it's mad killing and rage all over the shop.

Tue, 03/29/2011 - 10:28 | 1112614 GOSPLAN HERO
GOSPLAN HERO's picture

It's news to the Fed, comrade.

Tue, 03/29/2011 - 12:18 | 1113109 Mr Anderson
Mr Anderson's picture

'gentle Ben' has every clue what he is doing.


His whole idea is to keep the music playing as long as possible. For once the music stops there will be no chairs left in the room to sit down on.

Ben knows exactly how far she'll drop. If you had the chance to spend one more day with your grandparents before they passed, would you?

This is the same situation of trying to drag it out just a bit longer so that they (and we) can continue to enjoy our standard of living.

Tue, 03/29/2011 - 13:32 | 1113381 francis_sawyer
francis_sawyer's picture

<b>now we should work out how we 'break it gently' to the sheepeople so they don't get all uppity and start rioting and shit</b>


I bet he's wishing now that he'd have MINORED in communication...

Tue, 03/29/2011 - 10:23 | 1112571 Madcow
Madcow's picture

Deflation - 

Until the banks have foreclosed upon and seized 90% of the nations homes, businesses, family farms, city monuments and state parks.   THEN they'll turn the inflation machine back on.

Tue, 03/29/2011 - 10:28 | 1112607 SheepDog-One
SheepDog-One's picture

Deflation in what? Home values and the dollar? Thats about all I see!

Tue, 03/29/2011 - 10:22 | 1112574 TwoShortPlanks
TwoShortPlanks's picture

There will be no QE3, it's time to take the medicine.

Hey Bernank ya wanker, want some Sugar with that???

Tue, 03/29/2011 - 10:22 | 1112575 writingsonthewall
writingsonthewall's picture

Nooooooooo.....but Cramer told me to buy, buy, buy....just before he went bye, bye, bye!

lets be honest - stagflation was the obvious conclusion to this 'print your way out of recovery' nonsense. Anyone who thought differently will rightly get burnt.

It's just a shame all those pension funds which people 'trusted' are going to go down too.


All this destruction just to protect Blankenfien and his army of 'blank bankers'.

Corpo-fascism is upon us - fearlessness, honour and a determination to stay free will become the new attributes sought by the masse not the accumulation of wealth.

You can keep your phoney dollar bills - they're worthless.


Tue, 03/29/2011 - 11:26 | 1112880 impending doom
impending doom's picture

Feel free to send them my way, since they're worthless and all. ;)

Tue, 03/29/2011 - 15:04 | 1113772 baby_BLYTHE
baby_BLYTHE's picture

So you will take cash in addition to people's gold?

and here I am working, trying to conserve every inch of purchasing power I earn before she goes belly up.

Enough with QE, I say.

Print up 2 trillion, hand it out to every citizen, retire the national debt and personal debt. Reset.

Sat, 04/16/2011 - 18:32 | 1176610 impending doom
impending doom's picture

Go back to facebook, you fucking 12 year old. Or have you pulled yet another 180 and want to sell your PM's again? In which case I'll gladly take all you've got.

Tue, 03/29/2011 - 10:26 | 1112592 Bruno the Bear
Bruno the Bear's picture


Is that a real word?

In any case, that's the only thing that surprised me in this post.

Tue, 03/29/2011 - 10:26 | 1112597 Caviar Emptor
Caviar Emptor's picture

Hate to take a grim victory lap (again): every passing day just confirms and reinforces my Biflation Theory: Real Economy Down/Paper Economy Up. Put another way, the Real Economy is in a deflationary depression very similar to Japan's lost double decade, while the the paper empire built by the Fed keeps exploding with bloat and paper profits (which, as we know all too well, can vanish in a flash-dance errrr crash). 

So housing, real incomes, disposable incomes, employment and advancement opportunities, expected retirement funds, all contribute to a constrained consumer, unable to deal with increased structural cost of living. 

Did you just ask how can depressed demand coexist along side with rising prices? Well, that , my friend, is the crux of the matter. Under biflation it CAN. I know, that's not orthodox economic theory. In fact it's iconoclastic (think Ben, Friedman and Reagan as a Russian icon tryptic). But it's all a side effect of massive intercurrent money printing summated with a 4-decade cumulative ocean of dollars floating freely in the global economy, competing for things to spend on. Nice going icons. 

Tue, 03/29/2011 - 10:27 | 1112604 RobotTrader
RobotTrader's picture

I don't care if the market is rigged or not.

I'm going to milk it for all that its worth.

If The Ben Bernank wants to put money in my pocket, I will gladly accept it.

I'm looking at some new longs today:

Nucor pays 3% dividend....

If it can clear the 11-day and 22-day, I'm in....

If Abbott Labs can clear this base, I'm all over it.  It pays a yield of 4%.

Home Depot is one of the strongest stocks in the Dow, also pays a good dividend.


Tue, 03/29/2011 - 10:31 | 1112616 SheepDog-One
SheepDog-One's picture

Only thing youve been milking for all its worth is your weenie you big troll.

Tue, 03/29/2011 - 10:35 | 1112645 Caviar Emptor
Caviar Emptor's picture

You go girlfriend! 

Tue, 03/29/2011 - 13:37 | 1113387 Things that go bump
Things that go bump's picture

Where the men are men and the sheep are scared?

Tue, 03/29/2011 - 10:42 | 1112671 lieutenantjohnchard
lieutenantjohnchard's picture

so buying home depot and abbott labs is the trick to being part of the 2% winners who school the 98% losers in the market.

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