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This Man Will Never Be Invited Back On CNBC
And now for something completely unexpected: 2 minutes of pure truth (courtesy of Mizuho's Steve Ricchiuto) on CNBC...
148 seconds of awkward uncomfortable truthiness...
While Steve had a number of hard to hear quotes for the CNBC anchors - such as:
"There is no acceleration in underlying economic activity," and
"There's this wrong concept that I keep on hearing about in the financial press about the acceleration in economic growth... It's not happening!"
A stunned Simon Hobbs rebuffs, "That's a long list of non-ideal situations we find ourselves in," to which Ricchiuto snaps back "and we can keep on going!"
"After a string of dismal data on durable goods, retail spending, and inventories, we get a good jobs number and everyone saying the economy's good - it's not good!"
It was Sara Eisen that had the quote of the brief clip... (which has unbelievably been edited out since we posted it seems at around the 1:40 mark) when faced Steve's barrage of facts about the real economy, replied:
"but the key is that's not what The Fed is telling us."
Summing up the unbelievable 'faith' (misplaced beyond all reputational loss) that so many have in the central planners of the world.
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Cramer is a shill, cnbc is a liars den! But this guy is a breath of fresh air, imagine that!
central planners in the world WORKING FOR THE OLIGARCHY NOT THE PEOPLE...(fixed it).
The state has been hi-jacked and SOMEBODY has to get it back for the people !
The truth on CNBC???
Who vetted this man?
In an empire of lies the truth is treason.
Very nice. I like that truthy fella. I'll mourn him when he's dead.
So, is finally more truth are coming out?
All I know is that, there is a limit to people accepting the bullshit from Government. While most still love to feel good and ignore the reality. It is getting harder to ignore the simple facts. Our economy is fucked and we fucked the world economy too. But there is more to this matter than just truth.
The only end in sight is global debt defaults in chaotic manner. Russia and China may claim huge reserves. But that is not going to save their economy which consist of huge debts with western Banks and mostly in US dollars.
I have seen it all before in ASEAN crisis in 1998. The pattern is exactly the same. They did not call it QE but was something similar where for years the western Banks supported the huge unmanageable Debts of ASEAN Banks until they pulled the plug in 1998.
I still wonder now, as I did then. Who decides when to pull the plug of QE? Why and how do you decide it is time to stop the printing press?
The answer seems to be, when the idiots are holding all the debt obligations. In the case of 1998 ASEAN Tiger economies, it was the ASEAN Governments. For example, The Governments of Indonesia was forced to accept all the faulty Bank colleterals and make good to the debt holders who called themselves CGI - consultative group of Indonesia sitting in Europe.
The foolish Indonesian Government sold anything and everything to pay back every single dime. No debt reduction whatsoever.
Imagine that happening on world wide scale. Greece is just the start. almost every country is in line of fire, including the US.
Just as Greece is fighting back. US is also fighting back by suing credit agencies and anyone who try to pull down USA.
Which means the truth is not going to save anyone. The powers have tricked US Government to take over all the Bank debts. But nobody is going to make US pay back. forget it.
The Bankers are trying to push US into a war just as they pushed Germany to a war. Truth will make people angry. And Government lose control and it will only get more easier to push US Government into a war nobody needs.
We need a haircut. US$14 Trillion by my count. All the Banks who provided that money should be closed down. End of a good story. Else .....
QE will die when it dies. And it dies when he dies. (paraphrasing Apocalypse Now)
The key point is not that he is telling the "truth" but rather that he is not being paid to tell lies.
How can you tell for sure? It may be contrarian conspiracy.
http://in.reuters.com/article/2015/02/11/usa-fed-employment-idINKBN0LF0AF20150211
Shifting goal posts on employment may signal slower Fed rate hikes
(Reuters) - Federal Reserve officials are debating a historic shift in one of its core economic gauges that could lead the central bank to move even slower than now thought once it lifts its rates from rock bottom levels.
According to interviews with half a dozen current and former Fed policymakers and staff, the concept that the economy can produce far lower levels of unemployment without stoking inflation is being built into Fed models and becoming increasingly entrenched in the central bank's views.
That shift may not delay the timing of the Fed's first rate increase, still expected in mid-year. But it does offer Chair Janet Yellen a good reason to move at a snail’s pace from then on to bring as many people as possible back to work and to push inflation back up to the Fed's 2-percent target.
Fed policymakers' December projections show most expect the Fed's benchmark rate to rise to 2.5 percent or above by the end of 2016 from the 0-0.25 percent range now.
On Monday, Fed governor Jerome Powell became the latest of policymakers to suggest the "natural" rate of unemployment, also referred to as a level of full employment, had fallen.
"Maybe the natural rate is lower...That it is five (percent) or even lower," Powell said. That would be significantly below current unemployment rate of 5.7 percent and the 5.2 percent to 5.5 percent range Fed officials have recently estimated as the level of unemployment at which inflation is likely to increase.
LOWER DESTINATION
Atlanta Fed President Dennis Lockhart said the question of the true level of full employment will come into focus when the Fed will have to decide whether to allow unemployment to drift to unusually low levels to push inflation towards its target.
“I am quite open to the idea that the destination we are trying to get to is lower than we have cited in the past,” he said on Friday.
The chiefs of the Boston Fed and the Minneapolis Fed have also said they are considering lowering their estimates, as did several staff at other Fed branches who declined to be quoted, in line with the central bank's policy for briefing the media.
For months, Fed policymakers have been puzzling over how the accelerating economy kept adding jobs but failed to spur wage and price increases that would cement the recovery and allow them to wind-down crisis era policies.
Now, there is growing sense that the point where the job market tightens enough to start pushing up wages and prices may be further away than earlier thought.
The U.S. central bank has no official target for full employment - generally expressed as the unemployment rate that is consistent with stable prices. But accurately estimating it is critical for the Fed, given its mandate is to safeguard economic conditions that allow maximum employment consistent with stable prices that the bank defines as 2 percent inflation.
Since the 1960s estimates of that "natural rate of unemployment" have averaged 6.3 percent, according to data published quarterly as part of the Fed's main economic model.
Beginning in 2013, however, its staff has been marking that rate down, from 5.6 percent to 5 percent by late last year. That may lead regional Fed presidents and board members to cut their quarterly estimates due next month.
Research at several Fed banks, both published and unpublished, puts the estimate as low as 4.7 percent.
Not really too unusual. They have Pete Schiff on CNBC once in a while and he says similar things.
I hope if he gets it it is with something besides a nail gun. That is so 2014.
Give that man another plate of linguine. Well played, sir.
The truth shall set you free. Always loved that quote, and now understand, that the truth is indeed, free. Free from manipulation, Brian Williams, nail gun threats and regular old bullshit.
Hear a new host is needed for the daily show. Steve's the man.
It was his "Go F yourself San Diego" moment.
In an insane world, it is the sane man who appears insane.
if you dont know a farmer i suggest finding one. Dad was on a farm NW of Edmonton Alberta. During the depression they actually left crops in the field at times as there was no buying worth the harvest and transport on the receiving end. They never went hungry but cash was a commodity in short supply. From a book on the town dad grew up in written about the original settlers and their families.
1929 prices 1932
hogs 15.39 3.46
horses 54.60 32.52
Quote from the book regarding depression, "Goods were traded for services. We had plenty to eat, plenty to read and shelter from the weather, what more does a man really need?"
How many people do you know that think like that? If you don't know any who do I think in the interest of self preservation finding some might be a good idea. We live in interesting times.
This coddled society with its doughy talking heads, its self worshipping inhabitants of the ivory towers of education and its army of "civil servants" bound to self worship and entitlement are about to have a rude awakening and dose of reality.
Does anyone recall a few years back when the state of Wisconcisn had the audacity to suggest that firemen and teachers should contribute a few bucks toward thier own retirement and medical benefits packages. They tried to burn down the state Capital building. Imagine that on steroids when it is announced all pension programs no longer exist.
We will find out together just how "civil" our servants are. It isn't time for popcorn and easy chair to watch just yet but we are approaching it. They can juggle the lies and the data for a lot longer than an individual can hang on. Know your friends and neighbors. Find a group of like minded people. Maybe get to know some farmers. After all if you have food, plenty to read and shelter, what more does a man or woman really need? Right? Right?
Works for me.
A good book and a bacon or ham sandwich covers a lot of ground. My wife is the librarian and I know a hog farmer. I got the lettuce and tomatos in the summer.
My life is complete.
I didn't know any farmers so 5 years ago i became one.
I bought one last year. It is the hedge among hedges
bring it bitchez!
Goats (milk and meat) and chickens (eggs and meat), coupled with a backyard/greenhouse garden. will get you a LONG ways in the "new normal" that will rear its ugly head in the not-too-distant future...
Right! :-)
this is a must watch Nothing but the truth
Those are words or Iron, let it be LIFE!
Love one another, because times are about to get REAL hard!
Mr. Thoreau (spelling?) of Walden Pond would have welcomed you gladly into his small cabin.
He could have condensed things a bit...
"It's fucked, we're fucked and if you think different, you're fucked."
Then again, I've never been on TV.
Got to keep the big lie going or bad things will happen, very bad.
Check it out: I got a twitter response from Carl Quintanilla. Not what I would have expected. https://twitter.com/carlquintanilla/status/565514025593995265
Not to mention the incredibly LOW unemployment (5.8%) we have! It's all wonderful!
(unless you are one of the 37% of able Americans who can't find a job - 90 million people)
http://data.bls.gov/timeseries/LNS11300000
Sign me up for PB acct @ Mizuho ASAP.
Hope he has a food taster and someone to start his car. People really don't want to hear the truth though, do they? Thats why everyone loves a Brian Williams and his 'once upon a time' news style.
I will say our commuter train has been as crowded as fuck starting last 2 or 3 weeks. Pain in the ass.......except maybe for those newly employed folks.
Wow and economist with Truth and Brains
re. "Sara Eisen had the quote of the clip... (which has unbelievably been edited out since we posted it)"
Archive.org is your friend...
https://archive.org/details/CNBC_20150210_200000_Closing_Bell#start/4750...
(Includes the memory-holed 30 seconds of the clip. Ms. Eisen's thoughtcrime appears to have been the imprudent suggestion on live television that anyone might not believe something the Fed said.)
Wow, You are right!. The clip has been edited to cut out everything Team Obama does not want the middle class to hear.
Brian Williams just said the other day things are getting better and that there's a recovery underway. So now I guess instead of looking for just the recovery that's...alluding us, NOW we're looking for Brian too. So you guys keep your eyes out and let us all know if you see either one - Brian or that recovery he was yakking about. Because I'm thinking this is a classic case of what I like to call the "Sasquatch Syndrome". How so or what's that, you're asking?? Well, both the recovery and Brian are just like the mythical beast in that they're all three things (the recovery, a smart, street-wise newsman and Squatch) that we hear a lot about, especially lately. But we'll never actually see one either...