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Druckenmiller: "I See A Storm Coming"

Tyler Durden's picture




 

Hedge fund icon Stanley Druckenmiller sat down with Bloomberg TV's Stephanie Ruhle, saying that he’s decided to speak out now because he sees "a storm coming, maybe bigger than the storm we had in 2008, 2010." His fear is that the ballooning costs of Social Security, Medicare and Medicaid (which with unfunded liabilities are as high as $211 trillion) will bankrupt the nation's youth an pose a much greater danger than the debt currently being debated in Congress.  He said, "While everybody is focusing on the here and now, there's a much, much bigger storm that's about to hit... I am not against seniors. What I am against is current seniors stealing from future seniors." While not exactly Maxine Waters' sequestration-based 170 million job loss, this concerning interview is must-see for his clarity and forthrightness from who is to blame, to the consequences of gridlock, our society's short-term thinking, and the concerning demographics the US faces.

 

 

Druckenmiller on why he's speaking out now:

"I see a storm coming, maybe bigger than the storm we had in 2008, 2010.  And really, the reason could happen without people looking as for a lot of similar reasons that we could get into.  But  the basic the basic story is, the demographic bubble I was looking at way back in '94 that started in 2011, we are right at the first ramp-up of this thing that is about to hit."

On U.S. demographics:

"Something remarkable has occurred since 1994 until now, which is entitlement spending, or let me say transfer payments to be a little more correct.  Transfer payments which were 28% and 60, and were 50% when we were in the budget mess in '94.  Lo and behold, they've gone up to 67% of government outlays.  But they haven't gone up because of demographics. They've gone up because the seniors have a very, very powerful lobby.  They keep getting more and more transfer payments from the youth. But the demographic storm is just starting now. It reminds me of '05 when people just extrapolated housing prices going up for 50 years…Everyone sorta lives with their rulers in the past and doesn't look at coming changes. So what's going to happen is we now have a working population, this is the way entitlements work, where the current workforce is paying for the benefits of the seniors. And since 2000, we've had about 4.5 to 4.8 workers for every retiree.  By 2050, that number will drop to 2.4 workers per retiree.  Another catchy way to say it is by 2030, the average population of the United States is gonna be older than the average Floridian right now."

On who is going to stop seniors from stealing from the next generation:

"You asked me why I'm here.  And I think people like me and others need to speak out. It's about the future, not about the present where the problem is.  And let me just say one thing.  I am not against seniors, okay.  I love seniors.  Unfortunately I'm going to be one in the not-too-distant futures.  What I am against is current seniors to me stealing from future seniors."

On who should be blamed for hurting the economy:

"It's hard to tell who's going to be blamed-- if we don't act and this occurs…There's plenty of blame to go around. If I had to analyze how do we get into the financial crisis, I would say it started way back in the '90s when then-Chairman Greenspan refused to address the dot-com bubble, came up with some new theory of productivity and therefore we're not going to have a problem, so all these NASDAQ companies who were never going to earn money went to hundreds-of-times earnings and then of course, we had a major bust.  And instead of taking a recession and having the cleanup…they needed an offset. So they created the housing bubble. So now by hindsight, everybody says, 'Well, you had these horrible Wall Street actors,' and I'm sure there were quite a few horrible Wall Street actors.  And I don't doubt that they were part of the problem.  In fact, I know they were part of the problem.  But I also know it was negative real interest rates for 12 outta 20 years that enabled these actors to do the things they were doing and incented, yes, incented them to go out and gamble the way they were gambling."

On gridlock in Washington:

"I'm pretty frustrated.  This sequester thing-- if you just look at how it came about, first of all, every five minutes all the suffering and all this horrible stuff is going to happen in various sectors if this goes through.  But there's three things that are not on the table in the sequester.  I know you're gonna be shocked by this.  Medicare, social security and Medicaid, okay."

On why Medicare, Medicaid and Social Security are not on the table:

"I'm sure it's because of short-term politics.  The problem with politicians is, they really only do have a four-year life cycle.  The rest of us should have the responsibility to look a little further than that ahead.  But yeah, I don't know whether 'mad' is the word.  I'm extremely frustrated by their refusal to deal with this problem. And the sequester thing, I think the president made a deal. It was a deal so they would extend the debt ceiling, which they did, all right.  I am very much for tax reform.  But I don't think it should be part of this particular thing and we should be parading out the crowd we'd been parading about to say how horrible this is going to affect the economy. Let me tell ya, I don't know what the economy's going to do.  But it's just a little ridiculous to say a $600 billion tax increase over ten years and $150 billion increase in the payroll tax is going to have no affect on the economy.  But an $85 billion cut in discretionary spending is going to tank the economy?  If the economy were to soften, I can tell you it won't be because it will not be because of this $85 billion."

On why he doesn't become a policymaker:

"Because my wife loves New York and I love my wife."

On equities vs. bonds:

One of the things that is kinda one of my pet peeves is hearing all these people on TV say, 'Well, you gotta go into equities 'cause they're so cheap relative to bonds and there's no other game in town.'  They are cheap relative to bonds.  But everything is cheap relative to bonds…So just because equities are cheap relative to bonds doesn't mean their price isn't subsidized.  I'm not making a forecast here because the subsidization could go on for a long time.  But real estate, gold, equities, they're all priced off of ZIRP, zero interest rates, and they're all subsidized."

On whether the hedge fund industry could be in hot water 12-24 months from now and become even further consolidated:

"Oh, I don't know.  I think the hedge fund's short-term thinking is just a manifestation of our entire society.  Whether it's the fed or whether it's-- the administration or whether it's Congress, no one bothers to think about the long term anymore.  And the hedge funds are just one more manifestation of that."

On where investors should put their money right now:

"That's hard for me to answer.  Because I have the luxury of a lot of experience in sitting in front of a screen.  And I can go into currency markets where it's at a relative price.  So it's the one area where prices aren't subsidized.  And I'm arrogant enough to think I can time these things.  But I don't really know how to answer that question for public invest-- but let me just say that this idea that you've got go plowing into risk because rates are zero, that they will rue the day one day.  The music will stop.  And I would probably be invested right now thinking I'm smart enough to know that we're quite away from the music stopping.  I don't think Bernanke is about to end these policies for a while.  But let's just know what we're dealing with here."

On whether there needs to be more consolidation in the banking industry:

"I'd like to see them be more like utilities.  I could care less whether they make money, unless I happen to own equities in it.  But if we're talking about as a United States citizen--I have no problem with banks being utilities and going back to what banks used to do…"

On whether banks should just be making loans:

"Yeah."

On whether the most sophisticated bankers should work at hedge funds, not on sell-side trading desks:

"You said it, Stephanie, not me."

On what his future looks like:

"I'm probably going to disappear again at some point.  But in the meantime, I'm gonna do what I can to try and bring the awareness of this issue out because with respected economists, again, focusing on a little problem over here when you've got this big problem over here, I think the message needs to be out there."

On whether he'll start tweeting:

"No tweeting for me."

 

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Fri, 03/01/2013 - 11:33 | 3290108 derek_vineyard
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is he related to the 49ers 1st round qb draft pick bust?

Fri, 03/01/2013 - 11:35 | 3290122 The Juggernaut
The Juggernaut's picture

Has anyone noticed how Bloomberg TV change into a more CNBC feel?  They old better anchors either moved to radio (Tom Keene) or went somewhere else (Margaret Brennan... super hot).

Fri, 03/01/2013 - 11:39 | 3290129 BaBaBouy
BaBaBouy's picture

AND Not To Mention GOLD Selling On The Street (Wall) @ $50K ...

Fri, 03/01/2013 - 11:43 | 3290151 Joe Davola
Joe Davola's picture

If this dude's such an investing genius, shouldn't we give him half of the SS lockbox funds and have his 30%/year returns solve the problem?

Fri, 03/01/2013 - 11:49 | 3290164 TruthInSunshine
TruthInSunshine's picture

Krugman just tweeted the following:

 

@Dr.PaulKrugmanPh.D.-

Druckenmiller is a real piece of work in his ivory tower.

Those that can, do, & the others teach, Stanley!

Fri, 03/01/2013 - 11:55 | 3290203 WayBehind
WayBehind's picture

(which with unfunded liabilities are as high as $211 trillion) 

no worries, we have a magic printer so we can print those trillions very easily ... 

Fri, 03/01/2013 - 12:55 | 3290299 Bicycle Repairman
Bicycle Repairman's picture

No mention of MIC spending.  No mention of government pensions.  No mention of the education bubble.  No mention of the runaway sick care industry.  No mention of the loss of capitalism.

No mention of $trillions to bail out banks, including foreign banks, and, perhaps, you, Stanley.

LOL. 

This guy thinks if you starve granny, everything will be OK.  No need to change anything about the basic underpinnings of this economy or the political system.  He wants to save the kids?  He couldn't give a fuck about the kids.  The kids will keep paying, only the money will be directed to his constituencies.

Run for office, Stanley, so the people can "interact" with you.

Fri, 03/01/2013 - 13:05 | 3290668 Shocker
Shocker's picture

He is not the first, to come out in the last few months and say this.

All this talk of market correction, currency, Derivates... Whats coming who knows but something is not good

http://www.dailyjobcuts.com

.

Fri, 03/01/2013 - 14:54 | 3291120 Peter Pan
Peter Pan's picture

It's not so much about seniors stealing from future seniors as it is about government stealing from both groups as they have raided social security to run wars instead of investing those funds in productivity boosting investments.

It is also about governments failing to make asjustments to social security to cover changing demographic which has been caused by increasing longevity and lower fertility.

It is also about governments pursuing a one world agenda which in turn created severe trade imbalances which now have crystallised into humungous mountains of private and public debt.

So just remember it is really about government stealing from all generations.

Fri, 03/01/2013 - 15:30 | 3291253 Anusocracy
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Drunkenswiller is totally disingenuous. Government is only about stealing, whether it's money, property, or lives.

SS recipients paid into an idiot government program, whereas useless taxeaters like government employees (with their pensions) and welfare recipients in and out of banking, did no such thing. 

 

Fri, 03/01/2013 - 16:40 | 3291496 redpill
redpill's picture

Interesting how hedge fund managers are always so willing to be prescient wisemen warning of future calamity only AFTER they've successfully extracted their own fortune from the ponzi economy.

"See ya muppets, thanks for the laughs, I'm going to disappear now.  Oh, by the way, you're all fucked!"

 

Fri, 03/01/2013 - 16:51 | 3291549 Texas Ginslinger
Texas Ginslinger's picture

Druckenmiller: "I See A Storm Coming"

We all do..

What else have you got for us..??

Fri, 03/01/2013 - 13:10 | 3290711 Bad Attitude
Bad Attitude's picture

"This guy thinks if you starve granny, everything will be OK."

No need to starve granny. The Obamacare death panels are supposed to finish off granny. If granny isn't working and paying taxes into the system, granny is a useless consumer of scarce medical services and should die.

Forward, Hope and Change, and all that crap.

Fri, 03/01/2013 - 14:51 | 3291115 TBT or not TBT
TBT or not TBT's picture

Useless eaters, socialist control freaks called them back in the 30's. Same instincts with this bunch. The state needs those resources old people have accumulated quite pointlessly along their working lives. They didn't build that.

Fri, 03/01/2013 - 13:19 | 3290762 smlbizman
smlbizman's picture

exactly...no mention of limos, vile vacations, wars,...what a bunch of cunts....always cutting mine, so they can keep  theirs....

Fri, 03/01/2013 - 16:42 | 3291506 Chump
Chump's picture

Sounds like you're a Republican/teabagger/obstructionist/homegrownterrorist or whatever the epithet du jour is.

http://www.weeklystandard.com/blogs/senator-obamas-golf-weekend-tiger-co...

And no doubt the HonorableTM Jeff Sessions enjoys the full spectrum of benefits and privileges that comes with serving (nay, sacrificing for) his country as well.

Fri, 03/01/2013 - 21:45 | 3292318 Nick Jihad
Nick Jihad's picture

The "starve granny" meme, again. Nevermind that the elderly are the wealthiest demographic in the USA. Do you ever think?

Sat, 03/02/2013 - 01:27 | 3292823 Spigot
Spigot's picture

"the elderly" is not a homogenous block of cheddar, ya know?

Drunkmayer is AGAIN trying to redirect the conversation AWAY from the real issue, which is that his ilk have created a systemicly risk prone system which is destined to implode. In fact it IS imploding and there is a significant concert of effort to pretend its someone elses fault.

Fri, 03/01/2013 - 15:29 | 3291249 nofluer
nofluer's picture

unfunded liabilities are as high as $211 trillion

MONETIZE, Bitchez!!! After the hammer drops on the USD, $211 TN is a cup of coffee and a doughnut... without frosting.

Starting about 20 years ago (+/-) I began planning for an old age without ANY SSI/SS/Medicare. As long as I can get around, I'm good. I eat. I can maybe pay the bills. I can afford the aspirin/Ibuprofen and Old Fart Vit-e-mins. When the medical needs exceed my ability to deal with, well... that's what belief in the afterlife is for.

In the Sweeeet Bye & Bye - we shall meet on that beautiful shore.

In the Sweeeeeet Bye & Bye, I won't have to pay taxes no more.

Fri, 03/01/2013 - 12:00 | 3290231 Temporalist
Temporalist's picture

Krugman is just jealous because his tower is mostly brick with ivy; still high enough to keep the stench of the masses his Keynesian bullshit is drowning from reaching his lofty perch.

Fri, 03/01/2013 - 12:11 | 3290296 Joe Davola
Joe Davola's picture

I C WUT HE DID THARE

Oh wait, no I don't - it's like some kind of inside joke wrapped in a jedi mind trick.

Fri, 03/01/2013 - 12:19 | 3290348 LawsofPhysics
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Pot calling the kettle black?  Fuck'em both.

Fri, 03/01/2013 - 12:47 | 3290533 oddjob
oddjob's picture

.....and those that can't teach, teach gym.

  Woody Allen

Fri, 03/01/2013 - 13:03 | 3290654 Chump
Chump's picture

What the fuck does Krugman do, exactly?  Tweet and blog?  Stamp his feet and declare himself relevant?

Fri, 03/01/2013 - 15:14 | 3291198 Ruffcut
Ruffcut's picture

Krugman tries to stretch his little weener to put in his mouth where it belongs.

Fri, 03/01/2013 - 16:31 | 3291459 Chump
Chump's picture

Almost choked on a peanut thanks.

Fri, 03/01/2013 - 11:58 | 3290224 bjfish
bjfish's picture

There is no lockbox. We do not have a single dime put away to fund this $122 Trillion in unfunded liabilities.

What is most ironic is how its the young ppl (who overwhelmingly voted for Oblamer) who will bear the brunt of this. 

 

Fri, 03/01/2013 - 12:01 | 3290234 Dr. Richard Head
Dr. Richard Head's picture

I've said it before and will say it again, I will gladly relinquish and funds that have been stolen from me for SS and Medicare IF I can withdrawal myself from both socialist systems AND they no longer take out the FICA taxes from my paycheck and my employers' contribution can then go to me.  For the record, I am 35 and have been working since 15.

Shit in one hand....

Fri, 03/01/2013 - 12:05 | 3290248 DosZap
DosZap's picture

I've said it before and will say it again, I will gladly relinquish and funds that have been stolen from me for SS and Medicare IF I can withdrawal myself from both socialist systems AND they no longer take out the FICA taxes from my paycheck and my employers' contribution can then go to me.  For the record, I am 35 and have been working since 15.

Shit in one hand....

 

 

And guess what, IF Boomers at 35 had another 30+yrs to really hammer down and save/invest THEY would have also.

Fri, 03/01/2013 - 12:09 | 3290278 Dr. Richard Head
Dr. Richard Head's picture

One might ask, "Why didn't the boomers push for such a thing back when they were 35?"  My response would be is that the future looked rather rosey and American execptionalism was just accepted as a fact. 

Fri, 03/01/2013 - 12:30 | 3290420 GeezerGeek
GeezerGeek's picture

I'm a boomer (66) and collecting SS. Not exactly by choice, since every congressman and senator I ever had (note - do not limit that to any I'd voted for, but all of them) got repeated letters from me telling them that SS was a pyramid scheme and would fail once boomers began to retire. That's 40+ years of warning the bums, and a fat lot of good it did me.

For Druckenmiller to say "What I am against is current seniors to me stealing from future seniors" is pretty dumb, since other seniors already took from me when I was working. If he can't propose a way to return what was taken from me, he should simply keep quiet. Once on the socialist path, failure is inevitable. We're all going to suffer, I'm afraid. Except for the elites, who are exacly the ones who should suffer the most.

Fri, 03/01/2013 - 12:50 | 3290567 Dr. Richard Head
Dr. Richard Head's picture

I understand.  My turniong point in realizing that the politicians don't represent anyone but their funding backers was TARP.  Political activisim seems like a good idea, but then they spit in our faces.  I have to feel so defeated, but it is what it is.

Fri, 03/01/2013 - 13:21 | 3290779 HoofHearted
HoofHearted's picture

I'm with BOTH of you. The seniors did put money in. They should get it all back in one lump sum with interest for Govco using their money for so long. But Dick Head and I should also get to opt out. (I'm 38, working since 16, though I did do time in college and grad schools.) The Ponzi is beginning to collapse. This is the place where I don't send the chain letter in. It's where I say "no thanks" to winning the Irish lottery or taking a portion of some Nigerian prince's ill-gotten gain. Yet Uncle Sugar won't let me stop paying into this horible idea. It's about time that somebobdy dusted off "Atlas Shrugged." Druckenmiller will eventually just go Galt, if he can get his wife to see what a hell-hole NYC is. And e should all be considering the same...

Fri, 03/01/2013 - 16:03 | 3291355 FEDbuster
FEDbuster's picture

.gov keeps you in the Ponzi by force.  It is a Ponzi and always has been a Ponzi.  Just like Madoff investor, you have been fucked, but unlike Madoff they can keep "printing" to pay you even when there aren't enough inflows to balance the books.  The end game is hyperinflation, at which time everyone gets fucked hard.  When the "system" crashes, best to not be dependent upon the system.

Fri, 03/01/2013 - 13:38 | 3290844 Beam Me Up Scotty
Beam Me Up Scotty's picture

Dr. Head, I am 44 and I would give up my SS also if I could keep the rest going forward. I own a business so I get the double whammy too. I could stuff my future savings in a mattress and will have more to show for it than I will ever get from social security. Let's call it what it really is, another tax. 39% isn't high enough Obama? Add in state income, sales taxes, property taxes and other fees and everyone is easily working 7 out of every 10 days for the government. Gee I get to keep 3 days of my labor. How generous.

Fri, 03/01/2013 - 15:00 | 3291142 FreeNewEnergy
FreeNewEnergy's picture

Gotcha all beat. I'm 59 and would gladly give up what I paid in - never expecting to see a penny of it anyway - if they'd just scrap the system altogether. I am anywhere from 3 to 8 years - depending on my options - from collecting my "Golden Years" checks and I say Fuck it!

It's a horrible system that's completely unfunded, so kill it now. It's also why I own my business and haven't paid in for fifteen years - all legal, I know how to do my own taxes.

It would be nice to - at close to 60 years of age - think that the remaining 30 or so years I have left might be somewhat enjoyable, but I'm certain that's not going to be the case. I mean, I'll be fine. I've prepared. It just could be so much better with a realistic government.

Fri, 03/01/2013 - 16:38 | 3291488 EINSILVERGUY
EINSILVERGUY's picture

I'm 51 and been working since I was 13.  I would be willing to forgo the monies  put into SS if I could keep whats being taken out now so I could invest myself.  I have known since my mid 30's that SS would probably not be around. I've tried to save and invest accordingly with the expectation that I am ultimately responsible for myself. My parents were depression children any my grandfather lived through Weimar as a young man.  I have a 100,000 Reichsmark that was given to me by him when I was a child.

What pisses me off is not that I will have to account for myself, but that the FED is deliberately destroying my hard work at trying to accumulate wealth. The Fed and this govt is distorting the market and transferring wealth to looters and moochers so that I now can't maintain even a conservative investment strategy. 

If you are old you are getting SS but being screwed on managing a return on your net worth. 

If you are like me , you probably won't be able to see any of the money put in and will be screwed by the current policies, have to work longer and wait around for the eventual collapse.

If you are young you are screwed because the old and middle age can't retire, you have to pay the existing SS liability without any real chance of seeing it yourself, you either paid money for an overbought education ( God help you if you went for that Liberal Arts degree) and you will never be able to move out of mom and dads house.

This is why eventually we will have a thrown down in this country. The govt will pit groups against one another while it tamps down the screws and waits for the inevitable backlash

 

 

Fri, 03/01/2013 - 16:05 | 3291363 The_Dude
The_Dude's picture

If he can't propose a way to return what was taken from me, he should simply keep quiet.

 

What you should realize is everyone is going to take a cramdown and quit pretending you are the only one being shafted.  Then you should get angry as $%^&, realize you are old and retired and nothing to loose, get a dozen eggs, lob them at your $%^& politician and enjoy the time in the clink.  I have to stay here busy working to pay your SS so I can't do it.

Fri, 03/01/2013 - 13:27 | 3290806 smlbizman
smlbizman's picture

i really object to the thoughts of some of you. you act  like indivduals have any say or control that goes on.....if you beleive you have the power to make a few calls, cast a few votes and everything will be honky dory, knock urself out.....yeah the people hijacked the system, yeah the people said i want to pay for somebody elses shit.....put the blame and keep the blame were it belongs  and it is not with the people(pawns).

Fri, 03/01/2013 - 12:09 | 3290279 bjfish
bjfish's picture

Dr. Head, only one way to do that ... join the government workforce. City state and fed employees are opted out of SS. We have our own retirement system... one that actually has money in it.

We are turning into a bifurcated society ... gov't workers (w/full benefits) on one hand and a private sector that is being squeezed from all sides on the other.  A while back I figured "if you can't beat 'em, then join 'em", so now I teach college econ. I'll make more in retirement than most americans make when they are working. 

Fri, 03/01/2013 - 12:18 | 3290342 Joe Davola
Joe Davola's picture

Aren't many of those public pensions in the underfunded category?  Oh yeah, they do have the power of taxation to alleviate that.

Fri, 03/01/2013 - 12:27 | 3290392 DosZap
DosZap's picture

Aren't many of those public pensions in the underfunded category?  Oh yeah, they do have the power of taxation to alleviate that.

NOT when there are no WORKERS left.

And we are at best 24 mos away from total collapse,at the current rate.

Fri, 03/01/2013 - 14:07 | 3290950 NotApplicable
NotApplicable's picture

Underfunded? Well, that ALL depends on the price of AAPL.

Fri, 03/01/2013 - 12:24 | 3290375 Teamtc321
Teamtc321's picture

"A while back I figured "if you can't beat 'em, then join 'em", so now I teach college econ. I'll make more in retirement than most americans make when they are working."

 

Golf Clap!!! Bravo..........

You go there, econ guru.......

Fri, 03/01/2013 - 12:35 | 3290447 GeezerGeek
GeezerGeek's picture

That may be true, or you may find your pension funds were invested in a nationalized company and poof, there goes that money (cue South Park's "and...it's gone"). I seem to recall that at least one state government pension fund had Chrysler bonds that became confetti through the machinations of our current Dear Leader.

Fri, 03/01/2013 - 13:20 | 3290766 bjfish
bjfish's picture

We (teachers, police, fire & other gov't workers) will SELL ALL OF YOU INTO SLAVERY if thats what it takes to secure our pensions. Just watch.

(no sarc/)

Fri, 03/01/2013 - 13:24 | 3290793 HoofHearted
HoofHearted's picture

We are armed to the teeth, despite your Dear Leader trying to keep it from happening. Molon Labe, bitch. I'm not going in chains. I'll go in a blaze of fire instead. And I know I'm not the only one.

(Yes, I'm a prof at a private institution. But I also have useful skills and do things on the side to earn some actual cash or to make sure we have real food to eat.)

Fri, 03/01/2013 - 14:08 | 3290956 NotApplicable
NotApplicable's picture

Doesn't matter. Chains and fire both excite them.

Fri, 03/01/2013 - 18:19 | 3291842 moonshadow
moonshadow's picture

oh c'mon guys ease up on his down arrows- blowjobfish was pretty funny saying no sarc when it was sarc which made it extra sarcey um...savvy?

Fri, 03/01/2013 - 13:44 | 3290867 Beam Me Up Scotty
Beam Me Up Scotty's picture

I'll go Gault and live off of my garden. Good luck Mr Econ teacher. People will just start unplugging from your system.

Fri, 03/01/2013 - 14:32 | 3291051 unrulian
unrulian's picture

exactly, the boomers share the blame for sitting idly by, driving their cameros and priuses saying "can't beat them join them" you sirs, are responsible for selling your kids into slavery, your parents and grandparents would be ashamed. you will get yours when the system collapses and you're too old to fight. i'm a young business owner and i'm angry at the complacency of the people that perpetuated and fed the system that is poisoning us because it was easy and profitable...your generation knows nothing of hardship you missed the wars and you will miss the future, congrats...hopefully the history books will remember your "contribution" to humanity if indeed there is a future. sleep tight.

Fri, 03/01/2013 - 16:38 | 3291486 tenpanhandle
tenpanhandle's picture

Lucky Viet-fucking-Nam was only a police action and not a war so that you can blather your bullshit and appear to be -maybe- correct.  You share the blame for breathing so STFU.

Fri, 03/01/2013 - 22:19 | 3292392 unrulian
unrulian's picture

Your use of the term blather shows your vintage...enjoy your social security chq dick tree

Fri, 03/01/2013 - 14:57 | 3291132 Blankenstein
Blankenstein's picture

It's ironic as an econ professor that you believe as the private sector deteriorates, the public sector will be able to blaze forward with generous salaries and then retire with the government golden parachutes of high pensions and medical benefits.  

Take Illinois for example, the brain trust in Springfield is 8 billion dollars behind on the regular bills as a result of covering increasing pension payments.  What are they going to do, raise taxes?  The property taxes are astronomically high here and there is also a state tax which was recently increased to try to fill the gap.  If they raise taxes much more, the citizens won't have enough money to buy anything except the bare necesssities.  Then goodbye companies as they will go out of business as the whole cycle feeds on itself.  

The state pensions are unfunded by 100 billion and that is based on an absurdly high rate of return of 8%.  This doesn't even include the city of Chicago that is also grossly behind on its public pension funds.  

 

Think the funds will always be there:

 

 

"The average cop, right now, doesn't know what's going on with the pension," said Damon Stewart, 34, a police instructor who trains recruits for the Chicago Police Department after spending six years on the beat in Roseland and earning a law degree.

Stewart puts money into the pension fund with each paycheck but says he has no illusions about receiving a pension after he retires. Growing up in Detroit, he saw firsthand how pension funds could go bankrupt.

 

"Where I come from, a lot of people lost their pensions," Stewart said. "And the way the police pension is going, I've decided not to put all of my eggs in that basket."

- See more at: http://articles.chicagotribune.com/2010-11-16/news/ct-met-pensions-deals...

 

Fri, 03/01/2013 - 12:57 | 3290614 HurricaneSeason
HurricaneSeason's picture

Since:

1) There is a massive Trillion dollar student loan bubble being blown

2) The annual Trillion dollar bad checks from the federal reserve will soon stop

3) Students that can't find jobs still believe in magic beans from universities

4) As the "private" economy continues to slow without: cash for clunkers, home equity loans, tarp funds, federal funding for states and universities at the level they were etc; more jobs will go to China for $250 a month labor to keep the doors open. Taxpaying jobs that support "public worker wages"

5) The public sector pension funds are already trillions in the red, even using their crooked math. As they get another Trillion or more cut out of the annual budget, those pensions will be turned into treasury bonds that allow a 1% withdrawal per year.

6) Interest rates will be the endgame for the American dollar and we'll see that before you retire.

I wouldn't count on that retirement being there.

Fri, 03/01/2013 - 13:01 | 3290641 Never One Roach
Never One Roach's picture
Horsemeat found in Taco Bell UK beef in latest tests

 

http://news.yahoo.com/horsemeat-found-taco-bell-uk-beef-latest-tests-145...

 

sorry, I had to stick this in somewhere.

Fri, 03/01/2013 - 13:26 | 3290802 Cognitive Dissonance
Cognitive Dissonance's picture

"sorry, I had to stick this in somewhere."

That's what the Taco Bell "Where's the Beef" horse meat buyer said when questioned by authorities.

Fri, 03/01/2013 - 16:15 | 3291402 FEDbuster
FEDbuster's picture

Horsemeat added to something that is already unable to be called ground beef, because it contains like 30% "other" in the mix.  Soon they will be offering Soylent Green tacos.

Fri, 03/01/2013 - 16:43 | 3291512 tenpanhandle
tenpanhandle's picture

"sorry, I had to stick this in somewhere"

Isn't that what caused all the problems for the Catholic church. I can't remember them ever saying sorry, though.

Fri, 03/01/2013 - 16:24 | 3291432 Omen IV
Omen IV's picture

you are full of shit!

anyone below $10 million in assets free of debt - with risk free yields at 2% CANNOT predict their medical needs or costs absent Medicare and single payor to control costs

the direct cost and the insurance premiums - net to you -  if you are seriously sick can literally be ....anything!

Fri, 03/01/2013 - 12:10 | 3290284 Joe Davola
Joe Davola's picture

I guess I forgot the /sarc tag.

Fri, 03/01/2013 - 14:28 | 3291022 EscapingProgress
EscapingProgress's picture

You are off by $100 trillion.

"In 2007, the first year the CBO produced the Alternative Fiscal Scenario, the gap, by our reckoning, stood at $175 trillion. By 2009, when the CBO began reporting the AFS annually, the gap was $184 trillion. In 2010, it was $202 trillion, followed by $211 trillion in 2011 and $222 trillion in 2012."

http://www.bloomberg.com/news/2012-08-08/blink-u-s-debt-just-grew-by-11-trillion.html

Fri, 03/01/2013 - 15:36 | 3291269 nofluer
nofluer's picture

Not long ago I actually saw someone post on a pubic venue that the govt should fix the economy by borrowing from the SS trust fund.

:-/

Fri, 03/01/2013 - 12:17 | 3290336 oleander garch
oleander garch's picture

He is right to ignore the hurricane in the financial industry caused by corruption, fraud and cronyism and enabled by coopted regulators - which continues to rage and continues to crush average wages and enfeebles America.  Much more important to worry about that storm on the horizon which could provide additional opportunity to loot and pillage.

Dude, it is frigging lightning strikes and walls of water right now! 

Fri, 03/01/2013 - 12:42 | 3290494 zuuma
zuuma's picture

Seniors -indeed, ALL govt dependants - will NEVER vote themselves less.

Everything will just stay on the present trajectory. Until the kaboom.

The yeast in the sour mash just keep eating sugar & shitting out alcohol. They can't stop. They won't stop until they're dead. Once the aclohol (shit, to them) level reaches 18% max, they all die. Not some, ALL.

We are yeast.

Fri, 03/01/2013 - 14:07 | 3290952 Harbanger
Harbanger's picture

I'm drinking some fine amber yeast shit right now. I hear what you're saying, but we're not yeast, yeast can't produce more mash, we can and we can store it. In our case it's the dependant yeast that will die off, the rest continue making mash as they always have.

Fri, 03/01/2013 - 17:13 | 3291639 Totentänzerlied
Totentänzerlied's picture

We can't synthesize oil (without using even more energy [oil] in the process).

Fri, 03/01/2013 - 11:44 | 3290157 S5936
S5936's picture

Yep, won't watch anymore, F'em

Fri, 03/01/2013 - 13:57 | 3290913 Navymugsy
Navymugsy's picture

You must have read my mind! I was thinking how bubble gum Bloomberg went right after Margaret B. left. And that Stephanie Ruhle makes me want to put all my money into developing "strangu-lo-vision" so everytime she grins that crappy bond trader grin I can choke her right out...

Fri, 03/01/2013 - 11:36 | 3290127 kliguy38
kliguy38's picture

and not one word about the bloated defense budget....."shocking".....hehehehe........throw the old goats under the bus first you fochin bankster

Fri, 03/01/2013 - 11:41 | 3290147 Spastica Rex
Spastica Rex's picture

The Blessed American Way of Life® does not come without a cost. Freedom© isn't free.

Fri, 03/01/2013 - 11:51 | 3290181 Zap Powerz
Zap Powerz's picture

Freedom costs a buck 'o five.

Fri, 03/01/2013 - 11:51 | 3290182 kridkrid
kridkrid's picture

and think how lucky we are that we are fighting them over there so that we don't have to fight them here. God bless the troops and may god bless the united States of america.

Fri, 03/01/2013 - 12:03 | 3290245 kliguy38
kliguy38's picture

Sure we are.....at least that's what conditioned stimulus of mindless phrases like yours are supposed to ellicit....how about these.......they've got weapons of mass destruction.......Iraq attacked us on 911.......theres a mushroom cloud on the horizon with their yellow cake........They have anthrax and will use it........hehehhehe......look you disinformation cheesedick.......go back to your masters and tell um the peeps are getting sick of your BS

Fri, 03/01/2013 - 12:09 | 3290282 Spastica Rex
Fri, 03/01/2013 - 12:09 | 3290283 kridkrid
kridkrid's picture

I should have used my sarcasm font

Fri, 03/01/2013 - 12:11 | 3290294 Spastica Rex
Spastica Rex's picture

We libertarian-hippies need to stick together.

Peace, man.

Fri, 03/01/2013 - 12:18 | 3290346 kito
kito's picture

so that makes you a liberal-tarian...................................

Fri, 03/01/2013 - 13:10 | 3290683 Ghordius
Ghordius's picture

seen from a very conservative or a very socialist point of view (old-world, that is) there is practically no difference between US liberals and US libertarians - both liberals

seen from an old-fashioned US point of view everything else used to look authoritarian

but now the US has changed - only the political vocabulary is trailing, imho

Fri, 03/01/2013 - 12:18 | 3290347 kridkrid
kridkrid's picture

Hippies... I hate hippies - http://m.youtube.com/#/watch?v=F2ZwJiK0fJ0&desktop_uri=%2Fwatch%3Fv%3DF2...

Don't lable me, man. I'm an anarcho-capitalist, apatheist cynic. Shit.

Fri, 03/01/2013 - 12:24 | 3290379 Spastica Rex
Fri, 03/01/2013 - 12:30 | 3290415 kliguy38
kliguy38's picture

sorry on the sarc.......I'm with ya but there are still a few dsinfos that busting threads .........

Fri, 03/01/2013 - 14:11 | 3290973 NotApplicable
NotApplicable's picture

I find reading everything on here in a sarcastic tone works best, as you'll eventually find the true zealots/disinfo spreaders by a phrase that just doesn't read right in a sarcastic light.

Then I go looking at past posts to determine which species they are.

Fri, 03/01/2013 - 16:13 | 3291397 Rogue Trooper
Rogue Trooper's picture

double plus good :)

Fri, 03/01/2013 - 13:59 | 3290922 Navymugsy
Navymugsy's picture

I've become a libertarian-hippy after 17 years of active duty and 10 years in the MIC. Will I be okay? I'm very afraid right now.

Fri, 03/01/2013 - 16:34 | 3291471 Cathartes Aura
Cathartes Aura's picture

you did.

random capitalisation always gets my attention, heh.

Fri, 03/01/2013 - 12:13 | 3290297 akarc
akarc's picture

The notorius "THEM". Like the Iraqi's. Damn good thing we blasted their ass before they jumped on their battleships heading this way with their WMD's. Boy that was a save wasn't it?

Totally discounting the Kleptocrats already here that we should be fighting. And I'm sure we will as soon as we finish another round of God Bless America!.

 

Fri, 03/01/2013 - 16:15 | 3291401 Rogue Trooper
Rogue Trooper's picture

+1000... Yes the world we live in does seem like a 50's B-Grade movie..... I see everything clearer now that it's all in black and white.

Fri, 03/01/2013 - 11:56 | 3290213 kito
kito's picture

anybody interested in The Blessed American Way of Life tee shirts??? perhaps Freedom hats??????? 

 

 

Fri, 03/01/2013 - 12:12 | 3290305 Spastica Rex
Spastica Rex's picture

You could sell them for $9.11.

I'll be here all weekend.

Fri, 03/01/2013 - 12:21 | 3290359 kito
kito's picture

i was thinking about just printing them and then giving them to the banks........isnt that the american way???????.......................

Fri, 03/01/2013 - 16:19 | 3291419 Rogue Trooper
Rogue Trooper's picture

It will be 911 times 2356. Inflation BitChez

Fri, 03/01/2013 - 23:50 | 3292627 WillyGroper
WillyGroper's picture

That's the best laff I've had all day!

Fri, 03/01/2013 - 12:20 | 3290354 Winston Churchill
Winston Churchill's picture

With the Freedom Fries ?

Fri, 03/01/2013 - 12:01 | 3290235 akarc
akarc's picture

And therein lies the real inflation! 

Fri, 03/01/2013 - 11:59 | 3290225 NoDebt
NoDebt's picture

Europe spends peanuts on defense vs. the US.  Yet they still ran their entitlement states up on the rocks faster than we did.

Don't get me wrong, defense needs to be cut by a lot more than this little sequester slap on the wrist.  But say you cut defense to zero- you still have a very big entitlement problem.

Demographic shifts are what pulls the pin out of the entitlement grenade.  That started 2 years ago.  Fuse is burning, we still haven't thrown it.

 

Fri, 03/01/2013 - 11:44 | 3290155 rogeliokh
rogeliokh's picture

iRally, no matter what!

 

Fri, 03/01/2013 - 11:52 | 3290189 Robot Traders Mom
Robot Traders Mom's picture

@derek_vineyard

 

+1 for a VA Tech QB reference that isn't Michael Vick and finding a way to bring up Jim Druckenmiller on ZH.

Fri, 03/01/2013 - 13:42 | 3290856 Slash
Slash's picture

Can anyone here please explain why the market will fly up intraday on minimal volume but then only correct slightly on the same amount of volume? In other words, it appears to go up much more easily than down on the same amounts of volume...why is that? Don't say Benny/ppt etc,

Fri, 03/01/2013 - 13:44 | 3290868 blu
blu's picture

test

Fri, 03/01/2013 - 14:19 | 3290998 westboundnup
westboundnup's picture

Viene la tormenta!

Fri, 03/01/2013 - 15:24 | 3291236 rotagen
rotagen's picture

Heartless powers try to tell us what to think If the spirit's sleeping then the flesh is ink History's page will be neatly carved in stone The future's here, we are it, we are on our own On our own, on our own, we are on our own
The Dead

Fri, 03/01/2013 - 11:33 | 3290113 ziggy59
ziggy59's picture

iStorm

Fri, 03/01/2013 - 14:13 | 3290978 NotApplicable
NotApplicable's picture

That was not the perfect bust I was looking for.

(not that I clicked your blog spam anyway)

Fri, 03/01/2013 - 11:37 | 3290116 thismarketisrigged
thismarketisrigged's picture

the fucking stock market has basically fully wiped out its daily losses. dow was down 116, its recovered over 100 fucking pts. nasdaq has wiped out  more than half its losses, and s&p basically all.

 

this is so comical, i want to punch someone.

 

a stock like citigroup was down 2 plus percent at open, its now up nearly half a percent. 

 

i want to strangle obama and bernanke, i fucking hate those ppl more than anyone

Fri, 03/01/2013 - 11:38 | 3290138 optimator
optimator's picture

You noticed how the Banks suddenly went from red to green like a rocket.  Disclamer:  I got TVIX at 4.60 and overslept this morning!

Fri, 03/01/2013 - 11:42 | 3290149 derek_vineyard
derek_vineyard's picture

bernanke loves people like you.  he can drink at night and read stuff like yours.

Fri, 03/01/2013 - 11:58 | 3290166 DosZap
DosZap's picture

While everybody is focusing on the here and now, there's a much, much bigger storm that's about to hit... I am not against seniors. What I am against is current seniors stealing from future seniors."

Hey dude,welcome to the friggin club, as was done to boomers, so the torch gets passed.(there is no stealing, it's been the same since inception, if there HAS been any stealing here,it is by the GOvernment, and specifically Congress theft of SS Funds when they use them in the General Fund.

WHERE's the difference?.

NONE.

Except Obama doing EVERYTHING he can do to even further destroy this nation, and it's economy.

And 95% are clueless this is primary agenda. People need to WTFU.

Fri, 03/01/2013 - 12:00 | 3290229 chubbar
chubbar's picture

The seniors didn't start and administer these ponzi programs, the gov't did. Everything was blue skys and lollipops when the SS tax brought in a surplus of funds that congress could spend. Now that it is running a deficit it is blame the seniors, the ones who were paying in the surplus that congress spent. Bunch of motherfuckers trying to escape blame for this debacle is what is going on. Don't fall for the divide and conquer routine they are pushing. When they cut DHS, Viper teams,TSA, Foreign Aid, 50% cut in defense like F-35s, etc, etc., then I'll consider cutting programs that the gov't stole money out of paychecks to fund.

Fri, 03/01/2013 - 12:31 | 3290426 shovelhead
shovelhead's picture

Nice to see some plain talk from someone who gets it.

SS INSURANCE is what i paid into...

Now they want to claim it's an 'entitlement' subject to luck of the draw.

That would be SS PONZI SCHEME.

They simply stole our money and bought votes with it.

Simple.

Fri, 03/01/2013 - 13:07 | 3290635 Bob
Bob's picture

This meme that SS money has been "stolen" is absolutely bogus.  Fully one third of the $16+ trillion Federal Debt is held by the various trust funds. 

Why do we not call the rest of the debt "stolen"? 

Because it's a ridiculous mischaracterization of the situation, that's why.

http://www.gao.gov/special.pubs/longterm/debt/debtbasics.html

Like you, I'll be perfectly willing to consider it stolen when the rest of the debt is defaulted on. 

In the meantime, these parasitic Wall Street shills can keep dreaming their predatory dreams. 

Fri, 03/01/2013 - 13:14 | 3290731 centerline
centerline's picture

Semantics at this point though.  Just like everything else whitewashed for public consumption.

Fri, 03/01/2013 - 13:20 | 3290774 psychobilly
psychobilly's picture

"Fully one third of the $16+ trillion Federal Debt is held by the various trust funds."

Unfortunately, the treasuries held by the various trust funds aren't marketable.  Redemption would require more public debt or additonal taxes.

You've been duped.  Sorry. 

Fri, 03/01/2013 - 13:29 | 3290807 Bob
Bob's picture

It would make no difference if they were regular Treasuries: 

Debt held by government accounts represents the cumulative surpluses, including interest earnings, of these accounts that have been invested in Treasury securities. The special Treasury securities held in these government accounts represent legal obligations of the Treasury and are guaranteed for principal and interest by the full faith and credit of the U.S. government.

http://www.gao.gov/special.pubs/longterm/debt/debtbasics.html

Redemption would require higher taxes, lower/different spending, or rolling over the debt.  Just like the rest of the $16T.

The passion driving this pretense to the contrary is amazingly immune to reason.

Fri, 03/01/2013 - 13:12 | 3290697 oddjob
oddjob's picture

Yes, but most all seniors consider smoking pot a crime worthy of jail time. Seniors and Boomers are responsible for enabling the prison/police state as we know it, like it or not.

Fri, 03/01/2013 - 17:21 | 3291662 Totentänzerlied
Totentänzerlied's picture

40 years, minimum, of not doing a damn thing to stop it, suddenly they have their Aha! Moment and it's all fire and brimstone ... and not an ounce of self-incrimination. Some things never change.

You got conned, you voluntarily played the con-man's game, when given the opportunity to officially express approval or disapproval of the con-game every few years, you couldn't approve hard enough, fast enough; now you will live with the consequences.

Fri, 03/01/2013 - 11:34 | 3290118 madcows
madcows's picture

The Greatest Generation bred the Most Despicable Generation.  Fuck you Boomers!  You stole your children's money, your grandchildren's money, and their Children's money so you could spend 1/3 of your life living off someone else.  You have no morals, no shame.  You are personally responsible for the destruction of this country.  May you die in your own feces, and may history hold you personally accountable for the Decline and Fall of America.  FU you lazy, selfish, irresponsible CRIMINALS. 

Fri, 03/01/2013 - 11:49 | 3290172 Dixie Frank
Dixie Frank's picture

Sadly, like most Americans, the boomers have no clue or do they care:  When SS was moved from it's own "fund" into the general fund in the early 70's, the boomers didn't know or care.  When congress spent the SS surplusses every year for the past 40+ years, the boomers didn't know or care.  Now, as they are retiring en masse, they don't know or care that congress has spent every dime that they ever paid to SS.  "I paid in all my life, I better get my SS" the dumb douches scream - never realizing they voted for 40+ years for politicians that spent every dime of "what I paid in."  SS taxes will go up, there is no doubt.  Medicare taxes will go up, there is no doubt.

 

 

Fri, 03/01/2013 - 11:56 | 3290215 joego1
joego1's picture

40 years ago I was in the Army hoping that I would not have to go to Vietnam. Worried about social security?? Give me a break.

Fri, 03/01/2013 - 12:07 | 3290268 Whiner
Whiner's picture

Class warfare, Baby! Obummer style-git it on. It's the fucking government stupid. No boomer lobbied for this shit. Pols with their focus groups and demographics. Go burn the place down and hunt them down with dogs.

Fri, 03/01/2013 - 17:42 | 3291675 Totentänzerlied
Totentänzerlied's picture

No boomers stopped this shit, or spoke a word of protest, or held a protest, until just a few years ago when it finally began to dawn that YOU'VE BEEN HAD, until then, the con was not a national disgrace, it was OUR RIGHT AS AMERICANS.

Incidentally you seem to be using the populist, American definition of "class-warfare" which has little to do with the class-warfare of Marxism-Leninism, which would involve the government coming for all your money and assets because, having money and a bourgeois lifestyle, you belong to a designated enemy class and it the government's role to equitably redistribute your wealth and either eliminate you (Marxism-Leninism, theory of class-inheritance) or re-educate you (Fabian, socialist method). Ah but facts don't matter, do they.

Sat, 03/02/2013 - 10:17 | 3293247 WillyGroper
WillyGroper's picture

Tell that to the ones that were mowed down at Kent State. Show us how to stop a tsunami. We're waiting.

Fri, 03/01/2013 - 12:13 | 3290307 Oldwood
Oldwood's picture

Like it made any difference that those of us did care. Many of us voted and did what we could but conservatism will never be able to compete with Santa. Sure it's our fault, just like its the young people's fault that they are borrowing a trillion dollars in student loans that will never get repaid, or our stupid education system that they have been participating in, begging for more "rights" to do all of the stupid things the Modern administrators are demanding. Everyone, and I mean everyone is out to get what they can from a system everyone sees as corrupt thereby justifying their actions. Sure it's the boomer's fault. Sure.

Fri, 03/01/2013 - 11:50 | 3290177 S5936
S5936's picture

Hey MC ,sounds like mad cow DISEASE to me, such frustration, such anger, hopelessness .

Fri, 03/01/2013 - 11:50 | 3290180 rqb1
rqb1's picture

Term limits, that's what we need, not to blame one generation or another. 

Fri, 03/01/2013 - 13:53 | 3290511 Shell Game
Shell Game's picture

+1 That's some truth right there..

Fri, 03/01/2013 - 17:26 | 3291688 Totentänzerlied
Totentänzerlied's picture

Shorter term limits increase the rate of corruption and theft and make planning impossible. You saying you want longer term limits, and that will magically fix 100 years' problems which incidentally have not a single thing to do with term limits?

Fri, 03/01/2013 - 17:42 | 3291743 Shell Game
Shell Game's picture

"Shorter term limits increase the rate of corruption and theft and make planning impossible."

 

-1 That is some serious bullshit. Not only is it not true, but who the fuck needs the motherfuckers 'planning'?  Who needs these criminals at all?

IF they find a way into office, let it be as short as fucking possible.

Sat, 03/02/2013 - 10:19 | 3293253 WillyGroper
WillyGroper's picture

Campaign finance reform.

Fri, 03/01/2013 - 11:51 | 3290184 BandGap
BandGap's picture

Fuck you, too. 24 years working and a graduate degree and I'll never retire. So fuck you.

It's not all the Boomers, just those who made it to the finish line in time to collect. So stop pointing fingers, asshole.

Fri, 03/01/2013 - 11:55 | 3290200 DosZap
DosZap's picture

It's not all the Boomers, just those who made it to the finish line in time to collect. So stop pointing fingers, asshole.

Look at the bright side for most Boomers, WE will not come close to living long enough to collect what was taken out of our checks, and our employers, share.

So WHO just got screwed?.

Fri, 03/01/2013 - 12:08 | 3290274 madcows
madcows's picture

Ah, a graduate degree, you must be entitled to retire early on other people's money and have them pay for your healthcare, too.

Fri, 03/01/2013 - 13:17 | 3290748 Bay of Pigs
Bay of Pigs's picture

Its always someone else's fault. Maybe try to stay on point who the real enemy is? 

Fri, 03/01/2013 - 17:35 | 3291726 Totentänzerlied
Totentänzerlied's picture

"Its always someone else's fault. Maybe try to stay on point who the real enemy is?"

If your first statement is true, the real enemy is us.

Liar's Paradox.

Fri, 03/01/2013 - 16:22 | 3291430 BandGap
BandGap's picture

Fuck you, idiot. I paid for all of my school. Me. And, at last count I've paid over a million in federal income taxes ALONE for the past 24 years.

So, fuck off shit-for-brains.

Fri, 03/01/2013 - 17:37 | 3291731 Totentänzerlied
Totentänzerlied's picture

Ladies and gentlemen: the infamous self-righteousness and emotional self-control of the Boomers. It's all about ME, MYSELF, and I, right?

Fri, 03/01/2013 - 17:29 | 3291709 Totentänzerlied
Totentänzerlied's picture

That's 24 years at roughly half the total hours worked of your ancestors merely 2 or 3 generations back - and they did it without pretense to insurance, pension, or retirement. Sorry, you've been had by the bankers and their paper promises.

Sat, 03/02/2013 - 10:24 | 3293258 WillyGroper
WillyGroper's picture

<<<<<<Sorry, you've been had by the bankers and their paper promises.

Changing horses in the middle of a stream? So now you can identify the thieves? Wait, I thought the boomers did it. 

Fri, 03/01/2013 - 11:51 | 3290185 DosZap
DosZap's picture

FU you lazy, selfish, irresponsible CRIMINALS

 

You are one dumb stupid SOB.

Fri, 03/01/2013 - 12:15 | 3290300 madcows
madcows's picture

If I'm an SOB, that makes you the bitch.  If you steal a loaf of bread you go to jail.  If you steal a credit card you go to jail.  If you rack up trillions in debt and live easy, and hand the bill to your kids, you get reelected.  In my book, that makes you a selfish, irresponsible criminal.  Your generation failed to live within its means, and I'm the SOB?  Screw you.

Fri, 03/01/2013 - 12:16 | 3290328 DosZap
DosZap's picture

 If you rack up trillions in debt and live easy

I/We did not rack up JACKSHIT, the PTB did, and WE had no say.

Just like YOU do not have a say.

So FU you selfish DICK.

Fri, 03/01/2013 - 12:28 | 3290403 madcows
madcows's picture

Who's running Washington right now?  BOOMERS (1946-1964).  YOUR GENERATION.  Not Mine.

Just so it's understood to be generational, and not party oriented.

George Bush - 4.9 Trillion - BOOMER - born 1946

Barack Obama currently - 5.3 Trillion - Boomer - Born 1961

Barack Projected - another 4+ trillion.  The two boomers are projected to have taken national debt from 10 trillion to 20 trillion in just 16 years.  Who's to blame?  Boomers.  They are the ones that have been in charge for the last 16 years.

The last 16 years of government (Congress, FED reserve, President) have been BOOMERs.  Their policies.  Their irresponsibility.  Their profligate spending.  Their largess.  Their selfishness.  Their crimes.  Their destruction.

Fri, 03/01/2013 - 12:49 | 3290559 Shell Game
Shell Game's picture

Seeing any forest through the trees newbie?  Who the fuck do you think created the Federal Reserve system and created the Federal Income tax and IRS 100 years ago?  'The Greatest Generation'?  LOL.  The shit mess we have right now is an INTENTIONAL, cross-generational mechanism to drain the labor and riches from The People to the power elite.

Wake the fuck up and attack the real problem, or, keep heading on the vector of being the ugliest generation this planet has seen in quite some time.

Fri, 03/01/2013 - 14:12 | 3290976 Almost Solvent
Almost Solvent's picture

Well Put! The shadows on that wall are too tempting for most  . . .

Fri, 03/01/2013 - 17:34 | 3291724 Totentänzerlied
Totentänzerlied's picture

THE PEOPLE don't exist except in the minds of power-hungry communists and their collectivist brethren of all stripes.

And which generation has had more than 40 years to attack the real problem, but has not a goddamn thing, rather allowed - in fact, demanded, to make the problem worse?

Fri, 03/01/2013 - 18:00 | 3291786 Shell Game
Shell Game's picture

Seriously, that's the best you can do?  Do you remember the Constitution? How does it begin?  Oh yeah....

The cancer in our monetary system, economic system and societal morality started as undetectably as a biological cancer.  To be so arrogant to think YOU somehow would have known better 40 years ago is laughable!  Gradualism, across generations was a very effective and evil plan.  You are only clued in because the symptoms are upon us.

BTW, I'm not a boomer and I refuse to allow TPTB fan the flames of division among us. 

Fri, 03/01/2013 - 16:25 | 3291440 BandGap
BandGap's picture

You are a complete asshole. You need to get two jobs and stay off the internet.

Fri, 03/01/2013 - 17:31 | 3291714 Totentänzerlied
Totentänzerlied's picture

Have you ever voted? Are you prepared to admit that our democracy is a totally fraudulent enterprise and needs to be ended at once? I'm trying to build bridges here!

Do NOT follow this link or you will be banned from the site!