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Friday Humor Part Dois - Banco de Portugal "Wink Wink" Edition
Rarely do we have two Friday Humor pieces in a row, but the following seminar announcement from the Banco de Portugal, of all places, is truly priceless...
Source: Banco de Portugal
h/t Harold
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I wanna go!!!
Sorry baby but I can't take you
OT:
Ron Paul should run as an Indy and ask Newt to drop out
and run with him as his VP.
Ron could use a dose of Newt's assholeishness and political
scumbagerary.
Newt could use a HUGE helping of Ron's integrity and statesmanship.
Might even give Ron a little Hedge protection from the Fed henchman.
Because, no one wants Newt in the big chair.
Wouldn't really matter anyway, as it is already decided / crashed / manipulated
to PTB benefit..
But... Sure would make for some great circus to go with my peas..
Then we could end the Fed and blow up the M.E. everyone's happy..
Let the Freedom bells n' Bombs ring
I love Friday's
Newt is a fruitcake Master Mason who would sell his mother to the devil for a cupcake.
nom nom nom
TYLER!
Brian Westbury just sent out a piece about you... ftadvisors....
Who the fuck is Brian Westbury?
Believe he is the prison-pussy wearing permabull that is often cited on CNBS...
He started his article off ad-hom. Then he justified the labor force number by saying it was cumulative and not in one month. Well sorry Brian, but Tyler wasn't the one counting wrong for a year, that was the BLS.
This dude is a total douche.
Put the syllabus to a cavaquinho song and call it a “Fado To Defraud by Default”.
-- Or to a Dylan(esque) tune:
"She dropped a coin into the cup of a blind man at the gate
And forgot about a simple twist of fate."
I've been here over 2 years...always wondered if "Tyler"(s) ever appeared on the telly....
...or were asked but declined....or preferred to remain Anonymous™....or were "blacklisted"....
i think too much...
I would watch Tyler(s) on telly
except for Sino-Tyler™
Westbury said it best:
"The economy is getting better. Believe me."
IRREFUTALBE EVIDENCE! All we have to do is believe Brian Westbury.
Who the hell is Brian Westbury anyway? Does he sell shoes or something? Care to disclose some math to show your case Westbury?
Otherwise, you're another talking idiot. Not all is lost though.... you could be President of the US some day......
If you are referring to the absolute valuable accuracy of everything editorialised on ZH (excepting the china-stuff) I agree.
This post is yet another chunk of gold, and yet another reason to go out and buy more. Thanks TD.
http://www.ftportfolios.com/Commentary/EconomicResearch/2012/2/3/the-gro...
actually he had a starring role "before growth seemed possible." He "sent out a message to a growth guy" (i think that's Larry Kudlow recieving the message in this dusty video clip from their olden/golden days)http://www.youtube.com/watch?feature=player_detailpage&v=-jO1EOhGkY0
and of course "the economy...and everything else for that matter...never looked back!"
This is from 2 years ago -- but the web never forgets ...
China's tightening, I love the V-shaped recovery.
http://www.youtube.com/watch?v=HIDvafxIheg&feature=related
Wow that guy talks some shit.
Hey Brian, why don't you join our club? Teach us a thing or two, you know, since we don't understand ponzinomics and all that.
An economist who used to have an excellent track record and was seriously considered for treas/fed positions many years ago. Was a favorite amongst bond managers. Has been economy bullish, equity bullish for some time and wrong of recent vintage. Still well respected. If he's wrong its been analytics, not pabulum
I see, so he is just like every other economist out there.
But, but, Brian Wesbury says the economy is improving, so why do we have to optimize soverign defaults that are never going to happen?
He must be right, he's SO intellectual.
It's 'Wesbury'. No "t". Tyler has dibs on that letter and an economist of Wesbury's skill level cannot afford the licensing fee.
Perhaps you don't remember Wesbury's more prescient calls, such as stating categorically---back in 2008---that the credit crisis would be limited to subprime and not affect the rest of housing or the greater economy (a la Bernanke). Or that Greece was irrelevant and nobody had exposure of consequence.
These were the TWO MOST SIGNIFICANT ECONOMIC ISSUES OF THE LAST THIRTY YEARS, and this "economist" flat out missed them both.
Such are his bonafides.
He can be dismissed as a sideshow clown.
I don't see even the most scroomed regular of Zerohedge saying there is no growth. It is the manner and source of that "growth" that is of concern, such as massive job gains that are temporary or without benefits, rises in growth dwarfed by concomitant rises is debt, a world economy now held captive by ZIRP and unable ever to escape it without fatal dislocations, etc.
The neighbor who maxes his credit buying a new car, a boat, re-doing his kitchen, installing a Greco-style fountain in his yard that has a statue of Ben Bernanke peeing into the pool looks as if he is living pretty well. The companies from which he buys are having banner years, too. Then the bill comes due.
By the way, Mr. Wesbury, truly skilled economists are like the classic spy: they work in the shadows, their successes go unnoticed, their names and faces anonymous except to those who employ them, such as major hedge funds. If they fail, they get fired. They live in a world of accountability. They don't appear as TV talking heads. They don't post cheesy vanity videos on the internet.
You couldn't tie their shoelaces.
Bingo.
He's the Chief Economist for First Trust Portfolios...an asset manager mainly in Unit Trust vehicles, 40 act products, which perform very well in up markets and not so good in down market depending on the portfolio.
Calling out Tyler below...
http://www.ftportfolios.com/retail/blogs/Economics/index.aspx
DOUCHE!
Don't forget to mention he's a smug little douchbag that believes babies come under cabbage leaves, because Brian Wesbury apparently does.
He never mentions the underemployed. He never mentions part time employment. He never mentions people falling off the rolls.
Ladies and gentlemen, not all economists are paid liars and whores, some are just plain stupid. Please, someone bait him into a discussion of the CPI. I promise to keep a straight face while Mr. Wesbury puffs on his pipe and waxes poetic about hedonic regression to us lower primates.
Brian Wesbury is talking down to Tyler as some knuckle dragging layman?
Hmm, sounds familiar. You mean this Brian Wesbury? (article from 2007)
Brian Wesbury: Don't fear housing's effect on the economyMy friend and very smart economist Brian Wesbury believes the recent worry (in markets and by politicians) about the possible effects of mass foreclosures of homes purchased with "sub-prime mortgages" is overblown.
http://rossputin.com/blog/index.php/brian_wesbury_don_t_fear_housing_s_effec
Do you have a problem to see the Tylers be called on? If/When ZH is wrong, ZH is wrong, period. Call me old fashioned but I still prefer to read the hard truth instead of "feel-good" fallacies.
Agreed. But Westbury provides no proof. He only verbally states that everyone "do not believe the growth deniers. They are wrong. We are growing. Believe me."
And that's it. A monkey could have said it. Monkey see, monkey do.
No Asswipe2097, I don't have a problem with the Tyler's being wrong, I have a problem with this vermin and his ilk ruining Western civilization with their propagand and lies. Not convinced? Let's take a look at what Brian Wesbury, Super Genius, thinks about you and me and exactly what he said. Defend this (my comments in bold). Wait, did I say "fuck you"? Sorry, fuck you:
Brian Wesbury wrote:
In most of these debates we are crossing swords with articulate analysts (But not in this case) who are knowledgeable about economics, mathematics and data. (Meaning they don't have degrees in Econ, Math, and “data”, so whether they know anything or not, they don't have the requisite backgrounds to speak before us members of the Club) They have the best of intentions. (Unlike Tyler)
However, there is a group of influential people (meaning that they get lots of hits on their blogs or websites) (and my useless website doesn’t so I feel compelled to belittle them) who may be articulate and have an ax to grind, but at the same time know little about economics, mathematics and data. (i.e., they don’t have a degree and are therefore completely unable to think along the lines that we have been conditioned to think, and these matters are so complicated, that only a genius like me can understand them) A classic example is the Drudge Report link today to a headline and blog post by Tyler Durden that says, “Record, 1.2 million people fall out of labor force in one month…”
Nothing about this headline is true, and it starts with the byline. Tyler Durden is a made up name, an alias. Tyler was a character in the movie “Fight Club,” played by Brad Pitt. The character is a figment of the protagonist’s imagination, an alter ego. (Genius, he’s just figuring this out, maybe by 2014 he’ll figure out his call that the subprime crisis and Greece were both meaningless were WRONG. Even the knuckle draggers knew that, DUH). Maybe Tyler is Drudge himself? (He doesn’t even know there’s more than one Tyler, LOL) Second of all, the labor force actually increased in January from its December level. To say anything else is to ignore the truth.
The reason Tyler and Drudge are confused about this is because they are looking at a statistic that measures the number of people of working age who are “not in the labor force.” This number did jump by 1.2 million in January. However, any analyst should look deeper into the data before making outrageous claims.(Like all of the government numbers are massaged, if not outright lies? That kind of outrageous claim?) After all, the jobs report was very good and the labor market has been getting better for almost two years.(LOL) A huge and massive drop in the labor force would be weird.
It turns out that something weird did happen, just not what Tyler Durden reports.
Every once in a while the Bureau of Labor Statistics (BLS) makes catch-up adjustments to its underlying data. Often, but not always, this happens in January. (Maybe this idiot should Google ZH just to see if there might be HUNDREDS of hits explaining this, yes?) This time the BLS added 1.7 million people to its estimate of the working age population. To get a sense of how huge this is, the average monthly increase in population estimates over the past two years (2010-11), was 159,000. In other words, the January population estimate adjustment was normal; it was catch-up for the past. (Yes, and hedonic regression was invented to adjust for reality too, alrighty)
But this change has add-on effects. When the BLS estimates a new level of the population, it then estimates how many of those people are in the labor force. For the month of January, the BLS said that of the 1.7 million new people it counted, 500,000 were in the labor force and 1.2 million were not. To say, as Drudge and Tyler Durden did, that the labor force fell by 1.2 million is a basic and frightening misuse of statistics. It’s simply not true and it is leading many people astray. (Which is of course, the whole point of this douchbag’s article. Regardless of whether Tyler is right or wrong on this one fact, he wants to raise the perception that government stats are reliable and that “non professionals without a diploma should leave such matters to professionals like him who have proven so reliable in the past. LOL)
For the record, the employment-population ratio was 58.5% in January, the same as it was in December and November and up from its level of 58.2% in September. In other words, even though the government estimated a big jump in the working-age population, the share of the population that has a job is actually flat to higher. (In other words, the doctored numbers released by the government are proof positive that the numbers are not doctored and that I, Wiley Coyote, am a super genius.)
Private sector jobs have increased for 23 consecutive months (sure, Burger King is hiring, but you don’t see 5000 applicants lining up for a handful of good paying jobs when what you are trying to imply is true. This assertion doesn’t pass the laugh test), total cash earnings are up 4.6% in the past year and previous months’ data are being revised upwardly, not downwardly. The bottom-line is that the economy is getting better, even as politically motivated (Really, just exactly what party does ZH represent? How can a site that questions both parties, and has absolutely no political aspirations whatsoever, be politically motivated?) Internet traffic is getting so desperate that it has to resort to a misuse of statistics to make its point. (Desperate? One of the top financial blogs in the world, one cited by all the big media outlets like CNBC and such, is suddenly desperate?)
Summary: This pathetic little man thinks you are all idiots and have no right examining the shitty job he and his ilk have done. He is a snob, a fool, a liar, and a whore for the people that are raping our countries and our culture. He is cursed. He and people like him will go down in history as utter fools. That is the greatest curse that can be laid upon their sorry souls because their arrogance and egos just can’t handle being wrong. Sorry Brian Wesbury, but you never made it into the big leagues, into the Treasury and the Fed, because you are low brow follower. You either actually believe this bullshit or are a terrible liar, and being a good liar is the primary trait for making it in your chosen profession, so you’ve been reduced to skulking on your irrelevant little web site, screwing your clients with your tired Keynesian rain dance and taking pot shots at your betters.
That is a solid take down. Right now, I am imagining in my mind being a spectator while someone reads this to him. That would be so priceless.
LOL, he took down himself when he joined with the forces of darkness. What was that guy's name, Asswipe2907? He's been registered less than 4 weeks. I would wager a bet he's the good professor himself. A day late and a dollar short as always, with all his formalized education, it took him three years to discover Zerohedge and exactly 3 weeks to attack it, and poorly.
The old order is too funny.
"It turns out that something weird did happen, just not what Tyler Durden reports."
Whatever Tyler Say's, Goes mother fucker!
+100 For Tyler Durden
nice post TradingS
some guy called brian wesbury, who claims he wants to be "the antidote to conventional wisdom" explains in February 2010 why Greece is irrelevant, and how banks have no exposure to it.
Irrelevant, or priced in? Let's pick one and one only, folks.
He loves to watch himself, that's for sure. No one else except a real estate agent could be so vain.
"We believe GDP growth will top 4.5% through 2010..."
LMFAO!!
"Hi I'm Brian Wesbury -- Welcome to Jackass."
Yoda girl +1
OK, so he doesn't understand Greece, and believed the housing slump was no big deal, and what does he do for a living? He handle's other people's money because he's an expert.
OK, got it.
antidote to all wisdom
there!
What kind of self respecting bank would be located in Wheaton? If is was Lisle, I could be an investor.
I love Friday's too. They have great mozzarella sticks :)
Dupe (but w/ref to kids menu)
You know what I don't get is the moon gets three days (monday, tuesday, wednesday) but the Sun only gets two days (Friday and Sunday)! How did the moon win out counting the days if we are sun worshippers?
And how Thor got in there beats me.
Isn't Friday Freyja's Day?
I understand Moon day, but what is this about Tuesday and Woden's Day?
Wednesday, Thursday, Friday are all Norse mythology. Sunday and Monday are sun and moon, Saturn's Day is a relic from the Romans, and Tuesday is apparently Mar's Day from the Romans, by way of German Teiwaz, old English Tiw.
Christmas trees and mistletoes are also from the Norse. It seems our entire language and culture is like an Internet meme mash-up.
Tuesday is lunes....a moon's day.
Honestly I was just talking out of my ass on most of it.
Lunes (Spanish) is same as Lundi (French) which is Monday.
Thinkin' 'bout Fridays and mozarella sticks makes me think about Hooters and nipple clamps. Maybe we oughta start a dinosaur themed resturant chain (lol... chains...) called Penigargantua and have it...
Oh, nevermind. My kids want to use the computer.
Let the games begin!
-John
http://www.youtube.com/watch?v=iGxd9Jxye04&feature=channel_video_title
Sorry, only for specialists and members of the academic community.... PHD'rs.... Where did I hear that one before....
Wouldn't take a reservation for Dr. Copper, GP, though -- go figure.
What a move, huh?
Is there no related seminar titled "optimal PRIVATE debt default" on offer? That would suit a much broader, more interested audience.
Optimal, bitchez!
tried to book a seat but its full.. they said they are planning 30 more seminars to address the demand..
/snark
tried to book a seat but accidently said I was a generalist, not a specialist --oops.
My booking was denied because my credit score was to high.... Go figure...
Mine was denied because I tried to pay in silver.
WOW... got a seat! Here's how I did it....
Steps...
1) Call the Banco de Portugal customer services line (... they are really nice people)
2) Ask for alternative payment options
3) Request to pay by Facebook "likes"
BTW... Friend them and they are offering, for a limited time, a discount based on the 10 bond. The nice lady that I talked too said it was just to add some lightheated humour to conteract all the doom and gloom.
Rogue...
I assume the cost is "tax deductable", therefore even learning about default is shifted again to the tax payers/public.
Optimize! Legitimize! Vaporize!
Is that a quote from Ovid?
Sounds even better in the the local vernacular -- Otimizar! Legitimar! Vaporizar?!
"Veni Vidi Visa"
"I came, I saw, I purchased" ~ My wifes' slogan
Either these guys have a very good touch on humor and self irony or they are dead serious.
In which case it is funny either way.
Oh yes!
Perfect! That's exactly what markets need, complete negligence! Ignorant politicians brought the markets higher this year by average of.....7% +. more of those douchebags!
I'm booking a flight right now. Would not miss this for the world.
Dois?
Brazilian for 2.
Don't let the Portuguese know they have actually speaking Brazilian all these centuries. It will break their hearts.
Nope, only the colonialists/nationalists will be annoyed.
Iceland's default was very optimal for the people
Greece's default will be very optimal for the politicians
Now can I get my invite, I gave some good shit God damn it !
no soup for you!
it would be fun if Portugal defaulted before Greece
Optimal Sovereign Debt Default
Rule 1: do it quickly, on Friday night, before anyone else notices.
You will get the freshest selections at the bankrupcy deli, you can load up your new debt platter, and shorter lines too !!
* exactly what I was thinking *
Must be...Ughly Bullish!
Geez, what a casino.
The [banking] house always wins
Where do you get this shit Tyler? Is there any place you don't have eyes?
I think they should get the guy on who wrote the piece below as he seems to have a much better grip on their economic position than they do!
The first thing that came to mind is that WB7 probably has the coverpage of the handouts for this event already in his possession. Didn't he post the Mannheim Debtroller photo somewhere?
Sovereign default? Unpossible!
Iran war propaganda went into warp mode this afternoon. Pretty scary shit. Both isdes are talking tough now. And at the top of the market. Who woulda thought?
Props to Mel G.
He got burnt.
Seminar is online!
From the Abstract:
....Optimal default policies increase welfare significantly compared to a situation where default is ruled out by assumption, even for sizable default costs....
http://adam.vwl.uni-mannheim.de/fileadmin/user_upload/adam/research/Opti...
http://www.bundesbank.de/download/vfz/konferenzen/20110519_20_hamburg/06...
...they omitted to specify in which phone booth this event would be taking place!!!
sovereign bitchez
I tried to get a ticket with cash, but they take MBS's for payment only...crap.
All Momos must attend .
ZHers
Have a nice fucking Weekend ....
Awe, Tyler, why did you cut off the bottom half of the memo? Here, I'll post it.
................................................................................................................
All attendees must wear proper attire, this includes Nike footwear.
There will be an open bar, Jim Jones will be your Bartender, serving the special ''Optimal Debt Default Punch''.
Have a nice day.
...with love
Sting (AKA Portuguese Man O War)
http://www.youtube.com/watch?v=ugBuiMQazrE
lovely, can we get the ppts of this conference pls?
http://www.flickr.com/photos/washuotaku/sets/72157626131249133/
For a free convention, one should expect a little chaos ... oops wrong MomoCon.
Brian Wesbury of First Trust put out a hit piece on Tyler:
http://www.ftportfolios.com/retail/blogs/Economics/index.aspx
Me gustaría saber el significado de "catch-up adjustment".
Does that leave a stain?
So Tyler had it wrong. the BLS "found" 1.7MM people, and 1.2MM of them were unemployed but not counted (but the 500k who were employed were counted).
He's right, TD wasn't hard enough on these fantasy stats.
Tyler has it wrong often when talking about Europe, but the LOLs are still priceless.
Hey Brian at least Tyler's "agenda" isn't based in trying to sell me something. Unlike any Walk Street "economist".
All attendees will receive 16 full credit hours. These credits will be applied towards obtaining your Ponzi Specialist degree.
Nothing like Friday humor
http://www.youtube.com/watch?v=rjmmjXGwarU
The devil is in the details:
Death by Water:
Mannheim is unusual among German cities in that the streets and avenues of Mannheim's central area are laid out in a grid pattern...Because of this, the city's nickname is "die Quadratestadt" (the German word for "city of the squares"). One main route through the streets and avenues runs by a large 18th century palace, the Mannheim Palace. This former home of the rulers of the Palatinate now houses part of the University of Mannheim.
The civic symbol of Mannheim is der Wasserturm (the water tower), an old tower that is located just east of the city's centre.
The Prince-electors (or simply Electors) of the Holy Roman Empire (German: Kurfürst ( listen (help·info)), pl. Kurfürsten, Latin: Princeps Elector) were the members of the electoral college of the Holy Roman Empire, having the function of electing the Roman king or, from the middle of the 16th century onwards, directly the Holy Roman Emperor.
Location:
A Avenida Almirante Reis, é uma avenida localizada nas freguesias de Alto do Pina, Anjos, São Jorge de Arroios e São João de Deus, no centro de Lisboa.
Vai desde a Rua da Palma até à Praça Francisco Sá Carneiro. Homenageia a figura do almirante Carlos Cândido dos Reis (1852- 1910), revolucionário republicano.
É um local de passagem quotidiana para qualquer Lisboeta que se desloque para o centro da cidade, vindo do Areeiro ou de Arroios. É uma das zonas mais multiculturais da cidade.
Na parte inferior encontram-se belos exemplos de edifícios Arte Nova.
...Praça Francisco Sá Carneiro = well.. you look it up. Sheep, anyone? You should also be aware of where the assassination of the Portuguese King occurred (1908) and why the original Republican revolutionary is mentioned and also... Francisco Manuel Lumbrales de Sá Carneiro, GCTE, GCC, GCL (Portuguese: [f????si?ku sa k???n?j?u] ( listen); 19 July 1934 – 4 December 1980) founded the Portuguese Social Democratic Party in 1974 (the year of the Portuguese Carnation Revolution) and was elected Prime Minister of Portugal in January 1980, but only held office for eleven months, dying in a plane crash with his partner, Snu Abecassis, on December 4, 1980. The accident triggered a number of conspiracy theories.
So, we've got a good German Holy Roman Empire > Democratic Revolution vibe going on. I'll miss the last one, and let you find out who Klaus is.
*wink wink*
Pity the poor Bank of Portugal - they didn't appreciate the genius of Alves dos Reis when they had him; now he's dead.
http://en.wikipedia.org/wiki/Portuguese_Bank_Note_Crisis
If there's any justice in this world, we'll see his portrait on the new 500 escudo note.
Damn you DBL.
That was a great read!
If you liked the wikipedia article, you'll LOVE the book "The Man Who Stole Portugal", by Murray Teigh Bloom.
"but at the same time know little about economics, mathematics and data."
This guy needs a b dragged into the club and put up or shut up.
Part Duex' Sarkozy in hiding? AAA- A fly on the proverbial glass of Northern ( Brent)?
I can identify a Heart of Gold. Slewie has one! ~
This is the reason I come here. Amazing job TD.
Klaus Adam is Professor of Economics at Mannheim University, a Research Fellow at the Center of Economic Policy Research (CEPR) in London and a Research Fellow at the Center for Financial Studies (CFS) in Frankfurt.
He is Associate Editor for the Journal of Monetary Economics, the Economic Journal, the Journal of Economic Dynamics and Control, and for Macroeconomic Dynamics.
Klaus Adam is also Dean of Graduate Studies of the Graduate School of Social and Economic Sciences (GESS) and Academic Director of the Center for Doctoral Studies in Economics (CDSE) at Mannheim University.
His research focuses on macroeconomics with a special emphasis on monetary and fiscal policy making, as well as on issues related to learning and the formation of expectations with applications to asset pricing and business cycle dynamics.
Prior to joining Mannheim University he was Principal Economist at the Monetary Policy Research Division of the European Central Bank in Frankfurt. Klaus Adam studied economics at University of Freiburg, University of Wisconsin (Madison), and at Bonn University. He obtained his Ph.D. from the European University Institute in Florence and held assistant professorships at the University of Salerno and Goethe University in Frankfurt.
Detailed CV here
Pity the Bankers didn't attend his lectures before banking their bonuses !