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Jon Stewart Explains Libor

Tyler Durden's picture





 

Sometimes you just have to laugh, and with the ongoing debacle of Liebor - it's even more true as now the Swiss hedge fund community is dragged into the miasma - or else you'll cry. As the conspiracy theories morph into conspiracy fact, who better to explain that LIBOR is not the "mythical half wild-bore, half lion that was rumored to have killed Achilles' brother Jimmy" but is the "benchmark for all money-lending on errr, let's say Earth", than The Daily Show's Jon Stewart. From the concrete evidence that banks deliberately manipulated the world's most important interest rate - for the good of themselves. As Jon says, "never trust anything that rhymes with wankers". How did they do it? and what will the fallout be?

International Banking Actuality (Not Conspiracy) Part 37 - Libor (What is it? and Why Do We Care?)

 

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International Banking Actuality (Not Conspiracy) Part 37 - Libor Fallout (How did they do it? and we hear of 'Rich Ricci' and Mr. Diamond's involvement, Hoare's disgust, the three things that are upsetting our economy, and the fallout)

 

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Thu, 07/19/2012 - 11:01 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Time for "My Favorite Jew!"

Thu, 07/19/2012 - 11:02 | Link to Comment Clueless Economist
Clueless Economist's picture

FUJS!!

Why not do a spoof on Israeli False Flags????

Thu, 07/19/2012 - 11:14 | Link to Comment Comay Mierda
Comay Mierda's picture

Jon Stewart - America's favorite communist

Thu, 07/19/2012 - 11:18 | Link to Comment Flakmeister
Flakmeister's picture

If you equate a funny guy who is all but unmatched at calling people out on their bullshit (Left and Right) with a communist then you clearly have no fucking idea what you are talking about...

Thu, 07/19/2012 - 11:20 | Link to Comment Kyron95131
Kyron95131's picture

lol i think the dudes profile picture told you that before you had to point out the obvious :D

Thu, 07/19/2012 - 11:27 | Link to Comment Comay Mierda
Comay Mierda's picture

he perpetuates the myth that the fascism we have now is free market capitalism

then proceeds to rationalize socialist agendas as a necessary fix

and idiots like you soak it up

Thu, 07/19/2012 - 11:29 | Link to Comment sickofthepunx
sickofthepunx's picture

and idiots like you actually believe in the unicorn called "free market capitalism"

yeah, i think it lives in the same building as the tooth fairy.

Thu, 07/19/2012 - 11:33 | Link to Comment Comay Mierda
Comay Mierda's picture

pretty soon now the unicorn free market capitalists will have to stop the engine of the world

who is john galt?

Thu, 07/19/2012 - 12:12 | Link to Comment Kyron95131
Kyron95131's picture

you may wanna re-paw at atlas shrugged before you start quoting ayn rand

and i also find your powers of intuition and soothsaying of that to rival that of any farm town carnival gypsy by your ability to not only deduce but some to the conclusion that i believe that america is a truely capitolist society... to quote directly "idiots like you soak it up.."

are you fucking autistic? lol

which paint chips taste better? leaded or unleaded?

you may wanna google some better knee jerk retorts before you post senseless banter on the interwebs then lash out at others with firey sticks and foaming mouths just because someone called out the senseless shit you write on the interwebs... senseless shit you write on the interwebs...

Thu, 07/19/2012 - 12:23 | Link to Comment Comay Mierda
Comay Mierda's picture

Jon,

fyi - it's not "capitolist", it's "capitalist".

 

Thu, 07/19/2012 - 12:33 | Link to Comment Kyron95131
Kyron95131's picture

wanna try n scrape together some type of talking point to attempt to base your senseless blather on or you prefer to digress onto spelling misnomers? cause i noticed like in the comedy central clip, you skipped right past everything relevant i typed to come to where you're at now... wherever that is...

you may be better off with the spelling one if you have an F7 key and microsoft word

Thu, 07/19/2012 - 13:34 | Link to Comment mtomato2
mtomato2's picture

Kyron may become my new favorite mindless troll here.

Thu, 07/19/2012 - 13:08 | Link to Comment potlatch
potlatch's picture

It's never a good sign when people elevate a mere book.  That's how you get religions.  Which are basically the essence of stupidity and citizenism rolled into one. 

 

Maybe put aside Rand, who at best is a derivative hack, and at worst is a bad amateur, philosopher.  Why don't you read some Marx?  Their analyses are *identical* except for their interpretations of what to do in response.

 

I am stunned people do not realize how shallow and derivative Rand is.  But then again, it fits.  Look at our economy.  These are not well-read people we are dealing with, in general.

Thu, 07/19/2012 - 13:17 | Link to Comment Sean7k
Sean7k's picture

Yet, you suggest Marx? 

How's that labor value theory working for you? 

Rand is a free market socialist- thus the confusion- kind of a jackalope.

Thu, 07/19/2012 - 13:43 | Link to Comment Flakmeister
Flakmeister's picture

Long time no see... How the crop??

Thu, 07/19/2012 - 13:58 | Link to Comment Sean7k
Sean7k's picture

Hey Flakmeister,

The corn will be very bad from western ky through southern illinois and into indiana. We have been getting a little rain and so the beans are doing fine, but we still need rain badly. The people with irragation are fine, but they are few.

On the plus side, if you are looking for heifers, the prices are falling. 

Good to hear from you.

Thu, 07/19/2012 - 14:51 | Link to Comment Flakmeister
Flakmeister's picture

thx.... when do think the beef price will respond because of reduced supply?

Thu, 07/19/2012 - 15:23 | Link to Comment Liposuction
Liposuction's picture

Corn in West Michigan is pretty bad too.  Ugh.

Thu, 07/19/2012 - 15:30 | Link to Comment akak
akak's picture

Where is this state of "West Michigan"?  I never heard of it before.

I think you meant to say western Michigan.

Thu, 07/19/2012 - 20:14 | Link to Comment Pants McPants
Pants McPants's picture

I have nothing to add except to say I enjoy your posts.  Haven't seen many of your comments lately, though.

Good luck with the crops.

Thu, 07/19/2012 - 17:41 | Link to Comment DFCtomm
DFCtomm's picture

As a conservative my bad dream is that socialists realize that capitalism is the only economic engine that has a hope of powering their welfare state. Free market principals with their socialist domestic policy would ensure the permanent majority that both parties have pursued. We're just lucky that they hate free market capitalism too much to ever pursue that strategy. They talk jobs but their heart just isn't in it. Their heart is in Moscow 1956.

Thu, 07/19/2012 - 17:54 | Link to Comment Escapeclaws
Escapeclaws's picture

I feel sorry for people who don't have a choice between Coke and Pepsi or between Crest and Colgate.

Thu, 07/19/2012 - 18:14 | Link to Comment DFCtomm
DFCtomm's picture

There are two types of people that think there is no difference between the two parties. The first realize that there is a group of economists that operate above the party system. People like Bernacke get appointed regardless of which party wins. The second are so far out politically that both sides look like they're close to each other even though they're a universe apart. so which is it Coke or Pepsi?

Thu, 07/19/2012 - 13:19 | Link to Comment Nothing To See Here
Nothing To See Here's picture

Please explain how Rand and Marx can be considered to have *identical* analysis?

I'm Hayekian and thus I have my disagreements with Randians, but after reading your "Rand, who at best is a derivative hack, and at worst is a bad amateur, philosopher", I had to ask. I expect your answer to be either funny or not to come at all...

Thu, 07/19/2012 - 17:41 | Link to Comment ozzzo
ozzzo's picture

Thank you for participating in this epic troll-fest!

Thu, 07/19/2012 - 12:44 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Let me ask you this, and I'm not taking sides on the purported subjective intent of Jon Stewart's missives:

 

If you judge that clip, based on the facts and information presented (dismiss the jokes, innuendos, etc., as they are not relevant to the point I'm making), on its own merits, is it closer to or further from the truth?

 

That may be a good place to start as a society if we wish to focus on issues rather than personalities in an attempt to truly resolve some of the massive and incredible schemes being perpetuated against us to literally destroy us. 

 

Hey, come to think of it, WHY AREN'T DEMOCRATS BLAMING BERNANKE FOR THE UBER LOW INTEREST RATES THAT ARE KILLING PENSION FUNDS????

Thu, 07/19/2012 - 14:40 | Link to Comment WillyGroper
WillyGroper's picture

>>>>>>WHY AREN'T DEMOCRATS BLAMING BERNANKE FOR THE UBER LOW INTEREST RATES THAT ARE KILLING PENSION FUNDS????

Because both dems & reps probably don't understand how they are funded & place their trust in vipers. When the pension funds are Corzined, they'll get it. Sadly, not until then.

Thu, 07/19/2012 - 12:25 | Link to Comment Rusticus
Rusticus's picture

"who is john galt?"

John Galt is a fictional character in a sub standard novel [that promotes the idealistic philosophy of libertarianism] written by a second hand smoke generator  who relied on Medicare and Social Security when her own lungs finally gave out.

Thu, 07/19/2012 - 12:30 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Who is the Interrupting Chicken?

Thu, 07/19/2012 - 13:09 | Link to Comment potlatch
potlatch's picture

+100

Thu, 07/19/2012 - 13:50 | Link to Comment mtomato2
mtomato2's picture

If that is your analysis of the book Atlas Shrugged, then you either haven't read the book, or are hopelessly shallow and obtuse. 

I would kill, not literally, for an honest, fact-based, gentleman's discussion on the topic at some point in this hallowed forum.  Unfortunately, most of what we get here regarding Atlas Shrugged are pseudo-un-intellectuals like "let them eat rand" who have no skills other than telling people to "fuck off," whatever the hell that means. 

Good stuff.

Atlas Shrugged, regardless of your opinion of its literary worth or philosophical truth, is a book that has shaken the debate within socio-economics to its core.  You can't argue with the success of the book as a work of inspiration, whether good or bad.

Look:  if you're going to trash the book, fine.  Just try, PLEASE, to let a little reason and logic sneak into your analysis so the rest of us know what it is you actually DO stand for.  Or believe.  Or hope for.  Or are.

Is this really too much to ask from this particular bunch of thread contributors?

Except for "let them eat rand."  He/she truly is a simian knuckle dragger.  Yes, I called him a name, but it's measurably true, so I guess its more of an analysis and not so much an insult.  Now watch his reply...!

 

Tomato

Thu, 07/19/2012 - 16:58 | Link to Comment shovelhead
shovelhead's picture

Simians are disgusted with your unwarranted and slanderous comparison to Let/ Rand.

Even poo throwing chimps have pride.

Thu, 07/19/2012 - 13:05 | Link to Comment ChacoFunFact
ChacoFunFact's picture

and without further ado, the original unicorn rider:

Thanks, Jibjab! http://www.youtube.com/watch?v=adc3MSS5Ydc&t=1m11s

Thu, 07/19/2012 - 23:13 | Link to Comment Lower Class Elite
Lower Class Elite's picture

Oh goody!  It's another Randy Guy Fawker type on Zero Hedge.  Oh please, PLEASE, Mr. Producer, sir!  Please don't run off and take all your, umm, producing and stuff away.  Whatever will we common folk do without all you Randy Guy Fawkers?  And what will you do without us?  Who will mow your lawns and pick your vegetables and wash your Aston Martins and carry your golf bags on your secret Producer island?  Oh god, please don't just disappear.  'Cause we would be so sad.

Thu, 07/19/2012 - 11:35 | Link to Comment tmosley
tmosley's picture

Free Market Capitalism existed in the US from the end of Reconstruction until 1913.  It wan't perfect/ideal, but the amount of government intervention was very low.

Unlike Communism and other economic ideologies, the free market works so well that even an imperfect implimentation produces positive outcomes.  Movement away from the ideal produces a scalar effect such that the less free the economy is, the less good the outcome.  There is a critical point somewhere around what we call socialism where progress stops and we get destruction.  We are well past that point.

Thu, 07/19/2012 - 12:25 | Link to Comment juangrande
juangrande's picture

Ok, so you equate free market capitalism to: Railroads that either were given or took whatever they wanted... Monopolies that ran roughshod over any and all competition.... Railroads and mines who literally enslaved their workers.... Banks who did as they pleased with no rule of law...Un godly corruption in all politics.... Wait, dejavu all over again!

Thu, 07/19/2012 - 13:31 | Link to Comment Sean7k
Sean7k's picture

Everything you called out required the intervention of government, thus not free markets. TM did provide a caveat in his comment. Those enslaved workers continued to work in the mines of west virginia well past WWI. However, labor and capitalists were less regulated and America experienced one of its' greatest periods of growth.

Thu, 07/19/2012 - 13:40 | Link to Comment juangrande
juangrande's picture

Pinkertons were not government. Mining camps were kept in " order " by private security or bought off local police. It was intervention of Fed. Gov. that either mitigated or put an end to such practices ( almost always after some number of the proletariat died ). I'm not defending todays gov. byany means, but the Feds. actually did more for the common folk back then. And could it be that there was way more "room" for growth back then.

Besides, my grandma told me there ain't nothin' free in this world except Jesus.

Thu, 07/19/2012 - 14:11 | Link to Comment Sean7k
Sean7k's picture

The Pinkertons functioned with the blessing of the federal government. If you haven't done your research, now is as good a time as any. Buying off the local police- ditto. Why don't you google the labor strike in Seattle that the government was kind enough to send troops in to end. The Feds came to the rescue of factory owners on a regular basis. The history of unionism in the US is NOT what they told you in school. Try, " The People's History of the US" by Howard Zinn.

You might want to read up on how well they treated the native americans as well, or are they not common folk?

Banks were allowed to suspend specie payments by government command, though they were allowed to enforce loan payments in same specie. 

The Federal government has NEVER functioned for the benefit of the common people. Not from 1789 onward. The Constitution itself was written to CONTROL popular passion and cripple democracy. The only difference is the degree of control and that has continued to progress to the present day fascism we live under. 

Thu, 07/19/2012 - 14:44 | Link to Comment juangrande
juangrande's picture

I agree that the feds only caved in when there was a real threat of revolution. Can't argue with your other assertions,either. But how can you have a free market, when its always been whoever has the gold makes the rules. Anarchistic market maybe is possible although oxymoronic. Government, when done properly, I assume (as I've never been witness to it) is the only chance common people have to aggregate resources to fight against those who would enslave them. But if co-opted by said elite, just multiplies the problems.
Actually I believe a consciousness shift in general is the only chance we have. As long as we are fear based critters, we'll just go in circles.
But to the original post, "free markets"....please!

Thu, 07/19/2012 - 12:25 | Link to Comment marathonman
marathonman's picture

Free market capitalism existed in the US from the 1830's to the 1860's.  That is after Ol' Hickory Andrew Jackson killed off the second privately held US central bank and before Lincoln's Republicans enacted fractional reserve banking laws and resurrected a crude central bank.

Thu, 07/19/2012 - 16:20 | Link to Comment SheepRevolution
SheepRevolution's picture

We have a winner!

Thu, 07/19/2012 - 12:47 | Link to Comment crawldaddy
crawldaddy's picture

wow what an example of our failed education system. You are simply cluless as to american history.

Thu, 07/19/2012 - 12:53 | Link to Comment Euro Monster
Euro Monster's picture

... and it turned out that in 1913 your "Free Market Capitalism" changed into Crony Capitalism, Socialism or even Fascism. You name it. But tell me... is it just blindness or nostalgia? Because I don't know how it is that you are unable to see the final outcome. Now call me a communist plx...

Thu, 07/19/2012 - 11:47 | Link to Comment Flakmeister
Flakmeister's picture

CM wrote:

he perpetuates the myth that the fascism we have now is free market capitalism then proceeds to rationalize socialist agendas as a necessary fix and idiots like you soak it up

Sorry, but the people that propagate that myth is CNBC and Fox Business... Oh, a good fraction of the Republican party...

Let me guess, you were educated in Texas and the GOP there retroactively implemented their platform and views on "critical thinking"

http://www.washingtonpost.com/blogs/answer-sheet/post/texas-gop-rejects-critical-thinking-skills-really/2012/07/08/gJQAHNpFXW_blog.html

You couldn't make this shit up..

Oh, for the most part the majority of the Dems mean well but are otherwise conflicted buffoons as oppposed the Repubs who disingenious and venal....

Thu, 07/19/2012 - 11:52 | Link to Comment Comay Mierda
Comay Mierda's picture

you still buy into the left/right paradigm and criticize my critical thinking skills?

Thu, 07/19/2012 - 13:31 | Link to Comment Flakmeister
Flakmeister's picture

Agree, 80-90% of the pols are cut from the same cloth, i.e. there is a false dichotomy...

But last time I looked there were more than a few right wingers eager to tell me how I should live my life.... A bunch of sanctimonious pricks...

And if you think that the views on rights and science on the two sides of the aisle are the same, you are a fool...

Unless you think people like Rick Santorum, Michelle Bachman, Sarah Palin and the like don't believe the shit they spew....

Or do you think that Clarence Thomas is fit to serve on the Supreme Court?

Thu, 07/19/2012 - 12:58 | Link to Comment Ignatius J Reilly
Ignatius J Reilly's picture

“If you don't want a man unhappy politically, don't give him two sides to a question to worry him; give him one. Better yet give him none. Let him forget there is such a thing as war. If the government is inefficient, topheavy, and tax-mad, better it be all those than that people worry over it. Peace, Montag. Give the people contests they win by remembering the words to more popular songs or the names of state capitals or how much corn Iowa grew last year. Cram them full of noncombustible data, chock them so damned full of 'facts' they fell stuffed, but absolutely 'brilliant' with information. Then they'll feel they're thinking, they'll get a sense of motion without moving. And they'll be happy, because facts of that sort don't change.” 
Ray BradburyFahrenheit 451

Thu, 07/19/2012 - 13:40 | Link to Comment Flakmeister
Flakmeister's picture

It funny how guys like Ray, Aldous and George figured shit out a long time ago...They told us what was coming down the pipe...

Thu, 07/19/2012 - 13:53 | Link to Comment Ignatius J Reilly
Ignatius J Reilly's picture

While I strongly agree with you, I'm not sure how much praise they deserve.  Look where we are now.  You know what's coming.  So do I, TD, and the vast majority of those here at ZH.  We know.  We might not know exactly when, but we have a pretty good idea what the future is going to look like.

Thu, 07/19/2012 - 14:06 | Link to Comment Flakmeister
Flakmeister's picture

Well... it ain't their fault that those that did not get the message, or more likely, delibertately ignored the message, were the ones to grab power...

Thu, 07/19/2012 - 14:04 | Link to Comment Winston Churchill
Winston Churchill's picture

Then promptly ignored.

Homo sapiens deserves the evolutionary dead end coming to it.

Failure to adapt with be the  epitath.

Thu, 07/19/2012 - 15:01 | Link to Comment WillyGroper
WillyGroper's picture

>>>>>>>Let me guess, you were educated in Texas 

 Intelligent design

Thu, 07/19/2012 - 11:26 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I'm sorry, I meant, "My Favorite Court Jester!"

The Court jestor was the most powerful person in the Court of the King.  He could mock the King and live, which no one else could do.  The Jestors importance was to show the King the error of his ways by doing so comically, as it was easier on the King's ego.

At the same time, the Jestor would also mock the serfs, like Stewart does.  "Hey look America!  You are being raped by 16 London Bankers!  What will you do?  You will laugh at my jokes before you go to sleep, wake up tomorrow, and pay your taxes to the same cabal."

Stay complacent, America.

Thu, 07/19/2012 - 11:31 | Link to Comment sickofthepunx
sickofthepunx's picture

you can lead a horse to water..........

Thu, 07/19/2012 - 12:06 | Link to Comment tmosley
tmosley's picture

But you can't make a donkey think.

Thu, 07/19/2012 - 14:07 | Link to Comment Winston Churchill
Winston Churchill's picture

But without two bricks,you cannot make it drink.

Thu, 07/19/2012 - 11:48 | Link to Comment Skateboarder
Skateboarder's picture

You ever seen decades-long interest rate rigging... ON WEEEED!?

Thu, 07/19/2012 - 11:20 | Link to Comment Syameimaru
Syameimaru's picture

Look at how he opens the report: by quietly making fun of claims that cities have been bankrupted by the pension trap and so on. His "counterpoint" is the very real LIBOR scandal, but how would tighter controls on business have caused this scandal? They LIED. Regulation wouldn't fix that.

Thu, 07/19/2012 - 11:33 | Link to Comment financial apoca...
financial apocalyptic contagion's picture

Dude Stewart is a communist no joke
He only covered libor a month after it happened, he's way to socialist
he's a comic jew, his show can't be taken seriously, its an attack on capitalism in the form that doesn't even exist, all to reinforce the socialist agenda

Thu, 07/19/2012 - 12:08 | Link to Comment msjimmied
msjimmied's picture

He was on vacation, just got back Monday. He had plenty of skewering to do, Mitt was first.

Thu, 07/19/2012 - 13:04 | Link to Comment 710x
710x's picture

.

Thu, 07/19/2012 - 12:26 | Link to Comment Ghordius
Ghordius's picture

Jon Stewart is a liberal, IMHO.

Yes, the very word is tainted, in the US, because of this two party system - and don't get me into a rant about how decrepit the US voting system is - and so the liberals and what we europeans would call social democrats, socialists and crypto-communists are all bunched together into the US Democratic Party.

On the other side that buffoon with a "Nobel" Prize for economics calls himself a "liberal" (with a conscience! does he imply...?), so of course the US political landscape is slightly off whack in regard to proper labeling, so much that I get attacked in ZH whenever I apply the IMO correct political label to anything, even political intents.

Having said that, dear Jon seems a sincere and consistent liberal. +100 from me. and he's funny

Thu, 07/19/2012 - 12:50 | Link to Comment SeanJKerrigan
SeanJKerrigan's picture

Well said.

More libor humor courtesy of comedian John Oliver: http://www.vulgartrader.com/post/27486997834/libor-humor

Thu, 07/19/2012 - 12:32 | Link to Comment silverserfer
silverserfer's picture

yeah Rush probably covered that shit years ago old news right? Douch.

Thu, 07/19/2012 - 16:00 | Link to Comment californiagirl
californiagirl's picture

Agreed, you cannot legislate ethics.  Without a serious deterrent of jail time and clawing back ALL of the ill gotten gains/wealth from the individual him or herself (instead of the liability insurance company), the lesson learned is that unethical and criminal behavior reaps substantial financial rewards, and, worst case, you may undergo some public embarrassment if caught.  However, there is little chance that you will experience any jail time or have to give up your mansion, cars, yachts, vacation homes, etc.  In addition, you can expect to retire with the majority of your ill-gotten gains largely intact.

Thu, 07/19/2012 - 13:13 | Link to Comment shutupnsing
shutupnsing's picture

Stewart is the Regime's court jester flakmeister...

Thu, 07/19/2012 - 13:38 | Link to Comment Flakmeister
Flakmeister's picture

Fair enough....

At least he is not a lieing sack of shit like Rush, Glen B. and anyone like the bubbleheads on Fox like Hannity. Cavuto and O'Reilly....

For every time you could rightfully accuse Stewart of being disingenuous, I could trot out one hundred examples from the above collection of propagandists....

Thu, 07/19/2012 - 14:03 | Link to Comment redpill
redpill's picture

Actually he rarely calls out anyone on the left, and usually shills for Democrats, so I'm afraid he's as stuck in the false redteam/blueteam shit as anyone.

 

Thu, 07/19/2012 - 15:39 | Link to Comment californiagirl
californiagirl's picture

Having audited a large government for 8 years and directly observed the inefficiencies and waste attributable to the involvements of unions, I have to agree with Varney.  When Stewart derides Varney's comments, he does not speak with any direct experience or knowledge and, therefore, does not know of what he speaks.  While I do not believe that Stewart is a card-carrying communist, and often enjoy his commentary, he definitely has liberal, and somewhat socialist and anti-capitalist, leanings.  He also does not appear to understand that our current economy does not represent free-market capitalism.  Rather, it is a closer representation of cartels, oligarchies and plutocracies, who operate with impunity above the law that the general citizenry is subject to.  I believe no one is cabable of being elected President unless they are an acceptable puppet to TPTB.

Thu, 07/19/2012 - 14:22 | Link to Comment sgt_doom
sgt_doom's picture

"never trust anything that rhymes with wankers".

I think that is probably the most important phrase uttered by a guy I consider a lightweight after he wussed out on that Jim Kramer show!

Hmmm....Crankers?

Cankers?

Tankers?

Trankers?

Spankers?

And, oh yeah...bankers!

Definitely on to something here.....

Thu, 07/19/2012 - 11:12 | Link to Comment Daily Bail
Thu, 07/19/2012 - 11:31 | Link to Comment firstdivision
firstdivision's picture

He must have a lot of ZH alone to fill a large binder by now.

Thu, 07/19/2012 - 13:24 | Link to Comment fnordfnordfnord
fnordfnordfnord's picture

That must be quite a collection. Like, he may need his own personal librarian.

Thu, 07/19/2012 - 11:18 | Link to Comment Max Hunter
Max Hunter's picture

Time for "My Favorite Jew!"

LMAO.. reminds me of the Family Guy scene where Art Goldstien runs around screaming "Save Jon Stewert, he's our most important Jew"..

Thu, 07/19/2012 - 12:02 | Link to Comment Zero Debt
Zero Debt's picture

Here is why favorite TV Host Mr Stewart has no sense of getting proportions right.

Any freshgrad analyst monkey who can pull up and overlay two charts in the Bloomberg terminal (FDTR Index vs say 3M Libor) would immediately notice that they are with some very minor glitches, correlating returns almost 1 to 1 for years. Any elementary statistics variable nerd would then have to ask, what kind of causality may be the cause of this. Is the 3M Libor wagging the FDTR Index, or it perhaps the other way around, that all dollar money, that exists in all banks worldwide, are ultimately borrowed into existance from the US central bank, and that nobody would borrow from anyone else if Fed could borrow more cheaply, otherwise there would be an obvious arbitrage where an idiot bank lends from a lesser fool bank who lends from the Fed to lend to the idiot bank. So by a 101 econ application of the law of no arbitrage, then the Fed fund rates would provide a ceiling of what banks could charge each other when lending.

Mr Stewart does not ask the pertinent question, who forced the bank to borrow from the Fed and relend it, and prohibited them from taking gold coin deposits and issue deposit certificates against them? Well, that was the regulators, who instituted legal tender laws. But ah, legal tender law, such arcane topic, not good for TV. And besides it would require a history lesson and the commercials are coming up soon. Onto the pension funds, who are looking for yield. Pension, everyone has a pension, so that is an attention grabber for sure. Now, let's see, if the Fed rates set a ceiling on Libor rates, and the Libor rates fall dramatically, say, to near zero, could that have anything to do with the Fed fund rates being lowered? Well, that would imply that the main culprit of underfunding the pension funds were not the banks and the traders, who were after all just shuffling the money they lent cheaply from the Fed, but the Fed itself, who lowered the rates in the first place, causing rates to fall downstream the lending network in a cascading fashion. And that leads deep down the rabbit hole, to who appointed the Fed chairman, which is, Mr Obama. But going after Obama for appointing Ben Bernanke who caused pension underfunding would not be good TV either, so let's not go there either. Let's not call Obama a financial illiterate who knows nothing about central banking or the credit creation system. For if Stewart would criticise him, it would hit right at home, with the voters, who are equally unaware and most often ignorant to the same facts. Bad TV obviously and no good laughs.

The trader submissions were miniscule discrepancies in comparison, yes, absolutely untruthful and contrarty to the spirit and purpose of the LIBOR as a benchmark, but after all, and it has to be said, but if the rate was not based on actual deals, but hypothetical deals, why put such emphasis on it, when the Fed funds rate could have been used instead, or effectively, why is not the buyer beware applying here, just as for anyone shopping for an information benchmark. And why in the whole world does a benchmark have to be used to price something, why cannot just plain supply and demand be used, well, that may because there is no free money market. Also, where is the discussion that points out that some banks were submitting too low rates. Well, that is not good TV either because it takes away from the powerful class war rethoric talking points.

It is hard to escape the impression that Jon Stewart is playing a populistic ploy, based on his and his viewers surface thin understanding of how financial markets work with central banking along with the media meme that some rate has been found to be manipulated by a bank, where in fact all rates are ultimately centrally planned and therefore manipulated on purpose, from beginning to end, in almost every country, by central banks, which are mandated and authorized by democratically elected governments. Bim bam home run. Now what can Mr and Mrs voter say to that, except oops, it was our ignorance, we repent and we will study Monetary Mechanics thoroughly. The fact that LIBOR is blown up and presented as a scandal is by itself a scandalous display of misunderstanding of the fact that as long as rates are centrally planned, they will never reflect market supply and demand dynamics for credit and savings. And as long as dorks like Stewart trumpets out this incorrect framing of the issue on prime time TV things are only going to get worse, because he has a lot of fans who believe him because he is a funny fellow and explains everything clearly with funny photos so anyone can misunderstand it. This is not as much about a person, as it is about a centrally planned credit system. They can change LIBOR whatever way they want, as long as the Fed lends at 0.25%, savers and pension funds will be outbid by free centrally issued credit anyway.

And if he wanted to make a point about unions, maybe he should send every union leader a free copy of Monetary Mechanics so they can at least start the discussion with elementary qualifications.

Thu, 07/19/2012 - 12:03 | Link to Comment NotApplicable
NotApplicable's picture

I'm sure he'd reply that he's just a funny-man.

Thu, 07/19/2012 - 12:12 | Link to Comment ManOfBliss
ManOfBliss's picture

That was a really long reply. The average reader may gloss over the first few lines, then they move on.

Save your energy and condense your comments down into a Twitter-length.

Thu, 07/19/2012 - 12:34 | Link to Comment Ghordius
Ghordius's picture

whoa! "...maybe he should send every union leader a free copy of Monetary Mechanics so they can at least start the discussion with elementary qualifications"

how many people can read papers on monetary matters and not fall asleep in seconds? you have very high standards, don't you? I have trouble explaing to Medical Doctors the difference between a currency and money or the difference between backed and unbacked...

Thu, 07/19/2012 - 13:31 | Link to Comment fnordfnordfnord
fnordfnordfnord's picture

So, would you be less critical if he were more like real journalists?

Thu, 07/19/2012 - 14:13 | Link to Comment VulpisVulpis
VulpisVulpis's picture

Good comment there.

Thu, 07/19/2012 - 20:29 | Link to Comment Pants McPants
Pants McPants's picture

Wow, not sure I grasped all of this...even after two readings.

A silly nitpick: Obama re-appointed Bernanke (Bush appointed him)

Thu, 07/19/2012 - 11:53 | Link to Comment InconvenientCou...
InconvenientCounterParty's picture

"Time for "My Favorite Jew!""

Auditioning violinsts to play by the ovens?  I guess your personal favorite would be good for that given how noble and intelligent you are.

lock your doors.

 

Thu, 07/19/2012 - 11:01 | Link to Comment BaBaBouy
BaBaBouy's picture

LIEBOR This...

Thu, 07/19/2012 - 11:01 | Link to Comment battle axe
battle axe's picture

Awesome.

Thu, 07/19/2012 - 11:05 | Link to Comment Disenchanted
Disenchanted's picture

 

 

I wonder if Mr. Liebowitz's brother Larry explained this to him??

Thu, 07/19/2012 - 11:11 | Link to Comment Canadian Dirtlump
Canadian Dirtlump's picture

He has a nice gig... Lampooning his fellow 1%ers.

Thu, 07/19/2012 - 11:19 | Link to Comment Flakmeister
Flakmeister's picture

And where exactly does Rush fit into this category?

Thu, 07/19/2012 - 11:30 | Link to Comment Disenchanted
Disenchanted's picture

 

 

As far as I'm concerned Flush Rimbaugh is a cunt and a hypocrite as well.

 

Goddamn doctor shopping, hillbilly heroin addict and advocate of the failed drug war, calling for all drug criminals to be prosecuted to the full extent of the law...except for himself of course.

Thu, 07/19/2012 - 11:49 | Link to Comment MFL8240
MFL8240's picture

Only a fuuckin fool would write something so ignorant!   Look at the Messiah you elected and the damage this POS has done and wake up Dude!

Sat, 07/21/2012 - 09:57 | Link to Comment Disenchanted
Disenchanted's picture

 

 

Because I despise Rush(and his ilk) automatically I've elected the Messiah...no you are the tool.

 

JFC! This either/or bullshit is getting really old. I look upon Bush II and Oblahma with equal disdain and scorn and that goes double for the little muppet camp followers such as yourself who run along behind either 'side'.

Thu, 07/19/2012 - 12:02 | Link to Comment roadhazard
roadhazard's picture

That is why the right wing cone heads love him.  You can judge a man by his hero's.

Thu, 07/19/2012 - 11:32 | Link to Comment Canadian Dirtlump
Canadian Dirtlump's picture

I'm not a rush pumpkinhead apologist, so your mother maybe?

 

just because rush is a cock doesn't mean mr. liebowitz isn't.

Thu, 07/19/2012 - 11:37 | Link to Comment Flakmeister
Flakmeister's picture

Good... just making sure that you were intellectually consistent...

Now, kindly go fuck yourself, you rude little prick.... 

Thu, 07/19/2012 - 11:44 | Link to Comment Disenchanted
Disenchanted's picture

 

 

Well I nevah...

 

Say how's those carbon trading, profiteering schemes coming along?

heh heh ;p

Thu, 07/19/2012 - 11:57 | Link to Comment Canadian Dirtlump
Canadian Dirtlump's picture

holy shit.. I don't laugh out loud much but that made me lose it. Thanks for the response and no hard feelings.

Thu, 07/19/2012 - 12:25 | Link to Comment DosZap
DosZap's picture

And where exactly does Rush fit into this category?

I rarely listen to him, but yesterday, it was like he reads ZH.

He explained in detail in short order how to get this countries economy back on track, and exactly why it is where it is, and who & why is to blame.And, WHY it is not, and will not be.

100% dead on.

Thu, 07/19/2012 - 12:36 | Link to Comment marathonman
marathonman's picture

I don't know about Limbaugh.  I believe he is right about the need to pare down the government, but in his take down of Ron Paul, I have to wonder is he really ignorant of the whole credit expansion dynamic that has enabled the progressives to take over the country even as they are a solid minority of the voters?  Or is he complicit in the coverup of the whole thing?  More and more, I think he is complicit.  I agree with his message of personal responsibility but changing the politics without changing the money system is pissing in the wind.

Thu, 07/19/2012 - 14:18 | Link to Comment Winston Churchill
Winston Churchill's picture

He does.

Sometimes catch a little on the radio just to keep the uniformed point of

view in my world perspective.The last couple of times he mentioned ZH by name

as a  source.

I think the screener is slipping 'red pills ' into his  adult  beverage.

Thu, 07/19/2012 - 11:26 | Link to Comment Disenchanted
Disenchanted's picture

 

 

My bad... that should have been Leibowitz.

Thu, 07/19/2012 - 11:06 | Link to Comment RobotTrader
RobotTrader's picture

Don't look now, but Capital One just cleared to new 4-year highs.

 

None of their credit cards are tied to the LIBOR index.

Thu, 07/19/2012 - 11:09 | Link to Comment LULZBank
LULZBank's picture

Yeah, you did tell us that yesterday.

Thu, 07/19/2012 - 11:10 | Link to Comment DaveyJones
DaveyJones's picture

are u sure you're not on a new four year high?

Thu, 07/19/2012 - 11:18 | Link to Comment Azannoth
Azannoth's picture

At least 1MillionDollarBonus keeps his trolling interesting and Varied, go learn from him

Thu, 07/19/2012 - 12:05 | Link to Comment NotApplicable
NotApplicable's picture

I think the "varied" comes from the fact that there's at least three versions of the name now.

Thu, 07/19/2012 - 11:18 | Link to Comment lucidwanderer
lucidwanderer's picture

not directly tied but it's still the basis of their own borrowing costs.

Thu, 07/19/2012 - 11:33 | Link to Comment Tsunami Wave
Thu, 07/19/2012 - 11:08 | Link to Comment LULZBank
LULZBank's picture

Bigger money lenders screwing smaller money lenders?

Who woulda thunk that??!

Thu, 07/19/2012 - 11:09 | Link to Comment SumSUN
SumSUN's picture

Wankers hangin' in the streets, you know, just chillin'.

Thu, 07/19/2012 - 11:10 | Link to Comment LULZBank
LULZBank's picture

If you do it in winter.

Thu, 07/19/2012 - 11:28 | Link to Comment fuu
fuu's picture

"If you should die, die in winter." -wumpscut

http://www.youtube.com/watch?v=P3DTZeEiRdA

Thu, 07/19/2012 - 11:11 | Link to Comment NooooB
NooooB's picture

I wonder how soon the first class action lawsuit of underwater borrowers, student loan holders, or credit card debtors, against the banks for fixing their rates happens.

I give it a week... And then the Judge will throw it out because it will wreck the system.

Thu, 07/19/2012 - 11:16 | Link to Comment NooooB
NooooB's picture

Unless there is a war or something to get everyone's attention off of it.... Yeah.. but sombody would have to blow up a bus or something.....

Thu, 07/19/2012 - 12:06 | Link to Comment NotApplicable
NotApplicable's picture

Maybe even two.

Thu, 07/19/2012 - 14:28 | Link to Comment Winston Churchill
Winston Churchill's picture

MMM.

Haste.

That would explain such a sloppy piece of work.

Not upto the usual false flag event.

Or MOSAD just can't findf could employees anymore..

Thu, 07/19/2012 - 11:33 | Link to Comment SmackDaddy
SmackDaddy's picture

With fixed rates where they have been, wh the fuck is taking variable rate loans.  Dumbasses and broke-asses that's who.  Nobody gives a fuck these people got jacked.  Afterall, it was their destiny...

Thu, 07/19/2012 - 11:13 | Link to Comment Snakeeyes
Snakeeyes's picture

There WILL be blood! EVERYONE will sue. Class action attorneys and the DOJ are already hiring expert witnesses to calculate the damages.

Thu, 07/19/2012 - 11:35 | Link to Comment hazek
hazek's picture

I know it's just comedy but spaghettimonsterdamned, why in the world would they think this is the free market at work with FDIC insuring deposits presenting a moral hazzard not to mention lender of last resort guarantees by central banks or the huge regulatory burder to anyone who even thinks about starting their own bank and competting with this cartel.

This is not the fault of a market regulated by strictly market consumers (i.e. a free market) BUT THE FAULT OF GOVERNMENT INTERVENTION. And FU Stewart for not getting that right.

Thu, 07/19/2012 - 11:17 | Link to Comment tmosley
tmosley's picture

God Damnit this isn't a free market!  How you you have a free market in banking you have a central bank manipulating the economy with interest rates?

And these people were PERFECTLY regulated by *GASP* the central bankers.  Its just that the manipulation these guys were doing was constructive to central bank LIRP, ZIRP, and NIRP, so they let it go/condoned it/encouraged it.

But with people twisting the meanings of words, it looks like we will switch from the current fascist system to a socialist one instead of moving to an ACTUAL free market.  LIBOR has no business existing save as an emergent phenomenon from actual lending between banks.  Estimates are bullshit.  16 banks setting it is bullshit.  This whole system is BULLSHIT.

Thu, 07/19/2012 - 12:27 | Link to Comment centerline
centerline's picture

And the criminal beauty of it... the insane genius... is to just simply let human nature do it's thing!  LOL.

The consequence though is that bankers keep gettting pulled back into the spotlight despite so much effort to shove the FED and politicians out into the open instead.  Funny.  Maybe there is karma after all.

Thu, 07/19/2012 - 11:18 | Link to Comment Kyron95131
Kyron95131's picture

lol sad state of affairs when a satirical comedy show brings you better more concise and relevant information about world events than the majority of western media outlets do... lol...

Thu, 07/19/2012 - 11:26 | Link to Comment Dr. Engali
Dr. Engali's picture

Pretty funny. Too bad he can't comprehend how more regulation helps them get away with this crap as it is easier to hide. Suckers play right into their hands every time. Want to get back ay them? End the fed and let them fail.

Thu, 07/19/2012 - 11:20 | Link to Comment erheault
erheault's picture

the end results will be the poor mis understood bankers made a honest mistake and will pay a few million dollar fines and promise not to do it again, All is forgiven and they all receive their bonuses.

Thu, 07/19/2012 - 11:28 | Link to Comment Bogdog
Bogdog's picture

This will go the way of the lawsuit against Saudi Arabia re:911 funding and support. It will be swept under the rug. Your reptillian overlords will not allow it.

Thu, 07/19/2012 - 11:31 | Link to Comment apberusdisvet
apberusdisvet's picture

I love the part about regulation.  We actually might have some if the CFTC and the SEC would take the time to actually investigate instead of constantly sucking bankster cock.

Thu, 07/19/2012 - 11:35 | Link to Comment tongue.stan
tongue.stan's picture

Hank (paulson) rhymes with bank.

There can be no justice till he is swingin from a lamp post.

Thu, 07/19/2012 - 11:44 | Link to Comment MFL8240
MFL8240's picture

Its pathetic just how stupid this man is and how political he can be in the face of such a disater.  

Thu, 07/19/2012 - 11:52 | Link to Comment billwilson
billwilson's picture

Best guy on TV, bar none.

Thu, 07/19/2012 - 11:42 | Link to Comment God Bless The V...
God Bless The Virtuous's picture

This scumbag is part of the problem Tyler and no matter how funny he may be,(cant judge, I have NEVER watched this prick), his dis-information is spreading through the republic with horrific ramifications!

The truth is Obama was raised by and influenced by communists and the COLLECTIVE is the republics fate unless the country wises up and turns off hacks like Letterman, Colbert, Stewart and the rest of the progressive ivory tower babies!

Look, we have one chance to right the EVIL stain that was 2008! There is nothing to laugh about here! The mere fact that this megalomaniac is begging for money only shows his blood RED colors!

The U.N. is our fate along with Soros and his "Open Society" and the lead scumbag progressive who dumped this peice of refuse,(Obummer) on us, slick Willy himself and his "Clinton Global Initiative", just what the fu** is that anyway, BILL?

The progressives do NOT want America at "The Commanding Heights", and so far are doing a splendid job of destroying the republic!

Van Jones? Frances Fox Piven?

Frank Marshall Davis? Stanley Dunham?

Jim Wallace? Valerie Jarrett?

These are the most powerful man on the planets "Comrades" and INSPIRATION!

America does not survive another term of this anti colonialist whose first day in the oval office saw this COWARD box up and SHIP back to England the bust of Winston Churchill that has been in the Oval Office since the end of WWII and this piece of Flotsam and Jetsom is not even called on any of this by a complicit media in this information overload age?

We truly are going to get just what we deserve if we do not wake up, break the SLAVERY chains Obama is entwining this country and her people in and tell every progressive,(Republican and Democrat) alike,

WE WILL NOT COMPLY!

Let us not fail the republic because we chose to sit down!

May the good lord watch over this fragile little experiment in freedom / man's self rule we lovingly refer to as America,

for so long as the republic stands!

 

Thu, 07/19/2012 - 11:45 | Link to Comment MFL8240
MFL8240's picture

He is a complete idiot, I agree.  Where was the mention of Dodd/Franks the bill written by the massage palor spitter and the drunk?

Thu, 07/19/2012 - 11:53 | Link to Comment billwilson
billwilson's picture

I think you should be looking in the mirror if you are looking for a complete idiot. 

Thu, 07/19/2012 - 12:18 | Link to Comment ITrustMyGut
ITrustMyGut's picture

d00d...

marxist rhetoric > platform for centrailzation > monopolization of industry

 

GET IT???

 

red scare BS is so... 50's ignornace.. yet another smoke n mirror fear-tool to rile the sheeple up

 

the enemy is centralization/... not any utopic government style.

 

the fucking real issues get trivialized by jack wagons so passionate.. and fucking ill informed.

Thu, 07/19/2012 - 13:50 | Link to Comment fnordfnordfnord
fnordfnordfnord's picture

> "Has NEVER watched this prick"
> Is confident that he is "part of the problem"
> Implies that tyranny began in 2008. Before that, everything was okay.

The force is strong with this one.

Thu, 07/19/2012 - 11:44 | Link to Comment Peter Pan
Peter Pan's picture

As they say, what is the difference between a wanker and a banker?

A wanker knows what he is doing.

Thu, 07/19/2012 - 15:33 | Link to Comment WillyGroper
WillyGroper's picture

not only that, he doesn't let it get out of hand.

Thu, 07/19/2012 - 11:48 | Link to Comment TPTB_r_TBTF
TPTB_r_TBTF's picture

never trust anyone who rhymes with "wanker".

Thu, 07/19/2012 - 12:28 | Link to Comment GlomarHabu
GlomarHabu's picture

I gave up TV this year ..so far no serious side effects ... but I do thank ZH for bring that JS line.

I don't see how you improve on it.

Thu, 07/19/2012 - 11:53 | Link to Comment spinone
spinone's picture

Why is the congress investigating Liborgate? Don't we have an FBI go that?

Thu, 07/19/2012 - 11:57 | Link to Comment LMAOLORI
LMAOLORI's picture

"A corrupt government fosters corrupt markets, for which we all suffer."

About The Alleged LIBOR "Scandal", Back Away From The Cliff

 

I agree with Santelli MANIPULATION IS MANIPULATION but the article above is pretty good

Thu, 07/19/2012 - 11:59 | Link to Comment mrdenis
mrdenis's picture

Always expect the unexpected. Then the unexpected can never happen. Because it doesn't exist because you expect everything. So there is no unexpected. So you expect everything.

Thu, 07/19/2012 - 12:00 | Link to Comment digalert
digalert's picture

It's about time to change from the word "conspiracy" to RICO (Racketeer Influenced and Corrupt Organizations Act)

Thu, 07/19/2012 - 12:02 | Link to Comment Peter K
Peter K's picture

If I understand Mr. Leibowitz correctly, "Unions are not people".

Thu, 07/19/2012 - 12:05 | Link to Comment FrankIvy
FrankIvy's picture

 

 

Stewart is funny, no doubt.

But don't lose site of the fact that he's a Statist and a Zionist. 

Other than that, I like the guy.

Thu, 07/19/2012 - 12:08 | Link to Comment hustler etiquette
hustler etiquette's picture

Libor and student loans...Do I still have to pay sallie mae?

Thu, 07/19/2012 - 12:40 | Link to Comment I am on to you
I am on to you's picture

Jon Stewart is a standup commedian,no more no less,with a big crowd of Canned heat on and of, Reed lightball shines and the crowd(the canned one,ha ho he) applause, and who pays his salery??Dad,Disney Land after Dark!Lie is borring!

Lets try again,put honesty up as collateral,and this world change in a split second!

 

Thu, 07/19/2012 - 12:58 | Link to Comment msjimmied
msjimmied's picture

Never fails to amaze me! Most of the meaty stories about the wankers on this site, outlines the blow by blow disintergration our illusions about the rule of law, yet, we have readers channeling McCarthy, painting Stewart as a communist for pointing out something that we all know it's the truth.

Too many people do not understand how the LIBOR rate fixing affects everybody. They think it's some obscure mumbo jumbo not related to them. Stewart is taking this mainstream, explaining why it is important. People will laugh as they hear this, cos it's funny as all get out, but their eyes also turn flinty with rage. There is a reason Stewart is the most trusted newsman in the media. Call him a communist, or call him a jew, to press all your tribes obvious big shiny buttons, it does not distract from his body of work, it just makes you look like a troll. 

Don't give me your crap about free markets and less regulations, it's all crap. This is not capitalism operating here, there are no regulations at the top. None. All the "isms" you talk about do not exist. All we have going is just outright theft, aided by a government who wants dollars to keep their jobs. You know this, yet here you are, spending your time to denigrate someone who is taking the message to the people about what is going down. I can process this if you have something intelligent to say that will make me see it another way, but that's not how you are approaching this. You sound like siding salesmen who talk too fast, and talk too shrill for me to take you seriously. This is ZH, send your best who understands subtlety, and a well reasoned argument, don't send us your Yahoo level trolls to insult our intelligence.

Thu, 07/19/2012 - 13:02 | Link to Comment Shizzmoney
Shizzmoney's picture

I love The Daily Show, but this critique of the "golden age" of political comedy is very interesting:

What Stewart and Colbert do most nights is convert civic villainy into disposable laughs. They prefer Horatian satire to Juvenalian, and thus treat the ills of modern media and politics as matters of folly, not concerted evil. Rather than targeting the obscene cruelties borne of greed and fostered by apathy, they harp on a rogues’ gallery of hypocrites familiar to anyone with a TiVo or a functioning memory. Wit, exaggeration, and gentle mockery trump ridicule and invective.

The goal is to mollify (Appease the anger or anxiety of someone) people, not incite them.

http://t.co/vsBJcKGw

 

Thu, 07/19/2012 - 13:19 | Link to Comment AldoHux_IV
AldoHux_IV's picture

My only problem with Jon Stewart is that like most hardcore liberals and conservatives with a soapbox, they tend to polarize than to unite against a common problem that isnt' left or right-- though he does it less than some.

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