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Stockman On Bernanke's Actions: "The Ultimate Consequence Will Be A Train-Wreck"
There is "not a chance," that the Fed will be able to unwind its balance sheet in an orderly manner, "because everybody is front-running [them]," as the Fed is creating "serial bubbles," that are increasingly hard to manage since "we're getting in deeper and deeper every time." David Stockman has been vociferously honest in the last few days and his Bloomberg Radio interview with Tom Keene was extremely so. While Keene tries his best to remain upbeat and his permabullish self, Stockman just keeps coming with body blow after body blow to the thesis that this 'recovery' is sustainable. "They are using a rosy scenario forecast for the next ten years that would make the rosy scenario of the 1981 Reagan administration look like an ugly duckling,," he exclaims, adding that the Keynesian Krugmanites' confidence is "disingenuous" - "the elephant in the room - the Fed," that are for now enabling rates to stay where they are. The full transcript below provides much food for thought but he warns, if the Fed ever pulled back, even modestly, "there would be a tremendous panic sell off in the bond market because it is entirely propped up... It's to late to go cold turkey."
Via Bloomberg Radio,
On why he's so gloomy on the U.S. since every time we've gotten into this mess we get out of it with technological progress:
We didn’t get out of this mess entirely with technological progress. I believe in it. I believe in the free enterprise economy, and I think it does generate productivity, growth, and wealth over time. What I am arguing in the book is that the machinery of the state has failed badly because we piled on way too much. We are out of control fiscally. It is almost a doomsday machine, I can explain. And second, the central bank is off the deep end with this money printing, which is dramatically distorting and deforming the financial markets. You can’t have capitalism without prices in the bond market, in the debt markets, in the money markets. And the fed has essentially destroyed prices. It administers everything.
On Bill Dudley of the New York Federal Reserve Bank saying that he has confidence we can unwind all the damage we've done with a huge balance sheet:
I don’t buy that because that huge balance sheet has gone nowhere. It has stayed right within the canyons of Wall Street. They have taken their balance sheet from $800 billion, which took 94 years to assemble, and in seven weeks they doubled it. They were printing money like $600 million an hour. It is now tripled, quadruple, up to $3.2 trillion.
And what happened? During that period, from September 2, ’08, excess reserves in the banking system went from nothing - $40 billion – to $1.7 trillion today. So the money is staying in the canyons of Wall Street. It funds the carry trade where you can buy anything that might have a return, a yield, a risk asset.
On whether the Fed is going to be able to pull money out of Wall Street in an organized manner:
Not a chance because everybody in Wall Street is basically front running the Fed. What the Fed is buying, the belly of the curve, I am buying. What the Fed is buying, short term, I’m using to fund my position. So no one really owns the treasury bonds today, it is all rented on huge repo spreads. And the minute the yields start heading up a little bit and the bond prices go down, you are going to destroy the arbitrage, the fast money is going to sell, then the slower money is going to have to sell because the fast money is selling. And where is the bid? At the bottom of the market…The Fed never gets up.
On what the alternative is given the deflationary trap that the U.S. is caught in:
I don’t think we are caught in a deflationary trap…Well, because you are suffering, my friend, from the recency bias. Yes, prices in Phoenix are way down, but they are still a heck of a lot higher in real terms than they were in 1995. The only thing that happened is a bubble collapsed which had to because it was an artificial bubble fueled by the Greenspan one percent interest rate policy and now the Fed is basically saying that bubbles can’t collapse, we’ll just do it again...
On whether the Fed is trying to manage the bubble collapse:
Well, we’re getting in deeper and deeper every time. And the ultimate consequence will be more of a train wreck. Today, at 1560 plus or minute, we are at the same point the S&P was in March 2000, 4,750 days ago. We have had two massive collapses in the interim – the dot.com $5 trillion evaporated, the Lehman meltdown $7 trillion evaporated. So it is serial bubble. They are bicycling the thing up and down. It happens in Wall Street.
On whether he has patience that the U.S. will grind its way out and get to a better place five or ten years from now:
No, because the ten year ago forecast said that we would have a surplus in 2012, that revenue would be $3.5 trillion, and it was $2.5 trillion. What they are using today is a rosy scenario forecast for ten years that would make the rosy scenario I did in 1981 in the Reagan administration look like an ugly duckling by comparison. They are saying that we are going to create 17 million jobs in ten years compared to two million in the last ten years, that we are going to go 14 years without a recession. It has never happened in history. Most cycles last 48 months. So when you actually do a forecast based on the last ten years, just say the performance in the last ten years, the growth rate, the business investment, job creation, you have $15 trillion to $20 trillion in deficits in front of us, not $7 trillion. We are not on a glide path going downward.
On what Paul Krugman, Brad DeLong and others are getting wrong right now:
They don’t see the elephant in the room called the Fed, and the other central banks buying hand over fist almost all the treasuries that are being issued. The interest rate is not two percent, that is administered, pegged, set by the fed. Ask yourself, if the Fed said we’re going fishing for six months and we are not going to be in the market, we’re gone, do you think the treasury at ten years would stay two percent? Not a chance…It would go way up. There would be a tremendous panic sell off in the bond market because it is entirely propped up. So therefore, they are disingenuous.
On deposit insurance:
Deposit insurance creates a huge moral hazard in the banking system. Abolish it and if there are blue haired old ladies or other timid people who want to save in a bank, set up a postal banking system that will be backstopped by the government and guaranteed. But commercial banks out in the real world need to have their liabilities monitored by the market just like everybody else or you are going to have moral hazard. So I would say take the big banks out of deposit insurance, that is what I meant…I don’t know that it was necessarily caused by the postal banking system.
I didn’t say the deposit insurance caused the whole bubble. I’m saying deposit insurance and the Fed window, and the Wall Street coddling policies of the Fed, and the low interest rates created these giant banks - $2 trillion balance sheets at JPMorgan, $2 trillion at Citi – that couldn’t be managed and they were able to raise massive amounts of money from depositors who didn’t care because they believed their deposits were guaranteed…It’s a bad system. Banking is a great danger in the United States and in the modern world, and it needs to be fundamentally reformed.
On the Republican party:
That is the problem. We have no conservative party left. The Republicans have simply adopted Keynesianism for the prosperous classes by using the Tax Code for this stimulus, that stimulus, to help this part of the economy or that part of the economy.
On Paul Ryan's budget plan:
It’s a disgrace because, on the one hand, to give you three examples, one, he repeals Obamacare, says he saves $1.8 billion. I would do that, too. What he doesn’t tell you is he is keeping all the Obama taxes. He has got $1 trillion of Obama taxes hidden in his budget and he is not telling anybody. Second, he gives Medicare and Social Security the huge social insurance programs, some of which goes to the affluent middle class, a pass to ten years, not a cut, $19 trillion. He takes it all out of the safety net, which is only $7 trillion over ten years, a 30 percent cut, actually hitting hard the vulnerable people that have been left behind that we need to do something for. He doesn’t do anything about the defense. He rolls back the sequester and raises defense. We should massively cut defense.
On how much fiscal drag is appropriate:
I don’t think we should have any fiscal drag because the Keynesian formula is simply a program to tax the future generations so that we can live a little better today. It doesn’t matter whether we have one percent growth or negative one percent or positive two percent. We can’t belay massive burdens on future generations because someone finds it inconvenient that our economy can only grow one percent.
On whether he agrees with Glenn Hubbard who suggested that we need to go after entitlements on a long glide path and against the wealthy first:
No, because we have been kicking the can for decades and decades, according to the advice of Keynesians like Hubbard. Hubbard is a complete Keynesian. He is a brilliant guy who told Bush cut taxes in 2001, cut taxes in 2003, oh, while you are at it, go have two unfinanced wars and don’t worry about the deficit because it doesn’t matter. This is the kind of advice Republicans are getting from the likes of Professor Hubbard, and it is no wonder that we are heading towards national bankruptcy. It has got to stop.
On what would happen if we went cold turkey:
It’s too late to go cold turkey. Nobody is going to do it, that is why we are drifting towards the wall. The deficit is much bigger than they are saying. As I indicated, with an honest economic forecast, just like we’ve had for ten years, you are looking at $15 trillion, $20 trillion. You are looking at a national debt $30 trillion.
On whether he believes in American optimism and that we will grow and find a path through this:
No, the optimism was in the people of Main Street, the entrepreneurs, the businessmen, the hard workers, the bus drivers, the farmers. I am attacking the elite. I am attacking the people that run Wall Street, the people inside the Beltway in Washington. I am attacking all of the Keynesian professors from both parties who have gotten us into this idea, just print enough money and we are going to get wealthier, just borrow enough money and we’re going to stimulate the economy.
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All it takes is one big dildo to stimulate the economy.
And that dildo would be The Bernank I assume?
Yes.
You two, back to the slaughterhouse. I mean stock market.
Await Federal Reserve newsflash.
"Shock Finding From Harare: Printing money does not create wealth. May dilute buying power and create bubbles enriching Fed Reserve shareholders."
Printing money only causes inflation when other people do it.
If I print a $100 note and it causes 1% inflation I'm still $99 better off, you suckers are $1 worse off.
A remake of the movie Being There is coming out this summer.
Starring Ben Bernanke as Chauncy Gardner.
"I like to print."
Shirley MacLaine comes.
LOL
http://www.hotlikesauce.com/wp-content/uploads/2009/09/9.21.09-Epic-Fail-Seriously-How-The-Fuck-Did-You-Manage-That.jpg
BUILD A SECRET COMPARTMENT? GO TO JAIL...
http://yro.slashdot.org/story/13/04/02/1251225/build-a-secret-compartmen...
Complete Police State Bullshit! The DEA are just working hard to justify their big pay and easy work life, plus those fat pensions. Odd how we tax payers work hard, pay taxes and the government uses our own tax money to wage war on us! America is becoming a vast gulag.
Once again, love your avatar! Scarlett has been my favorite since she was in "Horse Whisperer" and "Ghost World". You could see the star quality even at a young age!
With Blythe Masters as Eve.
No understanding of time. No understanding of substitution. No understanding of proxy.
Power and the Purse. Money. Life and Death. The small time between. How spent?
Or Stolen. Stolen pears, Stolen Waters. Maybe men can create a matrix which can and will defy all the old arcane knowledge.
Maybe the Magi really were just common men. Maybe the common is more precious than rare and refined.
Perception.
you have $99 in your hand while i have a .38 colt detective special pointing at your belly..............wanna give me your $99..?
Sure, why not. You take the 99, he prints off 10 more 100s after you go away and the 1% win again.
Yes this really works in real life.
then he takes the newly printed money and gives it to some guys with bigger guns called "the army" who come over with a swarm of drones, confiscate the .38 and get you a room in the big house or Gitmo if you worship a different imaginary being.
Stockman's been on a roll this weeK!
"Well, we’re getting in deeper and deeper every time. And the ultimate consequence will be more of a train wreck. "
He had me at hello.
I must admit I was more than a little suspicious of his article, and said so. Maybe I judged him too harshly. I just want to know his angle. He's got an angle. Everyone's got an angle.
The fucktards who posted comments on Stockman's article on the NY Times site were truly amazing.
Admitedly, they're mostly the same people who worship Krugman, so the stupidity can be partly excused. But Stockman was basically repudiating the entire trickle-down, Wall Street-centric, "Reagan proved deficits don't matter" bullshit of the past 30 years — and the morons leaving comments couldn't get past the fact that he had once been associated with Reagan.
They had no factual rebuttal for Stockman's arguments (neither did Krugman, for that matter); they simply reverted to blind partisanship and dismissed everything he had to say, and some of them were so dumb they literally said they would wait to form an opinion until Krugman had written a response.
So allow me to repeat for what seems like the millionth time: The people who follow Krugman are quite possibly the stupidest, most condescending cunts in existence, and their idiocy is a danger to society.
that gives me a business idea. T-shirts w/ Krugman's stupid fat face on the front and below it "Krugman's Kunt's" written. I'll hook you up w/ a 10% finders/idea fee.
It's a deal. Make sure you use a picture of him holding his cat, the official mascot of Krugman's Kunts.
Thomas the Tanked Economic Engine
I wish we still had George Carlin to narrate
My take-away from all this: Finally, somebody said it,
"It’s too late to go cold turkey."
The party is over.
This just needs to soak in and we can get on with a reset.
Yes, but the reset can and should be properly managed by enlightened individuals such as Stockman. No good options, but for starters we must slash the military budget, close foreign bases & bring the troops home, close the borders to illegal immigration, restore sound money & lock up the Wall Street bankers, and keep a robust social safety net to do the decent thing and not let any American citizens (which does NOT include illegals or aliens) starve or live in the streets.
It's going to be a rough road, and it will hurt in the short-run. But if we want any semblance of a prosperous America 20 years from now and any hope for a future for our children, we MUST man up and make these hard choices now. And yes, the party's over. It's time to take the whiskey away from the drunks and tell them to go home or get their ass kicked.
We have a shitload of Thomas VCR tapes here narrated by Ringo Starr. I have seen them enough times (though quite a few years ago) that I can probably narrate them myself.
Great stuff.
I thought Ringo Starr narrated that?
George Carlin took over the role of Mr. Conductor from Ringo Starr. Alec Baldwin was Mr. Conductor in the movie.
Krugmans followup http://krugman.blogs.nytimes.com/2013/03/31/more-stockman/
You know, a lot them have become mentally ill off their politics. As you said, how could they miss his criticisms of the GOP inclusive Reagan? I read quite a few comments that said roughly KRUGMAN IS A SHILL BECAUSE HE BLAMES ONLY THE DEMOCRATS AND NOT THE REPUBLICANS THIS ARTICLE IS STUPID. Meanwhile, front and center in the article is Stockman lambasting GOP profligacy including mentioning that he left the Reagan Administration in 1985 over precisely that issue. Right there, prominent in the article. Progressive politics will make you a crazy person if you believe in them long enough.
Krugman only has his position and fiat because he is a loud-mouthed shill. If he was not a shill for the banking powers he would just be small-time idiot professor, a lot of education and no sense.
I think Krugman fears being nothing more than he fears the loss of his soul.
I agree that they are danger but when Stockman said
I think its just because he cant get away with saying
Head up the ass on a diet of what you find there is the 'new normal'.
Dontcha know?
FORWARD!!
I agree with you about the people who follow Krugman. But the people who follow the likes of Paul Ryan with their fantasy Bushonomics budgets of more war, more wealth for the wealthy and more goodies for everybody except the poorest of the poor are equally as deluded.
The reason we are so thoroughly fucked is that it's not just one side of our two party system that is trapped in delusion, it's both sides equally. If you try to speak truth then you are fighting against both ends of the power-base. It's like getting into the open ground between the bank robbers and the swat team and making rude and threatening gestures; you'll get blown away by both of them.
I think that there are a couple of legitimate explanations for their behavior.
1. Normalcy bias. They are brainwashable ... and so like many things washed, they will be hung out to dry.
2. Fear. They think that if they repeat known lies loud enough and long enough that they will become true, because someone with enough power will make it so.
I do not believe that they are intentionally lying to try to fool people and as a result get a competitive advantage with the truth.
As for the question as to what is Stockman's angle? I am not really sure but I have guesses, based on some comments from my wife who worked for Stockman for a brief period of time when he was a Congressman. Dave is brilliant, but he never really fit in with either Washington or Wall Street. He was smart enough to use both and allowed himself to be used by both. In the end, I think he feels some guilt for taking the easy road and wants to do what he can to square it up. That takes principle, if only latent. Alas he is a leader in that regard and the pack is very far behind.
... and I wish that Dave Stockman, like Ron Paul would not use the term "elite", because it is a counterproductive branding statement.
Socialism (aka Liberal Democrats) is an ideology that has been proven harmful and unsustainable by numerous historical examples. But the world has more useful idiots, tarantulas (as defined by Nietzsche) and ignoramus than not so it prevails. Krugman is their man.
I had a conversation with my sister-in-law in the prelude to Easter dinner. She is a flaming liberal/progressive. I have no consistent political thought. In the end her entire basis for believing as she does is that she feels that as a people, country, species, whatever; we are "all in this together" and that to progress, we must do it together and not as elitists and slaves. I could not disagree with her, but feel that her trust in Obama and the liberal agenda is misplaced ... and after some discussion, she could not disagree.
Sit down in front of the painted-rock radio, put on your coconut-shell earphones and get those cargo planez back to the Island, or we all starve! (At least that's what most Progressive-Socialists believe...)
I would say his angle is his book, no more no less. He does the nation a service (although too little and too late to change the outcome) by garnering attention in the MSM. Perhaps he will save a few hides along the way.
Stockman does have a book The Great Deformation coming out, but he's been saying essentially the same things since the crisis of 2008.
I lump David Stockman in with Paul Volcker, Sheila Bair, Ron Paul, and other higher-profile patriots who each made a good chunk of money in this system, but each is not so possessed to chase every possible dollar at the expense of the country itself.
There IS good in him.
Stockman on the FED... "The Dark Side of the Force is a pathway to many abilities some consider to be unnatural."
"You can't win, Darth."
While Mona Lisas and Mad Hatters, Sons of Bankers, Sons of Lawyers, turn around and say good morning to the night...
For unless they see the sky, But they can't and that is why, They know not if it's dark outside or light.
This Broadway's got, It's got a lot of songs to sing, If I knew the tunes I might join in...
I'll go my way alone, Grow my own, my own seeds shall be sown in New York City.
David Stockman's past to remember - The SEC sued Stockman and eight other former Collins & Aikman officers and directors in March 2007. The suit alleged that Stockman fraudulently inflated the company's income by accounting improperly for supplier payments
http://www.reuters.com/article/2010/04/19/sec-stockman-idUSN192119512010...
David payed a bunch of money to SEC -
Stockman agreed to pay $4.42 million plus prejudgment interest of $2.37 million and a civil penalty of $400,000, according to the final judgment filed in U.S. District Court in New York in a lawsuit brought by the U.S. Securities and Exchange Commission (SEC) in 2007.
So he has turned over a new leaf?
Man those are the kinda fines they give to TBTF banks... ;)
The SEC doesn't seriously go after the TBTFs, they go after guys like Stockman and Armstrong. The SEC is nothing more than a thug for the TBTFs, aka the White Shoe Boyz Club.
Stockman has been unpopular in Washington since he, as an insider, blew the whistle on the Reagan administration and called out supply side econ for what it was. Not that I think anyone is above reproach, but I would want a lot of details before siding with the SEC against a small fish - especially one that knows he is being watched by something that would enjoy crushing him.
The government does not go after the criminal parasitic clubbies who play the game. They all protect each others' asses and loot the country at will. The fact that Stockman was prosecuted indicates that he was NOT a corrupt insider.
I don't get this at all:
George Lucas has created legendary film heroes like Luke Skywalker and Indiana Jones, but the US director says that in real life, his hero is Barack Obama.
http://www.huffingtonpost.com/2008/06/04/george-lucas-on-obama-a-h_n_105...
Not so csurprising onsidering that the original article was from 2008 before O'bummer was shown to be a lazy, parasitic liar and fraud. Many people had hope for O'bummer, me included. Now we know better. He has signed more executive orders transferring power from the people, congresss, supreme count and constitution to himself than all past presidents combined. He has given himself the power to kill you without a trial, detain you indefintely without charge and to confiscate all of your possessions, including you land, and business. I am not sure what he is but he is not what he is advertised to be.
... and what is with the huge scar(s) on his head that look as if he had temporal lobe brain syrgery.
This is one of the best Zero Hedge articles I've read in a few days.. besides the Ron Paul one from earlier today. Fucking excellent work.. and David Stockman is 100pc correct.
+ 1
Totally agree. ZH has had some very good stuff lately.
Agreed.
Pladizow: "Stockman's been on a roll this weeK!"
"Stockman's book-promo tour is on a roll" is a more accurate statement. Nothing against Dave, but he's simply regurgitating (basic) stuff that many others -- including ZH and its bloggers -- have been saying for a long time.
consumer debt amounts to about 250% of available income
Main street has been burning for five years, yet the government insists on hosing down the banks instead.
The sad truth is you cannot go after that debt without unleashing inflation in the BEST economic environment, let alone in this one.
That's why the "inflation target" will never be reached, only moar zero's added to the end of the currency (see Japan), and the consumer debt will climb into the stratosphere, where it will explode in a gigantic display that would make a gamma burst blush with envy.
The only way to go after the consumer debt while unleashing inflation is to create job's and raise rates!!
But who the fuck want's that??
Ti i i ime is on my side. Is what Ben probably says.
In other words... as this never gets old:
FUCK YOU, BERNANKE!
April 1, 2014--The DJ hit a new Bull market record today, despite more than 95% of stocks declining. Analysts cited the news that foodstamp recipients hit the 100 million level.
Our federal reserve is slowly but surely engineering volatility out of the market. It seems like almost ever month now that the VIX makes an all time low, much to the horror of masochistic ZH day traders. Volatility is bad for investors for many reasons. It can scare retail investors out of the market; it can make peoples' 401ks fluctuate with a veracity that scares pensioners and nauseates money managers.
Thanks to the tireless work of our monetary officials, soon we will have an economy with a steadily rising stock market and minimal volatility in perpetuity. This is 21st century economic science, and its making everyone's life easier and less risky in a way that was never before possible.
Yea whatever good luck with all that.
To: MillionDollarBonus
From youir lips to Ben's brown eye!
-- Volatility… can make peoples' 401ks fluctuate with a veracity that scares pensioners and nauseates money managers.
Veracity? Your stuff is usually funny but veracity means 'truth'. Did you mean 'ferocity'? C'mon, MDB, I count on you to not tell the truth.
Great interview, btw.
Even though it's hilarious, you are still getting a red.
Na.... used to be funny, now it's just the same old mantra. Gets really boring listening to the same joke over and over, or reading the same unending praise of a witchcraft economist running the CB.
MDB is an uninfluential person in the real world, so this is how he gets attention.
You sure about that? We suspect it is Dimon or Bernanke.
MillionDollarBonus is constantly posting annoying comments. Why don't ZHers just ignore him and stop responding and then he will go away. He is only doing it to push buttons and because he likes the attention. Same goes with Krugman.
MDB is the spoon. ZH reminds you there is no spoon. Both thoughts give context to each each other.
You clearly do not appreciate his genius.
MDB is funny, leave him/her alone. Most who frequent ZH tend to think along the same lines, we need to always remember what the herd think and MDB represents them brilliantly
Personally I'd like to see AnAnon rag on MDB. Now that would be some cool shit.
No one appreciates the power of satire anymore. It's a shame.
Oh stop.
He lives vicariously through himself. His small talk has altered foreign policy. He once had an awkward moment, just to see how it feels. He is left-handed, and right-handed. You can see his charisma from space.
He is the most interestingly annoying troll in the world.
And he doesn't always recommend stawks... but when he does, he prefers Dow Poors.
You're American, you wouldn't understand. Leave this stuff to Europeans, we'll handle it for you.
bs translation = us is the only game in town--- for now
STFU
No sense of Humor?
DaddyO
a new "space age technology", even...sign me up.
Now why would anyone junk MDB? His analysis is so superb, insightful and prescient. But Apple and enjoy.
"Our federal reserve is slowly but surely engineering volatility out of the market."
I agree. Corpses rarely move.
Yeah, change, transformation, and vitality are bad LOL. MDB couldn't be any happier unless the Fed kills the market completely.
less Risky...why that's the funniest thing I have read all day.
"it can make peoples' 401ks fluctuate with a veracity that scares pensioners and nauseates money managers."
Interesting...401ks fluctuating with truthfulness?
This is 21st century economic science, and its making everyone's life easier and less risky in a way that was never before possible.
Thanks MDB, you get a green for that alone.
MDB...what happens when the "Development Bank" currently being put together by China, India, Brazil, etc gets up and running? The US Dollar (the world reserve currency) is skirted. Think about oil being denominated in a currency other than US dollars. Think that would have any effect on VIX? Think the US consumer can handle an increase of a couple of bucks for a gallon of gas?
How about Europe continuing to slow down. Hmmmmm. 20% of the US manfacturing base is exported to European countries. Think that might have an effect on the stock market? Or how about China Real Estate market slowing down? Will that have an effect on commodities?
Your spew is simply gibberish ! You did a nice job though of cut and paste. It's a world economy not simply just the US. Dave Stockman and David Walker are two guys that tell it like it is. Now get your ass out of here!
Haven't seen seen you post for a while. Good to see you back!
I love fantasy fiction.
Me 2
From "Deliverance":
Lewis: "Can that chubby boy handle himself?"
Ed: "Bobby? He's rather well thought of in his field, Lewis."
Lewis: "Insurance? I never been insured in my life. There's no risk."
"economic science"--sarcasm, right?
You mean like this:
http://www.youtube.com/watch?v=JscQXDsSgco
Three phase 440 volt from the busbar for power.
I can assure you from persnal experience playing with that kind of power it does
not end well.Unlees you like getting blown off scaffolds forty feet high that is.
Thought I'd gone to hell , but they were just speaking Dutch.
Head-on full speed train collision with 2 trains filled to overflowing with loads of shit!
Now that will cause confusion and delay, which Sir Topham Hatt doesn't take kindly to.
BEEPBEEP!!! Zzooooooeeeeeefffffff....
They're two they're four they're six they're eight................
Having anal sex is great.
Except for all of us catchers out there in middle amerika!
pods
+1 for taking up the Thomas theme song. You clearly have at least one son. My boys loved TTE.
The Thomas movie was beyond retarded, but at least we got to see Mr. Conductor Arec Barrwin save the day with gold dust.
And Peter Fonda hadn't looked that baked in a movie since the camp fire scene in Easy Rider
Read Stockman's NYTIMES article from 3 days ago here. The Pubs and the DEMS get equal lashing.
http://www.nytimes.com/2013/03/31/opinion/sunday/sundown-in-america.html...
Piled on higher and deeper.
Ever increasing debt and BS. He's seeing how much it can handle until it all breaks down.
That's their only option now, just keep piling on more debt faster until 1 day it implodes like WTC7....of course well before that day all the insiders will have pulled their funds out...I suggest everyone do that right now.
The guy is selling a book...Making the rounds....
nothing wrong with that...
he's not a free-market guy tho...
It's time to surrender and admit that we're living in the realized version of Orwell's 1984, and the bad guys have won. War is Peace, Slavery Is Freedom, We've always been at war with Eastasia. I love Big Brother.
But you can still sneak into the woods and meet that girl.... Don't give up Al. Never give in!
Well this is interesting. Right now, it is the Al Huxley Surrenderers +9, and the TeamDepends Fightin' Deltas +6. Whose side are you on? Maybe it is Game Over?
Ignorance is strength
Knowledge is power.
like the war on terror, everything is an emergency now including the economy which, according to our "leaders" gives them carte blanche to suspend all the normal working principles and apply "emergency" measures which suspend not only the normal rules, but the constitutional ones as well, and block the public from access to information thus destorying the system. This place is done
The "glide paths and vectors" all look ok per the interviewer, ha.
Poor Stockman has been warning about deficits since the Reagan administration. He will ultimately be proven correct (any decade now).
Pissing in the wind.
UN passes sweeping International arms treaty viewed by some to override second amendment.....
http://www.washingtontimes.com/news/2013/apr/2/un-passes-international-a...
"American gun rights activists, though, insist the treaty is riddled with loopholes and is unworkable in part because it includes “small arms and light weapons” in its list of weaponry subject to international regulations. They do not trust U.N. assertions that the pact is meant to regulate only cross-border trade and would have no impact on domestic U.S. laws and markets."
'Viewed by some'...well not by me.
Treaties can not override the constitution.
He needs two thirds of the Senate to ratify....
Yes but "we" can?
"I do think there are certain times we should infringe on your freedom," Mr. Bloomberg said, during an appearance on NBC.
Only takes 5 Supreme Court justices who think otherwise to change that...
Israel doesn't give a shit what the UN says, so why should we?
fuck, the largest gun runner today is Obama and his AG. Mexico, Lybia, Syria, Afganistan, etc.
If the current president were a Republican, Krugman would agree with everything Stockman said.
DJIA 14,666 - Mark Of The Bust
isnt it funny that stockman has been screaming about this for a very long time without so much as a peep from the establishment...........interviews from a year ago where stockman discusses his abcd theory..Anything Bernanke Cant Destroy....and only until his words landed in the keynesian bible did they create such an uproar...........................now krugman is mocking him...calling him a grumpy old man...................
a)first they ignore you.....
b) then they laugh at you....
id say weve moved onto step "b"
good point Kito. I'd say Stockman is not tip-toeing into the lions den. He's grabbed a spear, and he's screaming like a banshee, and has kicked whatever door in, and is saying, 'Where's the son of a bitch!' He probably knows if he goes in any other way he's gonna lose the argument with propagandists like Krugman et. al.
Indeed. recommend he stay away from swimming pools for the forseeable..
He's getting his fifteen minutes and then they will throw him in the rubber room with Schiff.
It's gotten so boring now. I am bored by STABILITY.
I'm sitting back and waiting from Obama to give the order to remove the bottom.
Bankers are being killed by lack of volatility. STABILITY IS DEATH FOR BANKERS, they live off spreads and volatility.
It's fair game when they kill each other, but like this they all die.
Somebody has convinced Obama to keep this casino up and nobody knows when he'll be forced to give that order. He doesn't understand anything, regardless.
I'm waiting.
Why not keep it up? We have all kind of settled into our roles. The rich are fine. The poor have food stamps and usually an iphone. The middle class are watching TV and not worrying about tomorrow. They just proved they can come in if necessary and grab some assets and there was not retribution.
Why rock the boat?
Exactly. This is banker's heaven, they've proven time and again that they can do whatever they want (I bet they've surprised even themselves with what they're getting away with) - they own the world, free to rape and pillage as they see fit. Why rock the boat?
I disagree. Instability is banker's heaven.
Like this they die altogether.
They're firing people day aftrer day after day ...........
ekm, they already died in 2008........they are on life support with a pulse but nothing else.....................
fonz and kito
I try to explain to people that stock market is and can be controlled.
Almost Nobody believes me.
Every single person I speak to knows the market is and can be controlled...and as long as it is going up they are fine with it.
Impressive.
"In individuals, insanity is rare; but in groups, parties, nations and epochs it is the rule" – Nietzsche
i dont think anybody could deny with a straight face that all of this liquiidity being pumped into the system, along with zirp, is the cause of the rise in equities. is that not blatant manipulation that all can see?????
I speak to retail investors only.
I don't work in finance.
“What I must do is all that concerns me, not what people think. This rule,equally arduous in actual and intellectual life, may serve for the whole distinction between greatness and meanness. It is the harder, because you will always find those who think they know what is your duty better than you know it. It is easy in the world to live after the world's opinion; it is easy in solitude to live after our own; but the great man is he who in the midst of the crowd keeps with perfect sweetness the independence of solitude.”
Brilliant.
Who said it?
Emerson. "Self Reliance"
self reliance???? whats that????....is that like where you like have to like...umm..rely on yourself...or something....i think i heard about that...thats like an ancient thing or something, right???
not for us professional gardners.
reserve some cucumbers for me fonz...we can barter....tell me what you need.................
liquor.
done deal. what type? anything but moonshine.................
at this point I am becoming a wino. Hey speaking of which, you ever read the book "On the beach"?
http://en.wikipedia.org/wiki/On_the_Beach_(novel)
I'll take my turkey sammich.
It's for the illusion of pensions and 401K
and all the low info people that still believe the media....
The whole thing is a complete farce....
ekm the low level people getting fired were lucky to have been on that ride as long as they were. The upper level people getting fired have grabbed so much they don't have to lift a finger from here on out. The club ain't that big.
Zirp on the other hand will destroy the insurance companies, not the banks. Which is totally fine because it just gives the gubbamint more to do and lets it swell up even fatter.
You have some strong points here, but right now financial sector emplyes 8% fo the work force directly and a lot more indirectly, like restaurants, dry cleaning etc.
I think NYC and Brooklyn are a landmine for that reason. The caveat there is foreigners will just come in and buy the place up and plug the spending gaps. Maybe. I don't want to stick around to find out.
They don't have a choice....There will be no winners in a Derivative nuke....
It's so far out of control
You're wrong. When the derivatives nuke goes off (and of course it will eventually, inevitably), they'll just dump the game board in the trash, tell everybody to fuck themselves, and start a new game. Most will go along with it (proven by events of the last 5 years), those who don't will wind up dead or in jail. Bitching on websites is acceptable (for now) any tangible action will be dealt with promptly.
It's too big....It's way bigger than what the media plays it
It's global, it involves everybody
You shut down banking and you shut down the world overnight...
I agree that it is bigger than people think, but it is only on paper. Derivatives, like insurance and interest have allowed the parasites to put a tax on all productive assets. Additionally derivatives have allowed the banking powers to pull profits forward by as much as 30 years, so that they can have bigger bonuses today.
But it is all paper and electronic bits.