Quote Of The Day From Leon Panetta

Tyler Durden's picture

Pretty much sums up not only the present and future of US budget cuts, but everything else about the US:


He added the following:


And in other news:


Don't worry Leon: nothing will happen on cuts, because there will be no cuts, as reducing the US deficit will mean the Fed has to monetize less Treasurys, which means less reserves are created, which means the Primary Dealers have less dry powder to buy 3x beta stocks and less IG9 or 19 collateral, which means less "wealth effect", which means the 1% status quo is unhappy.

And the status quo can never be unhappy.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
LawsofPhysics's picture

Did we register/confiscate his guns already?  If so, who cares?  Oh wait...

Ahmeexnal's picture

Haven't seen this posted on ZH:




Washington, D.C., Jan. 9, 2013 — The Securities and Exchange Commission today announced that Enforcement Director Robert Khuzami will leave the agency after nearly four years of leadership. During Mr. Khuzami’s tenure, the Enforcement Division filed scores of significant actions connected to the financial crisis and brought record numbers of cases involving insider trading and misconduct by investment advisers and investment companies.

The rats are certainly in panic mode.

Something huge and smelly about to finally hit the fan.

AccreditedEYE's picture

It will be a buying opportunity if you're right... but I wouldn't hold my breath.

TruthInSunshine's picture

A (defective, vastly overpriced) F-35 Joint Strike Fighter in every garage!

Tijuana Donkey Show's picture

Maybe Boeing can give them some pointers from Dreamliner. The ultimate bullish market indicator would be if a Dreamliner crashed into a a F-35's from sucking a drone into an engine. USA, USA, USA! 

ParkAveFlasher's picture

The F-35 will be allowed in every garage, however they will be limited in the number of missiles they may carry, and there will be a department set up to administrate the licensing of guided missiles.

Not Too Important's picture

As long as they don't get wet. Or is that the B-1 or B-2? Or all the above?

Tijuana Donkey Show's picture

I think your talking about Hillary Clintons "box"

Not Too Important's picture

"The rats are certainly in panic mode.

Something huge and smelly about to finally hit the fan."

Gore sold his stake in CurrentTV to the very people the station was against, and got filthy richer:


Tony Blair took out a monster HELOC:


Are they cashing out and getting ready to run?

CPL's picture

This is just the pink slip orchestra tuning the instruments.


Just wait.  Main Opus is coming up with poor old Lew conducting.

ParkAveFlasher's picture

Did they fit a whole orchestra on the top deck of the Titanic?  I always thought it was a smaller ensemble.

CPL's picture

...this will go down as well as the Hindenburg.  I'm sure they'll all fit.

DaveyJones's picture

I'm with CPL & the Hindenburg. The Titanic did not make its own iceberg

Oh, and the key word from Panetta's lips is "hell"

wee-weed up's picture

The best way to sum up Obama's economic policies and how to deal with them is... nobody has any fuckin' clue!

Panetta, a member of his own cabinet proves the point!

NemoDeNovo's picture

Did we register/confiscate his guns Drones already?  If so, who cares?  Oh wait...

There fixed it for ya :)

LawsofPhysics's picture

Apparently, california is "magically" fixed.


Just the same, can I see the numbers and the underlying assets?  

Muppet Pimp's picture

This should stem the flow of all those smart rich folks leaving for greener pastures.  CA budget was based on projected Facebook earnings, lol.

It appears to be getting serious, and if we pull out our trusty tyrant manual we see the following little gem of wisdom from another broke corner of the earth.


When it becomes serious, you have to lie. - Jean-Claude Juncker

Saw the U-Haul quotes in a twitter post.  The price ratio between San Francisco and Austin was 3:1.  1500 bucks to Austin from SF and 500 bucks from Austin to SF.  This means Austin is a 'pit'.  Trucks are not productive in pits, so they cost more to take there (these are places where lots of people are moving).

TD (or other interested party) try contacting Amerco (Uhaul Traffic Department specifically) in Phoenix to see if they will share the pit & desert locations presently throughout the US Canada and Alaska for additional insight into this phenomenon.  This can be incorporated into our data sets under the Uhaul metropolitan index.  There could be a score from 1-10 for each metro area for example.

If I ran I private equity shop investing in residential rental properties (as some are doing) I would use this index to figure out where to direct my investments. 

You see, the areas trying to grow the pie offer low taxes and light touch regulation for responsible folks, and capital seeks out these areas.  And highly regulated, unionized, corrupt locales become less attractive to honest capital.  Same as it ever was.

JPM Hater001's picture


Exactly which strategy is this Mr Director of the CIA?  The one where you kill children in countries we arent suppose or the one where you snort coke with the Sinaloa cartel?

azzhatter's picture

Jesus, I thought everything was fixed

DaveyJones's picture

just wait till they lower the "military age" target males to 11. Yemen will love us, want to be just like us, and gladly give us their resources. It makes me proud just to say it.

TheFourthStooge-ing's picture

DaveyJones said:

just wait till they lower the "military age" target males to 11. Yemen will love us, want to be just like us, and gladly give us their resources.

With such brave displays of valor in (virtual) combat, how could it be otherwise?

It makes me proud just to say it.

"A global force for good."


DaveyJones's picture

They tried "a global force for greed" but it fared poor in the study groups. At least this tape proves we recruit white, black and green people and save babies.  

Watauga's picture

Well, he is SECDEF, and not CIA Director, though he did hold that position in the past.

The strategy to which he alludes is the National Defense Strategy which is supported by, primarily, DOD.  

Secretary Panetta is, in fact, leaving DOD, just as Clinton, Geithner, and a half dozen other big players are leaving the administration.  This is not unusual at the beginning of the second term of a President, but it seems somewhat ominous because at the same time as they leave circumstances they created are such that it appears we are on the verge of a genuine, SHTF sort of TEOTWAWKI.

lunaticfringe's picture

In other news, the algo closing ramp has arrived on schedule.

AccreditedEYE's picture

Fiscal uncertainty? Has this idiot looked at the stock market? What the hell is he worried about?

Theta_Burn's picture

And they called the Bush administration inept.

Keep that attitude up Leon and there will be even more confusion over who will replace you.

Commander Cody's picture

Could be part of his strategy.

tickhound's picture

Cuts are for pussies... What we need are things like more laws to influence growth in our Prison Industrial Complex and in the Lawyers and Paralegals needed to prosecute them.


JPM Hater001's picture

Hey Tyler,

Non sequitor, Can you post a chart of new user growth?  You must be setting the world on fire I see so many new names in the last 6 months.  Which in and of itself would be a sign...

earnyermoney's picture

Probably fascists from the varous 3 letter agencies of the state.

Tijuana Donkey Show's picture

There are only 30 people who actually comment, the different usernames are for the voices. 

newdoobie's picture

I'd comment more but all the good quotes are taken early. Don't you people have jobs?

Tijuana Donkey Show's picture

Working for GOVT as snitchez,,,,,, 

Boilermaker's picture

He should just put the DOD budget right into the Russel 2,000 and not worry about the cuts!

Hell, he'll have it all back plus some by the closing bell.  You have to 'put money to work'.

What a dumb ass!

kaiserhoff's picture

Whatchabitchinabout?   I'm sure Lew the Jew has our futures all mapped out.  Just remember, candy is dandy, but hollow points are forever.

Dr. Engali's picture

"Cuts" ...now that's funny. Just print some more Bennny.

kaiserhoff's picture

Cuts?  Maybe get a blister on yo little finger.  Maybe get a blister on yo thumb.

That ain't workin'.

knukles's picture

Maybe get hair on your knuckles, too.

We have a new permanent enemy for the Long War, "Fiscal Uncertainty"

OpenThePodBayDoorHAL's picture

Panetta will be replaced by that torturing fascist Brennan. Man is that guy scary. He ran the CIA torture and rendition program. Obomba wanted to make him head of CIA in 2009, but they thought it wouldn't look too good at the time, all that waterboarding and electric shocks etc etc. So they put him in charge of America's centerpiece war crime, the Drone Program. Obomba seriously ramped it up from Bush's levels; and supposedly enjoys replaying the strike videos personally. I wonder if he snorts with pleasure as he watches body parts from nearby 5-year olds fly around. Brennan was in charge of somehow coming up with a "legal" basis for pre-crime extrajudicial murder; but Obomba blocked the public from learning what that "legal" basis is. But they hate us for our freedoms...

I don't know what's scarier: Brennan; the man who appointed him; or the people who elected that guy. Bloodthirsty fascist country-destroyers all

earnyermoney's picture

Panetta will be replaced by Chuck the schmuck Hagel.  Fill in for General P. will be replaced by Brennan.


Ron Paul was the last person I'll vote for in my lifetime.  I refuse to legitimize the fascist police state we've become.

OpenThePodBayDoorHAL's picture

Thanks for the correction. Musical chairs for the fascisti, same effect.

Watauga's picture

Look ZH readers, Panetta is SECDEF, not CIA Director.  He WAS CIA Director.  He is now SECDEF.

surf0766's picture

I think they want the cuts so they can then fund their own personal civil military, one just as strong as our current  military.

knukles's picture

Now where'd you get that silly idea, surf?

surf0766's picture

Would you accept aliens?

SheepDog-One's picture

'Cuts'? Yea sure hold your breath.

HardlyZero's picture

The only cuts will be prime rib and slices of government cheese...or maybe while holding your breath...cut the cheese!!

pods's picture

Can the sequester cuts be made up with secret dope money by moving more?



economessed's picture

Leon, let me toss you a few clues about the future of federal government finances (I have a crystal ball, neener neener neener):

1)  Neither R's nor D's posess any financial acumen, and will default to talking points consolidated onto (1) 8 1/2 x 11 piece of paper (single sided) to form their "positions" about 9 days prior to outright default.

2)  Sternly worded statements will be made.

3)  Unaffectionate terms will be used to describe "the other side."  You know, the crazy ones.

4)  A proposal to reduce the rate of spending will emerge

5)  Hand flailing.

6)  Cave in, approve, manufacture another quadrillion tons of unfunded future obligations.

7)  Wait 3 to 5 months.  Repeat.