Blast From The Past - 6 Years Ago Today...

Tyler Durden's picture

Six years ago today, with the S&P 500 around 1460 - having risen 20% without a correction for seven months - a handful of Wall Street's best and brightest joined CNBC's Larry Kudlow and Bob Pisani to discuss the Goldilocks economy, why the bears are wrong, and where the market is going next. Sometimes, we just need a reminder to snap us out of that recency bias... for example, Bob Pisani: "We have got a global rally going on... and the important thing is... there's a floor to the market - every time, for the last seven months, they sell the market down for 2 days, it comes right back."



Ralph Acampora: "I'm bullish, but I don't think I am bullish enough...there's new leadership"

Larry Kudlow: "Goldilocks kicks some more butt and the bears of the last four years are wrong... as they climb the 'wall of worry'"

Bob Pisani: "Transports have been rallying - as the disaster that the bears keep talking about hasn't happened... When you are in a global expansion like this, to foolish."

and our favorite:

Bob Pisani: "People who keep talking about this real estate bubble don't understand... there are 3 things that bring down real estate markets: 1) the economy falls apart, 2) liquidity is withdrawn, and 3) supply overwhelming market - NONE of that has happened."


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Bunga Bunga's picture

"free market capitalism is the best way to prosperity", but it was abolished in 2008 and never came back.

EscapingProgress's picture

It was actually abolished in 1913.

WTFUD's picture

Closer but it was somewhere between 237-86 BC or never existed.

Squid Vicious's picture

Krudlow lost people a ton of dough with his goldilocks bullshit in 2007, too bad the coke he was snorting in the Bear Stearns bathroom didn't cause a massive coronary...

Haole's picture

They're laughing at guys like Schiff again too, timely indeed perhaps...

Hulk's picture

I've been noticing that too. Schiff's current predictions make his 2007 predicitions look like a tip-toe through the tulips...

economics9698's picture

Schiff started his rant too early, in 2009.  The timing on the bubbles is 3-6.6 years.  He should have started his rant about 2011.

I will say this, the Fed has been HARD on that mother fucking accelerator for three years now, this bitch is going to be epic.  Fucking reminds me of John Law himself from 1717 to the epic 1720 crash.

Anyone notice the M-2 velocity down 2.1% (8.4% annual rate) last quarter.  That means them bitches are creating a lot of money and the ones getting it are parking it or rehypothecation the parked money hoping for a miracle.

This mother fucker will be epic.


Ness.'s picture

Agreed.  Bid/offer is only stacked about 5 deep these days.  When the SHTF, this cocksucker goes bidless and the algos will fist fuck themselves to death trying to cover long's and reverse positions, exacerbating the crash.  

The fallout will be even more epic as the SEC decides what trades stand and what trades get busted (after consulting JPM, GS, etc... of course).  

Bankers will win - retail will get fleeced.


Just as planned.

fonzannoon's picture

85 bil a month with a side of nowhere else to put your money = constant bid.

That is the difference. The fed is in balls deep. Every dip gets bought almost immediately.

It won't end well. But it will end differently than last time. They suspended the debt ceiling. They are in the process of suspending any spending cuts. QE will quietly become permanent. It's inflation nation. The only question is how long the frog boils until he is cooked.

AllWorkedUp's picture

Definitely inflation nation. I want to blow a gasket every time these fuckheads say there's "no inflation".

Then I want to blow an even bigger gasket when I see the price of gold and silver going fucking nowhere.

This has to end at some point right? Somethings gotta give right? Just hope it's not my metals.

fonzannoon's picture

Allworked up I have no idea. I know that people need to believe there has to be an endpoint. Something has to give. It's ironic that I would consider you optomistic for believing that.

I look around and see all the awful shit that happens everyday and I have resigned myself into thinking I am deluded to not consider the possibility that this goes on so long that so many people get sucked into the turbine of this jumbo fucking jet of a mess, I am crazy to think I will definitely avoid it.

I don't worry about metals or stawks or much else anymore. I worry about taking care of my family. I am in this business and I gave up retirement planning long ago. It's survival now. Attrition. Dig in, mentally and physically. Good luck.

imbrbing's picture

When all that money finds its final resting place, it is fireworks time.

FL_Conservative's picture

What a fucking hoot!

Being Free's picture

I enjoyed watching the ticker -

FSLR-39, MSFT-29, INTC-21(spooky), etc

AG at the time, ~9.5, AU 675

Stack 'em boyz 'n girls

Bernankenstein's picture

and AAPL at 84.7O, up from under $6 in 2004

A Lunatic's picture

Rainbows and unicorns as far as the eyes can see, buy, buy, buy, bitchez, this mother fucker is going to the moon....

fonzannoon's picture

CNBC's job is to sell this shit to you all fuckin day. ALL DAY!. Up market? You gotta get in! Flat Market? You better get in! Down market? Never been a better time to get in!


Itch's picture

Where is the moon these days?

fonzannoon's picture

I have no idea but can I interest you in some consumer cyclicals?

 - broken record

Rusty Shorts's picture

Moon Phases - 2013

I still can't my head around this.

gsh1976's picture

Pisani is, and always has been, a real estate whore.  I remember his constant spin on any real estate numbers even as the writing was on the wall.  I grew to despise the man because I was betting against the homebuilders at the time and he would always put a positive spin on everything.  With the high short interest in many of the names his ramblings would usually cause small rallies. 

Bunga Bunga's picture

I wish it was 2007 again.

A Lunatic's picture

I wish this shit would implodemeltexplodecrash.............

Aussiekiwi's picture

LOL, soon to be repeated at a talking head show near you, over and over again, new world, new rules, what could go wrong? if anything does the FED will fix it faster than you can say 'we are living in a fantasy world'  Asset values soon back to 2007 levels, buy, buy buy, life is good, pump your dollars into the market, no point in keeping them anywhere else, yield baby! thats all that counts, we are all going to be Billionaires.



Itch's picture

So you can have another chance to miss a move?

Tango in the Blight's picture

I wish it was 1997 again. And had a clue of what was going to happen back then.

pies_lancuchowy's picture

Bunga Bunga Bunga Bunga's picture Vote up! 10 Vote down! 0 I wish it was 2007 again.



well, it IS 2007 again

nmewn's picture

Pisani calls another top.

Yen Cross's picture

 Piss ant y.  Definition of a CNBS commentator.

LongSoupLine's picture

Fuck you CNBC



Piss-on-me can fuck off.  that motherfucker would skin live kittens with his fucking teeth if that fucking wall street ball sucking asshole thought it would turn one bear to a bull.


Fuck you MSM ass clowns.  Fucking burn in hell pricks.

A Lunatic's picture

Might want to pace yourself........

LongSoupLine's picture

I'm not even fucking warmed up yet...

ToNYC's picture

But how do you REALLY feel?

Idiocracy's picture

Anyone calls him Francis, he kill you

ebworthen's picture


Perception over reality.

Deja vu 2007 in 2013.

You think $6 Trillion in FED gravy and Legislative and Judicial branches ignoring the rule-of-law has anything to do with the 2009-2013 jizz fest on Wall Street?


Leboob's picture

I find the CNBC opinions enlightening.

khakuda's picture

Markets that can't go down, like the current one, and don't have so much as a small correction are more often than not the caffeinated, overly-central bank stimulated ones - especially when this is going on AFTER a 4 year doubling in the market.   If we were rallying off a recent huge decline, the every day is an up day action would at least be justified.

On the other hand, these are the EXACT types of markets where capital is being misallocated and the set up is being put in place for the next fall.  It is the timing that one rarely gets right and this thing could continue to pump higher for some period.  But, the fall will be worse because you can't even hide in cash anymore and the central banks are already all in.

No lessons have been learned.  At least not the correct ones.

FoeHammer's picture

"Well, we fucked em over pretty hard last time but I think they can take another round."- Central Planners

QQQBall's picture


Look at the commodity quotes - Oil = $59 and Gold like $660 or $670?

Whalley World's picture

Exactly, silver 13 and gold 1k less, and the dow back to where it was.  talk about an example of currency debasment in disguise

Michelle's picture

When the smoke is thickest then I'll buy, not until then. Squeezing out another 5% with downside of 40% seems retarded.

WTFUD's picture

honey squeeze another 5% go on, couldn't give a rats arse about the downside!

Overpowered By Funk's picture

Ah yes, Bob "the important thing" Pisani. He refuses to believe the market was put out of its misery in 2008.

bullmarket's picture

Let's see 18 more months until the collapse. Quite a call based upon prior batting average. Swing and a miss. Swing, batter,batter, batter, swing batter, batter..... Sometime you'll hit it.I'm sure