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Early Take On Obama's Speech

Tyler Durden's picture




 

From Peter Tchir of TF Market Advisors

The only surprise in the speech so far is that he hasn't told Transatlantic Holding Inc., that they should accept Buffett's offer. 

Now we can get back to trying to figure out what new plan Greece and the Troika come up with to justify repeating the process again a few weeks from now.  And just how much QE is going to be announced Wednesday.

His "fairness" speech leaves something to be desired.  His math is even more interesting.  I wonder what the effective tax rate of a single person making 50k is?  Without any deductions or rebates, the effective tax rate is 17.25%.  I bet that very few single people making 50k pay an effective rate of more than 15%.  I suspect that many people making over a million pay an effective tax rate greater than 15%.  So much for math.

 

And a follow up from Mike Krieger who doesn't much care of PCness...

Anyone watching this clown’s speech?  So he wants to just raise taxes on “millionaires” now to pander to his base.  Apparently it is the idea of Warren Buffett, crony capitalist #1 in America.  Ok, let’s think about this for a second.  His WHOLE argument is that we need the revenues to pay the elevated debt.  Ok, well why is the debt elevated?  The big banks blew up the economy and then need a bailout.  Ok.  Have we separated investment banking from commercial banking and brought back Glass Steagall which did that in the first place?  No.  Are any bankers in jail?  No.  Did they pay themselves record bonuses on tax payer bailouts? Yes.  I though Obama couldn’t possibly get any worse.  He just did.  He is a liar and is 1000% in the pockets of Wall Street and crony capitalists like Buffett and Immelt (GE).  The guy is a fraud and his plan is a smokescreen to protect his real backers and create class warfare.

 

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Mon, 09/19/2011 - 11:26 | 1684743 r101958
r101958's picture

I noticed that there were no concrete numbers in the address. Just platitudes. I heard nothing about what exactly he proposes.....just another fluff speech.

Mon, 09/19/2011 - 11:34 | 1684796 narapoiddyslexia
narapoiddyslexia's picture

If its more than fluff, he's the deer-in-headlights, again. Wall Street shill, through and through.

And I voted for the shill. Only 'cause I was sick of Cheney, understand, the man with no heartbeat.

There is only one option left at this point, Ron Paul. If he fails again, then there are no options left but resistance, which can take many forms.

There are thousands of places where sand can be thrown in the monster's gears, without repercussions to the sand thrower. We are the sea, they are the islands.

Think about it.

Mon, 09/19/2011 - 11:44 | 1684840 trav7777
trav7777's picture

then ur a dumbass for voting for the lesser of two evils, because you still got evil, mfer.

ALL YOU PEOPLE WASTED YOUR VOTE!

Mon, 09/19/2011 - 11:51 | 1684869 Joshua Falken
Joshua Falken's picture


FDR's Treasury secretary, Henry Morganthau Jr.said in 1939  

"We have tried spending money.  We are spending more than we have ever spent before and it does not work.  And I have just one interest, and if I am wrong … somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat.  We have never made good on our promises. … I say after eight years of this Administration we have just as much unemployment as when we started. … And an enormous debt to boot."

Obama, Geithner and Bernanke are clearly not students of history otherwise they would not be following Morganthau and the Japanese kicking the can down the road hoping for a miracle.

Mon, 09/19/2011 - 11:55 | 1684889 DaveyJones
DaveyJones's picture

voting is sooo pre-revolt

Mon, 09/19/2011 - 12:08 | 1684951 Oh regional Indian
Oh regional Indian's picture

Hah! nice. yes, Demoncrazy, it will make everyone 'equal". What a bald faced lie.

But on topix, got to give the guy props for his delivery. The level of training to do what he does must be mind-boggling. i get the heebie-jeebies watching him talk and yet cannot help but shake my head in wonder. 

And if anyone stayed long enough to watch, Timmah is answering questions about changes to the tax-code. Anyone see the inherent ridiculousness in that? Eh? And that whole Press WHore, I mean Cored, I mean Core, no one has the balls to break from script and ask, on Camera, hey, Tax-cheat, you talking taxes to me?

BAh! Such an uber controlled set-up!

ORI

America is a Lie. AMERICA is where these cats are at.

Mon, 09/19/2011 - 12:24 | 1685020 BDig
BDig's picture

A tax on millionaires affects very few people now.  However, in 10 years, this will be nearly everyone.

Mon, 09/19/2011 - 14:00 | 1685408 narapoiddyslexia
narapoiddyslexia's picture

May not be 10 years, even. A tax on millionaires may hit the middle-class in as little as five years, Bernanke willing.

Mon, 09/19/2011 - 14:02 | 1685413 malikai
malikai's picture

Yup. Obama will get class warfare. But I'm not so certain it will be the class warfare he seeks. I suspect it will be more of the political class vs. the serf class, because all the "rich" will be gone. But nevermind that, by the time the serfs figure that out, the new batch of crones will be on to saving the world from the next great problem they create.

Mon, 09/19/2011 - 11:57 | 1684897 trainman
trainman's picture

well said- need to try voting domeone different- not a dem. or reb.- cannot believe either party at this point- they speak paty first- America second (maybe).

Stop being a sheeple and vote for a difference-

Mon, 09/19/2011 - 12:01 | 1684920 pods
pods's picture

 

“If voting changed anything, they'd make it illegal.”

-Emma Goldman

 

Mon, 09/19/2011 - 12:14 | 1684970 Tater Salad
Tater Salad's picture

Stop being a sheeple and vote for a difference-

 

Because trying to vote in a third party in a two party system is the ultimate "wasted" vote.

 

Sorry, just keepin' it real!

Mon, 09/19/2011 - 14:28 | 1685520 mojine
mojine's picture

http://www.thedailybell.com/2957/Anthony-Wile-Nelson-Hultberg-on-the-Debut-of-SPOiLER-His-New-Political-Party-and-How-Ron-Paul-Could-Win-the-Presidency

... It's a feature-length documentary that explores how a third political party could win the presidential election of 2012 or 2016 with four key issues. Obviously, you're the inspiration. Are you pleased with the result?

Nelson Hultberg: Very much so. It is extremely difficult in the times we live in for the forces of freedom to get a fair hearing in the media and movie houses. This film gives us that fair hearing. It tells the viewer what has brought about our demise as a free country by contrasting the two distinct periods of our history – the libertarian-conservative era, 1776-1913 with the progressive era, 1913-2011. It puts forth four strategic policies that must be enacted if we are to correct the terrible damage done to us by the Keynesians and the collectivists, and thus save the country. These are policies that can get a nationally known candidate 38% of the vote and win in a three-man race. This would begin the salvation process of the country.

Daily Bell: It features Freedom Force Founder, G. Edward Griffin (author of The Creature from Jekyll Island), Peter A. Lillback, author of George Washington's Sacred Fire, John McManus, President of the John Birch Society, Pat Buchanan, well-known author and political analyst, and Edwin Vieira, constitutional attorney from Harvard, (author of Pieces of Eight). Feel like you are in good company?

Nelson Hultberg: Extremely fine company. These are the type of "truth-tellers" that Orwell was referring to. These are the type of contrarian intellectuals who do not worship popularity over principle as the MSM talking heads do so cravenly. These are the type of minds that are not afraid of the truth. They know that we live in times of massive deceit, and their goals are far more profound than receiving acclaim from the collectivist herd. Their views are geared toward exposing the usurpations and sickening humbug that permeates politics in America today.

Daily Bell: Of course it's inspired by your strategy set forth in your new book, The Conservative Revolution. You launched AFR and the CONSERVATIVE AMERICAN PARTY to give people that choice. Tell us about its "Two Pillars Strategy."

Nelson Hultberg: The "Two Pillars Strategy" is the foundation of the Conservative American Party. It is designed to put in front of the American people two crucial political reforms that will stop the relentless growth of government and begin the restoration of what we were meant to be as a country.

These two crucial reforms are: 1) Ending the Federal Reserve's power to inflate the money supply at will, and 2) Ending the government's power to progressively tax its citizens. These two powers give government the ability to steal wealth from the people by debasing the currency and by confiscating the earnings of our most productive citizens through progressive tax rates.

Pillar #1 is to enact Milton Friedman's 4% auto-expansion plan for the Fed. This will mandate by law that the Fed can only increase the money supply by 4% every year. Monetary expansion will be taken away from the FOMC's arbitrary discretion and be computerized, which will keep money supply growth equivalent to the growth of goods and services, which will reduce price inflation to zero. This will end the Fed's irresponsibility and allow time for the people to be educated as to the necessity for a gold standard and ending the Fed, which might require several decades. Such an auto-expansion plan is not perfect and not a permanent solution, but it will stop the destruction of our currency. It is a vital interim policy until gold money can be re-established. Even Ron Paul himself knows that the Fed is not going to be eliminated right away. Only naïve utopians who don't live in the real world want to end the Fed today. Good grief! The country would totally collapse. We need a plan to phase out the Fed. This pillar is the first step toward that process. Combine it with Edwin Vieira's plan to enact gold and silver coin alternatives at the state level, and you have a viable means to rectify 100 years of Marxist / Keynesian monetary insanity.

Pillar #2 is to enact an equal-rate income tax of 10% for everyone (i.e., a genuine flat tax). If we are to uphold "equal rights" in America, then we must have "equal rates" in our tax system. And all citizens must be assessed the tax. No exemptions. Period. Only in this way can we have a responsible electorate. When all people have to pay proportionally for their government services, they will begin to vote for less government every year at the polls. A 10% equal-rate tax for everyone will be revenue neutral, and thus not threaten the stability of the voters' lives. Because all the people will have to pay the tax, the overwhelming majority will demand that the 10% rates be lowered every year and government spending be reduced. They will start sending Ron Pauls to Congress instead of Chuck Schumers, for this is the only way they will be able to get more freedom and money into their lives. Consequently we could have a 5%-7% flat income tax in a decade or two. At that time we could then switch to a national sales tax of 5%-7% and completely eliminate the income tax along with the IRS.

Mon, 09/19/2011 - 12:39 | 1685013 Waffen
Waffen's picture

anyone who voted for Obama was either a complete ignoramus or completely and utterly ignorant of reality. (or commie P.O.S or kleptocrat)

p.s 

if you voted for McCain you are likely also an ignoramus or completely and utterly ignorant of reality as well. 

 

 

Mon, 09/19/2011 - 14:27 | 1685517 narapoiddyslexia
narapoiddyslexia's picture

At least you're evenhanded about it. Here is a question. Of those who voted, how many voted for neither The Big Zero or Big John/Big Sarah?

Mon, 09/19/2011 - 11:34 | 1684800 Construct
Construct's picture

That is because his team is busy redefining what rich is.

Mon, 09/19/2011 - 12:12 | 1684959 Oh regional Indian
Oh regional Indian's picture

That is an excellent construct, Construct. Nwo(!!!) they will cull the "merely" rich. 

Basically, the cull and th ere-definition of the matrix's visible structure has begun, in earnest. The millionaires are going to get buffeted. The Buffets are safe,a s they always were.

Oh, and two words for mr. jobs Plan. Soiled Undies!

ORI

Mon, 09/19/2011 - 11:48 | 1684862 Raymond K Hassel
Raymond K Hassel's picture

Running 50k throuh my tax software, with no deducts or kids, single taxpayer, tax would be $6,350, just a shade higher than 12%.

Mon, 09/19/2011 - 11:27 | 1684749 Ruffcut
Ruffcut's picture

Lip service, at its best.

I suggest to close the def with a bullshit tax. Problem solved.

Mon, 09/19/2011 - 11:36 | 1684809 spiral_eyes
spiral_eyes's picture

"It's not class warfare" — Obama

No — it is class warfare — warfare by the rich: Goldman Sachs, Obama, the military industrial complex, the Federal Reserve — against the poor: everyone else.

This is a sick Presidency, based on Orwellian logic, hopey-changey nonsense, crony capitalism, oligarchy and corporatism.

Fuck Obama, Fuck Warren Buffett, Fuck the Federal Reserve.

Let good businesses succeed and failing businesses (hello BAC) die.

http://azizonomics.com/2011/09/09/why-obama-is-failing/ 

Mon, 09/19/2011 - 11:39 | 1684826 ZeroPower
ZeroPower's picture

The rich pay enough taxes... top 1/2 pays 97% of taxes, bottom 1/2 pays <3%. And yet, they want more benefits!

Mon, 09/19/2011 - 11:45 | 1684850 trav7777
trav7777's picture

a wealth tax to retire real debt would be just as the debt went directly into the pockets of the elites.

Tax bankers' wealth, and all the people attached to the gov't tit and retire the debt.

Mon, 09/19/2011 - 14:52 | 1685618 maximin thrax
maximin thrax's picture

The banker's income is taxed in the higher brackets. Their bonuses are earned in the top bracket. The progressive tax scale guarantees that. The feds would rather have the banker working and see his bank having bigger profits than have you working. If the government has to lose its 9% effective tax rate on the $50K you earn so that the banker's multi-million dollar bonuses are maintained from which Uncle Sam gets 30%+, there's no chance for you. With the top 1% paying so much of the tax burden and the bottom half paying so little, it behoves the government that the people in the highest tax brackets make as much money as possible, as often as possible and in any way possible. Government will always shepherd the mega-taxpayers towards greater profitability at the expense of the little guy who sees tax breaks on non-existant income.

Mon, 09/19/2011 - 14:12 | 1685451 malikai
malikai's picture

Change I can believe in.

Mon, 09/19/2011 - 11:28 | 1684750 clagr
clagr's picture

He must be saving taxpayers money by cutting out telelprompter script writers.

"Just roll the old ones, they haven't got it yet."

Mon, 09/19/2011 - 11:31 | 1684777 Long-John-Silver
Long-John-Silver's picture

His teleprompter writer did quit and has moved on to another job.

Mon, 09/19/2011 - 11:27 | 1684751 HANKREARDON
HANKREARDON's picture

ZH, can you have someone in your math department report on the correlation between 'stock market down days' and 'Obama economic speeches", thank  you.

Mon, 09/19/2011 - 11:28 | 1684752 carbonmutant
carbonmutant's picture

It's not about the math it's about class warfare...

Mon, 09/19/2011 - 11:52 | 1684877 Josh Randall
Josh Randall's picture

Common theme in DC - to quote Spinal Tap/The Thamesmen: "Gimme Some Money"

http://www.youtube.com/watch?v=I-BYzaDwNoE

Mon, 09/19/2011 - 12:00 | 1684915 DaveyJones
DaveyJones's picture

great look, great drummer. He died...he died of a bizarre gardening accident.

Mon, 09/19/2011 - 11:27 | 1684753 Gandalf6900
Gandalf6900's picture

BOOOOOOOOOOOYA!!!

Mon, 09/19/2011 - 11:27 | 1684755 Lady Heather...UNCLE
Lady Heather...UNCLE's picture

...he is such a disappointment. A very inarticulate person in reality. And a stooge. Please get rid of this imposter.

Mon, 09/19/2011 - 11:28 | 1684756 CaptFufflePants
CaptFufflePants's picture

I heard him say he would remove tax deductions for those making more than 250K so if that is the case the single guy making 50 grand argument is pointless.

 

I see the S&P went up 1% since start of speech so that means the world likes his plan right?

 

I mean if it went down, the headline would be Obama Opens Pie Hole Global Markets Crash

 

So since they went up you will attribute all gains to his plan, amirite...lol yay right...

 

Mon, 09/19/2011 - 11:29 | 1684767 SheepDog-One
SheepDog-One's picture

QE3 FOMC can only be a disappointment, as theyve got the entire $3 trillion baked into fake stocks already and also a complete recovery of the economy. 

Its goin down folks, Cat 5 Shiticane.

Mon, 09/19/2011 - 11:37 | 1684814 scatterbrains
scatterbrains's picture

so cap gains are held low while stocks rise via bursts of hft. As we crest the top, with the whales positioning short, we jack the cap gains rate up just in time to snatch back a big piece of the fortunes about to be made when stocks collapse?

Mon, 09/19/2011 - 11:39 | 1684824 SheepDog-One
SheepDog-One's picture

Its all just worthless fiat markers anyway.

Mon, 09/19/2011 - 11:29 | 1684768 moregoldplease
moregoldplease's picture

Warren is apparently suffering ego driven dementia. Our president thinks he is a monarch, and most of the population seem to agree or wish it were true. The fact that there isn't enough money does not seem to matter. The only thing the plan would accomplish is the complete suffocation of economic growth, just take a look at Europe. Junk away Obama trolls I can't wait.

Mon, 09/19/2011 - 11:34 | 1684797 PivotalTrades
PivotalTrades's picture

Makes you wonder what other deals the bumbkin made. He knows that captal gains rates are lower than income rates because they represent the double taxation that takes place on the corporate level.

Mon, 09/19/2011 - 11:54 | 1684887 Restcase
Restcase's picture

Isn't it the case that Americans are really monarchists? Look at the congressional approval ratings, the participation level in local elections, and the immense hope and belief placed in the executive branch. This is basically a Czarist peasantry, ZH readers (on the other hand) being the freedom-loving cossacks on the frontier. Unfortunately, this peasantry will get a dictator before they get a king.

Mon, 09/19/2011 - 11:58 | 1684902 LetThemEatRand
LetThemEatRand's picture

I don't buy that tax policy is going to suffocate or not suffocate anything.  The problem is that the globalist oligarchs figured out they could make more money "employing" slaves in China and elsewhere, resulting in the huge sucking sound of jobs leaving the USA and the wealthy nations in general as predicted by crazy ass Ross Perot many years ago.   The idiotic Blue Team keeps its base of sheep happy by claiming that taxation of the few left with money is the answer, and the Red Team rallies its sheeple supporters by claiming that the rich just need a little more and then everything will be better again.   Divide and conquer. 

Mon, 09/19/2011 - 12:15 | 1684978 Moe Howard
Moe Howard's picture

Unemployed communists don't get up this early, hence no junks.

Mon, 09/19/2011 - 11:32 | 1684770 Outlaw Of The W...
Outlaw Of The Wasteland's picture

The Republicans should come out and say, " We are not going to pass anything authored by this man.  He is a communist and a domestic enemy.  We have no idea who his real father was, but we do know much about his past not reported upon by his fellow travelers in the media." 

Throw down the gauntlet.  Have some balls.  Call a spade a spade.

 

Mon, 09/19/2011 - 11:32 | 1684785 SheepDog-One
SheepDog-One's picture

Yep, they should. But we'll get the standard touchy feely compromise crap because all politicians have to operate to the lowest common denominator and believe this crap that 'The people want you to work together and get along'....Oh Cumbaya! 

Mon, 09/19/2011 - 11:33 | 1684793 Seasmoke
Seasmoke's picture

Obama is a spade

Mon, 09/19/2011 - 11:45 | 1684852 AssFire
AssFire's picture

I had him pegged as a psychopathic joker.

 

Mon, 09/19/2011 - 11:57 | 1684901 Little John
Little John's picture

HEY! That's not fair to spades.

Mon, 09/19/2011 - 11:35 | 1684807 SWRichmond
SWRichmond's picture

Would that it were true.  But the Repubs are ball-less assclowns.

Mon, 09/19/2011 - 11:51 | 1684871 I Got Worms
I Got Worms's picture

"Call a spade a spade."

I see what you did there. :-)

Mon, 09/19/2011 - 11:57 | 1684903 DosZap
DosZap's picture

I Got Worms,

No he missed it lets Call a  Mulatto a Mulatto.(He's as much White as Black.) None of that matters,his policies are murdering us.

This has to chap his ass that he is 50-50 ,but he more than makes up for it with the commie manifesto shit,and causing class warfare, to get the peoples eyes off the real agenda.

Mon, 09/19/2011 - 12:11 | 1684956 LawsofPhysics
LawsofPhysics's picture

Another sheep who believes that the two parties are actually different.  The script has already been written moron.  If voting actually changed the status quo, it would be illegal.  Ron Paul is the only viable GOP candidate I see.

Mon, 09/19/2011 - 11:30 | 1684772 tawdzilla
tawdzilla's picture

<------Obama is systematically destoying the US economy per Alinsky code (on purpose)

<------Obama is destroying the US economy out of sheer naivety and incompetence (by accident)

Mon, 09/19/2011 - 11:53 | 1684879 WonderDawg
WonderDawg's picture

How about a third choice: Obama is nothing more than a bought-and-paid-for puppet dancing on the strings of his masters in the Military-Industrial-Financial complex.

Mon, 09/19/2011 - 13:48 | 1685347 DaveyJones
DaveyJones's picture

Pinocchio's opening act where he trips all the way down the stairs.

ps. The whale will eat all of us 

Mon, 09/19/2011 - 14:21 | 1685485 malikai
malikai's picture

Nobody is so stupid as to do all this on accident. But people are so stupid as to destroy their economy on accident due to their own crooked nature and rampant corruption (not intended to collapse the economy).

Mon, 09/19/2011 - 11:30 | 1684776 Seasmoke
Seasmoke's picture

fuck Buffets secretary , if i hear about her one more time i am going to punch her in the face......she works for the richest man in the country and if she cant figure out how to lower her tax rate , then too fucking bad !

Mon, 09/19/2011 - 11:36 | 1684811 SheepDog-One
SheepDog-One's picture

'Buffets secretary' now apparently the centerpiece of the US economic model'...this all makes Orwell look nieve and childish.

Mon, 09/19/2011 - 11:55 | 1684891 oogs66
oogs66's picture

wait til someone finally interviews her and finds out its all lies

Mon, 09/19/2011 - 12:32 | 1685056 Jena
Jena's picture

It might be interesting to track down her tax returns for the last five or ten years, find out just what the numbers say.  Before anyone has a chance to get them in perfect line, of course...

Mon, 09/19/2011 - 12:21 | 1685009 Nascent_Variable
Nascent_Variable's picture

Please God let Buffet's secretary be a Ron Paul supporter.

Mon, 09/19/2011 - 11:43 | 1684836 Don Birnam
Don Birnam's picture

I would wager that uncular Uncle Warren's secretary has most of her wealth in the form of very-long held BRK/A shares -- a phenomenon not unlike rank-and-file MSFT employees, a/k/a, "MicroMillionaires."

Everything about Buffett is a facade -- disingenuous and hypocritical: from the balls of his feet, to the yellow rubber ducky ( on loan from Becky and Junior Quick ) which floats in a place of honor in his bathtub.

Mon, 09/19/2011 - 11:41 | 1684778 Savvy
Savvy's picture

Buffet won his dispute with the IRS the day after he announced he'd be hosting Obama's next fundraiser. Just coincidence I'm sure.

Mon, 09/19/2011 - 11:32 | 1684781 Moneyswirth
Moneyswirth's picture

AAPL up over $400 now.  So the speech must've been good.  All the lazy fucks at home getting a government check can now feel comfortable about firing up their credit cards and buy more iCrap.  

Mon, 09/19/2011 - 11:32 | 1684783 fdisk
fdisk's picture

"the world likes his plan right?"

Dunno about ZH but CNBC poll shows 60% is for rising

taxes on rich people. Though my view is different.

You can rise taxes all you want but when people are out of work

it wouldn't do too much on revenue site: JOBS, JOBS, JOBS!

Let's TAX corporations more so they can move over Hong Kong and

take last Jobs with them..

Mon, 09/19/2011 - 11:53 | 1684880 DosZap
DosZap's picture

Let's TAX corporations more so they can move over Hong Kong and

take last Jobs with them..

No, lets TAX the shit out of them if they do not come back,jobs in tow.

Mon, 09/19/2011 - 11:33 | 1684789 the not so migh...
the not so mighty maximiza's picture

i don't think he can last a year on BS speeches anymore

Mon, 09/19/2011 - 11:35 | 1684801 monkeyboy
monkeyboy's picture

Man that was just crazy talk!?

Mon, 09/19/2011 - 11:35 | 1684803 Everybodys All ...
Everybodys All American's picture

I'm starting to feel sorry for this guy.

Mon, 09/19/2011 - 12:02 | 1684925 DeadFinks
DeadFinks's picture

How can you feel sorry for a sociopath?  I feel sorry for everyone else impacted by his actions.

Mon, 09/19/2011 - 12:28 | 1685039 trav7777
trav7777's picture

nah...NeO is not that conniving type of mastermind sociopath manipulator.  He's a product of the decades of YTs that put him into these positions and carried his water.  Kind of like an unwitting parasite.

The apoplexy comes now that he's actually in charge of something and he has no clue about how to actually do anything.  He's simply never had to.  There have been legions of white sycophants and enablers at every turn from Columbia to Harvard to beyond, willing to eat his shit gleefully and carry his load for him, all so they can have a black man at the helm proving the egalitarian myth true.

I shit you not- there are a significant number of white people who would rather eliminate the race that invented everything in history rather than have to live with the reality that there is no such thing as equality.

Mon, 09/19/2011 - 11:37 | 1684805 dxj
dxj's picture

You can't have new jobs by waging war on capital. A capitalist puts the money to work creating wealth and the goodies we want and the jobs we need to pay for the stuff we want. When you take capital from the capitalist and give it to the poor man, it's consumed and used up forever. Less capital, less goodies and less opportunity for the poor to pull themselves up a rung on the ladder.

The average American buys Obama's bullshit because the average American is economically illiterate.

Mon, 09/19/2011 - 11:49 | 1684864 trav7777
trav7777's picture

WE DON'T HAVE CAPITALISM.

We have a SOCIALIST government that BORROWS MONEY so that megamillionaires can get BIGGER bonuses!

Fuck me, we put $20T into these effing banks and that shit didn't solve anything except buying MORE YACHTS.

And if someone proposes clawing that wealth back you call it a war on fucking capitalism.

Mon, 09/19/2011 - 11:48 | 1684861 trav7777
trav7777's picture

fuck off...capital has waged war on the population.

Why the fuck do you bootlickers want the billionaire bankers to keep their capital which got to them by the fucking gov't BURYING us all in debt?

You REALLY want to repay that debt plus interest?  Fuckin idiots....

All your stupid shit theoretical crap is nonsense.  The debt is going to wars and banks, you moron.

Mon, 09/19/2011 - 12:14 | 1684971 LawsofPhysics
LawsofPhysics's picture

Nice try, but you are not counting the capital destruction by banks malinvestments and CDS and other liquidity traps.  The debt is the only problem that matters.  The usury is not payable and excessive.  Nothing changes until the debt is repudiated and bad business models fail.

Mon, 09/19/2011 - 12:49 | 1685128 Neo
Neo's picture

When you take capital from the capitalist and give it to the poor man, it's consumed and used up forever.

Wrong, the capital makes it's way right back to the "rich" in the form of revenue (less the Gov's bite). Those rich may be in another country, but it does not disappear. The only time money disappears is when debt is extinguished. Which is why, "they" would rather us buy iCrap than to get out of debt.

I do agree that Obumer is an idiot and "taxing the rich" really ends up being "screw the working man" every. single. time.

 

 

Mon, 09/19/2011 - 11:36 | 1684808 DCFusor
DCFusor's picture

Anytime a politician uses the F(air) word, time to put your hand over your wallet.  Yes, some are poor, they don't know how to fix that (or it'd have been done) but we sure know how to make it "fair" -- we'll spread the poor around by eliminating the not-poor.

I should probably bold this and repost it over and over and over here and elsewhere till everyone gets it.  Short pithy comments get skipped over as easy as long dense ones.  Truth is still truth, and universal.

Mon, 09/19/2011 - 12:18 | 1684991 LawsofPhysics
LawsofPhysics's picture

How about letting bad business models fail for a change fucknut?  I'd love to see a side by side comparison of the bailouts for large corporations and financial fuckwad institutions (responsible for the mess) next to the money spent on food stamps.  

 

Crash the fucking system already, then we can find out just how much value everyone actually adds to the economy.  I promise you compensation will return to people who are actually worth a shit.

Mon, 09/19/2011 - 12:22 | 1685010 Moe Howard
Moe Howard's picture

Yes you are correct and you would be doing the ZH'ers a public service if you remind us of the facts every now and then.

Thank you.

Mon, 09/19/2011 - 12:30 | 1685050 trav7777
trav7777's picture

You're right...we shouldn't think of touching the hundreds of millions in wealth that crooked banksters got the USG to borrow money to give to them.

We should focus on the ONE guy out there who made his money honestly, and forget that he's surrounded by legions of military profiteers and bankster racketeers who are the ones who GOT the payments that were behind all this extra debt.

Mon, 09/19/2011 - 14:39 | 1685551 LongBallsShortBrains
LongBallsShortBrains's picture

Anytime a politician uses the F(air) word, time to put your hand over your wallet.  Yes, some are poor, they don't know how to fix that (or it'd have been done) but we sure know how to make it "fair" -- we'll spread the poor around by eliminating the not-poor.

Mon, 09/19/2011 - 11:36 | 1684810 RobotTrader
RobotTrader's picture

 

 

Starbucks, Abercrombie, Whole Foods all green today.

All still 3 and 4 baggers off the 2009 lows amidst the worst credit crunch in Europe's history.

And don't even get me started on the REITs or AAPL.

Mon, 09/19/2011 - 11:42 | 1684818 SheepDog-One
SheepDog-One's picture

And MomoChaser still runs around with stars twinkling in his eyes looking for anything thats 'green'...its as far as his tiny brain can go, like a raccoon fascinated by shiny bits of tinfoil.

Mon, 09/19/2011 - 11:54 | 1684846 adr
adr's picture

When there is no reason to explain a move you are left with the only reason that makes sense. There are only idiots in the room.

The problem is when there are only idiots left, an idiot can actually be the smartest one there.

Still doesn't change the fact that to the rest of the world he is still an idiot.

^^^^^^^ Robo

Mon, 09/19/2011 - 11:36 | 1684812 fdisk
fdisk's picture

GOLD still getting hammered even when stocks recover some

earlier losses. I don't buying that GOLD if "off risk" trade.

Mon, 09/19/2011 - 11:42 | 1684835 AssFire
AssFire's picture

I'm just a simple engineer... I suggest waiting at least two days before buying gold.

Mon, 09/19/2011 - 11:40 | 1684828 AssFire
AssFire's picture

BHO is the "Head of the State" for the United States. He is not particularly intelligent and has a very undistinguished look. He knows politics, however, and is a master of public relations and back-room deals. Rand's notes indicate that she modeled him on President Harry S. Truman, and that she deliberately decided not to call him "President of the United States" as this title has "honorable connotations" which the character does not deserve.

 

Mr. Thompson's character from Atlas Shrugged...

 

Mon, 09/19/2011 - 11:41 | 1684830 mynhair
mynhair's picture

Notice a spike on SPY around 10:25 to 121.57.  That count as a retrace?

Mon, 09/19/2011 - 11:41 | 1684831 adr
adr's picture

What is with the BS Nasdaq, the rest of th emarket is trading flat but the Nasdaq made a pretty big 20 point jump.

Crude is going near vertical as well from the low of the morning.

THIS SMELLS OF ANOTHER PPT FED INTERVENTION.

How the fuck oil can still be trading above $85 is beyond me. There is no such thing as a market today.

Mon, 09/19/2011 - 11:56 | 1684895 papaswamp
papaswamp's picture

OPEC is talking about cutting production

Mon, 09/19/2011 - 11:58 | 1684905 DosZap
DosZap's picture

Screw OPEC.

Mon, 09/19/2011 - 12:32 | 1685059 trav7777
trav7777's picture

It won't be voluntary...that Peak Oil thing is going to force them to.

Mon, 09/19/2011 - 12:07 | 1684938 LawsofPhysics
LawsofPhysics's picture

"How the fuck oil can still be trading above $85 is beyond me"

 

Are you just stupid?  The northern hemisphere is getting ready for winter and India, Brazil, Russia (real cold winters) and China still have significant demand.  The world and markets will care less and less about your America perspective with each passing day.

Mon, 09/19/2011 - 12:33 | 1685064 trav7777
trav7777's picture

yeah...the US has gone back to 1997 levels of consumption, shaved off 10% of it and we're wondering how the fuck we can possibly be in a recession?

The energy theory of economics is preeminent.  Learn it.  Know it.  Make peace with it.

Mon, 09/19/2011 - 11:43 | 1684837 Alvaro de Esteban
Alvaro de Esteban's picture

Finally we know why he ordered to kill Ben Laden...

He didn´t want to share the credit for the annihilation of USA´s ( and part of Europe) way of life

Mon, 09/19/2011 - 11:43 | 1684838 bob_dabolina
bob_dabolina's picture

Best analysis I've seen on the Obama speech

http://tinyurl.com/3djavsj

Mon, 09/19/2011 - 11:44 | 1684839 Quinvarius
Quinvarius's picture

I must say the millionaire tax erased all my doubts about Obama.  This is turning into get whitey while sucking banker dick for crack money.

Mon, 09/19/2011 - 11:51 | 1684870 trav7777
trav7777's picture

JFC, the bankers ARE the fucking millionaires!

Mon, 09/19/2011 - 11:57 | 1684898 papaswamp
papaswamp's picture

Yea but his panama trade deal makes it easier for them to hide their money. 

Mon, 09/19/2011 - 12:07 | 1684942 Hulk
Hulk's picture

Yes, but the banker's income tax is tax deductable...

Mon, 09/19/2011 - 11:44 | 1684842 Everybodys All ...
Everybodys All American's picture

Obama deserves to be made a one term president. He has more than earned it and is void of any ideas beyond creating class divisions. Just like a bananna republic leader.

Mon, 09/19/2011 - 12:35 | 1685069 trav7777
trav7777's picture

DATS RAYCISS

Don't you know that if you DON'T vote for him again, you will be branded a RAYCISS and ostracized by other white people, who will treat you as lower than a child molestor?

Mon, 09/19/2011 - 11:44 | 1684847 buzzsaw99
buzzsaw99's picture

Ok, well why is the debt elevated?  The big banks blew up the economy and then need a bailout.  Ok.  Have we separated investment banking from commercial banking and brought back Glass Steagall which did that in the first place?  No.  Are any bankers in jail?  No.  Did they pay themselves record bonuses on tax payer bailouts? Yes.  I though Obama couldn’t possibly get any worse.  He just did.  He is a liar and is 1000% in the pockets of Wall Street and crony capitalists like Buffett and Immelt (GE).  The guy is a fraud and his plan is a smokescreen to protect his real backers and create class warfare.

Mon, 09/19/2011 - 11:45 | 1684854 Lady Heather...UNCLE
Lady Heather...UNCLE's picture

O/T :  AAPL is flying! Have they inmvented an edible iPad?

Mon, 09/19/2011 - 11:47 | 1684857 Quinvarius
Quinvarius's picture

No.  The market is prespending whitey's money.

Mon, 09/19/2011 - 12:03 | 1684927 scatterbrains
scatterbrains's picture

lmao!!!

Mon, 09/19/2011 - 11:46 | 1684855 RobotTrader
RobotTrader's picture

All I can say is that gold stock fund managers must be puking, watching names like AAPL making new highs with credit spreads in Europe blowing out to new world record highs.

Mon, 09/19/2011 - 11:46 | 1684856 TTaco
TTaco's picture

The White House Presents .........  BOBI Punchilnes!

Mon, 09/19/2011 - 11:47 | 1684858 Silverhog
Silverhog's picture

More reelection diarrhea from the king of baloney. Make a teleprompter gag.

Mon, 09/19/2011 - 11:47 | 1684860 bbq on whitehou...
bbq on whitehouse lawn's picture

It doesnt matter. People will turtle and even less will be produced untill the market recovers or all production stops.

Money has chosen its course, to hide. It will stay hidden untill it can grow; like a seed in the winter waiting for the first rains of spring.

Mon, 09/19/2011 - 11:51 | 1684867 adr
adr's picture

So what crazy rumor will we find out in a few minutes that caused the market to reverse and nearly send the Nasdaq green.

Just a continuation of last week once again. The decoupling from reality is now complete.

Where are the regulators that should be looking into this algo driven nonsense?

Mon, 09/19/2011 - 11:51 | 1684868 Quinvarius
Quinvarius's picture

Today's gold raid was probably required to keep it under $3000 after the announcement that the President want to take money from the people most likely to create jobs or have their savings loaned out by banks into the economy.

Mon, 09/19/2011 - 12:36 | 1685076 trav7777
trav7777's picture

HAHAHAHAHAHAHAHA...right.

You mean people most likely to be sucking the gov't tit and being the recipients of bailouts, for which the debts were sourced?

Even these so-called fucking entrepreneurs are benefitting from the GOVERNMENT'S LARGESS.  There is no true way to "make it" anymore without that. 

Mon, 09/19/2011 - 11:55 | 1684872 Theta_Burn
Theta_Burn's picture

A line in particular stood out for me that "we are not here to punish success" America does seem to be in the buisness of rewarding failure though. Obama doing the Opra tour defending AIG bone-us in the 10's of millions for fear of a talent exodus, some fucking talent. at that time where was that public outrage? and still NO indictments or investigations.

I agree that this loophole shit should end, finally after what 40-50 yrs?

It's over folks, all they can do at this point is soften the landing.

Be grateful for what you have right now..

Mon, 09/19/2011 - 11:53 | 1684874 RobotTrader
RobotTrader's picture

PCLN, WYNN, CMG launching off bases, the Riverboaters at IBD will surely be chasing these now that they have cleared the pivot points

Mon, 09/19/2011 - 11:59 | 1684909 adr
adr's picture

The stocks you mention are just used as holding vehicles for hedge funds. Think money laundering and you'll get the idea.

There is no reason for Chipotle to jump to new all time highs. The asian food experiment is old news at this point and Chipotle restaurants are ghost towns now that a burrito is $8.

The only thing Chipotle is good at today is cooking the books and they are doing a damn fine job. Any true audit would find the company in bankrupcy.

Mon, 09/19/2011 - 12:04 | 1684931 LawsofPhysics
LawsofPhysics's picture

Don't feed the trolls, even robo knows that true price discovery died a long time ago.  He basically buys low and sells high, if you don't, you won't be trading for long.

Mon, 09/19/2011 - 11:52 | 1684875 fdisk
fdisk's picture

I expect JPY BULLS to get castrated the same way as

CHF longs just a few days back. Watch JPY..

Mon, 09/19/2011 - 11:53 | 1684881 gjp
gjp's picture

New highs in AAPL, AMZN, GMCR etc.  The blow-off continues.  What could possibly stop it at this point?  It's hard to imagine ...

Mon, 09/19/2011 - 12:14 | 1684967 d00daa
d00daa's picture

take a look at cmg blowout to +4.5% on ZERO news.

not going to end well.

Mon, 09/19/2011 - 11:54 | 1684886 Mrs Kensington
Mrs Kensington's picture

AAPL is rising because the Chinese said they were going to buy it and Intel and Boeing instead of treasuries....  As usual the juniors with their hands on the mice are following every Chinese utterance like stoats....  not yet realising that Hugh Hendry is 150% right, as is AEP:  

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/877222...

Only way for China, and everything else bar perhaps the dollar, (controversial here I know, but think Tea Party) is down.

Mon, 09/19/2011 - 11:58 | 1684892 vast-dom
vast-dom's picture

 

"promise the moon...."always a choice of difficulties" future......facing up to the legacy of debt.....and about FAIRNESS...and looking out for one another......we know what's right....it's time to do what's right...."

 

Is this some kind of alter-world comedy skit? And the military band plays a lively set......this is a fucking fucked up joke man!

 

Doing what's right starts with STOPPING and dismantling Teh Fed and overhauling the IRS and on and on and on........but alas we have true regressive taxation and ILLEGAL government intervention all around.............jesus man talking about fairness at this point by obummer is just offensive.

and now allow me to vomit up my popcorn and hit the ol' stem.....feel like i'm from another galaxy looking down on this vile venal posturing.....obummer needs to just start cracking up in the middle of one of his speeches and say, "what the fuck am I talking about this shit is just too much do you people actually buy this crap?"

 

//drool drool slop slop slothrop splat nothing to make sense of nothing is your salvation in stillness/

//if you want love you need space and space comes from giving of yourself and space comes from not being self-involved and space is what lets love in and there is no space in lies excuses blame and scaming/

IT'S TIME TO DO WHAT'S RIGHT and that is allow for THE GREAT PURGE.

Mon, 09/19/2011 - 12:38 | 1685082 trav7777
trav7777's picture

he's black...all the people in the room would sit there smiling trying to catch his feces if he dropped the draws and started squeezing one out

Mon, 09/19/2011 - 12:04 | 1684906 Die Weiße Rose
Die Weiße Rose's picture

Denial is not only a River in Egypt...

US President Obama is telling you what you should know already:

To bring down the US15 trillion national Debt you can not just slash spending

on such essentials like education, medicaid, social security etc....

you have raided your pension funds to fund two disastrous wars,

you have those Idiotic Bush Tax cuts that substitude large company tax loopholes,

you have an Idiotic Tax system where Hedgefund Managers get away tax-free or at a minimum..

The rich must pay their fair share ! What's part of that don't you understand or think unfair ?

All that needs reforming if you want to avoid a severe Recession in the US.

You kicked the can down the road long enough and it finally hit a wall.

Most of you are not interested in that. To be a patriot for you means the right to bear arms,

pay no Tax, buy Gold and fuck everybody else.  

This is your american patriotism from what I can see here.

No doubt most of you will awaken from ignorance and deep denial you find yourself in right now, eventually -

To find out that there is only one way to get out of the 15 trillion hole you dug yourself in: the hard way !

Austerity means higher taxes, higher costs, and for many a complete change of Life-style

welcome to the real world...

wr;)

 

Mon, 09/19/2011 - 12:04 | 1684935 fdisk
fdisk's picture

"pay no Tax, buy Gold and fuck everybody else."

Families with income 60k and below already don't paying

anything to the FED after all tax deductions.

"fuck everybody else" also a bad advise, as someday everybody

else will be f**king you.

Mon, 09/19/2011 - 12:30 | 1685047 Moe Howard
Moe Howard's picture

You think like a woman, full of emotion but no facts. Bush did it. 

Grow up and become a man.

Mon, 09/19/2011 - 11:59 | 1684910 Hustler Elite
Hustler Elite's picture

Notice how he said "begin" trimming the deficit starting in 2017, which would be one year after he is out of office (should he be re-elected)

 

He should of just called it "Suggestions for the next guy to consider" as that is all this is.

Mon, 09/19/2011 - 12:00 | 1684914 oogs66
oogs66's picture

at this point it is clear the only person in America who can speak and doing anything positive for the markets is Ben.  No one else counts since they don't have to the power.

Mon, 09/19/2011 - 12:03 | 1684930 Everybodys All ...
Everybodys All American's picture

How about cutting the size of this bloated government?

Mon, 09/19/2011 - 12:41 | 1685103 trav7777
trav7777's picture

"His People" rely on said bloat to artificially maintain their illusory middle class status.

What Bama did do is freeze hiring of white people (yes, he actually did).  He said we need to enhance diversity despite that His People are already disproportionately represented in the government

Mon, 09/19/2011 - 12:12 | 1684960 Tater Salad
Tater Salad's picture

Obummer late to his own speech, busy giving Tiny Tim the [25min] reach around.

Mon, 09/19/2011 - 12:14 | 1684975 saywhat
saywhat's picture

The whole Buffett thing cracks me up -- he pays himself such a small salary....and the has openly said he will GIFT away his whole net worth -- giving his country (fellow taxpayers) NUTTIN!  Bill and Melinda will get to spend his doe anyway they want.

Start some new high tech VENTURES that actually have a chance of CREATING JOBS!  If they don't work, so what!!  You will have tried to create something that will give back to society -- workers who pay taxes.

The other Crock is comparing Clinton's "success" in his raising taxes.  Clinton was "leading" during the period I call "The Big Lie"..."it all depends on your definition of Is is..."  Enron, Worldcon, and endless lying and cheating was the way to go.  Pullease!

Taxing HF income as ordinary income is one thing...Messing with people making $250k is totally another!

 

 

 

Mon, 09/19/2011 - 12:18 | 1684990 scratch_and_sniff
scratch_and_sniff's picture

I was talking to a guy with a few bucks just yesterday about his tax rate (50% + uk capital gains on his investments), he said its "killing him"(we're talking about this in his Bentley btw) and tried to cry on my shoulder. He did have a moment of reflection though(when pushed), and recalled when we were kids and we were flat broke before he started his career; back then he was of the mind that he would have gladly paid high tax rates if he ever made it into that bracket, and remembers his promises to give large amounts to charity, totally understandable, but admitted as soon as he started making serious money that he totally changed his political leanings in an instant, and never really got around to becoming a philanthropist. I suppose its just a matter of perspective; he grew up angry about being on the wrong end of class warfare and it galvanised him in ways i suppose to become garishly wealthy, but now he is loaded he still thinks he is on the wrong end of a class war(even under a Tory government). The fact is that class warfare does exist, it always has and its very real, but its really only a matter of perspective. Its very unlikely that you will get anyone to agree with a tax hike imposed on them, no matter where they are in the spectrum, but for millionaires to throw the toys out of the pram and complain about class warfare...is it just me or are they totally unfuckingbelievable? Cry me a river you grasping spoilt babies.

Mon, 09/19/2011 - 12:43 | 1685107 Moe Howard
Moe Howard's picture

Why didn't you beat him and steal his car and money, give the money to "poor" people? You are better than him, right? After all, you are less successfull.

He is an exploitative asshat for only paying 50% of his income plus UK capital gains. He should only be allowed to have what you have, after all, because you are the rightgeous one.

Mon, 09/19/2011 - 13:41 | 1685331 scratch_and_sniff
scratch_and_sniff's picture

For a start, im not a thug, i wasn’t a thug when i was broke and now that i am comfortable i see no need to start, and the fact that you waded in insinuating i was among the thieving poor speaks volumes about your twisted and bitter state of mind, it seems like you are the thug to me. As for his car and money making him successful(heh)...hes been married 3 times and ruined 3 lovely girls, his family cant stand him, he has started more fights than Tyson, he fucked up his education and kissed major decrepit ass to get where he is, the only time he gets laid is when he pays, hes so fat he can barely get out of his naff car, major drug and drink problems, paranoid, depressed, bitter, jealous, manipulative and downright deranged...this is him being successful? He's weak, an imbecile, and always was. But, its not really about him or me, its about people forgetting where they came from and how they can change they’re tune when money comes into the equation, its about how they change and how they forget so easily. But then again, you dont need to worry about that.

Mon, 09/19/2011 - 12:18 | 1684995 undercover brother
undercover brother's picture

The Obmamanator's tell is when he goes into his smooth jive talking speech mode. Aside from the fact that it's incredibly unpresidential, it clearly reveals when the lies begin. So, let me get this straight, asking the mean and greedy millionares and billionaires to pay more than their fare share is not class warfare? Ok.

Sounds to me as if he's creating class warfare by telling the American idiots if he doesn't get the mean and greedy old millionaires and billionaires to pay more money, all the old folks on pensions & medicare, the poor, the homeless, the helpless, the unemployed and especially the construction workers and teachers will all suffer and die.

Not an original thought in that guy's brain. What a tool!

Mon, 09/19/2011 - 13:02 | 1685180 TraderTimm
TraderTimm's picture

George Carlin was right.

Voting is the illusion of choice.

The plays have been made, deals brokered, and cash delivered way before anything gets 'decided' by the american public. I think that the internet has a chance to become a force of change, but I have no idea when or how it will occur.

Though the cynic in me says they'll just clamp down on the internet if it really became a credible threat.

Mon, 09/19/2011 - 13:07 | 1685196 Theta_Burn
Theta_Burn's picture

Yes he was, so was Bill Hicks

Mon, 09/19/2011 - 13:09 | 1685204 overmedicatedun...
overmedicatedundersexed's picture

I have no problem taxing more of those corps and private owners who have shipped overseas jobs or downsized thier USA employees..

want to tax the rich, tax those that have benefited from free trade and open borders while cutting USA jobs..GE would be a good start.

want to tax the TBTF banksters be my guest and while your at it claw back the trillions the fed gave out ..

the old game: talk about taxes but not the structural economic frame work that is destroying the middle class and keeping in poverty the poor of Our country..NWO should be the main topic each time we talk about our debt, our taxes and rape of America.

Mon, 09/19/2011 - 13:14 | 1685235 Common_Cents22
Common_Cents22's picture

A prophetic song about Obama by In Living Colour

Cult of Personality

 

Look in my eyes, what do you see?
the Cult of Personality
I know your anger, I know your dreams
I've been everything you wanna be ohhh…
I'm the Cult of Personality
Like Mussolini and Kennedy
I'm the Cult of Personality
the Cult of Personality
the Cult of Personality

Neon lights, Nobel Prize
When a leader speaks, the reflection lies
You won't have to follow me
Only you can set me free

I sell the things you need to be
I'm the smiling face of your T.V. ohh…
I'm the Cult of Personality
I exploit you; still you love me
I tell you one and one makes three ohh…
I'm the Cult of Personality
Like Joseph Stalin and Gandhi ohh…
I'm the Cult of Personality
the Cult of Personality
the Cult of Personality

Neon lights, Nobel Prize
When a leader speaks, that leader dies
You won't have to follow me
Only you can set you free

You gave me fortune, you gave me fame
You gave me power in your God's name
I'm every person you need to be ohh…
I'm, the, Cult, of, Per, Son, Al, Ity

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