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Art Cashin On Bernanke Quoting Shakespeare In Swahili, And Everything Else In Yesterday's Surreal Trading Day

Tyler Durden's picture




 

To some, yesterday's ridiculous 400 point move in the DJIA in just over 30 minutes on nothing but yet another denied FT rumor, is still mindboggling. Make that to most. Although making things far easier would be to finally accept that the market is completely broken. It is. But in the meantime, here is one way of enjoying it, courtesy of the perspective of the Fermentation Chairman who summarizes all that happened though his veteran eyes.

From Art Cashin of UBS

Fed Teases, Short Squeezes, A Three Hour “Bear Market” And A Zombie Bank In The ICU Produce That Whacky Session 

In Tuesday’s Comments, the summary of the Consensus call was “Has potential to be a whacky session”. Well, it sure lived up to that potential.

The day started out with a gap down, as the unwrapping of the Dexia Bank situation (which we had noted for two days) revealed some extensive and apparently unsuspected problems. That the bank had passed the regulatory stress tests with flying colors only a few months ago, raised real new doubts about the stress tests and the entire European banking system.

U.S. markets then watched markets and events in Europe to see if any nuance might suggest the next move.

They also kept an eye on the Bernanke testimony. It had an almost plaintive tone to it.

Mr. B said the economic rebound, that he and the Fed had carefully nurtured through QE1 and QEII, was at risk of “faltering”. That was as close to a Fed chairman saying “double dip” as we are likely to come to hear.

As a sidebar, we would like to note a rare, perhaps unique, event at the hearing. One of our elected officials asked an intelligent question of the Chairman. He asked if the balance of Operation Twist would be measured in par value or market value. Bernanke responded - “par value”. The rest of the panel looked at each other as if someone had just quoted Shakespeare in Swahili. The same flummoxed looked appeared on the faces of some the “fed experts” covering the hearings on TV. It was a precious moment and I’m sorry I didn’t tape it.

Markets reacted only slightly since the main focus of the day remained in Europe.

A third factor in the drama was the internal technicals of the market itself. As we had also noted in the Comments, the market was badly oversold after back to back 90% down days. They, in turn, had brought us down to some critical support levels.

Those support levels were broken by the gap down opening, resulting in some trapdoor style selling in the first hour. The early break of the support levels brought some interesting exchanges among the trading section of the Friends of Fermentation. Several noted that if a sharp break of important support doesn’t bring on a bout of full, all out, capitulation selling, the bears (shorts) may find themselves too far off base. In some past years, the resultant attempt to reduce risk (cover some shorts) started a panic among other shorts. When those observations were exchanged around the opening, no on realized how prophetic they would be by the closing bell.

With the Bernanke hearing ended and Europe starting to close, stocks began to tip-toe higher in a rather timid attempt to see if the former support had now converted to resistance.

Sure enough the rebound began to sputter as the Dow reached the region of 10,600 and the S&P around 1098/1103. Seemingly capped by the new resistance, stocks began to drift lower in what looked to be a ritual move to retest the morning lows. Then as the final hour neared, news began to filter out of Europe.

First was news on Dexia Bank. This formerly good bank (stress tests) would put a large chunk of its assets into a “bad bank”, a zombie-like organization whose primary function was to hold toxic assets in a financially lead-lined vault, unmarked to the markets.

The importance of the splitting of Dexia was not about the structure but the sense of urgency. Hey! Maybe they finally “get it”. Maybe they realize that action is needed and needed now.

Stocks began to rally and then the other shoe dropped. Shoe? Hell it was like a “Seven League Boot”.

The FT carried a story that European leaders were working on a plan to “re-organize” many of the European banks. The story was instantly and simultaneously leaked to a variety of media outlets. The sense that “they finally get it” went from a whisper to a roar in a nano-second. (Forget that Christine Lagarde had suggested this at Jackson Hole.)

Electronic buy programs exploded onto the floor. A rush of short covering then joined the stampede. (That assumption is based on the leading role in the rally played by the heavily shorted stocks - Bank America; Morgan Stanley; SocGen; et. al.)

The pressure on the shorts was unrelenting and the buying never even paused for breath. They closed right on the high tick and in heavier volume. The bears, who had looked so smug at 10:00, limped off to the showers with bruised faces and much lighter wallets.

And today's Trivia:

Today's Question - I'll meet you half-way. Generous Gene comes back from the potato patch with a sack of potatoes. To the first friend he meets he gives half the sack plus half a potato. To the next friend he gives half of what he has left plus one half a potato. To the third friend he gives half of what's left plus one half a potato. Now the sack is empty. How many potatoes
were originally in the sack?

 

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Wed, 10/05/2011 - 10:24 | 1741195 pupton
pupton's picture

Bank of America down again today...old news or is this a big deal?

Wed, 10/05/2011 - 10:37 | 1741249 MillionDollarBonus_
MillionDollarBonus_'s picture

Art Cashin fails to realise that politicians have no bussiness meddling with monetary policy in the first place. I would expect a seasoned investor like Art Cashin to at least know that our Federal Reserve is set up to pursue its dual mandate INDEPENDENT of congress, to avoid corruption. Politicians are elected to be strong leaders who know how to inspire trust and confidence in the economic recovery, and to make tough decisions regarding FISCAL policy, not monetary policy.

Wed, 10/05/2011 - 10:38 | 1741256 xtop23
xtop23's picture

 snicker

Wed, 10/05/2011 - 11:41 | 1741518 narapoiddyslexia
narapoiddyslexia's picture

MDB's sarcasm is almost ethereal.

Wed, 10/05/2011 - 10:40 | 1741258 pupton
pupton's picture

 "politicians have no bussiness meddling with monetary policy in the first place" But the federal reserve does?  Sounds a little mixed up in the logic there.  How about we have SOUND MONEY that nobody can manipulate?

(Ron Paul 2012 - duh)

Wed, 10/05/2011 - 11:34 | 1741486 Jack Napier
Jack Napier's picture

Dr. Paul is a great candidate if you like the following:
- He wants to sell all the gold in Ft. Knox
- His wife and daughters are in the Order of the Eastern Star, the masonic order, a secret society, not unlike the bonesmen we've had in recent history.
- He adheres to the Jesuit controlled John Birch Society

Moral of the story = controlled opposition. Don't count on this guy. Of course these things likely ensure he will win since people are begging for the next installment of change we can believe in.

Wed, 10/05/2011 - 12:07 | 1741624 baby_BLYTHE
baby_BLYTHE's picture

he only floated that idea because the Treasury refuses to open the pearly gates at Fort Knox to American citizens. He wants confirmation that the gold is still there.

Also, Paul's father was a mason. Paul has confirmed this on numerous occasions. Paul himself has only spoken to the Birch Society, he himself is not a member.

Wed, 10/05/2011 - 12:24 | 1741721 Oh regional Indian
Oh regional Indian's picture

Spot on Jack. Controlled opposition indeed.

30 years of talking is a looooooong wind, hmmmmm?

The confirmation bias is showing in your red/green count, as mine will too I suppose. 

ORI

 

Wed, 10/05/2011 - 13:22 | 1741947 i-dog
i-dog's picture

Not only was Ron Paul associated with the Jesuit funded and controlled John Birch Society, but he is also closely associated with prominent members of the Jesuit funded and controlled Council for National Policy (the successor to the JBS and highly secretive right wing NWO sibling of the left wing Council on Foreign Relations). The Council for National Policy also backed Rand Paul's Senate campaign. The highly secretive CNP makes the Bilderbergers look like paparazzi whores when it comes to publicity and denials by alternative media personalities who are otherwise all over NWO organs.

Ron Paul doesn't smell right to me...........

OT, but also related: Romney is also a Jesuit puppet (Mormon) and is currently running at 59% for Republicrat presidential nominee on Intrade.com.

Wed, 10/05/2011 - 10:43 | 1741278 snowball777
snowball777's picture

I know it's hard coming up with new material. Sometimes you just need to take a break.

Take a break.

 

Wed, 10/05/2011 - 11:38 | 1741505 Woodyg
Woodyg's picture

A thursday night ass-kicking is coming your way Cal Bear.

Wed, 10/05/2011 - 10:52 | 1741295 Cynical Sidney
Cynical Sidney's picture

of all things you should expect a bearded economist like shalom bernanke to at least know that his federal reserve is set up to purse its dual mandate independent of banksters to avoid corruption. but expectations are often quite distant from reality

Wed, 10/05/2011 - 11:54 | 1741567 Last_2_Sense
Last_2_Sense's picture

The Federal Reserve separate from the banks? You are joking right? The primary dealer "Investment" banks like Gold-inmy-sacks are the counter parties to the Fed in the whole money creation scam. Thats why they will never be allowed to fail, they are central to the "we are gonna steal everything" plan. 

Wed, 10/05/2011 - 10:48 | 1741298 X.inf.capt
X.inf.capt's picture

not much satire in this one....

 

Wed, 10/05/2011 - 15:12 | 1742334 Schmuck Raker
Schmuck Raker's picture

None, nor sarcasm. Sneaky huh?

Wed, 10/05/2011 - 10:54 | 1741322 LongSoupLine
LongSoupLine's picture

"MillionDollarMarginCallTroll"

Wed, 10/05/2011 - 10:54 | 1741325 Bastiat
Bastiat's picture

. . . politicians have no bussiness meddling with monetary policy in the first place

 

Politicians had no business creating the Federal Reserve Bank.

Wed, 10/05/2011 - 11:11 | 1741382 i-dog
i-dog's picture

"Politicians are elected to be strong leaders "

Hogwash! ... politicians are elected for their hairdos and/or toothy smiles.

Strong leaders scare the sheep (and are also a threat to the puppet masters).

Wed, 10/05/2011 - 11:27 | 1741454 spankfish
spankfish's picture

"Hogwash! ... politicians are elected for their hairdos and/or toothy smiles."  Have you ever seen Barbara Mikulski, the U.S. Senator for Maryland?  Sir, you stand corrected!

Wed, 10/05/2011 - 11:09 | 1741384 ZeroAffect
ZeroAffect's picture

A classic 'drinkin-the-Kool-Aide' comment by $$$,$$$,$$$ Bonus.

"Politicians are elected to be strong leaders who know how to inspire trust and confidence in the economic recovery, and to make tough decisions regarding FISCAL policy, not monetary policy."

Sure, they may be elected by the sheeple to do what you claim they aspire to do, but we all know they don't do it. Just look at all the 'rosy' economic data we've seen over the last 2 years. Yeah, my confidence level in our elected politicos is Sky-High.

 

Wed, 10/05/2011 - 11:21 | 1741428 Smiddywesson
Smiddywesson's picture

Politicians are elected to be strong leaders who know how to inspire trust and confidence in the economic recovery, and to make tough decisions regarding FISCAL policy, not monetary policy.

Silly boy, politicians are selected, not elected, by TPTB to protect the status quo which feeds upon the electorate.  They are selected on each side of the aisle, and on each side of the major issues, so that TPTB always have a useful pawn to push forward in whatever party the sheeple are in a mood to support.

Wed, 10/05/2011 - 11:33 | 1741481 prains
prains's picture

bussiness

is that to mean; to bus or on the bus you have achieved "bussiness" ??? 

would the verbage fit into something like; "on his way to the chinese gulag Bing Bong Pow met his tragic end by way of an unintended "bussiness"?? 

MDB_your chinese troll skirt is showing

Wed, 10/05/2011 - 10:51 | 1741310 fightthepower
fightthepower's picture

PPT

Wed, 10/05/2011 - 10:56 | 1741332 madbomber
madbomber's picture

UNITED STATES GANG VIDEO (USGV)

http://www.youtube.com/watch?v=d6azib1xmhw&feature=related

 

 

 

 

 

 

 

Wed, 10/05/2011 - 11:56 | 1741570 Sambo
Sambo's picture

BAC website down 6th day in a row......:(

Wed, 10/05/2011 - 10:32 | 1741200 Cynical Sidney
Cynical Sidney's picture

market rallies on any news of possible bailouts on the backs of the general public

from LA Times:

In two hours before Congress' Joint Economic Committee, Bernanke painted a gloomy picture of the economic recovery, describing it as "close to faltering." He predicted there would be no quick pickup in new jobs and again urged lawmakers to come up with a credible plan to deal with federal deficits.

His frustrations emerged more sharply and vividly than in the past. He empathized with anti-Wall Street protesters who, in marches in New York, Los Angeles, Chicago and elsewhere, have been blaming big financial institutions, including the Fed, for the economy's woes.

"Very generally, I think people are quite unhappy with the state of the economy and what's happening," he said. "They blame, with some justification, the problems in the financial sector for getting us into this mess and they're dissatisfied with the policy response here in Washington.

 

We blame you, douchben

Wed, 10/05/2011 - 10:37 | 1741252 zorba THE GREEK
zorba THE GREEK's picture

7 taters

Who wants to participate in this kind of broken market, I know I don't.

Wed, 10/05/2011 - 10:48 | 1741299 defn8Dog
defn8Dog's picture

But isn't it Great to see follow-thru today?! Example:  FCX (up)  no longer correlated with the price of copper (down).  Risk on, beetches!

Wed, 10/05/2011 - 11:08 | 1741380 catacl1sm
catacl1sm's picture

But Cramer said FCX is in great shape!?

Wed, 10/05/2011 - 10:55 | 1741327 Hmm...
Hmm...'s picture

well done...

Wed, 10/05/2011 - 10:56 | 1741334 oogs66
oogs66's picture

sadly, if the market is a reflection of anything, how broken is our economy?

Wed, 10/05/2011 - 11:13 | 1741396 LRC Fan
LRC Fan's picture

Would you rather participate in a market with 100% transparent and widely available information?  How would you ever make money if the markets were 100% efficient? 

Wed, 10/05/2011 - 11:38 | 1741494 Smiddywesson
Smiddywesson's picture

Would you rather participate in a market with 100% transparent and widely available information?  How would you ever make money if the markets were 100% efficient? 

Yes, and that's why you will never, ever, see "fair" and 100% efficient markets.  There's just no profit in a level playing field. 

I would go a step further and say there never were fair markets.  Even in colonial times on Wall Street the big players must have realized they could join together and quietly wait on the sidelines for the little traders to cluster on one side of the trade, and then trade in size to run their stops.  A tip of the hat or a pinch of snuff gives the signal, and all the little players who were stupid enough to trade with each other are swept away. 

That is exactly the same game being played today.  If you cluster on the side of a trade with enough retail to justify the costs of moving the price, you invite attack, especially if there is some fundamental story to keep you in your position.   Yesterday was the penultimate example of them moving Heaven and Earth to squeeze those who made themselves squeezable.  

Wed, 10/05/2011 - 13:10 | 1741951 Hugh_Jorgan
Hugh_Jorgan's picture

I think this is a trick. Assuming he is not allowing you to complete the process with the 3rd friend getting 1/2 of zero (in that case there would have been 5 potatoes in the sack).

There's no way to get 0 in the bag as long as every friend gets HALF of something left above and beyond the 1/2 of a potato. In other words, there is no way to end up with a completely empty bag in this scenario.

 

 

Wed, 10/05/2011 - 10:28 | 1741212 GeneMarchbanks
GeneMarchbanks's picture

Yes whacky session to say the least. Here's some trivia right back at you: Art, what's Swahili for Plunge Protection Team?

Wed, 10/05/2011 - 10:42 | 1741272 pupton
Wed, 10/05/2011 - 10:56 | 1741330 HelluvaEngineer
HelluvaEngineer's picture

Yeah.  Those guys are awesome.

Wed, 10/05/2011 - 10:31 | 1741221 The Axe
The Axe's picture

You the man ART!!!!

Wed, 10/05/2011 - 10:42 | 1741229 GoldenTool
GoldenTool's picture

.

Wed, 10/05/2011 - 10:33 | 1741230 reader2010
reader2010's picture

Black swans are needed and where can we find them?

Wed, 10/05/2011 - 10:37 | 1741247 Gandalf6900
Gandalf6900's picture

omaha

Wed, 10/05/2011 - 10:33 | 1741235 the misanthrope
the misanthrope's picture

7....

wapige timu ya ulinzi

 

 

Wed, 10/05/2011 - 12:34 | 1741795 Ned Zeppelin
Ned Zeppelin's picture

"Wani por cowbisa. Cowbisa por Kong!"

- King Kong, 1933

Wed, 10/05/2011 - 10:34 | 1741239 X.inf.capt
X.inf.capt's picture

was yesterday a rally, spasm or death throw?

 

Wed, 10/05/2011 - 10:39 | 1741263 TradingJoe
TradingJoe's picture

desperate times call for desperate measures!

Wed, 10/05/2011 - 10:51 | 1741311 X.inf.capt
X.inf.capt's picture

.

it is getting desperate...

how do you hold a house of cards together....

Wed, 10/05/2011 - 11:01 | 1741349 Dr. Richard Head
Dr. Richard Head's picture

Apparently by playing a good old-fashoined game of Pick Up Stix.  That's all I see these economist drones and politicians doing. 

I think KerPlunk is a more appropriate game analogy right now overall.

Wed, 10/05/2011 - 11:05 | 1741369 X.inf.capt
X.inf.capt's picture

Kerplunk...

AAAAHA  HA HA HA   HA HA   HA

Wed, 10/05/2011 - 11:19 | 1741418 disabledvet
disabledvet's picture

Classic short squeeze as covered by ZH both perfectly and with perfect insanity. The fact is the dollar is still massively under valued and Congress wants to destroy it's value even more. This is also known as the "free money for Wall Street Act" and ZH has stood opposed to this reality for far too long. Anywho stay tuned because what is...in effect NOT happening in Europe (with the opposite always being claimed of course) is probably the biggest event in economics since the Normandy Landings.

Wed, 10/05/2011 - 10:34 | 1741241 treasurefish
treasurefish's picture

I wish the news would start alerting people when the Bank of America website was up!  It is down yet again today.

Wed, 10/05/2011 - 10:46 | 1741285 snowball777
snowball777's picture

Look on the bright side, at least you only get a 404 redirect and don't have to battle a SWAT team.

And, if you're still a Bank of Lynching America Countrywide customer, who's fault is that?

Wed, 10/05/2011 - 10:37 | 1741248 xtop23
xtop23's picture

Is it possible they can float the market forever with HFT on no volume? That the ticker becomes basically ....... irrelevent?

Wed, 10/05/2011 - 10:40 | 1741265 TradingJoe
TradingJoe's picture

YES!

Wed, 10/05/2011 - 10:47 | 1741282 GeneMarchbanks
GeneMarchbanks's picture

Certainly not forever. But do they intervene? Absolutely. Will it go on? Yes. This is the most controlled environment possibly in history. "Free Markets" can safely be filed under: Man Made Myth.

Wed, 10/05/2011 - 11:49 | 1741545 Smiddywesson
Smiddywesson's picture

Is it possible they can float the market forever with HFT on no volume? That the ticker becomes basically ....... irrelevent?

Yes and no.  The market no longer reflects the economy.  It can be manipulated as long as the system exists, SIMPLY BECAUSE IT IS NO LONGER A MARKET.  Your question then becomes how long can the system exist?  Clearly, under these conditions, its life is finite.  We have to assume TPTB understand this or they would be struggling to repair it, to include swallowing some very bitter pills in the form of austerity, bank nationalizations, and loan forgiveness/defaults.  Inasmuch as nobody is doing this, but they are cooperating in terms of margin hikes and gold price suppression WHILE THEY PURCHASE GOLD, we have to assume that they have something else up their sleeves besides suicide and/or abdication from the world's power structure.  That something is a gold referrenced standard.

So the answer to your question is they are kicking the can for a reason, and when they can no longer acquire cheap gold, and/or their price suppression scheme blows up, they no longer have a reason to kick the can, the system will have to change, and the markets will no longer defy reality.   I don't know when but we are getting closer. 

Wed, 10/05/2011 - 10:38 | 1741253 John Law Lives
John Law Lives's picture

Generous Gene started with 7 potatoes in the sack:

Friend #1 got 3.5 + 0.5. This left 3 in the sack.
Friend #2 got 1.5 + 0.5. This left 1 in the sack.
Friend #3 got 0.5 + 0.5. This left 0 in the sack.

7 was the original total of potatoes in Generous Gene's sack.

Wed, 10/05/2011 - 10:38 | 1741254 IBelieveInMagic
IBelieveInMagic's picture

started with 7 potatoes

Wed, 10/05/2011 - 10:39 | 1741260 Financial_Guard...
Financial_Guardian_Angel's picture

The bag had 5 potatos originally.

5 minus 2 1/2 (half) minus 1/2 potato equals 3

3 minus 1 1/2 (half) minus 1/2 potato equals 1

1 minus 1/2 (half) minus 1/2 potato equals 0

FTW

Wed, 10/05/2011 - 10:41 | 1741270 the misanthrope
the misanthrope's picture

check your math.....5-2.5-.5 = ?

Wed, 10/05/2011 - 10:43 | 1741277 Financial_Guard...
Financial_Guardian_Angel's picture

7 is right. no coffee yet...

Wed, 10/05/2011 - 10:45 | 1741284 jm
jm's picture

effin' potatoes.

Wed, 10/05/2011 - 11:04 | 1741364 LongSoupLine
LongSoupLine's picture

You ALL are way off...it's a trick question!

The answer is still 7, however it has nothing to do with potatoes.  I will elaborate:

The potato farming is bust by first the great Summer heatwave, followed by the massive flooding of September.

His "potato bag" was full of cash provided by government farming entitlement money with added bonus for "non-crop production".

He took the potato bag of cash and bought:

1 - Pub then;

6 rounds of grog to the other rich farmer and agri hedge fund manager friends.

Total = 7

Wed, 10/05/2011 - 11:35 | 1741492 spankfish
spankfish's picture

Was the bag measured in metric or emperial units?  Size matters.  Oh wait... thats something elese.  Never mind.

Wed, 10/05/2011 - 12:07 | 1741623 kingcrab
kingcrab's picture

If it were 7 then do the math in reverse order and see if the total adds up to 7:

7/2 + 0.5 + 7/4 + 0.5 + 7/8 + 0.5 = ? (not 7)

 

The correct answer is 12.  You add half potatos to the equation, no taking them away.  I think this is the trip up.

Wed, 10/05/2011 - 13:10 | 1741949 kingcrab
kingcrab's picture

I stand corrected.  The formula should be:

 

X/2 + 0.5 + (X/2-0.5)/2 + 0.5 + ((X/2-0.5)/2-0.5)/2 + 0.5 = X.

 

Now solve that X!

Wed, 10/05/2011 - 15:47 | 1742480 Liquid Courage
Liquid Courage's picture

Umm, kc, you're pulling a Bernanke here ... that is, using the wrong tool for the job at hand. It's not an equation, it's a SERIES of terms, the remainder of one term being the input to the next.

The form of each term is: (n/2) + (1/2) = (n+1)/2

Start at n=7, and you discover that the first friend gets 4 spuds ... (7+1)/2=4 ... , making n now equal to (7-4)=3, so the second gets (3+1)/2 = 2 spuds, making n now equal to (3-2)=1, so the third gets (1+1)/2 = 1 spud.

Start at 12 (or any other number) and you get mashed potatoes.

So John Law was right all along! Never thought I'd ever say that!

P.S. For future reference, I've noticed that Art's questions usually seem to involve Prime Numbers.

Wed, 10/05/2011 - 10:40 | 1741269 Bwahaha WAGFDSMB
Bwahaha WAGFDSMB's picture

7 potatos

Wed, 10/05/2011 - 11:53 | 1741561 kingcrab
kingcrab's picture

You are all wrong.  There are 12 potatos in the sack!

X/2 + 0.5 + X/4 + 0.5 + X/8 + 0.5 = X

X = 12

Wed, 10/05/2011 - 13:07 | 1741932 donsluck
donsluck's picture

Let's test it:

12/2 + 0.5 + 12/4 + 0.5 + 12/8 + 0.5 = 12

6 + 0.5 + 3 + 0.5 + 1.5 + 0.5 = 12

12=12

You lose! Don't forget, the end result is zero, not X.

Wed, 10/05/2011 - 10:46 | 1741287 slackrabbit
slackrabbit's picture

There is no cake!

Wed, 10/05/2011 - 10:51 | 1741312 CU1981
CU1981's picture

I prefer pie ;-)

Wed, 10/05/2011 - 10:52 | 1741316 snowball777
snowball777's picture

There will be cake (or death).

Wed, 10/05/2011 - 10:47 | 1741288 buzzsaw99
buzzsaw99's picture

answer: 0 spuds, which incidently is what Dexia is worth.

Wed, 10/05/2011 - 11:09 | 1741289 Mercury
Mercury's picture

About that Swahili -

Measured by par value at what end: the short (procedes generating) end or the long (target purchases) end?

Doesn't this determine whether the actual Op Twist $ amount will actually be somewhat less than the anounced $ amount?

I mean, when they said they will be selling $400b of shorter maturity bonds and buying $400b of longer maturity bonds...one could be forgiven for thinking that's a market value----> market value transaction.

Wed, 10/05/2011 - 11:41 | 1741511 V in PA
V in PA's picture

kuzamisha kununua na kula tajiri

mwanamke mbwa(z)

Wed, 10/05/2011 - 13:25 | 1741954 heatbarrier
heatbarrier's picture

Sell discount TBills @par, buy bonds at what price?  On the run or off the run?  

That would had been a good retort.   Swahililand.  Who comes up with the names, I would like to know.  Operation Twist, brings back the 1960s, more like Operation Bend Over or Lay Down, something like that, make it good copy.

 Mr. B:  "Thank you Congressman.  We delegate those decision to Open Market Operations at the NY Fed".  

Congressman: "Do they know how to run a railroad?

Mr. B: "Congressman, In the US$57 trillion open market operations they have done since 2008, audited by several agencies, not a single improper transacction has been found. We stand by our record. Did I mentioned they are thoroughly audited?"

Wed, 10/05/2011 - 10:47 | 1741292 JohnG
JohnG's picture

7 - 3 - .5 - .5 = 3

3 - 1.5 - .5 = 1

1 - .5 - .5 = 0

Wed, 10/05/2011 - 13:06 | 1741940 donsluck
donsluck's picture

Hey you win too!

Not really, the 12 answer was wrong.

Wed, 10/05/2011 - 10:47 | 1741294 NEOSERF
NEOSERF's picture

It is frightening that the so called smart money is A) this gullible or B) this "univested" that they sit like monkeys waiting for positive or negative utterances from one of the top 12 world politicians and then hit a button trying to create momo..either way, back to your comment...the markets are completely broken and decoupled from the silly buy and hold mentality of the 50s...

Wed, 10/05/2011 - 11:01 | 1741350 I am a Man I am...
I am a Man I am Forty's picture

the smart money is patiently waiting for a crash or are not going to play the game

Wed, 10/05/2011 - 10:48 | 1741297 RobotTrader
RobotTrader's picture

Resource stocks are leading today

That means QEIII is imminent

MPC, TSO, BTU, CF, etc.

Wed, 10/05/2011 - 11:11 | 1741391 X.inf.capt
X.inf.capt's picture

again ROBO, printing= higher PM values

thanks for the encouragement, and letting know holding phyiscal was a great idea...

RT, YOUR THE BEST....

Wed, 10/05/2011 - 15:00 | 1742299 SILVERGEDDON
SILVERGEDDON's picture

Dude, quit sucking the paper dick. No one can live on a diet of speculative paper come. 

Wed, 10/05/2011 - 10:49 | 1741300 buchesky
buchesky's picture

-7 potatoes

Wed, 10/05/2011 - 10:49 | 1741301 SWRichmond
SWRichmond's picture

I now see the path to prosperity: I will put all of my assets held free and clear in "Good SWRichmond," and all of my debt in "Bad SWRichmond," and then tell the creditors to go fuck themselves.  It seems to be legal, as everyone in the world of big banks seems to be doing it, and it seems to be a viable solution.  Debts?  Ignore them.  And then get on with the rest of my life.

Wed, 10/05/2011 - 11:03 | 1741361 Rusty_Shackleford
Rusty_Shackleford's picture

Then recapitalize by selling bonds in "Good SWRichmond" to the Fed.

Wed, 10/05/2011 - 12:49 | 1741866 nowhereman
nowhereman's picture

I did just that, but they haven't figured it out yet.

Wed, 10/05/2011 - 10:49 | 1741302 Fix It Again Timmy
Fix It Again Timmy's picture

Are the potatos marked to market or do we calculate with par value?

Wed, 10/05/2011 - 10:50 | 1741303 Todd Horlbeck
Todd Horlbeck's picture

The bear market killer, will be traced to Bernanke's helicopter comment.  Right now the Fed has done noting new or noteworthy.  Send in the helicopters means "bypass the banks".  Bernanke has to figure a way out to do this!  He can pretty much do anything he wants, but until he has the moxie to do this, I don't see a way out. 

Wed, 10/05/2011 - 10:52 | 1741305 wang (not verified)
wang's picture

Oppenheimer's Brian Belski (a Zero Hedge Hall of Famer - in the company of Lazlow, Biggs, and that BAC guy who recently got canned) apparently called/explained yesterdays move in his interview on Bloomberg earlier today, he also said something that sounded like the importance of embracing Wall Street

 

(sadly / wisely Bloomberg omitted that segment from today's podcast list)

Wed, 10/05/2011 - 10:56 | 1741323 LongBallsShortBrains
LongBallsShortBrains's picture

Duh!

Wed, 10/05/2011 - 10:54 | 1741324 SPONGE
SPONGE's picture

The number of potatoes is irrelevent. It depends on who does the accounting. 

Potatoes to market?

Wed, 10/05/2011 - 10:56 | 1741329 Gene8696
Gene8696's picture

sieben Kartoffeln

Wed, 10/05/2011 - 11:58 | 1741577 kingcrab
kingcrab's picture

Nein.  Es gibt zwolf Kartoffeln!

Wed, 10/05/2011 - 10:56 | 1741333 ptoemmes
ptoemmes's picture

But I thought the catcher dropped the third strike potato - or is that potatoe - and threw it wildly into right field.  Thus the market rallied and won the day - yesterday - which was even more wacky than a four out inning in BB.  And, yes, you could have an unassisted triple play AND a four out (or more) inning. 

 

 

Wed, 10/05/2011 - 11:01 | 1741347 thunderchief
thunderchief's picture

For a moment, yesterday, I loved Ben. 

Now I Hate him!

Again!

 

Wed, 10/05/2011 - 11:02 | 1741353 RobotTrader
RobotTrader's picture

Bulls now have the bears on the run.

All they need to do is start floating more and more rumors.

Wed, 10/05/2011 - 11:02 | 1741354 heatbarrier
heatbarrier's picture

I think, coming from Mr.B , "Not the way to run a railroad"  comment was the best Godelian quote I have heard in some time. 

Wed, 10/05/2011 - 11:04 | 1741363 FullFaithAndCretin
FullFaithAndCretin's picture

Generous gene missed a trick. He should have offered to keep the given-away potatoes in his sack for a storage fee. Then he could have given all his potatoes away three times. And he could have gone home and eaten all but one third of one potato, knowing that there was no chance all his friends could all show up at the same time wanting all their potatoes back.

Wed, 10/05/2011 - 11:13 | 1741398 catacl1sm
catacl1sm's picture

+1 one for you, my friend.

Wed, 10/05/2011 - 11:16 | 1741407 catacl1sm
catacl1sm's picture

double post

Wed, 10/05/2011 - 11:35 | 1741366 Cpl Hicks
Cpl Hicks's picture

As a sidebar, we would like to note a rare, perhaps unique, event at the hearing. One of our elected officials asked an intelligent question of the Chairman. He asked if the balance of Operation Twist would be measured in par value or market value. Bernanke responded - “par value”.

Why is this significant? Par vaue means something like face value which means some value when a security was issued...? I obviously don't know so I can't fathom why it was an intelligent question and what's the meaning of Ben's answer; as opposed to if he had answered "market value".

Wed, 10/05/2011 - 11:06 | 1741373 SwingForce
Wed, 10/05/2011 - 11:08 | 1741381 tom a taxpayer
tom a taxpayer's picture

Breaking News: Ireland plans to drop Euro, adopt Potato currency.

Ireland plans to change its currency from the Euro to the Potato, a new currency convertible to potatoes, according to an "in the know" source who wishes to remain anonymous until the official announcement of the "switcheroo".  The Irish Finance Minister shortly will announce a one week bank holiday during which Irish bank deposits denominated in Euros would be converted to Potatoes. The new Irish currency will be redeemable in potatoes and issued in these denominations:

One Pound of Potato Note

Five Pounds of Potatoes Note

Ten Pounds of Potatoes Note

Twenty Pounds of Potatoes Note

One Hundred Pounds of Potatoes Note

Five Hundred Pounds of Potatoes Note

One Thousand Pounds of Potatoes Note

Squabbling over what variety of potato will be depicted on each Note is delaying the Note printing process. Lobbyists for the two most popular varieties of potato, the Rooster and Kerr's Pink, are waging a behind-the-scenes last-potato-standing cage fight to win the coveted prize: engraving of their potato on the face of the One Thousand Pounds of Potatoes Note. Less ""floury" varieties will have to be content to be depicted on the lowly One or Five Pound Note.

One other hurdle is how to cushion the "switcheroo" to repay bondholders of Irish bank debt with Potato Notes rather than Euro Notes. Bondholders are not big potato eaters and prefer to eat caviar, foie gras, escargot, Wiener Schnitzel, and children of future generations. To sweeten the deal for bondholders,  for each one million Pounds of Potatoes bond conversion, the Irish Finance Minister plans to add a one-time issued Note for one thousand pounds of Irish blood pudding, a traditional Irish sausage made from pig's blood, onions, herbs, spices, oatmeal or barley.   

During the bank holiday the Irish Finance Minister intends to convert Euro (EUR) to Potato (PTO) at the rate on One Euro = Two Potatoes. For those interested in Forex trading, here is handicapping of key exchange rates assuming the Irish launch the Potato next week:

PTO/USD = .68

PTO/EUR = .5

PTO/GBP =  .42

PTO/CHF = .67

PTO/YEN = 55.75

The reckless debt acquired by Irish banks is forcing the Irish government to abandon the Euro and establish its own currency and control over monetary policy. To rebuild public confidence in the Celtic Tiger, Ireland has decided to establish a hard currency redeemable in hard potatoes. When  asked why Ireland is choosing potatoes rather gold to back the new currency, the "in the know" source responded, "Well, you can't eat gold, can you now. Hi di-diddly-idle-um, diddly-doodle-idle-um,diddly-doo-ri-diddlum-deh."

When  asked about the potential for a bank run in which the Irish public demands their Notes be redeemed for potatoes, the "in the know" source responded, "Well, if you go to the bank in a bank run and redeem, say, Notes for 10,000 Pounds of Potatoes, what, pray tell, are you going to do with 10,000 pounds of potatoes?...sell them to the all the other lads who redeemed thousands of pounds of potatoes?  And how many pounds of potatoes can you carry out of the bank...10,000 pounds? There arent enough wheelbarrows and donkey carts in all of Ireland to cart away the potatoes in a bank run, so there will be no bank run.   Argh, isn't that the beauty of the switcheroo. Too-ra-loo-ra-loo-ral,..come on, sing along...

"Too-ra-loo-ra-loo-ral, Too-ra-loo-ra-li,
Too-ra-loo-ra-loo-ral, hush now, don't you cry!
Too-ra-loo-ra-loo-ral, Too-ra-loo-ra-li,
Too-ra-loo-ra-loo-ral, that's an Irish lullaby."

http://kids.niehs.nih.gov/lyrics/irishlull.htm

Wed, 10/05/2011 - 11:14 | 1741400 simone
simone's picture

 y - y/2 - 1/2 - 1/2 (y - y/2 - 1/2) - 1/2 - 1/2 (y - y/2 - 1/2 - 1/2 (y - y/2 - 1/2) - 1/2) - 1/2 =0 implies y = 7.

Wed, 10/05/2011 - 11:15 | 1741403 j0nx
j0nx's picture

If FT keeps floating these BS rumors which are intentionally moving the market then why aren't they being investigated and indicted for crimes? Or is the SEC too busy surfing porn again to care?

Wed, 10/05/2011 - 11:17 | 1741414 catacl1sm
catacl1sm's picture

midget porn... get it straight.

Wed, 10/05/2011 - 11:17 | 1741415 I Am The Unknow...
I Am The Unknown Comic's picture

I don't have a Princeton Ph.D. in Economics and so can't solve the potato question.....yep, I'm just a CommonTater

Wed, 10/05/2011 - 11:19 | 1741420 Fix It Again Timmy
Fix It Again Timmy's picture

The potatos in Fort Knox need to be audited immediately!

Wed, 10/05/2011 - 11:19 | 1741423 adr
adr's picture

I never really understood the importance of resistance levels. I understand traders use them as a metric to base market direction but just because the market hits a target doesn't really mean that level represents the state of the market on that day. If you hit 1105 just because it is the average going back a certain number of days, or months, or years does that actually mean anything?

You can always use some chart or statistic to come up with a reason to buy or sell at any given moment. Moves off resistance levels just proves the market does not trade on any real relevant economic information. What really determines oversold or overbought? I think you would base that on the real flow of money from wages to goods and services.  

To me trader data points have more in common witha roulette wheel than the economic conditions I deal with in the real business world. Hey the wheel landed on 32 twice in a row exactly 200 spins ago so that means the odds of landing on 32 must be higher so therfore we need to increase our bet on this spin.

Meanwhile in the real world I lose 10% margin due to foreign currency exchange just from last month. Even though prices of metals have come down my display suppliers haven't adjusted prices down becuase they can be burned in a week if they lower prices and metals go back up. My buyers aren't placing big orders because they are too worried about carrying inventory. We are always one month away from going out of business.

Wed, 10/05/2011 - 11:25 | 1741440 Monedas
Monedas's picture

Generous Gene gave 1/2 of a potatoe and half of the crummy, burlap sack to the first friend !      Binky is good at making those Congressmen look good ! Notice how they ended at 12 noon on the nose to go to the Capitol restaurant ? These hearings are about as spontaneous as Obama's tele-prompter ! It's all theatre......just like the Wall street demonstrations ! Monedas 2011 "The crease on the pants of a Roxy usher !"....Cole Porter

Wed, 10/05/2011 - 11:28 | 1741464 Moocao
Moocao's picture

Zerohedgers

 

I have been on this forum for 3 weeks and some, and I have learned a lot from this community of sharp minded, no nonsense, no BS, extremely intelligent individuals, and I would like to thank Tyler for illuminating the many ills and greed and horrid practices currently plaguing our finances and our world. I am happy that my eyes are opened.

 

I also learned that this forum has many sharp minded and extremely pessimistic individuals who are waiting for the end to come, with no hope, no belief, and just waiting for the end to come

 

What is it isn't the end? So what if the financial community collapses? So what if the USA defaults? We are the fabric of society, you, me, every living soul in this domain is the fabric of our reality. I believe in a better future, even if we have to go through hell for awhile. I believe that with all of you, we can still make a better future. I sincerely thought about this for awhile. Debts, money, USD, Gold, Silver, etc. These are just stores of value of our individual labor, they do not represent us. We are the masters of our own fates. Not the Government, not the stock market, not Wall Street, we are our own masters, we create wealth and happiness. In the end, when it comes, we are the salt of the world, the light to shine the darkness around us

All of you have the pessimistic view of the future, and indeed it is grim. My first 2 weeks in this forum gave me nightmares of what the future portends. Famine, War, Pestilence, Death. All of them flashed their powers in front of my eyes. Then, call it inspiration, call it Hope, call it Faith, call it whatever, it came to me. We have survived World Wars, we have survived the threat of Fascism, Communism, Colonialism, we can still do so again. We are better educated than 1911. There are more enlightened individuals here than I can remember through my perusal of history books. We can do better than our forfathers still, even if our world crumbles, we can still build it back. Our current failed Order will come Chaos. Out of Chaos, however, will be Order. And we shall be the light within the darkness. We need to come up with a better system

I hope that my message of hope can resonate. All of you have IQ beyond mine I think, but all of you lack something I have. I have Hope, and I want you all to think on how to create communities of hope. A sustainable community where we create and we do not consume more than we need, where we create wealth for generations. We need to create a sustainable system that will benefit not just our children, but for the children of our children and beyond. We may not all survive, but the idea will. And that my friends, is the key to everlasting life. We will create a concept, a philosophy, that will create Order out of Chaos. We need to, because our children depends on it.

 

Thank you for your time. I will try to post this everywhere so everyone who can see this message can think and try to build a community of hope around them. With all of your intelligence, and perhaps with a new sense of hope and purpose, we can recreate our country again. Long Live our Republic of USA

Zerohedgers

 

I have been on this forum for 3 weeks and some, and I have learned a lot from this community of sharp minded, no nonsense, no BS, extremely intelligent individuals, and I would like to thank Tyler for illuminating the many ills and greed and horrid practices currently plaguing our finances and our world. I am happy that my eyes are opened.

 

I also learned that this forum has many sharp minded and extremely pessimistic individuals who are waiting for the end to come, with no hope, no belief, and just waiting for the end to come

 

What is it isn't the end? So what if the financial community collapses? So what if the USA defaults? We are the fabric of society, you, me, every living soul in this domain is the fabric of our reality. I believe in a better future, even if we have to go through hell for awhile. I believe that with all of you, we can still make a better future. I sincerely thought about this for awhile. Debts, money, USD, Gold, Silver, etc. These are just stores of value of our individual labor, they do not represent us. We are the masters of our own fates. Not the Government, not the stock market, not Wall Street, we are our own masters, we create wealth and happiness. In the end, when it comes, we are the salt of the world, the light to shine the darkness around us

All of you have the pessimistic view of the future, and indeed it is grim. My first 2 weeks in this forum gave me nightmares of what the future portends. Famine, War, Pestilence, Death. All of them flashed their powers in front of my eyes. Then, call it inspiration, call it Hope, call it Faith, call it whatever, it came to me. We have survived World Wars, we have survived the threat of Fascism, Communism, Colonialism, we can still do so again. We are better educated than 1911. There are more enlightened individuals here than I can remember through my perusal of history books. We can do better than our forfathers still, even if our world crumbles, we can still build it back. Our current failed Order will come Chaos. Out of Chaos, however, will be Order. And we shall be the light within the darkness. We need to come up with a better system

I hope that my message of hope can resonate. All of you have IQ beyond mine I think, but all of you lack something I have. I have Hope, and I want you all to think on how to create communities of hope. A sustainable community where we create and we do not consume more than we need, where we create wealth for generations. We need to create a sustainable system that will benefit not just our children, but for the children of our children and beyond. We may not all survive, but the idea will. And that my friends, is the key to everlasting life. We will create a concept, a philosophy, that will create Order out of Chaos. We need to, because our children depends on it.

 

Thank you for your time. I will try to post this everywhere so everyone who can see this message can think and try to build a community of hope around them. With all of your intelligence, and perhaps with a new sense of hope and purpose, we can recreate our country again. Long Live our Republic of USA

Wed, 10/05/2011 - 11:50 | 1741549 Cynical Sidney
Cynical Sidney's picture

hopes and dreams are collapsing just ask obama;

yes we do need a better system. people who's on the current system wouldn't allow the collapsing system to fail and be replaced. pessimistic views is a good tool to bring down the current system

Wed, 10/05/2011 - 11:57 | 1741575 JohnG
JohnG's picture

OK, nice, touchy feely and all that......

 

That you Obongo?  HOPE went along with our change, remember??

There is no hope when the barbarians are in your courtyard.

Wed, 10/05/2011 - 12:00 | 1741585 Invisible Hand
Invisible Hand's picture

To MOOCAO:

I think your heartfelt post does make a point.  I agree that the world will not end as this financial crisis plays out.  However, I think OUR world will end.  We are not in 1929 IMO, rather we are in 1939.  Doesn't mean that WWIII will occur but that there will be large dislocations in the political and economic landscape that will leave the world unrecognizable to the older members of the ZH community.

Also, I think what causes a lot of angst is that it is obvious that the game is rigged in what we thought were free markets in the US.  That China functions as a "heads I win, tails you lose" economy ("I" being a crony of the rulers) is not surprising.  That the US economy works that way is just being made increasingly clear to everyone.  The real source of the corruption is the government (and the people that buy our rulers) and I have no sense that the majority gets this, or more important, want it to change.

A further source of pessimism (for me at least) is that I am realizing just how ignorant and unrealistic the average developed world citizen is.  No one is willing to face the music and deal with our reality.  Our societies are broke.  We cannot kick the can forever and we must get back to work and earn our living.  I fear that we will elect politicians that blame the rich while at the same time slipping them money under the table (or at least the connected ones).  This discourages the real entrepeneurs and encourages the rent seekers, preventing any new sources of jobs and teaching the lazy that it isn't their fault.

To me this reeks of fascism and communism (both brands of socialism) and if we choose this path, things will only get worse.  Doesn't have to happen, but I fear it might.

Still, might as well be optimistic if it helps you get through the day.

Wed, 10/05/2011 - 12:54 | 1741898 Raymond K Hessel
Raymond K Hessel's picture

I junked you.

 

Read Bill Frezza's recent NPR interview regarding labor and wealth.  You got it wrong about money being a store of value in labor. 

Please don't post all over this site with your crap. We did not survive fascism.  We are currently in a fascist regime and have been for nearly a century.

And I have no intention of struggling or walking 40 years through a proverbial desert to get to the other side.  Stop that 'share the pain' shit.  It doesn't resonate with me. 

Life is too long to put up with crap. 

Wed, 10/05/2011 - 11:35 | 1741488 Monedas
Monedas's picture

Obama, as a last resort, will create a World wide emergency for the 2012 elections ! The Democrats will pull out that old campaign slogan:  "Don't change Negroes in the middle of a car wash !" Monedas 2011 Comedy Jihad World Tour

Wed, 10/05/2011 - 11:46 | 1741538 catch edge ghost
catch edge ghost's picture

There was one potato in the sack. 

It was carefully diced into smaller, leveraged pieces called Securi-Tots, using complex formulae provided to Gene by his good friend, Loveable Lloyd. 

The gifts were actually pledges for potato.  Unfortuntely, Gene never transfered the spud notes to the proper potato Trusts. So much paperwork you know.  After pledging the same potato to all of his friends, he absentmindedly ate the last remaining potato while executing an overnight repo. Then Benvolent Ben busted in and bailed out the buddies.

No worries. Generous Gene is fine now and currently employed at the SEC.  The potato growers are enjoying the benefits of unemployment and busily completing their student loan applications.

Wed, 10/05/2011 - 11:46 | 1741539 Conax
Conax's picture

"Long Live our Republic of USA"

Whoopsie- the 'republic' died in 1865. Freedom died in 1913. The economy died in 1929. The US is totally bankrupt since 1933. The music died in 1959. The money finally died in 1971. The last decent jobs are dying now. The future is a black, swirling maelstrom of failure and pain.

Have a nice day! :)

No, really! ;)

Wed, 10/05/2011 - 11:51 | 1741552 Duke of Con Dao
Duke of Con Dao's picture

hey, here's a 20 sec vid mash of a real panic

http://www.youtube.com/watch?v=ndtDZ-DQE1M

at the 10 sec mark you can read their lips that

are saying SELL SELL SELL 

 

Wed, 10/05/2011 - 12:10 | 1741638 Monedas
Monedas's picture

The gaggle of geese are cute ! The 2008 Obama victory celebration at the foreign correspondents headquarters in Phnom Penh, Cambodia is PRICELESS ! Monedas 2011 Fair and balanced reporting !

Wed, 10/05/2011 - 12:16 | 1741672 Cpl Hicks
Cpl Hicks's picture

Hey, falek...new name?

Wed, 10/05/2011 - 11:59 | 1741581 dcb
dcb's picture

If bernanke is under oath can he be prosecuted for saying this:

"Mr. B said the economic rebound, that he and the Fed had carefully nurtured through QE1 and QEII,"

Hey Mr. Bernanke, you douchebag, an economic recovery for the top 1% isn't an economic recovery. I know you in fact haven't actually had to talk to someone who has to in fact work for a living in years, but as usual you got it wrong. How about hanging out with me, meet some of my friends, getting no return on their savings, living on fixed incomes, having to do some light porn to make ends meet. Plus, living on food stamps. Wonder when the last time you had to take it up the ass was to put food on your table?  

Wed, 10/05/2011 - 12:00 | 1741590 Smiddywesson
Smiddywesson's picture

"Idiots!  If Generous Gene had simply destroyed the potatoes, or better yet, sold all the potatoes to the government for $1 billion each, it would stimulate potato production and there would be plenty of potatoes for everyone."

- Paul Krugman

Wed, 10/05/2011 - 12:45 | 1741847 Raymond K Hessel
Raymond K Hessel's picture

7

Wed, 10/05/2011 - 14:00 | 1742070 Carnegie_IB
Carnegie_IB's picture

I have to admit that BAC is an intelligent thief. My perception may be wrong but here goes:

 

what are the objectives? Prevent run on good bank, split off from bad bank similar to splitting deeds and notes to invalidate the former.

Create bank home page to look as if the website is down. This way, when it really is, most will not notice the change. Lull the masses into complacency, as they forget and must move on with their busy lives.

the boundary conditions? dump CW with least damage as possible, dump all worthless assets as quickly and quietly as possible, eliminate loose ends via outsourced private security, secure own executive interests at all times..gaining as much as possible exploiting chaos.

what is the minimum needed to resolve this problem? having enough time to react and execute exit tactics before masses come with weapons and rope. see John Law and the Mississippi scheme of 1719

will needs be satisfied? if not dead and rich...yes.

Compromise? idiots that get in my way. 

ELEMENTS OF DECISION MAKING:

1. know WHEN a decision is necessary

NOW

2. Make sure decision is about the RIGHT PROBLEM

KEEP MONEY FROM LEAVING BANK FASTER [NET AFTER PAYING ONESELF] THAN IT CAN BE PRINTED, REPLENISHED, OR BROUGHT IN

3. Know how to DEFINE the problem

we use collusion, consumer psych ops, tracking, account monitoring, and social mood analysis

4. AFTER decision is thought through, what is ACCEPTABLE? preventing a run on the bank as we are leveraged and CW assets are worthless.
5. COMPROMISE. CW becomes the next Asbestos Settlement. We appease only the largest areas of disruption. the masses are too fragmented, they get denied. FDIC is a lie.
6. Until the decision is EFFECTIVELY IMPLEMENTED with a DEADLINE, there is no decision.

= BAC home page made to look like the bank is down. best to get reality out front, so eventually the masses become complacent and eventually think they just need a web page designer.

 

Wed, 10/05/2011 - 14:01 | 1742081 Comicus
Comicus's picture

That would be Eleventy Billion potatoes alex.

Wed, 10/05/2011 - 14:37 | 1742222 Pitchman
Pitchman's picture

That man had 7 potatos.  Or non, because such an alturistic man no does noT exist.

As commented in yesterdays piece : Welcome To The Bear Market

Caveat Emptor!

The Market makes another stab down and bearish sentiment gets ahead of itself.... followed by the mother of all short squeezes.

 THE STOCK MARKET

But few paid attention!

[Please see our critique of OccupyWallStreet's First Public Statement below.]

OccupyWallStreet: The Kids Are Alright!

- Inflection Point

Wed, 10/05/2011 - 15:09 | 1742328 SILVERGEDDON
SILVERGEDDON's picture

If a bear ate all the potatoes, and all Gene's friends after the transaction, and then had a big shit in the woods, did it make a sound? Same as one hand clapping, maybe.

Thu, 10/06/2011 - 00:18 | 1744219 BrianZeroHedge
BrianZeroHedge's picture

The answer is negative 7 potatos. Remember when doing the calculations to carry the Geithner, otherwise you'll get a divide by Bernanke error.

Fri, 10/07/2011 - 18:22 | 1751329 Anonymouse
Anonymouse's picture

"Par Value", "Market Value".

You can't expect the nouveau millionaires in Congress to understand such advanced financial concepts.

They made their money the old fashioned way:  Inside information

Wed, 10/12/2011 - 11:43 | 1765952 karmete
karmete's picture

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