This page has been archived and commenting is disabled.

Dr. Michael "The Big Short" Burry's "Brutal Hangover Is Inevitable" State-Of-The-World UCLA Commencement Speech

Tyler Durden's picture





 

Infamous for his prediction of the great recession, Europe's demise, and the collapse of the US financial system (as well as profiting extremely handsomely from said predictions), so well captured in Michael Lewis' book "The Big Short", UCLA's Dr. Michael Burry undertakes UCLA's Economics Department's commencement speech with much aplomb. In this "age of infinite distraction", the astounding truthiness of this 15 minute speech is stunning from single-sentence summation of Europe's convulsions that "when the entitled elect themselves, the party accelerates, and the brutal hangover is inevitable" he reminds us that Californians, and indeed all Americans, should take note. A quarter-of-an-hour well spent from a self-described 'chicken-little' who was "just trying to figure it all out".

 

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 06/22/2012 - 22:09 | Link to Comment PSEUDOLOGOI
PSEUDOLOGOI's picture

This time will be different...

Fri, 06/22/2012 - 23:02 | Link to Comment TruthInSunshine
TruthInSunshine's picture

*** CNB[S]C BREAKING NEWS ALERT***

 

 

Ben S. Bernanke's video rebuttal to Michael Burry's comments regarding both his diagnoses, analyses and prognostications regarding our current economic crisis and those of his peers at The Non-Federal Reserve-less Bank:

 

Ben Bernanke's Video Rebuttal of Michael Burry's Speech & Comments

 

*** THIS HAS BEEN  A CNB[S]C BREAKING NEWS ALERT***

 

Fri, 06/22/2012 - 23:25 | Link to Comment JeffB
JeffB's picture

Peter Schiff's rebuttal to the rebuttal:

Fed to People: It's Not Our Fault

 


Fri, 06/22/2012 - 23:39 | Link to Comment wisefool
wisefool's picture

What will it take to jail break Peters Dad? The congress critters are the problem. Not Ben.

Sat, 06/23/2012 - 06:23 | Link to Comment Short Memories
Short Memories's picture

BLASPHEMY !!!!

:)

Sat, 06/23/2012 - 07:37 | Link to Comment MuppetMaster
MuppetMaster's picture

http://www.youtube.com/user/SOSTacoJohnson?feature=mhee

 

I have found Alpha.  & I give it to you for free.

Come see what I'm doing.  See what I'm seeing.

Sat, 06/23/2012 - 07:58 | Link to Comment TrainWreck1
TrainWreck1's picture

I think these economists found some acid when they were designing their gowns.

Sat, 06/23/2012 - 09:58 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

The best part of his speech is found between the 14:08 and 17:45 marks. Didn't realize the Feds tried to give him the Martin Armstrong treatment. Chilling.

Sat, 06/23/2012 - 11:54 | Link to Comment Zaydac
Zaydac's picture

Second best bit was this:

'“Ben Bernanke continues to backfill this logic and I fear that history is being written wrong yet again that ignorance is willful. Our nation's economic policies are born of a synthesis of theories on how to deal with the great depression of the nineteen thirties yet seem unable to honestly examine the most recent one.  Sadly at the highest levels of economic thought in government questions are not tolerated. It is as if we are dealing with the binary judgment of a fundamentalist religion. Finance theory and practice fare no better; the continuing crisis makes a mockery of the principles which have guided credit policy and risk management since the 1960s.  As it turns out information is not perfect, volatility does not define risk, markets are not efficient, the individual is adaptable. But the dark ages of finance allow no such light. Mainstream economists and finance practitioners please check your premises. You have contradictions before you. Truthfully I do not expect much to change. Practically speaking, history has demonstrated the ability of sovereign nations to justify themselves and to postpone the moment of crisis.”

I'm with Burry there. Our leaders have refused to learn the lessons and they are just postponing the moment of crisis. This is what I am telling everyone. This thing is structured like a hurricane. Right now we are in the eye of the storm. When the wall hits we are all going to be swept away like trash if we aren't anchored to something solid. 

Sat, 06/23/2012 - 12:38 | Link to Comment FEDbuster
FEDbuster's picture

Looked like the professors in the background were thinking "how will I spin this mistake?" and "wonder if my pension is secure?".  No scan of the grads in the audience, but my guess is they were dumbfounded, too.

Sat, 06/23/2012 - 12:53 | Link to Comment economics9698
economics9698's picture

Only the ones who believe in hope and change were dumbfounded. 

Sat, 06/23/2012 - 13:21 | Link to Comment AldousHuxley
AldousHuxley's picture

Burry started Scion Capital, funded by inheritance and loans from his family

 

trust fund baby calling not so fortunate "entitled"?

 


Sat, 06/23/2012 - 14:12 | Link to Comment Quinvarius
Quinvarius's picture

He made himself, his family, and his investors rich. What is your point?

Sat, 06/23/2012 - 14:16 | Link to Comment Citxmech
Citxmech's picture

Apparently, only a hair-shirted Socrates can be a gadfly in AH's world.

Sat, 06/23/2012 - 14:38 | Link to Comment AldousHuxley
AldousHuxley's picture

he made himself, his family, his investors rich.

so why worship this guy? you like worshipping AIG traders who funded their million dollar bonuses with tax payer money because they got rich, and their family?

 

the fact that you don't see anything wrong here is the problem. "I GOT MINE, SO FU" attitude. except you don't have jack shit compared to really wealthy.

 

Your children thank you for leaving them a worse universe than what you inherited.

Sat, 06/23/2012 - 14:53 | Link to Comment brettd
brettd's picture

My children will thank me for sifting through the liberal/media chaff and drivel and for having the courage of my convictions to call bullshit when people tell me I can spend my way into material wealth and security.

As far as worship and  comparing my status to Rockefellar, Gates, Jobs et al,:  I have wealth that can not be bought with earthly things.  It is a gift that I have accepted. Peace and joy is my lot, regardless of my balance sheet.

 

Sat, 06/23/2012 - 15:44 | Link to Comment Citxmech
Citxmech's picture

I'm not worshipping anybody.  I am, however, looking for insight and I don't have a litmus-test that requires the messenger be poor or completely outside of the system to have valid points that convey useful information.  Wealth does not imply lack of content.

What I don't understand is why you seem to have such an axe to grind.

Sat, 06/23/2012 - 18:18 | Link to Comment spekulatn
spekulatn's picture

 

 

  Dr. Burry was not a "trust fund baby"  when he started Scion.  Please get your facts straight, dipshit  AldousHuxley.

Sat, 06/23/2012 - 19:28 | Link to Comment GernB
GernB's picture

Wrong. The demonization of sucess is whats wrong here. That someone bucking the system, betting against a corrupt and dangerous system is characterized as selfish is whats wrong here. I wouldnt want to live in your world where success due to hard work, inginuity, and taking risks against all odds is selfish and evil. Stop feeling you are entitled to other peoples money and then maybe you wont be the truely selfish one. Your better world is apparently a one in which the selfish can make themselves feel justified when others dont appease their selfishness by giving them money they did not earn.

Sat, 06/23/2012 - 21:05 | Link to Comment eatthebanksters
eatthebanksters's picture

We don't worship him, we respect him...for his intellect, his ability to ferret out real facts and the integrety to stand in and get punched while waiting for his predictions to unfold...an unfold they did.  Burry is a smart and wise young man not tied to convention  or status quo and not tied to the farcical whims of those who are envious of the success of others...He is afflicted Aspergers Syndrome yet is more based in reality than most people on the planet. The guy is righteous, plain and simple.

Sun, 06/24/2012 - 00:37 | Link to Comment WonderDawg
WonderDawg's picture

Well said. Talk about having the courage of your convictions. It couldn't have been easy to go into the office every day when your bet is going the wrong way, knowing you will be proven right but having to face your investors who are now short-sightedly doubting your strategy.

For anyone who hasn't read The Big Short by Michael Lewis, I highly recommend it. Awesome read.

Sat, 06/23/2012 - 23:17 | Link to Comment TrulyBelieving
TrulyBelieving's picture

Come on AH, you're just pissed because you were/are one of those 'hope and change' kind of guys.

Sun, 06/24/2012 - 07:27 | Link to Comment Offthebeach
Offthebeach's picture

Quote, "...you're one of those hope and change kind of guys".

That's low. Man that's low.

Sun, 06/24/2012 - 07:19 | Link to Comment Offthebeach
Offthebeach's picture

AIG got to be it's size because it won buisness
by giving prices lower than cost and bet it
wouldn't have to provide the paid for coverage. It was a racket. A fraud, and proved so.

So, Burry got himself a economics degree, a Med degree and calculated a fortune with free willed partners .......cause mommy and daddy did the work? You're so ghetto.

Sun, 06/24/2012 - 07:22 | Link to Comment Offthebeach
Offthebeach's picture

AIG got to be it's size because it won buisness
by giving prices lower than cost and bet it
wouldn't have to provide the paid for coverage. It was a racket. A fraud, and proved so.

So, Burry got himself a economics degree, a Med degree and calculated a fortune with free willed partners .......cause mommy and daddy did the work? You're so ghetto.

Sun, 06/24/2012 - 08:02 | Link to Comment Bendromeda Strain
Bendromeda Strain's picture

Your children thank you for leaving them a worse universe than what you inherited.

The Huxter doth spew yet again. Like Old Unfaithful, the launch of another geyser of petty jealousy from his totalitarian pie-hole issues forth.


Sat, 06/23/2012 - 20:59 | Link to Comment eatthebanksters
eatthebanksters's picture

Actually, a group of Wall Street investors found him from his online blogging actvities and gave him $10m in seed money...fom there he raised more.

Sun, 06/24/2012 - 16:08 | Link to Comment snowlywhite
snowlywhite's picture

"I think it was at $45,000 is what I had and I said, this is the last little bit that I got – this is the nut of what I got from my dad and I don’t want to just pay down my medical school debt with it. " - omg, a whole 45k. Definitely entitled...

Sun, 06/24/2012 - 02:47 | Link to Comment Freddie
Freddie's picture

I wonder how those University of California unionized goon faculty and CALPERS bag holders will be feeling when Hope & Chains collapses thanks to libturds in CA bankrupting the state and their magic muslim.

Sun, 06/24/2012 - 05:24 | Link to Comment prole
prole's picture

Again Sir Retard you reefer to the Big O as an Islamic. Funny he's spooling up his engines and loading up his guns to kill another MOSLEM (Assad of Syria)

Now if he were a Moslem, and I am sure you would not be on here telling a complete LIE, would you sir?

But if he were a Moslem, can you tell me why he only bombs Moslem countries? Could you tell me why he steals the wealth of America and sends it all to a religious Theocracy in the Middle East which is A Jewish State?

I guess pretty much in your world being a Moslem entails full devotion to a Jewish State? I have found most Moslems have a deep and profound devotion to Israel, so I am certain you are correct sir.

Mon, 06/25/2012 - 01:44 | Link to Comment Freddie
Freddie's picture

He is a Sunni.  His family tribem Luo, are muslims from Somalia/Sudan.   He is doing the Sunni's dirty work and so was Bush.  The U.S. militarys' job is to protect the Sunni House of Saud.  Assad is Shia like Iran while much of Syria is Sunni.   Bahrain's rulers are Sunni and a large part of the population are Shia.

Do try to keep up.   Allies = Iran, Syria (under Assad) and Russia.  

My guess is you have no clue how nasty this 1400 year old rift is between shia and sunni.

Jews?  Who put the muslim in the white hut?  Who still loves the muslim dearly?   They are on the semetic peoples level.

Israel and the (Sunni) Saudi House of Saud are allies.  This is not advertised for obvious reasons.  He is a muslim and you are a moron.  

Sat, 06/23/2012 - 13:58 | Link to Comment ToNYC
ToNYC's picture

Burry's speech should be given to the incoming Freshman to save them a lot of time and money realizing the dumbfounded outcomes the medieval structure develop as they begin inhabiting that space for the next 4 years.

Sat, 06/23/2012 - 14:11 | Link to Comment AldousHuxley
AldousHuxley's picture

When your "university" brings in successful speakers who became successful without using their university credentials like this guy, you need to ask the men in the sunglasses, why the hell am I getting in debt to pay for your pension?

 

This is like Harvard Business School bringing startup entreprenuers who succeeded without MBAs to speak.

 

Good thing they didn't let this guy speak in medical school graduation where the point would be "don't save lives of people as s doctor, instead just make outsized bets with other people's money and get rich. then tell the poor to fuck off and call them entitled"

 

We actually worship this guy?

Sat, 06/23/2012 - 14:43 | Link to Comment fwiw imho
fwiw imho's picture

Take a deep breath.  What do you smell?  Is it sand or shit?  That will tell you where your head is.

Sat, 06/23/2012 - 14:52 | Link to Comment AldousHuxley
AldousHuxley's picture

I smell greed in your breath.

 

and it stinks.

 

 

Sat, 06/23/2012 - 14:57 | Link to Comment fwiw imho
fwiw imho's picture

Smelling things that aren't there.  Is that a typical trait of paranoid schizophrenics?

Sat, 06/23/2012 - 18:13 | Link to Comment LongBalls
LongBalls's picture

The guy evaluated a situation. Noticed the flaw in conventional thinking and moved forward to profit from it. He did his own research. Used his own reasoning. He did not steal, he did not lie, he did not borrow and fail to repay on his promise. He did it honestly within the law. If we had more like him and less of people whom assualt independant thinking and hard working individuals that are not part of the crony capitalist system, we would be much better off. Besides, you have no clue if and how much he donates to charities or how many people his actions employ. To call this guy greedy is more in comdenation of your own soul and way of thinking than his.

Sat, 06/23/2012 - 21:10 | Link to Comment eatthebanksters
eatthebanksters's picture

Aldous, would you prefer the rich gave their earnings to people like you or woud you prefer they just did not become rich from smarts, hard work, luck or any combination of the three.  You sound like you feel that you are entitled to what they have earned or that you don't beieve anyone should be able to get rich (quick).  I would enjoy hearing from you what you reay want.

Sun, 06/24/2012 - 05:29 | Link to Comment prole
prole's picture

I would enjoy if the Commie Imbecile would STFU and find a Communist Interest Website.

I recommend CheWasRight.com or HastaLaVictoriaSiempre.com

(I just made them up BTW)

Sat, 06/23/2012 - 15:37 | Link to Comment dickizinya
dickizinya's picture

i wanna know why the head d-bag at UCLA has an accent.  we couldn't find someone smart from california?

Sat, 06/23/2012 - 17:44 | Link to Comment azusgm
azusgm's picture

Seems the former Guvernator had an accent too.

Sat, 06/23/2012 - 21:13 | Link to Comment eatthebanksters
eatthebanksters's picture

And isn't that Donald Sutherland sitting behind on the left?  Now there's a rocket scientist (good actor but it stops there).

Sat, 06/23/2012 - 16:20 | Link to Comment PC Load Letter
PC Load Letter's picture

It's not worship AH, it's respecting the foresight he had. He saw signs of a bubble and profited it from it. What's the isssue? Who cares he funded his business? You sound really bitter

Sat, 06/23/2012 - 17:16 | Link to Comment Ezra Pound
Ezra Pound's picture

Whatever makes your dick hard, dude.  I'd suggest reducing your opinions by at least a third.

Sat, 06/23/2012 - 21:02 | Link to Comment Whiner
Whiner's picture

Notice the Tenured Professor's Lounge Lizard left of our Speaker. Yeah, the leftist Obammy Bundler with the Oakly sunglasses and beard. Yes, that f**k in black. He shows his contempt for the speaker by trying to read something, then looking for his water bottle, straightening his garments, looking left then right. What a bunch of tenured turds. He can't wait for this to end so he can call Larry Sommers and rant about the speaker selection and his inane remarks. Then he'll meet his female student for an evening tutorial. Cayleepornia, totally insolvent and broken. The precursor state of conditions coming to your state if not already arriving or arrived. After the pitchforks leave Waall Street and DC, they will move to the Iveys and great universities of the west.

Sat, 06/23/2012 - 12:51 | Link to Comment economics9698
economics9698's picture

When you understand money and banking bubbles are as easy to spot and a pimple on your sisters forehead.  Half of America spotted this next blow up when they bailed out the banks in 2008.

Sat, 06/23/2012 - 13:42 | Link to Comment AldousHuxley
AldousHuxley's picture

bubbles (making you think you got richer) are all FED got to induce consumerism....

 

stock bubble

oil bubble

japanese bubble

junk bond bubble

dotcom bubble

emerging markets bubble

real estate bubble

facebook dotcom bubble 2.0

higher education bubble?

gold bubble?

HFT bubble?

population bubble?

 

Sat, 06/23/2012 - 14:19 | Link to Comment economics9698
economics9698's picture

Yep, I second that.

Sat, 06/23/2012 - 21:46 | Link to Comment Marco
Marco's picture

The mortgage bubble fuelled consumerism, but for the most part the bubbles offset the impact of trade deficit on current accounts (ie. money came in, bubble burst, no money went out in returns ... improves the current account balance).

Bubbles in the US were always more about scamming foreigners than anything else ... the entire US standard of living is based on scamming foreigners, the Greece of the World after all.

Sun, 06/24/2012 - 02:21 | Link to Comment lemonobrien
lemonobrien's picture

golds bubble? what da fuck you smokin nigga?

Sat, 06/23/2012 - 21:16 | Link to Comment eatthebanksters
eatthebanksters's picture

If this bubble was so easy to spot how come you didn't make hundreds of millions off of investments on it like Burry did?

Sat, 06/23/2012 - 23:17 | Link to Comment economics9698
economics9698's picture

It’s all relative.  If I had his inheritance I would have.

Sat, 06/23/2012 - 13:02 | Link to Comment AldousHuxley
AldousHuxley's picture

another douche bag anti entitlement for everyone else.

Here are some FACTS on this guy:

 

  1. Burry started Scion Capital, funded by inheritance and loans from his family !!!!!! aka. trust fund baby claiming merit achievement.
  2. After receiving government subsidied medical training (all residency trainings are paid by the state unlike private corporate employment), took a spot in medical school, then backstabbed society by becoming a hedge fund gambler instead of a doctor. His choice but not your small town traveling doctor, but more like greedy money hungry one.
  3. He has been diagnosed with Asperger syndrome, as has his son. People with Asperger have limited empathy with their peers. Meaning he doesn't give shit about you and everything you get is "entitlement" while everything he gets is somethign he "earned"
  4. He earned a personal profit of $100 million from betting against subprime market. but ask yourself, what makes him ENTITLED to $100 million while contributing almost nothing to society? He is no better than any bankster on wall street making enormous profits off of gambling rather than producing or servicing.

 

I see a future libertarian gambler who gets lucky, but thinks he deserved it because he worked hard, so everyone else should have nothing.

Sat, 06/23/2012 - 14:13 | Link to Comment Citxmech
Citxmech's picture

Yet there he is speaking the truth.

Sat, 06/23/2012 - 14:17 | Link to Comment Quinvarius
Quinvarius's picture

I Hope you are a troll and not as completely ignorant and as worthless as you seem.

Sat, 06/23/2012 - 14:40 | Link to Comment AldousHuxley
AldousHuxley's picture

you sir have revealed yourself as a troll with you worthless comment.

 

why don't you put the koolaid down and bring me some real info? you can embellish with your opinions, but bring some insight.

Sat, 06/23/2012 - 14:57 | Link to Comment insanelysane
insanelysane's picture

He didn't BET against subprime mortgages.  He saw that they were a pile of shit and invested accordingly.  

You are probably one of the anti Christopher Columbus crowd too.  There was a guy that bet against "the world is flat" thinking of his time.

Sat, 06/23/2012 - 20:26 | Link to Comment Thomas
Thomas's picture

Actually, the World is Flat thinking turns out to stem from the 19th revisionist thinkers interpreting what they believed was prevailing wisdom. The Greeks were within a few percent of getting the circumference of the Earth. Medieval scholars studied the Greeks and knew all about their view of the World. In fact, Medieval scholars estimated the distance to Saturn. Although they were off by 25-fold, their estimate of something like 73 million miles shows that they were grasping a lot about the physical universe. With that said, your point is well taken.

Sat, 06/23/2012 - 18:20 | Link to Comment spekulatn
spekulatn's picture

Do you know Dr. Burry?

Sat, 06/23/2012 - 15:04 | Link to Comment brettd
brettd's picture

Dear friend, 

Why are you so angry with this cat?

There are millions of people who inherit wealth from their families around the globe.  Thousands of them piss it all away, some destroy their whole family structure with drugs and other tragic, ruinous living. 

And you're grousing about this guy who took a million from his family and parlayed it into 100 million?

Are they looking to adopt?

Sat, 06/23/2012 - 16:28 | Link to Comment DaveyJones
DaveyJones's picture

in fact he's a greater hero for it. That spoon usually ruins your whole meal. To ovecome it, and share the truth, is another accomplishment

Sat, 06/23/2012 - 17:16 | Link to Comment Shigure
Shigure's picture

brettd

"Are they looking to adopt?"

Yeah, and I can shift bricks from the front yard to the back yard every day too if they want! :)

Sun, 06/24/2012 - 01:27 | Link to Comment Cosimo de Medici
Cosimo de Medici's picture

Some inherit money, some inherit brains, some inherit good looks---any or all of which give a person a head start in life.  Some are born a white male in the US, some are born female in rural India.  Clearly there is a difference in the possibilities afforded to one over the other, and afforded by nothing under the control of either the human who benefits or the one who materializes behind the 8-ball.

Mr. AH seems to be fighting this simple fact of existence.

Sat, 06/23/2012 - 15:33 | Link to Comment jonjon831983
jonjon831983's picture

Funny enough I saw a headline title along the lines of "Millionaires do not feel their next generation will not deserve inheritance".  Is there a source in regards to this guy's inheritance and family loans?

That being said, there are a lot out there who can depend on inheritence and family loans and many do use it, but instead of squandering it, it seems he made something of it?  Are you sure he was "entitled" when his family was willing to take the risk to support his venture?  It takes money to make money and some are luckier than others to have forebearers who can and are willing to pass it on and take a chance.

It's like that parable of three sons receiving money from their father. 1 spent it all, 1 hid it and did nothing, 1 earned $$$. Meh.

We cannot dictate to others what they can and cannot focus their careers on when it is completely legal.  What about all these supposed engineers who screwed society and went to finance?  Don't hate the playa, hate the game.

Entitlement is in how you use it.

Granted, this is a commencement speech so things are sanitized.

Sat, 06/23/2012 - 21:20 | Link to Comment eatthebanksters
eatthebanksters's picture

one word dude..E-N-V-Y.    Instead of telling us what you don't like or don't want, I'd like to hear what you do like and do want.

Sat, 06/23/2012 - 21:30 | Link to Comment eatthebanksters
eatthebanksters's picture

BTW, you should get your facts straight.  His seed money to start Scion came from Wall Street investors who found him after watching his predicitons appear. in different blogs.  His accuracy was uncanny and he developed a following...they were surprised that the person behind the writings was a Neurosurgery resident who would often do research and write his forecasts without having slept for a couple of days.  Secondly, you need to finish medical school BEFORE you get a residency...getting into medical school is amazingly difficult. My hat is off to any individula who makes the sacrifices and academic effort that allows them to gain admittance to a medical school.  Then there is the cost of going to medical school...the state did not pay for that.  Get your facts straight before you rip on people, especially people who contribute millions in taxes so folks like you can sit in Starbucks writing shit on ZH on your MacBook while collecting social benefits without working or making a positive contribution to society.

Sat, 06/23/2012 - 23:59 | Link to Comment caconhma
caconhma's picture

AldousHuxley,

He speaks the truth. Why are you attacking a messenger instead of judging the message on its own merit? 

This is the life. He worked hard and smart and he got the results everybody can be proud of.  He got money from his family. Good for him. I did not get money from my family but I was taught the importance of good education and honesty. It is vital to be honest with yourself. It is the vital ingredient to your own happiness.

It was a great speech. It was very helpful one to the young generation entering the real life. They must know the truth. These graduates must be thankful to the speaker!

Sun, 06/24/2012 - 08:11 | Link to Comment Bendromeda Strain
Bendromeda Strain's picture

Why are you attacking a messenger instead of judging the message on its own merit?

It's part of his Type A(H) personality. Everyone knows he is an AH.


Sun, 06/24/2012 - 01:23 | Link to Comment Cosimo de Medici
Cosimo de Medici's picture

Perhaps if you enumerated your own contributions to the betterment of the human species, some might take your arguments more seriously.  Until that, you give the impression that you feel you should be running the world and making the rules and deciding who deserves what.  I would guess the better part of the seven billion would take exception to that.  At the very least, you seem to be in shock having just discovered that the Universe is not fair.  Better you come to terms with that.  You also, on the one hand disparage wealth, and on the other posit wealth as an earned reward for a societal contribution.  It is your fault for connecting wealth with positive contribution.  Wealth has no connection with value in the "spiritual" sense (non-religious but for the greater good);  it is merely something one can accumulate if he follows a certain path.

Sun, 06/24/2012 - 02:58 | Link to Comment Freddie
Freddie's picture

Yeah - it is his fault that he and his kid have Aspergers.  Geez.  As far as medical training - his failure to get enough sleep caused him to fall asleep during a major operation. He fell over and the head surgeon through him out.  Sounds like medicine was not for him.  Wasted money?  Colleges wasted hundreds of billions of govt money on grants and research that is mostly worthless. I have friends at top universities who saw it.  Beyond sickening.

The guy reminds me of Kyle Bass, Hendry and Ray Dalio.  He did is home work. 

The 2006 Democrat Congress cared so much they made sure everyone got a mortgage and that Fannie and Freddie were not subject to regulation.   If you want to blame anyone then it is people like barney Frank, Dodd, Hillary, Obama and the Gong Black Caucus who ran interference for Raines, Rahm, Gorelnick, the Obama supporters and voters over at Fannie and Freddie.  Two corrupt Democrat job banks and slush funds set up by the biggest money skimmer of them all LBJ.

Mon, 06/25/2012 - 01:53 | Link to Comment Freddie
Freddie's picture

The only lack of empathy he has is that he is smart and he expects other people should be as talented as he is.  I have seen this is very bright people.  The reality is maybe one or two students from UCLA since he graduated (a decade?) are in his league.   He smart, street smart, resourceful, has the ability to critically think and entrepeneurial.  The guy is a one in a million.  And yes - I am envious.

The speech is great and is filled with common sense.  I bet that every other university in the country has not had anyone make a gutsy speech like this.  I think one guy recently gave a speech to high school kids where he told them they were not special.  He was probably the closest to Burry. 

Sat, 06/23/2012 - 16:53 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

 

 

He's talking over their heads.  It'll take 'em 20 years to see what he's saying, if they ever see it.

Most just wana be a cog in the machine and get what they can get out of it, never sticking their heads up, looking around, asking WTF is going on here.

"How fortunate for leaders that sheeple don't think."

    -- Adolf Hitler

Sun, 06/24/2012 - 01:04 | Link to Comment Cosimo de Medici
Cosimo de Medici's picture

I particularly like the "binary judgment of a fundamentalist religion", for it brings up a non-valid but oft used counterargument, as in "Well, what is your solution?"

If I sit with the disciple of a silly religion, I am absolutely certain that the fellow is dead wrong, and that a universe of quarks and muons and quantum entanglement is not run by a whitebeard who says I must wear some particular underwear or not eat this food or never see a woman's face.  I may not know the Real Truth, but I do know the Real False.  I know to look elsewhere and avoid the ever-failing "solution".

Sun, 06/24/2012 - 06:10 | Link to Comment bunnyswanson
bunnyswanson's picture

the solution is to not allow bubbles to be created.  Allowing the market to determine the value is what capitalism should be about.  Let the price be based on supply and demand, and it will correct itself as investors move in and move on based on consumers. 

This crisis was artificially created to do exactly what it has, destroy the economy along with the currency, indebt the nation for generations and move in as the "savior" with an offer that is bargaining with the devil. 

 You Americans do not seem to realize you could be sending your children into a life where they are looked at hostilely, displaced perhaps with an agenda that will turn America into a land in which outside investors are relied on to maintain an operational infrastructure.  Starving homeless citizens will accept that readily.  Dismiss this as an acceptable consequence and "it is what it is" but know that it will be "pissing away" the one nation which allowed freedom of expression and freedom to decide one's future.  The power making the decisions has no regard for human life. 

Sat, 06/23/2012 - 12:53 | Link to Comment Bananamerican
Bananamerican's picture

"Feds tried to give him the Martin Armstrong treatment. Chilling"

On the other hand, it's incredibly clarifying to know the nature and character of the system we now live under....

Doesn't Burry seem like a good dude?

Sat, 06/23/2012 - 13:10 | Link to Comment reader2010
reader2010's picture

It's the new Dark Age, according to Dr. Black Swan.

Mon, 06/25/2012 - 02:09 | Link to Comment Freddie
Freddie's picture

Doesn't Burry seem like a good dude?

He is a smart young man who has the bravery to tell the truth.

I love the story on how his dad made him and his siblings move the bricks around the yard.  Sounds like his parents were a throwback and not the standard helicopter parents.  They should be proud of their son.

Sat, 06/23/2012 - 14:33 | Link to Comment buckethead
buckethead's picture

Thanks for the Armstrong reference. Never heard of him. Now I have...

 

http://luckybogey.wordpress.com/2010/11/30/armstrong-economics-indirect-vs-direct-stimulus/

Sat, 06/23/2012 - 16:13 | Link to Comment AssFire
AssFire's picture

Bucket, He built upon Kondratieff's long wave cycle theory and like Kondratieff ended up at odds with a government...

Armstrong gives up years of his life and Kondratieff was killed by Lenin..

http://www.martinarmstrong.org/files/Armstrong%20v%20Kondratieff%2006-28...

Sat, 06/23/2012 - 20:58 | Link to Comment Mr. Lucky
Mr. Lucky's picture

He reminds me of Savonarola in those robes.  After this speech who knows what will happen.

Sat, 06/23/2012 - 15:14 | Link to Comment jonjon831983
jonjon831983's picture

It's a traditional gown from back when universities were first... "invented" back in Europe.  All prof's wear it during special school functions.

Why they still wear it? No clue.  Keeping the tradition I guess.

Sat, 06/23/2012 - 19:30 | Link to Comment PersonalRespons...
PersonalResponsibility's picture

It's all good.

Sat, 06/23/2012 - 10:18 | Link to Comment Treason Season
Treason Season's picture

Just jumping the queue to point out that Mr Burry is autistic. Watching that video I thought his gestures were a bit kiltered. Come to find out that Mr. Burry was diagnosed with Asperger syndrome. Think about that next time  you are wondering how to make ends meet and this guy is an autistic multi-billionaire.

Sat, 06/23/2012 - 11:15 | Link to Comment lasvegaspersona
lasvegaspersona's picture

Treason

I think the Diagnosis is likely wrong. After readng several pieces Lewis wrote about Burry the diagnosis seems to have been self made.

It does a HUGE dis-service to kids with real autism or even the less well established Aspergers to expect them to perform like Michael Burry. As med students we all got every disease we read about until we got a bit of maturity. I wonder if Burry still contends he has such an issue or if it just felt that way when he was being tortured by the Feds.

Sat, 06/23/2012 - 11:55 | Link to Comment DaveyJones
DaveyJones's picture

Having a child with these issues, I think the greater dis-service is to box categoy and label. This is not an elite club where only the truly obvious hold the card to the "well established" door. Like most things, the human psyche is a continuum and so are these conditions. The best doctors I have tracked down understand this and don't get caught up with names. I have greater sympathy for the child with mild "undiagnosed" conditions, where you're just the weird kid in ninth grade not the medical "patient." Self diagnosis is also the last method to criticize. What then are we doing on this website?   

This guy reminds me of one common trait I find in children with these issues. They call a spade a spade. There is something in their unique mechanism that calls it out as they spot it. A friend at work noticed the same with his daughter. "Hey, Obama lied to us - the war is not ending." I laughed at that story and told him that maybe we've stumbled onto a political solution, We've put the wrong psychological disabilities into office.       

Sat, 06/23/2012 - 12:22 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Let's not get sidetracked on an issue of the degree of Burry's asperger syndrome, because it's immaterial to the fundamental array of truths he informs his audience of.

Sat, 06/23/2012 - 13:08 | Link to Comment AldousHuxley
AldousHuxley's picture

asperger is central to reasons why he wants YOU to suffer (unequal access to opportunities):

 

People with Asperger have limited empathy with their peers. Meaning he doesn't give shit about you and everything you get is "entitlement" while everything he gets is somethign he "earned".

 

Did he tell the audience that his startup capital came in from family inheritance and connections like vast majority of business "leaders" like Buffett, Trump, Koch bros, Bush clan, Gore Jr., Romney, Rockfellers, Rothschilds, Waltons, etc.?

 

 

Sat, 06/23/2012 - 14:00 | Link to Comment TruthInSunshine
TruthInSunshine's picture

If you listen to his speech, he specifically and repeatedly advises the audience of recent graduates that they can choose, if at a crossroads and faced with a choice of joining the ranks of the status quo in D.C. and on Wall Street, who are bleeding the nation dry, or breaking out on their own, and adapting and being nimble to carve out their own opportunities in what's admittedly an exploit-the-inefficiencies strategy the status quo TBTF have left wide open for their personal gain (what they choose to do with the gains is up to them, presumably).

It sounds to me like a good balance. He's warning these bushy tailed and bright eyed newly minted graduates that they system has convinced them of a "if you can't beat them, join them" choice to be made, and that he's an exampe of someone who proves this isn't necessarily so.

He even goes on to talk about how, by using basic arithmetic, the system is already guaranteed to implode in a decade or so, based on conservative statements of debt and deficit spending from the government itself (using arguably much more accurate debt and deficit spending numbers would just bring the end point nearer on the calendar).

Would you rather have him give them a "you can fight the status quo, throw all the bastards in prison and throw away the key, and save the system, before it's too late" pep talk?

 

R.E.M. - Superman - YouTube
Sat, 06/23/2012 - 14:20 | Link to Comment AldousHuxley
AldousHuxley's picture

"if you can't beat them, join them"

sure but to join you need to pay more than they will pay you.

 

that's the disadvantage most of you face.

 

You dont' have to choice to join them. Just like you don't have the capital required to invest in VC scams, facebook pre-IPO scams, hedge fund scams. You are forced to take the losing position.

 

there is  a reason why only the rich kids make it into politics.....it is a position where you pay more in campaigning than they pay.

pay to play otherwise be a good whore and suck it up until master is done with you.

 

 

Sat, 06/23/2012 - 15:34 | Link to Comment TruthInSunshine
TruthInSunshine's picture

You misread what I wrote.

He's saying what you are: You don't have to join them. In fact, he's actually expressly warning them to NOT join 'them' if they are acting against the best interests of the nation.

The nuance is that he's saying you can forge your own path and profit, if you know what to look for and exploit. This is not acting against the best interests of the nation, but rather, it's exploiting the fact that the inner circle has acted against the best interests of the nation, and placing a trade on something that you believe will happen whether one likes it or not (e.g. 'The Big Short').

 

See the difference?

Sat, 06/23/2012 - 19:32 | Link to Comment Reese Bobby
Reese Bobby's picture

You're talking to a stump. He doesn't see poop.

Sat, 06/23/2012 - 21:41 | Link to Comment eatthebanksters
eatthebanksters's picture

I have a joke that I tell my non-ranching friends...I ask them if they know what's dumber than a rock and then inform them that its a steer. If you've spent any time around cattle you'll understand. I think I finally found something dumber than a steer: an Aldous Huxley. 

Sun, 06/24/2012 - 05:40 | Link to Comment prole
prole's picture

I agree this Huxley is an imbecile and beyond stupid. Why people even enertain his comments is also beyond my ability to fathom.

He should just be junked to oblivion as an obvious Marxist and laughed at like his fellow-troll Anonymouse.

PS- Just using the monikor Huxley is a great insult to the real Huxley.

Sat, 06/23/2012 - 18:29 | Link to Comment spekulatn
spekulatn's picture

How much family inheritance did he receive? Does your  source tell you this? Or does it tell you why Dr. Burry left medicine? Please elaborate on his "connections." 

 

 

PLease mark this "AldousHuxley" a fool and a troll. 

Sat, 06/23/2012 - 14:52 | Link to Comment DaveyJones
DaveyJones's picture

I apologize if I diverted the issue. I only meant to point out that one fantastic benefit to this elusive condition is a brilliant usually artistic ability to see and share the truth. Leonardo, Van Gough, Neil Young......  Makes you wonder who's ill and who's well.

Sat, 06/23/2012 - 22:20 | Link to Comment Cathartes Aura
Cathartes Aura's picture

indeed, who sets the criteria for any of these measurements?

IQ, racial traits, sexuality norms, mental "health" - so many hoops for humans to jump through in order to be "seen" (and rewarded). . . I've always been drawn to the less noisy, observant watchers around the edges of the "chosen" ones' inner circles.

Neil Young - *nods*

Sun, 06/24/2012 - 00:08 | Link to Comment BigDuke6
BigDuke6's picture

Its been an interesting chat on the merits of why people fuck over each other.

Its an essential need that advanced economies gradually move from a relentless focus on economic growth to a steady state in which they would grow only slowly, if at all.

(As societies become generally wealthy, and population growth slows and as non-renewable resources are depleted...)

wouldn't that be better than being focused on the next percentage point of growth?

Its not going to happen. A successful slow growth society would require a population that believed in the fairness of how that fixed wealth was distributed.

And that appears to be impossible.

Even in a country like Japan slow growth over the past two decades has brought with it a near permanent crisis of political instability.

while in the west stable population growth will never be allowed while the elite want cheap workers and the socialists want votes.

Best read something depressing with gun ads...

http://www.infowars.com/collapse-at-hand/

 

Sat, 06/23/2012 - 12:58 | Link to Comment Bananamerican
Bananamerican's picture

"one common trait I find in children with these issues. They call a spade a spade."

 

if true, half the people on ZH have Aspergers....

and half the people in Scotland...the other half are "CRAP!"

Sat, 06/23/2012 - 13:13 | Link to Comment AldousHuxley
AldousHuxley's picture

People with Asperger have limited empathy with their peers. Meaning he doesn't give shit about you and everything you get is "entitlement" while everything he gets is somethign he "earned"

 

ZH readers care about sustainable success of their community and family and not so much short term thinking by corporate and government elites just to preserve the status quo for 5-10 more years.

Sat, 06/23/2012 - 14:15 | Link to Comment azusgm
azusgm's picture

1) From his speech, it sounds as if he is on the right dosages of the right meds.

2 ) "ZH readers care about sustainable success of their community and family and not so much short term thinking by corporate and government elites just to preserve the status quo for 5-10 more years."

Isn't that what he advocated?

3) Hugh Hendry has Tourette's. Does that make Hendry wrong or bad?

4) It is also possible to lose your family's seed money.

5) He attended medical school at Vanderbilt University School of Medicine, a private (and expensive) institution.

6) His neurology residency was at Stanford. A medical or surgical residency is on-the-job training, not a gift from the state.

Sat, 06/23/2012 - 14:33 | Link to Comment AldousHuxley
AldousHuxley's picture
  1. typical republican strategy. everyone is right, but priorities of focus is important. micromanaging isn't good leadership. entitlement is not why we have depression. $100,000,000 reward for gambling instead of producing is the problem. entitlement attitude of wall st is the problem not some worker getting $5/hr more than global slave market wage.
  2. no. He is advocating LABOR to pay, CAPITAL to keep their illgotten gains. When BOTH should pay.
  3. tourette's doesn't come with empathy problems like what this guy has
  4. risk is universal, unequal leg up should be considered in judging one's "achievements" when that is the reason he is able to criticize others.
  5. yes he is smart, so is the doctor working on cures for cancer. but society gave this guy $100,000,000 for what?
  6. residencies are funded by the state you idiot. that's how medical cartel controls supply of doctors to keep their salaries high. Residency spots are the bottle neck. doctors complain how little they get paid. that's because their book knowledge is useless and they need real life training. hospitals dont' want to pay that and lose money, so STATE PAYS FOR HIS TRAINING. Also Stanford as a tax-exempt corporation gets to use STATE resources while not paying taxes like private export producing corporations.
Sat, 06/23/2012 - 21:49 | Link to Comment eatthebanksters
eatthebanksters's picture

asto #5,society gave him nothing.  He put funds at based on his research and and initiated a legal investment strategy using vehicles available to him.  Like I said, society gave him nothing:  He worked smart, figured out somethng that no one else was willing to admit and took a big risk.  For his effort he was rewarded handsomely. If you are unhapy with his rewards then change the system or at least the rules, don't blame him for doing eherything right and making a buttload of money. 

Sat, 06/23/2012 - 22:40 | Link to Comment spekulatn
spekulatn's picture

Truth. 

Sat, 06/23/2012 - 21:53 | Link to Comment eatthebanksters
eatthebanksters's picture

actually, I figured it out, AH is a commie...basically he doesn't think anyone should be rewarded for excellence or hard work.  M.D.'s are overpaid in his book...well how about the clerical worker in the Longshorman's Union who makes $165,000/year and computers are not allowed (they would be too productive). Good luck AH, because if your kind ever becomes tha majority there will either be another civil war or people like me will just leave so folkslike you can do to the US what happened in the former Iron Curtain countries.

Sun, 06/24/2012 - 01:40 | Link to Comment Cosimo de Medici
Cosimo de Medici's picture

Damn, you keep trying to equate "worth" with "money".  Clearly this is YOUR problem, not anyone else's.

By the way, have you ever done a surgical residency?  You'd think somebody substituted your watch with a new uniform system called Metric Time....hundred seconds to the minute, hundred minutes to the hour, hundred hours to the day, hundred days to the week........

Sat, 06/23/2012 - 14:56 | Link to Comment DaveyJones
DaveyJones's picture

you're box categorizing. There's more than one trait. Truth and vision - and the ability to express it - as an artist, scientist, or child commenting on his world - is one of the most profound forms of human empathy.

Sat, 06/23/2012 - 15:15 | Link to Comment Jena
Jena's picture

Sometimes a difference in what (and how) the brain processes because of alterations in perception results in a very different conclusion than how the rest of us think.  To ignore what comes from that process just because traits like empathy are different or lacking would be to ignore say, the benefits of a different operating system in computing.  

Sometimes there is great value in being able to look at situations without being hampered by the very aspects that might blind us the most without us realizing it.  Think of it as looking at the same point only from somewhere else on the 360 degree aspect.  And then do the same, only in every plane.  

Perspective is everything.

Sat, 06/23/2012 - 16:23 | Link to Comment DaveyJones
DaveyJones's picture

Well said Jena

Sat, 06/23/2012 - 18:49 | Link to Comment Jena
Jena's picture

Thanks DJ, same to you.

Sat, 06/23/2012 - 17:19 | Link to Comment Beatscape
Beatscape's picture

It is immaterial that he started his fund with family money and immaterial that he has xyz syndrome.  The bottom line is that he is exposing the failed central planners for the their failings and their steering our economy off of a cliff.  That type of truth is muzzled in our society and free speech rights violated--the proof is in how he was hassled by the government. 

Why do you want to strike out at a successful and smart person who predicted the 2008 crash?  Seem like you have a very severe case of jealous syndrome.

Sat, 06/23/2012 - 22:27 | Link to Comment TruthInSunshine
TruthInSunshine's picture

+1 to you and Jena.

At the risk of being redundant, his message is the truth; that there is no climbing out of the debt canyon we've enabled our political leaders to dig (assisted by the accomplice that is The Non-Federal Reserve-less Bank).  There will be no good outcome when America's creditors come looking to cash in their U.S. tnotes (rather than simply accepting interest payments). No one knows the precise level of damage to the economic, political and social systems this event will cause, nor for how long, but it's very safe to assume it will be severe and long from even the context of a long period of history.

Therefore, if one chooses not to join the den of vipers and thieves bleeding the nation to death for their personal gain (which he advises against, implicitly on moral and ethical grounds), they must adapt to a model that allows them to ensure they can beat the system (i.e. those in D.C. and on Wall Street who have rigged the game and are fleecing the nation), if only to survive (and hopefully prosper).

He's saying the ship is inevitably going down. Adapt and think outside the box to devise a strategy that will ensure you have a lifeboat for yourself and those you love.

And this is not U.S.-specific. It applies at least as equally, if not more so (in most cases), to any nation that has an economy with fractional reserve banking practices as its foundation, unsustainable deficit spending levels, and massive sovereign debt. I'd even argue that the U.S. will be among the last nations standing before the great reset arrives, assuming military hegemony or near-hegemony can be maintained (there will be a dwindling list of safe havens when those who can smell the smoke can actually see the fire, and the U.S. will be among the last, IMO, although it, too, will ultimately succumb to the rules of arithmetic).

Sun, 06/24/2012 - 10:49 | Link to Comment PeterSchump
PeterSchump's picture

@ wisefool

 

I do not know, but Dr. Burry had better watch out or he will be sharing a cell.  It looks like they have already tried, judging from the details of the story he recited.

Sat, 06/23/2012 - 00:35 | Link to Comment Michael
Michael's picture

Don't listen to these toads on ZH Ben.

Go ahead and do QE3. Stuff your coffers and warehouses to the rafters with fecal matter toxic waste from your member bank corporations. Make your whole system worthless. Do it for me Ben. 

It's OK the American sheeple use the same fecal matter represented in your Federal Reserve notes.

C'est la vie.

Sat, 06/23/2012 - 01:06 | Link to Comment wisefool
wisefool's picture

Hank Paulson

Ben Bernanke

Treading lightly. Michael, Who do you think will be remembered as a bigger pimp?

Sat, 06/23/2012 - 03:20 | Link to Comment francis_sawyer
francis_sawyer's picture

That dude in the background looks like that Irishman who got famous for calling bankers wankers...

Sat, 06/23/2012 - 04:40 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

 

"Stay hallucinating my friends." 

The Most Interesting Economics Professor in the World

Sat, 06/23/2012 - 09:11 | Link to Comment Ol Man
Ol Man's picture

When I drink beer...

 

I drink Dos Equis...

 

;)

Sat, 06/23/2012 - 12:29 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

 

Very interesting.

Sat, 06/23/2012 - 04:36 | Link to Comment Popo
Popo's picture

Look at those absurdly silly costumes.   The entire university system is an embarassingly amusing anachronism.   In the age of digital media and instantaneous worldwide distribution of video,   we still have a system where people bury themselves in debt to pack in auditoriums where "those who can't do" preach and scribble on chalk boards.   Pure absurdity.   Publish the courses once online and be done with it.  (Oh, but wait... if they did that how would they make 6 figures per teenage sucker?)

Instead we get to watch grand poobah's decorate themselves with robes of purple velvet and silly hats as they attempt to remind us of the university system's historic monopolistic claim on human knowledge.   It's almost like they're trying to look more absurdly out-of-date than they already are.

 

Sat, 06/23/2012 - 04:43 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

 

The pump and circumcision reminds of certain religious affiliations.

Sat, 06/23/2012 - 07:48 | Link to Comment shovelhead
shovelhead's picture

What?

You don't find 13th century French attire relevant to the University experience?

Heresy!

Burn the witch!

Sat, 06/23/2012 - 13:20 | Link to Comment MSimon
MSimon's picture

Islam!

Sat, 06/23/2012 - 08:38 | Link to Comment WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

Earlier that day ...........

http://www.youtube.com/watch?v=JTSk5cbaZso

Sat, 06/23/2012 - 08:40 | Link to Comment WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

..... and then upon arrival at the commencement ...........

http://www.youtube.com/watch?v=uWiYphJUS7Q&feature=fvwp&NR=1

choom choom!

Sat, 06/23/2012 - 11:49 | Link to Comment Reese Bobby
Reese Bobby's picture

Couldn't disagree more.  You might consider that Michael began his address with the distractions of the internet age for a reason.  Much of the "university system" may be sub-par today but human interaction with motivated peers is very important to the development of critical thinking.  If academia can work in the medical sciences it can work in finance and business; it just needs a good purging and that seems to be underway.  I congratulate UCLA for allowing this, (never thought I would say that!).

Sat, 06/23/2012 - 15:01 | Link to Comment DaveyJones
DaveyJones's picture

well said

Sat, 06/23/2012 - 12:36 | Link to Comment Seer
Seer's picture

Like it's ONLY in the educational system?

http://www.zimbio.com/photos/Pope+Benedict+XVI/Pope+Benedict+s+closing+m...

It's more to do with "institutions" in general.  People, I guess, find whatever reasons to pick on the educational system (or whatever windmill): I don't have a problem with it when merited, but SELECTIVE bashing tends to reveal one's ideological bents (blinders).

Sat, 06/23/2012 - 13:55 | Link to Comment trebuchet
trebuchet's picture

@Popo they do publishe their courses online, all their latest research. etc.  But most people are too lazy or too unable to understand what is there. 

 

Sat, 06/23/2012 - 09:40 | Link to Comment Dapper Dan
Dapper Dan's picture

Great video Truthsun, @2:08 in,  left hand screen, Gold Comex = Gold $642.0,  silver $13.72

 

 

Sun, 06/24/2012 - 09:01 | Link to Comment MassDecep
MassDecep's picture

“as government attempts to manage its faltering finances”

Translation: “as government attempts to manage your faltering finances”

 

Fri, 06/22/2012 - 22:12 | Link to Comment reader2010
reader2010's picture

This TIME is different. BTFD, comRades! 

Fri, 06/22/2012 - 22:12 | Link to Comment The Shootist
The Shootist's picture

Hell yeahz! this guy's great.

Sat, 06/23/2012 - 10:01 | Link to Comment bdc63
bdc63's picture

I've been following every minute detail of this crash since mid-2004 when I started researching why that beach property I wanted to buy doubled in price over 2 years ... that's when I found people like Schiff, Mish, and "Whiskey & Gunpowder", and I fell down the rabbit hole never to resurface ... why haven't I heard about this guy before today?

Thanks for posting this Tyler(s).

Sat, 06/23/2012 - 11:10 | Link to Comment Bay of Pigs
Bay of Pigs's picture

Mish? That board wanted to tar and feather me when I said gold was a strong buy at $692 on 10/24/2008.

LOL  

 

Sat, 06/23/2012 - 16:16 | Link to Comment yabyum
yabyum's picture

Bay, I was on the Mish mash back then, bought a pound of the damn stuff. Lost it all in a boating mishap. Sucks to be me.

Sat, 06/23/2012 - 11:19 | Link to Comment lasvegaspersona
lasvegaspersona's picture

If you have not read Michael Lewis you have missed some great reading and some of the best explanations for the GFC.

Fri, 06/22/2012 - 22:19 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

academic ritual 101

i like the picture right at the beginning of the tape: 

the mortar-boards flying thru the air with the baby squids hanging offa them...

Fri, 06/22/2012 - 22:50 | Link to Comment Yen Cross
Yen Cross's picture

Anything, (University of Color Los Angeles) scares me Slewie!  I hope ya got some!

  You desserve it! have a great weekend.

Sat, 06/23/2012 - 04:58 | Link to Comment Popo
Popo's picture

Rituals are an important part of all faith-based belief systems.    Economics is absolutely one of them.

Sat, 06/23/2012 - 13:06 | Link to Comment Bananamerican
Bananamerican's picture

"On Wall Street and Washington D.C.,The socio(path)proof, ...most people, doing questionable things, that obviously make money"

Fri, 06/22/2012 - 22:20 | Link to Comment disabledvet
disabledvet's picture

I did take note that California finally agreed on a budget.http://latimesblogs.latimes.com/california-politics/2012/06/california-b... "The first good news since 2008" in my book. Not that it's good news for Californians of course. I'll let all of you be the judge of "whether or not the threat is as real as this tough budget." I know i have no doubt it is.

Sat, 06/23/2012 - 13:08 | Link to Comment Missiondweller
Missiondweller's picture

The California budeget is a fraud and created using gimmicks and tricks.It never ends up being balancd vecause the revenues never appear as projected.

Fri, 06/22/2012 - 22:23 | Link to Comment Conrad Murray
Conrad Murray's picture

Conrad Murray's commencement speech:

"You are a slave. Your chains are debt. You will probably never amount anything. You will sweat, toil, and bleed to earn scraps of paper which will decrease in value until they cease to exist.

I challenge you to make a difference. If you see a bankster, hang it. If you see a politician, hang it.

I hold here in my hand a bottle full of gasoline. I will light the rag in it's neck as a way of symbolically freeing myself, and my children, from a system of serfdom.

Behind you there are cases of bottles exactly the same as mine. I challenge you to take one and join me in lighting it and burning this place to the ground.

Let us march to NY and DC and cleanse this country of the leeches."

Fri, 06/22/2012 - 22:31 | Link to Comment beaker
beaker's picture

boy are you ever going to get in trouble for that!!  prepare to hve your door kicked in tonight...

Fri, 06/22/2012 - 22:42 | Link to Comment IndicaTive
IndicaTive's picture

Unless I'm mistaken, Conrad took a break from posting. I'm glad he's back.

Fri, 06/22/2012 - 23:11 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

lizzy reduced it to a misdemeanor and time served

THE BIG SHORT (Trailer)

 

Fri, 06/22/2012 - 23:44 | Link to Comment IndicaTive
IndicaTive's picture

...guessing trav7777 got life? Maybe Obama will pardon him?

Fri, 06/22/2012 - 23:54 | Link to Comment TravsMom
TravsMom's picture

I wish.  Obama's goons kidnapped my poor trav, and now they are holding my baby as his personal sex slave.  They had previously met at a Chicago bath house, and hit it off, so I guess they liked what they saw in my boy.  Help me find my boy!!!

Sat, 06/23/2012 - 00:28 | Link to Comment Yen Cross
Yen Cross's picture

Slewie, You're  Killing my eyes!  I can squint but, other people care about your posts!

 

 

      Heck I could make this a  " Von Rompey/ Monti" get together!

Sat, 06/23/2012 - 01:06 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

conrad has matriculated

and here's the KFC now

Rajoy’s Blown Cred

and stop whining

Do NOT follow this link or you will be banned from the site!