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Janet Yellen Trolls America's Poor: Tells Them It Is Important To Get Rich

Tyler Durden's picture




 

Remember when over the weekend we reported, that "America's Poor Have Never Been Deeper In Debt", showing how this tragic development took place over the past few years, accelerating almost exponentially into the New Normal...

 

... and in its proper context, using one of our favorite charts, showing that while the rich hold assets, the poor are merely drowning in ever more debt:

 

Well, Janet Yellen has a message for America's poor.

The day after tomorrow's much anticipated FOMC meeting which will surely make the richest 1% in the nation even richer, the Fed chairman will address everyone else, as follows:

Speech--Chair Janet L. Yellen

The Importance of Asset Building for Low and Middle Income Households

At the Corporation for Enterprise Development's 2014 Assets Learning Conference, Washington, D.C. (via prerecorded video)

8:45 a.m. ET

Not surprisingly "everyone else", namely America's low and middle income households, aren't even worth a live appearance, hence the "prerecorded video."

But the punchline is the actual message, in which Janet Yellen tells those mired in debt to build more assets.

In other words, the Fed Chairman has some words of encouragement for the tens of millions of Americans who live at or below the poverty level, including that threatened with extinction class, affectionately known as "the middle."

Her message? It is important to build assets, or said otherwise...  get rich.

...

 

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Tue, 09/16/2014 - 10:57 | 5222720 EINSILVERGUY
EINSILVERGUY's picture

The Financial version of "Let them eat Cake"

Tue, 09/16/2014 - 11:01 | 5222729 Buckaroo Banzai
Buckaroo Banzai's picture

How to become a millionaire.

First: get a million dollars.

Tue, 09/16/2014 - 11:03 | 5222739 Headbanger
Headbanger's picture

Fuck you Janet!

And the horse that rode in on you..

Tue, 09/16/2014 - 11:06 | 5222757 CrimsonAvenger
CrimsonAvenger's picture

Leave Kerry out of this. He's dealing with enough already.

Tue, 09/16/2014 - 11:11 | 5222784 Headbanger
Headbanger's picture

Oh fuck!

LMFAO!

Tue, 09/16/2014 - 11:22 | 5222837 Save_America1st
Save_America1st's picture

so in other words...open up a bunch of high interest credit cards to buy "stuff" with.  Go get a nothing down, shit-credit, Government Motors car loan for a new shitty car from the very lengthy GM recall list that you'll never be able to pay for.  Then toodle on over and sign up for a new shit-credit, nothing down, house loan that you can't pay for and voila!  You're super fucking RICH!!!

Tue, 09/16/2014 - 11:29 | 5222871 Xibalba
Xibalba's picture

Gold is an asset 

Tue, 09/16/2014 - 11:33 | 5222890 SWRichmond
SWRichmond's picture

She is utterly clueless, and thus perfect for the position.

Tue, 09/16/2014 - 13:00 | 5223085 COSMOS
COSMOS's picture

Sure the poor should just steal assets like the aholes in the Fed who steal by devaluing the dollar.  Or they should steal like the crooks on Wall street.  This is the only way to get ahead in this country.

Tue, 09/16/2014 - 13:45 | 5223422 NihilistZero
NihilistZero's picture

It does say something about the interests of the wealthy whom Janet serves.  The only way the poor and middle can obtain assetrs is to buy them from the wealthy.  So Janet can be seen as saying "The wealthy want you to buy their shit because they know it will be worth less tomorrow." 

The only way they can keep the rentiers in power is through cyclical inflation AND deflation.  The next round of the latter is near.

Tue, 09/16/2014 - 15:14 | 5223727 mkkby
mkkby's picture

Actually she's right.  Almost anyone can save a nice nest egg.  But tv watching idiots won't ever do that.  They think they can't live without a new apple product every year, an expensive cable subscription, or a fancy new car on credit.

The people who are still driving 20 year old cars, ccok their own healthy meals and think smart phone = no phone are well on their way to having a million.  The rest of you losers can whine about in on facebook.

Tue, 09/16/2014 - 15:31 | 5223782 The9thDoctor
The9thDoctor's picture

Yellen failed to mention that most poor Americans don't even know what an asset even is, so how would they be able to get one?

Tue, 09/16/2014 - 16:55 | 5224107 hardmedicine
hardmedicine's picture

Actually, this is sadly the truth.  No economics or financial education in the new common core!

 

Tue, 09/16/2014 - 18:28 | 5224436 Anusocracy
Anusocracy's picture

That fat cow should set an example by getting a real job.

Tue, 09/16/2014 - 18:57 | 5224504 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

"Build assets"?!  Oh, fuck!!

All these years, we thought it was "Build asses"...

Wed, 09/17/2014 - 10:02 | 5226016 Dr Hackenbush
Dr Hackenbush's picture

the mechanics of the money system predict that a certain percentage must fail 

Tue, 09/16/2014 - 21:12 | 5224898 Escrava Isaura
Escrava Isaura's picture

 

 

hardmedicine,

 

Studying economics turns you into somebody that likes to make shit up from thin air and peddle it as 'research'.

 

Tue, 09/16/2014 - 19:06 | 5224537 nightshiftsucks
nightshiftsucks's picture

So buy stawks ?

Tue, 09/16/2014 - 21:13 | 5224885 Escrava Isaura
Escrava Isaura's picture

 

Doctor,

 

The asset for the poor is 'having' a job.

 

Wed, 09/17/2014 - 00:26 | 5225330 Overfed
Overfed's picture

Of course they know what an asset is. Nike just unveiled the 'Lebron 12' sneaker. Lots of kids are gonna be getting beat up (and worse) for their assets.

Wed, 09/17/2014 - 02:17 | 5225426 Sirius Wonderblast
Sirius Wonderblast's picture

It comes to something when a shoe can be "unveiled", and that it gets reported!

Wed, 09/17/2014 - 14:30 | 5227084 Shizzmoney
Shizzmoney's picture

Of course they know what an asset is....they see them in the strip clubs every weekend.

Tue, 09/16/2014 - 19:02 | 5224520 Vullsain
Vullsain's picture

The really smart play it like the rich, debt,debt, debt baby!! file bankruptcy!! at least you got your stuff, eat out all the time, upgrade the cell every year, who can live without HBO or drive a car over 5 years old, go to europe on the student loans while you get your sociology or art degree the fed's will eventually forgive the debt, and if you do not end up making over six figures then it is not your fault, or it is because you are a woman and the wage gap!!!!. Get in way over your head in housing, if you do not make a million, foreclosure baby!!! you get to start from scratch in just seven years, way ahead of the idiots who live within their ways and means the ethical, responsible,frugal, sound money type individuals are losers.

Just a small scale version of the bankster/fed syndicate.

 God Bless America!!!!!!!

Tue, 09/16/2014 - 19:57 | 5224675 cynicalskeptic
cynicalskeptic's picture

I've met three kinds of 'wealthy' -

1) They inherited it from ancestors who made it originally via 2) or 3) - the larger the fortune the more likely it was 3)

2) They worked hard providing a wanted service prroduct at a fair price - this could be wholesale fruits, drycleaning, car restoration or any number of businesses.  Sadly, these are rare and becoming rarer.

3) They schemed and connived - within some 'corporate' structure or out on their own but the basis of their fortune was fakery.

 

No matter how their fortunes were made, the quickest way to lose them was being greedy in the 'market' and thinking they could make a quick buck.

Rarely will the intellegent competent skilled person become really wealthy working within the system (unless they are willing to scheme and connive - 'management' at the top rarely - if ever- gets there - or gets rich - from mere professional skill).

The cheats and schemers aere the ones that get really rich - be it by buying condemned muskets to sell back to the government, or scheming to put more competent competitors out of business or... well the examples are endless.  Of late the preferred way seems to be using borrowed money to manipulate the hell out of markets 

Tue, 09/16/2014 - 20:48 | 5224829 Gaius Frakkin' ...
Gaius Frakkin' Baltar's picture

Maybe that's how it was... but today it's difficult to separate 2 and 3. For example, the modern farmer wouldn't exist without subsidies, yet some of them are quite wealthy due to land prices. Where does that put them?

Wed, 09/17/2014 - 10:23 | 5226102 Citxmech
Citxmech's picture

IDK - try finding a good contractor.  Quality, on time work at a good price is still difficult to find.

Of course that won't get you "super rich" but it's a good start to becoming pretty well-off.  Once of the best insights in the book "The Millionaire Next Door" was that most of the millionaires in this country (at least at that time) were small business owners who lived modestly - ie "Small Hat, Lots of Cattle."

That's where a lot of folks fuck themselves - believing all the ad hype that the trappings of the ostentatious will make them feel rich - even if it's all on credit.   

Regarding farmers - look at the strength of local farmer's markets and I think we're seeing the beginning of a sea-change.

Tue, 09/16/2014 - 19:07 | 5224541 epoxe
epoxe's picture

Question: if you have to pinch every fucking penny you earn to survive, whats the point of surviving? I'm not saying spend like a drunken sailor but at some point inflation theft is unbearable.

Tue, 09/16/2014 - 21:40 | 5224993 Yes_Questions
Yes_Questions's picture

 

 

when people have nothing to lose

 

                             they lose it

 

                                        ~st. Celente

Tue, 09/16/2014 - 20:10 | 5224725 Bangalore Equit...
Bangalore Equity Trader's picture

Listen. On a trip to the USSA once I was put up in a hotel and spent my lonely evenings watching your American TeeVee secuded in my hotel room eating my take-out meal from "Checkers".

What lessons I learned about your American life.

Your American "BET"(Black Entertainment) was of most profound enjoyment. That channel provides endless lessons on how to "LIVE IN AMERICA".

No wonder your BET caste are the poor ones.

Tue, 09/16/2014 - 21:54 | 5225029 hairball48
hairball48's picture

Precisely Right!

Wed, 09/17/2014 - 01:38 | 5225397 Ward no. 6
Ward no. 6's picture

get real how many ppl r actually driving 20 year old cars????

I had a 1988 that i was proud of (volkswagon cabriolet) but eventually due to age it started to fall apart and it went to car heaven...

 

Wed, 09/17/2014 - 07:53 | 5225612 Beowulf55
Beowulf55's picture

Should have bought a Toyota.  I drive a 1990 Toyota Corolla 4-wheel drive with 225,000 miles and gets 35 mpg on the highway.  The only major thing I have had to replace is the alternator (made in USA), tires, and the rear window due to hail.

Wed, 09/17/2014 - 13:35 | 5226797 Citxmech
Citxmech's picture

I absolutely love my 1990 Dodge Ram (w/Cummins).  Most useful vehicle I've ever owned (at least until I'm finished shoe-horning a Cummins into my '89 4x4 diesel Suburban).

Damn thing has been dead-nuts reliable and will pull a house off it's foundation.

Wed, 09/17/2014 - 07:03 | 5225563 RadioactiveRant
RadioactiveRant's picture

What is the point in having a million if you're going to live like an African? You can't take it with you.

Wed, 09/17/2014 - 09:13 | 5225814 JRobby
JRobby's picture

"tv watching idiots won't ever do that"

Well, no. But give them a little credit: they are tweeting that they are watching TV and posting billboards from their favorite shows to facebot.

Tue, 09/16/2014 - 19:49 | 5224648 TMLutas
TMLutas's picture

The poor and middle class should steal their own way, which is to play russian roulette with the IRS and hide assets from taxation while playing russian roulette with the rest of the regulatory regime and cut corners on regulatory compliance. 

If she'd like to be actually helpful she could call on the deep state to eliminate the most destructive regulations (so far as asset building is concerned) and for the creation of some sort of grubstake capitalism open only to the bottom that lets them accumulate assets tax free under certain circumstances. 

I find the chances of this to be very small but I'm a Catholic. I believe in miracles. 

Tue, 09/16/2014 - 13:32 | 5223373 Pairadimes
Pairadimes's picture

I nominate Mr. Yellen as Obama's new ambassador to ISIS.

Tue, 09/16/2014 - 13:51 | 5223439 astroloungers
astroloungers's picture

"I nominate Mr. Yellen as Obama's new ambassador to ISIS."

I say we clone her and donate the clones to ISIS for their 72 virgin program. Might make a few of them change their mind.

Wed, 09/17/2014 - 09:15 | 5225822 JRobby
JRobby's picture

they do not eat swine

Tue, 09/16/2014 - 12:12 | 5223073 froze25
froze25's picture

This is why I brew my own beer.

Tue, 09/16/2014 - 12:23 | 5223121 Dr Strangemember
Dr Strangemember's picture

How's your IPA?

Tue, 09/16/2014 - 20:20 | 5224751 Bangalore Equit...
Bangalore Equity Trader's picture

Listen! Mine is original.

Wed, 09/17/2014 - 06:06 | 5225531 fredquimby
fredquimby's picture

No, the original IPA's were made in Burton-upon-Trent from around 1829 (Worthington's White Shield IPA for example) and it was then shipped to India.

Tue, 09/16/2014 - 11:55 | 5222984 PT
PT's picture

Save_America1st:

No.  In other words, borrow several bucket loads of money, buy real estate and stocks, borrow more bucket loads of money, buy more real estate and stocks, borrow more money, buy more re- ... - what?  Repayments?  You don't need to repay anything!  Weren't you listening?  I said, "Borrow more money, buy more real estate and stocks".  You don't need to repay anything.  The capital gains will more than offset your increased debt.  (<smirk>  <gnnf>  <he he he ...> ) Just borrow more money, and buy more real estate and stocks.

And don't listen to that Minsky man, Ponzi Finance doesn't exist, and even if it did exist it would be good for you and - LA LA LA I CAN'T HEAR YOU ...

Waddya mean it didn't work?  Well obviously you didn't MANAGE YOUR RISK!!!!  I can't help stupid, get away from me ... and borrow some more money and buy some more real estate and stocks ...

Tue, 09/16/2014 - 12:08 | 5223055 Savvy
Savvy's picture

Yup. Back in my 20s I was living in an upscale neighborhood but renting. Drove an old beater Corolla. The neighbors had a BMW and a Mercedes parked in their drive. Every mornning I'd wave at the wife in her garden, she'd turn away. One morning there's repo tow trucks hitching up the Beemer and the SL, husband and wife looking devastated.

 

I rolled down the Corolla's window, slapped the door loudly and yelled "PAID FOR!!!"

Tue, 09/16/2014 - 12:28 | 5223151 Shaznardickleze...
Shaznardickleze the Doon's picture

This is how I roll muh brutha. '88 toyota pickup. Lets me stack actual wealth when the global puppet masters jerk the rug from under the USD reserve currency. It's fappening now.

Tue, 09/16/2014 - 19:48 | 5224635 zaphod
zaphod's picture

The path to becoming rich is to NOT spend money. 

Before getting married I told my girlfriend at the time how I planned to always save at least 50% each and every year. Cable, restaurants, gifts, etc all could only come AFTER the 50% was banked. She accepted but never really saw the full reasons, and her friends and family definitly have negative opinons on me.

Now that we are 10 years in saving together (+ several years on my own) she sees the result of not spending and saving month after month. We'll definitely be able to retire early and then live life. Not a rich lifestyle, but have the flexibility to pursue interests (which is all that counts). 

She's now fully expecting all her friends and family to inevitably say how "lucky" we are, and she fustratingly says "but we weren't lucky, we sacrified and cooked and worked hard". My only answer for her is "yup". 

Tue, 09/16/2014 - 20:25 | 5224776 Bangalore Equit...
Bangalore Equity Trader's picture

Listen Zaphod. There is nothing wrong with spending a little "EVERY" week on a little crypto and metal of your choosing.

Indulge on quality.

Wed, 09/17/2014 - 18:49 | 5228049 zaphod
zaphod's picture

A decent portion of that 50% savings is in physical and crypto and income generating assets (i.e. MLPs for passive income streams), need more Pb though. Practically none of it is in dollars or future dollars (bonds).

Dollars are not savings IHMO, sorry if I was confusing. 

Tue, 09/16/2014 - 21:17 | 5224918 Escrava Isaura
Escrava Isaura's picture

zaphod,

 Very good point.

I would add that your strategy also leads to less strees.

 

Wed, 09/17/2014 - 02:12 | 5225420 Global Observer
Global Observer's picture

Did you put your savings in a bank? While not being in debt is useful, saving in currency is not the best plan whatever the interest rate offered by the bank. Hope you periodically converted the currency savings into some assets.

Wed, 09/17/2014 - 07:49 | 5225608 Casey Stengel
Casey Stengel's picture

Ding ding ding, we have a winner. Mrs Stengel and I are teaching in China, traveling Asia, living the dream. We saved and lived within our means and worked hard at a couple business ventures. We avoided being greedy and now we are in our fifties we are doing what we want to. We raised three boys and taught them how to manage money. We never had a 6 figure annual salary.  zaphod, you are fortunate to have a wife who also sees the big picture. You will enjoy the results.

Wed, 09/17/2014 - 18:50 | 5228099 zaphod
zaphod's picture

Yes I am fortunate and lucky, I also don't tell her enough.

Wed, 09/17/2014 - 08:30 | 5225683 yrbmegr
yrbmegr's picture

I think the "50% rule" is relatively popular among millenials.  We're seeing reports that they're slow to buy homes, etc.  Could be a good thing for the future.

Wed, 09/17/2014 - 11:45 | 5226389 Shizzmoney
Shizzmoney's picture

Debt is responsibility.....with interest.  Which, in lay man's terms, is a virtual ball-n-chain.

Fuck your debt, fuck your mortgages, fuck student loans, and fuck your stock market, respectfully......Ms Yellen.

Wed, 09/17/2014 - 11:43 | 5226351 free_lunch
free_lunch's picture

Nice story, but I challenge it..

 

If you did your savings in USD,

- 10year -  it means for every $125  you saved 10 years ago (2004),  only gives you $100  buying power today(2014)..

- 50year - it means for every $767 you saved 50 years ago (1964), only gives you $100 buying power today(2014)..

Thank the central bankers and their apologists...euh...I mean economists for it

 

 

He who saves loses,

He who spends loses too.

He who buys stocks will lose during one of the crashes,

He who buys real estate will lose in a real estate crisis.

 

The system is not designed for saving, it is designed to keep you busy chasing carrots on a stick.

The big winners are the ones with (hidden) ties to the managers of the system. They never seem to make bad investments.

Wed, 09/17/2014 - 18:42 | 5228066 zaphod
zaphod's picture

See earlier post above. Practically 0% of savings are in dollars, that is the path to poverty. Income stream assets and sound money assets out of the FED system (physical and crypto) are the way to go.

Tue, 09/16/2014 - 22:39 | 5225138 Bill of Rights
Bill of Rights's picture

I got ya beat Shaz, 1987 Caprice Classic, daily driver. I see and have all kind of fancy BMW new Camaros all around me, I own my shit. Runs like a dream

Tue, 09/16/2014 - 20:20 | 5224757 cynicalskeptic
cynicalskeptic's picture

We lucked out and bought a nice fixer-upper in an upscale neighborhood.  We'd written the area off as unaffordable but nothing was selling after Gulf I and if you had the downpayment asnd wer willing to take on a seriously expensive mortgage (>8%) you were golden.

Spent some time talking to they guy who owned the local heating oil company - much like my family blue collar in the area forever.  He noted that this village had become 'popular' with the ex-Manhattan crowd only recently after the more popular destinations (Bronxville, Scarsdale, Larchmont, etc) became 'unaffordable'.   After Manhattan couples have kids and start looking at schools they freak at the cost of private schools and head for the burbs.  Obscene taxes are cheap compared to tuition for 3 or 4 kids.

I was told that half the people living around me really couldn't afford to be here - that half the houses didn't even have much in the way of furniture.  I was told that the BMW's and Mercedes you saw in driveways were leased...... when the economy turned down first thing to go was the wife's car, then the husband's then the house.... and you were seeing just that at the time.  Hundreds of houses sitting on the market - nobody buying.   But then you had to have 20% down and housing costs under 36% back then.

Hell, by the time we closed WE couldn't afford to be living there but then we did all the work needed ourselves, saved what we could and did NOT spend on things we couldn't afford.  One bathroom STILL has the toilet I bought because it was $40 cheaper than the one I really wanted.

Over time his statements held true....Few people EVER owned a car outright and held on to it for a decade.   When our first kid graduated HS I was dumbfounded at how many of his friends parents had saved NOTHING for college.  Some tried to scheme and game it but most had simply thought they'd refi the house or borrow......  This is a neighborhood on the 1-2% income level cusp but it's scary how little savings most of these people have.  They lose one job or get divorced and theri economic status tanks drastically.  Yet they paid close to a million for a house, dumped another $400,000 into it for renovations (old burbs means old houses that need EVERYTHING - elect, plumbing, roof, etc.)   Most get robbed blind by contractors - though the lawyers try to ream the contractors by not paying all they owe.....  I'm a real rarity in doing my own work.  You're viewed as some kind of freak if you actually get dirty doing any kind of work.  But meanwhile most of the longtime friends we have that became attorneys think they made a huge mistake, the few still in finance feel like they've sold heir soul and most others are worried about holding on to their jobs.   We could retire tomorrow if we wanted.  Kids college is paid for along with the house, cars and pretty much everything else.  Furnished the house our of outlets and such - still have most of the stuff we first bought.   Figure we'll wait until wife is 65 and stash away like mad until then.   NOBODY, but NOBODY in our families (or among our friends) is anywhere near the same state.       Considering we both were first in our families to go to college and spent the first decade married paying off loans... not bad.   But then we kept a blue collar mindset where you only bought stuff you could pay for.

 

Wed, 09/17/2014 - 09:16 | 5225830 JRobby
JRobby's picture

Did you have this dream before, during or after a period of REM sleep?  It seems so vivid.

Tue, 09/16/2014 - 18:11 | 5224386 Dugald
Dugald's picture

 

Let the poor steal from the 1%

A real asset builder.......

Tue, 09/16/2014 - 21:43 | 5225003 stant
stant's picture

Most start out with nothing and by 75 still have most of it

Tue, 09/16/2014 - 21:20 | 5224925 TeethVillage88s
TeethVillage88s's picture

Headbanger;

"The Rich hold Assets, the Poor hold Debt"

How much of that is Foreign Holdings???!!!

Repost:

Check page 35 of both TICData reports (2002 & 2013) for Belgium, Cayman Islands, and Luxemburg. LT US Treasuries go from $10 Billion to $366 Billion. (partly due to safe haven effect, but also due to Financial System on Steroids) Or just take a look below to refresh your memory.

Interesting of the $26 Trillion in Foreign Owned US Assets put out by BEA.GOV on IIP Data, looks like about half is accounted for in the 2013 Data Report as Equities, LT Corporate Debt, LT Agency Debt, LT Treasuries. Which leaves me to conclude foreign owned US Real Estate must be about $12-14 Trillion (page 30). But I am not an Economist or Financial guy. Maybe Europeans are also buying US Real Estate.

http://www.treasury.gov/ticdata/Publish/shl2002r.pdf
http://www.treasury.gov/ticdata/Publish/shla2013r.pdf
(http://www.treasury.gov/ticdata/Publish/mfh.txt)
http://www.bea.gov/newsreleases/international/intinv/iip_glance.htm

Last Data is from April 2014.

Belgium 2002 = $10.8 B, then 2013 = $163 B, Today $366 B
Cayman Islands 2002 = $10.7 B, then 2013 = $66 B, Today ??
Canada 2002 = $8.4 B, then 2013 = $46.6 B, Today $60.5 B
China 2002 = $95 B, then 2013 = $1,272 B, Today $1263 B
Hong Kong 2002 = $37 B, then 2013 = $89 B, Today $155 B
Ireland 2002 = $6 B, then 2013 = $91 B, Today $112 B
Japan 2002 = $260 B, then 2013 = $1,023 B, Today $1210 B
Luxemburg 2002 = $20.2 B, then 2013 = $107 B, Today $141 B
Philippines 2002 = $3 B, then 2013 = $36 B, Today $34 B
Poland 2002 = $7 B, then 2013 = $31 B, Today $30 B
Russia 2002 = $3 B, then 2013 = $138 B, Today $116 B
Switzerland 2002 = $28 B, then 2013 = $157 B, Today $178 B
Taiwan 2002 = $0 B, then 2013 = $183 B, Today $175 B
United Kingdom = $45.7 B, then 2013 = $130.6 B, Today $186 B

Tue, 09/16/2014 - 11:16 | 5222812 Carl Spackler
Carl Spackler's picture

Funny, Avenger...are you "here all the week?"

Tue, 09/16/2014 - 11:25 | 5222856 CrimsonAvenger
CrimsonAvenger's picture

Said in my best Richard Gere voice: I got nowhere else to go.

https://www.youtube.com/watch?v=T575Pbo4eWM

Tue, 09/16/2014 - 11:44 | 5222893 free_lunch
free_lunch's picture

You will not believe this was said in a 1965 radioshow... You will not believe it!

PAUL HARVEY FREEDOM TO CHAINS 1965

 

 

 

 

. If I were the devil ~ Paul Harvey

 

Tue, 09/16/2014 - 12:13 | 5223082 froze25
froze25's picture

I have listened to it, it is very disturbing how he laid it all out back then.

Tue, 09/16/2014 - 12:25 | 5223131 PartysOver
PartysOver's picture

I have never heard that.  Thanks.  Very interesting but what the street wise already know to be true or at least have that gut feeling.

Tue, 09/16/2014 - 18:35 | 5224454 Overfed
Overfed's picture

Paul Harvey's radio show was immensly popular back in the day. What amazes me is the massive number of people who heard that broadcast ( and re-broadcast and whathaveyou) who totally didn't get it.

Tue, 09/16/2014 - 11:07 | 5222765 y3maxx
y3maxx's picture

...New foreign policy...

Send all Jews back to Israel

Send all Muslims back to Muslimland

Send all Kenyans back to Kenyanland

Who am I missing?

sarc off

Tue, 09/16/2014 - 11:08 | 5222770 nope-1004
nope-1004's picture

The Klintons.

 

Tue, 09/16/2014 - 15:43 | 5223813 saveandsound
saveandsound's picture

The Klit-ons?

Tue, 09/16/2014 - 11:17 | 5222821 Carl Spackler
Carl Spackler's picture

You also forgot the Keynesians !

Send them back.

Tue, 09/16/2014 - 11:31 | 5222879 stacking12321
stacking12321's picture

you forgot the white man - send them back to europe!

Tue, 09/16/2014 - 13:17 | 5223317 geno-econ
geno-econ's picture

Only ones left in America would be Native Indians and gambling Casinos built by polititians and lawyers.  Oh I forgot Mexicans and others from Suoth of border reclaiming various southern territories. 

Tue, 09/16/2014 - 13:28 | 5223364 insanelysane
insanelysane's picture

I love the Mexicans reclaiming southern territories part.  Wouldn't that be the Spanish stealing Native American lands???

Tue, 09/16/2014 - 14:34 | 5223581 geno-econ
geno-econ's picture

You are correct. And Russia would reclaim Alaska along with Sarah Palin and the original Russian  Eskimos.

Tue, 09/16/2014 - 19:23 | 5224575 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

and send the 'native' americans back to Asia, from whence they came 25,000 years ago.  They are no more 'native' than Columbus.

Tue, 09/16/2014 - 11:58 | 5222995 l8apex
l8apex's picture

Somalis, Vietnamese, Korean, Thai, Indian, Mexican.  But let's throw the Irish and Polish in there too, just for good measure.  

Tue, 09/16/2014 - 12:08 | 5223050 Agent P
Agent P's picture

Don't waste your time/money going to Muslimland....Muslimworld is much bigger and better....make sure you get the meal plan though....Aloha Snackbar!!! 

Tue, 09/16/2014 - 15:03 | 5223683 The9thDoctor
The9thDoctor's picture

You forgot the Daleks. Send them back to Skaro.

Tue, 09/16/2014 - 18:15 | 5224396 Dugald
Dugald's picture

Who am I missing?

You actually have to ask, really?

SEND BACK ALL THE AMERICANS....

there fixed......!

Tue, 09/16/2014 - 11:15 | 5222803 Clueless Economist
Clueless Economist's picture

Wow, when I was young, I never understood why the Khymer Rouge killed all the academics, government elites, and so called intellectuals when they took over Cambodia (Kampuchea)

 

Now I understand completely 

Tue, 09/16/2014 - 11:34 | 5222895 Carl Spackler
Carl Spackler's picture

Perhaps, the same class of people left in Cambodia composed the graph and its headline (above).

 

The title "The Rich Hold Assets, the Poor Hold Debt" is entirely misleading.  We live in a society which measures wealth via a dual entry accounting system.

 

It should read "The Rich Hold Assets Financed Mostly by Equity, the Poor Hold Assets Financed ALmost Entirely by Debt."

Tue, 09/16/2014 - 12:14 | 5223087 kchrisc
kchrisc's picture

I am not sure why they did what they did, but we should, and can, limit ourselves to just the banksters, their pol and crat puppets, and their intellectual and academics apologists. And the local thugs running around pounding on and looting the American people in the name of "the law."

The real trick will be getting to many of them before they can "return," flee.

An American, not US subject.

Tue, 09/16/2014 - 12:03 | 5223024 Remington IV
Remington IV's picture

Yellen + Obama = f---k the poor and middle class

Tue, 09/16/2014 - 11:03 | 5222744 B2u
B2u's picture

Actually, start with a billion and you will become a millionaire  in no time.

Tue, 09/16/2014 - 11:07 | 5222759 djcando
djcando's picture

Just ask "the Donald".

Tue, 09/16/2014 - 11:10 | 5222777 thunderchief
thunderchief's picture

Powerball!!!

It's that and $5 of gas (thats all you got), a bottle of mad dog 20/20, and a case of P. blue Ribbon..

Get rich America, right down at the local convenience store.

Ya heard it right here from Janet. Just don't get jacked up by the cops for that dime bag in the glove compartment.

Its no parol and you'll do five for nothin!

Of course you ain't worth nothin to Janet and Co. You just thought you were.

Tue, 09/16/2014 - 11:35 | 5222903 NotApplicable
NotApplicable's picture

Lotteries are the main reason I try to stay out of convenience stores. Retirement planning at its finest.

Tue, 09/16/2014 - 11:11 | 5222789 Otto Zitte
Otto Zitte's picture

How to become a millionaire in stawks: start with 2 million.

Tue, 09/16/2014 - 20:14 | 5224735 Diggintunnels
Diggintunnels's picture

How to become a millionaire.

First print a million dollars....

Fixed it for ya

Wed, 09/17/2014 - 08:12 | 5225642 Nexus789
Nexus789's picture

Or get the Fed to 'gift' you a few billion.  

Tue, 09/16/2014 - 11:06 | 5222732 PartysOver
PartysOver's picture

Holy Crap, you can not make this stuff up.  No decent jobs available to create wealth.  What a bafoon.

 

What, no Up Votes for showing my Hipsterness using the the Urban Dictionary version of "buffoon"

Tue, 09/16/2014 - 11:12 | 5222790 Overfed
Overfed's picture

Maybe that dumb bitch can explain how to build capital in a ZIRP/NIRP environment? Stawcks? Right. Hard assets that have to be sold for half value because everyone is too poor to pay what it's really worth? Sheeit. Fuckin' academics have got to be the most out of touch with reality people on the whole fuckin' planet.

Tue, 09/16/2014 - 11:02 | 5222737 kliguy38
kliguy38's picture

OUTSTANDING!!  The Kudlow solution!!!  Just think of the unlimited possibilities!

Tue, 09/16/2014 - 11:14 | 5222769 Ghordius
Ghordius's picture

build assets. fine. which assets? because if there is one asset in the US that has been subsidized and pushed, pushed, pushed moar then anything else in the known universe... that is that "primary residence" which now hangs like a millstone on the neck of the suffering US middle class

"everybody ought to own a home", the first cousin of "An Englishman's home is his castle", all in all a cultural preference that has been hijacked by endless politicians and bankers

the problem with subsidies, be them direct, indirect or monetary is that they levitate prices... until they don't

look at the graph: the problem is the primary residence. or, better, the fact that it's share is too big in the portfolio

you know what is the sensible financial advice regarding housing, be it rent or owning? it should never exceed one third of both your income and portfolio. note that the 19% are following this advice

the poor blokes have been pushed to buy too big houses with too big debt attached to it. that's the short of it

rant end

Wed, 09/17/2014 - 02:34 | 5225433 Global Observer
Global Observer's picture

the poor blokes have been pushed to buy too big houses with too big debt attached to it. that's the short of it

Yeah, psuhed by their own greed and stupdity. 

Tue, 09/16/2014 - 11:09 | 5222773 booboo
booboo's picture

I wrote my first million dollar check when I was 16, then my dad beat my ass for getting into moms purse. I know he felt better.

Tue, 09/16/2014 - 11:32 | 5222883 LawsofPhysics
LawsofPhysics's picture

Precisely, and we have seen the outcome of such "let them eat cake" monetary policies before.  This time will be no different.

Tue, 09/16/2014 - 11:48 | 5222957 NeoRandian
NeoRandian's picture

Why take the risk with cake when Little Debbies are quicker and a sure thing?

Tue, 09/16/2014 - 11:54 | 5222979 pot_and_kettle
pot_and_kettle's picture

Not sure if Janet remembers what happened to Marie A. shortly after that ripe little quote...

Tue, 09/16/2014 - 15:21 | 5223311 drendebe10
drendebe10's picture

"There ain't nuthin uglier than an old white woman."  Fred Sanford

Tue, 09/16/2014 - 16:03 | 5223898 mc225
mc225's picture

actually, with 'let them eat cake' marie was saying, 'give them something a step up from ordinary bread'. plus, marie antoinette was better looking. in contrast, this yellen 'gal' is mean and ugly.

 

(wow, kirsten dunst looks good as marie)

 

Tue, 09/16/2014 - 21:22 | 5224929 TeethVillage88s
TeethVillage88s's picture

Sprechen Sie Deusch?

- Someone was saying recently too bad the Romanovs got it
- Was the French Revolution orchestrated by Socialist, Communist, Bankers, or what?

Tue, 09/16/2014 - 19:35 | 5224613 tweedle dee
tweedle dee's picture

That did not end well

 

Tue, 09/16/2014 - 21:15 | 5224910 TeethVillage88s
TeethVillage88s's picture

EINSILVERGUY;

"Let the Eat Coke".

Tue, 09/16/2014 - 10:58 | 5222721 Slave
Slave's picture

Have plenty of assets. Just not the kind they say you should have...

Tue, 09/16/2014 - 10:59 | 5222726 Dr. Engali
Dr. Engali's picture

Can I contribute to my  MyRa with my SNAP card?

Tue, 09/16/2014 - 11:09 | 5222772 Ms. Erable
Ms. Erable's picture

If you do that, how will you be able to afford your weed and iCrap monthly non-service?

Tue, 09/16/2014 - 11:12 | 5222787 Dr. Engali
Dr. Engali's picture

Obamaphone.

Tue, 09/16/2014 - 13:02 | 5223271 eclectic syncretist
eclectic syncretist's picture

There's probably a special tax for that.

Tue, 09/16/2014 - 10:59 | 5222728 Son of Captain Nemo
Son of Captain Nemo's picture

Speech--Chair Janet L. Yellen

"The Importance of Asset Building for Low and Middle Income Households"

Janet

Does this mean we can copy $100.00 bills in our basement and print them like the Treasury does?...

Tue, 09/16/2014 - 10:59 | 5222730 Kaiser Sousa
Kaiser Sousa's picture

kill the bitch....
dont be swayed by the grandma look...
DEATH TO THE MONEYCHANGERS...

Tue, 09/16/2014 - 11:09 | 5222779 Grande Tetons
Grande Tetons's picture

Ole Janet is just another puppet. She was hand picked for her compact disposable size and the fact that she can make an outstanding apple pie. 

Tue, 09/16/2014 - 12:06 | 5223044 kchrisc
kchrisc's picture

"Guillotines! Get your guillotines! Guillotines only one quarter ounce of the Barbarous Relic! Free sharpener!"

"Guillotines! Get your guillotines! Guillotines only one quarter ounce of the Barbarous Relic! Free sharpener!"

"Guillotines! Get your guillotines! Guillotines only one quarter ounce of the Barbarous Relic! Free sharpener!"

 

 

Tue, 09/16/2014 - 21:24 | 5224938 Cobra
Cobra's picture

The marketing is perfect... The timing isn't. A bit early.
Soon, you'll have one hell of a business kChrisc!

*Trapped in the system, until it implodes.*

Tue, 09/16/2014 - 21:28 | 5224955 TeethVillage88s
TeethVillage88s's picture

Is that correct? Is there really a tax for killing Federal Reserve Corporate Employees? I suppose we know there is a legal & civil ramification. I just didn't know there was a "Tax" on disposing of Federal Reserve Employees (corporate).

/S (Sarc)

Tue, 09/16/2014 - 22:07 | 5225068 Yes_Questions
Yes_Questions's picture

 

 

funny, Kaiser off's his family then their captors in one, very good scene in that flick..

 

its always stuck with me, that.

 

 

 

 

 

Tue, 09/16/2014 - 11:00 | 5222733 Bluntly Put
Bluntly Put's picture

Once the fed ends up owning everything then they can assign wealth according to need right?

Tue, 09/16/2014 - 11:02 | 5222738 yogibear
yogibear's picture

Yeah, take on a $300,000 student loan and become one of us Keynesian PhDs. Publish a lot of BS papers and when all else fails control all markets with unlimited printed money.

Tue, 09/16/2014 - 11:01 | 5222740 williambanzai7
williambanzai7's picture

Tue, 09/16/2014 - 11:06 | 5222755 Cognitive Dissonance
Cognitive Dissonance's picture

My eyes, my eyes! Damn you Banzai7, my eyes!

Tue, 09/16/2014 - 15:24 | 5223766 drendebe10
drendebe10's picture

Like Fred Sanford said, "There ain't nuthin uglier than an old white woman."  Amen.

Tue, 09/16/2014 - 17:39 | 5224281 Mentaliusanything
Mentaliusanything's picture

Oh William what the eyes have now seen... No bleach will remove.

At least attach a .Gov warning label like "Restricted to the Blind only"

Tue, 09/16/2014 - 21:31 | 5224962 TeethVillage88s
TeethVillage88s's picture

Cognitive Dissonance;

That is a Blues Song isn't it?

Hell my chest and thighs look like that. Sexy bitch.

Tue, 09/16/2014 - 11:07 | 5222761 Ms. Erable
Ms. Erable's picture

Love your work, WB7, but you're paying for the eye bleach this time.

Tue, 09/16/2014 - 11:08 | 5222762 Yen Cross
Yen Cross's picture

  Nice work with the liver spot marbling Billy. :-)

Tue, 09/16/2014 - 16:16 | 5223955 Baldrick
Baldrick's picture

Sorry I had to give you a red cause you gave her a tapered waist and she doesn't deserve that. :)

Tue, 09/16/2014 - 19:06 | 5224456 Hongcha
Hongcha's picture

Christ, I saw that decaying thing twice!  Like the redrum lady n the bathtub!

Suggested eyewash ... try googling "met-art Viky" or "met-art Lissa". 

Tue, 09/16/2014 - 19:40 | 5224631 Snoopy the Economist
Snoopy the Economist's picture

Banzai7,

Did you put a diaper on her?

Tue, 09/16/2014 - 11:03 | 5222741 kevinearick
kevinearick's picture

Nostalgia & Antiques

I still remember those days, when my mom came up with the idea of TV dinners, Tang and Pre-School, peddled by the Dept. of Ag; when she came home from her latest visit with the relatives, only to find what remained of her furniture on the lawn, being sold to whoever wanted to buy it at whatever price they wanted to pay the jar; and reading her Declaration, winning judgment for divorce in California, three thousand miles from jurisdiction, and all the repeat damsel-in-distress performances.

Don’t get me wrong; my mom had some very fine qualities, chief among them being the best cook, seamstress and accountant in the county, and where I am from, six healthy boys with little help from doctors is an accomplishment. She used an oven as an incubator for my brother. Just seriously misdirected, thinking Hollywood and Silicon Valley were manufacturing the new economy. So much for the space race, bait and swap. Ever notice how many pictures were made in San Francisco?

Back when Jerry was with Linda, you could build a treehouse in a redwood, pull a salmon out of the river and bodysurf with dolphins, without too much interference. And what is the outcome of the pothead rebellion, but more toilet Paper, more arbitrary laws, and an army of peace officers, in five thousand different dresses, upper NY all over again, neighbor against passive aggressive neighbor, to feed an empire. Sorry, labor isn’t too bent out of shape to see the make-workers in the demographic boom riding coattails lose their pensions to falling purchasing power in the bust.

Ron Paul would be an interesting character if he attacked the medical establishment the way he attacks its derivatives, the kettle calling the pot black, both of which find themselves in a fire much too hot for their design. Can’t wait to see what Carney’s crew comes up with, when he runs out of diapers. London is the financial whore in chief, wiling to launder anything, anytime, anywhere, for sufficient real estate inflation. I suppose those waiting five thousand years to settle up will have something to say about those Saudi oil fields.

The first time you get an unsatisfactory mark for working beyond the Bell Curve tells you everything you need to know about government, for the past, by those competing to become the past, and of those supposed to subsidize the past, always with a scapegoat in a sidewalk survey to re-enforce the law, with ever more arbitrary laws. There is nothing new about Boxer, Feinstein and Pelosi; Boehner, McConnell or Reed; same sh-show, always the promise of a city on a shiny hill of gold, with equality among make-workers as the slogan.

The critters are always in some kid of self-induced emergency, hoping you will jump in to save them, at the end of the ponzi bankruptcy queue, to be recycled over and over again, chasing Chinese toilet paper in this episode, watching talent and skill disappear from empire radar, only to be replaced by more efficient automation of extortion toll booths, operated by politically correct civil servants of feudalism. What is the difference between Brown the Republican and Brown the Democrat?

Funny, the critters will avoid reality like the plague, but adopt fantasy like a duck to water, and act surprised when their system blows up, every time. Ever wonder where they got their ‘ideas’ for higher education, keeping the masses in check, calling it democracy?

The executive controls the countryside, grants ‘conservation’ easements to bedfellows, the forest burns and all the water is used to put out the fire. Thinned out rural communities are like matches, herding the critters into MSA import/export debt slavery, surprise. Ever examine the physicians in the Sierra Club? Ever stitch together those global trusts in the data? Where do you suppose the Queen and her physician fit into the picture?

How much water have the firefighters/medicinal pot growers/conservation groups/townies sucked from the Eel River, to feed empire, based upon the research of Scholars, educated for the purpose? Obviously, you can replace labor, and any old c-clamp will do. America is looking more like Orick every day, dying from the root out.

Far more arbitrary, capricious and malicious, the 4th branch of government is really millions of heads, the highly  ‘educated’ gatekeepers at the regulation toll booths, left unchecked for the purpose, to take advantage of stupid. Labor isn’t showing up because American Government, like the rest of the empire, is a sunk cost. You are beyond constitutional crisis. Print all the toilet paper you like, in any denomination you like.

This too shall pass.

So, did you see that flag for offensive language? My wife’s a Bear fan, and loves Chicago. Nobody’s perfect. “People are beautiful and wonderfully made,” she says, but likes animals more. Gotta give her credit there. Montana and crew visited her neck of the woods often, but she told them she was a Bear fan. Gotta give her credit for that too. I don’t have much use for grown adults playing a kid’s game to collect toys when so many are kids are living in poverty, so adults can spend their time watching, but she’s fun to watch, and life is about getting up one more time than you get knocked down.

You stand up to a bear in the woods, in case you were wondering, but you are better off respecting its habitat in the first place.

Tue, 09/16/2014 - 11:21 | 5222834 geno-econ
geno-econ's picture

Sounds like you need a career change or come to grips with the fact the world is going in the wrong direction. Nostalgia will not help but adjusting to or preparing for  reality will.

Tue, 09/16/2014 - 12:18 | 5223096 DrJRiddle
DrJRiddle's picture

He reminds me of the Bellamy Brothers song,  "He's an old hippie and he don't know what to do,  should he hang on to the old,  should he grab on to the new.  He's an old hippie his new life is just a bust, he ain't tryin' to change nobody,  he's just tryin real hard to adjust. "

Tue, 09/16/2014 - 17:54 | 5224328 kevinearick
kevinearick's picture

the majority gets what it votes for, stupidity. following and leading the herd, in circles.

Tue, 09/16/2014 - 11:05 | 5222747 the not so migh...
the not so mighty maximiza's picture

yeah..i think she is out of ideas guys

Tue, 09/16/2014 - 11:16 | 5222811 Ms. Erable
Ms. Erable's picture

She's just sayin' let them eat liar loans.

Tue, 09/16/2014 - 11:05 | 5222750 roadhazard
roadhazard's picture

How about for those that are just trying to hang on to their assets, Mr. yell'n.

Tue, 09/16/2014 - 11:06 | 5222756 NoWayJose
NoWayJose's picture

The Fed's action on interest rates means that if you put a dollar in the bank today, through the miracle of compounding you will double your money in only 250 more years!

Tue, 09/16/2014 - 11:21 | 5222835 madcows
madcows's picture

well, 250 is a bit low.  At the current rate of 0.05% for a savings account, it will take 1390 years to double your money.

Tue, 09/16/2014 - 11:07 | 5222763 q99x2
q99x2's picture

One third of the U.S. population received aid from at least one welfare program at an average cost of $9,000 per recipient in 2013.

What the above means on Q99X2 is that earthlings in the United States are total morons if they choose to work as slave laborers, over study, exercise and personal development. Arrest Loyd Blankfein. Try him for financial war crimes.

End Goldman Sachs.

 


Tue, 09/16/2014 - 11:10 | 5222771 Downtoolong
Downtoolong's picture

Easy for her to say, she's got the money printer.

 

Tue, 09/16/2014 - 11:09 | 5222774 CrimsonAvenger
CrimsonAvenger's picture

On a similar note, I think the way for old women to get laid is to not have saggy skin and pendulous floppy tits. But we can't fix that either, can we Janet?

Tue, 09/16/2014 - 11:15 | 5222806 astoriajoe
astoriajoe's picture

money helps bypass those limitations though.

Tue, 09/16/2014 - 11:26 | 5222861 geno-econ
geno-econ's picture

There is always plastic/cosmetic surgery---look what it did for Joan Rivers and doing to the US economy

Tue, 09/16/2014 - 11:10 | 5222778 Smegley Wanxalot
Smegley Wanxalot's picture

It's important to save and build assets, but only if you do so by getting into debt and spending yourself silly to stimulate economic activity.

 

Now I get it. Thanks a lot, Janet.

Tue, 09/16/2014 - 11:11 | 5222788 SheepDog-One
SheepDog-One's picture

Janus Yellen- 'Better get rich, bitchez, cuz the shits about to hit the fan'

Tue, 09/16/2014 - 11:13 | 5222794 mattgallis
mattgallis's picture

This bitch is inflating all asset prices to the moon and she expects the poor to be able to buy said assets?

What a fucking clown, you really can't make this shit up!

Tue, 09/16/2014 - 11:17 | 5222820 Bell's 2 hearted
Bell&#039;s 2 hearted's picture

yep.  The cash flow isn't there to finance asset purchases.

 

What we have now is the rich paying cash and then flipping to greater (rich) fool.

 

Good luck putting 5% down (what the poor 'may' have) and financing with asset purchased cash flow.

Tue, 09/16/2014 - 15:35 | 5223795 mkkby
mkkby's picture

If you two imbeciles weren't too busy whining, you'd see which asset class is hated/undervalued.  Gold and silver. 

Even the poorest folks can afford some 90% silver coins now and then.  It doesn't take much to be richer than the geek making 100k, but spending it all on iCrap, cable tv and leased cars.

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