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Biderman: "The Most Damage Is Caused By Those Who Are Not As Smart As They Think They Are"

Tyler Durden's picture


It is not often we double-dip in the Sausalitan's soliloquies but tonight's glorious truthiness from Charles Biderman, CEO of TrimTabs, is worth the price of admission. After explaining that the only way he could be any more bearish is to be double-levered - and that he believes that besides "believing in miracles" this market will see the March 2009 lows once the market-rigging is fully exposed, he makes probably the most clarifying statement we have heard regarding our central-planners-in-chief. With regards to Messrs. Bernanke, Geithner, and Obama: "The most damage is caused by those who are not as smart as they think they are." They continue to believe they are smart enough to fix all our financial problems (and Europe's - if they would just listen to Timmay) by building a bridge over the recession - thanks to asset-buying and ZIRP. "The only problem is we are running out of bridge and are nowhere near recovery" is how he sees it and reflecting on the massive gains that have been made on short-dated Treasuries as the Fed (who is the one buying them) extends the ZIRP horizon - it is clear that this is nothing but a huge Ponzi scheme.



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Tue, 07/24/2012 - 23:08 | 2647894 q99x2
q99x2's picture

I consider them smarter than Bush Junior. I also consider my turtle smarter than Bush Junior.

Tue, 07/24/2012 - 23:31 | 2647959 Rahm
Rahm's picture

Santelli VS. Biderman (2006) LMAO!:

Tue, 07/24/2012 - 23:49 | 2647995 AldousHuxley
AldousHuxley's picture

kings used to live large based on "divine right" with support from high priests over people


money changers are living large based on "god's work" with support from Fed's economists and politicians over people.


Let's see banksters increase GDP with population and money supply constant......truth is that their bonuses are based on ponzi scheme growing with more people born and Fed making everything looking like things are growing.

Wed, 07/25/2012 - 00:29 | 2648063 john39
john39's picture

the scam is as old as recorded history.  no freedom until the parasites are removed.

Wed, 07/25/2012 - 02:00 | 2648166 cranky-old-geezer
cranky-old-geezer's picture



These people aren't stupid.  They're looting Amercia dry in a well planned systematic way.

The only stupid people are those who don't realize it's a looting spree. 

Wed, 07/25/2012 - 03:33 | 2648219 Peter Pan
Peter Pan's picture

They are not as smart as they think they are but the people are stupider than they think otherwise the people's inaction cannot be explained in view of such brazen theft, misinformation and enrichment at the expense of everyone else.

Wed, 07/25/2012 - 03:47 | 2648227 All Risk No Reward
All Risk No Reward's picture

Actually, it is Biderman that isn't that smart.

The people running the show are Machiavellian geniuses.  After all, they are ripping Muppet faces with a fraudulent debt based monetary system and almost nobody even knows.  They criminally broke the law to blow the world's largest credit bubble - after leveraging to the hilt, no doubt.  They can steal your segregated account and nothing happens.

They launder $100s of billions in drug money and nobody goes to jail when caught and the money isn't even returned.

They offloaded their worst debts onto the public and took cold cash in return.

They keep the winnings, we get their losses.

They run government, we get Muppet ripped.

The folks that aren't as smart as they think they are include those who believe the bankster media narrative instead of independently searching out and analyzing the data that will lead them to the truth.

The oligarch plan to bankrupt the nations and install their fascist system is proceeding quite nicely, thank you very much.

I don't like it, but with so many people falling for the false narrative, we don't have a chance.

Wake up - and we have a chance.

Wed, 07/25/2012 - 05:02 | 2648255 Dr Benway
Dr Benway's picture

Dude it is misguided to believe that cartel criminals are Machiavellian geniuses. Look at your average mob boss, he is only powerful because of the system he exists in, because of the underlings and so forth.


Or maybe it is a kind of genius to make yourself such a position of power from which to expropriate funds from the plebs

Wed, 07/25/2012 - 06:23 | 2648294 negative rates
negative rates's picture

If there was any genius, it was when in 3/09, they lifted mark to mkt accounting, after that it was off to the races as far as handling and disclosing money transactions. Even Timmy had to reup his taxes to take the rest of the population to the cleaners when the dirty landury came to light.

Wed, 07/25/2012 - 08:15 | 2648449 economics9698
economics9698's picture

I want to write a blog about how stupid 130 IQ Jews really are, but that would be racist.  

Wed, 07/25/2012 - 05:32 | 2648273 jeff montanye
jeff montanye's picture

your pointed critique of the powers that be is leaking out all over the world.  book after book (, website after website (see the zh reads, jesse's list, etc.) even film after film (margin call, inside job, too big to fail).  

as the economy slows, "the people" will search more thoroughly for answers and these will be the ideas lying about.  the truth will out, slowly, inefficiently but irrevocably.

Wed, 07/25/2012 - 08:30 | 2648430 Widowmaker
Widowmaker's picture

You're dancing around the point - privilege.

The privileged class owns you because they, and you, worship money.  They can't lose when everyone worships and is addicted to their honey.

You don't think "Gods work" is faggot-slang for fucking you over?

The truth is this privilege is running out.  Albeit slowly, the current system is losing its luster, current money is dying.  It's dying because perverted fraud has taken over and the number of players is declining rapidly (I cannot attribute this, but it's accelerating, too).   

When savers and rish averse are getting robbed, and the rule of law is monetized, all bets are off.  

The old saying is as true as ever, "there's more to life than money," which the regular money-worshipper will be forced to reckon with as he is broke (through ZIRP) and homeless (through MERS).

Starting to see the picture?   Get your "money" out of their privileged system now.

Wed, 07/25/2012 - 00:34 | 2648075 The Monkey
The Monkey's picture

The Fed is so up to it's eyeballs in shit that they have no means to stop themselves now. The Fed is essentially in the same spot Bernie Madoff found himself in, perpetuating a myth. Who knows how long these nuts will be allowed to reign destruction.

Wed, 07/25/2012 - 00:42 | 2648086 AldousHuxley
AldousHuxley's picture



game over.


chinese left the theater, Fed just playing encore to American audience now when nobody asked for on.

Wed, 07/25/2012 - 00:50 | 2648096 Doña K
Doña K's picture

I think that this has been settled noumerous times and we are just beating a dead horse on the head for the benefit of newcomers.

We are at a point of no return and no human can save us without a tilt. The system needs re-wiring, the banksters need to be expunged, the politicians must be sworn to tell the truth or face prison and.... add your own musts...

The economy is levitating supported by only 100 threads. I say each day one thread breaks. Hence, by November you will get a surprize. Chavez died and was reincarnated. He now lives on Penn Ave. Keep rubbing your eyes..Still there 

Wed, 07/25/2012 - 00:07 | 2648013 Bollixed
Bollixed's picture

"Santelli VS. Biderman (2006) LMAO!:"

Peter Schiff did even better than Santelli in that clip...:)

BTW...can someone explain how a $10K T @2.5% becomes $110K when interest rates drop to 0.25% as CB talked about in the video? How does that become 11 times par?

I'm cornfuzed...


Wed, 07/25/2012 - 00:56 | 2648052 The Big Ching-aso
The Big Ching-aso's picture



If anyone plans 2 truly get richer on interest in the next 10 years they have a balloon brain that will be deflated.

Wed, 07/25/2012 - 02:11 | 2648176 cranky-old-geezer
cranky-old-geezer's picture



Yes, bankers have painted themselves into a corner.  The only way they can keep their sovereign debt ponzi scheme going is 0% interest, and they don't make any money at 0% interest.

Wed, 07/25/2012 - 00:30 | 2648066 Doña K
Doña K's picture

The same way if your $10k at 2.5% went to 25% 10 times higher. Your $10k will be worth the same as a guy who just bought $1k at 25% he will get $250 in intertest per year and you will also be geting $250. Therefore: You can only sell your bond for $1k now.

The reverse is also true

Wed, 07/25/2012 - 00:46 | 2648088 Rahm
Rahm's picture

Glad someone picked it up :)

Wed, 07/25/2012 - 01:27 | 2648136 chump666
chump666's picture

he was referring to the bid price of the bond compared to the par rate.  Before the Fed went insane with UST buying, if you caught that trade when they were somewhat cheap with 10K, you would be laughing.  Like PIMCO, as long as the deflation paranoia/schizophrenia is locked into Bernanke, bonds will be bought.  It's more of a bubble then a Ponzi.

But, Asia will drive US rates up with their USD buying and selling short end, which will mess with the hordes that bought bonds under the 10yr.  I agree with Biderman that the market will be capped with or without QE3, there is a breaking point in the bond market and equities won't be safen haven flows

check this:

Wed, 07/25/2012 - 06:14 | 2648288 blueridgeviews
blueridgeviews's picture

Price and yield are inversely related.  When the yield of a treassury goes down the price goes up by the same amount.

Wed, 07/25/2012 - 21:41 | 2651685 Brynjo
Brynjo's picture

I think he was talking about Present Value of a perpetuity, like a consol.

Wed, 07/25/2012 - 21:40 | 2651686 Brynjo
Brynjo's picture

I think he was talking about Present Value of a perpetuity, like a consol.

Wed, 07/25/2012 - 01:14 | 2648125 Socialized Losses
Socialized Losses's picture

+1 Rahm. Biderman -1 not worth my time.

Wed, 07/25/2012 - 05:27 | 2648268 TWSceptic
TWSceptic's picture

Santelli? That's Peter Schiff vs Biderman!! Why is Schiff never honoured on this website anyway?? It's always Biderman this Santelli that. I have more respect for Schiff than for any of these guys.

Tue, 07/24/2012 - 23:41 | 2647973 Rincewind
Rincewind's picture

WTF? Still living in bi-partisan land?

Wed, 07/25/2012 - 00:13 | 2648023 Muppet of the U...
Muppet of the Universe's picture

Even if some begin to wake up...  There are levels that can be reached by some and not by others.  Blame it on genetics, environment, etc.  The cause right now, doesn't matter just yet.

All you need to know is that most people are profoundly stupid, and literally incapable of critical thinking.  Once you recognize this, you can begin to plan.


It is critical junctures like this, that I begin to look for patterns in macro central planning.  & I do NOT mean fed planning.  I mean global illuminati, cabal planning.

All I need to do, is realize that many many people knew that idiocracy was coming.  Many people knew 2007-2008 was coming.  Many knew the gold/silver rush was coming.

But very few knew 9/11 was coming.  Very few knew the NWO was coming.  Very few knew the great reset was coming.

You see the ability to travel down the rabbit hole is exponentially limited to fewer and fewer people.  & it is not limited to courage over fear, but brain power over idiocy.

At times like this, you need to begin studying what has happened historically, and what will happen based upon new global movers, such as the internet.

Break out your illuminati playing cards if need be.  The charts are not everything-the game is everything.  & we are at the endgame.

IE China and the U.S. are not mortal enemies.  FFS the PBOC has primary dealer bank status at the DOTT. 

Its like fractals... One must continue exploring outside his/her current box, endlessly, or risk everything.

There are limits to individual journeys in the rabbit hole, and very few make it as far as Alice.

Congradulations, you're out of the sea and you've figured out the Caucus Race is bullshit.

But you've only just begun; the truth is likely infinite.


Wed, 07/25/2012 - 00:32 | 2648068 Oh regional Indian
Oh regional Indian's picture

Awesome links and spot on in general Brother Muppet.

Perhaps you might en-joy this:



Wed, 07/25/2012 - 00:32 | 2648070 john39
john39's picture

the olympics will be the largest occult ritual event  in many years.   and rest assured the elite don't have the welfare of humanity in mind.

Wed, 07/25/2012 - 00:59 | 2648107 Doña K
Doña K's picture

<<<exponentially limited to fewer and fewer people..............but brain power over idiocy>>>

Your statement above is proven by the fact that the sum of all IQ on earthlings is constant but the population is increasing.

Wed, 07/25/2012 - 01:04 | 2648114 Oracle of Kypseli
Oracle of Kypseli's picture

Since you mentioned IQ, is it possible to move from one town to another and raise the average IQ in both towns?

Wed, 07/25/2012 - 01:13 | 2648123 Doña K
Doña K's picture

Same possibility as having deja-vu and amnesia at the same time.

Wed, 07/25/2012 - 03:19 | 2648211 The Big Ching-aso
The Big Ching-aso's picture



I think an 1600 SAT score is BS.   I think we need a 16000 SAT score 2 reflect who has real brains.

Wed, 07/25/2012 - 09:14 | 2648728 PivotalTrades
PivotalTrades's picture


Wed, 07/25/2012 - 01:22 | 2648130 ChacoFunFact
ChacoFunFact's picture

"There are levels that can be reached by some and not by others."


"But first of all another thing must be understood, namely, that knowledge cannot belong to all, cannot even belong to many.  Such is the law.  You do not understand this because you do not understand that knowledge, like everything else in the world, is material.  It is material, an this means that it possesses all the characteristics of materiality.  One of the first charactersistics of materiality is that matter in a given place and under given conditions is limited.  Even the sands of the desert and the water of the sea are a definite and unchangeable quantity.  So that, if knowledge is material, then it means that there is a definite quantity of it in a given place at a given time.  It may be said that, in the course of a certain period of time, say a century, humanity has a definite amount of knowledge at its disposal.  But we know, even from an ordinary obersevation of life, that the matter of knowledge possesses entrely different qualitites according to whether it is taken in small or large quantities.  Taken in a large quantity in a given place, that is by one man, let us say, or by a small group of men, it produces very good results; taken in a small quantity (that is, by every one of a large number of people), it gives no results at all; or it may give even negative results, contrary to those expected."

-P.D. Ouspensky, In Search Of The Miraculous.

Wed, 07/25/2012 - 01:58 | 2648165 Oh regional Indian
Oh regional Indian's picture

One of G's most difficult precepts to swallow. Great quote.


Wed, 07/25/2012 - 09:01 | 2648620 tip e. canoe
tip e. canoe's picture

but did G factor in the internet?

has not the pool of knowledge swelled to realms beyond anyone's imagination over the last say 20 years?

one may argue that this knowledge is not the knowledge that G speaks of in this quote, nonetheless, it would be hard for anyone on this forum to make the case that they have not benefitted from dipping into the pool and that without the pool touching their living rooms, they would have never gotten the opportunity to take a swim and would be a less developed human being without it.

this is not to say that a natural hierarchy does not exist in the material world, but rather to introduce the concept that the extra-dimensional space in which the pyramid resides does not have straight lines and is constantly fluxing and flowing, loosening areas of stagnation that may seem impenetrable to those who only choose to observe the material world.

and to suggest that we should never underestimate the power of the human brain to access the connection point between the two planes of existence...each and any human brain.


Wed, 07/25/2012 - 21:30 | 2651660 blunderdog
blunderdog's picture

G himself was brilliant, but you can't "teach" genius.  The realization that knowledge is material has some value, but without also pointing out that knowledge can be transmitted via information, his point seems a bit unclear.

Information is non-material--it is *independent* of the underlying media.  Knowledge is NOT independent of the underlying media, which is what it seems he was trying to say.

Wed, 07/25/2012 - 09:17 | 2648751 PivotalTrades
PivotalTrades's picture

Utter nonesense 

Wed, 07/25/2012 - 01:33 | 2648140 MeBizarro
MeBizarro's picture

Illuminati . . . blah blah blah.  What a rant of jumbled horse$hit.  It always amazes me how people on here think a small limited cabal of people can control everything including the 'known unknowns.'   

Wed, 07/25/2012 - 01:37 | 2648141 MeBizarro
MeBizarro's picture

Why time and time and time again when even the most detailed experts on large global trends barely beat out lay people who have a basic understanding of what is being prognosticated on.  

Wed, 07/25/2012 - 07:30 | 2648369 francis_sawyer
francis_sawyer's picture

You don't have to control EVERY sheep in the herd... Just the first one or two... (& that can be done by controlling the money supply)...

If you've made it that far, most of the rest pretty much falls into place... Sure, one or two fall out of line (& that's why you have a sheep dog or two, you don't need as many sheep dogs as you have sheep)...

Wed, 07/25/2012 - 09:14 | 2648726 LarryDavis
LarryDavis's picture

That point is really illustrative. Fund managers print money if they can return 8% when inflation is easily 3%-5%. Soon any positive returns will get you 2 and 20. The world of finance is really analogous to traveling shows of the 1800s where people would sell sugar water that purportedly makes your dick 20x bigger. People selling shit they don't understand that furthermore behaves randomly (economists are split as to whether financial markets even exhibit non-random qualities). Would you invest in something that has a random and manipulated behavior? I sure as fuck wouldn't.  

Wed, 07/25/2012 - 09:11 | 2648704 tip e. canoe
tip e. canoe's picture

"In the province of the mind, what is believed to be true is true, or becomes true within certain limits to be learned by experience and experiment. These limits are further beliefs to be transcended. In the province of the mind. There are no limits."  -- john lilly

Tue, 07/24/2012 - 23:44 | 2647981 mayhem_korner
mayhem_korner's picture

I also consider my turtle smarter than Bush Junior.


Do you spend a lot of time considering how smart your turtle is...?  Does he whip you at chess or sumpin'?

Wed, 07/25/2012 - 00:08 | 2648026 knukles
knukles's picture

Guess that makes me harmeless as per Mrs. Knukles

Wed, 07/25/2012 - 02:12 | 2648177 OldPhart
OldPhart's picture


Ireland arresting and charging bankers

Wed, 07/25/2012 - 05:21 | 2648266 TWSceptic
TWSceptic's picture

Your turtle would do a better job governing the country than Obama.

Tue, 07/24/2012 - 23:09 | 2647895 greased up deaf guy
greased up deaf guy's picture

useful idiots. all of them.

Tue, 07/24/2012 - 23:27 | 2647946 SHEEPFUKKER

It's not that they really think they are that smart, it's more like the laws don't apply to them so they can get away with utterly stupid shit. 

Wed, 07/25/2012 - 01:06 | 2648110 Muppet of the U...
Muppet of the Universe's picture

@greasy deaftard

You are making a fatally misguided assessment.  The Bernank is not fucking up.

The Bernank is doing EXACTLY what he was hired to do.


You see, the only useful idiots are the muppets.  The card holders, such as the Bernank & his masters, are VERY intelligent.  & they are playing the game, flawlessly.

However, you must understand- they are not playing on your team; They are playing for their slavemaster's team, against other slavemasters.

& you, are alone, detached somewhere between general muppetry, and the illuminati.

Tue, 07/24/2012 - 23:28 | 2647948 Assetman
Assetman's picture

If you believe they are, indeed, useful idiots-- it gives these guys a pass when they should be made to be held accountable.  

Idiocy is their exit strategy.

They are sociopaths.  Very smart, vary calculated, and very rich... sociopaths.  

All of them.

Tue, 07/24/2012 - 23:43 | 2647978 MsCreant
MsCreant's picture

I see it as more nuanced. They think they are smarter than they are, and they have sociopathic intent. They over estimate themselves, never imagining they will get caught.

In a weird way I have some, I don't know if I should call it compassion or not...

They were born and bred into this. They inherited it. No one sent me to Harvard or Yale because that is not what I was born into. Another way of saying it is that they are replicating their socialization. They really think they are right AND they think they are entitled to make the kinds of decisions they are making because gosh, if the banking system (and its owners) fail, then the planet's economy fails.

Great to see you and your assets around Assetman.

Tue, 07/24/2012 - 23:56 | 2648004 Assetman
Assetman's picture

I love your take on things, as always, MsCreant.  Hope you are doing well.

Wed, 07/25/2012 - 00:20 | 2648045 spekulatn
spekulatn's picture

Plus 1 to you both.

Wed, 07/25/2012 - 00:31 | 2648069 AldousHuxley
AldousHuxley's picture

they are smart as much as people are willing to give them credit for.....


people who think naming their cartel "federal" would fool the masses certainly think they are smarter than most



Wed, 07/25/2012 - 10:13 | 2649055 pods
pods's picture

I think they realized that once the machine was up and running, us muppets would be spending so much time and energy trying to outrun the meat grinder that we would have little time left over to figure out why we are not getting ahead.

Oh, and toss in a weekend of drinking and circus (sports) and the big chunks of time needed to figure out this complex problem are not available.


Wed, 07/25/2012 - 00:02 | 2648015 old naughty
old naughty's picture

Not intended...

but just wanted to add the other side, sort of making it a complete circle of things...

don't we also think we are useful (idiots) as they are?

we get use to getting pass, in exams, in interviews, in perfomance assessments...ah the complete ball of wax, that social engineering. Accepted, we did. So, its our mess also...

   ... to get between discussions between you and Assetman.

Wed, 07/25/2012 - 01:19 | 2648129 Assetman
Assetman's picture

Well... I think that's exactly what TPTB are preying upon... using the tools they have available (conventional media, govt transfers, social engineering, etc.) to keep the general public in the "useful idiot" comfort zone or as long as entirely possible.

And at times they can be pretty damn bold about it, too.

MsCreant makes a good point.  All of these folks have sociopathic intent.  To varying degrees, some are more foolish (overconfident) than others.  The smartest and the most sinister of sociopaths are pulling the strings well behind the scenes, never in the limelight of possible public scrutiny.  These folks will take your wealth... and they will simply get away with it... until they can't.  But they will live another day in relative wealth and security.

The many others... those that swim in the limelight of the public realm-- are simply sellouts-- willing to compromise their principles to be willing pawns and accesories for somebody's greater sociopathic gain.  It's precisely these fools who are confident enough to believe that they can "pull the fast ones" on its general public.  It's these 'useful idiots' who will use idiocy as an excuse if all comes crumbling down.  These are the folks we see in the headlines just about every day.

But they're not idiots, and shouldn't be treated as such.  They should be held accountable as sellouts and accessories to crimes.  And eventally, I'm praying most will.

As you suggest, the true 'useful idiots' in this tragedy are ourselves... and ultimately it really is our mess.  As long as we placidly accept the sociopathic behaviors we see from our 'leaders', the longer they and their sponsors have to steal our wealth.  Unfortunately, I see this as a long process, as I've seen little to awaken our collective consciousness that leads us back on the path of reform.

The good news, though, is that history has shown that such an awakening can gain traction pretty quickly, once people are willing to sacrifice themselves for a greater cause than the Status Quo. 




Wed, 07/25/2012 - 08:33 | 2648507 MsCreant
MsCreant's picture

Full circle indeed. I own every bit of it. That is why I was toiling with the word compassion. Once you see it in yourself, you have to understand it in others.

Butt in anytime.

Wed, 07/25/2012 - 00:12 | 2648032 knukles
knukles's picture

Their behavioral traits are merely manifestations of of the greatest of all character defects; the false pride of ego. 

(no wonder where that came from, eh?)

Wed, 07/25/2012 - 08:34 | 2648511 MsCreant
MsCreant's picture

If we spots it, we gots it.


Wed, 07/25/2012 - 08:43 | 2648545 tip e. canoe
tip e. canoe's picture

is "bad faith" an acceptable defense?

it's a question we all must ask sooner than later, as this is precisely what got this world into the last 2 world wars and may get the wofrld into the next one, unless enough people on this planet begin to explore this issue deep within their own psyches.

it seems like it is indeed the sickness that strikes those at the top of the pyramid, but those of us living in the womb of USAInc. must be willing to accept that most of us have been born and bred close to the top of that very same pyramid.   thus, it would be worthwhile to ask ourselves that question first.

thanks to both of you for opening the door to that question.

Wed, 07/25/2012 - 09:19 | 2648769 LarryDavis
LarryDavis's picture

not trying to split hairs. very smart people work in science. finance is not a particularly intellectual pursuit.

Wed, 07/25/2012 - 00:16 | 2648039 williambanzai7
williambanzai7's picture


Wed, 07/25/2012 - 00:25 | 2648057 palmereldritch
palmereldritch's picture

Looks like he has a Corzine growing out of the side of his head.  That can't be good.

Wed, 07/25/2012 - 00:40 | 2648084 AldousHuxley
AldousHuxley's picture

white men and jew money changer thinks "good negro.....sell out your own people"

Wed, 07/25/2012 - 01:12 | 2648121 Fecklesslackey
Fecklesslackey's picture

AH ... you've got a real one track dialog

Wed, 07/25/2012 - 02:52 | 2648203 tenpanhandle
tenpanhandle's picture

Looks like Timmay, the tax cheat, has got his hands all tied up in a bunch of chinese finger traps.  I think he's really stuck.

Wed, 07/25/2012 - 05:32 | 2648274 TWSceptic
TWSceptic's picture

Obama - steal from the rich, screw the middle class & the poor.

Wed, 07/25/2012 - 00:48 | 2648090 sgorem
sgorem's picture

As a parent of four, and as any parent knows, when their children are lying, they  always look down, away, or any direction other than eye to eye contact with you. take a look at these frickin leaders of our country! JEEEESH we're in deep shit!

Wed, 07/25/2012 - 01:08 | 2648117 Dr. Engali
Dr. Engali's picture

Amen. I can tell they are lying as sure as day is long.None of my kids can look me in the eye when they are lying, and all of these clowns do the same thing. Especially the Bernank. He is the worst.

Wed, 07/25/2012 - 01:17 | 2648127 ACP
ACP's picture

Hey it's Corzine AND the Sack-man in the background. Nice work.

Wed, 07/25/2012 - 07:39 | 2648387 Greenie
Greenie's picture


Useful....definitely not

Tue, 07/24/2012 - 23:09 | 2647897 daveeemc2
daveeemc2's picture

God forbid we should ever be twenty years without such a rebellion. The people cannot be all, and always, well informed. The part which is wrong will be discontented, in proportion to the importance of the facts they misconceive. If they remain quiet under such misconceptions, it is lethargy, the forerunner of death to the public liberty.... And what country can preserve its liberties, if its rulers are not warned from time to time, that this people preserve the spirit of resistance? Let them take arms. The remedy is to set them right as to the facts, pardon and pacify them. What signify a few lives lost in a century or two? The tree of liberty must be refreshed from time to time, with the blood of patriots and tyrants. It is its natural manure. --T.Jefferson

Tue, 07/24/2012 - 23:46 | 2647985 MsCreant
MsCreant's picture

I love it that George gets these after death tributes from folks who pick his image as an avatar. This so called comedian has much more credibility than all the bankers and politicians combined. George was exceedingly smart, and wise.

Wed, 07/25/2012 - 06:44 | 2648311 ParkAveFlasher
ParkAveFlasher's picture


Tue, 07/24/2012 - 23:09 | 2647898 RaymondKHessel
RaymondKHessel's picture


Tue, 07/24/2012 - 23:10 | 2647899 chump666
chump666's picture

Biderman keeps in real too

Tue, 07/24/2012 - 23:29 | 2647949 Taffy Lewis
Taffy Lewis's picture

I love Uncle Charlie.

There's a saying in French: "Je me sens bien dans ma peau" which translates into "I feel good in my skin".

Uncle Charlie looks happy and it looks like he feels good in his skin.

Tue, 07/24/2012 - 23:10 | 2647901 veyron
veyron's picture

he asserts that rates can't go lower ... but it can, and it probably will before this mess is settled

Tue, 07/24/2012 - 23:18 | 2647925 Conman
Conman's picture

Actually he says "so what" if they do. And he's right, what would it do for the economy if rates to go lower than they are now.

Tue, 07/24/2012 - 23:40 | 2647971 mayhem_korner
mayhem_korner's picture



Real rates are going to go lower.  That's a certainty and that is what counts.

Wed, 07/25/2012 - 16:38 | 2650706 XitSam
XitSam's picture

Of course rates can go lower, just ask Zeno.

Tue, 07/24/2012 - 23:11 | 2647902 warchopper
warchopper's picture

I would be very interested to see all of the blind trusts revealed.



Tue, 07/24/2012 - 23:11 | 2647903 TrainWreck1
TrainWreck1's picture

When Barry gets back from vacation he is gonna be hopping mad.


Tue, 07/24/2012 - 23:28 | 2647947 mayhem_korner
mayhem_korner's picture



Prolly not as mad as Michelle will be when she packs her bags for permanent vacation from the WH...

Tue, 07/24/2012 - 23:31 | 2647956 DeadFred
DeadFred's picture

365 days/year vacation would be about optimum IMHO.

Tue, 07/24/2012 - 23:14 | 2647911 Tom Green Swedish
Tom Green Swedish's picture

Our current leaders are .000001 of a percent the quality of any 1 of the founding fathers.  Peon piss-ants.  Total losers.

Tue, 07/24/2012 - 23:26 | 2647945 mayhem_korner
mayhem_korner's picture



I'd be cautious about confusing "elected officials" with "leaders"...

Wed, 07/25/2012 - 01:43 | 2648143 MeBizarro
MeBizarro's picture

Yeah because they were such epitomes of human morality and perfection.  They didn't often drink copious amount of alcohol, indulge in whores, gamble, and engage in widespread speculaton of all kinds especially land or joint trade ventures. 

Wed, 07/25/2012 - 02:56 | 2648208 tenpanhandle
tenpanhandle's picture

But they never ventured to trade joints.  By the way, have you been spying on me.

Tue, 07/24/2012 - 23:18 | 2647924 caimen garou
caimen garou's picture

HA HA HA HA Look it's the three stooges,dumb asses

Tue, 07/24/2012 - 23:22 | 2647933 mayhem_korner
mayhem_korner's picture

The only problem is we've run out of bridge...


Bind up Biderman's rants in a collection entitled Too Big to Bridge and I think you'll have a top seller in 2015...

Wed, 07/25/2012 - 00:39 | 2648080 Desert Irish
Desert Irish's picture

By then who could afford it?

Tue, 07/24/2012 - 23:25 | 2647942 Anne Ominous
Anne Ominous's picture

Bubble, Bond Bubble...

Tue, 07/24/2012 - 23:38 | 2647951 bob_dabolina
bob_dabolina's picture

What if we have an EPIC rally?

Biderman, how has the ZSE acted?

It seems like you're talking about a stock market crash like the economy has something to do with the stock market.

You are just as out of touch as Bernanke just inversely. Ben thinks he can push the stock market into revitalizing the economy. You think the stock market is a reflection of the economy.

You are both ignorant equally.

The stock market can go to 1,000,000,000 and the economy could reflect total poverty. The stock market is wherever Ben wants it, the economy is the exact opposite of where he wants it. We could have an S&P500 @ 20,000 and have 70% UE.

stock market does not equal the economy. (you and ben repeat this 1,000,000 times a day in your head until it sinks in)

Tue, 07/24/2012 - 23:39 | 2647970 DeadFred
DeadFred's picture

The put is dead. You don't believe it yet, but none-the-less it is as lifeless as Monty Python's parrot. Be sure to rub it in my face in four or five months if I'm wrong and the market is still puttering along like nothing major has happened.

Tue, 07/24/2012 - 23:55 | 2647975 bob_dabolina
bob_dabolina's picture

The Zimbabwe stock exhcange was the best performing exchange of the last 50 years!!!! HOW WAS THEIR ECONOMY!!!!!!

Stock market does not equal the economy, Stock market does not equal the economy, Stock market does not equal the economy, Stock market does not equal the economy, Stock market does not equal the economy, Stock market does not equal the economy, Stock market does not equal the economy, Stock market does not equal the economy, Stock market does not equal the economy, Stock market does not equal the economy, Stock market does not equal the economy.

15% of the population is on food stamps. How is the stock market??? UE for 18-24 year olds @ 30%!!!!! Where is the stock market?!?!?!!?!?!?

Stock market IS NOT the economy.

Ben and yourself repeat this 1,000,099 times a day:

"Stock market does not equal the economy"

Wed, 07/25/2012 - 00:26 | 2648061 Desert Irish
Desert Irish's picture

Zimbabwe is not America? Spain is not Uganda? who would have thought geography so confusing......

Wed, 07/25/2012 - 00:44 | 2648085 bob_dabolina
bob_dabolina's picture

"Zimbabwe is not America?"

Never been to Detroit eh? Get a plane tic.

Wed, 07/25/2012 - 01:46 | 2648150 MeBizarro
MeBizarro's picture

Agreed especially when you look at just how concentrated equity holders are let alone bond holdings.  There are a lot of Americans who have relatively small amounts of equity in their 401ks and other retirement funds but it is incredibly concetrated in the relative hands of a few. 

Stock market is not the economy.  Just one aspect of it.

Wed, 07/25/2012 - 02:02 | 2648157 bob_dabolina
bob_dabolina's picture

Want to see something scary?

FED makes NO moves for 1 year.

Markets would hiccup on their farts and collapse.

Rightfully so....

I don't believe we have free markets. If we did we would have a depression which is needed. We are fucked  big time. Everyone wants free shit, no one wants to pay for it.

Watch the upcoming debt debate. Everyone wants free one wants to pay for it. lol...ben will print it and the poor will pay for it through inflation. haha. It really is genious.

Tue, 07/24/2012 - 23:34 | 2647954 Haole
Haole's picture

From a guy that bought a significant tranche of Faceplant right off the hop and proclaimed his reasoning shortly thereafter that it could be a $1000 stock someday.  

Wed, 07/25/2012 - 00:40 | 2648083 Conman
Conman's picture

I realyl could give less of a shit but really, the guy already said he made money on the trade.  Either you believe him or not, whats the facination with his FB call.

Tue, 07/24/2012 - 23:31 | 2647957 Mr_Wonderful
Mr_Wonderful's picture

I´m curious. Has there ever been an October stock market crash in a presidential election year?

Tue, 07/24/2012 - 23:43 | 2647980 DeadFred
DeadFred's picture

That's what Barry's worried about, the stock market giveth and the stock market taketh away. Fitting bookends to the worst Kenyan to ever be president of the USA.

Wed, 07/25/2012 - 00:53 | 2648097 knukles
knukles's picture

Keynesian is an anagram of Kenyanise

Wed, 07/25/2012 - 02:09 | 2648175 Bohm Squad
Bohm Squad's picture

I learned something today...the meaning of anagram.

Wed, 07/25/2012 - 00:19 | 2648043 JohnG
JohnG's picture



That's an interesting question.

From a cursory look, no.  Closest I see is 1929, then Hoover lost in '30.

Some smart folk here will find a better correlation, but all I see is the "presidential effect."  I did not continue earlier than 1900....


One fact I do find is that only one preseident (Reagan) was reelected with an unemployment rate above 7% (7.2% in that case), at least as long as these records have been kept, which is right after WW2 as best I can tell.


Anyone correct me if I am wrong of have more info on this.

Tue, 07/24/2012 - 23:32 | 2647960 reader2010
reader2010's picture

"It's not the strongest of the species that survives, or the most intelligent. It is the one most adaptable to change."

~ Charles Darwin 


Tue, 07/24/2012 - 23:37 | 2647967 mayhem_korner
mayhem_korner's picture



Socialism is kryptonite to Darwin's survival-of-the-fittest theory.

Wed, 07/25/2012 - 00:30 | 2648065 icanhasbailout
icanhasbailout's picture

or perhaps the ability to live through the worst ideas of human governance is the key human survival trait of the future

Wed, 07/25/2012 - 01:49 | 2648154 MeBizarro
MeBizarro's picture

Darwin never wrote a single paper on article on applying any of his theories to human civilization and our moral/economic/political systems.  That was done well after this death and by numerous others in the 19th century by several European intellectuals who often twisted and perverted his ideas for their own benefit.

Tue, 07/24/2012 - 23:48 | 2647993 DeadFred
DeadFred's picture

The geneticist in me would point out that it the one who produces the most reproductively fit children. 

Wed, 07/25/2012 - 01:08 | 2648118 Fecklesslackey
Fecklesslackey's picture

i.e the cockroaches

Wed, 07/25/2012 - 00:00 | 2648009 Cabreado
Cabreado's picture

I'll go out on a limb here, and suggest that Darwin wasn't overly concerned with the antisocial and criminal mind, and the fallout thereof.

Shame on him.

He could've warned us, after all.

Tue, 07/24/2012 - 23:32 | 2647962 economicminor
economicminor's picture

Of course no one here would disagree with Biderman, we have all been saying the same thing for years.

Sad state of affairs.

Steve Keen has the answer

Tue, 07/24/2012 - 23:43 | 2647974 Cabreado
Cabreado's picture

"The most damage is caused by those who are not as smart as they think they are."

If there were to be history books,

and if they were to tell the truth,

they would implicate with clarity

the pathologically and criminally Self-Absorbed

in places of influence and control

"leading" us on our journey to hell.

All enabled by the Self-Absorbed,

of just a different variety.

Awareness and Humility was the only solution,

but We blew right by that part...

Bravo, Mr. Biderman... keep going.

Tue, 07/24/2012 - 23:42 | 2647976 palmereldritch
palmereldritch's picture

 Another day breaks and the last one's gone
  You dig deep just to carry on

Tue, 07/24/2012 - 23:47 | 2647989 dark pools of soros
dark pools of soros's picture

everyone keeps saying they are dumb while they don't realize that they aren't playing for your team... 


Tue, 07/24/2012 - 23:54 | 2647991 toomanyfakecons...
toomanyfakeconservatives's picture

The next thing you know, fear-bot keyboard jockeys around here will tell you tens of millions of U.S. gun owners, patriots, active-duty military, veterans, reservists, police, federal marshalls, and so on are utterly powerless and inconsequential. Not so! The MASS ARRESTS are coming. Sure as the sun will cross the sky, they are coming.

Wed, 07/25/2012 - 00:01 | 2648014 Too Big 2
Too Big 2's picture

So far, we haven't seen any significant arrests other than those that aren't well connected (i.e. Madoff and that PFG scamster).  I'm preaching to the choir by saying that let's hope you are correct Mr. toomanyfakecons....

Wed, 07/25/2012 - 00:02 | 2648005 Dr. Engali
Dr. Engali's picture

I disagree with three points.

1) the fed isn't really trying to spur the economy by lowering interest rates.They are keeping borrowing costs low for the government spending and propping up the banks. Spurring the economy is ancillary effect.

2) yields in the two year can go lower and probably will, maybe even a negative yield.

3) I believe we are going much lower than the March 09 bottom. I think we are going to S&P 400. All of the 90's leverage needs to be reconciled in my view.

Wed, 07/25/2012 - 00:06 | 2648021 mayhem_korner
mayhem_korner's picture



Agree with #1 (but Big Brother might just tag you with a tracker ala Total Recall for uttering such heresy...)

Agree with #2.  Manipulated basis points buy time and escape routes for the elites.

Not sure on #3, and still think it's a ways off.  Too many panic scenarios, rip cords and political nuclear options.  I think there is a tipping point at which people realize things are broken and the mad scramble ensues.  And I think that is well before things get back to S&P 666. 

My two oz...

Wed, 07/25/2012 - 00:58 | 2648100 Fecklesslackey
Fecklesslackey's picture


S&P in real terms will be below 666 when the printing is over. Negative rates will kill money markets and just about all of the financial world, so when rate cutting ends, something else will have to be employed. Dollar goes from 84 to 42 and 1300 S&P looks like 650 S&P even though index still reads 1300. Should Obama prevail in November, look for student load forgiveness (1 trillion printing), government subsidies of underwater home loans (1-2 trillion printing) and maybe massive infrastructure WPA-type project (1 trillion - ala Krugman). How he does it without the Congress, I don't know, but then it takes a long time to get to SCOTUS and a lot of money can be spent before they say no. 

and it takes a Fecklesslacky to know one


Wed, 07/25/2012 - 00:22 | 2648048 knukles
knukles's picture


Wed, 07/25/2012 - 00:00 | 2648010 monopoly
monopoly's picture

I love hearing the truth and facts. So rare and never on MSM.

Wed, 07/25/2012 - 00:02 | 2648016 TahoeBilly2012
TahoeBilly2012's picture

Biderman's best EVER!

Wed, 07/25/2012 - 00:04 | 2648017 GeoffreyT
GeoffreyT's picture

It flummoxes me that people as apparently-clever as Mr Biderman persist in the obvious 'rookie error' of thinking that the objective of Geithner (and the rest of them) is to 'stabilise' or 'fix' the problem.

It isn't. Their objective is the same as the objective of all members of the political class (and their cronies and courtesans), namely to facilitate the transfer of as much wealth as possible to their class.

And they are doing that at a rate that is unparalleled in human history.

So they are not 'failing' unless you are silly enough to believe that their 'stated' objective and their actual objective are the same thing. And they're patently fucking not. You have to be retarded or wilfully blind) not to see it: Biderman's not retarded, so, y'know...


Nobody believes that the Bourbons or the Borgias/Medicis/Sforzas were in 'office' for any reason other than personal enrichment - the fact that they babbled from time to time about the glory of France (or the Vatican) was eyewash for the proles who did the fighting and dying.

We're now perfectly comfortable with ascribing purely venal motives when it concerns the parasite classes from earlier times - and yet folks still desperately want to believe that this generation's version of the same fucking parasites has a different set of motivations from previous generations'.


Note - this is not a defence of technocracy: that is, I'm not saying that a set of smart people with the 'right' objectives could actually fix anything.They couldn't because the entire incentive structure is fucked in the 'command' bit of the economy (and sectors that rely on it for protection from competition).

The smarter a person is, the closer they get to realising that

(a) central planning is impossible and should never be attempted; and

(b) the greater the extent of central planning, the greater to concentration of power and pelf that attracts the worst type of human - the high-functioning sociopath.

With OECD tax-to-GDP averaging 47% (and NPSBR-to-GDP showing future tax rates must be higher given demography), we're already past the point where the productive segment of society can afford the continued parasitism of the political class and their cronies/protégés.

So either State begin to be sloughed off (as Church hegemony was post-Enlightenment) or there will be a massive conflagration. The people running the State have no problem with the latter, as their power increases during chaotic times: they are prepared - and have always been prepared - to set the entire world on fire so long as their share of the pie gets bigger.

Wed, 07/25/2012 - 00:11 | 2648030 mayhem_korner
mayhem_korner's picture

And they are doing that at a rate that is unparalleled in human history.


I think they are doing it with more stealth than at any time in history, but not at a greater rate.  Some of the early empires were ruthless confiscators who impoverished virtually everyone through an unmitigable threat of force.

Gold is the antidote to the wealth transfer.  Once they start coming for that, you know the jig is up.

Wed, 07/25/2012 - 00:30 | 2648064 RockyRacoon
RockyRacoon's picture

We just have better metrics now.  The wealth transfers are now real numbers rather than the movement or death of human beings or the acres of land belonging to the aristocrats.   You are right about gold being a metric that doesn't fit the usual formula for enslavement.

Wed, 07/25/2012 - 00:10 | 2648029 Kreditanstalt
Kreditanstalt's picture

And as the Giant Ponzi Scheme that is the government-manipulated, corrupted, skewed economy unravels, Exter's Inverted Pyramid of Assets will sell off starting with the flakiest stuff at the top and proceeding DOWN...

You will want to be in the scarcest, most desirable of all asset classes, at the very bottom of the inverted pyramid - the one which will sell off LAST and LEAST.

Wed, 07/25/2012 - 00:52 | 2648095 ReactionToClose...
ReactionToClosedMinds's picture

just your posting name belies your real knowledge of history (which no one seems to want to teach anymore.  I regularly read hotshot portfolio managers who completely misconstrue the actual history of 1930s .. not even close of a debate))

My guesstimate is that this is a slow motion rewind that does not duplicate but 'rhymes' with 1931 .. when the actual Great Depression that commenced in 1931 starts now with 2008 Fall as Fall 1929.  All the intervention did was postpone (maybe make worse - debatable) what might unfold now.  Ironically it may start as a bank run or like event from France ... when France was the culprit in many eyes for the failure of Kreditanstaldt in early 1931 late 1930.  I hope I am  wrong

Wed, 07/25/2012 - 00:14 | 2648036 reader2010
reader2010's picture

So either State begin to be sloughed off (as Church hegemony was post-Enlightenment) or there will be a massive conflagration. The people running the State have no problem with the latter, as their power increases during chaotic times: they are prepared - and have always been prepared - to set the entire world on fire so long as their share of the pie gets bigger.




Wed, 07/25/2012 - 00:20 | 2648046 rosiescenario
rosiescenario's picture

It appears that the low interest rates are helping our economy just as much as they did help get the Japanese economy going again....


One would think with that fairly clear and very recent example in front of our economists, one of them might notice there is something similar going on here.


....and while low interest rates make betting in the stock market appear to be a good idea, the market is not the economy. The level of the market (valuation) is far more dependent upon how much extra cash is in the hands of folks who do not need to spend it to support themselves or build a business. With the rate of return oon bonds falling short of inflation, the market then appears to be a 'good bet.' If real estate is out of favor and bonds cannot beat inflation, the market wins by default.....which is probably one of the worst reasons for any money going into it.

Wed, 07/25/2012 - 00:24 | 2648056 jonjon831983
jonjon831983's picture

Insert bilblical references: "At Goldman Sachs, Something in the Water"

Wed, 07/25/2012 - 00:25 | 2648060 ptolemy_newit
ptolemy_newit's picture

The federal reserve is a WMD.  It is the greatest device to change nations that was ever concieved.

a stroke of a pen and people die.

Maybe Iran, Russia & China are right about america?????????????????????????


Wed, 07/25/2012 - 00:32 | 2648071 reader2010
reader2010's picture

The Fed was set up as the greatest WTV (Wealth Transfer Vehicle) as Woodrow Wilson understood it. 

Wed, 07/25/2012 - 03:45 | 2648226 macduggie
macduggie's picture

To be fair the goal is making money rather than border expansion, but then what is the US military actually for? Stopping invasion of the mainland?

Anyway, the numbers listed next to things are going to get smaller, so best go buy shiny things, tinned goods and guns. While calling people dumb sociopaths from a very long way away, because that will make them smart and nice

Wed, 07/25/2012 - 00:59 | 2648104 Doublescythe
Doublescythe's picture

One negro to rule them all...

Wed, 07/25/2012 - 06:31 | 2648299 nobita
nobita's picture

Fuck you. What colour skin do you think the guys pulling the strings behin the curtain have?

Fuck you and your divisive racism.

Wed, 07/25/2012 - 01:05 | 2648113 Fecklesslackey
Fecklesslackey's picture

Strangeness going on ... gold is holding firm as weakness prevails in ES. Maybe AAPL dumplings are AU bidders ... or maybe just my wishful thinking.

Wed, 07/25/2012 - 01:30 | 2648138 blunderdog
blunderdog's picture

People who are smarter than they think they are don't get to the top of the dogpile--they work for people.  People who know exactly how smart they are usually don't shoot for the moon--their goals are in-line with talents.

That's why shit can float.

Wed, 07/25/2012 - 01:49 | 2648158 silverdragon
silverdragon's picture

Why not just throw all the politicians and banksters in jail, if they can prove their innocence they are let out. It is true that a few innocent politicians and banksters would be inconvenienced but this is the same with justice dispensed to the masses everyday.

The upside is all the crooks in jail in one hit.

Wed, 07/25/2012 - 02:17 | 2648180 Bohm Squad
Bohm Squad's picture

Two wrongs don't make a right...but three lefts do.

Wed, 07/25/2012 - 11:35 | 2649506 clawsthatscratch
clawsthatscratch's picture

oxymoron...innocent politician or banker

Wed, 07/25/2012 - 01:53 | 2648162 Ted K
Ted K's picture

Geithner has nothing to say on this, but reached for comment on Neil Barofsky's book, he had this too say:

Wed, 07/25/2012 - 02:55 | 2648205 The Swedish Chef
The Swedish Chef's picture

"is worth the price of admission."


I thought he was paying you?

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