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The Check Is In The Mail And Other Lies

Tyler Durden's picture


Via Peter Tchir of TF Market Advisors,


Somehow my frustration level is high today.  Just feels like we are being lied to, and no one wants to question the lies.

Spanish auctions were a big “success”.  That was the story.  It wasn’t surprising at all since everyone knew how closely the auction was being scrutinized.  What they forgot to manipulate is the post auction trading.  Spanish CDS is back over 500, up from 490 earlier in the session.  The Spanish 10 year bond, traded as tight 5.75% this morning, but is back over 5.9% and rising.  So  much for a “successful” auction.

BAC and MS had “great” earnings.  MS no longer includes DVA in its “continuing operations” headline number.  It was a loss of $2 billion this quarter.  With 2 billion shares outstanding, that would have wiped out the gain.  What bothers me, is that in Q3, when it was a gain of $3 billion, it was part of continuing ops.  Really?  It is that easy to change what is part of ongoing business and what isn’t.  During this quarter they allegedly made $600 million from unwinding a trade with Italy.  They were taking credit reserves against this trade, and were able to release it.  Fair, but it should be categorized the same as DVA.  This DVA categorization shift seems incredibly misleading and is the exact sort of thing I thought Sarbanes-Oxley was supposed to protect investors from.  The quarter was okay, but this shift strikes me as very untrustworthy.  On BAC, there is a $3.3 billion adjustment to Fair Value Obligations.  Fair enough, but what are the obligations, and what is the adjustment?  It seems that something that is size of the quarter’s earnings should be disclosed more fully.  I would like to know what it is, and it has to be hedge that tightened, because nothing much went materially wider this quarter.  On other hand, the new issue bond side must have killed it, great quarter for bond issuance, is that sustainable?

Jobless claims drop by 2,000.  That was the headline.  No mention at first that the prior week’s already surprisingly bad number had been revised up to 588,000.  That is why it improved, because last week’s awful number was made awfuller (I know that’s not a word, but too annoyed to care).  This week’s claims number was bad, missed expectations by a lot, and last week’s is horrific, especially when compared to original expectations of a print in the 350’s.

We have some more data later today, but I remain bearish.  Nothing that has happened so far today has been good, and the attempt to spin everything so positively is downright scary.  EU officials are busy pumping up that market.  The IMF is talking up a storm – hey, don’t look at actual debt and cash flows, just stare at this nice beautiful firewall made up of promises.

On a bright note, the HY bond market remains strong. HY CDS might be weak, but bonds remain strong and we are seeing renewed growth in shares outstanding in the HY ETF’s.  It feels to me that once again, “prudent” investors are hedging some risk with CDS, but rather than selling what is rich and well bid, they are shorting what is already cheap and well offered.  Expect a reversion soon where either CDS rips tighter, or an otherwise calm bond market goes bidless until it catches up.

CDS indices are weaker now.  IG18 is out above 100 after trading better than 99.  MAIN traded sub 140 earlier, and is back to 143.5. 


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Thu, 04/19/2012 - 09:14 | 2357882 Fips_OnTheSpot
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Gold playing "ball pops up from underwater" again.


I like 'awfuller' :)

Thu, 04/19/2012 - 09:18 | 2357904 GetZeeGold
GetZeeGold's picture



Please hurl into a paper sack......we can't afford to pay the maid anymore.


Thu, 04/19/2012 - 09:34 | 2357978 TruthInSunshine
TruthInSunshine's picture





Big 'Sis*

*Your Benevolent We-Don't-Give-A-F*ck & What-Are-You-Going-To-Do-About-It Orwellian Handlers

Thu, 04/19/2012 - 09:40 | 2358011 CClarity
CClarity's picture

Rosie labeled them correctly - it's Bubblevision

CNBC is pure propaganda, but then again, Mad Money's Cramer wants to be on Mad Men.  It's all advertising folks. 

Thu, 04/19/2012 - 10:05 | 2358086 GetZeeGold
GetZeeGold's picture



Heh heh.....on Drudgereport just now.....crap they're not buying the BS.


Feds up last week's jobless claims to 388,000...

benefits slipped 2,000 to a seasonally adjusted 386,000, the Labor Department said. But the prior week's figure was revised up to 388,000 from the previously reported 380,000.



Thu, 04/19/2012 - 10:24 | 2358166 Thomas
Thomas's picture

HFT algos control equities. Blythe and the London Whale control the commodities. Bernanke controls the treasuries. Obama controls the Ministry of Truth statisticians. EU is riding rough shod over the sovereign bond auctions (LTROMFG). Why are you edgy, Peter?

Thu, 04/19/2012 - 12:39 | 2358670 NewWorldOrange
NewWorldOrange's picture

"No mention at first that the prior week’s already surprisingly bad number had been revised up to 588,000."


It was revised up to 388,000, NOT 588,000. C'mon Tyler ;)

Thu, 04/19/2012 - 15:35 | 2359271 TeresaE
TeresaE's picture

It was written by Peter Tchir, not Tyler.  C'mon NWO ;)

Thu, 04/19/2012 - 19:32 | 2359847 NewWorldOrange
NewWorldOrange's picture

Is there a such thing as editorial responsibility? I seem to recall oh, THOUSANDS of (well-deserved) criticisms here of such errors made elsewhere. It wouldn't be a stretch to say a lot of the articles here are all about such criticism. I like to think that zerohedge does better than the others with presenting factual, proper analysis. And I like to think that I do my little part to help in that endeavor. Done ;)


Now get off Tyler's bone. That's Marla's job. And there's more to life than trying to post something that'll be popular at the top of a zerohedge article.

Thu, 04/19/2012 - 09:42 | 2358022 Jim in MN
Jim in MN's picture


RAN Squawk sez:


IMF's Lagarde says collective action is needed to counter risks


Goddamn right, and these lying swine ARE the risks.

Thu, 04/19/2012 - 19:35 | 2359857 NewWorldOrange
NewWorldOrange's picture

Too many swine, not enough butchers.

Thu, 04/19/2012 - 09:44 | 2358027 GolfHatesMe
GolfHatesMe's picture

Who here isn't Long Frustration

Thu, 04/19/2012 - 10:16 | 2358138 Uncle Remus
Uncle Remus's picture

Is that what's stinking up my safe?

Thu, 04/19/2012 - 09:14 | 2357884 GeneMarchbanks
GeneMarchbanks's picture

Wow, you know it's bad when even Pete is calling them out...

Thu, 04/19/2012 - 09:13 | 2357889 Ted Baker
Ted Baker's picture


Thu, 04/19/2012 - 09:22 | 2357924 legal eagle
legal eagle's picture

How about these?

1.  We believe in the rule of law

2.  We believe in self-determination for nation states

3. We believe in democracy

4.  We believe hard work should pay off

5.  We believe in the constitution, you know, like when we believed in the 4th amendment

6.  We believe our government is there to help and protect us

7. We believe in the soverignty of nations

8.  You own your land

9.  Parents have a right to determine what their children do

10. Those with the best ethics will be better off in the long run

11.  The police do not abuse people

12.  The banks are safe!

Ha ha ha ha ha ha

Thu, 04/19/2012 - 10:08 | 2357939 GetZeeGold
GetZeeGold's picture



That's crazy talk sound like Ted Nugent.


Thu, 04/19/2012 - 09:25 | 2357941 hedgeless_horseman
hedgeless_horseman's picture



13.  "Bear Stearns is fine."

Thu, 04/19/2012 - 09:28 | 2357965 legal eagle
legal eagle's picture

14.  We know who owns your mortgage and note

15.  Your payments are discharging your debt


Thu, 04/19/2012 - 09:33 | 2357983 LawsofPhysics
LawsofPhysics's picture

16.  The second amendment is to protect our right to hunt game.

All these truths, work, until they don't.

At the end of the day it simply becomes an issue of survival - this is precisely why cheating is encouraged in most cultures, getting caught is what is considered "dishonerable."

Thu, 04/19/2012 - 09:47 | 2357991 hedgeless_horseman
hedgeless_horseman's picture



17.  The Department of Defense is for defense.

18.  We invaded Afghanistan 12+ years ago, because______________________.

19.  I am with the government and I am here to help.

20.  100% natural ingredients.

21.  "A very limited number of waivers..."


Thu, 04/19/2012 - 09:57 | 2358070 ebworthen
ebworthen's picture

#21.  From text - "exigent waivers", term for the decade, no one is liable for malfeasance, laws aren't laws, banks own you along with government (wait, the banks ARE the government).

Thu, 04/19/2012 - 10:41 | 2358244 legal eagle
legal eagle's picture

#22  Dont worry, I am on the pill

#23  No, I never slept with your friend

#24  You look great in those jeans

Thu, 04/19/2012 - 11:08 | 2358343 eatthebanksters
eatthebanksters's picture

#25   Trust me, I work for the government!

Thu, 04/19/2012 - 11:45 | 2358480 Arthor Bearing
Arthor Bearing's picture

#26 News shows' purpose is to inform, not to stun you into watching ads

#27 HFTs create value

#28 Those security state powers we seized are only ever going to be used against dirty hateful Muslims

Thu, 04/19/2012 - 12:15 | 2358592 hedgeless_horseman
hedgeless_horseman's picture



29.  We are still the land of the free and the home of the brave.

Thu, 04/19/2012 - 12:47 | 2358688 NewWorldOrange
NewWorldOrange's picture

#30  Your money will be segregated from the firm's money.

#31  The national debt will never be monetized.

Thu, 04/19/2012 - 09:29 | 2357963 GeneMarchbanks
GeneMarchbanks's picture

14. "There is no risk of thAAAt"

Thu, 04/19/2012 - 11:38 | 2358463 Au_Ag_CuPbCu
Au_Ag_CuPbCu's picture


Thu, 04/19/2012 - 09:14 | 2357891 MFL8240
MFL8240's picture

Why begin to question the lies now?  The sytem has been gamed, rigged, manipulated and we have been lied to for the past 20 years, its only starting to show because they are unable to rememeber the past lies and make mistakes with the new ones.

Thu, 04/19/2012 - 09:33 | 2357987 LawsofPhysics
LawsofPhysics's picture

"The sytem has been gamed, rigged, manipulated and we have been lied to for the past 2000 years"

- fixed.

Thu, 04/19/2012 - 12:50 | 2358706 NewWorldOrange
NewWorldOrange's picture

""The sytem has been gamed, rigged, manipulated and we have been lied to for the past 2000 years"


The system has been gamed, rigged, manipulated and we have been lied to to since man-made systems began.


If you're gonna' fix something, may as well do it right.

Thu, 04/19/2012 - 09:35 | 2357992 illyia
illyia's picture


Thu, 04/19/2012 - 09:14 | 2357892 Randall Cabot
Randall Cabot's picture

Here's another one: Marketwatch disappeared the Ibex from its Europe list today:  







Thu, 04/19/2012 - 09:19 | 2357901 hedgeless_horseman
hedgeless_horseman's picture



Oceania has always been at war with Eurasia.

Thu, 04/19/2012 - 09:20 | 2357916 firstdivision
firstdivision's picture

Ha-ha-ha-ha-ha!  Nice catch.  When it looks bad, we hide it. 

Thu, 04/19/2012 - 09:32 | 2357980 Jim in MN
Jim in MN's picture

Spain.  Sp...a...can you spell that for me?


Sorry, never heard of it.  Try calling another continent.


Ital......It......can you spell that for me?


You have a nice day too, SIR.

Thu, 04/19/2012 - 09:48 | 2358042 GMadScientist
GMadScientist's picture

Crap. That wasn't supposed to go through until they leave the Zooro.

Thu, 04/19/2012 - 09:18 | 2357897 ArkansasAngie
ArkansasAngie's picture

It will take bringing both the Democratic and Republican Parties down.  These two sets of yahoos have been in power too long.

Until then ... this kind of shat will continue to happen

Thu, 04/19/2012 - 09:45 | 2358037 kridkrid
kridkrid's picture

Meh... the two parties are just a distraction at this point.  "Permit me to issue and control the money of a nation, and I care not who makes its laws!" - It's the monetary system that needs to be taken down.  People need to focus on the disease, not the symptoms.

Thu, 04/19/2012 - 09:54 | 2358061 ArkansasAngie
ArkansasAngie's picture

And it will take bringing down the Democrats and the Republicans in order to strip the monetary system of its SS storm troopers

Thu, 04/19/2012 - 10:04 | 2358084 kridkrid
kridkrid's picture

I don't think it will work that way.  First of all, I'm fairly convinced that we can't take down the political parties.  They've gamed the system far too well.  Congressional approval rating is in single digits, yet there is no significant movement afoot to enact any sort of meaningful change.  The system that you are wanting to fight controls the media, controls both parties, controls our centers of learning, etc.  If a chance ever did exist for meaningful change, that agent of change would be quickly eliminated or consumed into the apparatus.  

The good news... the system WILL collapse on its own.  I don't think we'll even have to wait for very long.  It's anyone’s guess what the transition period will look like or what things will be like on the other side.  I'm not terribly optimistic.

Thu, 04/19/2012 - 10:09 | 2358100 CH1
CH1's picture

I've already pulled out.

It's a wonderful thing to get back all that energy you wasted on politics.

Thu, 04/19/2012 - 09:16 | 2357898 Cursive
Cursive's picture

"Feels like we're being lied to?". Feels? Peter, please drop the Phil Donahue sensitivity talk. (facepalm)

Thu, 04/19/2012 - 09:18 | 2357902 jus_lite_reading
jus_lite_reading's picture

It looks like they are losing control of the ship, just as they did in the former USSR (and ancient Rome)

Thu, 04/19/2012 - 09:19 | 2357908 LongSoupLine
LongSoupLine's picture

Is my frustration that obvious Tyler?

Good. Keep telling the truth with concurrent mass dissemination of such truth. Man, I love oasis of truth amidst a boiling sea of stinking bowel explosions.

Thu, 04/19/2012 - 09:22 | 2357911 DormRoom
DormRoom's picture

PR spin.  To them it's not lying.   They have to massage the message.  News reporter only read the PR releases.   They don't have time to analyze stories.  So they rely on the PR.


Thu, 04/19/2012 - 09:57 | 2358064 kridkrid
kridkrid's picture

To them it's not lying.  That is so very true.  And this is the rabbit hole most don't want to go down.  It's all a lie.

Thu, 04/19/2012 - 09:18 | 2357913 Everybodys All ...
Everybodys All American's picture

BS on high speed ... hedge accordingly.

Thu, 04/19/2012 - 09:20 | 2357914 monopoly
monopoly's picture

Peter feels the way most of us do here. It is like the energizer bunny. Just keeps clicking on and on. At some point the battery dies and must be replaced. Just like this country must be replaced. Until we reset and start over, nothing will change. Lets talk in November.

Thu, 04/19/2012 - 09:19 | 2357917 Vincent Vega
Vincent Vega's picture

TPTB have no choice but to lie to the sheeple. Telling the truth will result in collapsing this shit show. The status quo wants the status quo to remain the status quo. But as we here on ZH know, it will collapse under it's own weight.

Thu, 04/19/2012 - 09:24 | 2357937 SheepDog-One
SheepDog-One's picture

I GUESS its just all-out total desperation time now....but can they keep that going thru spring, summer, and fall now? Its a long time!

Thu, 04/19/2012 - 10:09 | 2358097 kridkrid
kridkrid's picture

It's not that long of a time, really.  I mean I've been of the "any day now" mentality since 2008.  I watch in awe as it continues to not happen.  I now wonder if this can't go on for many years longer.  Of course, now that I think that, it'll all come down tomorrow.  

Thu, 04/19/2012 - 09:23 | 2357930 SheepDog-One
SheepDog-One's picture

OK so now the lies have been spread that anyone with a brain can easily see thru, now it has to be bought higher. I know Im not a taker.

Thu, 04/19/2012 - 09:22 | 2357931 JohnKozac
JohnKozac's picture

Where is the rage?..the outcry?


India test-fires 'China killer' missile capable of reaching Beijing, Europe

Thu, 04/19/2012 - 09:24 | 2357946 GeorgeHayduke
GeorgeHayduke's picture

Did it say the missle could hit Israel? No need for rage or outcty if it can't.

Fri, 04/20/2012 - 02:39 | 2360425 Pitchman
Pitchman's picture

"capable of reaching Beijing, Europe" 

I know 14 people who failed High School Geography.  Any more takers?

Thu, 04/19/2012 - 09:30 | 2357974 ZeroPoint
ZeroPoint's picture

Translation: India will continue to buy crude from Iran with whatever payment means are agreed upon (gold).


Petrodollar has fallen down another flight of stairs.

Thu, 04/19/2012 - 09:24 | 2357933 youngman
youngman's picture

More lies than a Colombian Prostitute.....jajaja......its the new econ 101......

Thu, 04/19/2012 - 09:40 | 2358016 Miss Expectations
Miss Expectations's picture

My guess is that porn production companies have already flown to Columbia to sign up the girls for the "President's Secret Service" blockbuster.

Thu, 04/19/2012 - 09:53 | 2358055 GeneMarchbanks
GeneMarchbanks's picture

Can't wait for them to finish 'shooting'.

Thu, 04/19/2012 - 09:22 | 2357934 GeorgeHayduke
GeorgeHayduke's picture

Can we just drive this bitch over the cliff already and get on with the aftermath? Well, I guess we can't quite yet, there's still a few dollars and resources out and about that the scumbag bankers and their minions haven't stolen yet. Once they get them vacuumed up, then they can let her rip.

Thu, 04/19/2012 - 09:23 | 2357935 Quinvarius
Quinvarius's picture

If you can get past the need to have the perps admit their crimes, you will have gained wisdom.

Thu, 04/19/2012 - 09:26 | 2357947 SheepDog-One
SheepDog-One's picture

I guess Im above it...I mean Im prepared pretty well for a shitty future and their daily lies dont really effect me directly in any way now, but still its shitty.

Thu, 04/19/2012 - 09:36 | 2357996 Quinvarius
Quinvarius's picture

I agree.  The math will win in the end.  Employment is more than just headline action.  It actually matters to the overall economy.  Honestly, I am surprised that the money we created was so misdirected so as to have no effect on the economy.  It could have made a difference had they not allowed it all to be stolen by bankers but instead used it to ease consumer credit issues.

Thu, 04/19/2012 - 09:46 | 2358030 SheepDog-One
SheepDog-One's picture

That reminds me of Art Cashin's musing the other morning, telling us the ECB is printing for the banks, while the FED is printing to 'help housing and unemployment'....WTF all the Fiatsco's went directly to a few people at the top! Thats it!

Thu, 04/19/2012 - 09:57 | 2358068 Jim in MN
Jim in MN's picture

Real Disposable Personal Income Per Capita, Bitchez...

Thu, 04/19/2012 - 11:04 | 2358335 Bam_Man
Bam_Man's picture

I'd love to see a chart of that one going back 40 years. Must be butt ugly.

Thu, 04/19/2012 - 09:24 | 2357942 Boilermaker
Boilermaker's picture

Lied to...uh, yea.

These aren't the droids you're looking for...move along <dismissive waive of hand in the air>

Thu, 04/19/2012 - 09:30 | 2357968 GetZeeGold
GetZeeGold's picture



What about those fukkin droids standing right there?


Thu, 04/19/2012 - 09:37 | 2358006 Boilermaker
Boilermaker's picture

Those aren't droids.

That's my ex-wife, Jabba the Slut.

Thu, 04/19/2012 - 09:24 | 2357948 Aunty Christ
Aunty Christ's picture

Love Pete's updates, which usually cut through all the clutter. It's pretty obvious that he is bearish, so why does he like high yield so much? Junk bonds are basically equity in drag...

Thu, 04/19/2012 - 09:25 | 2357950 vegas
vegas's picture

Meanwhile in the Eastern Provinces, Big Brother reports that chocolate production is up over 30% from last year, thanks to the collective efforts of Chalky's Soetero's Central Committee For Fairness in Food. Hail Chalky!! In other news, our glorious forces have crushed the infidels in Eurasia ......



Thu, 04/19/2012 - 09:27 | 2357953 Kina
Kina's picture

Leave the US before it is too late, take your money with before it is too late. Buy metals, food etc.


Eventually what happened in Greece will happen in the US. Get your cash out now.


When the lies and propaganda hit 100% then you know the end cant be too far away.

Thu, 04/19/2012 - 09:29 | 2357964 SheepDog-One
SheepDog-One's picture

Yea, all-out total desperation campaign doesnt point to a lot of time being left for sure.

Thu, 04/19/2012 - 09:33 | 2357984 Vincent Vega
Vincent Vega's picture

Exactly right.

Thu, 04/19/2012 - 09:29 | 2357957 HyperLazy
HyperLazy's picture

Speaking of lies and misdirection. Who actually possesses the "stocks" we acquire on the market. Saw a post in a previous topic regarding "street registration" and a potential process of avoiding it along with brokers and clearing houses re-hypothecating and short borrowing our positions.

Anyone have any additional info on how to secure a security? Tylers? Bueller? Anyone?

The way I figure; leave some cash in my various accounts then at the ultimate market bottom, pick up some miners. If civilization persists along with some modicum of economy, it might be a decent investment at that time.

Thu, 04/19/2012 - 09:37 | 2358005 Jim in MN
Jim in MN's picture

You can request certificates if you're not day trading and want to cause trouble, be a goddamn jerk, a nut.....or actually possess anything in the so-called equity market.


The best investment today (other than PMs) = corporate bonds, decent rating, like AA, but GET THE ACTUAL PHYSICAL BOND. 

Guess what?  Suckers and muppets can't.  Try and see.  I dare you: Go buy a legit corporate bond.  Just pay for it and take it home. 

Hold a corporate bond to maturity.  Wow.  Stick it in the sock drawer.  What a concept.

You, little pretties, are not allowed to touch the actual asset.  Churn only bond feefifofunds for you, muppet.

Thu, 04/19/2012 - 09:54 | 2358058 HyperLazy
HyperLazy's picture

LOL - thanks Jim. I think maybe I will pursue this with my various account holders and see how they react.

And what about that DTCC thing?

Thu, 04/19/2012 - 10:12 | 2358112 hedgeless_horseman
hedgeless_horseman's picture



Hold Blue Chips to maturity, just like GM bonds a few years ago, or a different kind?

Thu, 04/19/2012 - 11:07 | 2358341 Bam_Man
Bam_Man's picture

In these "markets" they are blue chips right up to the moment when they suddenly aren't. worth. anything.

Thu, 04/19/2012 - 10:44 | 2358251 CvlDobd
CvlDobd's picture

I dare you to attempt holding physical stock certs.

Your jaw will hit the ground when you see the fees street firms charge to get shares of of street registration. It's not worth it. I you want physical just buy PMs.

Thu, 04/19/2012 - 09:30 | 2357972 fuu
fuu's picture

So bullish right?

Thu, 04/19/2012 - 10:08 | 2358095 slewie the pi-rat
slewie the pi-rat's picture

imo, as long as they keep paying the postal workers to deliver the checks, everything shld be wunnerful, wunnerful

here's to debt!

bubbly, BiCheZ! 

Thu, 04/19/2012 - 11:20 | 2358391 fuu
fuu's picture

So long shoe gum and CheckRite. Gotcha!

Thu, 04/19/2012 - 09:32 | 2357985 oogs66
oogs66's picture

can they really change what is continuing earnings and what isn't so easily?

Thu, 04/19/2012 - 09:35 | 2357986 riphowardkatz
riphowardkatz's picture

Like Baghdad Bob said "No I am not scared and neither should you be!"

Thu, 04/19/2012 - 09:37 | 2357993 hotrod
hotrod's picture

Well at least BOJ is being upfront.  Come on Ben you can say it.  Speak the truth, then you have less to remember.

- Bank of Japan Governor Masaaki Shirakawa stressed on Wednesday the central bank is fully committed to continuing powerful monetary easing, but warned that central banks can only buy time for governments to pursue structural reforms.

Thu, 04/19/2012 - 09:35 | 2357994 tocointhephrase
tocointhephrase's picture

You can fool some people some time (and yes, life is worth much more than Gold). We're jammin!

Thu, 04/19/2012 - 10:00 | 2358078 Rip van Wrinkle
Rip van Wrinkle's picture

All they need to do is fool enough of the people, enough of the time.


And boy, there are some real fools out there.

Thu, 04/19/2012 - 09:36 | 2357999 TooRichtoCare
TooRichtoCare's picture

This guy clearly doesn't understand how DVA works....

Thu, 04/19/2012 - 09:39 | 2358000 Benjamin Glutton
Benjamin Glutton's picture

with each passing week the sheeples ability to wrest power, through a third party effort, from these sycophants diminishes. Status quo is ALL that is truly important to either party at the moment and they are willing to openly advance any lie to retain shared power.



Thu, 04/19/2012 - 09:38 | 2358003 Harriet Wanger
Harriet Wanger's picture

"But actually, he thought as he readjusted the Ministry of Plenty's figures, it was not even forgery. It was merely the substitution of one piece of nonsense for another. Most of the material that you were dealing with had no connection with anything in the real world, not even the kind of connection that is contained in a direct lie. Statistics were just as much a fantasy in their original version as in their rectified version. A great deal of the time you were expected to make them up out of your head. For example, the Ministry of Plenty's forecast had estimated the output of boots for the quarter at a hundred and forty-five million pairs. The actual output was given as sixty-two millions. Winston, however, in rewriting the forecast, marked the figure down to fifty-seven millions, so as to allow for the usual claim that the quota had been overfilled. In any case, sixty-two millions was no nearer the truth than fifty-seven millions, or than a hundred and forty-five millions. Very likely no boots had been produced at all. Likelier still, nobody knew how many had been produced, much less cared. All one knew was that every quarter astronomical numbers of boots were produced on paper, while perhaps half the population of Oceania went barefoot. And so it was with every class of recorded fact, great or small. Everything faded away into a shadow-world in which, finally, even the date of the year had become uncertain."

Thu, 04/19/2012 - 11:14 | 2358365 gaoptimize
gaoptimize's picture

George Orwell "1984"  page 54.

Thu, 04/19/2012 - 09:38 | 2358008 lolmao500
lolmao500's picture

This gal has a future at the FED or in congress...
The comptroller of Dixon was arrested and charged Tuesday for allegedly stealing more than $30 million in city funds since 2006 to furnish her lavish lifestyle, which included a horse farm, seven tractor-trailer trucks and a $2.1 motor home, according to a federal complaint.
Since last fall, it is believed that Crundwell embezzled more than $3.2 million, the complaint said. She used only $74,274 of the funds for city operations. The rest was used for her own expenses, including approximately $450,000 for her horse farm, $600,000 in online credit card payments, and $67,000 to by a 2012 Chevy Silverado pickup truck.

Thu, 04/19/2012 - 09:40 | 2358019 Seasmoke
Seasmoke's picture

now thats how you do it .......go big or dont bother

Thu, 04/19/2012 - 09:45 | 2358029 lolmao500
lolmao500's picture

Yep... City budget : Running the town? 7% of the budget. Me, myself and I?? 93% of the budget! I need a bigger boat, I think I should raise taxes!

And if you think this is only in that city or only in Illinois, you're kidding yourselves people... the city you live in is probably being looted...

Thu, 04/19/2012 - 10:22 | 2358158 Metalredneck
Metalredneck's picture

My little ditchwater burg in Ontario is run like an ATM for the few select councillors.  Lawsuits & blogs abound...

Thu, 04/19/2012 - 09:54 | 2358056 Mitzibitzi
Mitzibitzi's picture

Motor home is pretty good value at $2.10, though. :-}

Thu, 04/19/2012 - 10:31 | 2358193 lolmao500
lolmao500's picture

Yeah they forgot a word... $2.10 MILLION...

Thu, 04/19/2012 - 09:46 | 2358038 DosZap
DosZap's picture


Planned Socialist destruction of America...................add the fact the Feds are seizing EVEN MORE of US Lands, and keeping it away from those who want it, is indicative of their plans.

This is going to back fire on them in a major way..............................

Thu, 04/19/2012 - 09:46 | 2358039 yogibear
yogibear's picture

Everything is fine. The main market makers pitched in to buy porn subscriptions for the SEC. One in a while Goldman or Morgan will throw the SEC a bone so they look like their doing something other than surfing the web and viewing porn.

Thu, 04/19/2012 - 09:48 | 2358040 RunningMan
RunningMan's picture

The reality is that if you question the lies, people treat you funny. Like you are unpatriotic or somehow questioning authority. I've shut up about talking about any of this with people, even my family.

Thu, 04/19/2012 - 09:49 | 2358046 tocointhephrase
tocointhephrase's picture

Yup, me too. We have a date with destiny and they have a date with reality!

Thu, 04/19/2012 - 09:49 | 2358049 hedgeless_horseman
hedgeless_horseman's picture



Don't be a fucking pussy.

Thu, 04/19/2012 - 09:57 | 2358067 RunningMan
RunningMan's picture

Wasted energy. I don't need other people to believe in what I do for validation. Not about being strong or weak in my beliefs, just about knowing where to direct it for max effect. Don't be so quick to judge someone based on one comment. When the revolution comes, I'll be there at the front with the rest of us who are willing to fight for our liberty. Victory requires strength and strategy.

Thu, 04/19/2012 - 10:35 | 2358210 Vince Clortho
Vince Clortho's picture

The Internet is your ally.

Thu, 04/19/2012 - 09:49 | 2358043 zonetraders
zonetraders's picture


Trading insights and free charts on the latest from Bond and FX markets.

Thu, 04/19/2012 - 09:49 | 2358044 RunningMan
RunningMan's picture

That's the next bubble: Suspension of disbelief! Who needs the movies, when we have real life as fiction?

Thu, 04/19/2012 - 09:49 | 2358048 Silversem
Silversem's picture

There is little honesty left in the financial markets today it seems. It's all politics now. As a trader in cfd, i look almost only at technical analysis. But the fundamental outlook is becoming more and more depressing.

Thu, 04/19/2012 - 10:34 | 2358205 Vince Clortho
Vince Clortho's picture

You used "honesty" and "Financial Markets" in the same sentence. 

Thu, 04/19/2012 - 09:50 | 2358052 SimpleandConfused
SimpleandConfused's picture

I don't understand the ZH level of frustration. Governments lie. They always have and they always will. A bear will kill and eat you given the chance. Always have and always will. But you're not angry at the bear, right? Go with the flow. No one is ever going to change the dynamics of government. They will lie. Period. The government consists of politicians. And politicians lie for a living. If one is to be frustrated, be frustrated with the fat, stupid and lazy "citizens" of this country. They put these liars into office for the gains of cronyism or out of apathy. Indeed we do get the government we deserve.

Thu, 04/19/2012 - 09:59 | 2358073 Seize Mars
Seize Mars's picture

Because the nation and its wealth are being looted, the rule of law is breaking down and we are at risk of living in a totalitarian state. It's very dangerous. I would like to recline and think that it's just business as usual on Planet Earth, but we are danger. Grave danger.

I don't deserve this as you say. i didn't do anything wrong. I am not fat or lazy, as you say. This was done to us, by evil people. There is nothing wrong with pointing this out, it doesn't make you bad to say it.

Thu, 04/19/2012 - 10:04 | 2358081 Rip van Wrinkle
Rip van Wrinkle's picture

The difference between the past and now on Government lies? The media is part of the lie machine. En masse. It wasn't always so.

Thu, 04/19/2012 - 10:59 | 2358312 kridkrid
kridkrid's picture

when wasn't it so?  Something in us wants to believe that the press was once free, but is there really any evidence of that?  They have cheerleaded for war, accepted gov't white wash accounts of A, B or C, frame discussions to support the elite for as long as one might care to examine.  The myth of a free press is one of the lies.  Noam Chomsky wrote a wonderful book on the subject, Manufacturing Consent.  Everyone should read the first 4-5 chapters that describe the mechanism.  

Thu, 04/19/2012 - 10:31 | 2358188 Vince Clortho
Vince Clortho's picture

If you see the problem as being only "government" or politicians, you need to enlarge your field of view.  The politicians are puppets.  You are watching a puppet show.  It does not matter if you vote for Puppet A or Puppet B.  They have been preselected by someone else.

Why not focus on the Puppet Masters?  Behind the curtain is where the real action is.

Thu, 04/19/2012 - 10:32 | 2358200 Jim in MN
Jim in MN's picture

Kind of like giving to panhandlers.  Depends what mood we're in.

Thu, 04/19/2012 - 10:02 | 2358076 Chippewa Partners
Chippewa Partners's picture

Why would anyone watch CNBC with the sound on?   

Thu, 04/19/2012 - 12:27 | 2358631 BLACK_DOG
BLACK_DOG's picture

CNBC's Steve Liesman to Rick Santelli: "You Were Wrong About Everything"

Thu, 04/19/2012 - 10:04 | 2358085 xcehn
xcehn's picture

Most people can't overcome decades of powerful conditioning and propaganda and instinctively believe that the PTB have it all under control. And most people prefer to believe illusions over ugly truth every time. My instincts are telling me that the PTB are keenly aware that there is not much life left in the confidence game being waged. The ongoing stampede of new laws and very telling DHS procurements are clearly aimed at curbing domestic insurrections.

Thu, 04/19/2012 - 10:05 | 2358088 gigeze787
gigeze787's picture


CNBC: Existing Home Sales Fell 2.6% in March; Philly Fed Index at 8.5 (April) Vs. 12.5 (March); Index of Leading Indicators Rose 0.3% (story developing)

Thu, 04/19/2012 - 10:23 | 2358162 lizzy36
lizzy36's picture

When MSM merely reports the PR releases of the companies as actual stories what does one expect. 

From Revolutionary Road:

Tell me the truth, Frank, remember that? We used to live by it. And you know what's so good about the truth? Everyone knows what it is however long they've lived without it. No one forgets the truth, Frank, they just get better at lying.

Thu, 04/19/2012 - 10:38 | 2358217 semperfi
semperfi's picture

How can you tell when the MSM lies?  When you either see their lips move or you can see the words that they typed.  Since they lie so often (like, all the time) I just now take everything they say as a lie.  Same with The Prez, Congresspeople, GSA workers, GSax advisors, Secret Service agents, salespeople of any type, marketing types, etc, in fact most people - who tells the whole truth and nothing but the truth anymore, hmmm????   I take the opposite of what they say as the truth.   My opinion is that the number of people who also don't believe and don't trust these types is steadily growing - how else would you explain record gun sales?

Thu, 04/19/2012 - 10:46 | 2358265 NDXTrader
NDXTrader's picture

This is all about options expiration tomorrow. The level of manipulation today is beyond anything I've ever seen and that is saying a lot. Go short now...we end flat and drop next week

Thu, 04/19/2012 - 10:53 | 2358284 Diogenes
Diogenes's picture

I thought everyone at ZH knew you can't know anything is true until the government officially denies it.

Thu, 04/19/2012 - 11:24 | 2358410 Nobody For President
Nobody For President's picture

#25. "Your money is safe with us."

#25. "I had no idea customer funds were being used for that."

#26. "Your pension plan is secure."

#27. "School prepares you to become a productive member of society."


Thu, 04/19/2012 - 12:20 | 2358610 BLACK_DOG
BLACK_DOG's picture

Where I live used to be a great town. Now my neighbors work part time at Walmart get food stamps or are unemployed! But CNBC says everything is ok. I feal better!

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