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Larry Summers For Fed Head? 17% - Yes, 49% - Hell No

Tyler Durden's picture





 

Judging by how the SkyNet formerly known as "the market" has been trading in the past three weeks (and years), one may get the impression the "smart money", hiding behind Bloomberg terminals for 9 hours each day, has gone full lunatic retard. Yet not even said Bloomberg terminals users are completely insane, as confirmed by a just released poll of Bloomberg Professional users, who were asked on their opinion for the two next probably Bernanke replacements: one Larry Summers, best known, together with Robert Rubin, Alan Greenspan and everyone in Congress and Senate over the past 30 years, for destroying the US economy, as well as one Janet Yellen, currently vice chair of the Fed, and almost certain replacement for the Chairsatan once his term expires in early 2014. The verdict: nay to both, but a resounding hell no to the man who destroyed the US banking system, then crushed the Harvard endowment, and finally brought the US consumer and economy to a state of complete ruin.

From Bloomberg:

Almost half of global investors say President Barack Obama shouldn’t select former Treasury Secretary Lawrence Summers as the next chairman of Federal Reserve Board, according to the latest Bloomberg Global Poll of investors.

 

Only 17 percent of the 862 surveyed say it would be a good idea to appoint Summers, 57, to replace current Fed Chairman Ben S. Bernanke, 58, whose term expires in January 2014. Thirty-four percent didn’t have an opinion and 49 percent said it was a bad idea.

 

The Nov. 27 poll of Bloomberg customers who are investors, traders or analysts was conducted by Selzer & Co., a Des Moines, Iowa-based company. It has a margin of error of plus or minus 3.3 percentage points.

 

“Although Lawrence Summers is an exceptionally talented man, the Fed chair is in need of a man with less connections and entanglements to the establishment,” Fredrik Fyring, a derivatives trader at Skandinaviska Enskilda Banken in Stockholm, said in an e-mail. The recent choice of Mark Carney to head the Bank of England shows that an “outsider to the current establishment can be a good choice,” he said.

At least we now know that there are at most 17% of Bloomberg terminal users who are making money in the current centrally planned banana republic. We can only hope the balance wants some return to normalcy and would much more rather see a Ron Paul or even a thousand monkeys running the Fed than any more distinguished Econ Ph.Ds.

As for Yellen:

The Bloomberg poll showed that investors have mixed views on whether Obama should elevate Janet Yellen, the Fed’s vice- chairman, to head the central bank. Thirty percent of respondents say Yellen would be a good choice as chairman, 32 percent say it would be a bad idea and 38 percent say they’ve no opinion.

Yellen, 66, has joined three other Fed officials in support of a policy to tie zero interest rates with progress on fighting unemployment as a way to provide more clarity on the central bank’s outlook for monetary policy.

And back to Summers:

Summers didn’t respond to an e-mailed request for comment.

That's ok he was probably napping. But as long as it is not while sitting on the CTRL-P keys, at least he is not causing more untold destruction.

 


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Fri, 11/30/2012 - 12:20 | Link to Comment Flakmeister
Flakmeister's picture

Any who'-who of the guilty must include Phil Gramm....

Fri, 11/30/2012 - 12:23 | Link to Comment Zer0head
Zer0head's picture

in 2014 O will once again have control of House and Senate and he will appoint whomever the fcku he wants

Fri, 11/30/2012 - 12:25 | Link to Comment SheepDog-One
SheepDog-One's picture

'In 2014'...LOL good one.

Fri, 11/30/2012 - 12:38 | Link to Comment 101 years and c...
101 years and counting's picture

i'd like to nominate myself.  i am a very good liar and i know ctrl-P.  i've also taken chopper flying classes, so i would be able to fly my own chopper as i drop 100's on lower manhattan.

Fri, 11/30/2012 - 12:46 | Link to Comment francis_sawyer
francis_sawyer's picture

I nominate Larry Summers for dog catchEE...

Fri, 11/30/2012 - 12:56 | Link to Comment Ghordius
Ghordius's picture

I nominate Corzine for FED chairman. but please first take him out of prison

Fri, 11/30/2012 - 14:25 | Link to Comment Jay Gould Esq.
Jay Gould Esq.'s picture

"The recent choice of Mark Carney to head the Bank of England shows that an 'outsider to the current establishment can be a good choice...' "

Mark Carney -- Goldman's top Customer's Man in the London office -- an "outsider" to the "establishment ?" This statement elicited as much laughter as Mitch McConnell's guffaw, upon receiving Geithner with the Administration's "fiscal cliff" proposal.

Disinformationary farce. Barry will likely select an Erskine Bowles -type of "outsider" insider. In sum, policy continuance. The apple cart will not be upset.

Fri, 11/30/2012 - 16:08 | Link to Comment Tom Servo
Tom Servo's picture

Yellen and Summers are both jews, so they qualify...

 

Fri, 11/30/2012 - 13:06 | Link to Comment nope-1004
nope-1004's picture

Larry Summers is a joke.... cept, I ain't laughing because he's also really really dumb!

Here is sleeping beauty:

PIC 1

PIC 2

PIC 3

Fri, 11/30/2012 - 13:58 | Link to Comment eclectic syncretist
eclectic syncretist's picture

Him or better yet Krugman would be a perfect way to accelerate elimination/eradiction of the the Federal Reserve system of parasitic welfare banksters existing like a carbuncle on the ass of humanity.

 

Fri, 11/30/2012 - 13:10 | Link to Comment MiltonFriedmans...
MiltonFriedmansNightmare's picture

The Fed will not exist in 2014....

Fri, 11/30/2012 - 13:44 | Link to Comment earnyermoney
earnyermoney's picture

Like that matters. 

 

He'll appoint whom he's told to appoint, and there will be no objections.

Fri, 11/30/2012 - 12:49 | Link to Comment slaughterer
Fri, 11/30/2012 - 12:52 | Link to Comment GAAPpreNixon
GAAPpreNixon's picture

I would nominate BROOKSLEY BORN for FED CHAIRPERSON.

If you agree, please hit the green up arrrow. Important people read and respect opnions at Zero Hedge.

Fri, 11/30/2012 - 16:07 | Link to Comment Westcoastliberal
Westcoastliberal's picture

Good call.  Brooksley Born would be a great choice along with Elizabeth Warren, Bill Black, or Neil Barofsky.  Each has their own attribute and each bring "real world" experience which we would all benefit from.  The Banksters, not so much.

Fri, 11/30/2012 - 23:49 | Link to Comment Pinto Currency
Pinto Currency's picture

 

This is a debt-based fiat money system in collapse.

Select whomever you want as Fed Chair based upon who you want at the wheel when the system slams into a wall doing 150.

Rubin or Summers would be a good place to start.  Or Greenspan.

Fri, 11/30/2012 - 13:10 | Link to Comment Rathmullan
Rathmullan's picture

Here's the not so short list:

Steve Liesman (he has no training in economics but he plays an economist on TV)

Andrea Mitchell (enough said)

Paul Krugman (the final frontier where keynesian abandonment of any semblance of responsibility is brought to monetarism)

Jamie Dimon (in order to eliminate overly intrusive govt regulation and bring real competition to the banking industry)

Michael Woodford (because the cutting edge of monetarism isn't about direct and tangible policy effects, it's all about getting tricking market participants to engage in self destructive behavior)

Jesse Jackson Jr. (just because he is the anti-thesis of Ron Paul and he needs a job)

Chuck Schumer (because he "gets it")

Sat, 12/01/2012 - 08:27 | Link to Comment awakening
awakening's picture

Krugman for the comedy value, ZH would get a good run out of that! :D

Fri, 11/30/2012 - 12:20 | Link to Comment vast-dom
vast-dom's picture

fuck them all, terminals and printers too.

Fri, 11/30/2012 - 12:33 | Link to Comment HelluvaEngineer
HelluvaEngineer's picture

My vote is still for "Drinking Bird".  He can hit that print button 24/7 with no breaks or vacations.

Fri, 11/30/2012 - 12:49 | Link to Comment Lord Blankcheck
Lord Blankcheck's picture

Homer almost blew up the Springfield nuclear plant using the same method.D'OH!!!

Fri, 11/30/2012 - 12:26 | Link to Comment Wakanda
Wakanda's picture

"the man who destroyed the US banking system, then crushed the Harvard endowment, and finally brought the US consumer and economy to a state of complete ruin."

Sign him up, he'll be perfect.

Fri, 11/30/2012 - 12:28 | Link to Comment The Master
The Master's picture

Americans love a good comeback story!

Fri, 11/30/2012 - 13:11 | Link to Comment onelight
onelight's picture

Maybe, just maybe it's time to get tough-minded, or as Rule #5 says, "harden the #%$^& up" ..

This is going around trading desks in the last week: a European cycling brotherhood with a set of Rules, including #5 with an Aussie flavor..

http://www.velominati.com/the-rules/

Fri, 11/30/2012 - 14:16 | Link to Comment Bastiat
Bastiat's picture

Too many goddamn rules.

Fri, 11/30/2012 - 13:22 | Link to Comment carbon
carbon's picture

FLASH NEWS! WAIT uplifing news: on CNBC Hatzius continues to expect only 2 percent economic growth next year

Fri, 11/30/2012 - 12:25 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Our exhaustive efforts to kick the can down the road have not been fully exhausted. Thus the piper will not be paid just yet.

<Almost time to make the donuts.>

Fri, 11/30/2012 - 12:24 | Link to Comment SheepDog-One
SheepDog-One's picture

I'd love to see that ol gin blossom drunk Larry Summers in there as FED head he'd screw it up SO bad!

Fri, 11/30/2012 - 12:47 | Link to Comment francis_sawyer
francis_sawyer's picture

Actually he might be the perfect guy... After all ~ We need someone ASLEEP AT THE WHEEL [& on the job] after the recent Fed activism...

Fri, 11/30/2012 - 12:24 | Link to Comment pragmatic hobo
pragmatic hobo's picture

I nominate Ron Paul as the next fed-head.

Fri, 11/30/2012 - 12:53 | Link to Comment XitSam
XitSam's picture

or Jim Grant

Sat, 12/01/2012 - 06:09 | Link to Comment Urban Redneck
Urban Redneck's picture

The Office of the Secretary of the Treasury is the better suited to waging war against the Fed.  Also, unless you believe Ron Paul or morally or ethically compromised, then there is issue of the fiduciary obligation to Jamie, Lloyd, et al when one works inside Marriner Eccles.

Fri, 11/30/2012 - 12:24 | Link to Comment oleander garch
oleander garch's picture

"The central irony of the financial crisis is that while it was caused by too much confidence, too much borrowing and lending and too much spending, it can only be resolved with more confidence, more borrowing and lending and more spending," Larry Summers.

 

www.thenakedemperor.com/oligarch/larry-summers

Fri, 11/30/2012 - 12:28 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Welcome to the insane asylum. Peak insanity is insatiable.

<Feed me now for feed me even more later.>

Fri, 11/30/2012 - 12:31 | Link to Comment Dagny Taggart
Dagny Taggart's picture

Peak insanity is insatiable.

... or maybe peak insatiablilty is insane.

Fri, 11/30/2012 - 12:31 | Link to Comment kralizec
kralizec's picture

Yup, he their man!

Fri, 11/30/2012 - 12:27 | Link to Comment Dr. Engali
Dr. Engali's picture

I nominate Britney Spears, she is probably as good a choice as any of the other idiots......How hard can it be to get up in front of congress and lie your ass off a couple times a year while keeping your finger on the print button?

Fri, 11/30/2012 - 12:36 | Link to Comment Joe Davola
Joe Davola's picture

She's too busy with semiconductor physics:  http://britneyspears.ac/lasers.htm

Sat, 12/01/2012 - 12:36 | Link to Comment DavidC
DavidC's picture

Joe,
Superb!

DavidC

Fri, 11/30/2012 - 12:27 | Link to Comment SheepDog-One
SheepDog-One's picture

OH and one more thing....anyone who believes it's Obama who decides who is head of the world central banksters is simply delusional.

Fri, 11/30/2012 - 12:35 | Link to Comment GlobalCtzn
GlobalCtzn's picture

+1

Thank you!

Fri, 11/30/2012 - 12:27 | Link to Comment Darth Mul
Darth Mul's picture

I want Krugman in.

 

Let's just burn the whole fucker down already.

Fri, 11/30/2012 - 12:52 | Link to Comment Temporalist
Temporalist's picture

He's my nomination too.  At least we'd know that only aliens would fix things then we could all move on as a species.

Fri, 11/30/2012 - 12:27 | Link to Comment Vashta Nerada
Vashta Nerada's picture

Isn't Eric Holder looking for a new gig?

Fri, 11/30/2012 - 17:28 | Link to Comment waterhorse
waterhorse's picture

It should be just as easy to be a place holder at the Fed Reserve, as it is at the DOJ.  Good work, if you can get it.

Fri, 11/30/2012 - 15:23 | Link to Comment Bastiat
Bastiat's picture

Crisis by Design by John Truman Wolfe will tell you who calls these shots.

"In an interview on July 3, 2009, the former U.S. assistant secretary of the U.S. Treasury, Paul Craig Roberts, was asked, 'Does the U.S. Treasury secretary work for the people or does he work for the banking system on Wall Street?'  to which he replied, 'He works for Goldman Sachs.'"

 "Summers, though not a formal Goldman alum, is a fully certified Rubin deregulation clone.  He was chief economist for the World Bank in the early 90s and laer served as Rubin's deputy secretary of the Treasury." 

--from the book cited above. 

Fri, 11/30/2012 - 12:27 | Link to Comment lynnybee
lynnybee's picture

when i opened up ZEROHEDGE & saw that headline i gasped.   my heart just skipped a beat & i gasped.   how can this be ?   oh, it be.   it be because a gang of criminal bankers have taken over the United States of America & are looting it's citizens.   sad part is, most don't even know it.   hell, i didn't know it until recently.   the past 100 years has been abnormal.  

Fri, 11/30/2012 - 12:28 | Link to Comment LongSoupLine
LongSoupLine's picture

Larry Summers is in a tie with Corzine.

Those crooked political inside fuckheads can get there balls jammed in a paper shredder. I hope they both get a Barry bonds velocity fucking lead pipe in the fucking skull. assholes.

Fri, 11/30/2012 - 12:29 | Link to Comment prains
prains's picture

What no John Coreofslime ?

 

Fri, 11/30/2012 - 12:30 | Link to Comment Dollar Bill Hiccup
Dollar Bill Hiccup's picture

What about George W. Bush ? He would make an excellent Fed Head.

Bring them all to justice, and so on.

Fri, 11/30/2012 - 12:30 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

Larry Summers makes a slimey,mouldy piece of shit look good.

Fuck you Lawrence.

Fri, 11/30/2012 - 12:39 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

FUCK YOU LARRY "I'M A BITCH ASS BANKER TOOL" SUMMERS...

AND FUCK ALL YOU OTHER SOCIOPATHIC BANKER MOTHER FUCKERS....

 

ps: how ya'll like this latest hit job on the metals this Friday after recovering from all the hits earlier in the week...all coincidence that is the london close again.......aint it......................

http://www.kitco.com/charts/livesilver.html

 

 

Fri, 11/30/2012 - 12:32 | Link to Comment machineh
machineh's picture

Probably the expression Tyler really wanted was,

'FOR FUCK'S SAKE, NO!'

Fri, 11/30/2012 - 12:32 | Link to Comment buzzsaw99
buzzsaw99's picture

Summers is perfect. The human wrecking ball.

Fri, 11/30/2012 - 12:33 | Link to Comment tip e. canoe
tip e. canoe's picture

Martin Armstrong for Fed Chair

Fri, 11/30/2012 - 12:40 | Link to Comment jayman21
jayman21's picture

But, I think Martin would stay away.  The bad guys might get him sitting there trying to fix things.

Fri, 11/30/2012 - 12:33 | Link to Comment Joe moneybags
Joe moneybags's picture

Whoever becomes the next Fed head, we will lament he/she as "worse than Greenspan/Bermanke", and predict TEOFTWAWKI, everyday.

Fri, 11/30/2012 - 12:34 | Link to Comment polo007
polo007's picture

Since WWII, the Americans, Japanese, British and Europeans have spent way more money than they owned. But that was ok because the money they borrowed wouldn’t have to be repaid until some far away day in the future.

Unfortunately the future has now arrived and today, the next generations of Americans, Japanese, British and Europeans have all plunged into a deathly debt spiral.

Today it is no coincidence that the Americans, Japanese, British and Europeans have all set interest rates as close to 0% as possible.

Also today, it is no coincidence that the Americans, Japanese, British and Europeans are all printing money. And finally, today it is also no coincidence that the Americans, Japanese, British and Europeans ignored Friedrich Hayek and instead followed the economic principles of John Maynard Keynes.

Today the entire global economic and financial system is rooted in unwavering support for John Maynard Keynes and his beliefs in deficit spending and debt-fueled growth.

http://www.icecapassetmanagement.com/uploads/documents/IceCapAssetManagementLimitedGlobalMarkets%20November%202012.pdf

Fri, 11/30/2012 - 12:37 | Link to Comment Rainman
Rainman's picture

Oblameo wants an unlimited credit line forever without the hassle of dealing with CONgress. Therefore,  Chairsatan II will have one hell of a lot of printing to do. Onward to $25T and the collapse...!! Why Summers ? Why not ? 

Fri, 11/30/2012 - 12:40 | Link to Comment tahoebumsmith
tahoebumsmith's picture

Summers- Jew..Check  Yellen-Jew...check... With that said they actually may have a chance... Riddle me this ol Federal Reserve Act Of 1913... Why is it that every chaiman has been Jewish since you took control of our money back on that 23rd day of December, 99 years ago?

Fri, 11/30/2012 - 13:00 | Link to Comment jayman21
jayman21's picture

Paul is German Lutheran.  You must have a short memory. -1  It does not matter.  They are all assholes with exception of Paul.  Even Ron Paul had nice things to say about Paul.

 

At the end of the Day, the Private Federal Reserve needs to go.  It is a stealing machine for the political/elite class.  The Fed is the last resort lender for the last resort spender.

 

Largest budget item?  Anyone, Anyone.

 

Fri, 11/30/2012 - 14:37 | Link to Comment Mr. Hudson
Mr. Hudson's picture

Good question.

Fri, 11/30/2012 - 12:44 | Link to Comment polo007
polo007's picture

http://online.barrons.com/article/SB50001424052748703711604578147074234577776.html

So, who's right? Does the insolvency of European governments cause deflation, which sends the dollar soaring and gold plunging? Or does the insolvency of the U.S. government cause a collapse in the dollar and hyperinflation?

Probably both and neither. European governments and international institutions are likely to connive in any way possible to avoid the defaults and the resulting deflation from Europe. The most expedient way is for the European Central Bank to buy the bonds of the heavily indebted economies of Spain and Italy. That would both finance their deficits and lower the value of the euro, which would boost the competitiveness of the peripheral economies of the euro zone.

Does this violate every precept of the founding of the single currency? Of course it does and Germany will object vociferously. But ECB President Mario Draghi has pledged to do whatever it takes to save the euro. Since he made that pledge last July, that in itself has restored confidence. The ECB can only buy bonds only when a government accedes to harsh conditions, which none has had to do. So far, Draghi's mere declaration has lowered the funding costs for Italy and Spain, but actions may eventually needed to back up his words.

Meanwhile, the Fed has effectively inaugurated QE infinity, buying securities until unemployment is brought down to some satisfactory level. So, the U.S. central bank will be churning out greenbacks, which will effectively fund the federal budget deficit. In addition, the Bank of Japan is being urged to engage in quantitative easing until deflation turns into inflation by the leader of the opposition Liberal Democratic Party, which is likely to regain power in elections next month.

Bottom line: every major central bank around the globe is likely to continue printing money to stave off any deflationary undertow induced by the massive debt of their governments. Notwithstanding short-term sell-offs such as Wednesday's $25 drop, central-bank policies should keep interest rates near zero and negative in real terms, which in turn ought to keep gold in its long-term uptrend. As long as authorities try to do whatever it takes to hold the system of fiat currencies and indebted governments from flying apart, paper money will continue to lose value relative to the traditional store of value, gold.

Fri, 11/30/2012 - 13:23 | Link to Comment Quinvarius
Quinvarius's picture

Debt defaults don't cause deflation. 

Fri, 11/30/2012 - 12:41 | Link to Comment Gimp
Gimp's picture

As long as he can wear the clown shoes he's in!

Fri, 11/30/2012 - 12:45 | Link to Comment venturen
venturen's picture

I vote for that guy who is the voice for Elmo...he plays a muppet well, he is unemployed and he knows how to screw people especially the young!

Fri, 11/30/2012 - 12:49 | Link to Comment wisefool
wisefool's picture

It needs to be Timmah. I am convinced he is tyler durden. Who else would have enough balls to be a tax cheat and apply for the top spot at the IRS?

Fri, 11/30/2012 - 12:51 | Link to Comment tnquake
tnquake's picture

Other Larry's that come to mind and would be better than Larry Summers!

Larry Laffer

Larry Flynt

Larry of Larry, Darryl, and Darryl

Larry Csonka

Larry "Yogi" Berra

Larry Bird

http://en.wikipedia.org/wiki/Larry

Fri, 11/30/2012 - 13:10 | Link to Comment Clueless Economist
Clueless Economist's picture

Larry Fine of the 3 Stooges...Jewish to boot

Fri, 11/30/2012 - 17:30 | Link to Comment waterhorse
waterhorse's picture

Wouldn't Larry Flynt be better suited for the position at the SEC?

Fri, 11/30/2012 - 12:54 | Link to Comment Herodotus
Herodotus's picture

How about a Gentile for a change?

Fri, 11/30/2012 - 12:58 | Link to Comment Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Nancy Pelosi naked straddle ?!?!?!

Ugh, Tylers just crossed the line with that one on Twitter.

I am going to be ill.

Fri, 11/30/2012 - 13:02 | Link to Comment Meatballs
Meatballs's picture

How about FUCK NO!

Fri, 11/30/2012 - 13:20 | Link to Comment Quinvarius
Quinvarius's picture

It is between Yellen, Hillary Clinton, and Obama's own wife.

Fri, 11/30/2012 - 13:22 | Link to Comment alfred b.
alfred b.'s picture

 

    Aw chucks, come on you guys...  Larry could fix all of this in his 'sleep'...and besides without good ol' Larry in there, how could we get our fraud and corruption fix that we've been accustomed to!

    Go  ahead, buy physical gold and silver anyway!

 

 

 

Fri, 11/30/2012 - 13:36 | Link to Comment GeneH3
GeneH3's picture

It will be Yellen because of her gender. Notice most of O's appointment's are minorities or women. Puppets. Notice most of Obama's advisors are white males. Banisters and communists. Who's the puppet? Not the POTUS. Surely not.

Fri, 11/30/2012 - 13:39 | Link to Comment DollarDive
DollarDive's picture

I nominate Billy Martin or George Steinbrenner

 

or........... Norm from Cheers.

Fri, 11/30/2012 - 13:53 | Link to Comment shovelhead
shovelhead's picture

Summers would be a perfect choice.

We don't need the 4 horsemen of the apocalypse that started the ball rolling with LTCM. We're far enough gone where only 2 are needed to complete the destruction.

Geithner and Summers...The Sequel. Bigger, badder and more explosive.

"OTC...You ain't seen nothing yet." *

 

* needs a banzai poster

Fri, 11/30/2012 - 14:02 | Link to Comment Glass Seagull
Glass Seagull's picture

Larry has been very good to the debt machine.  Larry's payoff? 

 

MAX(One basis point on all the debt that he helped to create, a curio cabinet filled with Hummels)

 

Fri, 11/30/2012 - 14:30 | Link to Comment Mr. Hudson
Mr. Hudson's picture

Why is it only Jews who head the Fed? Why not try some ethnic diversification? How about an Aborigine American or someone whose ancestors came from Mongolia?

Fri, 11/30/2012 - 14:50 | Link to Comment DollarDive
DollarDive's picture

Elizabeth Warren comes to mind.....

Fri, 11/30/2012 - 16:14 | Link to Comment Antifederalist
Antifederalist's picture

LieaWatha? Pocahontas. Surely you jest.

Fri, 11/30/2012 - 14:49 | Link to Comment Bastiat
Bastiat's picture

Lindsay Lohan would be a step up in integrity, character and prudence.

Fri, 11/30/2012 - 14:51 | Link to Comment DollarDive
DollarDive's picture

Charlie Sheen -  WINNING !!

 

 

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