- advertisements -
Is the other 50% chance of armageddon?
And a 50% chance of just being plain old shitty and awful.
50% chance of Death by starvation, 50% of drowning in worthless FRNs. Hell, on a long enough timeline...
Gross and El Erian are socialists, period.
El-Erian states as one of his scary things being that "a quarter of homeowners are underwater". The true measure of if a home is underwater, which is if the homeowner needs to bring money to the table at closing or not, brings underwater homes to 50% of all mortgages. A 6% Realtor fee and other selling fees MUST be considered when measuring if a home is underwater.
Since TPTB love euphamisms so much, why don't we just refer to underwater houses as "land-based submarines"? Voila', problem solved.
well, I still have a job, so it can't be an apocalypse yet, right? lol
Fuck fiscal restraint; this sucker could go down anyway, so let's get as much dollars migrated to these pockets as possible before the lights go out
The more money that is printed, the more malinvestments are created, and the more pain the collapse will bring. It would be best to stop the malinvestments and stop the cheap money right now so there's not as big of a hole to climb out of.
Politicians don't solve non-problems, and like Trav said I still have a job, so there's no problem. They'd much rather line their and their criminal accomplices own pockets and expand the defence budget, again lining more pockets. Lets face it, unless Ron Paul gets voted into office or there is another crisis the deficit will continue to be >> 0.
Yes. And El Erian is hopelessly behind the curve and speaks in muddled metaphors and says nothing.
"US problems are only political..."
Oh, so US corporations don't pay taxes and don't invest their largest cash holdings, generated by outsourcing and offshoring and bailouts and FED RES $ via their internal and or associated "banks" and from stock and bond issuances i.e. debt and from cutting 25 million US jobs and pushing the remaining employees to work twice as hard... US corporations don't invest all this "hard earned" money in the US - for "political" reasons...?
El Erian, go home to Newport Beach and play with your billionaire friends. You're wasting everyone's time.
And turn off Bloomberg, Tyler.
I think Eureka knows what the above quote means, but I will spell it out for those who don't; It means that if the United States of America were to raise taxes on the wealthy, the United States of America's fiscal problem would be non-existent. We have plenty of money to fix our problems, and plenty of selfishness based greed and coruption to block that fix. The rich have forgotten that they are rich because of the labor of the poor. They need to grow up and give something back for a few years to get us through the crisis. Instead, the rich have been demanding lower and lower taxes over the last twenty years because their greed has clouded their vision as to what it takes to run a socially healthy and thus wealthy society.
As far as the supercommitte goes, a dollar in cuts for every dollar in tax increases would be a pretty good deal, and it is the intransigence on part of the part of the people blocking the tax increases that will destroy this country.
One of the difficulties inherent to written communication is the difficulty of determining the tone of the writer, and thus the true intent of what he's trying to say. Help a brother out here, Terco...were you being sarcastic? Or are you just incredibly stupid? Thanks so mucho!!
Calling someone you disagree with "stupid" does not reflect critial thinking, nor does it further the debate.
Just incredibly stupid!! Thanks for asking!!!
OH, so you were SERIOUS about that whole "Tax your way to prosperity!" bullshit that I mistook for sarcasm. Well, Daddy always said arguing with a fool was a waste of time, so you just have yourself a nice Thanksgiving, Turco. Perhaps you can pray that the poor starving North Koreans and Somalians will raise taxes soon, and thus end their decades of agony. And the Greeks & Italians, as well! Problem solved!
(contented sigh) Taxes. Is there ANYthing they can't do?
AMEN ElTerco, I have been saying this for 30 years. I have been saying this since I was a rich man under the Raygun regime and had to pay nothing year after year on more than $165k income living in one of the finer spec homes on a brilliant hill overlooking the Sonoma valley. It was wrong then and even more wrong now. I know that does not sound like so much now but it really was a lot then. Investing was easy then, you had a trust fund with a hundred million or so and family money of much more and accountants did it all for you, you could park it in bonds and have a safe return that would only double your money about every 9 years. No transaction fees, no taxes whatever.
It is now so much harder for the poor billionaires, they actually have to get off the fucking yacht once in a while and check in because now they have to risk something to keep up with inflation, if they do not they could find themselves out of caviar in a matter of just a few generations.
It really was sweet back then, big manse on a mountain looking down on all the fucking workers in Santa Rosa, plenty of coke and booze, wreck a car get another. Cops look the other way when a rich man is involved, they shrug and let the insurance people take care of it because they know if they arrest a rich man they will be looking for work the next day. Swimming pool heated in January for a party, 6 friends to ride along to your villa for a couple weeks in March in Jamaica. Go to the mall and not have to deal with poor people because every store recognizes you and what amounts to a personal shopper comes to tend your needs. Macy's was best at that. Neiman Marcus for lunch in the city with Mom, models would bring dresses to her while we had cocktails upstairs in the atrium overlooking Union Square. Of course, we had a card and there is no such thing as a limit on an NM card, if you have one you can afford anything they sell. In fact we had a shoebox filled with cards, some of my favorites were for the casinos in Nevada, man what a good time Nevada is when you have the buckage. Probably sucks for the people who live there though.
You know you are wealthy when you look down on Marin County as a bedroom community. You know you are wealthy when you understand that there are two kinds of people in America, those with liquid funds and those without. That the whole system is set up to make sure YOUR freedom is like a holy relic to which everyone prays, and who cares how they get along, it is enough to know that somehow they do. And nobody in your ruling class will ever mention the constitution, they do not have to because they are already as free as any human ever will be, and to mention it is to remind your servants they are not. Good help is hard to get at minimum wage you know.
I know because I have been there, I have met and rubbed elbows with TPTB. Recognized as an equal. Prospected as a match for debutants, but only by wannabe types because the real elites knew I do not play on that team. And then came the crash. Divorce. Of course after all those years I left with nothing but my clothes and the pink slip to my car, part of why gay marriage is held back in spite of popular support and rule of law, rich men do not want their lovers getting half of anything, bad enough their beard wives smoke them in court. But, I did walk out of it all because trips to the flower mart in the city to pick up a few hundred dollars worth of blooming glory so you can have a spectacular dinner party, or a boozy game of tennis on the tennis court/helicopter pad are wonderful, everyone should enjoy it, and believe it or not this nation is rich enough everyone could enjoy it, but how much fun would it be to have ultra wealth and power when everyone has it? Half the fun is making the 99% suffer to work for you.
I saw it then for what it was, a manipulating evil. It would have been OK if everyone who worked got in on it, but I have seen life at exactly the other end of the glass. I have also been utterly homeless and broke. Ever gone into a bar dead broke and acted like you belonged there so you could pick up a pack of smokes nobody in particular was watching? Ever lived in a national forest for two years because you had no other place to go? I have.
Now I am coming to the end of my life and I wonder why people allow themselves to be so fucked. It is not communism to have a minimum allowable poverty level and a maximum allowable wealth. But even if it were I would say nobody ever should be hungry, or homeless because of lack of education or work. If someone does not want to work then OK, but nobody should be cut out of life when they are willing to work. And the rich? No matter what system is ruling us, no matter what ISM you abide by there will always be those that have more than others and even the one with the most, they will always be the rich even if that is $100,000 rather than 70 billion. This is why I do not understand republicans, what is it they want? To be rich? Divide the wealth perfectly evenly and we would ALL be rich, by world standards we would still be the wealthiest place in the world and because it is shared we would solve so many problems. Not the least of which would be all the damned bitching from the right and the left.
Okay. I get it. El Erian is saying MAYBE THE SKY MIGHT FALL. This is the same guy who was predicting the immanent rise in Treasury rates because the Fed was doing QE 1 and 2. It turned out that rates fell and teh sky did not fall then.
Oh by the way on last check, the sky is not falling.
BRING ANOTHER BOGEY MAN PLEASE, This one is not very scary.
No, the sky isnt falling. But the economy IS fucked.
Nah, we only have a political problem, the pols are not doing enough to satisfy the big banks and funds. Once the pols toe the line our problem is fixed we don't have any problems like Europes unsustainable debt, nope.. 15 trillion tis' but a flesh wound..
by fucked do you mean that we are having a discovery process where a lot of people are finding out that what they thought was a productive job really wasn't?
Gonna be a lotta that goin around...
never listen to his bs. He loves fed printing money. first look you might say it is because PIMCO got it ass kicked by underweight in treasuries and they want to prove that are not big idiots as they are. but deep inside, el erian and especially gross are socialists for sure if not left extremists.
Correct they want and expect QE3 just like gold bugs do....
"TURN THOSE MACHINES BACK ON!"
Trading Places (@ 2:17)
Sorry to disagree, but Socialism is right wing, reflecting higher government control. It goes, from left to right, anarchy, libertarianism, democracy, republicanism, socialism, fascism - reflecting government control over individual action.
"ratso"...Even I'm tough, as long as the light's are on!...Light's go out,
I find it hard to sleep...I just know that "BOGEY MAN" is coming.
Just hope you're not too proud, to stand in the food line with the rest of us 99%'s.
El Erian is saying "Our parent company, Allianz, is going to be on the ropes if the US doesn't weaken the dollar and throw liquidity at Europe." He's just using roundabout language. Everybody talks their book all the time. There are no neutral speakers.
Has anyone seen my son? He was supposed to be home after school to help me do some chores.
Mom, he skipped school today. He's watching Netflix in your basement closet.
where is Dr Paul Krugman's mommy? we already have his dad on here - Million Dollar Dumbass. he hasn't said much since he called for a turnaround in BAC at $6.08 lol
You may not have noticed but HamyWangr is back. MDB is off his lithium and has assumed his alter ego.
I think he said he was going to RiteAid to get his mommy some titanium Gillette razor blades....
Somewhat OT: Sorry to butt in, but does this bother anyone?
Seems to me that account holders are taking it up the ass again while the banks continue to get rich... Someone tell me I'm wrong.
Naw. It's all good, site9. JPM is once again stepping up to help a fallen comrade, and will pick-up the slack to aid the markets--at a steep cost to its own bottom line, I'm sure. Thank God for the JPMorgans and their ilk!
I think that it was the "oracle of kypseli" that floated the notion a few days ago that US will sink Europe and buy their assets on the cheap
This is going to get sooooo ugly so fast.
I'm waiting for the US civil servant pensions to implode from a lack of MF Global being there to manage the theft properly.
Yes, you are wrong. I'm sure any "deal" involving JPM, MF Global, and LME has to do with God's work.
No, it's not at all bothersome
It's fucking terrifying!
The whole fucking system has broken down.This is a blatant conflict of interest, unstopped, unmitigated legally sanctioned theft.
Whatever they are, they are expert at talking their book - and influential.
Just common sence dictates that the chances of anything happening at any time are 50/50. Attorneys will also tell you that no matter what, chances of winning or loosing in court are 50/50. (First year of law school.)
With everything happening arround us chances of depression are more than 50/50.
As far as recession (non-technical) we are in one.
We love and respect you Mr. El-Erian, but be honest with us.
Between El-Erian and Taleb assing around with the pseudo-messianic concepts in finance, I'm pretty sure that it was a 50/50 chance that either one or the other would be discussing this.
That is not how it works :) They have a zero percent chance of talking about it until someone does, then they all do. It's like a pile of rice. :P
Does that mean my thanksgiving turkey has a 50% chance of surviving?
Kind of makes me feel like shopping - err - for something other than high gain frequency pulse modulating digital jammers and 12 gauge reload primers!
Owwwww dat's a really scary. kids.
Terrifying. Fucking terrifying. Caught at the end of a dead alley way with no way out being pursued by a 1000 zombies wanting to fist you while they feast terrifying?Followed by a pride of really fucking hungry lions terrifying?Actual battle conditions terrifying?Shit your pants and throw up all over yourself terrifying?
With a 50% chance of a recession terrifying?Whatthefuckintheworld is wrong with you people?This is why a manager underpreforms benchmarks and peers.
That's fucking terrifying.Loosing all your AUM, no fucking bonus pool to retain your best people, get fucking bent over badgered and harassed at clients and consultants at meetings terrified?Get fired terrifying?Terminal cancer terrifying?
Fucking stroke, heart attack terrifying?
With a 50% chance of fucking drizzles.
Jesus Christ on a fucking lolipop stick terrifying.
Jesus Christ on a fucking lolipop stick terrifying
Damn! I laughed afternoon coffee outta my nose!
I am no longer terrified of shitting my pants and throwing up all over myself. I have faced this fear and am stronger for it.
I simply shat a bit, over it now
Mo didin't get the memo?
Old St. Bernankio is on his way with a his sleigh, and everything's going to be fine this Christmas.
And look everyone! It's being pulled by gleaming green & white fiat!
You know Washington, Jefferson, Lincoln & Hamilton
Jackson, Grant, Franklin & McKinley
Cleveland, Madison & Chase, also...
...but do you recall?
The most famous fiat of all...
Woodrow Wilson the inflationary Fiat!
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Advertise With Us
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
How to report offensive comments
Notice on Racial Discrimination.