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Dr. Michael "The Big Short" Burry's "Brutal Hangover Is Inevitable" State-Of-The-World UCLA Commencement Speech
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".
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Blown Cred? You covered Thursday/ and Fridays (consolidation) perfecty Slewie.
I just hope no one got burned on that Great move (usd/jpy) yesterday.. I used Trailing stops on that one and did well.
No implication that Conrad would require my sanction, but there is little to quibble with in the above.
I wrote (and deleted) a rather lengthy post about the value of objective reality. In the end, I decided that I don't really care about saving this corrupt system. If you want to believe in Unicorns and Pension Funds, more power to you. The only thing I would share is that for every time period outside of the last 200 years (and confined to Westen Civ, mostly), rational thought has been considered a curse. Burn the witches at your own peril.
For the next three years, rational thought will have little to do with the state of affairs; burn all the witches you want. There is plenty enough peril whether you do or not. Although, as mentioned in the speech, trying to burn TPTB will probably get you investigated at minimum.
You are one of the people I kook up to Conrad.
Right with you, just getting my beer, chips and a noose.
Torturer: But can you win?
Sheridan: Every time I say No!
"Accept the world for what it is. Work hard to exploit the opportunities it presents."
One of those quotes that makes you think about right and wrong and what you have to do to accomplish your financial goals. The next "Big Short" would be the bond bubble, and if I was sure of the timeline, I would do it. The backup plan has to be gold.
I just hate having to accept the world for what it is. I'm in my 20s and hate coming into this mess.
"I just hate having to accept the world for what it is."
You don't have to.
I don't think you should.
it is not the world, but yourself. you have to accept the reality of your own potential.....that achievements are mostly dependent on luck of timing. unlike banksters who think they deserve the world because they went into workforce during once a century real estate bubble.
It is all in how big your trading account is; I already tossed a few grand into the expectation that the bond bubble would pop last year....
achievements are mostly dependent on luck of timing
That sir is the truth and the reason why so many fucken idiots and stupid people have amassed great wealth or at least very comfortable lives.
Accept - as in - don't bullshit yourself about what is. Time to get over the American Dream. (with thanks to Mr. Carlin)
This is how the gold mania starts my friend.
First it was just us loonies ranting about broke nations controlled by banks printing money and getting nothing but mockery in response.
Then it was Bass and Michael making millions shorting governments. People start to listen. Guess what these guys are in? And guess who will be late to the party?
Anyways, never despair. I can say first hand that his quote about stress and challenge sharpening your mind and steeling your resolve, should you chose to be true to your beliefs and play on your strengths, is absolutely true.
G'luck.
Disagree. Stress = too much challenge + not enough support. Notice how if you stress the mind, the body fails: stress the body, it gets stronger. The rules are different.
It's about exploring the edge. But engaging in struggles that are without reward - real, tangible reward, either internal or external - is stressful.
HGM,
A few years with an outlaw biker gang will cure you. And if you live through it the chics will flock.
Jackson Browne said it better....tip of the hat to Burry for taking advantage of circumstance that frankly should never have arisen. It amounts to seeing the Fed Res, Banksters and .gov lay an ant trap on a starving ant pile and betting against the ants.`The difference of course being that these entities are not supposed to endanger the people intentionally with insane policy shifts by removing protections shown necessary many years ago. Without question the Federal Reserve has invalidated its charter through criminal activity. But alas the fix is in.
http://www.youtube.com/watch?v=aBaKmZY7GjI
Down on the boulevard they take it hard
They look at life with such disregard
They say it can't be won
The way the game is run
But if you choose to stay
You end up playing anyway
It's okay...
The kid's in shock up and down the block
The folks are home playing beat the clock
Down at the golden cup
They set the young ones up
Under the neon light
Selling day for night
It's alright...
Nobody rides for free
Nobody gets it like they want it to be
Nobody hands you any guarantee
Nobody
The hearts are hard and the times are tough
Down on the boulevard the night's enough
And time passes slow
Between the store front shadows and the street lights glow
Everybody walks right by like they're safe or something
They don't know...
Nobody knows you
Nobody owes you nothin
Nobody shows you what they're thinking
Nobody baby
Hey, hey, baby
You got to watch the street, keep your feet
And be on guard
Make it pay baby
It's only time on the boulevard
This Darwinian mafioso economy will collapse. It will be interesting to see if we can print police officers fast enough to fend off the face eaters and chain snatchers.
"I just hate having to accept the world for what it is."
Make your own world.
I did.
Now I live in a padded room.
"I'm in my 20s and hate coming into this mess." Grow some balls. Your urban iPad generation is so soft it is embarrassing. You can do better. Fire away...
If I were you, I would be very careful about considering shorting the US Government Treasury Bond Bubble if that is what you are referring to. I used to think about shorting US Treasuries myself. But then I considered what happens when it bursts, and what instrument I would be paid with.
Go with the backup plan, Gold.
Once the collapse occurs I believe paper money will be worth next to nothing. To me, a person would have to believe that the National Debt and Gov't unfunded liabilities are wealth in order to accept payment in paper money. In other words, I believe that Gov't broken promises and lies are what represent our paper money and would have to be considered as something of value in order to accept payment in it. To me, the Gov't has sent a clear message, it's their money, not yours. Don't let the Government take you down with them.
.
which "world" are you observing? there are many different realities, and even more when you start diggin'
if the world you are having trouble accepting is merely the one described by media, and from a "financial" perspective, then go out and find another one - stop playing! go explore!
you say you're in your 20's? dude, hit the road, eyes and heart wide open, preferably somewhere you don't speak the language. . .
there's no need to "accept" the world described to you by others.
And the Donald Sutherland look alike picks his nose in the background....
Oddball: Why don't you knock it off with them negative waves? Why don't you dig how beautiful it is out here? Why don't you say something righteous and hopeful for a change?
Moriarty: Crap!
I'm reminded of the role played by Carrol O'Connor in that fine movie. Playing the General he acted just like most politicians, taking credit for successes he had no part in.
I thought that was the Bernank in disguise. You must hold your enemies closely...
Dude, that guy was squirming. Looks like he did a few lines before sitting up there. Maybe the speaker was talking about him.
ha, ha, yeah, I'm getting out of Cali in a month, been here since 1987. Lost my train of thought, Friday eve.
Swig. ah, yes!
Bush Calls Wall Street "A Drunk w/ Hangover"
http://www.youtube.com/watch?v=HqfwdpjwnD4
Smart man. I bought some overseas "ideas" 10 years ago.
The same people who lambasted Bush for the remark probably went out and voted for OChoomBa, thinking the latter would be any different from his predecessor.
all credit to Dubya, at least this time he's talking about something he knows. . .
FUCKING BRILLIANT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Thanks, that was an excellent speech, though I think he should have adjusted the microphone a bit better.
That was yet another example of the heavy hand of what seems to be becoming an ever more fascist government in the U.S. Unfortunately those examples have been multiplying.
I hope we can take our government back, but it looks like it will be an epic struggle.
Welcome back to the fold Konrad Murray!!! And a great weekend ahead to all the ZH comrads!
Dr, Burry gettin it done!
As you may know, Dr. Burry has only one good eye. In the land of the blind, the one eyed man is king.
That's a common refrain, but in 1904 H.G. Wells wrote a story called "The Country of the Blind" which shows how a population that has adapted to blindness may reject vision as an aberration.
It's similar to the current situation where the politicians and bankers talk nonsense, and it is the few with any sense that are rejected as aberrant.
In the Country of the Blind, best to pretend you're blind. But take a peek every now and then when nobody's looking.
Classical Economics is considered a key pillar of western political legitimacy. It's the explanation they give that justifies their centralizing control. Of course it's broken, it's the party line first, a description of reality a distant third. Criticism of Keynesian economic excuses is supremely subversive.
Academia is compromised and they cannot be relied upon to rock the boat. So long as universities exist primarily on public funds, they will fabricate justifications for the institutions of the state - it's what they're paid to do. Regardless of any single professor's dissent, they are political institutions first. They are free to accumulate knowledge so long as they keep it to themselves and don't get in the way of the state bureaucracy or government of the day.
If those kids need jobs, one foresees an imminent demand for more riot cops.
Don't worry, comRade. Today's young population will be significantly reduced in the upcoming battle fields of Asia.
Not to mention the battlefields of South Central LA, Brooklyn, East St. Louis......
UCLA is a film school. Not a school of economics.
The thing I took from this vid is the dude to the left. He might as well been in charge of SS dudes in a cartehegia bar. The way he accesorized/articulaed his gaze was worth more than a yankee white clearance.
I was really disappointed when I arrived at the commencement with my son and Burry showed up in stead of Kim Kardashian as the key note speaker.....
He could summarize in one sentence what Wall Street is all about:
"Why steal less when you can steal more."
A commencement speech worth more than the price of the respective degree.
I was impressed with the authenticity of his speech. It was very encouraging. Don't question the FED. I'll remember that. I liked the fog in the sky in the background. I often jog in it. That is what causes the June gloom in Southern California.
Makes me want to ask questions like: If there are so many on food stamps and so many falling off unemployment then based on the current inflation rate of basic necessities, how long will it be until the start of the revolution.
q99x2 +1 AKA { http://en.wikipedia.org/wiki/Catalina_eddy }
Refreshing....honest....nice for a change.
With Romney and the Kenyan as our future, I think we're screwed.
Nah... it's going to be a new golden age with one of those two!
/sarc
sometimes to see such honesty is uncomfortable...at least the guy to the right of Burry's shoulder thought so
For the poster: "truthiness" is NOT synonymous with "truthfulness." It has a meaning more like "what you WISH to be true, without regard to objective reality or hard facts."
It is actually more synonymous with "self-delusion" than with "truth."
Truthiness is why we're basically fucked.
Thanks for "the word of the day". I've seen it used, but never knew its true meaning until I looked it up. Well Googled it, actually. Wikipedia pointed me to it's The Colbert Report skit where it was first cointed and defined.
Now I know.
"Truthiness" example: Engineering staff at Edison and Mitsubishi attested that San Onofre Nuc Pwr Plant's 4 new Steam Generators were "like-for-like" the old ones they replaced, a loophole word-salad that suggests "essentially identical" when in truth it does not mean that. It has no precise technical definition. [See gaming and Game Theory.]
All 4 new SGs were clearly different from the old ones [different components;omitted components; different arrangements; different steam/water flows and ratios] and were theoretically "tested" by using a computer "modelling program" designed for differentr type and style of SG.
The "like-for-like" was a "truthiness" statement that bypassed the need for Nuclear Reg Commission to review and permit the different design. NRC declined to investigate the changes and now San Onofre NPP ihas been down and out for 5 months with no "fix" in sight.
ahh, brilliant use of defining a word with an example point that in itself deserves attention.
My word for the day came from a federal judge commenting on Goldman Sach's argument that their terms "honesty" and "integrity" as mere opinion was described as
"Puffery". Puffery sounds like the kind of activity the Big O would've been doing in a German microbus.
In a footnote, Crotty described as "Orwellian" Goldman's argument that annual reports touting its integrity and honesty were mere opinion, and not misleading statements, as plaintiffs claimed.
“If Goldman's claim of 'honesty' and 'integrity' are simply puffery, the world of finance may be in more trouble than we recognize," he wrote.
Exerpted:
UPDATE 1-U.S. Judge Allows Investor Suit Over Goldman CDOs
By Jessica Dye
NEW YORK, June 21 (Reuters)
I suggest we gather in the recombobulation area after Burry's speech to discuss some of its truthiness.
TD, thanks for bringing us this story; it would be under my radar screen. IMHO, the lesson here is critical thinking, if one persues it, it can bring great things, or conversely, great pain. This man realized the rewards of his questioning & thought. Bravo sir, may you be an example to the Class of 2012 at UCLA & to the rest of us that heard this. We will have our day in the sun. Keep the faith, as men & women of great reasoning ability will be needed when the global economic system collapses.
I completely agree with the spirit of your sentiment; however, I would like to nitpick one detail.
"men & women of great reasoning ability will be needed when the global economic system collapses"
Those men and women are needed now, before the collapse. It is their ideas, their vision, that will be requisite to the construction of a society founded on anything other than neo-feudalism.
Individuals of great character will, undoubtedly, be instrumental in carrying out and furthering the plans laid forth by such people, but let us not wait until the war of minds has begun during the rebirth. The responsibility of promoting individual liberty and responsibility lies with each and every one of us, today.
We know not who will survive the global crises that are just over the horizon. We cannot rely on hope. All of us must take every opportunity provided to educate a friend, family member, neighbor, or stranger.
It is essential to seize every moment in which their is an audience present to push humanity away from the shackles of Statism and slavery, and towards the light of Freedom. The beacon of Liberty has been obscured for the masses for far too long.
Live free or die trying.
learn to love feudalism. It will be the only bastion against chaos and total extermination.
CM, I agree with you. Unfortunately, most folks I talk to are stuck in normalcy bias just like what Dr. Burry described. They'll go along to get along. I do my part being active in politics, Libertarianism, & trying to educate the non-believers. It's a struggle as you are likely aware. Until the corruption is cleaned up & the duopoly cartel of the GOP & DNC is laid away, our problems will continue. Educating the populace is the best way to help ending this. ZH is doing a great service to us all for providing these articles that no media presenters in the duopoly are showing.
May individual liberty & individual responsibility will out in this struggle!
May individual liberty & individual responsibility will out in this struggle!
"How fortunate for leaders that men do not think."
-- Adolf Hitler
the FBI, audits. .. unreal.
i'm nobody. i live in the woods in Maine.....I saw it coming. seems there were folks everywhere outside of government who saw it coming.....i mean, how many times can you wonder how a carpenter making 35K per year can keep up with servicing on a 500K mortgage? And not know this was going to come to a very very bad end.....
you gotta wonder what they are gonna do to the folks who see the end of the dollar reserve status and the devaluation of the dollar coming.....
He said individuals can adapt, I agree
We can refuse to play the game, not in anarchy's sense, but staying under the radar and utilizing passive resistance.
It used to infuriate the Nazi's in the second world war when the Dutch played the passive resistance game.
Carpenters don't do that.
They know how to do addition and subtraction. Competency effects their ability to eat.
Gamblers do that.
My husband and I liked to go to the Mall and count the number of candle stores there were. What person goes into business selling candles in an upscale mall unless they have leveraged up considerably. Also stores selling beautiful antique (or reproduction) clocks. All of these businesses seemed to be owned and managed by very well maintained women of a certain age. It could not last.
ha, I love it when people relate these "stories" - so "Mary" did you and "your husband" interview the shop clerks about the owners of each candle & clock shop? or were these "well maintained women of a certain age" actually working the cash tills at their mall stores?
never mind - "well maintained women" often take on a hobby business failure to offset the taxes of their combined income status - candles? sounds like a winner.
should have invested in low-fat frozen yogurt stalls. . .
whose the manic depressive behind him in the sunglasses?
he's on crack
jb
donald sutherland, duh !
http://www.google.com/search?q=donald+sutherland&hl=en&qscrl=1&nord=1&rl...
Its the Bernank in cheap disguise..
LOL! He is probably some So Cal libtard hopped up on Hopium and perscription meds.
The young guy is very bright and thoughtful but arround 4:35 he tell them they may have another serious recession in their 20s or 40s. It makes it sound like he thinks we ever left the serious recession thanks to the endless money printing. A little vague but I may be wrong.
I spent a few days last week listening to a bunch of London-based analysts tell me things were looking up in the USA ... that growth might decelerate but that otherwise the US would probably avoid a double dip. The consensus is that we have been in a revovery, so the propaganda has worked as foreign investment continues to flow to the US markets as one of the few remaining bright spots on the globe.
BTW, in the middle of the fifth of these presentations, I could no longer resist the urge to chime in with, "You are assuming, of course, that you can trust the official statistics," which was met with a lot of nervous laughter.
First of all, an executive summary would have been nice.
Secondly, why are all the people surrounding him dressed is dark glasses?
Uh ... because the sun is bright in SoCal?
"you are celebrating graduation day and
it coincides with a global minsky moment which
can apparently last several years.
it is interesting. how does the "moment" resolve
when it is the product of a number of semi-independent
systems that are integrated at more than one level?
how does this impact the time frame of resolution?
how does this impact the individual? how can a moment
last so fucking long?
.
your professors valiantly tried, for the most part,
to give you some tools to help you save yourself
while they fed you to the squid for a snack,
when you think back on this don't hold it against
them. they were just doing their job as best they
could given the state of things as they are.
go figure and good luck paying back
your student loans, you little, dumb as brick, zombies."
.
that would have been cruel, even more
cruel than what he said.
just kidding////
the minsky moment duration and resolution is
a function of the tolerance level of populations
to injustice and or ignorance of injustice. ?
.
?
.
many things could proceed from this, the possibilities
are endless and unpredictable. there are historic
precedents but they may not apply or it may be
impossible to identify the one that is applicable.
ancient anti-gravity, alien cyclops death rays? hmmm.(history
channel 2) love this one.
but then the best and brightest seem to be focusing
on domestic security, syria and iran. we will see.
"many things could proceed from this, the possibilities
are endless and unpredictable."
Possibilities are endless, yes, but this is a world of probabilities (well, that's the case of the entire universe, but for discussion let's keep it manageable).
Further, I don't believe that things are all that unpredictable. I think that this is the BS that's fed into us in order that we feel helpless (and succumb to the notion that only a "select few" will be chosen to rise up). I mean, what part of "that which cannot continue forever, won't" does one NOT get?
On the micro level you may be right, but the macro is pretty easy to figure out. And, THIS is what Burry is really saying, it's a matter of asking questions of the conventional premises.
s,
the cartels of the globe, their existence,
is threatened here and it is questionable
whether they will survive. that depends on the
actions and mental competence of the individuals,
all around.
one way or the other? beats me, it is beyond
comprehension as is the current state of the
socio-economics. it is too big and too complex
to meaningfully map or comprehend, really.
we can see only slices of pieces. imo.
what will they do? what will i do? anyone
who claims to know and tell is a liar.
so i have been thinking about the unified particle
theory of mater. the idea is simple and intuitive
and at odds with the standard model as articulated
by aka miles mathis (fucking genius). not sure if that
is his correct title and credential? simply put,
all mater is the same mater under differing energetic
states, universally empowered. this is a very profound truth, the truth
denied by this world that requires a veil to hide,
to blind, the people from the truth, simple.
which way will it go? i would guess it all depends on
the energetic state of the significant, self asserted,
players, particle manifest and manifesting, ongoing.
the proton is the electron is the photon etc. it is
a difference of energetic state. light and mater are
the same, exactly the same, thing and are everything
all at once. the difference between light and mater
being just levels of compounded spin energy states.
and the difference manifests as mater is composed of
condensed light, greater degrees of spin axis, mater
of lesser spin escapes, at the speed of light, from
self entanglement. see?
the critics will complain, "so what?"
the cartels will ply their failing delusion, the one
they don't even comprehend or endorse. will the people
gain any energy and become that which they are
destined to become? when? it will happen but when?
when the people comprehend their power and energy and
claim it. it is all about spin and energy.
either that or i have lost my mind.:)
http://milesmathis.com/elecpro.html
Unifying the Electron
and Proton
by Miles Mathis
milesmathis.com
Key takeaways here, for the young graduates..."never stop learning". I would add "don't do anything you are not passionate about". Unfortunately their road is going to be an exceedingly tough one as an amazing diminishment of real opportunities has taken place and some if not most of those graduates are already saddled with a substantial debt burden.
For the rest of us I think the fact that his op-ed piece generated Mafia like intimidation from IRS, FINRA and FBI costing him millions of dollars and thousands of hours of work that would have bankrupted and crushed a lesser business entity is rather noteworthy, don't you think? Yet I have not seen one comment on that amazing revelation with the possible exception of Conrad Murray's quotation.
The last seven minutes of this address are prescient and compelling.
Lastly and ironically, that student debt load along with all the other borrowing by government are the only reason that this corrupt, warped financial/monetary sytem of entrenched plunder is still standing.
"...is rather noteworthy, don't you think?"
No
About the FBI investigation, etc. No one said anything because such tactics have been used by the party in power against its perceived or real enemies since time immemorial. Burry stuck his neck out and rubbed the government's nose in its own shit. It was unwise to say the least.
Such persecution may have been practiced since time immemorial, but not uniformly everywhere.
I doubt anything that vicious was routinely used in the early years of our nation. Freedom of speech and all. It's probably been growing in the last few decades or so, but I think it still shocks most Americans. I don't think most of us expect it as a matter of course.
I certainly am not of the opinion that it's unwise to stand up for truth and justice. Nor do I excuse the fascist tactics of an out of control government by blaming the victim for not recognizing that "They all do it".
Shut up and be good little sheeple?
Yeah, keep your mouth shut. Do you think that first amendment thingy and accountability of government to citizens are anything more than catch-phrases?
Keynesianism is a fundamentalist religion, I could not have put it better myself. It is unable to question it's basic assumptions, for it is based on faith, not reason. It's adherents react violently to having its basic tenets questioned.
Indeed.
Increasing unsustainable debt will lead to prosperity is a credo much like transubstantiation that turns wine into blood.
It requires an incredible leap of faith that does not invite examination.
Believe or burn.
Postman argued most social science are opinion-based drug in his 1993 book Technopoly: The Surrender of Culture to Technology.
Karl Popper beat him to the punch by several decades. Read Conjectures and Refutations.
These students are entering a collapsing society, make no mistake about it.
I've put the pieces together, and it's shocking just how quickly the middle class in what was formerly a great, prosperous nation has been completely dismantled.
Do not be fooled. These students, as well as the Mexicans and Asians pouring into that state, are in for a rude awakening when they found out they were duped.
Notice the guy on left-hand side of screen as the video progresses. He is more concerned about his tassle and picking his nose and appears not to be listening at all.
It's precisely reflective of the scenario nationwide!
Regards
I noticed that too. Sad, but true.
I think he was dreaming of a wild weekend with Krugman or maybe a nice position with the San Francisco Fed. He certainly appeared to be disinterested in the speaker.
I figured he's just a CA tenured teacher with a Calstrs retirement in the wings.
"What, Me Worry?"
Soooo...basically we're screwed?
In short..yes.
When you can't fix the mess, you just need to figure out how to profit from the mess. That is not un-American nor uncaring. Figure out how to protect you and your family.
In short,
PAPER,--PAPER,--PAPER,--PAPER,--PAPER,--PAPER,--PAPER,--PAPER,--PAPER
PAPER,--PAPER,--PAPER,--PAPER,--PAPER,--PAPER,--PAPER,--PAPER,--PAPER,--
PAPER,--PAPER,--PAPER,--PAPER,--PAPER,--PAPER,--PAPER,--PAPER,--PAPER,--
i work for paper. Paper backed by the Fed, the Federal Reserve. I like paper, it good. I buy things with paper. How much paper for your physical objects good sir?
freedom is just another word for ....
being totally screwed.
Thinking that freedom is for free is totally screwed.
There, fixed it for you.
now that you have fixed it what can you do
with it?
who suggested that freedom is free?
if you missed the point it was that there is no such
thing as freedom, other than being pressed to the
point of decision with no recourse or mulligan
tolerated, only a little room for humour! if you think you can buy your way
out of his predicament, or state of being ,then
you have missed the pith.
but, you fixed it all right. thanks, but if there
is a charge for the fix i'm not paying and if i
need a repair in the future you can be sure that
i will request, thank you very much for the unsolicited
paint job.
Worth a listen/watch. The first couple of minutes suck. After that. Fucking brilliant.
You can almost hear the cancellation of endowment checks.
Made me go look up what reflexivity means. Learned something today.
Auspergers? I don't think so. I see no signs of poor social interactions or difficulties in realting to others. I suspect he got the idea he was 'weird' for the same reason so many of us he do....everyone else thinks we are nuts. Time will (shortly) tell....though reading corporate reports cover to cover is weird so ....maybe?...
Outstanding speech. Confronting the lies and liars head on!
BTW, he got that "aspergers" from his father's maniacal "teaching" method. I had a business partner with the same problem: His father "taught" him to swim by throwing him over the side of a boat then motoring to shore and watching his baby boy struggling back. The positive outcome was that he also had no fear at all of authority.
It does irreparable damage a developing brain's wiring when someone unquestioningly trusted betrays that trust.
Something similar will happen with the population when they are confronted with the reality that their "trusted" government has sold them down the river. That's when the zombie apocalypse will truly begin...but from out the other side will emerge a self-sufficient population with no desire for a government.
Unintended consequences, bitchez! :)
i dog
theory sound but there's a bit of a weight problem manifesting itself
meaning there will be more zombies and less potential for apocolypse
the 20% percent that remain because they could last more than an hour without a mars bar blizzard will be a bit testy
agreed
That was a good post i-dog. Sticks and Stones good!
...but from out the other side will emerge a self-sufficient population with no desire for a government....
I'd like to see how this pans out in reality in the US!
Btw : CD is going to give us his take on this "self empowering" meme. So its a subject dear to the hearts of the "land of the free-home of the brave, with zero government" community of ZH.
As a european peon I don't quite get the hang of it. But I'll hang in there...
"That Government is best which governs least." -Thomas Paine
Who is CD?
NooB
Who is John Galt?
See The Big Short pages 181-83. Dr. Burry had to read a lot of literature on Asperger's because his son was diagnosed with it. In the course of reading the material, Burry realized he was reading about himself.
cheers for the heads up Tyler - easily worth the 15 min. oh and lasvegas - he was reading not socialising... please.
Where's the transcript posted? Video is very slow loading. Please send link to info@pamria.com
Here is a transcipt of a interview he did on Bloomberg: Bloomberg TV interview transcript (copyright Bloomberg): investor Michael Burry discusses the housing bubble, US economy, and global macro investing.
http://www.scribd.com/doc/37453934/Michael-Burry-Bloomberg-Transcript
YouTube has it.
"You've spent four to five years having your self-esteem affirmed rather than challenged; being forged into another cog in the gears of the machine that oppresses you. You are slaves, wake up!
End the FED, the kleptoligarchy of CONgress in league with corporations and banks, and the juvenile narcissism that drives you to consume worthless crap."
Back to " England" the Colonies go/sarc. You are not far off though { ebworthen}
http://www.telegraph.co.uk/news/worldnews/middleeast/syria/9350778/Turki...
Catch ya all, after my ? Chart redeuq'
"20 yrs ago there was no internet" yes there was it was called Prodigy and i was a grad student also using my Dos based Pc to access it. Had it in a hall closet due to the looks of the thing and noisey dot matrix printer. LA wasn't a picnic back then either.. LA riots anyone?
You know what he meant Virg, yer just braggin ain't ya... Nerd pride, it knows no bounds!
"...the World is not fair and it does not make sense".
"...Besides all this, I had to stomach what I knew was coming. A tragic end to the follies. This was not fun, I did not tap dance to work".
That pretty much describes most decent people's views these days. The trouble is, there are just too few decent, intelligent people who try to work things out by doing their own research and who live to work an honest day's wages. No, what we have are the zombified masses with all their orifices agape to receive whatever shit pumped in through the msm until they are stuffed to the gills, along with the nasty fucks who go out of their way to make the lives of others as miserable as possible. Profiting from the misery is just a bonus to them - the misery is the juice, and they are every-fucking-where when you open your eyes. Not just on Wall Street and the brothels of Washington DC.
I dare say MB is a decent guy, but I'm willing to bet that it took the heavies from the FBI and the venom from the msm against his company to open his eyes to the hateful machinations of TPTB. These days asking a simple question is considered a crime in America, so I guess pointing out obvious facts will elicit execution.
Well said YHC-FTSE.
DMB is a decent guy, btw.
When you become a centi-millionaire, you're supposed to join the club, not criticise it.
2008 was kind of the last opportunity to make money by being right. Now you have the whole forces of central planning against you, with the unlimited printing of the word reserve currency (still) to back them. I wonder how well he is doing at investing these days. It has truly become a lot more difficult than back then.
nice comment. first sentence is what made me go, shit, that's correct.
it's the kind of sentence that starts revolutions
Lots of people in his shoes were calling the bubble in 2003-2006 and his whole point is that the system is designed to kick the can only to exacerbate the losses. It is hardly news that markets can stay irrational longer than you can stay solvent.
The secondary education Mkt and Ivory halls are part of the problem, they are an integral part of the fraud and corruption..$200,000 in student loan debt? We have a problem I believe,
I go to a college orientation what are they promoting.. Bank of Amerika debit cards, Expensive health insurance.,, AAPL laptops and starbucks? They ask if there are any questions.. Just one, When does your "education" system collapse?
No, the entire toxic training to accept shit as gold starts at Kindergarten and continues all the way till "No Child Left Behind" is completely achieved by the time that kids graduate from graduate school.
If you are not mitivated to maybe consider going immediately to *another* school is that the education systems' problem? You do realize, there are schools that are *not* simply corporate vending machines? Right? Did you look?
No? Who's to blame now?
(I recommend, find a nice, small, sensible liberal arts school in your region: they are your best friends. Trust me.)
The headline does not do this speach justice. It should be titled the "Truth" about America.
Listen to him describe what happened to him for asking the obvious.
Uncle Sam, it is time you go the way of all old perverts who get caught and tried in a court of law and judged by a jury of twelve.
Uncle Sam, your defense may be shallow and lacking, your accusers believable and you may end up rotting in a cell of your own making.
"... and then the FBI showed up..."
Such an educational video. Here's what I learned:
1. Michael Burry is the perfect representative of this generation. He is vapid. He is self centered. He drones on and on and on and on and on and on and on about, get this, HIMSELF!
2. There really is a leadership vacuum in higher education. Did the nosepicker on the left side of Burry or the nervous little weasel to the right think to ask for an advance copy of the speech? I know the answer. If they had, he wouldn't be speaking.
My child is about to begin her college journey. She knows all of this and more. She blew threw HS in three years and graduated with honors. We wanted to minimize the damage from the education system, and because she's smart, she got an extra year tacked on to her life. Now she's going to college locally, at an up and coming research university that isn't yet too big for its britches. She will live at home. She will minimize her interaction with people like the nosepicker, the better to avoid indoctrination at their hands. Oh yeah, the state, in its infinite wisdom, is picking up the tab. 100% of it. No student loans for Missy. Her degree will buy her access, but she is most definitely not playing their game, at least not by their rules. I guess that's what Burry was talking about when he said work smart. The system is a stinking, rotten fish, but even rotten fish are good for something. Bury them and things will grow. Here's to burying the old system.
"She will live at home. She will minimize her interaction with people like the nosepicker, the better to avoid indoctrination at their hands."
Iron-fisted Control
" the state, in its infinite wisdom, is picking up the tab. 100% of it. No student loans for Missy. Her degree will buy her access..."
Sounds like 'Me, Me, Me' to me.
It sounds like "the Taxpayers, the Taxpayers, the Taxpayers" to me. Nothing like sucking up from the public til.
Surely more juicy to suck up to an oligarchical shill, if he still has any juice left to levitate his fiat financed thrills. Public pumps run dry at the cry of "thief, thief"; whereas the oligarchy pumps hump best when they hear the same refrain. Its wine fest to their ears as its their zeitgeist being proclaimed to the sheeple like a trumpet that announces the king's whims to a subdued people.
Being uber-alles is something to shout about in the face of the media tits if you want people to ooze about your refabricated, recalibrated tinsel town image.
Our world belongs to the Oligarchs. Their profits have never been so high, and the part of labour wages never been so low, unemployment an uphill roller coaster and debt a meteoric shooting star going supernova. You have to be blind, deaf and dumb if you can't see who writes the fatal writing on the wall of civilization fall. Choose you side once at Reichenbach falls; its either Sherlock or its Moriarty. Its the 4 of may and its 1891...
Disted, ha, ha, you said "fisted!"
I think the word "incest" is also missing...
People are so blinded that they can only see the ditches to the side of the road. Focus ON the road... it's there if you look for it!
"Her degree will buy her access, but she is most definitely not playing their game, at least not by their rules."
Here's an idea. Maybe you should teach her to be self-reliant instead of relying on paper privilege. If you enter the system, you don't change it. It changes you.
I suspect she'll rebel at some point and leave you wondering why.
I have my son heading off for uni to eventually (hopefully) become a MD.
I took the opportunity of a hospital stay to be a lesson in economics about self investment and leveraging a free scholarship.
"Look in the Dr.s parking lot and look at the patients lot. What do you see? Where would you rather park?"
"Notice how many old folks compared to young folks are here? Demographics."
He gets it. Living comfortably and doing useful service for people is the best of both worlds but will require a huge sacrifice. He understands compound interest. He also gets negative interest and has his own stack.
Being a very bright kid with some incredibly inept and outright stupid teachers has also taught him the value of discernment and to take all information under close examination to determine if it is opinion or fact.
His older sister posted a pic on FB of me holding her as an infant. "Happy Fathers Day. I love my daddy, the best teacher I have ever had.
WITH NO FRICKIN STUDENT LOANS TOO."
Brought a tear to my eye.
I'd bet the doctors' parking lot in HELL is full all the time too. What a heartless and greedy profession it has become; one is more likely to find compassion and caring from a lawyer. I hope your son will be an exception, but if the type of car he will be able to drive is his motivation, I doubt it.
Success in life is not about how much FRNs you can pull in. Rather, it's about how happy your inner life is. To be a MD is bullshit that is sold by your greedy bankers, and lots of MDs are heavily depressed anyway.
A lot of doctors are struggling. The surgeons are doing better but Hope and Chains is hurting everyone. A lot of doctors are pretty decent people. I have a few neighbors who are surgeons and they work pretty damn hard. A lot of time they are coming back from the hospital at midnight.
Well, one of mi girls has become a MD last december and she's in a research team, very big Hospital; she's also member of a latin rock band and doesn't give a shit about hedge founds and leverages.
She's beautiful, has no properties, doesn't aim at it and she's very happy.
Something she knows well is banksters' oligarchy and in her words: "I feel sorry for that human's sub-specie".
What does she have in common with Burry? A very smart brain, good education. The purposes they choose to use it makes the difference.
So, what's her phone number?
Keep it brief.
Your kid needs to google National Health Service pay and re-think the careeer choice.
Thanks for telling bragging about yourself and your daughter, actually it was vapid and self centered. My how you drone on and on...
I used to know someone like that. Her children were geniuses. He son discovered infinity at the age of five (but at the time he was entering college he was planning to become. god forbid. a politician). Her daughter started classes at Northwestern at fifteen because her high school just did't have the intellectual challenges she needed. It got very boring, especially since I didn't have any trophy stories to tell about my daughter. I was pulling teeth to just get her to do her homework. It's natural for parents to be proud of their children's accomplishments. Fortunately, there is so much to learn and enjoy besides academics.
People don't understand how to win at life.
Lets put it this way, becoming president isn't winning at life. If you live your life your way, pass on your genes to the next generation you are one of the winners.
Everything else is wank at best. Example; name just one person from 10,000 years ago. Anyone.
I couldn't agree more.
I watched the video and I was sort of shocked. This guy might have been smart and lucky, but in a word, he's a huge asshole. I read about him at length and have listened to a speech he had given in the past to a group of investors.
He's a huge asshole. just because he made a fortune by timing his call properly ( and he almost mistimed and lost EVERYTHING) he thinks he's a genius. he's no genius. the sad thing is our american culture regards people who made a lot of money as 'geniuses'. That is the kind of culture that stops producing them.
I didn't hear him claim to be a genius. "Huge asshole"? Psychological projection Sparky?
Didn't it say in The Big Short that Burry has Asperger's Syndrome? People who have Asperger's are short on social skills. Burry said he had thought through the ethics of his choices in life. How many people except certain very religious people think much about the ethics they should live by? I have a lot of ethical conundrums to deal with because I have given up the futile effort to participate in organized religion or believe that there is anything beyond the reality that confronts human beings from birth (or sometimes before birth) until death. Dealing with it is a bitch.
Hi Mary, you're totally wrong regarding reality.
Try reading Far Journeys by Robert Munroe. He was an American businessman who woke up one day to find himself having an out of body experieance, floating on the ceiling of his bedroom looking down at his wife in bed with a strange man. He 'swam' down for a closer look and was shocked to discover it was himself. Managed to 'swim' back inside himself then spent the rest of his life exploring, understanding and controlling the experiance.
Check him out on the internet. He also founded an institute called the Munroe Institute to continue the study. Heaps of people have been through his courses and replicated his experiance. Here's the link to the book: http://tinyurl.com/6nkp9te