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David Stockman Sums It All Up In 3 Minutes
Stockman unleashes truthiness hell on Bloomberg TV: "Federal Reserve [actions] will have disastrous long-term consequences... when you deny price-discovery in the market for so long, it is a massive subsidy to speculation... In an era of peak debt, the only thing zero interest rates achieve is create an enormous incentive for Wall Street to gamble more and more recklessly..."
195 seconds... watch, listen, and think...
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Stockman is the best writer out there. His book is 32 hours of epic Stockman ranting. Worth every penny
His analysis and the points he makes are spot on, yet he really needed an editor. He has brilliant and important things to say, but the general public will never read the 700 pages of it. He needs a cliffs notes edition or a 40 page kids version with some pictures, pop-ups and maybe some soft porn.
Fair criticism, though it is more damning of the general quality of the readers than the author.
Brief, concise, pointed summaries of the numerous ongoing bubbles, misallocations and dysfunctional markets are available daily at Stockman's website, giving new meaning to 'cliff notes':
http://davidstockmanscontracorner.com/
Tyler, what is this shit? You have to get with the mobile age. Sitting here for 20 minutes on NJ Transit, next to a smelly transvestite toking dope through some kind of e-bong, trying to get this shit to open.
And of course the shill from Bloomberg attempted to bait Stockman into saying he was against the Fed... For no other reason to brand him a whack-job... It's time for all the pundits be forced to pledge transparency and stick to it, or they get to walk the plank...
Yes, that shill would be one Tom Keane, a permabull, and whose picture adorns the word 'idiot' in any dictionary.
Next time you feel like upchucking, turn him on Bloomberg radio for 4 seconds.
I used to listen to Barfberg in the morning and eventually stopped as to me Tom Keane in unlistenable.
The idiot is on par with teleprompterless Obama - cannot complete a simple sentence without tripping over his own words. I even wrote them to get something who does not need elecution lessons.
So true and that is the new world we all live in. Interestingly it reveals the commenters perception of reality as well ! But that is USSA today, most are mind fucked and have no idea !
Most people don't want to hear his truth though. They won't want the cliff notes version either. They've been conditioned to believe markets are a one-way ride up up up. His work requires thinking.
Sex Pistol John Lydon wonders if Hillary ‘really is that clumsy’
http://tinyurl.com/ovgut87
"Most people don't want to hear his truth though."
True, but even worse, the vast majority are economically illiterate and wouldn't have a clue about what he was talking about. Besides, his book is #31,738 in books on Amazon and that's among the minority of people who read more than the tweet from a fellow twit about what they had for lunch.
Don't judge the majority by yourself or those you associate with. To quote Carlin, “Just think of how stupid the average person is, and then realize half of them are even stupider!” We didn't get to this point via an intelligent voting public.
Excellent points Winston. Too many people assume others have built up the same background of knowledge and are critical thinkers looking for truth. Ha! They are anything But! Have you ever had a deep discussion withsome you repsected for their high level career in business, science, education or technology? I have many times. I leave bewildered at how such people advance to high levels of performance. They are narrow minded, stick to their one field of expertise, and prosper in it, as for knowing anything else, they are like 3 year old toddlers.
i've met a few too many and yea, box of rocks looked smart, ha...
unfortunately, future schoolers are not gonna be anymoar economically smarter.
an app for it. ha...
doesn't matter; dear honorable david, understand we are past the point where this can be straightened out. 18.x trillion, and sir, you know math. right? so . you must throw in the towel, spike the bowl and party on like its 1999, ha again.
excellent points !
His rant here was short, concise, and on target, with focus and prioritization. So he can do it when he wants to.
The dopes in D.C. could read all 700 pages and not get it, or understand it perfectly and not give a shit.
Twice as true for the Criminals of Wall Street and the banking/corporate/insurance cartel because they are getting rich off of it at the expense of the future itself.
Hang 'em high!
They live using a single principle "get mine while gettin' is good".
With regard to politicians, almost all don't give a shit, whether they understand the math or do not.
You can be pretty sure that someone like
Cynthia McCanney or Patty Murray is too dumb to understand it.
...better yet a YouTube presentation so no one needs to read....
Five word version: "Hey People, you're getting raped!"
Download it from Audible...put it on an ipod and listen to it in the car, doing the lawn, walking. Who has time to actually read much now days?
I haven't read him but plan to. I'm disturbed, however, that he isn't bothered by the existence of the Fed, just by its practice of going far beyond its original intent.
I don't trust anyone that wants to "reform" the Fed. If you cannot admit that it was a treasonous conspiracy from its inception, it makes me question your allegience or at the very least your judgment.
simple, just end the abomination and be done with it. let the markets with myriads of participants make the policies on the fly; through market forces.
He makes perfect sense to me . . . that scares me, maybe he's wrong. I remember him ranting about Reaganomics back in the 80's, if he's correct, there's an unwind coming of biblical proportions.
and you didn't know this?
Since he served as Reagan's budget director for the first term, I'd think he would be well qualified to rant about Reaganomics.
When I'm not on zerohedge.com I'm over at the DavidStockmansContraCorner.com. Similar ideology, but just a scoatch more high brow. Both are fine sites and have their entertainment value. The commenters on zh keep it a bit more 'real'.
but will it save him from the pitchforks?
it sounds like bloomturd is supporting terrorists /s
It's the uncertainty that's so disruptive. Why not just announce "We're going to raise rates 0.10% per month until further notice."?
Oh, that's right. Because they're looking out for their best interests, not the economies and ours.
David Stockman FTW!!!
The rich, the banks, hedge funds, etc get all the low interest financing to buy all the assets esp equities. Sell their positions at the top and watch the whole thing crumble while most suffer. This is the greatest transfer of wealth to the rich ever. How is any of this legal? (Because the idiots trust the govetnment.)
thanks for that, Tyler
If there were more honest, principled commentators like DavidStockman we would not be in this mess.
When I was little I tricked my little sister into picking up a dog turd, and I thought that was great. In 1913 the banks tricked our forefathers into picking up a turd, and we've been holding onto it ever since, and the banks think it is just great. Abolish the Fed. Shrink the government. And transfer us to the moon, where tuxedoed dolphins will bring us breakfast.
Try to steer clear of pungent analogies next time.
I heard this interview live this am & that POS Pinko Commie Bastard, Tom Keene, kept cutting him off as he was making these truthfully unpleasant statements. The list of so-called journalists (aka enablers and propagandizers of the corrupt and evil status quo) who will be hanging from lampposts probably exceeds the number of politicians, bankers, traders, & hedge fund managers, etc...
Don't get me going on that pseudo intellectual bow tie wearing blow hole,one of those people that speak a lot but never really say anything.... just consider that bloomberg recruits their talent from NPR. that beeing said,for up to date business news bloomberg is still less vomit inducing than the apple pumping room at cnbc,i guess the choice between a hemmoroid operation and a root canal
Both networks are beyond abysmal. Years ago before I permanently got rid of cable, Tom Keene was the reason I stopped watching Bloomberg. Anyone who would employ such a buffoon I automatically blacklisted. Eventually it got to the only network I could stand was FX which was basically a Simpsons network which begged the question why pay for propaganda at all. I dont miss it whatsoever!!
Stockman cranks out several articles a week on his website, always worth a read. I'm still chuckling over last week's roasting of the loathsome Stanley Fisher.
right on my favorites bar, can almost skip ZH cept for all the awesome comments...
You cannot ask greedy people to think about tomorrow.
It's like asking Obozo to stop lying.
The FED isn't to blame anymore.
It's you.
You can't suddenly say, OK we are going to start acting Moral so it will be tough on certain of you moving forward.
People are not going to accept that unless we go back and clawback all the gains that WS has gotten.
Do you really think some 300 pound welfare queen buying booze and steaks is going accept austerity, when everywhere around them they see people stealing everyone blind?
Apply an 80/20 rule and you will see that the FED and WS are 80% of the problem. After you get those fuckers, then go get the welfare bitches....
To pretend you can even address it after 15 Trillion is out the door is just crazy.
There is no going back.
I'm prepared for the inevitable.
Civil unrest.
The only thing stopping civil unrest right now is huge funding for the non .01% and a media either too stupid or part of the problem.
If the funding is forced to stop, civil unrest.
If the funding continues (along with a huge amount of Bankster welfare), currency collapse. Maybe debt Jubilee.
But the thing that really makes me mad is that the ultimate cause of the problem, the Banksters, will have been long forgotten, by the masses.
we could start with prosecution of criminals...
No argument from me sir...
It is a morality problem; bankers & politicians are symptoms of the greater disease.
Dude has been hitting it out of the park for years.
While I agree with what he says, his time in Reagan's deficits don't matter administration is still a thorn in my side.
That being said, he's right about price discovery in a ZIRP environment.
Every single Clinton economic success was from Reaganomics. Reagan ended the cold war and freed up trillions. Would argue that FDR spent too much defeating the Nazis? Enabling the crooked bankers under Clinton/Rubin has been the pandora box of foolish greed today to destroy tomorrow. Banking partners fully understood protecting tomorrow.... The ability to earn giant bonuses and walk away regardless of the harm you commit is death knell of capitalism
You obviously haven't read any Stockman.
Edit: I'm pretty certain that Stockman would disagree with your assessments regarding Reagan ending the Cold War and freeing trillions. I'm pretty certain that any even-handed look at the Reagan years would force one to come to a very different conclusion than the comment above. But hey, we'll upvote because he said something good about Reagan something bad about Clinton and FDR. Who cares if it's true. LOL.
It's a damn tough world that David is in, but I'm sure glad he's hanging in there. The thread of truth he has pulled through the shitstack is epic.
Don't you just wonder how he goes about "telling the truth" about the world of government and finance and never seeming to get even a smidge of the dog shit stuck to his shoe? What allows him to continue to exist in the same company that cherishes Paul Krugman? Where is the convergence that locks most of us out of intellectual discussion with the likes of banksters and their accomplices?
So, tell us something we don't already know...and haven't heard before.
The Fed would argue that if they had done nothing the Dow would be at 6,500. Unemployment, even including new shitty low-paying jobs, would be at 40%, and our cities would be burning. Of course, they likely will anyway, but they had to try to kick the can, for them delay and pray worked, until now.
They enriched the oligarchs beyond their wildest dreams and figured the dummied down masses would accept “trickle-down” lies, so long as they had EBT cards and I-Toys. It worked, as far as they are concerned. The fools went out and borrowed cheap Fed $$ and bought cars and houses and boats. This is a consumer-driven economy. It may turn out to be a complete failure as debt goes off the charts, but America’s days as an export nation, for other than agricultural commodities, are over. So, people borrowing and spending money, are in effect, buying their own “jobs”.
Borrowing and reckless spending is modeled by our bloated government. They know ‘austerity’ now equals a crash. There is NO way back, if the Fed raises rates, it all comes apart. They are desperate to give themselves room to cut again in a few months. Lose-lose…no way out. Eventually, the Fed will be forced to buy stocks outright as earnings collapse, as the BOJ presently does. It will become the ‘new normal’ and nobody will care. But, they will never be able to sell without starting a panic, just like in China.
Game about over...
no price dicovery, no market. no market, communism. where has that ever worked?
Stockman knows what's going on.
Only when the Fed loses control will we have free markets.
Maybe they'll have Obama give the order to jail short sellers.
What's up with dudes wearing pink shirts.
Banksters: the most dispicable vermin to slither across the face of the planet.
Stockman is pretty good but I believe banksters have the intention of taking over the planet and have demonstrated they don't work for any national interests.
Lawyers would at least tie for the most despicable vermin on the planet if not even slither ahead of the bankers.... Both would look great under the tires on my truck.
His book the Great Deformation is a little daunting but well worth the read to fully understand most of the financial shenanigans going on. It still never leaves you with a solution or a path to safety but it is really smart to read and understand the massive criminality going on. Highly recommended it took a couple months to get through and am planning a re-read. He takes no prisoners.
Stockman continues to be on target. At least in a financial sense. The real answers are bigger - but... nonetheless, Stockman is a breath of fresh air amongst the smell of bullshit that permeates DC, Wall Street, etc. and the MSM (the latter of which only proves the same interests run the fucking show, top to bottom).
David is correct.....all us zero heads are correct.....we know whats really happening.....the system is a fraud.
Except nothing changes? All bubbles burst, or do they? Maybe we're wrong. With unsound money thousands of times greater than sound money (PM's etc) maybe the dark side has won. We're the chumps! This can't be.....but it might be!
This really blows!
The dark side always loses.
Humans have a tendency of trying to control the uncontollable. Our incredible intelligence makes us the dumbest creature on this planet. We are at peak debt and peak insanity, the only direction from here is down.
If they thought they'd won they wouldn't be so desperate to swamp the white countries to prevent a backlash - they know it's crumbling.
I wish some one would launch a class action suit (on behalf of the shareholders) against the directors and executives of each company that has loaded up with debt to carry out stock buybacks to insure that the stock options of this same management can be exercised and the resulting shares flipped.
Maybe he didn't go all the way in condemning the Reserve because he knew his "points" would then be buried by the resulting "shocked" headlines. Listeners would then be informed that terrorists never tell the truth.
This is the greatest bubble in human history. It will pop don't worry. You can't print money out of thin air and call that profit. Unless mathmatics and physics no longer apply to natural law this bitch is going down. The long term trajectory of human civilization is going down. No matter how much the msm is trained to tell us otherwise we are in collapse mode. Just thank God you aren't in PC europe now. Can you imagine the hellhole that place will be with millions of new ignorant no skilled western hating muslims settling in.
This is the greatest bubble in human history. It will pop don't worry. You can't print money out of thin air and call that profit. Unless mathmatics and physics no longer apply to natural law this bitch is going down. The long term trajectory of human civilization is going down. No matter how much the msm is trained to tell us otherwise we are in collapse mode. Just thank God you aren't in PC europe now. Can you imagine the hellhole that place will be with millions of new ignorant no skilled western hating muslims settling in.
We've got all the haters we need right here.
The fed does not pegg interest rates. The reason why it is zero is because banks are not borrowing from other banks.
Really? Then what is the purpose of the FOMC? And why are the masses huddled, breathlessly, awaiting their next announcement?
Why can't the radio-fattie just shut up for a few minutes and let David finish what he has to say?
I've seen names in this thread that I haven't seen in quite awhile. It's good to know ya'll are still there, lurking.
You know who you are.
Here are some more signs of a recession.
http://michaelekelley.com/2015/05/29/mergers-and-acquisitions-set-record...
http://michaelekelley.com/2015/02/20/fed-warns-of-two-bubbles/
http://michaelekelley.com/2015/02/24/would-you-pay-39-more-than-asked/
http://www.zerohedge.com/news/2015-07-27/when-will-we-ever-learn/
Here is how to respond.
http://michaelekelley.com/2014/10/16/8-things-to-do-when-recession-happens/
Here is how to get your mind off this stuff.
http://michaelekelley.com/category/humor/
Good luck!
Waiting for something of value. Stockman has it right.
end times beget end time behaviors by the Fed...
Can we HTML5 the Vids, pls?
Thanks.
CENTRAL BANK == MASS ENSLAVEMENT.
Honest, legitimate justification is not possible.
The very existence of fiat currency REQUIRES that every transaction with fiat IS necessarily and unavoidably FRAUD. One party gives the other some real good or goodie with real value, and the other party gives NOTHING in return. This IS fraud, and cannot be made otherwise by endless lies, endless pretend, rooms full of pretenders with suits and ties, or big expensive marble buildings.
Some humans will try until their dying day to cheat others rather than do honest work that produces real goods that others want in trade. The solution is not to let those human predators defraud others with fiat, but instead, bring their dying day to the present day. Otherwise, all good, honest, ethical, productive, benevolent human beings will live their entire lives as slaves to human predators and parasites.
END FIAT.
I'm afraid we haven't seen anything yet. A key assumption of the current "escape velocity" mantra is that we have all the time in the world to deal with our problems, it discounts the notion that forward progress may at any time be fouled by events often beyond our control. This feeling all is well is strengthened by the government's optimistic projections and numbers that fail to recognize how another recession could skew future tax revenue and cause spending to soar.
The more and more I study derivatives it now appears the main goal of QE may have been to hold up the underlying value of assets that feed into and support the massive derivative market more than help the economy. The easy money policies and artificially low interest rates of the last seven years has simply moved demand forward and created a slew of economic activity that is unsustainable in what would be considered a normal economic environment. The article below looks at how this will result in a hard landing.
http://brucewilds.blogspot.com/2015/07/hard-landing-scenario-is-not-out-of.html
No, I can't watch 195 seconds of David Stockman because the endless dynamic ad video loading won't allow the bandwidth.
FUCKING PARASITES KILL HOST.
woof
Stockman an Dr Paul are true "Watchmen" of great courage. But I have never seen Stockman address what I call the "core issue": a PRIVATELY-owned central bank issuing additional DEBT into the "economy" upon the "authoring" signatures of debtors WITHOUT CONCURRENTLY ISSUING the interest coupon. The "Fraud Preserve" is probably the biggest asset consolidation/xfer Ponzi EVER!
Hunting for soundbites is NOT journalism. Were I to interview DS I would ask him how the Fed could get out of the interest-setting bagman game without causing a massive global financial hemmorage? I agree with his premise that by these neo-Keynesians mainlining ZIRP morphine for 80 freaking months they have subsidized speculation and looting - something I cannot imagine Keynes would support - even when drunk. Now the global financial system is hooked - leveraged to the hilt - if interest rates were allowed to reflect the real risk of default overnight then the entire bloated system would collapse. No, it would take a steady courageous hand (like Paul Volcker's) to slowly increase the pain until the Fed could step out of the picture safely. Yeah, we ZHers might like to think we could go from massive market manipulation today to no manipulation tomorrow regardless of the outcome - but I'd bet DS is a bit more sober than we are.