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Chris Martenson Interviews Charles Biderman: The Problem With Rigged Markets

Tyler Durden's picture




 

Submitted by Chris Martenson

Charles Biderman: The Problem With Rigged Markets

"Even Wile E. Coyote had to come back down to earth sooner or later", says Charles Biderman, founder of TrimTabs Investment Research. In his opinion, the prices of stocks and bonds - enabled by excessive financialization of our economy and central bank money printing - have been defying gravity for a dangerously long time. 

If we continue to do all we can to preserve the status quo -- to maintain "phony" asset price levels as Charles calls them -- at best we will restrict overall growth and handicap the economy.

The problem isn't so much the unfairness and malinvestment evident in a rigged market. As Charles shrewdly asks: what happens when the market becomes un-rigged?

We've never experienced the unwinding of an entirely manipulated financial system, so we can't predict for sure. But at this point, a painful collapse of our markets and loss of the US dollar as the world's reserve currency seem entirely plausible.

On Market Manipulation

The market is rigged. In January of ’10, I went on CNBC and on Bloomberg and said that there is no money coming into stocks, and yet the stock market keeps going up. The law of supply and demand still exists and for stock prices to go up, there has to be more money buying those shares. There is no other way in aggregate that that could happen.

 

So I said it has to be coming from the government. And everybody thought I was a lunatic, conspiracy theorist, whatever. And then lo and behold, on October of 2011, Mr. Bernanke then says officially, that the purpose of QE1 and QE2 is to raise asset prices. And if I remember correctly, equities are an asset, and bonds are an asset.

 

So asset prices have gone up as the Fed has been manipulating the market. At the same time as the economy is not growing (or not growing very fast).

On the Future of the Dollar

At some point, the world is going to recognize the Emperor is naked. The only question is when.

 

ill it be this year? I do not think it will be before the election, I think there is too much vested interest in keeping things rosy and positive. And I just do not see it happening soon.

 

However at some point, hard money wins out over phoney money. And of the investor class or those with capital, which right now seems to be the emerging markets, they are buying gold and bullion and they are not buying dollars. Or China appears to have slowed their buying of dollars, even though China might be having their own growth problems, or their own bad debt problems. But Singapore and all those other countries with huge cash flows, the emerging world, I would not be surprised -- maybe by 2013 of 2014 -- seeing a non-US dollar alternative currency by those countries.

On the Challenge Facing Investors 

We are in strange, uncharted territory.

 

I think is very important for people to realize, in 1981, before the market crossed 1,000, the Dow crossed 1,000 in early ’82, and stayed above that, the value of all U.S. Stocks was about $800 billion. And in October of ’07, it peaked at $22 point something trillion. And it is back up to $19.4 trillion.

 

So in 1981, there was maybe 100 hedge funds or less, I am sure less. And maybe 100 or so equity mutual funds. And 3,000 stocks, you know, institutional size and sorts back then. Now there is still 3,000 stocks, but there is 4,500 equity mutual funds, 10,000 hedge funds. The real wealth created in the last 30 years has been in the equity market, not in earnings. I mean earnings are up several times, four or five times take home pay is up -- but the market is up 19-20 times.

 

Over that time, we have the boomers entering their peak earning years, as well as technical advances like the Internet. You know, more people in the last 30 years have gone from calorie insufficiency to calorie sufficiency as a percentage of the population than going back to the first time we industrialized in the 19th century. So it is like this huge increase in wealth and calories and our goal across the globe, and a lot of that money went into the real estate markets and went into the equity markets -- and boosted home prices, and stock prices dramatically, and now it is unwinding.

 

All booms create excesses and excesses are painful as the excesses from the boom are worked off and worked out. And that is the process we are in, and in the past it has taken 13 to 17 years to work off those excesses. And we are still not even through year five. 

Click the play button below to listen to Chris' interview with Charles Biderman (runtime 36m:10s).

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Sat, 03/31/2012 - 10:38 | 2306181 kato
kato's picture

no problem: http://www.youtube.com/watch?v=cA94LRnd0r8&feature=relmfu

just be at least connected to a big finance guy.

Sat, 03/31/2012 - 10:43 | 2306185 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

The big boys require a bag holder to dump their overpriced shares on when they move to the exits. Currently, the number of suckers is low. It will be HFT vs insider vs market maker when the fire alarm is setoff.

Sat, 03/31/2012 - 10:47 | 2306189 neidermeyer
neidermeyer's picture

I want front row tickets on that day...

Sat, 03/31/2012 - 11:09 | 2306214 Deo vindice
Deo vindice's picture

He says, "We've never experienced the unwinding of an entirely manipulated financial system, so we can't predict for sure. But at this point, a painful collapse of our markets and loss of the US dollar as the world's reserve currency seem entirely plausible."

I vote for that as the understatement of the year.

Sat, 03/31/2012 - 17:56 | 2306857 WhiteNight123129
WhiteNight123129's picture

Just possible: It is almost a certainty that a country which has only around 5% of the world population and see its share of world GDP shrink every year, and with its fiscal situation and irresponsibility toward the reserve currency other countries use, add to this that the second largest economy and largest creditor of the US is excluded from the world monetary discussions, you have aberrations everywhere in the current situation. The US dollar is just a dead man still walking a few steps.

Sat, 03/31/2012 - 12:02 | 2306286 centerline
centerline's picture

Don't blink.  When the the first big boy goes for the exits, the bots will squash everything in a matter of seconds.  I figure I will be reviewing it post mortem.  Looking forward to the Nanex report.

Sat, 03/31/2012 - 21:44 | 2307096 DeadFred
DeadFred's picture

You strike at the essence to the situation but are assuming someone does head for the exit.

"The law of supply and demand still exists and for stock prices to go up, there has to be more money buying those shares. There is no other way in aggregate that that could happen. "

Bidderman is right, but the amount of money does not have to be huge as long as the volume remains a vaporous wisp and as long as NO ONE heads for the exits.

Explore the limits of the current Ponzi system.

SPY has a market cap of 100B selling at just north of $140/share

Two HFTs each have 1,000 shares and they are the only ones trading. To make average volume they have to trade those twenty lots back and forth every 2 milliseconds, piece of cake for them to do. After a full day of HFT meltup they've pumped the price of SPY up 10% (hypothetically). In order to increase the market cap of SPY 10 BILLION dollars each HFT only had to pony up $14,000 dollars from millions of micro-penny installments.

I know the premises here are never going to happen but taking the demise of market volume to the extreme demonstrates that it doesn't take overly much to ramp this market as long as no one jumps ship. This example becomes more realistic if you move the ramp ups to the futures market and let's say drive away futures players by hypothetically making one or more of the futures brokers go broke and vaporizing both the customers deposits and their trust in the markets.

If I were an evil group of Wall Street manipulators with the backing of the Fed and Treasury I would set about:

driving away retail investors (especially in the futures market)

driving away or co-opting the hedge funds

driving away the day traders, pretty much in that order.

But fortunately I'm not an evil Wall Street manipulator so what do I know?

The biggest problem is how do they keep big players from defecting best by defecting first? My conspiratoral mind hasn't come up with that one yet (but I'm still trying)

Sat, 03/31/2012 - 13:21 | 2306466 Peter Pan
Peter Pan's picture

Are you serious? It will be like asking to be 500 metres away from where an atomic bomb goes off. Chances however are that trading on the stock markets will cease due to some "terrorist" act rather than allow them to melt. And the rest of the world will follow suit.

Sat, 03/31/2012 - 14:46 | 2306598 cowpieflapjack
cowpieflapjack's picture

I want front row on the bot that rides the wave.

Sat, 03/31/2012 - 11:00 | 2306204 fonzannoon
fonzannoon's picture

How about the trillions in 401(k) money? They say the average investor is out of the market? How come no one accounts for this? They get paid every 2 weeks  and they basically are dollar cost averaging in.

Sat, 03/31/2012 - 11:27 | 2306236 dark pools of soros
dark pools of soros's picture

and so many people dont realize how restricted that 401k shell game really is..  dumb money is what it is

Sat, 03/31/2012 - 12:07 | 2306304 IndicaTive
IndicaTive's picture

Very restricted, and vague when it comes to the "market-timing" rules. Sitting in the stable fund for the entire first quarter, watching this joke of a ramp, I started looking through the documentation for the "rules." My plan overview says I can move $ between funds as often as I want, but dig deeper and there is some vague language that basically says if they think I'm timing, they may not allow the action. So I asked my plan sponsor, he said go ahead and move money. So I called Prudential, I could get no concrete rules, but the language is there. So I tested it. I moved money into a S&P Index Fund and a fund that benchmarks Russell 2000. A week later I moved it back. Then I got the letter and the rules. Any amount over 25k being moved out of Stable and moved into those funds, and then back out, in a 30-day period indicates market timing, and although they let the transaction go through, they may not in the future. That scares me. And now I'm probably on their radar. I'd like to now move some of my money into those funds if this Fed pump is going to continue, but with my luck I'll try to pull it back out and they won't let me, claiming market timing. Only the little guys are held to the rules.

Sat, 03/31/2012 - 12:16 | 2306332 spinone
spinone's picture

Do you think the money in a 401K is your money?  You misunderstand the way this works.

Sat, 03/31/2012 - 12:27 | 2306352 IndicaTive
IndicaTive's picture

If I quit my job on Monday, do I not get a check minus the penalty upon request? I think I get your point, though. I slept in this morning and my sarcasm receptors are the last to catch-up.

Sat, 03/31/2012 - 12:33 | 2306369 LawsofPhysics
LawsofPhysics's picture

There you go.  The paper-pushers have intentionally made sure that only they can "time" or "front-run" their own idiocracy.  Get physical and get to know your neighbors and then sleep well.  If your neighbors are idiots too, it is time to relocate.  There is still time for both as elections take time and so doers the transfer of power (which is really what all this horseshit is about).

Sat, 03/31/2012 - 14:16 | 2306541 Fail2Deliver
Fail2Deliver's picture

I was actually put on "mutual fund probation" for 90 days. I had the audacity to trade in and out of the same fund three times in a 90 day period. They locked me out of moving my funds for 90 days. I would move my account but it from an employer (I am ocked in to using them) and I assume most other funds have similar rules.

They trade using your money, but dont want you to trade using your own money. Dont even get me started on how they let their buddies buy and sell the fund after market closes.

Sat, 03/31/2012 - 16:43 | 2306794 Awakened Sheeple
Awakened Sheeple's picture

Use it as a piggy bank via 401k loans until this all gets sorted out. Pay off debt, buy phyzz, land or whatever. There's no guarantee you'll ever see that money or that the guberment won't make you invest in "ultra safe" treasuries in the future. Starve the beast and put your money to work for you NOW.

Sat, 03/31/2012 - 14:47 | 2306601 cowpieflapjack
cowpieflapjack's picture

Nice work.

Sat, 03/31/2012 - 11:53 | 2306250 Umh
Umh's picture

I know that most people set it and forget it, but some will have reduced contributions to make up for inflation in the real world, reset their allocations to buy more bond funds, become unemployed.

Sat, 03/31/2012 - 12:17 | 2306333 IndicaTive
IndicaTive's picture

I reduced to the minimum match to free up money for hard assets.

Sat, 03/31/2012 - 12:04 | 2306291 I am Jobe
I am Jobe's picture

401K is a big scam. The one who are holding 401K are cluless dumb fucks. I was too once upon a time. No longer do I contribute to the crap . How amny millionaires did 401K's make?

Sat, 03/31/2012 - 12:34 | 2306376 LawsofPhysics
LawsofPhysics's picture

I guess that depends what side of the trade you are on.  I know several money managers who are millionaires but this does not make them any less stupid.

Sat, 03/31/2012 - 12:48 | 2306404 barroter
barroter's picture

"How many millionaires did 401k's make?"

I'm sure some of those on trading desks did well. The whole point is suckering more and more muppets to keep buying.  Those fees sure can add up and buy that house in the Hamptons!

Sat, 03/31/2012 - 15:08 | 2306639 Amish Hacker
Amish Hacker's picture

The real scam is that 401k plans let the employer off the hook and shift the retirement burden onto the worker.

It used to be that after 40 years chained to the corporate oar, you got a gold watch and a guaranteed monthly check for the rest of. Now you get "defined contributions" from your employer, but not a "defined benefit" that you can count on in your dotage. The success or failure of your investments is up to you, and will determine whether your retirement menu includes caviar and champagne or hot dogs and near beer.

Sat, 03/31/2012 - 20:12 | 2307004 nathan rothschild
nathan rothschild's picture

You are responsible for your retirement, always have been.   The very small period of time when companies paid your pension was only due to the large amount of cheap energy available that made it possible.   Those days are over, get over it.  And you'd better be saving somewhere - a 401K with 100% match ain't that bad.   Max it out and then cash it in and pay the taxes on it you still come out ahead.

Sat, 03/31/2012 - 11:16 | 2306223 gjp
gjp's picture

They already have their bag holder lined up, and said bag holder has been willingly holding the ever-heavier bag for some time now.  Of course, I am speaking of the public treasury, the 'taxpayer' (though this will never be settled in taxes, only currency destruction).

The big boys don't need retail.  They own the government and can keep stealing indirectly through debasement.  Why try to execute a direct snake-oil sales pitch to retail that is already broke and distrustful anyway?  The idea that retail will be sucked in here, or that the big boys even need it doesn't make any sense to me.

Sat, 03/31/2012 - 12:53 | 2306417 barroter
barroter's picture

I believe retail is one or both of the following. Broke and/or leary of Wall St and business in general.

Sat, 03/31/2012 - 11:36 | 2306246 BobPaulson
BobPaulson's picture

The mom and pop investors (suckers) still haven't jumped back on board, so the sneaking out the back door by the inside traders has happened slowly. Is it just the pension funds that are getting fleeced? Still no mania.

For a mania to strike, we need a feverish "this time is different" mood to strike, and a sense from suckers that this is finally their chance to get rich fast. Since the housing mania, I haven't seen this at all. It can only happen if all the printed money comes flooding onto the market.

I guess the question is this: If the insiders know that stocks are overvalued and they want to dump them, what will they take in return? Gold? Could be. Will they buy up the real estate that has value for producing commodities? I mean, what the fuck will be worth holding onto if you are one of the mighty banksters trying to scam the retail dope? Clearly you get the government to buy all your bullshit paper that is worthless, then you have to take the money and buy something else before the money house of cards crashes down. Brazilian oil plays? Arctic diamond mines? Firearms manufacturing companies? Distilleries? Opium poppy farms?

Sat, 03/31/2012 - 14:43 | 2306593 oldman
oldman's picture

@BobPaulson

There is always a sucker at the table---if you don't see one----------------------------

Well, you know the rest and maybe, you will want to read this:

"The mom and pop investors (suckers) still haven't jumped back on board, so the sneaking out the back door by the inside traders has happened slowly. Is it just the pension funds that are getting fleeced?"

I am always pleased when others do this for an oldman

Respectfully, wishing you the best of luck                  om

Sat, 03/31/2012 - 19:02 | 2306917 mendigo
mendigo's picture

The Bots must make the bankers a liitle nervous - what they did to BATS, could they pull that off with Facebook?

Retail has no business being in this game - but they will, Bernanke is setting the trap with only the best of intentions.

WTF Facebook 100bn valuation - does it get a seat on the IMF now?

I am trying to undersand the issues with ETF's and destabilizing markets and what I am coming to understand is that even these seemingly mundane investments are full of traps. It is my understanding that the feature that made the US economy resilient was trust.

Sun, 04/01/2012 - 00:24 | 2307244 Nukular Freedum
Nukular Freedum's picture

Dont forget the pension funds!

Sat, 03/31/2012 - 10:45 | 2306182 bartek
bartek's picture

Nasty food scandal in Europe. Truly unbelievable. I guess fraud and corruption is the New Normal. http://ireport.cnn.com/docs/DOC-760662

Sat, 03/31/2012 - 11:54 | 2306271 dark pools of soros
dark pools of soros's picture

childs play compared to the shit in McD's.. and they toss in some lead painted toys as a bonus

Sat, 03/31/2012 - 14:13 | 2306536 FinalCollapse
FinalCollapse's picture

That's nothing compared to what we have in USA. If it were only the salt. Our justice system is on sale to the highest bidder. The difference between Poland and USA is that here we kill (or at least try) our whistleblowers.

Sat, 03/31/2012 - 10:57 | 2306202 Curt W
Curt W's picture

How can a stock crash if there is no one there to buy it at a lower price?

Sat, 03/31/2012 - 11:57 | 2306279 RafterManFMJ
RafterManFMJ's picture

Just like a plane when the wings fall off at 12000 feet?

Sat, 03/31/2012 - 13:31 | 2306480 LowProfile
LowProfile's picture

There's always someone willing to pay $0.01 a share.

Sat, 03/31/2012 - 13:32 | 2306482 ltsgt1
ltsgt1's picture

If no one were there to buy at a lower price, the price would go to zero in a flash. That is why they call it flash crash.

Sat, 03/31/2012 - 11:01 | 2306203 The Big Ching-aso
The Big Ching-aso's picture

 

 

Yelling "Fire!" in a crowded theater of deaf viewers won't stop the show until they're actually on fire.

Sat, 03/31/2012 - 11:05 | 2306205 AssFire
AssFire's picture

Seems it's 1929 all over again... The fake energy somehow managed to push the coaster to the top the tracks yet again. The potential energy has reached it's maximum and now this energy will be dissipating kinetically rapidly in vertical descent so hang on and keep your arms and legs inside the car at all times.

Sat, 03/31/2012 - 11:07 | 2306210 Keith Piccirillo
Keith Piccirillo's picture

As to market manipulation, we regurgitate Ritholtz post on the subject:

"Regardless, the argument that he cannot find the fund flows is easily explained by Mike Santoli — the action has moved away from Mutual fund flows, and to dark pools and hedge funds."

 

http://www.ritholtz.com/blog/2010/01/santoli-biderman-is-clueless/

Sat, 03/31/2012 - 11:45 | 2306257 Yardfarmer
Yardfarmer's picture

soooo...the Working Group on Financial Markets really does have clothes. what a relief. 

Sat, 03/31/2012 - 12:07 | 2306301 mkhs
mkhs's picture

Then all retail is funneled through the dark pools?

Sat, 03/31/2012 - 12:10 | 2306316 mkhs
mkhs's picture

 

"Regardless, the argument that he cannot find the fund flows is easily explained by Mike Santoli — the action has moved away from Mutual fund flows, and to dark pools and hedge funds."

 

This actually supports Biderman.  All the flow is in the dark pools: the FED would not work any other way.

Sat, 03/31/2012 - 11:20 | 2306221 Yardfarmer
Yardfarmer's picture

remember that actually no one ever recognized the fact that the emperor had no clothes except a little child who everybody tried to silence. no Charles, the world has never and never will recognize anything, but good show anyway and happy trading.

At that time Jesus said, "I praise you, Father, Lord of heaven and earth, because you have hidden these things from the wise and learned, and revealed them to little children.

Sat, 03/31/2012 - 11:19 | 2306226 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

I'd like to have a phantom job that pays me real money. When they figure that out, sign me up. It would be like getting paid not to grow Alfalfa (cf. Catch-22)

Sat, 03/31/2012 - 11:19 | 2306227 alexwest
alexwest's picture

sorry, but even Mr Biderman is way off ..

he said "US gov roughly collects 200 bln per month, spends 300 bln per month"
well I'd agree on spending figures, but he is wrong about federal revenues..

in 2011 fin year (ends on Sept30 2011),. USE fed gov collected 2.040 bln in GROSS taxes, minus 465 bln in refunds... ( according daily treasury statement) , BUT ACCORDING MONTHLY TREASURY STATEMENT , issued a few weeks later, US fed gov collected 2.1 trln $.. so why is difference?

THE REASON IS US FED GOV COOKS THE BOOKS AND mask issued debt as revenues..
also US fed gov includes money made by FRS and count as revenues.

alx

PS
https://www.fms.treas.gov/fmsweb/viewDTSFiles?dir=a&fname=10093001.pdf
http://fms.treas.gov/mts/mts0910.pdf

Sat, 03/31/2012 - 11:20 | 2306228 Yen Cross
Yen Cross's picture

 I filled my car up yesterday. Almost 80 usd! 5.0999! 

   And I had to clean my own windscreen! WTF? I should get a bag of peanuts and a hot dog for that.

Sat, 03/31/2012 - 16:03 | 2306732 mjcOH1
mjcOH1's picture

A nice dinner and movie used to be customary.   Must be inflation.

Sat, 03/31/2012 - 11:25 | 2306230 DormRoom
DormRoom's picture

case and point: Groupon.

 

How much resources are being used up, and misallocated, in its ponzi, because cheap & easy money can keep its business afloat.

 

And the new JOBS bill will allow for thousands of Groupon-lite startups to deceive and ripe off mom &  pa.

Sat, 03/31/2012 - 11:55 | 2306275 dark pools of soros
dark pools of soros's picture

mom and pa aint buying the stock.. they are taking advantage of all those cheap yoga and massage deals

Sat, 03/31/2012 - 11:28 | 2306237 Snakeeyes
Snakeeyes's picture

Rigged markets? How about housing finance and healthcare? Don't forget that the rigging of markets is done with help and consent of the government. And often, they are the ones that rigged the markets for political reasons.

Boatloads of Money Required: Housing Market Losses At $7.66 Trillion, But Still Less Than Obamacare Funding Hole at $17 Trillion

http://confoundedinterest.wordpress.com/2012/03/31/housing-market-losses-at-11-66-trillion-but-still-less-than-obamacare-funding-hole-at-17-trillion/

Sat, 03/31/2012 - 12:55 | 2306420 barroter
barroter's picture

How about..."everything rigged in general?"

Sat, 03/31/2012 - 11:28 | 2306239 Sudden Debt
Sudden Debt's picture

Waw! I didn't know we even started working off the excesses!

Sat, 03/31/2012 - 11:43 | 2306253 buzlightening
buzlightening's picture

When it ALL implodes we've got food stamps, welfare, and social security to backstop any panic.  You've got to feel comforted now!

Sat, 03/31/2012 - 11:43 | 2306256 Atomizer
Atomizer's picture

I keep asking myself, where will these insiders live to enjoy their fruits of wealth.. err stolen money?

Colombian druglord Pablo Escobar 'burned £1.2million in cash to keep his daughter warm during single night on the run'

Sat, 03/31/2012 - 11:56 | 2306277 centerline
centerline's picture

So few of the wealthy are truly wealthy or will hold onto wealth.  I'd bet 90% or more of the "rich" crash and burn when the system goes down.  The one that really know the game will already be set up to ride the storm out, and set up shop elsewhere in a few generations time.  Seeds are probably sowing right now - probably in South America is my guess.

Sat, 03/31/2012 - 11:50 | 2306264 Ralph Spoilsport
Ralph Spoilsport's picture

The problem with rigged markets is that they are rigged and not really markets anymore. It's not my problem now.

Sat, 03/31/2012 - 23:06 | 2307167 Dingleberry
Dingleberry's picture

"There are no markets.....only interventions"

 

I can't remember who said that, but it's true.

Sat, 03/31/2012 - 11:58 | 2306268 JW n FL
JW n FL's picture

 

 

Third round of quantitative easing & US economy-On the edge with Max Keiser-03-30-2012

http://www.youtube.com/watch?v=LfZQnWUYbKs&feature=relmfu

Uploaded by on Mar 31, 2012

In this edition of the show Max interviews Ed Harrison from CreditWritedowns.com , http://www.creditwritedowns.com/ .

He talks about the Goldman Sachs's prediction for third round of quantitative easing sometime in April or May and what will another round of quantitative easing do to the US economy?

Edward Harrison is a banking and finance specialist at the economic consultancy Global Macro Advisors focusing on global economics and corporate strategy. Previously, a diplomat in the Foreign Service and a partner at the consultancy Lion Strategy Advisors, and worked in various consulting, strategy and M&A roles at Deutsche Bank, Bain Consulting, the Corporate Executive Board and Yahoo.

______________________________________________________________________________________________________________________________________________________

Edward Brown is FANTASTIC at taking something which is complex to the layman and makingit extremely palatable for anyone who has half of an interest in the subject.

I would recomend that you use Ed Brown's speaking, to help your family members who are not quite catching on to some of the larger Bowel Movements that the FED is causing across multiple asset classes.. year in and year out.

 

If you would like.. to have some added informaiton to the above.

 

Sat, 03/31/2012 - 11:53 | 2306269 dolph9
dolph9's picture

Is it just me, or is everybody trying to mess with each other?

Just went to McDonald's today, they tried to default me to a medium drink on a breakfast meal, raising the price.  I called them out on it.  I feel that's pretty low.

And everybody is always trying to sell me something extra.  Went to the car wash, wanted the 4 dollar one, they said I needed the 8 dollar one, that I was "wasting my money."  I said "that's for me to decide" and my car was washed just fine.

Fuck all these people trying to rob me of my fiat, I need it to buy more gold.

Had to get that off my chest.

Sat, 03/31/2012 - 11:57 | 2306278 dark pools of soros
dark pools of soros's picture

grill a steak and wash your own car - fuck leaving the yard it's the weekend

Sat, 03/31/2012 - 12:02 | 2306284 RafterManFMJ
RafterManFMJ's picture

Still eating at McDonald's? They have a name for people like you, 'Zombie Chow.'

Sat, 03/31/2012 - 12:08 | 2306305 Curt W
Curt W's picture

get the hose out and wash it yourself, oh and McD sucks find a better place to eat.

Sat, 03/31/2012 - 12:11 | 2306315 francis_sawyer
francis_sawyer's picture

Next time order a "Whammy burger & some wham fries"...

Sat, 03/31/2012 - 14:40 | 2306578 Goldilocks
Goldilocks's picture

From "War, Inc." (2008)
http://www.imdb.com/title/tt0884224/

@0:14:24,

Popeyes Cashier: Hello, sir. Welcome to Popeye’s How can I help you?
Hauser: I’ll have the crawfish etoufée, the Big Flave Chicken Sandwich with Boss Sauce, and to top off my meal, I’d like a frothy orange drink.

Touché

Sat, 03/31/2012 - 12:14 | 2306329 R_Soles
R_Soles's picture

it's not just you-it's ridiculously rampant. I've noticed that trend over the last year or two. Yesterday a couple of fast talking guys came to my door and wanted to see my gas bill ostensibly so they could show me how I could save $$$ by going with them on a contract. Sure, you just want to give me something for nothing right?? Gas is at a 10 year low and thes dweebs are telling me to pay more to them to guaranteee a 5 year price about 50% more than current ( had to read the fine print to find that Bullshit). Told them tp phuck off but they screw a lot of people out of dough that way.

Then took my daughter's car in for a fuckin simple oil change. One hour later I got the bill for 32 along with a litinany of things they say should be looked at immediaitely while they had teh car in the shoppe ( this is a 2010 cobalt with only 24000kms or about 14,000 miles!). All the fixes would come to just $339 they say. I told tehm NO, just give me the f in car. So..I guess we are not getting this done today he said. No you fucker, stop trying to suck everybody dry with these rip offs. I'll never go back to this place agin. The number of places doing this is definitely on the rise here in Toronto and they prey on the very young and very old-disgusting

Sat, 03/31/2012 - 12:59 | 2306427 barroter
barroter's picture

It seems the only way to win at that  game, as a consumer, is NOT to enage these two legged insects in the first place.  Or, if you have to play the consumer game, be as much as a dickhead as you can. I advise you all to take your etiquette and dump it into the curside. Treat anyone vying for your wallet as SCUM.

Sat, 03/31/2012 - 15:38 | 2306689 smiler03
smiler03's picture

Yeah. Those assholes on minimum wage who have to say this shit otherwise they'll get sacked, should resign in protest.

Sat, 03/31/2012 - 20:59 | 2307059 Jake88
Jake88's picture

Pink slime yummy mmm mmm good!

Sat, 03/31/2012 - 23:03 | 2307165 Dingleberry
Dingleberry's picture

It's called "hustling". My buddy and I were talking last nite about the same thing. His wife has been hustled twice in recent months.  Lesson #1:  NEVER let you wife take the car in for an oil change or tire rotation. They upselled her hard to get a radiator flush (even though it was done 6k miles ago) and other shit. As for the tires, they had 16k miles on them, and the shop was going to refuse to let her leave the place without getting new tires as her old ones were too dangerous to drive. WTF!?  Scams are happening everywhere now, all the time. Thank to "no inflation" Ben and the boyz. Margins are being squeezed like a ripe, oozing zit.

Sat, 03/31/2012 - 11:59 | 2306280 amanfromMars
amanfromMars's picture

 

Posted by amanfromMars on 03/31/12 11:40 AM ….. on http://thedailybell.com/3749/Anthony-Wile-

Do you imagine that this …….. http://www.zerohedge.com/news/chris-martenson-interviews-charles-biderman-problem-rigged-markets ……. is what Uncle Sam is desperate to hide with all that crazy talk from the likes of Ryan Crocker and muppet chicken-hawks?

Peace would burst the Ponzi bubble in a flash and the economy would crash with no fooled tools and foreign puppets to buy always second class weapons to fight against the new versions ranged against them by their suppliers.

A double whammy of a rigged market which free and transparent intelligence sharing is exposing to everyone around the world?

Well of course it is.

And wherever you are yourself, is your government complicit in support of the conspiracy by believing what media pimps as the truth but which is just a fabrication. That extraordinarily renders reality, virtual reality, and life as a fictional existence which doesn’t tally with the facts. Have you any idea how easy that is to collapse with just one raw nugget of truth leading whole cascades of accurate/whistle blown information/new orderly world intelligence, flash crashing global command and control systems which have been deliberately processing corrupted information/false base metadata.

However, there is another aspect of the above which you might like to consider. Whenever it is so easy to create and maintain a false virtual reality, why not engage with experts to create a better one for all to enjoy and render all conflict, history. That then releases neural energy and all of those military trillions to create heavens on earth rather than theatres of hell.

It really is as simple as that. And don’t let any dim-witted and stupid fools’ tools tell you otherwise. And if you can’t do it yourself with IT, because you don’t know how to do it with IT, you now know that there are others who find it simple and would do it with you, for you, with IT. And teach you how to mentor and monitor its progress into fields which you have obviously never before thought possible.

Which is an interesting offer, is it not, and easily tested to see if it is true and doable too.  Please share this post with as many folk as you care dare share it with.

 

Sat, 03/31/2012 - 12:02 | 2306287 I am Jobe
I am Jobe's picture

WTF. Spend another  trillion to nowhere.

http://projects.washingtonpost.com/congress/112/house/2/votes/147/

About this vote

On Passage

To Provide An Extension of Federal-Aid Highway, Highway Safety, Motor Carrier Safety, Transit, and Other Programs Funded Out of the Highway Trust Fund Pending Enactment of a Multiyear Law Reauthorizing Such Programs

Sat, 03/31/2012 - 12:09 | 2306308 tradewithdave
tradewithdave's picture

Multinationals are acting as a hedge against the collapse of the dollar.

www.tradewithdave.com

Sat, 03/31/2012 - 12:35 | 2306377 Yen Cross
Yen Cross's picture

 Quantitative easing is (soft speak) for Welfare! I noticed Tyler caught Spain Burning.  Italy is next!

 Speaking of hedging  TWD, Look at the ponzi over valued Euro and Pound! Who in their right mind would invest in the E.U.?

Yes, I understand the banks are supposedly delevering/ repatriating euros.

 At least Merve the Swerve ( BoE), telegraphs QE, and can print at will. I guess the gbp has a small carry, and "English Channel" premium.

  The aud beatdown looks ripe for a rise! If that China CPI number comes in ok/ I'm all in!  Look at gbp/aud for any questions.

 

 

Sat, 03/31/2012 - 12:51 | 2306400 Dre4dwolf
Dre4dwolf's picture

So when is this sell off going to happen, I mean they can't keep loading up on stocks (toxic over-priced assets) forever.

 

All the financial stocks especially are like holding a ticking time bomb right now... people are going to lose their fucking shirt/retirement plans if they hold on to that junk.

 

Financials should really be shorted into oblivion....

 

The rumor is "no financial collapse coming June ~ July" that they are trying to stave it off until after the elections.... (lol lets see how much control over the market they really have, because to stave off the market forces for that long.... GOOD LUCK LOL).

BUT IMO they already threw Obama under the bridge, the corporate elite want Mitt Romney in there to buy up the world for them.

Obama is at heart a Muslim , hes going to help his eastern friends @ the expense of whoever hired him for the job (dont buy that BS about him being a christian), Muslim women always determine the religion of their offspring... I don't think Obama even wears a cross or even owns a bible.(not that I care about his religeon, I care more about who he loyal to because those are the people who are going to profit off his actions, and those are the people you need to emulate to get rich when he pulls the trigger on the markets).

 

 

 

I think after the flash crash, I might buy up some tech stocks.... tech is always good IMO so long as you avoid companies like RIM.

 

 

Sat, 03/31/2012 - 21:14 | 2307070 WonderDawg
WonderDawg's picture

Dude, you talk about Obama as if he actually makes his own decisions. I disagree. He's a puppet, just does what he's told and tries to make it sound appetizing. Hope and change, my ass. Meet the new boss, same as the old boss...

Sun, 04/01/2012 - 08:20 | 2307427 Disenchanted
Disenchanted's picture

Dre4dwolf said:


"Obama is at heart a Muslim"

 

There are still people that believe that happy horseshit?  JFC!

 

Could someone explain to me why a supposed Muslim would be the first US President to do this since he's held office:

http://www.haaretz.com/jewish-world/matzah-balls-at-the-white-house-obam...

 

Why a supposed Muslim's chief advisor(Axelrod) and his current and first Chief-of-Staff were/are Zionist Jews(among many others in his administration).

 

Why did prominent Chicago Jew Abner Mikva say this: ""I think when this is all over, people are going to say that Barack Obama is the first Jewish president," - http://www.chicagojewishnews.com/story.htm?id=252218&sid=212226

 

Why a supposed Muslim Obama's primary rainmakers and financiers are Zionist Jews:

from: http://www.bollyn.com/the-fraudulent-war-on-terror

Obama's re-election campaign will get a "hometown" publicity boost from a $35,800-a-plate fundraiser in October "hosted by Obama's financial inner sanctum: former fundraising chair Penny Pritzker, James ('Lester') Crown, John Rogers Jr. and others," Crain's reported. This cabal of extremely wealthy Zionist Jews is supporting Obama because they have created him and they control him, and with him in power they grow richer as the Zionist war agenda is advanced. It's that simple; it's criminal. This is the Zionist crimocracy that controls the U.S. government.


Why a supposed Muslim prior to becoming President lived in this Chicago neighborhood:

from: http://cryptome.org/eyeball/obama-mansion/obama-mansion.htm

Obama Chicago Mansion Birdseye

 

The domed structure across the street is the KAM Isaiah Israel Temple, the oldest synagogue in Chicago, formed in 1847.

These are the people that Obama is loyal to, no matter what bullshit you'll see/hear/read from the pressitutes in the US mainstream Zionist propaganda machine.

 

These are the people that all US Presidents have been loyal to since the time of Woodrow Wilson, with the possible exceptions of JFK and Nixon(...in 'behind the scenes' ways). You've seen what that got those last two, assassination and political assassanation.

Sat, 03/31/2012 - 13:02 | 2306431 Bartanist
Bartanist's picture

Ummmm, not to state the completely obvious, but isn't that the plan?

Evenetually a fervor builds with people getting all upset with the way things are rigged and those in power "supposedly" give in and that causes a complete destruction of the system... caused by people getting what they want.

Then in act 2 the "powers that be" volunteer to fix things again under their global command, and we all beg them happily to put us into slavery.

Sat, 03/31/2012 - 13:32 | 2306481 slewie the pi-rat
slewie the pi-rat's picture

when will the market(s) get un-rigged?

shit!  that's eZ:  whenWimpy pay us, nextTuesday, for the hamburger, today!

trust me!

Sat, 03/31/2012 - 14:18 | 2306545 Yen Cross
Yen Cross's picture

Liquidity, Slewie.  The machine is getting desperate!

Sat, 03/31/2012 - 13:49 | 2306501 Piranhanoia
Piranhanoia's picture

Our government gave the money they borrowed from Medicare and SS to the banks in the last few years. They took all the money that would have paid it as they talked about gutting what they already screwed.  Welfare to humans is being shut off to help corporations buy the election of their stooges.   Give it a few weeks.

 

Sat, 03/31/2012 - 14:36 | 2306585 jeffgroove102
jeffgroove102's picture

Gotta love saturday treats like this one! Not only are charles biderman's trib tab vids good, I like chris martensons pragmatist style.

Sat, 03/31/2012 - 14:37 | 2306588 Yen Cross
Yen Cross's picture

 LONG  " lawn darts"!

Sat, 03/31/2012 - 14:57 | 2306618 toadold
toadold's picture

The trouble with a rigged game is,the longer it runs and the more people who know it is rigged, the closer the game gets to an unexpected dynamic kinetic and terminal shut down. The riggers are gambling they can keep it going until they can get to a safe exit point, but they may look up one day and see people with shotguns pointed at them. "Oh quick call the police! Shut up you fool those are the police. They had money in the game to."

Sat, 03/31/2012 - 15:21 | 2306660 Waterfallsparkles
Waterfallsparkles's picture

Bernanke will not even let the Market go down even 100 points before he seems to give it a pump.  He should at least let it operate in a relative normal manner.  He should only pump it back up if it looks like it is going to have a hard collapse.  Otherwise he should leave it alone.  The American people cannot afford to keep the Market up indefinatly as all of the Banks and Hedge Funds are slowly taking Huge amounts of Money out of the system and investing it in Houses and Gold overseas.  Leaving the American People to hold the ultimate bag.

Sat, 03/31/2012 - 21:21 | 2307077 WonderDawg
WonderDawg's picture

He should only pump it back up if it looks like it is going to have a hard collapse. 

So some manipulation is okay, but not too much? Bullshit. If there is manipulation, there is no true price discovery, therefore there is no market. Let it do what it needs to do.

Sat, 03/31/2012 - 16:26 | 2306771 BlackholeDivestment
BlackholeDivestment's picture

...wages, income as indicator, this is why I love Biderman, he's got a brain ...and you can tell there is a heart in the chuckle. 

Sat, 03/31/2012 - 16:58 | 2306813 Don Levit
Don Levit's picture

I, too, have wondered how the markets keep rising?

Are we to assume Biderman is correct that more money is going out of the stock market trhan is coming into it, if we take out the cash infusion by the Federal Reserve?

If this is true, I am really scared to see how this will unwind.

I guess we have never had a scenario like this before.

Don Levit

Sat, 03/31/2012 - 17:02 | 2306814 Don Levit
Don Levit's picture

alexwest:

I lookd at the link you posted.

Indeed, it looks like public cash issues and public cash redemptions were both added into the equation.

It seems to me that redemptions should be subtracted.

Do you have a link which describes in detail how these 2 items are included in the budget, particularly from the Treasury Department?

Sometimes they put in the middle of a long report some truth that is really startling!

Don Levit

Sat, 03/31/2012 - 19:50 | 2306973 rsnoble
rsnoble's picture

Did anyone ever notice that all the cool gadgets that Wile E. Coyote used to chase the Roadrunner that were made by ACME was actually a brandname under Roadrunner Productions?  No wonder he never caught the Roadrunner.  Same shit going on in the real world.

Speaking of Roadrunners when I had a house in Case Grande, AZ one of them showed up at the backdoor looking in during the summer. I opened the door.....I shit you not this thing came right in and spraweld out on the floor in the AC. He came everyday for almost a couple weeks then I never seen him again. Probably had rabies lol.

Sat, 03/31/2012 - 19:55 | 2306979 rsnoble
rsnoble's picture

Oh and in regards to the article........no market in history that has been manipulated ever ended on a good note. Fact. 

Hard telling what the stupid assholes will come up with. For sure they'll be making shit up on the fly, even more so than now.  And of course we always have the diversion card. I'm so sick of these stupid assholes.

I'm curious about something......haven't the people in Spain watched Greece to see that as long as you have people working against you in the gov't it doesn't do a whole lot of good to burn your city down?  You know the old saying.........you have to get the head of the snake or forget it.

Sat, 03/31/2012 - 21:24 | 2307083 banksterhater
banksterhater's picture

401K contribution$ is WILDLY OVERSTATED. Many still working have cut it or taken loans, and don't give a shit about paying the penalty.  New workers don't have it.

Sat, 03/31/2012 - 22:15 | 2307128 jomama
jomama's picture

not true.  i loathe the stupid program, but my company matches 3% if i put in 3%.  so that's what i do.

Sun, 04/01/2012 - 11:25 | 2307583 beachdude
beachdude's picture

I do as well but now investigating borrowing the whole amount to buy PM's.

Sat, 03/31/2012 - 22:12 | 2307126 q99x2
q99x2's picture

No one is going to fix the rigging. Wilie Cyote meets with gravity. Gold Silver some AAPL Some secret risk free assets and 15 percent short.

Basically he sounds like we have to wait for the implosion and in the meantime hold onto what we can.

One way is to buy cash rich companies that are removing their float from the markets.

Sounds like a plan with the potential for a scary ending.

The scary ending is due to the fact that not enough money people are joining forces to prosecute the crimminal banksters and their political henchmen.

Invert the Pyramid.

Sat, 03/31/2012 - 23:02 | 2307162 silverdragon
silverdragon's picture

Just buy lots of physical silver and keep buying until SHTF.

Sun, 04/01/2012 - 03:00 | 2307310 SPADOC4
SPADOC4's picture

The plan is this: Soc. Security, Medicare/Medicaid, Welfare all severely in the red along side of a CONgress not approving a debt ceiling expansion at $20T with interest at $1T/year; throw in a few more presidential executive orders for martial law...in other words, multiple piles of SHTF all at the same apex.The goon squads take over the control grid and we all learn the real meaning of tyranny.

Just a thought

 

Sun, 04/01/2012 - 07:50 | 2307412 overmedicatedun...
overmedicatedundersexed's picture

I wonder who do the TBTF banks and Co's report to before selling a position? some FED employee is charged with giving the OK? do we think all this FED grease came with no strings?  BEN we have your back, so you will only buy and hold ..if you plan to sell you must get the OK.  this can go on for longer than any of us imagine.

of course small caps PM and oil producers and defunct co's (kodak) not on the protected list (GM&GE) can be sold on days the overall market is up tick. the market structure of Ins co and 401k and pension funds is perfect for keeping things stable. Big money is on a tight leash the small hedges and investors can never cause a major sell off  a tell was tvix and that down day what shit.

so what to do in a controlled market (that many on ZH seem to want you know regs to control wall st)..I guess do not play or buy and hold the protected co's (aapl, ins co, my my even banks)

if above is confused well that's the point.

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