Highlights From This Morning's "Meet The Press"

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Sun, 07/31/2011 - 11:41 | 1509740 Hedgetard55
Hedgetard55's picture

Wow that David Gregory is a handsome man, and quite intelligent as well.

Sun, 07/31/2011 - 11:54 | 1509760 anynonmous
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Gregory is one of the best; articulate, unbiased and committed to getting at the truth.

 

I recall this picture of him where he looks like he was about to eat bush.

 

http://images.huffingtonpost.com/gen/58628/thumbs/s-DG-AND-THE-W-large.jpg

Sun, 07/31/2011 - 15:09 | 1510253 Moe Howard
Moe Howard's picture

I found it interesting that Gregory and Kramer are both "members of the tribe". Seeing as tribal members are only 1.2% of the US population, who would have guessed that they would be so over-represented on Meet the Depressed.

Sun, 07/31/2011 - 17:14 | 1510431 Marty Rothbard
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What tribe is that?  The empty headed presstitute tribe, or the sold out tool of the Corporations tribe?

Sun, 07/31/2011 - 11:44 | 1509762 Jim B
Jim B's picture

Come on David, quit using the alias... :}

Sun, 07/31/2011 - 11:51 | 1509785 Atomizer
Atomizer's picture

David Gregory is a handsome network troll who throws softball questions to hide the progressive mission.

Sun, 07/31/2011 - 12:47 | 1509927 nmewn
nmewn's picture

I popped some popcorn and watched it.

Busted out laughing when Krammer was asked if treasuries were safe...Krammer almost jumped out of his chair saying yes!...absolutely.

It was like deja vu.

Theres nothing wrong with Bear Stearns!!!

Sun, 07/31/2011 - 11:38 | 1509742 Mike2756
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Poofee is insane. Interesting to see what the auto triggers will be, suppose there will be some type of override provision.

Sun, 07/31/2011 - 11:41 | 1509753 rubearish10
rubearish10's picture

I'm not a proud American today. The sham just keeps playing out and no outlook to better times for many. The BOTS will game this thing much higher now.

Sun, 07/31/2011 - 11:43 | 1509757 Hedgetard55
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FXF (Swiss Francs) should hit 200. They are not backed by gold anymore, but black gold - i.e Nestle's chocolate bars.

Sun, 07/31/2011 - 11:52 | 1509790 Temporalist
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It is suggested that because the Swiss have such a high ratio of gold (real money) to monetary supply they are "backed" without official backing.

To make that more clear, people want the Swissie because it is stable but it is stable because of Switzerland's gold; therefore, the CHF is a proxy for gold although obviously one cannot make the claim for the physical.

Sun, 07/31/2011 - 11:54 | 1509795 rubearish10
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Correct, which means we'll have a buying opportunity the next day or two.

Sun, 07/31/2011 - 15:25 | 1509968 Temporalist
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For this reason maybe Portugal, with somewhere near 80% of it's reserves in gold, will and should be the first Euro country to dump the Euro and create its own currency.  Just imagine, they could be like Switzerland in a flash with super strong currency, and not even have to officially back it.

Germany* won't be first because they are too invested in Euro, but Italy could be second and France might immediately follow.  UK, they are short on gold and not in Euro but it seems their banks have been thrown under the bus and their economy is suffering greatly.  Greece could do it too, and the CB fuckers already tried to take the Greek gold.  That would have left them completely strapped.  Perhaps Austria or the Netherlands will decide that they are too conservative to continue giving away control of their sovereign monetary policy.

       *The U.S. stores German gold and the Bundesbank double reports Gold against GAAP ( http://www.globalresearch.ca/index.php?context=va&aid=25835 ) because the IMF rules "supercede"   GAAP.  James Turk authored the article linked and it's titled "Where is Germany’s Gold?" from 7/30/11

 

Sun, 07/31/2011 - 11:52 | 1509791 rubearish10
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I suspect it'll be "risk on" tonight and tomorrow. So, Yen and CHF crosses should rally. So, maybe the other way with you ETF?? Sorry. I just can't imagine FX taking this garbage seriously as far as any kind of USD short squeeze. As far as "black gold" and chocolate goes, well, we'll see $100 WTI with wider spreads vs Brent. I like Godiva.

Sun, 07/31/2011 - 11:56 | 1509802 Caviar Emptor
Caviar Emptor's picture

You mean "Ponzi On!" ....Parte!

Sun, 07/31/2011 - 11:44 | 1509758 lizzy36
lizzy36's picture

The best is when Jim "Bear Stearns is fine" Cramer said: "China owns the preponderance of out debt" actually jim NO that would be the Federal Reserve.

But why would a guy who works on 3 too many CNBC shows, and whose every second sentence begins with "when i ran my hedge fun (news flash Jim: $500m AUM is called being a decent broker NOT a hedge fund manager)" or "when i worked at Goldman", actually know who holds the "preponderence" of US debt?

QE2 has only been over for a month. Hopefully before the start of QE3 (in 2012 TYLER), someone will let Cramer know that the FEDERAL RESERVE owns the preponderence of US debt.

But why let fact get in the way of rhetoric?

Sun, 07/31/2011 - 11:48 | 1509775 Mr Lennon Hendrix
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QE is ongoing in the form of QE Lite.

Sun, 07/31/2011 - 11:59 | 1509806 A Man without Q...
A Man without Qualities's picture

Actually, the preponderance of debt is owned by the Social Security fund - IOUs that have been left in exchange for the money that workers have paid in over their careers.  These workers are led to belief that their retirement benefits will be adjusted for increases in inflation, even though the fund contains mostly fixed coupon debt. The hell bent determination of the Fed and Treasury to inflate our obligations away is going to cause massive damage to the numbers in the SSTF, and a part of the solution will be to slowly scale back the promises that have been made.  

In my view, this is the elephant in the room that nobody wants to discuss...  there's nothing the Fed can do to fix this one.

Sun, 07/31/2011 - 12:31 | 1509887 A Man without Q...
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this is only marketable securities, so ignores "intragovernmental debt", esp social security.... but these are included in the debt ceiling...

Sun, 07/31/2011 - 12:56 | 1509955 nmewn
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Laughed at same Lizzy.

And Labrador sliced the talking points crowd into tiny pieces...even Brokaw made sense when he said they got to this point because of all sides (interests) not just one side.

I'm gonna have to go check my dosage level now after reading my Brokaw comment ;-)

Sun, 07/31/2011 - 11:57 | 1509764 Contra_Man
Contra_Man's picture

At this rate of debt ceiling increases/deficit spending..., could eventually China/Japan boycott buying treasury bonds and reduce sovereign holdings (TIC data) to only 20% or less (down from 40%) and force feed American middle class to hold 80%+ (up from 60%) - when it all goes down the drain in one big write-off repricing event in 2013?

http://en.wikipedia.org/wiki/Kleptocracy

http://www.stockhouse.com/Blogs/ViewDetailedPost.aspx?p=118799

Sun, 07/31/2011 - 15:27 | 1509808 Temporalist
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This is just the most recent public figure to suggest China no longer buy U.S. debt:

Yu Yongding Says China Needs to Hold Less Treasuries as Safety a ‘Mirage’

http://www.bloomberg.com/news/2011-07-27/yu-yongding-says-china-needs-to...

If China, Russia and Japan (and Eurozone too perhaps) decide they don't want to gamble on an ever depreciating currency the FRN is going to shit itself.

 

I see the FX markets as the next big bubble to burst incidentally.  I call it the Douche Factor Meter.  Whenever a bunch of douchebags enter into a field where they do little and get big fiat rewards there is a bubble that bursts.

Sun, 07/31/2011 - 11:47 | 1509771 alien-IQ
alien-IQ's picture

I was watching one of the morning news programs (can't remember which...they all look the same to me) and I found myself just shaking my head at something.

They were highlighting the Republican Presidential candidates. They went into detail about each and every one that is a known candidate and even went on to discuss several that are not running but "might" jump into the race. Yet, for all this coverage, the one name that was NEVER EVEN MENTIONED....Ron Paul. It was as if he didn't even exist.

And all this reminded me of the words of Josef Stalin: "Those who cast the votes decide nothing. Those who count the votes decide everything."

We are so fucked...

Sun, 07/31/2011 - 12:03 | 1509817 Temporalist
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And he is even more popular today than he was during the last election cycle and all of the Repukelicans are riding his coattails and stealing his rhetoric only because it will get them votes but they don't give a crap about what people want they just want power.

Fuck Bachman, Palin, Romney and all the other know nothing frauds.

Sun, 07/31/2011 - 13:00 | 1509962 r101958
r101958's picture

Good! Now that some people seem to give a schmidt, we can witness the MSM and TPTB act of marginalizing a candidate that has not agreed to play the game by their rules. The only candidates allowed on the major tickets will be those that have agreed to play along. The only way a REAL (not chosen by TPTB) candidate will have a chance is for us to ensure he/she gets elected via write in or a third party ticket. It is up to US to end this charade.

Sun, 07/31/2011 - 11:47 | 1509772 Libertarians fo...
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Of course they're going to reach a deal today or tomorrow!  Duh!  Did you guys think they'd let the charade continue into their month-long August recess?  These guys need to "escape the summer heat" and "catch up on some summer reading"  -  that's a direct quote from their own webpage.

They must take the vacation, BY LAW!  It's part of the Legislative Reorganization Act of 1970.

http://www.senate.gov/artandhistory/history/common/generic/News_August_R...

 

 

Sun, 07/31/2011 - 11:52 | 1509782 Jim B
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Tax payer funded vacations.....  And Barry has a Brithday party planned!

Sun, 07/31/2011 - 12:14 | 1509841 Long-John-Silver
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The Kenyan or Hawaiian birthday?

Sun, 07/31/2011 - 11:48 | 1509773 Jim B
Jim B's picture

The Ponzi staus is green, it is a sad day for the dollar. Dollar RIP!  Can't watch the videos though, I have NO tolarance for weasels and  liars. 

 

Sun, 07/31/2011 - 11:51 | 1509786 Mike2756
Mike2756's picture

The dollar may rally on this news, bonds too.

Sun, 07/31/2011 - 11:53 | 1509792 Jim B
Jim B's picture

I am thinking longer term...  I am not smart enought to know what will happen tonight or tomorrow...

Sun, 07/31/2011 - 12:19 | 1509856 Mike2756
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Depends on the next election, if enough of the "less filling, tastes great!" politicos get thrown out, serious debt reduction might actually occur.

Sun, 07/31/2011 - 11:49 | 1509777 Mr Lennon Hendrix
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The debt debate is the greatest shitshow on earth.

Sun, 07/31/2011 - 11:57 | 1509803 GeneMarchbanks
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WAS... was the greatest and now back to regularly scheduled program: PONZI PERPETUATION.

Sun, 07/31/2011 - 13:13 | 1509981 MsCreant
MsCreant's picture

There is no debt, Mr. Hendrix ;-)

Sun, 07/31/2011 - 11:50 | 1509778 oldmanagain
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I say, I say what we have here is austerity with a capital A.  The TP is short, pushing hard for total and quick contraction. 

Medical care, education, food, air, etc. are earned. Those that perish have been justly served by Providence and the Righteous.

Sun, 07/31/2011 - 11:51 | 1509783 Pool Shark
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Who invited Cramer to the table???!!!

Sun, 07/31/2011 - 11:52 | 1509787 dick cheneys ghost
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I just upgraded the USA to AAAA 

Sun, 07/31/2011 - 11:55 | 1509788 Cdad
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Dear Mr. Speaker of the House,

It is Sunday, and I am led to believe that the US House of Representatives, in coordination with the Senate and the President, is about to deliver a debt ceiling hike based on promises to cut spending beyond 2012, a debt ceiling hike like never seen before in our nation, cuts to be later delivered by the instrument that has come to be known as a "Super Congress," and including only the inducement of a balanced budget amendment vote that everyone knows will be killed on the Senate floor.

These things being true, and with the House of Representatives preparing to deliver the compromise through the support of House Democrats, and in a vote demonstrating no confidence for Tea Party members in the House...the only members thus far having demonstrated a true understanding of the fiscal gravity of this mess made by decades of DC born fiscal carelessness....

 

 ...then I respectfully call upon you to resign in your capacity as House Speaker upon casting a vote in support of such a plan.

 

Cdad

 

[yet another angry American and former Republican]

 

Sun, 07/31/2011 - 12:18 | 1509852 Cdad
Cdad's picture

 

 

 

Dear Senate Minority Leader McConnell,

It is Sunday, and I am led to believe that through your leadership, and in cooperation with the President of the United States, you have crafted a debt ceiling hike to include spending cuts beyond the year 2012 by what has become known to the public as the Super Congress, a debt ceiling hike larger than any in our nation's history at a time when it is clear to the public that the US has become financially insolvent, with only the inducement of a vote on a balanced budget amendment whose fate is clearly doomed by the Senate you are part of, I hereby protest your actions.

In taking this action and advancing this plan, you will clearly undermine the effectiveness of the House of Representatives, as well as greatly damage and mitigate the effectiveness of members of the Tea Party, the only members of Congress to have demonstrated an understanding of just how destructive Washington DC's spending has been to the US economy and the fate of generations to come.

These things being true, and should you decide to vote to affirm this plan, I hereby call upon you to resign in your capacity as the Minority Leader of the Senate and, furthermore, your capacity as a US Senator representing the State of Kentucky.

Respectfully, 

Cdad

[an angry American and former Republican]

 

Sun, 07/31/2011 - 11:52 | 1509789 CrashisOptimistic
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Tyler, you, and many, are ignoring some things.

This deal is not numerically positive.  It's negative, in a stimulus perspective.  There are no psychological aspects in play at all.  If there were, the 10 yr would not have cratered Friday.  

Look, guy, we got 0.4% Q1, and that's not ancient history, and more important, it was the result of STIMULUS from QE2, Bush tax cut extension and 2% Soc Sec tax cut.  All that only achieved 0.4%.  (Because of Brent, of course, but the point remains, massive stimulus only achieved 0.4%).

Now, upcoming for 2012, we're going to have expiration of the 2% SS tax cut, no QE2 (and no QE3, since the Fed sees now that 2 achieved nothing), and per your judgement with which I agree, an extraction of 20 billion from gov't spending in FY 2012.  This Is Not Stimulative.

This is not stimulative at all.  It's contractive.  It's going to reduce corporate profits.  It's going to reduce GLOBAL growth on which the $95 S&P 2011 earnings prayers depend.  The algos will read these headlines and interpret them in exactly this way.  The algos care only about what affect corporate earnings, and a successful deal is negative for them.  

No deal at all is even more negative for them.

Sun, 07/31/2011 - 11:53 | 1509793 JR
JR's picture

It’s hardly news that Moody’s has been corrupted, if not unreliable.  But it is hardly well-known just how extensively fraudulent this company has become.

In an ongoing wealth transfer that will kill the country, Moody’s represents the self-described “too-big-to-fails” who want the U.S. debt ceiling raised so that taxpayer funds will continue to be available to the investment banks when their risk taking goes bad.

For the Congress to allow Moody’s to rate the U.S.’s ability to meet it debt obligations or to allow Moody’s to lower its credit rating “resulting in increased borrowing costs” for the government is like a farmer asking the representative of Foxes’ Chicken House Raiders just how many missing chickens he needs to replace for his hen house to regain its FCHR five-star rating. 

Never mind that Moody’s personnel such as Mark Froeba oversaw the fraudulent collateralized debt obligations that were at the root of the financial crisis that wiped out the equity and value of Americans’ homes – Americans’ primary store of wealth – while Moody’s cultivated  “lucrative relationships with the megabanks and broker-dealers whose securities it was supposed to objectively rate.”

Never mind, according to Henry Blodget, that Moody’s CEO Raymond W. McDaniel, Jr., known for globalizing Moody’s, dumped 100,000 shares of stock at $29 a share the day the Wells Notice arrived, or that Warren Buffett (BRK) sold 678,000 shares that day and another 300,000 or so in the week that followed, after both received notice of the non-public information.  (The SEC gives companies and individuals "Wells Notices" when it it is gearing up to file formal complaints against them. In this case, the SEC said the Wells Notice may be followed by a "cease-and-desist" that would revoke Moody's license to be a ratings agency. -- Blodget.)

Never mind that investors such as Buffett can buy rating protection by owning up to 20 percent of Moody’s stock.  Ten to twenty percent means Moody’s won’t target you or any of your companies.

Never mind, that “Moody's, and  McDaniel personally, were named in a civil lawsuit alleging that employees who reported such actions were subjected to "defamation, injurious falsehoods and tortious interference with business relationships" through "malicious, false and/or scandalous statements…,” according to Wikipedia.

Eric Kolchinsky, a former managing director at Moody’s Investors Service who oversaw the unit that rated subprime mortgage-backed collateralized debt obligations, put it like this before a panel created by Congress to investigate the roots of the financial crisis:

“The failure of the rating agencies can be seen as an example of ‘regulatory capture’ – a term used by economists to describe a scenario where a regulator acts in the benefit of the regulated instead of the public interest.  In this case, the ‘quasi’ regulators were the rating agencies, the ‘regulated’ included banks and broker/dealers and the public interest lay in the guarantee which taxpayers provide for the financial system.”

In addition to spending 8 years at Moody’s, Kolchinsky also worked at Goldman Sachs, Merrill Lynch, Lehman Brothers and MBIA.

Said Kolchinsky:  “Driven by an insatiable lust for ever-increasing market share and profits, which ramped up during the housing boom, Moody's questionable ratings of exotic financial securities caused it to nearly commit securities fraud.”

Sun, 07/31/2011 - 12:09 | 1509829 Temporalist
Temporalist's picture

The rating's agencies themselves say that they are nothing more than "opinion" about debt rating.

So why should anyone give a shit about what Moody's or any other rating agency says?  Who is rating the agencies?

Sun, 07/31/2011 - 13:41 | 1510032 trav7777
trav7777's picture

they were all part of the pretend game.  Without someone "authoritative" blessing the unmitigated dogshit that were CDOs and other ABSs, the cronies in the funds with the cash could not have "invested" their members' hard-earned savings in this crap (and gotten kickbacks).

I mean, it boggles the mind...senior tranches of CDO^2s were rated on par with sovereign debt.  Just asinine

Sun, 07/31/2011 - 12:39 | 1509912 Contra_Man
Contra_Man's picture

Sure hope Warren McGraw's employees don't benefit from trading this on again/off again "Deal"...

Sun, 07/31/2011 - 18:21 | 1510575 karzai_luver
karzai_luver's picture

Nice seeing ya around JR.

Now off to the fukin camp for you and yours.

 

Stay out of the shower and don't ever again look behind the curtain!

Sun, 07/31/2011 - 11:55 | 1509797 wrs
wrs's picture

There is no deal and there won't be one before Tuesday, that is why the house voted down the Reid bill.  The Senate Republicans signed a letter saying they would vote against the Reid bill.  The vote on the Reid bill isn't going to happen until much later today and it has already failed in the House.

Lindsey Graham has said this stuff being proposed isn't going to get conservative support and that means it's dead in the House.  I don't think it's going to pass in the Senate either.

This is the same kind of nonsense that was on TV last Sunday and how did that turn out?

Sun, 07/31/2011 - 11:59 | 1509809 Jim B
Jim B's picture

I think they are counting on getting D and Rino votes to push it through the house... Ponzi on! 

Sun, 07/31/2011 - 12:00 | 1509814 Pool Shark
Pool Shark's picture

It might have a chance in the House if they can bamboozle enough 'moderate' Republicans to cross the aisle and join a solid block of Dem's who want to ensure (perceptually) a second term for Obama.

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