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David Stockman: "The Error Of Central Banking Has Become Universal"

Tyler Durden's picture




 

In the old normal ("when we had an honest Fed," under Volcker), David Stockman explains to CNBC's Rick Santelli, "the market could judge what Congress and the White House was doing and decide where the risk/reward equation was and how to price the bond, the note, the bills," but in the new normal, "today, the market is entirely rigged." Stockman is no fan of deficits and as he notes "is no fan of money-printing," pointing out that "it's not honest," for the Fed to fund these chronically growing deficits and "created an unsustainably dangerous financial system." In thie brief interview, Stockman (of The Great Deformation fame) sums it up perfectly to a just-as-concerned Santelli, when he notes, "the error of central banking has become unversal." We're taxing the futures generations, he concludes, "they're going to thank you for the massive disaster that was handed to them." The honesty will never come...

 

"You have both parties in the military complex and we're still spending billions for defense.

 

So the honesty will be in the raising of taxes.

 

The honesty will come when you tell the middle class you're not going to get a tax cut - you're going to pay more.

 

Then they will wake up.

 

Then they will march on Washington and demand that we do something about the giant programs that are drifting today because everybody thinks the Fed will take care of the debt."

 

Well worth the price of admission:


 

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Thu, 05/30/2013 - 14:18 | 3611058 francis_sawyer
francis_sawyer's picture

"("when we had an honest Fed," under Volcker)"...

```

Volcker was the last "non-cheesepope" Fed Chair... [but u never really know because he later went on to work for Rothschild]...

Thu, 05/30/2013 - 14:28 | 3611103 freewolf7
freewolf7's picture

"honest Fed"= oxymoron

Thu, 05/30/2013 - 14:39 | 3611140 SWRichmond
SWRichmond's picture

The honesty will come when you tell the middle class you're not going to get a tax cut - you're going to pay more.

Horseshit.

Raising taxes would only encourage still more spending.  "They" have already learned they can get away with $1Trillion+ deficits forever, so the deficits would just continue.

Thu, 05/30/2013 - 14:43 | 3611144 Pladizow
Pladizow's picture

Reading ZH for 3yrs+ has made me "EXHAUSTIPATED" - Too tired to give a shit!

If you start with a cage containing five monkeys and inside the cage, hang a banana on a string from the top and then you place a set of stairs under the banana, before long a monkey will go to the stairs and climb toward the banana.

As soon as he touches the stairs, you spray all the other monkeys with cold water.

After a while another monkey makes an attempt with same result ... all the other monkeys are sprayed with cold water. Pretty soon when another monkey tries to climb the stairs, the other monkeys will try to prevent it.

Now, put the cold water away.

Remove one monkey from the cage and replace it with a new one.

The new monkey sees the banana and attempts to climb the
stairs. To his shock, all of the other monkeys beat the crap out of him.  After another attempt and attack, he knows that if he tries to climb the stairs he will be assaulted.

Next, remove another of the original five monkeys, replacing it with a new one.

The newcomer goes to the stairs and is attacked. The previous newcomer takes part in the punishment...... with enthusiasm, because he is now part of the "team".

Then, replace a third original monkey with a new one, followed by the fourth, then the fifth. Every time the newest monkey takes to the stairs, he is attacked.

Now, the monkeys that are beating him up have no idea why they were not permitted to climb the stairs. Neither do they know why they are participating in the beating of the newest monkey.

Finally, having replaced all of the original monkeys, none of the remaining monkeys will have ever been sprayed with cold water.  Nevertheless, not one of the monkeys will try to climb the stairway for the banana.

Why, you ask? Because in their minds...that is the way it has
always been!

This, my friends, is how Congress operates... and this is why,
from time to time:

ALL of the monkeys need to be REPLACED AT THE SAME TIME.

Thu, 05/30/2013 - 14:47 | 3611154 fonzannoon
fonzannoon's picture

Don't limit that example to congress.

I would add Buying gold.

I would add shorting stocks

I would somehow say that example explains how they got the monkeys to buy the dip.

The variable is when you start adding Japanese monkeys. Something is going to cause this machine to break.

Thu, 05/30/2013 - 14:58 | 3611189 HulkHogan
HulkHogan's picture

Like commenting on good stocks to buy on a ZH forum.

Thu, 05/30/2013 - 15:00 | 3611195 fonzannoon
fonzannoon's picture

Name a few.

Thu, 05/30/2013 - 16:19 | 3611411 Supernova Born
Supernova Born's picture

"The middle class will wake up and march with pitchforks and torches."

There is going to be a "middle class"?

The only people marching on Washington in the future will be 30 million+ dependent "new citizens" demanding to go full retard communist while EXPANDING government programs.

Latin America Norte. That is the future.

Thu, 05/30/2013 - 18:38 | 3611810 SafelyGraze
SafelyGraze's picture

a discussion of "honesty" by controlledOp1 and controlledOp2, on a "set" in the "pit" of the "nyse" by "cnbc" .. with "background noise"

wow

and it was "filmed" .. "live"

pan the cameras

show the people wearing the clown costumes and the security costumes and the spiderman costumes and the trader costumes

puppet theater

cue the laugh track

Thu, 05/30/2013 - 16:59 | 3611545 KnightTakesKing
KnightTakesKing's picture

I hear AAPL is an attractive buy at this level. I mean come on, we all need to replace our iPads and iPhones.

 

Thu, 05/30/2013 - 14:55 | 3611185 freewolf7
freewolf7's picture

Nice lab experiment.
Two things:
We're not in a cage.
The "cage" is our beliefs.

Walk it back.
We can do something
about the asshole spraying us.

Thu, 05/30/2013 - 15:02 | 3611204 SMG
SMG's picture

Great point, really.  Thanks!

Thu, 05/30/2013 - 18:03 | 3611708 kridkrid
kridkrid's picture

No cage, as long as you do as you are told, and aren't profiled, and believe in victimless crimes, and believe that freedom isn't free, and income tax and property tax is moral, etc. perhaps it's belief that obscures the cage.

Thu, 05/30/2013 - 15:28 | 3611272 krispkritter
krispkritter's picture

WHY do you guys always have to bring monkeys into it?!? I'm on your side!  

Can't you just say "If you start with a cage containing five CongressCritters and inside the cage, hang a stack of $1000 bills on a string from the top and then you place a set of stairs under the bills, before long a Critter will go to the stairs and climb toward the bills..."

Thu, 05/30/2013 - 16:41 | 3611418 Demonoid
Demonoid's picture

Change "stack of $1000 bills" to "roll of trillion dollar coins" and you'll have my doubleplusgreenarrow.

Thu, 05/30/2013 - 16:49 | 3611512 Silver Bully
Silver Bully's picture

'ALL of the monkeys need to be REPLACED AT THE SAME TIME.'

Let's sober up for a moment, shall we?

We have 72 million monkies using Medicaid.

We have nearly 50 million monkies on Foodstamps.

We have nearly 9 million working monkies on disability.

Remember this when you say 'ALL of the monkeys need to be REPLACED AT THE SAME TIME.'

 

The only way to replace all those monkies is a nice genocidal war, or let them starve to death. Good luck with that.


Thu, 05/30/2013 - 17:24 | 3611608 goBackToSleep
goBackToSleep's picture

This is quite simple really, that's what you are there for. You are going to kill them. Not all of them, but when they come to you, you will kill them with either a decision or a bullet. That is the real truth. It's quite an ingenious plan really. The elites wont even have to lift a finger, and their debt based system will be reset to zero. Think of them as the walking dead. That's what they are. They're dead and they don't even know it yet.

Thu, 05/30/2013 - 15:29 | 3611275 MrBoompi
MrBoompi's picture

Agreed.  The honesty will only come when there are no more loopholes and offshore accounts, and corporations and the wealthy start paying their fair share, even if that means we have to pass a repressive tax like a flat tax to do it.  How about we try forcing everyone to pay 15%, including corporations, no deductions or exemptions?  Now that would be honest.

Thu, 05/30/2013 - 15:41 | 3611316 orez65
orez65's picture

NO!

What would be honest is to use gold and silver as money.

No more fiat money nor fractional reserve banking.

Regulations, "fair taxing", class warfare are "red herrings". 

Thu, 05/30/2013 - 14:58 | 3611190 Colonel Klink
Colonel Klink's picture

May want to check your facts on that.  Google the two words.  Don't believe the official story.  Or maybe I'm just crazy.

Thu, 05/30/2013 - 14:19 | 3611060 spastic_colon
spastic_colon's picture

of course it is....on days like today the fed et. Al. just buys AAPL, BAC, C, and AMZN which all represent the largest weightings (by shares) in the S&P 500

Thu, 05/30/2013 - 14:19 | 3611061 BLOTTO
BLOTTO's picture

Spending BILLIONS on defense when the enemy is within...as every single nation on this planet has been inflitrated by 'them.'

.

Satanists.

.

I feel like crying, have a nice day.

Thu, 05/30/2013 - 14:48 | 3611165 SheepDog-One
SheepDog-One's picture

I don't believe in any 'satan' nor any other characters from old books....they're just crooks in a big club, and you ain't in it.

Thu, 05/30/2013 - 15:33 | 3611271 BLOTTO
BLOTTO's picture

I respect your opinion SD1...i understand the feeling.

.

I just think the 'big club' is a lot more darker, sinister and occult like, then you.

Plus, it doesnt really matter whether you or I don't believe it - 'the big powerful crooks' do believe it.

How do i know? - the evidence is all around...some since ancient times.

.

And i dont care to be in the big club as much as i want to be in the 'good club.' Its the winning side...you cant lose.

Making money and getting rich is so fuckin useless in the grand scheme of the Universe...other civilizations in some distant galaxy if they could speak - they wouldnt...they would just laugh or maybe even cry at our situation.

Thu, 05/30/2013 - 15:58 | 3611372 SheepDog-One
SheepDog-One's picture

There's nothing there in an 'occult world'....we're just 10 billion species hurtling thru space on a rock and 1 of these species has some who live for free off the slavery of all the rest. And that's just humanity bottom line.

Thu, 05/30/2013 - 19:49 | 3612023 newengland
newengland's picture

Nihilist.

No offense intended toward your many good comments, but on this point, I do believe you are wrong.

I would rather live on my feet than die on my knees. Any threat to my child makes my adversary dead.

One child is every child. I will not give into the Trilateral Commission, and its hideous plan for a one world government of technocrats,  paid pets in academia and big business; the shills.

Thu, 05/30/2013 - 18:17 | 3611755 PKF
PKF's picture

Isn't there some asteroid or comet barreling toward Earth?  Now that could stop this Evil.  The Reset Button would be hit.  And the Rich Club Members would have to eat their money for breakfast.

I feel like crying sometimes as well.

Thu, 05/30/2013 - 19:41 | 3612020 newengland
newengland's picture

We shall overcome. Remember this when faced with Nazionists, the Vatican and the Monarchy.

By our will, it shall be done.

Thu, 05/30/2013 - 15:50 | 3611342 are we there yet
are we there yet's picture

Even if you do not believe in Obama, Obama believes in you. May the blessings of Obama be upon you.  ....  /sarc and irony off

Thu, 05/30/2013 - 15:26 | 3611267 freet0pian
freet0pian's picture

There's no "God" or "Satan", that's only for feeble minds.

Thu, 05/30/2013 - 15:30 | 3611278 SMG
SMG's picture

Perhaps.  But there is Good and there is Evil, and right now Evil is in charge.

Thu, 05/30/2013 - 15:46 | 3611332 freet0pian
freet0pian's picture

Yeah, most of us non-sociopaths are good. Sadly most don't spot the sociopaths.

Thu, 05/30/2013 - 18:41 | 3611819 BringOnTheAsteroid
BringOnTheAsteroid's picture

If humans didn't exist would there be good and evil in the world? No. Good, evil, satan, god, witches, ghosts, ghouls, spirits are a fabrication of the human mind. Let's just call it teething problems as our species grapples with it's infancy. A child eventually learns not to be scared of monsters and the dark. Adults, collectively, will eventually learn to not fear imaginery men in the sky.

Thu, 05/30/2013 - 20:00 | 3612085 SMG
SMG's picture

So would the world not be better off if there were less of the following:

We are not gods, we are not all knowing.  Perhaps there is more to our existence than we know.

Thu, 05/30/2013 - 23:31 | 3612644 BringOnTheAsteroid
BringOnTheAsteroid's picture

Perhaps there's not.

Thu, 05/30/2013 - 15:39 | 3611301 BLOTTO
BLOTTO's picture

Hey, if you're a dying chimpanzee...thats good for you.

.

I, for one, have an eternal soul.

My brain is faster then any computer on the planet...no amount of evolution/time can get my brain from a monkey's brain - to this level....not even an eternity.

.

Darwin Dogma...go eat a banana

Thu, 05/30/2013 - 15:54 | 3611355 freet0pian
freet0pian's picture

Hey! I like bananas. And for dogmas, I try to avoid them, it's better for your health. I don't know to what extent you believe in "God" but it's better to go to a doctor than pray an illness away.

 

And regarding the soul, how would one detect it? Has anyone done this? If you can't detect it is there any reason to believe there is one?

 

Inquiring minds want to know oh eternal one.

Thu, 05/30/2013 - 18:54 | 3611852 BringOnTheAsteroid
BringOnTheAsteroid's picture

How do you know? Is your soul conscious after death? If it's not your bicycle may as well have a soul as well. Darwinism, evolution is fact, undeniable, indefatigable fact. The evolution from the most basic life form to the most complex can be traced through the molecules of DNA itself, the more advanced organism building on genetic foundation of the predecessor. Just as humans decried a non-flat Earth for centuries, then decried a sun centric solar system for centuries and so on and so on, the mind is eventually liberated from it's beliefs through rigorous scientific research.

Thu, 05/30/2013 - 22:05 | 3612420 Promethus
Promethus's picture

"Darwinism, evolution is fact, undeniable, indefatigable fact."

Wrong Asteroid boy! It's call the THEORY of Evolution not the LAW of Evolution.

Thu, 05/30/2013 - 23:48 | 3612671 BringOnTheAsteroid
BringOnTheAsteroid's picture

Don't fight it Promethus.

All those that fought the principle of a non-flat earth were wrong.

All those that fought the principle of a sun centred solar system were wrong.

All those that fought the principle of a 4 billion old earth were wrong.

All those that fought the principle < insert anymone of countless examples > were wrong.

Scientists are not immune to above treatment either. How many scientists fight any change to their currently held belief only to be forced to reliquinsh them on the back of UNDENIABLE EVIDENCE. It's a beautiful system and crushes human ego into the dirt where it belongs.

Your above reply, even so short, is laced with emotion and therein lies then problem. We must only view and examine the world with an analytical and OBJECTIVE view point because emotions are simply a hindrance to understanding the world.

Fri, 05/31/2013 - 00:12 | 3612692 BringOnTheAsteroid
BringOnTheAsteroid's picture

If it's the THEORY of evolution by natural selection then is it a THEORY of the existence of god, is it a THEORY jesus was the son of god, is it theory jesus was born of a virgin. NOOOOOOO, that doesn't apply to belief about god does it. Belief in god is a personally held belief/view so this is fact isn't it? I hate to say it but the catholic church has accepted evolution by natural selection. 2 million catholics, majority rules, they must be right.  

Can't have it both ways Promethus. You've got to grow up and face the reality that it is a human perogative to be wrong, about nearly everything, except for those fragments of reality that can be tested by scientific method, over and over again, in different places by different people and still come up with the same result. That is all that will work. More so because the majority of people are dominant in their emotional thinking over their logical thinking. Don't get me wrong, emotional thinking is great for writing poetry, music, literature, creating art, paintings and sculpture. As far as figuring out the place in which we find ourselves conscious emotional thinking is useless. The more theoligians argue with scientists the dumber they seem. They often resort to using scientific concepts to argue against science. Like, "Well, what created the big bang, you can't get something from nothing, it must be god". Since when did religion know anything about the big bang until science offered this up as a theory.

This is a lesson. Fight it first if you will but like billions of humans that have gone before you and been categorically wrong in their views/beliefs the same will apply to you and me. The only thing that uncovers these views/beliefs as wrong is science. You cannot stop it, scientific method will win out over religious doctrine.

Thu, 05/30/2013 - 16:44 | 3611487 freet0pian
freet0pian's picture

And for the yanks out there no I'm not a socialist, you can stop the down arrows.

Thu, 05/30/2013 - 15:53 | 3611353 WillyGroper
WillyGroper's picture

While all of us here are rightly concerned with preservation of our hard earned money, in the grand scheme of things, Maslow's hierarchy will take priority.

One has to look no further than the laws being passed, namely the "Monsanto Protection Act" that Obliar just signed into law. Now 2-4-D is acceptable as Round-up has produced super resistant weeds.

We are human guinea pigs. Useless eater lab rats to these people, if you could call them people.

All here have connected the dots, excluding the trolls & shills.

Financial terrorism & blatant theft

Every branch of gubbmint captured

Bill Gates - Sterilization Vaccines

Fema Camps with their comfy coffins

Agenda 21

Militarization of Police

False Flags

Training exercises in major cities

Male fertility in decline

Zombiefied populace both young & old by pharma

80-90% of our bees are gone, at least China has the population to hand pollinate as they've done for a while now. 

Field sparrows, bobwhites & chickadees ALL 60-83% decline

No break in the chemtrail spraying, even under severe weather & tornado watches

HAARP

There's no amount of gold or guns that's going secure clean food & water. Even if you're able to get your hands on conventional food, there's no guarantee that there's been no cross-pollination. 

The doomsday seed vault isn't for the peeps.

Get a gander at this. Should you read the full article, check out the imbedded links, the amount of Atrazine in our water is beyond scary, see the legend. You'll also find the criminalization of non-GMO seed possession. 

We are out moneyed & gunned. No where to run to baby, no where to hide.

http://www.organicconsumers.org/articles/article_27624.cfm

What a circle jerk clusterfuck.

Have a great day! ;0)

 

 

Thu, 05/30/2013 - 15:58 | 3611368 yogibear
yogibear's picture

The Chinese PLA manufactures exact duplicate F22's and other equipment not long after the US releases them.

There are so many Chinese nationals working throughout the US defense industrtial companies.

China already knows how to counteract all of the US defenses.

 

Thu, 05/30/2013 - 16:01 | 3611379 Almost Solvent
Almost Solvent's picture

They better keep their billions fed (cheaply) or US will be the least of their problems.

Thu, 05/30/2013 - 17:07 | 3611568 Supernova Born
Supernova Born's picture

Smithfield Farms pork sounds quite tasty to their billions.

Thu, 05/30/2013 - 14:20 | 3611064 Antifederalist
Antifederalist's picture

Go David.  His book is worth the cost as well.  It is a surprisingly well researched history of how the US made the wrong choices in the last 100 years.  Lots of great historical detail and insights from a political insider with a libertarian mindset.

Thu, 05/30/2013 - 14:34 | 3611119 NoDebt
NoDebt's picture

That's all well and good, but please note ALL THESE GUYS ARE 'TOUGH GUYS' WHEN THEY'RE SAFELY ON THE OUTSIDE CRITICIZING THINGS.  Put David Stockman in as head of Treasury tomorrow and he'll be tumpeting the glory of QE-to-infinity by the next morning.

I don't give a damn what David Stockman thinks.  He's not saying anything that hasn't been said on ZH and discussed at greater depth than his book ever dreamed of.

He's still selling that book, by the way.

Thu, 05/30/2013 - 14:48 | 3611151 SheepDog-One
SheepDog-One's picture

Yea they're all so full of shit....'FED was 'honest' with Volker'? Bullshit, and he knows it. Enjoy the billions you absconded with Stockman, I wish there actually was a hell to see you in dirty motherfucker.

Thu, 05/30/2013 - 15:04 | 3611207 ejmoosa
ejmoosa's picture

I'm a bit more than half way through Stockman's book.  I used to think Lincoln was one of the worst Presidents ever, with the way he trampled the Constitution.  But Nixon, with his antics as decribed by Stockman, along with the creation of the EPA, embracing the idea of deficit spending, and escalating the war on drugs, has him in a virtual dead heat.

Thu, 05/30/2013 - 15:46 | 3611333 orez65
orez65's picture

" I used to think Lincoln was one of the worst Presidents ever ..."

You may want to add Woodrow Wilson to your list of "not so good presidents".

The fucker got us into World War I just so that our bankers wouldn't lose money for their loans to the Brits and French.

Thu, 05/30/2013 - 17:33 | 3611630 ejmoosa
ejmoosa's picture

Yes, there is plenty of room at the top of the list.  I did not mean to leave any deserving POTUS's out. 

Thu, 05/30/2013 - 16:19 | 3611420 Bay of Pigs
Bay of Pigs's picture

Yeah, right. Like LBJ wasn't worse.  

Thu, 05/30/2013 - 14:21 | 3611070 Go Tribe
Go Tribe's picture

What is this guy's purpose and who is funding him?

Thu, 05/30/2013 - 14:42 | 3611147 sodbuster
sodbuster's picture

I like what D.S. says.......... the problem I have is when I look at the roster of the Trilateral Commission, I find him listed. So what is the agenda???

Thu, 05/30/2013 - 14:25 | 3611072 SheepDog-One
SheepDog-One's picture

Bah....all a bunch of Billionaire Handjob Boys Club crooks. Always has been since the first guy lent out $2 for $1 he had in gold.

Thu, 05/30/2013 - 14:22 | 3611075 Mi Naem
Mi Naem's picture

Title of another thread submitted about 45min. before this one:


Trickle Down Works: UBS Joins Federal Reserve In Hiking Banker Salaries By 9%

...and speaking of trickle down:  Introducing the step-father of Trickle Down, Dave Stockman, who has since gotten religion and decries the errors of central banking.  ...or is this a book tour? 

 

Thu, 05/30/2013 - 14:22 | 3611078 Hohum
Hohum's picture

And in other breaking news:  the sun will rise in the east tomorrow.

Thu, 05/30/2013 - 14:23 | 3611083 Dareconomics
Dareconomics's picture

We all know that money printing will eventually lose its efficacy, but when?

 

http://dareconomics.wordpress.com/2013/05/30/around-the-globe-05-30-2013/

 

 

Thu, 05/30/2013 - 14:26 | 3611094 earnyermoney
earnyermoney's picture

The Taxed Enough Allready Party is fully awake, look how they've been pilloried in the press.

Thu, 05/30/2013 - 14:26 | 3611095 Bryan
Bryan's picture

I'll have to agree that this mess really got going in the 1980s.  Because once you decide to monetize debt, spend on credit and mortgage your future, it is very hard or impossible to stop.  The snowball starts rolling downhill and just gets bigger and bigger as it's passed on to future congresses, administrations and citizens.  Won't it be fun when the ball finally hits the bottom of the hill??

Thu, 05/30/2013 - 14:31 | 3611112 stopcpdotcom
stopcpdotcom's picture

The Ecstasy of Gold---Ennio Morricone

http://www.youtube.com/watch?v=nOr0na6mKJQ

 

 

Thu, 05/30/2013 - 14:42 | 3611148 backseatdriver
backseatdriver's picture

Nice!

Thu, 05/30/2013 - 18:36 | 3611800 DanDaley
DanDaley's picture

Or the Metallica version with scenes from The GBU: http://www.youtube.com/watch?v=MLhn9tc8Dvo

Thu, 05/30/2013 - 14:32 | 3611114 fonzannoon
fonzannoon's picture

See....everyone who watched this missed another chance to btfd. That is your punishment. Santelli should have finished the interview by reminding everyone there is POMO tomorrow.

Thu, 05/30/2013 - 14:48 | 3611164 Dr. Engali
Dr. Engali's picture

Is there a POMO, a JOMO, a FOMO, a MOMO, or a HOMO tommorow? I'm so confused...much like the latter.

Thu, 05/30/2013 - 15:23 | 3611224 Atlantis Consigliore
Atlantis Consigliore's picture

POMO the MOMO, with FOMO, TOMOMO,  or the HOMO will DUMPO Crapo in Your DOMO,....... Arigato....MOFO......

So Sollie, MOMOSans, Duffos,   this is Tokyo Joe waiting for our HARP HAMP CHUMP LUMP DUMP CHUMP Mortgage Loans for EL Schmuckos..... Our Yeno is Gone'o...

SI SI,  Suckers....HOMO for the Dumbo, just like in MEXICO,   repeat rinse, print, vote, ...scam......  

Use PIMPO'd all out, by DA PIMP from CHICONGO, JUST IN TIMEO,  NOW ALL,  out of LUCKO....

See You all in Puerto Rico, as they try to pry capital gains (0%)  tax free from my cold dead fingers.

My Fingo is in the Airo saying El  Dumbo taxpayers, here in PR the girls are EZ, and the tax rates ZERO...OO  (ran out of oooos.)

or is that OOZ' OH!

MORE CHUMPO BONGO AND BANGO,  on the MEDIO, FROM CHIMPO CRAMO,

BI BI BI BUYOH, ME HOPEOH,  OUT OH....OH OH.... 

 

Thu, 05/30/2013 - 14:32 | 3611115 Blazed
Blazed's picture

An "honest Fed", LMAO!

Thu, 05/30/2013 - 15:13 | 3611234 nope-1004
nope-1004's picture

I knew when Bernocchio started the PR campaign saying that the FED was to be more open and transparent that it was all a lie.  What he really did was fool the public into believing that the FED is being honest, and that everything provided was transparent.  The reality though is that he simply cut off any questions, because if we all believe the FED is open and transparent then any questioning of their intentions would subside.

Fart smeller, that guy is.  Cut the public off from questioning the FED by simply saying how open and transparent they are, which, of course, they are not.  The FED is full of lies.

 

Thu, 05/30/2013 - 15:50 | 3611345 JuliaS
JuliaS's picture

The honest Fed - like in 1912.

Thu, 05/30/2013 - 14:35 | 3611125 stant
stant's picture

and gold will reside in the east tomorrow

Thu, 05/30/2013 - 15:22 | 3611254 Kinskian
Kinskian's picture

To paraphrase Walker Percy, you'll know the end is at hand when the Cheesepopes are all moving east.

Thu, 05/30/2013 - 14:38 | 3611136 pragmatic hobo
pragmatic hobo's picture

"In the old normal ("when we had an honest Fed," under Volcker)"

you gotta be kidding, right?

Thu, 05/30/2013 - 14:40 | 3611142 SheepDog-One
SheepDog-One's picture

Basically the market now-

Mondays- Usually flat to slightly positive close, no sense in buying ahead of POMOmania Tuesday.

Tuesday- Huge POMO up day.

Wednesdays- Sometimes down -100 or so.

Thursdays- Forget all that shit yesterday....we're recovering Wednesdays drop plus some!

Friday- Gotta close well green....cuz it's Friday ya know.

Thu, 05/30/2013 - 14:45 | 3611156 Dr. Engali
Dr. Engali's picture

That's a pretty good summation right there.

 

Saturday- Get drunk and read Zero Hedge

 

Sunday- Get drunk and read Zero Hedge

 

Monday- Repeat the cycle.

Thu, 05/30/2013 - 14:48 | 3611169 fonzannoon
fonzannoon's picture

Saturday- Get drunk and read Zero Hedge

 

Sunday- Get drunk and read Zero Hedge

I swore I would not fall back into that cycle. But it is easy to. To let this shit mess with your health is to really let it beat you.

Thu, 05/30/2013 - 21:42 | 3612365 Pareto
Pareto's picture

Only yesterday I was thinking. "fuck, I have to step away from ZH - take up ....something else."  Impossible.  For me its an addicition because its the only place I find cogent practical answers that remind me not to get caught up in all the batshit crazy talk of the New Economy.  Not only that, it is an excellent source for research.  I used it extensively in constructing a presentation to a Liberty group on QE.

Thu, 05/30/2013 - 16:30 | 3611447 SmallerGovNow2
SmallerGovNow2's picture

Have you been spying on me Doc?

Thu, 05/30/2013 - 14:53 | 3611178 Eagle Keeper
Eagle Keeper's picture

I'd like to see this charted over the last 5 years...

Thu, 05/30/2013 - 14:43 | 3611149 M2Market
M2Market's picture

Utter Blasphema!  We oughta be responsibly irresponsible!  (Until the "oops" moment comes) then we need to be irresponsiblity irresponsible! 

Dont have a clue what to do after that if that dog don't hunt. 

Thu, 05/30/2013 - 14:46 | 3611159 buzzsaw99
buzzsaw99's picture

What a putz. Tell the middle class? Fuck that, go tell your billionaire buddies to pay more.

Thu, 05/30/2013 - 16:03 | 3611382 BoNeSxxx
BoNeSxxx's picture

While I agree with your sentiment, the fact is that you can't make a coat by robbing the shepherd... it's the flock that gets fleeced. Always has been. Always will be.

Thu, 05/30/2013 - 16:27 | 3611442 SmallerGovNow2
SmallerGovNow2's picture

Better yet buzz, QUIT SPENDING WHAT YOU FUCKING DON'T HAVE.  It's really quite that fucking simple...  Government is too fucking big period...

Thu, 05/30/2013 - 14:46 | 3611161 orangegeek
orangegeek's picture

Another book about pending disaster.  *sigh*

Thu, 05/30/2013 - 14:52 | 3611175 Freedumb
Freedumb's picture

So far the middle class seems completely oblivious to the fact that prices on food, gas, and other general household expenses have been consistently creeping upward for years. TPTB know that the "middle class" (or what's left of it) would almost surely react to an explicit new tax, so they will keep supporting the endless money printing strategy as an alternative means of taxation and hope this obliviousness continues.

Only way to break this cycle is an extreme market event like hyperinflation or everyone's 401(k)'s vaporizing, otherwise I doubt the majority of people are awake enough, or will ever be awake enough, to see what's happening. We're all already "paying more" to use Stockman's words, and notwithstanding the readership here and a few other non-mainstream outlets no one (and particularly no one outside the industry or those who know nothing of finance) seems to notice. I think as long as things continue at this pace, people could end up in bread lines before they turn their brains on and even start questioning the current prevailing economic view put forth in the mainstream media.

Though I genuinely hope Stockman's vision comes to pass rather than my own, he has a lot more faith in peoples' willingness to stand up for their rights than I do.

Thu, 05/30/2013 - 17:51 | 3611669 They trynna cat...
They trynna catch me ridin dirty's picture

I argue with members of the "middle class" all the time who think that inflation is only 1%, "unbridled capitalism" is the problem, more government is the answer, etc. These Jon Stewart-watching idiots are being fluffed every day by the mass media to call for total government once the whole house of cards collapses. Open your ears, the 18-40 crowd is already demanding more government, and it hasn't even hit the fan yet!

Those of you putting your faith in the intelligence of the American middle class to set things right when it hits the fan, think again. Almost a century of academic and media brainwashing has been devoted to making them eagerly hand over all freedom. TPTB are going to do this time what they failed to do with the New Deal.

Thu, 05/30/2013 - 19:05 | 3611889 newengland
newengland's picture

I don't berate my forlorn brothers and sisters. I help them just because I can.

Stop excusing and assisting modern career politiicians, the globalists, the Trilateral Commission, their new feudalism.

War makes money.Stop voting for it. 

War makes widows, orphans and cynics of good soldiers.

Stop voting for it.

No one knows the cost of war like a soldier, and Bibi's brother is dead because of the hateful Internationale. There will be no peace until civilians stop making excuses for their lazy ways.

Thu, 05/30/2013 - 14:52 | 3611176 ebworthen
ebworthen's picture

Common sense?

Means tested Social Security? 

That would mean bankers wouldn't have gravy to buy a BMW for little Prince and Princess!

Stop the FED jizz fest that allows governments to be utterly irresponsible and Wall Street to be a completely corrupt Ponzi scheme?

David Stockman clearly is not toking on the hopium hookah nor drinking the Koolaid!

I fear for his life; skiing accident, plane crash, or "suicide" of two shots to the head?

Thu, 05/30/2013 - 15:07 | 3611215 rubiconsolutions
rubiconsolutions's picture

Means test Social Security? How about allowing me to opt out of the Ponzi Scheme, er, program? Absent my ability to opt out I couldn't care less about means or any other testing. Like the income tax it is theft. Period.

Thu, 05/30/2013 - 14:52 | 3611177 Hohum
Hohum's picture

Money is not wealth; money is claims on wealth.  The rise and fall of markets now is no more than a great redistribution.  Figure out where you want to be.

Thu, 05/30/2013 - 14:53 | 3611179 WaEver
WaEver's picture

Brilliant comment
Get I get my banana please

Thu, 05/30/2013 - 14:54 | 3611182 rubiconsolutions
rubiconsolutions's picture

Excuse me while I channel Bill Clinton. "It depends on what the meaning of the words 'honest' is." The Federal Reserve Bank has never been honest. When it was created it was done so in secret. Hardly honest. And since its inception it has done nothing but steal from Americans by way of inflationary practices. Again, not very honest. I agree with some of what Stockman says but he is off the mark about Volcker. Uncle Paul helped Nixon dismantle Bretton Woods decoupling real currency from the infinite fiat crap floating about today. There has never been an "honest" Federal Reserve, the very concept of central banking is dishonest.

Thu, 05/30/2013 - 15:07 | 3611216 decentralizedsc...
decentralizedscutinizer's picture

 

The very existence of "economic policy" should be a tip-off that something is fundamentally wrong with our understanding of economic modeling. In a truly free market, GDP would be the *result* of billions of unique transactions between buyers and sellers, not a “policy goal” as we currently view it. Whenever banks or governments try to alter the outcome of economic activity, they inevitably fail because the natural laws of supply and demand will always trump those of mortal men.

 

Are the laws of supply and demand that govern economy any less valid than the laws of thermodynamics that govern weather? Only a fool (or government military/industrial contractor) would think of “planning” or controlling weather; yet self-serving bankers and politicians think they can plan and control the world-wide economy by arbitrarily writing new “laws” of supply and demand like they were somehow more powerful than Mother Nature.

 

Remember that margarine commercial: “It's not nice to fool Mother Nature”? We know instinctively that this is true, and experience proves it.

 

Economics is merely the book-keepers' account of civilization. Civilization follows the laws of human nature. Just as the weather is subject to the various laws of thermodynamics (and so forth); the economy is subject to the laws of supply and demand (and so forth). Meteorologists don't plan the weather; they can only predict and respond to it. Economists can't plan the economy; they can only predict and respond to it. Neither are very accurate.  

 Governments can serve their economies by providing an adequate supply of stable currency to facilitate trade. Banks best serve the economy when they restrict their activities to *serving* the economy with loans and safe storage of savings. Any attempt, on either banks' or governments' part, to serve each other or themselves, is bound to corrupt the underlying (and relatively fragile) balance of forces on which millions of individual economic actors place their trust when conducting everyday trade.

 It is that trust that makes me want to invest in a better future. Or not.

 Meteorologists get by because they're harmless, provide a free service, and know their place; but bankers and politicians tend to forget their place and piss The People off. But then they're not interested in merely “getting by”, are they? And that's the nature of the business cycle, isn't it?

The King is dead. Long live the King.

Thu, 05/30/2013 - 15:11 | 3611228 ejmoosa
ejmoosa's picture

Forget debt to GDP.  What's the debt to corporate profits after taxes?  Because that is where the money must be taken from to pay off the debt.  At 16.742 trillion, with corporate profits after taxes for the four quarters ending March 2013 coming in at 6.093 trillion, we have a debt to CPAT ratio of 2.41 to 1.

 

You would need to collect every penny of profit not now taken by government for 2.41 years to pay off today's debt.

 

So who wants to toil for the next 2 plus years with no profits to keep for their efforts?

Thu, 05/30/2013 - 16:37 | 3611468 Demonoid
Demonoid's picture

Might want to check those corporate profit figures. They appear to be four times too high.

Corporate profits were 12.4% of GDP in 2012, up from 12.1% in 2011.

http://blogs.marketwatch.com/thetell/2013/03/28/u-s-corporate-profits-so...

Thu, 05/30/2013 - 15:12 | 3611232 decentralizedsc...
decentralizedscutinizer's picture

 

28th Amendment (The Constitutional Emergency Amendment)

    Corporations are not persons and shall be granted only those rights and privileges that Congress deems necessary for the well-being of the People. Congress shall provide legislation defining the terms and conditions of corporate charters according to their purpose; which shall include, but are not limited to:
    1, prohibitions against any corporation;
    a, owning another corporation,
    b, becoming economically indispensable or monopolistic, or
    c, otherwise distorting the general economy;
    2, prohibitions against any form of intervention in the affairs of government by means of;
    a, congressional lobbying
    b, electoral sponsorship or advocacy
    c, educational sponsorship or publication
    d, media news reporting
    3, provisions for;
    a, the auditing of standardized, current, and transparent account books
    b, closing the FRB and the establishment of state-owned banks
    c, civil and criminal penalties to be suffered by corporate executives et al for violation of the terms of a corporate charter.

Optional: (or possible 29th amendment)

    The 16th Amendment to the United States Constitution is hereby repealed and Congress shall re-write the U.S. Code to reflect the changes embodied herein.

     

Thu, 05/30/2013 - 15:17 | 3611240 WTFx10
WTFx10's picture

The mess started in 1913 in the month of December when the POTUS handed over the country to the banksters. Well at least we get to celebrate 100yrs of private banker rule over what was once known as the United States of America.

Yippie FUCKIN do!

End the FED end the peoples pain and let the banksters pain start. The needs of the many 329 million outweigh the needs of the few, less than a million.

Don't see it happening the brainwashing for the past 100 yrs has been very successful for them.

Thu, 05/30/2013 - 15:17 | 3611241 amanfromMars
amanfromMars's picture

File this comment away, and the post which it introduces to you,  ...... http://www.amanfrommars.blogspot.co.uk/2013/05/130530.html ..... for a short time further into the future whenever what it freely shares. transpires, because to continue on present courses which try to maintain status quo hierarchical positions is a recipe for unmitigated financial disaster[s] 

It is not natural to expect the future to be like the present and a clone of the past, therefore it be logical for there to be a fundamental global change whenever intelligent heads get their APT ACTs together and that only requires that they share what they know about everything they know with everyone who wants to know … and those who don't know what they have been missing.  

Thu, 05/30/2013 - 15:35 | 3611292 dragoneyes74
dragoneyes74's picture

David Stockman is another one who gets it.  

If silver can break thru $23 it will likely go to $25, then it enters the dead zone of scarred and bloody longs still nursing their wounds and wondering what happened.  Probably a short in there but we'll have to see what's happening.    

My Euro short turned from a home run in my mind into a single in reality.  I'll probably regret letting the second half get stopped out at 1.30 but everything is so distorted right now, I don't know which way is up at the moment.  The dollar has been acting weird.  It could be a normal unwinding pullback, or a top of some sort.  No idea.  It will probably meander around until Bernanke Day in June.  But I never understood why more QE caused it to rally in the first place.  The Euro has topped out between 1.31 and 1.33 many times over the last year.  If it breaks thru all of that on volume, you have to respect it, but I'd like to see it top out again b/c I refuse to go long when any random weekend Europe can announce it's stealing more money from its people.  

Last week was the textbook green-to-red topping stick in equities.  This past Tuesday was the textbook backtest of it.  And because it's such a beast here we are making our way up again.  Once again the home run in my mind turned into a single in reality.  And that's only because I tend to take some off right away and move to breakeven.  If it tests the high again, and preferrably breaks to a new high that stalls, I'll try it again.  I think Bernanke purposely scared the market to cool things off and he has zero intention of slowing down, which he will probably say in June.  Ideally, we test the highs and then selloff down to the 1600 level for a backtest of the decade-long breakout.  Then when everyone realizes the Bernanke bucks are still in full gear, we could see another leg up.  It's all up to our friendly neighborhood central banker.    

Thu, 05/30/2013 - 18:58 | 3611871 newengland
newengland's picture

Stockman is covering his arse, and wanting people to excuse him.

NO.

Thu, 05/30/2013 - 15:40 | 3611314 dragoneyes74
dragoneyes74's picture

Trading has created in me an aversion to the color red.  I'd love to remove red from the color spectrum.  Sometimes at red lights I start to twitch.  There is no red in my house.  I used to be able to watch Tiger on Sundays.   

Here's the t-shirt from 2013 equities trading: The Dow is one point off its highs, so I bought the dip!  (and all I got was this stinkin' t-shirt)

 

Thu, 05/30/2013 - 15:43 | 3611323 Nue
Nue's picture

When I was a kid my mom had to go out to run some errands. Me and my brother had a new puppy that we brought into the house to play with us. Of course the puppy then took a dump all over the carpet. My brother  and I instead of trying to clean it up just kept spraying potpourri on the turd. Of course the puppy then proceeded to take even more dumps on the carpet. The end result when my mother arrived home was a house that smelled like both shit and flowers at the same time. That story sums up the problem we have today. The Goverment and the Bank both know this economy is a turd but they don't want to remove the dog out the house and would rather spray glade on turds than actually deal with mess.

Thu, 05/30/2013 - 16:22 | 3611431 SmallerGovNow2
SmallerGovNow2's picture

LMAO...

Thu, 05/30/2013 - 21:37 | 3612356 Pareto
Pareto's picture

Fuck I love analogies!! Hilarious!

Thu, 05/30/2013 - 15:49 | 3611341 GVB
GVB's picture

Insanity: doing the same thing over and over again and expecting different results.

Albert Einstein

Thu, 05/30/2013 - 16:02 | 3611384 moneybots
moneybots's picture

Error of central baning or fraud of central banking?

 

The latter would be correct.

Thu, 05/30/2013 - 16:30 | 3611450 TNTARG
TNTARG's picture

"The error"... Give me a break! This guys must actually believe we're all stupid.

Thu, 05/30/2013 - 20:08 | 3612116 newengland
newengland's picture

He is the apologist, and benefits on all sides. A shill, much like CONgress.

Thu, 05/30/2013 - 16:48 | 3611504 PiltdownMan
PiltdownMan's picture

Just wait for Berkeley prof Yellen to take over from Bernanke! Crazy to shit nuts!

Thu, 05/30/2013 - 18:01 | 3611698 They trynna cat...
They trynna catch me ridin dirty's picture

Actually, there's talk that Larry Summers will be taking the helm.

Being though the next chairsatan will preside over the great reset (assuming it doesn't happen under Bernanke), you'd better believe they're 'keeping it in the family.'

http://upload.wikimedia.org/wikipedia/commons/6/6b/Barack_Obama_in_oval_...

Thu, 05/30/2013 - 17:57 | 3611685 A. Magnus
A. Magnus's picture

Here's my candidate for Evil Bastard Piece of Shit President: Ronald Reagan.

Reagan CREATED the Plunge Protection Team to bailout the banker cocksuckers and bring Marx's dream of totally rigged centrally planned markets to fruition.

Reagan's asshole flunkies like Ollie North drew up plans to put Americans in military prison camps if they disagree with bailing out banker cocksuckers.

Reagan quadrupled the national debt and made a cottage industry for inbred blueblood fucktards to charge the Pentagon $500 for toilet seats.

What's even WORSE is that most people don't know Reagan's old Hollywood nickname - 'Red Ronnie,' a commie poseur who ratted out his actor buddies to the McCarthy Commission for cash and prizes.

What a total fucking piece of shit tool...

Thu, 05/30/2013 - 18:55 | 3611865 newengland
newengland's picture

Learn more about Kissinger, the advisor to every President since Nixon. There you will see the hateful face of the Internationale, the Trilateral Commission which has no home, and only seeks power and money by using politicians, and worse than that, using honest patriotic troops of every nation.

Thu, 05/30/2013 - 18:17 | 3611723 newengland
newengland's picture

We the Republic have a very lethal problem. All the globalists know their plot is failing, and now seek to excuse themselves.

I say no excuse for globalists, the Interenationale, the international financiers who killed Czar Nicholas and replaced him with a much worse solution.

I admire Bibi, an honest soldier, someone abused by Kissinger who says all military men are stupid, merely a tool of 'foreign policy'.

Jews came to the U.S. in the 1700s, and George Washington thanked them for their help.

My people came to the U.S., and founded it, along with others.

Stockman has no skin the game; only money, and globalists hate patriots.

Bibi,

You know this is true. When the globalists have used Israel, they will move onto other places. They have no allegiance to anyone, and only want money and power.

 

All it takes for evil to prevail is for one man to stand by and do nothing, said a good Englishman.

Bibi, defend your brothers in arms, not the international financiers, and their useless failed political dupes and central banksters.

I am livid that the Internationalist/globalist money men waste our armed forces for their own profit and power.

The Nazionists care nothing for jew, gentile. They only get money and power by using our Armed Forces.

Come home to the Constitution, and our Armed Forces.

Thu, 05/30/2013 - 18:09 | 3611728 neutrinoman
neutrinoman's picture

As if on time: http://www.theworld.org/2013/05/northern-ireland-town-fakes-prosperity-f...


A 'pretend' butcher shop in County Fermanagh, Northern Ireland (Photograph: Bryan O'Brien / THE IRISH TIMES)

Thu, 05/30/2013 - 18:15 | 3611749 DanDaley
DanDaley's picture

"Then they will wake up."

 

No. They are called sheeple for a reason.

Thu, 05/30/2013 - 18:24 | 3611767 newengland
newengland's picture

Stockman was there when the worst wrongs were done, and he and his ilk like  Kissinger thinks the troops are stupid.

Wrong.

'Tommy sees', as Kipling said. 

Bibi sees. His brother died.

Thu, 05/30/2013 - 18:26 | 3611773 divide_by_zero
divide_by_zero's picture

The main problem built-in to the system right now is the age demographics, it'll be a lot easier to release/engineer a virus that is especially lethal to the aging boomers than to raise taxes on the working. The US is already down to low single digit taxpayers per leech(public employeee/SS/Disability/Welfare/UI etc). Side benefit is the boom in estate taxes. Leaking Fuku radiation will likely weaken immune systems of the world population over the coming years making this especially tempting.

Thu, 05/30/2013 - 18:30 | 3611786 newengland
newengland's picture

That might mither you.

Stockman is excusing his sort, and hopes you like his excuses.

Bibi and every good soldier understands how the Internationale, the globlists and their paid pets in politics do so like to kill with impunity, and use the troops so your sort can talk second rate crap.

Your right -defended by the men who gift your right to talk crap.

Thu, 05/30/2013 - 18:27 | 3611777 Praetorian Guard
Praetorian Guard's picture

I'm seriously tired of all the shit. No jobs, nothing. I have a good job but trying to reach out for something better, and yet after putting in a plethora of apps, I have come to the conclusion that either I'm over qualified (whatever that means) or you have to know someone to get anywhere. Thats why am I looking at turning a hobby into a side business. Nothing ventured, nothing gained. Tired of the polarized politics. Tired of co-workers or friends who talk of nothing but fucking politics day in and day out. Republicans do no wrong, libs bad. Who really gives a shit anymore?! Tired of the banks, etc. In the end no one really gives a shit, and no ones listens. I seriously am thinking about selling all that I have, buying a piece of remote property up in montana, and saying to hell with everything. I guess my only concern at that point will be the ICBM's raining down over the prairie, but then again, enjoy the show, drink a beer, and hug your family... 

Thu, 05/30/2013 - 18:37 | 3611797 newengland
newengland's picture

Dear thoughtful person. The Republic is made of your stuff. Do not be disheartened. Sometimes, we must adjust and evade the internationalists, the globalists and their silly dupes.

Meh ;-)

My country, tis of thee. All for one, one for all.

We shall overcome. Our country, our people.

Thu, 05/30/2013 - 18:39 | 3611812 Praetorian Guard
Praetorian Guard's picture

Yea, I guess. All I know is that in the last 20 years, probably much longer people have gone fucking retard... at times I feel like I am surrounded by idiots. Its only sites like this, and a few others that give me encouragement that not all is lost... but then again, maybe it is, and we are the dinosaurs...

Thu, 05/30/2013 - 20:27 | 3611832 newengland
newengland's picture

The Republic of the USA was founded by people who knew they could lose everything by defying the international rootless financiers, the monarchy, the Vatican.

Stay strong.

Bibi will do the right thing in the end, imo. 

What is the alternative? WMD for the profit of rootless cosmopolitans. Death to all for the profit of the few. War makes money for the few at the cost of the many.

Thu, 05/30/2013 - 20:54 | 3612235 Imminent Crucible
Imminent Crucible's picture

"Its only sites like this, and a few others that give me encouragement"

There is a great network (if you can call something so loosely affiliated a "network") of us out here, who have excused ourselves from the Welfare/Warfare system.

We live very quietly for the most part; we don't wave Bushmasters around or put "Nuke The Fed" bumper stickers on our old cars and trucks.  You won't see us throwing Molotov cocktails or marching on D.C. 

We won't come and find you, but you can find us if you take the steps we have taken. Don't be discouraged. Fear and anger will suck the life and energy out of you.

Be thankful for what you have, and more will be given to you. There is always a way out; ALWAYS. I've proved this in my own life over and over. But there is also a price to pay. Most of the people you know will think you're a little out of touch. They will wonder why you don't live to the limit of your income. They will wonder why you're not always in a hurry. You won't fit in. That's okay--you wouldn't want to be "well-adjusted" to a world this screwed up.

Whatever cell you find yourself in, the key is in your hands and the door swings outward.

Thu, 05/30/2013 - 21:36 | 3612353 Pareto
Pareto's picture

Its easy to get discouraged - the idea of cultivating opportunity has definitely been diminished.  However, I think the buying a chunk of remote property in Montanna, is an AWESOME idea.

Thu, 05/30/2013 - 19:23 | 3611953 bugs_
bugs_'s picture

its not an "error" it is a scourge

Thu, 05/30/2013 - 21:23 | 3612329 nidaar
nidaar's picture

One good war surely can fix all these problems, one way or the other...

Thu, 05/30/2013 - 21:45 | 3612372 Pareto
Pareto's picture

Its not a revenue problem.  Its a spending problem.  Its socialism on steroids.  Even Marx would say, "wtf"?

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