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ZH Vs. All Comers

Bruce Krasting's picture



Readers of the blogs know that ZH is in the middle of another brouhaha with the rest of the press.  This time from Reuters, NY Post, Naked Capitalism and Across the curve.

I made the following comment on NC. I stick with it.

"Eight months ago I started writing financial blogs. I am happy to say that some have appeared on NC and some at ZH.

I put my own name on this from the start. Big mistake. I wish I knew what I know now. The stuff that comes to me off the grid is scary. (I don't care what the comments are). I have written about some personal stuff and that has come to haunt me too. I have problems as a result of some of the stuff I wrote re: Swiss banks.

I thought that I had a fairly good level of contact with the significant (and not so significant) writers in the straight press. Since I started contributing to ZH they don't return my emails.

So I have paid a price for being out there. If I had to do it over again, I would be Anon."

Across the Curve does a fantastic job of reporting the bond market story. But that is all it does. Just the numbers. AC does not pose questions. It does not question policy.

Naked Capitalism does. Every day NC bangs away on the critical issues. They pose tough questions and challenge policy choices in every country. But Yves Smith is just a made up name. So I am not clear why the have taken the position they have.

ZH goes deeper than any other media outlet.  Does anyone believe that Chuck Schumer or Mary Schapiro would be talking about HFT if it were not for ZH? Not a chance.

The flap about the FED/POMO and the dealers is misplaced. The Fed is buying 1.5 Trillion of paper from the dealers. They will do that in less than 9 months. This is the biggest transaction in recorded history. The dealers are getting rich off this business. There is no doubt about that is there? Does anyone think they are taking losses doing the Fed buy backs? Don’t be silly. ZH did not call this a conspiracy. But if one watches the timing of these POMO buys it is very hard to avoid the conclusion that the Fed and the dealers are on the same page. This might not be a conspiracy, but the relationship of the PDs to the Open Market Desk should make everyone nervous.

If GS is in the sights of ZH’s gun it is because GS is too powerful and needs to be brought down a few notches. They have no competition. LEH, BST are gone. Merrill is nothing compared to what they once were. Citi has been gutted and Morgan Stanley has admitted it is “no longer taking risks”. So GS is running the risk world of finance. And the only significant voice out there that is raising a stink on a regular basis is ZH. We owe them for that.

We will all be worse off if ZH changes what it has been doing.  This flap convinces me that they are correct. Stay behind the curtain, but make one hell of a racket. Please.


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Mon, 08/24/2009 - 11:06 | Link to Comment Anonymous
Sun, 08/23/2009 - 12:40 | Link to Comment Spartacus
Spartacus's picture

I think it is not needed to call for a movement to "save ZH". Where is the threat? From the blood sucking financial institutions? From the abominable CNBCs? Huh!. When millions have lost there homes and jobs, Bernanke raises a toast and calls for more speculation. The world is out of recession folks,so buy stocks wih whatever little left so that your last drops of blood will be licked. What a joke?

Sun, 08/23/2009 - 12:14 | Link to Comment Anonymous
Sun, 08/23/2009 - 10:47 | Link to Comment Anonymous
Sun, 08/23/2009 - 10:34 | Link to Comment Anonymous
Sun, 08/23/2009 - 10:25 | Link to Comment HEHEHE
HEHEHE's picture

You have three sources at work here 1) the financial elite; 2) the financial media run by the financial elite; and 3) the US government reliant on each to manipulate the sheeple. 

None of the above likes to be questioned, and all three rely on the euphoria of a bull market to survive because a bull market leads joe six-pack not to look behind the curtain and see how badly they are getting ripped off.

Keep up the good work.

Sun, 08/23/2009 - 10:25 | Link to Comment Anonymous
Sun, 08/23/2009 - 10:17 | Link to Comment Anonymous
Sun, 08/23/2009 - 09:21 | Link to Comment Bruce Krasting
Bruce Krasting's picture

Anon 45058: Yes, Yves Smith was a speaker for Milken. But you have to trust me on this one. That is not her real name.

That is the point, no? Whoever she is, she does a very good job at getting to the issues. So the name thing is irrelevant. I wasn't objecting to that. I was commenting that maybe NC should not be throwing stones on this issue....




Sun, 08/23/2009 - 04:23 | Link to Comment Anonymous
Sun, 08/23/2009 - 03:47 | Link to Comment Miles Kendig
Miles Kendig's picture

Bruce, I will follow suit.  I hope you stay strong and continue to contribute.  Your voice is one that I have enjoyed and amplified.  All The Best

One of the joys of the institution of truly free markets is the capacity to be commercial while having something to say. The two should not be mutually exclusive as long as the intent and actions are indeed clearly enunciated. Some folks have bought into the notion that failure to measure up to what they perceive as knowledgeable, morally or ethically pure or devoid of all humanity denotes failure. The only failure would be to perpetuate the lie that what matters is the window dressing. Window dressing that is only maintained at the whim of those that media 2.0 is attempting to address through their efforts.

Like it or not Zero Hedge provides a needed outlet and forum for the exchange of ideas unconstrained by the norms currently imposed by the current power structure. Indeed, it is their willingness to use their considerable knowledge base of contributors and associates to challenge those that are uncomfortable by the free exchange of ideas that makes ZH compelling.

I say if those that are made uncomfortable by your words are those who exercise unconstrained, or nearly unconstrained power then it is incumbent to those who speak those words and those that hear those words to facilitate their amplification throughout their target audience and indeed throughout society or there will be no such thing as a free and responsible institution of self government.

Sun, 08/23/2009 - 03:35 | Link to Comment Anonymous
Sun, 08/23/2009 - 01:42 | Link to Comment pigpen
pigpen's picture

Bruce, you are to be commended. Keep up the honest

intelligent commentary regardless of the friends you lose.

We need higher standards and principles and this site is doing what

the MSM, our regulators and our politicians and leaders are NOT doing.

Calling out the abject blatant manipulation and favortism and cronyism.

I got rid of my cable TV this year - 8 months clean.

Mind has never been freer - time to read and love our country but

question our leaders and govt.


Sun, 08/23/2009 - 00:12 | Link to Comment Anonymous
Sun, 08/23/2009 - 01:24 | Link to Comment agrotera
agrotera's picture


Sun, 08/23/2009 - 03:54 | Link to Comment Miles Kendig
Miles Kendig's picture


Stand and say it ZH associate(s).


Sat, 08/22/2009 - 23:54 | Link to Comment CD
CD's picture

In case anyone is interested in some of the specifics of other blogs' comments:

This is quickly becoming a matter of time, the snowball is rolling, gathering ever more beautiful and unique snowflakes as well as random bits of decaying organic matter.

I just hope ZH has fallback plans for exponentially increasing traffic in the foreseeable future when a) critical mass is reached in terms of legitimate public interest and b) the DDoS attacks begin

As always, it is truly inspiring and heartwarming to find a community like this one, I hope fellow readers continue to think about ways to provide material as well as moral/emotional support to the ZH team. My only current (and somewhat lame) idea is that those who can, install and/or toolbars in a browser they install dedicated to the purpose of reading ZH. Similar vein: post links to a relevant/appropriate ZH piece in every single MSM article you read which allows comments. The bigger portal the better.

Sat, 08/22/2009 - 23:43 | Link to Comment Anonymous
Sat, 08/22/2009 - 23:18 | Link to Comment Ducky
Ducky's picture

Here's my two cents. There are competing business models here. Old media is getting their butts kicked evey day by people that can create more informed content than they can.

Their model is pretty faces on tv with journalism backgrounds. That can't match content of those with specific business experience that write on the internet. It can't match somone with a PhD in Econ that writes on the internet.

This is why they struggle. In mililtary speak: Don't let them define the battlespace. Keep doing what you do.

Don't let them divide their enemy (the blogosphere). NC and Felix Salmon are allowed to think that you guys should tell people which Tyler is talking. However, you don't have to do what they want. Respectfully decline if you don't want to do so.

NC's Leo was pretty nice to you guys in his comments. Criticism in the blogoshphere needn't be taken as an attack. Take the high road just like you did on anonymity.

Remember the business model that is threatened by you. Don't let them create false enemies for you. They are the dinosaur. They are the ones allowed to only invest in GE stock and the S&P 500 index. Their daddy GE was bailed out by TARP. Their numbers are declining.

Keep your eyes on the prize and dominate your battlespace with the tactics that have worked. Have alternative tactics. You will win.

They are the dinosaur. They are not nimble enough to win. When 1-2% GDP growth becomes the norm and the market struggles to gain 5% in a year no one will care enough to watch them.

They are destined to lose this battlespace to you. Do they have Marla spinning music? No!

You have well rounded content. Victory requires focus. You have it. Never allow it to be taken.

Congratulations on victory

Sat, 08/22/2009 - 22:28 | Link to Comment Rusty_Shackleford
Rusty_Shackleford's picture

If all you're goin' on is my confession, forget it,... I'm simply not credible.

Sat, 08/22/2009 - 21:52 | Link to Comment Anonymous
Sat, 08/22/2009 - 21:51 | Link to Comment Anonymous
Sat, 08/22/2009 - 21:47 | Link to Comment Joe Sixpack
Joe Sixpack's picture

Joe Sixpack wants Zero Hedge.


I want my, I want my, I want my Zero Hedge.


(We are in Dire Straits after all).

Sat, 08/22/2009 - 21:18 | Link to Comment Anonymous
Sat, 08/22/2009 - 20:46 | Link to Comment MountainHawk
MountainHawk's picture one of the last bastaions of 'H O P E'

Sat, 08/22/2009 - 20:32 | Link to Comment Anonymous
Sat, 08/22/2009 - 20:13 | Link to Comment agrotera
agrotera's picture

Dear Bruce,

You are a hero, but, it doesn't take away from the integrity of your work to get yourself a moniker, and keep your work private from now on.

Some say that the owners of the privately held Federal Reserve own half of the Dow, and a majority interest in the largest hedge imagine the power and with all that power, well, i don't guess i need to say anything else.  And all the while, with this power, does anyone need to figure who runs all politicians and policy?

What a joke to talk about the Fed's independence!  THAT IS SO BACKWARD--HOW ABOUT, A PRESIDENT, OR A MAJORITY HOUSE OR SENATE THAT ISN'T PAID FOR BY THE FED AND ALL OF IT'S AGENTS!!!!! Until then and always,

Just take care, since we live in Gotham City!

Sat, 08/22/2009 - 19:37 | Link to Comment Chippewa Partners
Chippewa Partners's picture


Does ZH accept cash to help your cause and if so, where do I mail it?  




Sat, 08/22/2009 - 20:56 | Link to Comment Tyler Durden
Tyler Durden's picture

Chief Executive Officer's Suite, 85 Broad Street, NY, NY 10004

Sat, 08/22/2009 - 20:35 | Link to Comment Anonymous
Sat, 08/22/2009 - 18:57 | Link to Comment Anonymous
Sat, 08/22/2009 - 18:17 | Link to Comment deadhead
deadhead's picture


I've read approx. 90% of the pieces published at ZH and yours is one of the highlights on several levels.  I'm sad to hear of your plight in regards to using your real identity and offer two words that I hope you will view as a silver lining: Carl Bernstein.

Please continue on full speed ahead with your mission. I wish you the very best.

Sat, 08/22/2009 - 18:04 | Link to Comment Anonymous
Sat, 08/22/2009 - 17:56 | Link to Comment yy
yy's picture

Just adding my voice to all the above, if I had to choose one blog to visit it will be ZH, so thank you and keep the good work, there is hell lot of things to uncover out there.

One recommendation for anonymous comments, can you guys choose a picture of some sort to at least visually stand out!


Sat, 08/22/2009 - 17:53 | Link to Comment straightershooter
straightershooter's picture

The verdict: Fail (bailout), fail (stimulus) and fail (quantitative easing, aka printing). Now a joke:


The president of South Korea scheduled to meet the president of Obama. Knowing that the president of south Korea does not speak english, the staff had prepared to have the Korea president spoken two sentences in his greetings with Obama:


The first was " how are you?" . Anticipating that Obama shall say "I am fine, and You?" then the president of south Korea will then say, Me, too.

All is well prepared and rehearsed.

Coming the day the president of South Korea met Obama. Nervous as hell, the president of south Korea said to president of Obama: Who are you?

Stunned by the question, Obama calmly explained that he is the husband of Michell.

"Me,too" Replied by the president of south Korea.


Back to the topic: Fail, Fail and Fail.

Sat, 08/22/2009 - 17:23 | Link to Comment tom a taxpayer
tom a taxpayer's picture

The attempt to discredit Tyler Durden and Zero Hedge show that David has struck and frightened Goliath. 

It shows that Tyler Durden and Zero Hedge have found the Achilles heel of Goldman Sachs and other mismanagers of the universe.

It shows that the white collars at 85 Broad Street, 399 Park Avenue, and Maiden Lane are beginning to sweat.  


It shows that the Wall Street crime bosses fear leaks that could lead to a criminal prosecution of the inner sanctum.


It takes only one prosecutor to investigate just one crime, and follow the money and the connected crimes, and bring down the overlapping criminal enterprises using Racketeer Influenced and Corrupt Organizations Act (RICO) prosecutions. This is a target rich environment, and the criminal activities (fraud, Ponzi schemes, extortion, looting of treasury, cover-ups, etc.) are continuing today. So the investigation and prosecution can begin anywhere and follow the trail, with Countrywide, the mortgage industry and the appraisers or Freddie and Fannie or Citi and the big banksters or with Goldman Sachs and other Wall Street investment banks and brokerages or the rating agencies or AIG or with the federal co-conspirators at U.S. Treasury, SEC, OTS, and the Federal Reserve or with Hank "the mole" Paulson, Ben "the bag man" Bernanke, Tim "the patsy" Geithner, or the members of Congress who took money to facilitate the criminal enterprises. 

Sun, 08/23/2009 - 00:26 | Link to Comment Anonymous
Sat, 08/22/2009 - 17:20 | Link to Comment nicholsong
nicholsong's picture

Bruce, as someone who has found real value in your posts, I read your post over at NC with some frustration about the squares not returning your emails. But as your non-attorney, I advise you not to worry.  The people who value your perspective are not going away, and your words will spread through other methods--especially since more and more people turning away from the National Syndicate Of Talking Heads in droves.

As to your point about ZH remaining obfuscated while shaking the trees, I totally agree with you, and I hope they continue to do so. As was said a while back, this system is currently supported in so many artificial ways as to constitute a forest of crutches, and shaking enough of these trees might bring a lot of contrivances down to earth.

Sat, 08/22/2009 - 16:45 | Link to Comment Ich bin ein whatever
Ich bin ein whatever's picture

I just read the post that Mike linked to at nakedcapitalism.

If you are going to be an anonymous blogger, and you are setting yourself up to be that "product", for lack of a better word, then that's what you should be.

If the person that the New York Post outed as one of the Tyler Durden's is in actuality one of the Tyler Durden's, then he outed himself.  I'm remaining a little skeptical for now, because I could tell the editor of Vanity Fair tomorrow that I contribute to Zero Hedge as one of the many Tyler Durden's on staff.  That doesn't make it so.  (That's way too many TD's in one sentence, but the point had to be made)

The "byline" for this blog is, " On a long enough timeline, the survival rate for anyone drops to zero."

If the person who outed himself is actually one of the contributers here, perhaps the byline should now read, "On a long enough timeline, the ability of a typical human to keep his mouth shut, especially if it enhances his street cred, drops to zero."

The ability of humans to take themselves way too seriously has led to the demise of many great rock bands.  Don't let it lead to the demise of Zero Hedge.

If you're going to remain anonymous, remain anonymous.  Get your contributors together, take a vote, do what you have to do.  But be decisive and everybody do it together, because one rat will sink you all.  I've seen it happen too many times to be optimistic.

I've grown to love you guys, and this site.  I don't post a lot, but I read here religiously every day.  I would hate to see everything brought down because someone has "unrealized ambitions" that haven't been brought up to the whole.

Sat, 08/22/2009 - 20:32 | Link to Comment SWRichmond
SWRichmond's picture

"The ability of humans to take themselves way too seriously has led to the demise of many great rock bands.  Don't let it lead to the demise of Zero Hedge."

Amen, sister.

Sat, 08/22/2009 - 16:42 | Link to Comment Anonymous
Sat, 08/22/2009 - 16:11 | Link to Comment polizeros
polizeros's picture

You are doing amazing work, and have helped to force these issues into mainstream media and the Halls of Congress. Keep it up.

It was blogs like Calculated Risk that were early and right about the then-coming subprime collapse. Now you, Naked Capitalism, and others are early and right about Goldman, HFT, etc.

As a leftie blogger, I find it illuminating that most of you appear to be libertarian politically (I could be wrong) while the left, especially the hard left, is completely asleep about all of this. (You'd think this would be a perfect issue for them too, this real life crisis of capitalism, but apparently that would interfere with the more important factional infighting)

One thought. Some of what you blog is arcane and hard for outsiders to understand, maybe a few "HFT for Dummies" etc. posts would be helpful to get the word out even more.




Sat, 08/22/2009 - 15:56 | Link to Comment Anonymous
Sat, 08/22/2009 - 15:51 | Link to Comment Anonymous
Sat, 08/22/2009 - 15:46 | Link to Comment Hephasteus
Hephasteus's picture

There's dozens of sites that run stories of Goldman Sachs chicanery all over the web. You're not looking at the big picture.

Sat, 08/22/2009 - 15:18 | Link to Comment Nictrades
Nictrades's picture

I'm a fan Bruce. 

Sat, 08/22/2009 - 15:01 | Link to Comment Anonymous
Sat, 08/22/2009 - 16:15 | Link to Comment anonymike
Sat, 08/22/2009 - 15:00 | Link to Comment Anonymous
Sat, 08/22/2009 - 14:31 | Link to Comment Anonymous
Do NOT follow this link or you will be banned from the site!