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David Rosenberg: "From What I Hear..."

Tyler Durden's picture


David Rosenberg, recent reflationist reincarnation aside, has never been one to interject spurious rumors in his client letters. Which is why, if what he is "hearing" is accurate, then the bulls better pray that David Tepper's view of the taper as being bullish (then again, to David Tepper everything is "bullish" during CNBC appearances as it is merely provides an opportunity to sell to the gullible public) is correct, or else Bernanke may go ahead and shock the market as soon as next week's FOMC press conference (the last until September) with a very disturbing gravitational reality check.

From what I hear, Ben Bernanke convinced the FOMC in December that in order to get ahead of a potential 'fiscal cliff' in December, it was a matter of having to 'shoot first and ask questions later'. In other words, take a pre-emptive strike in December against the prospect of falling off the proverbial cliff and into recession in the opening months of 2013. But what happened next was a fiscal deal that was reached in early January and the economy faced a hill, not a cliff. The economy still faces near-term sequestering hurdles, but the reality is that a bold policy move aimed at thwarting off recession is now being reconsidered. Bernanke apparently told the hawks on the FOMC that if the economy was not in contraction mode by now, the 'tapering off' talk would ensue — and that is exactly what has happened.


* * *

David Rosenberg is Gluskin Sheff’s Chief Economist & Strategist and the author of the daily economic report, Breakfast with Dave. You can subscribe to it by visiting”


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Wed, 06/12/2013 - 17:30 | 3651657 notadouche
notadouche's picture

Which would correlate perfectly with the front running of precious metals dump earlier this year.  

Wed, 06/12/2013 - 17:40 | 3651683 Peter Pan
Peter Pan's picture

We are in danger of moving to a fresh paradigm without having dealt with or allowing the free market to deal with the outstanding issues.

Wed, 06/12/2013 - 17:51 | 3651703 Pinto Currency
Pinto Currency's picture


The bond market has shown signs that it does not move in tapering steps.  The load shifts rather quickly.

The bond barge is stuffed and a shift risks rolling enough that it starts taking on water.

Just discussing tapering has sent yields from 1.6 to 2.3%.

Santelli is on to this.

Wed, 06/12/2013 - 17:54 | 3651720 nope-1004
nope-1004's picture

Talk and Action are two different things.  The FED has always talked more than acted, as they are completely ineffectual at stimulating organic growth.


Wed, 06/12/2013 - 20:02 | 3652103 flacon
flacon's picture

I'm confused. I thought *'Obi-Ben Bernobi was our only hope'* to "grow" the economy by using QE. But this sounds like he WANTS the economy to contract... I don't understand. Does "tapering off' mean "taper is off" (ie more QE) or does it mean QE is going to be 'tapering off'? Fucking English language. I used to think I understood the basics of their insane Keynesian minds, but now I doubt myself. 


told the hawks on the FOMC that if the economy was not in contraction mode by now, the 'tapering off' talk would ensue 

Thu, 06/13/2013 - 00:35 | 3653119 spine001
spine001's picture

To understand their wierd logic you ned to do at least an masters in finance if not a PhD. I am doing an MBA and barely grasp how they think. Ass I have mention3d before Bernanke testified in Congress multiple times that QE woukd not work to kick start the economy without them bringing on structuralnand fiscal reform that ensured the markets that long term deficits were under control. The desperate measures taken to avoid the cliff have made the worst case sc3nario of bubbles and financial ijstabioity with no growth the base case now. With that sa8d, it should be clear to them by now that further QE would only bring larger bubbles and more worldwide instability to the sytem without doing anything for growth. Thus the Fed is no longer in front of a decreasing gains scenaro but in front of a negative scenario where more clearly means less. They have mo option but to taper if they want to fulfill their mandate. Wether the technical people will have their advice heard or wether the ignorant politically driven members of the FOMC wipl 0revail nobody can know. But the t3chnical equation has been clear for a long time as I have posted here before. What David is saying makes too much sense. I hope that the techn8c8ans win this one or we are all doomed, and 8t may be t9o oate already...

Until next time,


Wed, 06/12/2013 - 17:53 | 3651721 fonzannoon
fonzannoon's picture

I just got off a call with a client with a pretty big account

Them: I'm down 8k in the last month

Me: you're welcome

Them: You said we were not that exposed to the stock market

Me: You're not. You, and everyone else got creamed in your bond positions

Them: How can that be, interest rates have not gone up.

Me: They most certainly have.

Them: But they said they were going to announce when rates would start to go up. They said 2016 or something.

Me: It seems it works a bit differently.

Them: I don't understand?

Wed, 06/12/2013 - 17:57 | 3651732 TheEdelman
TheEdelman's picture


Wed, 06/12/2013 - 17:58 | 3651738 CH1
CH1's picture

Them: But they said they were going to announce when rates would start to go up. They said 2016 or something.

Me: It seems it works a bit differently.

Them: I don't understand?

You: Have you ever seen The Matrix? With the red pill and the blue pill?

Wed, 06/12/2013 - 18:05 | 3651757 Ham-bone
Ham-bone's picture

man, if I was short deliverable gold and wanted to finish the destruction of PM's, what better way than tell everybody I've found religion and I'm taking away the QE party.  Make some tough talk bout how the economy ready to stand on it's own two feet. 

Oh and the metals smashdown...that's you chance to buy it at dimes on the dollar.  JPM and COMEX issues solved.

Wed, 06/12/2013 - 18:15 | 3651783 nope-1004
nope-1004's picture

lol.  Then let's bring this issue to resolution NOW.

Smash the markets and kill PM's.  Miners will shut down.  And I won't mind being a contributing factor to zero supply left - ANYWHERE.  We'll see how long that equillibrium lasts.


Wed, 06/12/2013 - 18:22 | 3651791 Pinto Currency
Pinto Currency's picture

Problem is, the financial talking heads think that inflation is caused by economic activity.

If they are tapering, it is because activity is picking up.

So as the bond market (size XXL) starts to deflate where is the money going to run?

Real goods.  Oil, p.m.'s etc.


Why do you think the banks have shifted from 100,000 contracts short to 30,000 contracts long in gold:

Wed, 06/12/2013 - 18:16 | 3651790 Pinto Currency
Pinto Currency's picture



Wed, 06/12/2013 - 18:07 | 3651765 disabledvet
disabledvet's picture

"why not roil the markets. All of em! that's why the call it the summer doldrums. i promise to wait until after Memorial Day when all the Young Turks have headed of the Hamptons." Thanks!

Wed, 06/12/2013 - 18:12 | 3651785 JPM Hater001
JPM Hater001's picture

I remember when I was wholesaling early in my career and I was outside a corner office when I first heard the words: margin call.

That 2001 was so overdone. Today we have safety in less loss.

"So, where do you think you will lose the least. I would caution you not to think cash."

Wed, 06/12/2013 - 20:23 | 3652195 buzlightening
buzlightening's picture

Well stated Peter Pan.  Here comes the judge.

Wed, 06/12/2013 - 17:40 | 3651685 The Shootist
The Shootist's picture

Well the economy has been contracting since 2008. Does he mean the stawk market bazaar?

Wed, 06/12/2013 - 17:51 | 3651718 BeetleBailey
BeetleBailey's picture

"Bernanke apparently told the hawks on the FOMC that if the economy was not in contraction mode by now, the 'tapering off' talk would ensue — and that is exactly what has happened."

Not in contraction.

It's in ICU.....lied about as "recovery".....

Wed, 06/12/2013 - 18:35 | 3651849 CrashisOptimistic
CrashisOptimistic's picture

2012 Q4 GDP 0.4%

2013 Q1 GDP on the inventory bounce, 2.4%

Projected 2013 Q2 GDP with bounce complete, 1.5%


Why on Earth would they think they can withdraw it.  With GDP at 1.5% BEFORE the DoD Sequester layoffs starting in July, why would they think they can withdraw it?

I smell a Mario Draghi moment.  Say you are going to do things, over and over again, and never do them.

Wed, 06/12/2013 - 18:17 | 3651795 slaughterer
slaughterer's picture

$5-10b/m taper announced at next FOMC next week: do with it what you will.  

Wed, 06/12/2013 - 18:21 | 3651800 fonzannoon
fonzannoon's picture

That puts the 10yr at 2.35%.

Kevin stays busy trying to hold stawks together.

Wed, 06/12/2013 - 18:41 | 3651862 gatorengineer
gatorengineer's picture

i cant see how they could go that small....  I think its a 20 roll back or nothing.....  Also depends on how they split it betwen mort and bills...

Wed, 06/12/2013 - 19:16 | 3651958 Stuart
Stuart's picture

Ya.  Ben better wish the Treasury Dept good luck in servicing the public debt, let alone the Fed eating its own losses as it's own books implode.   Damned if they do, damned if they don't.  Either way...    

Wed, 06/12/2013 - 19:34 | 3652007 flacon
flacon's picture

"Tapering of". Lots of double negatives. Does it mean a reduction in the amount of the increase of asset purchases, or does it mean a reduction in the amount of the reduction of the amount of the increase of asset purchases? It's fuckin' 'economist-speak'. 

Wed, 06/12/2013 - 19:43 | 3652036 Lets Buy The Dip
Lets Buy The Dip's picture

Never mind metals

That will rally later in the year, and still in a bigger bull market. I think traders right now are looking at the market after today. 

The market took a dump today down 27 points.  

But the Transports (or the leader of the market) CLOSED BELOW THE 50 EMA => SEE THE CHART HERE!

Could get messy on the market the next few weeks, WEEKLY on S&P just turned to a sell signal. Time to hit the bloody PANIC BUTTON sirs.

Wed, 06/12/2013 - 17:32 | 3651663 LostPolarBear
LostPolarBear's picture

So they "taper" from $85B per month to $65B-$75B per month.  That's still a shit ton of money printing.



Wed, 06/12/2013 - 17:33 | 3651665 RSDallas
RSDallas's picture

These are all plants to get a feel for what the markets will do.  Plain and simple.  

Wed, 06/12/2013 - 17:50 | 3651711 cougar_w
cougar_w's picture


Monetary policy now days is 1 part economic analysis and 9 parts mind-fuck.

Wed, 06/12/2013 - 18:05 | 3651756 dracos_ghost
dracos_ghost's picture

These are all plants to get a feel for what the markets will do.  Plain and simple.  

I'd tend to agree with you, but with the "intangibles" line item in the GDP coming up in July, it's going to be hard for the Bernanke to justify the QE spigot when GDP posts a bogus +5.5% growth number. In addition, with the imminent immigration bill passage magically creating millions of jobs by decree(all those illegals mysteriously becoming new jobs), the unemployment number will plummet -- once again with the irrelevant fact that it's BS. Plus passage of the immigration bill will have the Republidicks ceding power to Chancellor Obama and the sequester "headwinds" will be fart exhaust.

It's the end of the world as we know it -- and I DONT feel fine.


Wed, 06/12/2013 - 21:18 | 3652388 Ned Zeppelin
Ned Zeppelin's picture

Absolutely correct. Jawboning is the preferred tool.

Wed, 06/12/2013 - 17:34 | 3651669 The Master
The Master's picture

"From what I hear".......usually a fan of Rosenberg but that's not good enough for me.  Where was this quote in January?

Wed, 06/12/2013 - 17:34 | 3651670 alphamentalist
alphamentalist's picture

2013 is 1984 and 1987. awesome.

Wed, 06/12/2013 - 17:59 | 3651745 CH1
CH1's picture

2013 is 1984 and 1987. awesome.

With an overdose of Brave New World thrown in for good measure.

Wed, 06/12/2013 - 17:34 | 3651671 Peter Pan
Peter Pan's picture

The only thing for the FED and the govt to do is to shrink government and allow people and the market find a solution no matter how painful it will be.

Wed, 06/12/2013 - 17:52 | 3651719 cougar_w
cougar_w's picture

Well those are the very two things the Fed and the government absolutely will not do.

Got anything else for us?

Wed, 06/12/2013 - 20:34 | 3652228 Imminent Crucible
Imminent Crucible's picture

Got anything else? Sure; they can start a war.

Edit: Start ANOTHER war.

Wed, 06/12/2013 - 21:40 | 3651723 notquantumdum
notquantumdum's picture

And, they really don't even have to shrink the government, they could just slow down its rate of growth in order to allow the economy to catch up thus shrinking govt as a percent of GDP.  Even that would cause massive nashing of the teeth and much complaining as the sequester has.  Keep in mind, even the sequester INCREASES spending; it just does so at a slower rate than had been "budgeted" (no matter how terribly the individual components of the "cuts" were selected).

As I think Thomas Sowell wrote, if an imaginary government which only performed two activities, providing healthcare to poor children and building statues of Benedict Arnold, were to ever enact any "spending cuts" they would almost certainly cut back providing healthcare to poor children since this would cause the most public consternation for the cuts; whereas, people might actually ask why statues of Benedict Arnold were actually being built in the first place if this activity were cut.

Wed, 06/12/2013 - 17:35 | 3651673 fonzannoon
fonzannoon's picture

What a total bunch of bullshit this all is. So Bernanke signals a change in policy. Shocks everyone. The market tanks. Rates do what? Rise? Drop? Let's go with scary and say they rise. We know Bernanke is not showing up in August right? So we get all this turmoil and our monetary leader is nowhere to be found? He will resign between now and August. The next fool will come in and launch another round of massive QE.

That's all I can see happening from here.

Wed, 06/12/2013 - 17:49 | 3651709 BeetleBailey
BeetleBailey's picture

Janet "Smellin like Hellin" in line for the fucking throne....and will print like she's out of panties at an "Everything's a Fuckin Trillion Dollars" store....

Wed, 06/12/2013 - 17:57 | 3651734 Praetorian Guard
Praetorian Guard's picture

I laughed so hard I cried... good one... hahahahahaha

Wed, 06/12/2013 - 17:55 | 3651731 kito
kito's picture

im getting the sense that ben sees the end of the line with printing.....

Wed, 06/12/2013 - 17:58 | 3651743 fonzannoon
fonzannoon's picture

Maybe he does. Is this 2010 all over again? Pre QE2?

Wed, 06/12/2013 - 18:03 | 3651751 kito
kito's picture

i dont know anymore......all i know is that i dont know.........all i know is that nobody knows................who am i???????

Wed, 06/12/2013 - 18:10 | 3651767 ekm
ekm's picture

It's over.

Even Rosie is trying to give the impression that there are hawks and doves, as if there is democracy at the Fed.


There is none. Benny rules and White House rules over him.

Wed, 06/12/2013 - 18:55 | 3651897 Pinto Currency
Pinto Currency's picture


JPM rules Bernank.

Wed, 06/12/2013 - 18:56 | 3651899 ekm
ekm's picture

Not far from the truth, that's why QE was dead in January.

We'll have 1 or 2 primary dealers sacrificed on JPM's altar.

Wed, 06/12/2013 - 17:35 | 3651674 lolmao500
lolmao500's picture

Now if the DOW could man up and do like the Nikkei, that would be hilarious.

Wed, 06/12/2013 - 17:39 | 3651678 russwinter
russwinter's picture

"If you fake the funk, your nose will grow." - Bootsy Collins, The Pinocchio Theory

Wed, 06/12/2013 - 17:42 | 3651689 savagegoose
savagegoose's picture

"from what i hear" is code for " they will destroy me if i dont play along "

Wed, 06/12/2013 - 17:42 | 3651691 buzzsaw99
buzzsaw99's picture

Whether the fed manipulates the S&P up, or down, it is still just manipulation. There is no market, there is only the bernank.

Wed, 06/12/2013 - 17:45 | 3651698 fonzannoon
fonzannoon's picture

The Bernank is gone buzz. His job is done. He will be a distant memory soon.

Wed, 06/12/2013 - 17:48 | 3651707 TheEdelman
TheEdelman's picture

K. Henry is going to lose his mentor.  This is depressing

Wed, 06/12/2013 - 17:49 | 3651708 buzzsaw99
buzzsaw99's picture

yeah, we'll be gellin' with yellen soon enough.

Wed, 06/12/2013 - 17:55 | 3651726 cougar_w
cougar_w's picture

The Bernank will never be gone from our hearts. I for one will continue to blame him personally for eveything that has ever and will ever go wrong in any subject area for the rest of my natural life. Because it really will have been all his fault the stupid putz.

Wed, 06/12/2013 - 17:58 | 3651740 Bay of Pigs
Bay of Pigs's picture

Lets not forget Greenspan, Rubin and Summers in all of this.

Credit where credit is due...the Bernank learned from the money masters and wizards of financial instruments.

Wed, 06/12/2013 - 19:45 | 3652043 Pinto Currency
Pinto Currency's picture


Wizards of deception and bullshit.

Wed, 06/12/2013 - 17:55 | 3651728 Dr. Engali
Dr. Engali's picture

And Yellen , an even bigger dove, will be his replacement.

Wed, 06/12/2013 - 18:40 | 3651858 honestann
honestann's picture

I still think the Bernanke replacement will be Krugman.

Wed, 06/12/2013 - 20:38 | 3652244 Imminent Crucible
Imminent Crucible's picture

It hurts me to say this, but some insiders are pointing towards Tim Geithner. Others are pointing out Fat Larry Summers.

Summers, Geithner, Krugman, Yellen----they are carbon copies, with the same programming: CTRL+P

Wed, 06/12/2013 - 22:13 | 3652597 Mike in GA
Mike in GA's picture

I so hope you're wrong because I cannot imagine listening to that arrogant political hack weasel in an official capacity much less imagine his Cntrl-P prowness. 

You're a very smart woman, Ann, I just hope you get this one wrong.


Wed, 06/12/2013 - 17:45 | 3651694 XitSam
XitSam's picture

Before I understood economics as I now do, back in the 1990s and early 2000s, the news media standard line was that the Fed's actions take at least 18 months to show up in the economy, usually two to three years.  Since then the Fed has increased its power of prediction, getting the lead time down to three to five months. What an amazing world we live in.

Wed, 06/12/2013 - 20:45 | 3651750 notquantumdum
notquantumdum's picture

Alan Greenspan said many times, I believe, that, generally, it takes 6 to 18 months for the full effects of Fed policy changes (and presumably fiscal policy changes, as well) to be fully reflected in the economy.  If true, doesn't that prove that the economy would have already substantially improved by now if the politicians had actually fixed anything in the last 6-1/2 years?  What is the exceptional case, if not?

PS, the "news media standard line", is pretty much not worth consideration, with respect to economics.

Wed, 06/12/2013 - 19:08 | 3651934 ziggy59
ziggy59's picture

I used to think i understood economics...then I beamed down to bizarro world..nope!

Wed, 06/12/2013 - 20:05 | 3652123 notquantumdum
notquantumdum's picture

Economics is simple.  It's based in part on psychology.

So, it's completely irrational.

Wed, 06/12/2013 - 17:47 | 3651704 lolmao500
lolmao500's picture
Former drone operator says he's haunted by his part in more than 1,600 deaths

Wed, 06/12/2013 - 17:51 | 3651714 buzzsaw99
buzzsaw99's picture

It's just a matter of time before some of those drones get marked "return to sender". It's not like they are very expensive or all that complicated to build.

Wed, 06/12/2013 - 17:50 | 3651712 sandiegoman
sandiegoman's picture

so gold will tank and equities will????

Wed, 06/12/2013 - 17:51 | 3651713 Bay of Pigs
Bay of Pigs's picture

"hawks on the FOMC "

LOL, that's a good one. And how is Bart Chilton's silver investigation coming along down at the CFTC?

Wed, 06/12/2013 - 17:56 | 3651733 buzzsaw99
Wed, 06/12/2013 - 17:58 | 3651739 The Master
The Master's picture

It's all relative.  Everyone is a hawk when compared to Bernank/Yellen.  

But let's be real.  We all know how an FOMC meeting goes down.  Everyone takes their seats and directs their attention to a large digital screen for a video conference call with Rothschild, Warburg, et al.  The FOMC members take out their pens and pads of paper and take notes diligently like schoolchildren.  That is all.

Wed, 06/12/2013 - 17:54 | 3651724 ebworthen
ebworthen's picture

But the economy is in contraction mode.

Wed, 06/12/2013 - 18:04 | 3651754 Satan
Satan's picture

There is a reason Benny ain't going to Jackson Hole in August...

Wed, 06/12/2013 - 18:05 | 3651759 Darth Silver
Darth Silver's picture

Rosenberg has allowed himself to be hilsenrath

The fed is scared shitless that the allocated gold scandal is about to be disclosed. They are desperate for a real supply of gold to sell.

Hasn't happened yet.

As they said in Titanic "Iceberg, straight ahead!"

Wed, 06/12/2013 - 18:08 | 3651768 Mojeaux18
Mojeaux18's picture

Tepper, tepper, taper, tapper.  What difference does it make?

Wed, 06/12/2013 - 18:25 | 3651818 fijisailor
fijisailor's picture

No matter who is in charge of the FED the only option is to continue to print, and even more than before.  Anyone who thinks otherwise doesn't understand the nature of drug addiction.

Wed, 06/12/2013 - 19:19 | 3651966 oddjob
oddjob's picture

Anybody that thinks existing tax revenues can fund the ever expanding police state, multiple wars and promised entitlements is wilfully ignorant.

Wed, 06/12/2013 - 18:46 | 3651880 assistedliving
assistedliving's picture

someone is threatening to put the hammer down...just cant figure who.


Wed, 06/12/2013 - 18:48 | 3651884 doggis
doggis's picture






Wed, 06/12/2013 - 18:58 | 3651907 monopoly
monopoly's picture

Never going to happen. Period. Done, They can't, they won't but they will spew forth venom from their foul mouths.

Wed, 06/12/2013 - 19:15 | 3651953 thismarketisrigged
thismarketisrigged's picture

i am just curious, are any zerohedge members invested one way or another in the stock market, or only im PMS?


i only ask this because we all know its not a market anymore and its a scam, but im still wondering despite how we all hate this market now and want it to crash, if there are members who do own stocks, or any positions be it short or long in this stock market today?

Wed, 06/12/2013 - 19:27 | 3651990 FreeMktFisherMN
FreeMktFisherMN's picture

I sometimes flip UVXY and TVIX short term, and also NUGT and USLV for a quick trade. The only stocks I've ever invested in are SWHC and RGR.


I could also see myself trading more commodity ETFs in the future. Coffee (JO) has been hammered for quite some time, and I think it should start bottoming. Corn  (CORN) also probably needs to fill the huge gap down from April and the weather in the midwest has been so wet, too.


But first and foremost I'm a futures trader, mainly crude oil, sometimes euro, sometimes nat gas. 

Wed, 06/12/2013 - 20:23 | 3652045 notquantumdum
notquantumdum's picture

Whew, those first four are pretty toxic longer-term.  FLIP is the key word in your sentence.  I like trading UGA and BNO, for some reason, despite how il-liquidly they trade.  I'll guess that I'm probably doing longer-term trades than you are.

Wed, 06/12/2013 - 20:42 | 3652000 notquantumdum
notquantumdum's picture

Sure there are.  These individuals may just not believe everything they read, even on ZH.  They may just be seeking other information which is not otherwise readily available elsewhere.

And, hey!  The technicals usually still work even when nothing else does.  (And, they're not really looking so good for equities right now; we'd better hold the 50DMA on the S&P close, every day, or watch out below.)

And, I hate to admit it here, but I'm even hedged!  (But, net long equities, even though it's a relatively small part of the whole pie.)

(And, didn't the IBD just downgrade things to, equity, "market in correction"?  I think that's what I read.)

Wed, 06/12/2013 - 20:12 | 3652152 Non Passaran
Non Passaran's picture

If you want to gamble why not.

Wed, 06/12/2013 - 19:28 | 3651998 RhoneGSM
RhoneGSM's picture

Repeat after me: There is no voluntary exit from ZIRP.

Wed, 06/12/2013 - 19:52 | 3652075 OS2010
OS2010's picture

I'm being obtuse again, sorry, but I lost the plot:

What *was* the action taken as "a pre-emptive strike in December against the prospect of falling off the proverbial cliff and into recession in the opening months of 2013....."?

Wed, 06/12/2013 - 20:09 | 3652140 Non Passaran
Non Passaran's picture


Wed, 06/12/2013 - 20:11 | 3652148 OS2010
OS2010's picture

Thanks, I'd forgotten.  It's been almost as if QE4EVA has been around 4EVA!

Wed, 06/12/2013 - 21:29 | 3652167 Bloody Chiclitz
Bloody Chiclitz's picture

Drones - 'It's not like they are very expensive or all that complicated to build"


Yah, building remotely piloted aircraft that you can operate from 10,000 miles away is definitely easy and cheap.  Especially for people who can't even build cars or refridgerators.

Yep, the aerodynamics, avionics, power plant integration, satelite relay of massive data, targeting software, it's all hobbyist shit.


Then why can't I buy a robot lawn mower for 5 or 6k. My lawn doesn't move or change shape. A 8 year old with a long enough attention span can do it and not even lose any limbs. They could put some IR reflectors around and it could use a pentium or an atom proc runing Linux with 1 gig of ram and map it. I mean what the Hell, there is no aerodynamic component, g force calcs, cross wind, rate or angle of descent.  The thing could move at 2 MPH and take all day who would care.

Hey, drone builder guy! Build some robot lawn mowers first. Perfect your craft and get rich then you won't even need to build any drones you could buy em retail.

The above post is as serious as the article it's posted under.


Wed, 06/12/2013 - 21:19 | 3652385 dcohen
dcohen's picture

Is Bernanke entertaining the idea that the US is not in contraction mode, he is even crazier than I thought. US is in muddling along or expansion mode only to Mirage men.

Letting rates go higher, yeah right, that will cause an instant revolution in the US, not a bad idea, but it won't happen, rates that is.

Wed, 06/12/2013 - 22:00 | 3652547 OS2010
OS2010's picture

When you don't have to live in the real world, it's easy to think everything's OK for everyone.  I wonder if these people ever do their own shopping.

However, some of us prefer to live in the real world, where life means a whole lot more.

Thu, 06/13/2013 - 06:01 | 3653434 Dr.Engineer
Dr.Engineer's picture

Margin is the highest since the last bubble blew.   Think people.  There is no more money, even if lending is free, to throw at this bubble.  Only if the Fed starts buying stocks will that happen -- it might. 

It seems there is something else afoot.  What is food inflation like in the 3rd world?  Maybe there are too many black swans swirling about and getting tired.  Japan?  China?  ECB?  Australia? 

Man, how do I sleep at night.

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