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Nassim Taleb Is Angry That Not Even John Gotti Got Paid As Much As JPM's Ina Drew

Tyler Durden's picture




 

Until this point virtually every pundit and financial journalist and blogger has opined on JPM, its prop trading operation (as first exposed by Zero Hedge), and its massive loss which due to its pair trade nature has potentially unlimited upside, but likely will top out at $5 billion (as also first explained by Zero Hedge over a week ago and subsequently by the WSJ). The one person who has kept silent so far was the man whose entire philosophy predicted just this epic flare out, by revolving around the assumption that humans operate under the illusion that they understand rare events: they don't (for more details read his books The Black Swan and Fooled by Randomness which by now have been read by all traders in the world, but apparently not those formerly in charge of JPM's CIO unit). Courtesy of this BBC Newsnight interview, he breaks his silence and shares his opinion, which as one may expect are far from laudatory: "JPM has 10-15 times the risk of a regular hedge fund... They should not be using my to play in something that is way too dangerous and too complicated for them... What I want [for JPM] is the following - skin in the game. People when they make money should get the upside, should get the upside; and people should be harmed when they have the downside. Hedge funds have that."

Taleb also touches on something we have been arguing for since 2009, namely that if banks are to expect bail outs whenever they blow up, they should be treated as utilities, with full caps on comp, net income, and earnings. To wit: "Banks are utilities. I don't understand why we've been bailing out banks since 1983 - they are utilities. They are de facto civil servants."

Finally Taleb loses it by comparing Wall Street to the mafia: "I am not an idealist. I am someone who doesn't want to be paying the $14 million dollars for this lady Ina Drew, which is more than John Gotti the mafioso got." Well, neither does anyone else. But, sadly, even Nassim now realizes that it is the financial mafia who owns this country and calls all the shots.

Ironically, and we are surprised Taleb does not understand this, the only thing that can lead to change is if we have 1000 Ina Drews putting on mega fat tail trades they don't understand, all of which eventually blow up in the bank's prop trading faces, leading to the final Wall Street collapse. Only this time we have a feeling that if the Wall Street controlled Congress and Senate do bailout their financial lobby friends with another under the table $28 trillion rescue operation, the results will be far more bloody and lethal for everyone involved than back in 2008, when former Goldmanite Hank Paulson was waving his coopted three page term sheet in front of the sheep in Congress, simply to save the firm he used to run.

h/t @JuradoTequila

 

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Sat, 05/19/2012 - 10:31 | 2443116 Badabing
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Nassim Taleb Is Angry That Not Even John Gotti Got Paid As Much As JPM's Ina Drew

Only on the books!

Sat, 05/19/2012 - 10:40 | 2443128 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1!

As soon as I am back in the USA, I am buying more Au!  Scary reading all this Facebook and JPM crap while away from my money...

BOTH of Taleb's books are really good!  

Sat, 05/19/2012 - 11:00 | 2443162 Trimmed Hedge
Trimmed Hedge's picture

Don't worry -- While u were away, we took the liberty of moving a substantial portion of your assets into a stock margin brokerage acct.. We then proceeded to leverage up on THE hottest IPO to hit the Street in quite some time.

Yes, that's right... You are now the proud owner of a boatload of margined FB!!

 

The invoice for our services will be in the mail shortly....

Sat, 05/19/2012 - 11:18 | 2443195 El Oregonian
El Oregonian's picture

Don't forget to attach my Bill of Sale to the charges... Much appreciated. NEXT!

Sat, 05/19/2012 - 13:33 | 2443413 palmereldritch
palmereldritch's picture

You forgot to mention Corzine is the trustee for the assets.

Sat, 05/19/2012 - 14:09 | 2443471 wisefool
wisefool's picture

And that Geithner & Jerry Brown have a special interest in this transaction for some reason. Something about a 30 year old co-founder billionaire being the smartest kid who left room. So everyone else, in the room, is going to pay.

Sun, 05/20/2012 - 09:26 | 2444908 Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

We rehypothecated your back yard into FB, ZNGA, GRPN and GMCR..

Sat, 05/19/2012 - 11:00 | 2443163 Oh regional Indian
Oh regional Indian's picture

But, but.... it's a free market, right?

So what is the world willingly Pricing as "HIgh" right now?

1) Shamelessness (Kadarshians, Celebs in General, Facebook self-nudity as examples)

2) Evidence of Psycopathy (Virtually all business leaders. Anyone re-member the famous "Chainsaw" Al Dunlap? that is when it really became mainstream for Business LEaders to be complete psycopaths and revel in it, boast about it and be heavily rewarded by a fawning board, for it. CHainsaw Al led AMerican manufacturing to where it is today, see his name, connect the dots)

3) General Criminal Bent (All leaders in general)

4) Evidence of a cruel streak (Did you hit/harm/rape/"suicide"/disappear any of your "opponents? High marks if you did. Caligula Bill worked his way in through such a highly evidenced Cruel Streak)

5) Weak or weakened Character, malleable, ductile 

6) Over-sexed

.

.

.

 

Of course a banker would make more than the mafiosi. The mafiosi at least have omerta.

ori

/the-death-of-empathy/

Sat, 05/19/2012 - 11:07 | 2443175 LeonardoFibonacci
LeonardoFibonacci's picture

Ina is lucky because in the mob, she would have gotten "clipped " for losing money that was part of the organization. 

JPM does not have that rule yet

Sat, 05/19/2012 - 11:10 | 2443181 Oh regional Indian
Oh regional Indian's picture

That's right. Banks are like the Mafia, except they seem to all the "benefits" and none of the risk.

ori

Sat, 05/19/2012 - 16:34 | 2443237 Manthong
Manthong's picture

 "The mafiosi at least have omerta"

Yeah.. the financial syndicate think they are doing God's work and are not criminals.

So they present the outward trappings of their immoral manipulations as if it were business as usual, and keep the tactics amongst themselves. 

Sat, 05/19/2012 - 15:35 | 2443595 Ropingdown
Ropingdown's picture

Yep.  If the bank mob loses money, YOU get hit.  Of course Ina made more than Gotti.  She was running a much much bigger scam.

Sat, 05/19/2012 - 11:26 | 2443204 rubearish10
rubearish10's picture

"CLipped"? I suppose you mean "Made" , then "Whacked"! Ina, good to see you again, Heyyyyyyyyyy!

Sat, 05/19/2012 - 17:42 | 2443785 Umh
Umh's picture

I heard that you get rewarded for doing what you are told. Even taking a fall is usually rewarded.

Sat, 05/19/2012 - 11:13 | 2443182 AssFire
AssFire's picture

ORI

 

I am sure your bable makes sense...well, maybe in India?

1) Shamelessness: your continued spam link  (if people weren't confused enough already)

Sat, 05/19/2012 - 11:45 | 2443219 Oh regional Indian
Oh regional Indian's picture

Plagiarist fucktard. You are a non-entity in my universe.

We can pass gently by or exchange un-necessary un-pleasantaries.

Now fuck off, no POV of your own, at least I fucking say someething original, whether to your clearly Lowest Common Denominator tastes or not.

Plagiarist piece of crap.

Your handle and picture is clearly apropos.

ori

Sat, 05/19/2012 - 14:23 | 2443491 CharlieSDT
CharlieSDT's picture

I like your comments here, but your blog is almost always super lame, dude.

Sat, 05/19/2012 - 16:51 | 2443723 Cathartes Aura
Cathartes Aura's picture

oh ho, *snap*

Sun, 05/20/2012 - 00:33 | 2444446 Oh regional Indian
Oh regional Indian's picture

It's not a one size fits all world Charlie.

And as it turns out, I happen to like some of the stuff you have on your blog. That is just the way it rolls.

Aside from your misogynism, we turn out to have some things we feel similarly about.

It's all good.

ori

Sat, 05/19/2012 - 13:04 | 2443378 greyghost
greyghost's picture

sadly i have had this mafia feeling about my goverment for about 15 years now. i can't tell the mob from my goverment anymore. are there support groups out there for people like me?

Sat, 05/19/2012 - 19:29 | 2443916 WhiteNight123129
WhiteNight123129's picture

Oh Regional Indian, and all other bloggers on that site, you know what is going on, and have the will to change things. This is what is needed to rebuild from the ground up. A nation which knows its disease can rebuild, I watch Europe ( I was born there and I leave outside OECD) and they do not know what is happening to them. America has to rebuild itself or the entire West is toast. Please do it, if only for the sake of America. But if you do not lead the rest of us are toast in other western nations. 

Sat, 05/19/2012 - 10:29 | 2443118 Aziz
Aziz's picture

I've had a few conversations with Taleb recently and as far as I can tell Taleb understands that the final cleansing Wall Street collapse is coming if this madness does not stop. 

Sat, 05/19/2012 - 10:42 | 2443130 illyia
illyia's picture

Not a bad thing for the madness to stop, Aziz. But then I am not sure that it does.

Back when Mr Reagan was playing BFF with Mr Gorbi I debated the term "communist" versus "mafia" with a much lauded scholar. He insisted that USSR was many things, but not a mafia. Maybe it had a mafia, but it was not a mafia. After many hours and brandies I believe I won that argument. (He would disagree.)

Today I see a mafia global faux government, or as Christopher Story put it: A New Underworld Order. It is obvious, as is Dimon's craftiness: all the trappings and games. From corp/gov to China.

What everyone appears to be overlooking is that the bosses have a common interest. They may well be finding a way to work together to keep the revenue streams running into their pockets. This factor changes the very idea of patriotic nationalism into a simple propaganda: needed only to keep the J6P sheeple busy and productive.

There is just no end in sight... collapse maybe, but the mafia rematerialises - just as does Putin.

Sat, 05/19/2012 - 11:26 | 2443197 Escapeclaws
Escapeclaws's picture

Faux governments indeed! I've been thinking that the US is a faux democracy for some time--of course I realize that technically it is a republic and not a strict democracy per se. Nevertheless, when we say a country is democratic we generally mean that the people have a voice in how the country is run, as opposed to a totalitarian regime.  Hence, faux democracy which suggests that de facto it is not a democracy even though most people think it still is. The expression "faux government" doesn't work for me because governments can be totalitarian or democratic. To govern just means to rule.

I hope people can become more tuned into this phrase faux democracy--which is probably too subtle to sink in for most due big media's efforts to prevent that kind of awareness as we descend into an Orwellian dystopia.

What we see now are people selling out the Bill of Rights and the Constitution for thirty pieces of silver. What's worse is that they feel so clever in doing so.

Sat, 05/19/2012 - 13:37 | 2443417 illyia
illyia's picture

Faux democracy is fine with me - Faux meaning false. Faux government? I stand corrected.

gov·ern·ment noun
1.
the political direction and control exercised over the actions of the members, citizens, or inhabitants of communities, societies, and states; direction of the affairs of a state, community, etc.; political administration: Government is necessary to the existence of civilized society. 2.
the form or system of rule by which a state, community, etc., is governed: monarchical government; episcopal government. 3.
the governing body of persons in a state, community, etc.; administration. 4.
a branch or service of the supreme authority of a state or nation, taken as representing the whole: a dam built by the government. 5.
(in some parliamentary systems, as that of the United Kingdom)
a.
the particular group of persons forming the cabinet at any given time: The Prime Minister has formed a new government. b.
the parliament along with the cabinet: The government has fallen.   http://dictionary.reference.com/browse/government?s=t
Sat, 05/19/2012 - 23:21 | 2444339 reader2010
reader2010's picture

Princeton's Prof Shedon Wolin calls it the Inverted Totalitarianism.

 

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

 

Or you may also listen to late George Carlin's observations too.

 

http://youtu.be/acLW1vFO-2Q

 

Sat, 05/19/2012 - 13:10 | 2443387 greyghost
greyghost's picture

don't you love how mr. gorbi has moved right into the western economy...what with his charity/think tank.......? but than again, i think it is based in that communist stronghold on the left bank san francisco. maybe he should write a book about how he "found" his heart in san fran..cisco!

Sat, 05/19/2012 - 10:48 | 2443141 Rainman
Rainman's picture

Mathematically speaking, the madness cannot stop until the collapse arrives. As long as the music keeps playing the dance will continue.

Sat, 05/19/2012 - 11:18 | 2443198 Extremist Tan
Extremist Tan's picture

And the markets can remain irrational longer than we can stay solvent.

Sat, 05/19/2012 - 12:26 | 2443302 francis_sawyer
francis_sawyer's picture

I'll bet anyone on this board an ASE that I can keep stacking longer than the market can remain irrational...

Now ~ that said, I'm not sure I can OUTLIVE the market remaining irrational, but that's a different argument...

Sat, 05/19/2012 - 19:03 | 2443876 SoCalBusted
SoCalBusted's picture

+1 on the avatar as well as the comment

Sat, 05/19/2012 - 11:30 | 2443210 El Oregonian
El Oregonian's picture

Ah, but the realized epic failure of the Facebook IPO, the Record seems to have its first skip. I wonder how long it will be before the scratches are so bad that the music becomes annoying to listen to?

Sat, 05/19/2012 - 21:51 | 2444098 UP Forester
UP Forester's picture

News Flash:  Nassim Taleb, author of Black Swan and other apocalyptic books, has lost faith in the current economic system, and sees an imminent collapse based on his theories coming to fruition.

In More Important News, Dianne Summers has died....

Sat, 05/19/2012 - 23:53 | 2444396 Demonoid
Demonoid's picture

Umm.

That's Donna Summer.

Sun, 05/20/2012 - 07:40 | 2444800 TheFourthStooge-ing
TheFourthStooge-ing's picture

UP Forester said:

News Flash:  Nassim Taleb, author of Black Swan and other apocalyptic books, has lost faith in the current economic system, and sees an imminent collapse based on his theories coming to fruition.

In More Important News, Dianne Summers has died....

+1 for not knowing it was Donna Summer. There's no need to clutter one's mind with celebrity news.

 

Sat, 05/19/2012 - 10:48 | 2443143 Bluntly Put
Bluntly Put's picture

There are those who believe the "market" is bigger than any individual, cartel or government, i.e. it simply cannot be contained forever. Then there are those who worship at the altar of collectivism, who think that either the powers that be can manipulate things endlessly or the elite control the destiny of everyone.

It makes one wonder why the human mind reduces problems into 2 opposing sides, on:off, true:false, black:white. Perhaps it is some built in limitation for our own ability to reason or a function of reasoning itself lending to the thought that in times of unreasonableness, the most likely culprit of the irrationality is our own irrational thinking veiled in what we like to call "reason".

Sat, 05/19/2012 - 11:04 | 2443172 Blankman
Blankman's picture

BP - I am summarizing your paragraph:

 

We are not as smart as we think we are.

Sat, 05/19/2012 - 11:09 | 2443178 MsCreant
MsCreant's picture

Some scholars believe that dichotomies are a product of how this culture "structures" our minds (call it western culture). There are other cultures that have a tendency to divide everything up into threes, not twos. Sun, moon, stars. Earth, sea, sky. This structures their thinking/reality/mind/culture in ways that at first blush are really hard to get our western minds around. It opens up possibilities that are not as easily generated in our way of knowing.

Stolen from old structuralist thinkers (anthropology/philosophy) from the early 20th century. 

Sat, 05/19/2012 - 11:12 | 2443185 DanDaley
DanDaley's picture

You forgot good/bad/ugly -and I think we all know who falls into which of those categories.

Sat, 05/19/2012 - 16:01 | 2443639 RockyRacoon
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Splitting the difference between two opinions doesn't get one to the truth, it just gets us a third opinion.....  Bill Moyers

Sat, 05/19/2012 - 19:06 | 2443881 RECISION
RECISION's picture

MsCreant... Rocky... Cognitive Dissonance... gosh there are a lot of old faces popping up again suddenly.

Do the sharks smell blood in the water...?

Sat, 05/19/2012 - 21:10 | 2444005 Milestones
Milestones's picture

You resurfaced after a respite yourself. Yea , the sharks are smelling real blood.               Milestones

Sat, 05/19/2012 - 11:39 | 2443215 El Oregonian
El Oregonian's picture

Also, Light/Dark, Good/Evil. We are all given choices. It is what you do with those choices that will determine your outcome.

Sat, 05/19/2012 - 11:46 | 2443224 Bluntly Put
Bluntly Put's picture

Yah, I buy that. But we seem to reduce a set of choices to 2 items perhaps to make the choice simpler. I think mathematics serves that function as we use mathematics to reduce a set of possible choices down to 2 elements from which to ultimately choose.

Sat, 05/19/2012 - 12:18 | 2443285 El Oregonian
El Oregonian's picture

It makes your decision much simpler therefore, much easier. Too many variables  brings paralysis by analysis.

Sat, 05/19/2012 - 15:42 | 2443607 Ropingdown
Ropingdown's picture

If you're using Bayes Networks to assess the probabilities of various paths to an outcome the likelhood of which you wish to estimate, you will not have this "two choices" problem. 

Sat, 05/19/2012 - 11:52 | 2443217 Blankman
Blankman's picture

MC - You said what I was thinking.  Everything in the US is either black or white.  To me this seems like a design in order to limit people from thinking and keep them easier to control.  I think if we try to explore and understand that the world has far more gray area than black and white area we will all get along a little better.  IE...  I called you an asshole for cutting me off in traffic then 10 minutes later I had to cut someone else off in traffic in order to avoid hitting a dog.  In my own little world I can justify me calling you an asshole  because I looked at you and you looked different than what I see in the mirror everyday, however I do not know the circumstances behind why you had to cut in my lane.  Do I ever stop and think that perhaps you cut in my lane to avoid hitting a kid in the street... no.  Gray area.

Sun, 05/20/2012 - 12:50 | 2445227 margaris
margaris's picture

To add "grey" is not the solution, but part of the problem.

You just fill in the empty space between two extremes (black and white).

 

But who defined the extremes for you?

Someone limited your choice to this linear range between two points.

 

A thought experiment of how we could break out of those limitations:

If you take Darkness and Light as the two extremes, you can then make some broader observations: 

  • Where does the light come from? Is it a light source, or does the light seem to come from everywhere?
  • Darkness can't be illuminated by light... Instead you need some existing material that can reflect the light. So immediately we see the need to introduce a material as the third player (bursting out of the dualism) if we want to have a complete definition.
  • Light can be turned on/off. Darkness always stays there, encompassing everything.
  • So there is clearly NO symmetry between those two supposed extremes. They are not diametrically opposed and certainly not balanced in their properties.

 

Conclusion: Every left/right paradigm is an attempt to manipulate you into thinking your choice is limited and/or to have an easy justification to make opposite moves

If you are limited to an opposite move to express your anger, your reaction can always be calculated in advance.

We have much more possible moves than the establishment wants to make us believe...

Right is not the only answer to Left.

And Left is not the only answer to Right.

 

Sat, 05/19/2012 - 13:03 | 2443375 PivotalTrades
PivotalTrades's picture

Of coures they are aware of the risk. However, if you do the math, say the black swan event is a 1 in 20 year event, Jami pulls in 20 million a year for 20 years = 400 million...what does he care if JPM is eventually destroyed. It was the same with LTC, they knew the event was there, they just figured they would make a ton of money before it ocured.

Sat, 05/19/2012 - 15:05 | 2443558 Cathartes Aura
Cathartes Aura's picture

"duality" - organising the mind into oppositional thinking - when combined with hierarchy - organising from top to bottom, or elevating some things over other things - this is the basis of most religious teachings, and certainly used in "governance."

good/bad, FatherSkyGod, Devil below in Hell, man pure, woman temptress, light(white,pure)/dark(brown/black,evil) - and the inevitable pairs of like: logic/emotion, which extrapolates here to "science, math, engineering" good/ all other disciplines, less than, etc. etc.

this is how most of the world organises their thinking currently, although olde skool is eroding slowly, if only for some. . . to be able to think, so observe the world without immediately drawing lines of top to bottom, left to right, this takes awareness of how one's mind was trained to think, and then undoing the imposed rules, not so easy.

I'm no "MBA" etc. like Mr. Taleb - but his statement about Ina Drew getting more monies than John Gotti makes me smile - Gotti "earned" in 80's dollars, which we know are inflating twenty years on, and of course, Gotti wasn't "this lady" which is the tell in his sentence for me.  also, Gotti was top of a hierarchy, Drew was certainly a "lesser" player within her organisation in comparison.

Taleb's history suggests he was a rather favoured male from the start, and while brilliant in this world, he also benefits from living at a time when, culturally, males are elevated over females, in all things.  else why make the distinction "this lady". . .

cultural policing, not much different to the thread with Ina Drew's picture, where most of the commentary centered on her looks, and whether she was "fuckable". . .

Sun, 05/20/2012 - 12:27 | 2445193 StanleyTheManly
StanleyTheManly's picture

I'm using my first post to tell you "GREAT POST!!"

 

Sat, 05/19/2012 - 11:11 | 2443183 HarryM
HarryM's picture

An exercise in thought

You are now in charge of the Fed.

With the current situation - what IS your next move?

(Remember you are still an evil cock-sucker and you can't change stripes, so answer accordingly)

Curious to see if anyone can nail their next move.

Sat, 05/19/2012 - 11:49 | 2443231 Bluntly Put
Bluntly Put's picture

That's easy more of the same, because the fed is no longer in charge of the interest rate, the bond speculators are in charge. Risk free profits as far as the dollar can remain the elastic substitue for the standard unit of account.

Sat, 05/19/2012 - 14:15 | 2443479 malek
malek's picture

Start with a look at Japan over the last 20 years.

As the short-term interest rate cannot be raised, you can play a little with the long end, but mainly the only tool left is printing money at a constant rate, or in times of stock market turmoil, even faster.
Debt to GDP ratio? Who cares.
But make sure the CPI doesn't show any troubling numbers, and the price of precious metals doesn't rise too quickly - as long as there are enough paper gold takers you have free reign.

Meanwhile let your friends in high places blow up other economies, mainly by FUD and uncovering carefully selected falsehoods in the sea of lies, so the "investors" stampede into USD again.

As a diversion issue new types of bonds, for example a 50 year bond where the search for yield crowd can get 50 bps more than in the 30 year.

After sweep accounts and rehypothecation, try to sneakily get a law passed by which banks can use assets stored in their deposit boxes as collateral.

Sat, 05/19/2012 - 15:39 | 2443603 HarryM
HarryM's picture

looks like you got the job

Sat, 05/19/2012 - 21:31 | 2444037 malek
malek's picture

<takes a bow>

Sat, 05/19/2012 - 14:56 | 2443542 wisefool
wisefool's picture

The fed has dissenters. They are allowed to speak, and even vote. Perfect timing that the modern religions are now accepting the fact that Extra-Terrestrial life can exist, with out contradicting faith in a higher power. Kruggers'/Keynsian aliens need to act soon.....

http://research.stlouisfed.org/publications/review/article/9160 "Death of a Theory" (Keynsianism)

Sat, 05/19/2012 - 14:58 | 2443549 Jason Bourne
Jason Bourne's picture

More of the same. Because the only interest the Fucking Fed has is to benefit the banks. Also a steady run of QE whatever until we and all our freinds dont need it anymore.

There are only two reasons why the Fed would change what they are doing:
1. Something different could be done to benefit thier friends, while slowing down the enevitable.
2. They get taken over by people who think long term and exclusively for the benefit of the people - as opposed to the banks.

Number one is possible.
Number two is not.

I can't believe what a pile of ignorant lazy fucks we are as people. Quite frankly there is NO hope at all.

The prick bankers are like pickpockets in a nightclub. They control the lighting, the loudness of the music, the drinks the food the prices, and they only have one thing in mind when you walk in - and that is how to steal from you. What chance does a normal person have who walks into that club. Particularly if you are an Ingorant normal person.

Fuck.
jb

Sat, 05/19/2012 - 10:32 | 2443120 RacerX
RacerX's picture

The real issue is the socialization of the risk, but maintaining the privatization of gains. I could give two sh*ts what the bank does--just don't make me pay for your sorry ass when it blows up.

I also find it interesting they are still called "banks".

Sat, 05/19/2012 - 10:43 | 2443132 AssFire
AssFire's picture

Socialization is occurring more than anyone realizes... This is a peak at Personal Income without Gooberment thieving ah, I mean Transfer Payments.

http://panzner.typepad.com/.a/6a00d83451591e69e2016305909b42970d-pi

48% now on the dole...the nation is fucked

Sat, 05/19/2012 - 10:49 | 2443145 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1  Yes

When I look at what I saw in Korea (now in Japan), I see the future...  It is automation, at least in bearing manufacturing, not many in Korea on any stinking dole.

The figure I recently saw is that some 51% get MORE from .gov than they pay...  And who will those 51% vote for and choose policies...?  Ugh.

Sat, 05/19/2012 - 10:56 | 2443157 toady
toady's picture

Ron Paul?

Sat, 05/19/2012 - 11:02 | 2443169 AssFire
AssFire's picture

And the corresponding graph of the increase in "Transfer Payments":

http://www.angrybearblog.com/2011/03/government-transfer-payments-in-us-...

 

Sat, 05/19/2012 - 19:11 | 2443889 RECISION
RECISION's picture

Ohh please...

ALL government spending is transfer payments.

Essentially none of it goes to productive enterprise per-see.

The only question is who it is going to.

Do I take it you are bitching because not enough of it is going to you...?

Sat, 05/19/2012 - 12:22 | 2443294 DosZap
DosZap's picture

Do,

get home soon............safely.

This reminds me(your statement) of the MSM news on the dude that looks 30, and has fathered 30 kids.

He makes min wage, and some of the mothers, get a $1.49 per mo per child for child support.

He is seeking relief from the courts.

Now, the relationship to this and your statement is that $1.49, is NOTHING compared to the welfare checks going out for each of these 30 kids.The tally on the taxpayers for this mans roving penis, is likely in the 100's of thousands of dollars these So called mothers recieve.

Forced sterlization needs to be unleashed on this,or stop the programs.Then those open legs will close, just like the gov coffers SHOULD.

This is just ONE persons doing w/willing accomplices.

Multiply that times the millions doing the same, and we are talking mega bucks, and MEGA votes.

Sat, 05/19/2012 - 13:21 | 2443402 worbsid
worbsid's picture

What about the tax loop hole where you get back money for every child you can name in Mexico or elsewhere.

http://herdgadfly.blogspot.com/2012/05/child-tax-credit-for-illegal-mexicans.html

Or "How to buy a vote."

 

Sat, 05/19/2012 - 14:35 | 2443512 wisefool
wisefool's picture

As much as this disturbs me, I am no longer concerned about the social benefits transfer that automation allows. In my life, I have sacrificed enourmous ammounts of blood sweat and tears and been under compensated for the effort. Absolute or relative.

But what drives me absolutely insane is that because 51% of people do not pay for the war machine, the war machine can never be democratically reigned in. War weariness is the thing that stops all species from destroying themselves. It has worked thoughout history to limit the duration of wars, regardless of right or wrong. The US tax code attached to the US war machine (with the warpowers act)  is an affront to nature. WB7's artwork on Newt Gingrich is very demonstrative here.

 

Sat, 05/19/2012 - 15:21 | 2443578 Cathartes Aura
Cathartes Aura's picture

while this supposed "51%" may not be "paying for the war machine" with their taxes, they do pay with their bodies, volunteering to be used by the .gov military to occupy the world, uniformed.

also, and I know you understand this, the "war machine" funding isn't really from tax payments. . . any more than the whole of the "deficit" is on the books. . . amrka has been running on fumes, imaginary bookkeeping pixels, illicit drugs and arms sales globally - the "mafia" model is so descriptive!  worrying about the ""51%" voting itself SNAP cards is the least of our troubles - what percentage of the 51% even vote nowadays?

Sat, 05/19/2012 - 15:38 | 2443597 wisefool
wisefool's picture

You write better than I do. I agree, especially with poor kids dying and military contractors getting rich, including "XE tough guy" $200k/6 month assignment, vote for Newt! types. The O-4 $50k nurse that treats our "jack bauer" gets ganked in the M.A.S.H. unit while skyping with his wife.

Preaching to the Quior. but to answer your question. Fix the freaking tax code. The guys like Gingrich and his Dark lord kissenger can not arbitrage with the socialists, and neither can get a Keynsian retard like Timmay to say "you both get a trophy". With this constraint on government,  you tell people "we can have X ammount of military adventurism, Y ammount of transfer payments, and Z ammount of debt." They will show up to the polls. And lead better lives for it.

Sat, 05/19/2012 - 16:26 | 2443686 Cathartes Aura
Cathartes Aura's picture

I think our opinions source from similar places, mine is just a perspective as is yours, which is one I often appreciate, and look for, here.

with regards the "tax code" or any other "law" imposed on the majority - my perspective is that it's not "our" government any more than it is "our" nationstate - although some do identify with the story, which makes it "theirs" because they believe it.

with regards "government" - none of us have the power to change how things are, but in recognising and knowing this, we are freed up to act within this awareness.   to believe "we" still must be able to change anything but the superficial, at this point in time, is a soul destroying weight on our hearts, because despite working hard in that "direction" still nothing shifts.

when we realise we cannot change this system, we adapt to survive,  evolution of sorts!  heh.

best wishes.

Sat, 05/19/2012 - 17:15 | 2443751 wisefool
wisefool's picture

Likewise and thank you. I will try to follow your advice.

Sat, 05/19/2012 - 11:32 | 2443208 LetThemEatRand
LetThemEatRand's picture

"Socialization is occurring more than anyone realizes... This is a peak at Personal Incomewithout Gooberment thieving ah, I mean Transfer Payments."

You are 100% correct about the result, but you are confusing the symptom with the disease.  America is experiencing increasing welfare and state jobs (the symptom) because manufacturing and other "real" jobs have been off-shored to low income/low regulation environments, leading tens of millions a year from the middle class to the poverty class while wealth concentrates into the hands of those doing the off-shoring.  When people can no longer earn a living, they go on the dole.   The wealthy then blame the poor for moving to socialism, and they say unions or other attempts to maintain the middle class are the problem, and guys like you lick it up off the floor like a dog licks up its own vomit.

Sat, 05/19/2012 - 12:05 | 2443265 toady
toady's picture

Thank you.

I think these posters are bots that search for 'socialism' or just 'social' and come out with these canned responses.

Either that or, the brainwashed types that you described.

And not a SINGLE WORD about the original posters comment, just see the word 'social' and spew the talking points!

Sat, 05/19/2012 - 14:26 | 2443499 malek
malek's picture

Now there remain two questions out of your explanation:

1.) Aren't the unions trying to defend an indefensible position

and more important

2.) Was the peak of "real" jobs in the 60s the normal that we can go back to, or was it an outlier?

Sat, 05/19/2012 - 15:26 | 2443582 Cathartes Aura
Cathartes Aura's picture

there is no "going back" - just selective memory of the "past" depending on how it served you, or didn't.

those who pull the global strings aren't going to let go the control. . . willingly.  adapt to survive, which can be a form of resistance if it's done right ^^

Sat, 05/19/2012 - 17:29 | 2443773 PivotalTrades
PivotalTrades's picture

Really....so the US auto unions are not to blame for auto manufaturing going from over 60% of autos sold in USA to under 30% in my life time.. you really dont belive they were tha cause of the decline in good jobs...you are such a cluless moron it is hard to read your ill informed garbage with out wanting to crush your empty skull

Sat, 05/19/2012 - 19:36 | 2443918 LetThemEatRand
LetThemEatRand's picture

Your reasoning is circular.  The unions demanded good wages, working conditions, etc.  The captains of industry (who would feed your loser ass to the crocodiles if there were profit in it) figured out that there were people in Mexico and China and elsewhere who will work for dog shit.  Free trade agreements were purchased and enacted.  Plants were closed and moved to low wage/low regulation countries.

If the unions were to blame, then other less unionized industries would have flourished while the union industries failed, but they did not.  Go to Wal-Mart and try to find ANYTHING manufactured in the U.S.  Better yet, go to a small town that has a Wal-Mart and try to find an independent toy store, clothing store, hardware store, etc.    They don't exist and it's not because unions were demanding anything.  

The captains of industry you are defending don't care if you live or die, and they want you to work for dog shit so they can send a little more to their off-shore bank account this year.  Hope you like dog shit because I'm guessing your name isn't Walton.

Sun, 05/20/2012 - 12:39 | 2445216 PivotalTrades
PivotalTrades's picture

The circular reasoning is yours. Industrial America existed and flourished in America before Unions became prevalant. They producesd products and sold them to the populace. Your reasoning would have Indusries (auto) producing products that the population could'nt afford. That is not what happened. As these idustries grew and demand increased as did profits labor wished to extract a larger piece of the pie above and beyond what a free market would dictate,,so they formed a cartel and extractedextra benifits. adding cost until  well you know the rest until they had to be baild out  the same philosophy was institutionalzed by The Dems throgh the New deal and the Great society till the point of ....well you know the whole socialized world is broke and needs to be bailed out by your grandchildren.  There is no free lunch..the unions and their big Government democrats will learn it the hard way unfortunatly the reat of us will have to suffer as well.

Sat, 05/19/2012 - 10:45 | 2443136 garypaul
garypaul's picture

I know what you mean. If an attempt was made to nationalize that banks I'd love to hear them cry about free markets, etc.! LOL

Sat, 05/19/2012 - 11:07 | 2443174 narnia
narnia's picture

The level of sovereign debt in the financial system is the albatross. That's a risk that should certainly concern you.

Sat, 05/19/2012 - 10:32 | 2443121 junkyardjack
junkyardjack's picture

John Gotti got into the wrong business, live and learn....

Sat, 05/19/2012 - 10:51 | 2443150 Rainman
Rainman's picture

yah, cargo hijacking is just so grimy and uncivilized

Sat, 05/19/2012 - 10:37 | 2443123 SilverDoctors
SilverDoctors's picture

The potentially bigger issue than even JPM's CIO losses is the Wells Notice JPM admitted...buried in the announcement of their CIO losses by Dimon.
The Wells Notice by the SEC over JPM's MBS violations means that the $120 billion in civil litigation suits against JPM may now use the Wells Notice (discoverable) in their suits.

Thats a potentially $120 BILLION problem JPM will now likely have to settle for significantly higher than it might have prior to the Wells Notice.

http://www.silverdoctors.com/jpmorgans-120-biTllion-problem-sec-issues-j...

Sat, 05/19/2012 - 10:44 | 2443135 Ayn Rand
Ayn Rand's picture

Dimon could care less as it is the taxpayers that will pay all lawsuits.

Sat, 05/19/2012 - 10:50 | 2443147 Tyler Durden
Tyler Durden's picture

That litigation is an absolute non-event from a "terminal event" standpoint, as the counterparties are simply other financial institutions who know very well that they will also be destroyed too if they sue not so much JPM as BofA which is by far the worst offender (as first noted in 2010 here). Which is why there will be settlements, and the stock price will decline, but it is in nobody's interest to pursue full claims against the offenders. 

As for the fraudclosure as a civil litigation threat, why your favorite state DA made sure that issue is over and done with.

Sat, 05/19/2012 - 11:15 | 2443191 Extremist Tan
Extremist Tan's picture

not to mention the comically high standards private plaintiffs must meet, or the immunity from aider-and-abettor liabilty that the banks' enablers (accounting and law firms, etc.) enjoy.

Sat, 05/19/2012 - 11:16 | 2443192 neidermeyer
neidermeyer's picture

The 49 state AG settlement was the end of the country ... lawlessness will prevail until we have the so called black swan event but the last exit on this highway has already been passed.

 

I have a 20 acre farm outside the country but no capital to improve it ... this will be ugly ...

Sat, 05/19/2012 - 12:32 | 2443318 Marginal Call
Marginal Call's picture

All clear is the word right now.  The SEC is currently ass deep in an ivestigation so you can get away with anything for a minute because they are busy dropping the hammer on Chipotle Mexican Grill for serving food that was a little "too" authentic since some of it "may" have been made by illegals.

Sat, 05/19/2012 - 10:40 | 2443127 jayman21
jayman21's picture

Shut the fuck up, let the man talk.  He is much more interesting and informed than a fucking parrot(MSM).

Sat, 05/19/2012 - 10:50 | 2443148 vintageyz
vintageyz's picture

Agreed.  It's a difficult interview to listen to when she keeps asking for a cracker.  Hopefully Taleb will be interview again by someone who knows what the hell they are doing

 

Sat, 05/19/2012 - 11:44 | 2443218 Bay of Pigs
Bay of Pigs's picture

You have to laugh at her "idealist" comment to him. Seriously...who the fuck is she kidding? 

Sat, 05/19/2012 - 11:57 | 2443229 augie
augie's picture

yeah but she had to get to the donna summers death piece. I mean she was the queen of disco and besides, they had to get the viewership in the right mood for bed. priorities. 

 

 

Sat, 05/19/2012 - 10:41 | 2443129 williambanzai7
williambanzai7's picture

RISK MANAGEMENT

Sat, 05/19/2012 - 10:51 | 2443149 DoChenRollingBearing
DoChenRollingBearing's picture

Would that be a Size 11 up where the sun don't shine...?

:) well done WmBanzai!

Sat, 05/19/2012 - 11:38 | 2443214 Uncle Remus
Uncle Remus's picture

Soooo, it's trending up then?

Sat, 05/19/2012 - 11:03 | 2443170 Oh regional Indian
Oh regional Indian's picture

That looks like X large Enforcement Divicion issue. Nice WBS.

ori

Sat, 05/19/2012 - 11:14 | 2443187 MsCreant
MsCreant's picture

Steel toe?

Sat, 05/19/2012 - 11:41 | 2443205 Bastiat
Bastiat's picture

Clown shoes.   To complete the outfit:  big red rubber nose, greasepaint sad face, squeeze horn.    Risk management as it appears to traders and sr. managers. 

Sat, 05/19/2012 - 12:29 | 2443311 francis_sawyer
francis_sawyer's picture

Those couldn't be 'Timmeh's' pair (because his come with platform heels)...

Sun, 05/20/2012 - 07:55 | 2444811 TheFourthStooge-ing
TheFourthStooge-ing's picture

Steel toe clown shoes - perfect for prolonged sessions of can kicking.

 

Sat, 05/19/2012 - 13:39 | 2443421 palmereldritch
palmereldritch's picture

So are those from Celente's infamous White Shoe Boys

You'd think they'd stand out more.

Sat, 05/19/2012 - 10:45 | 2443138 lynnybee
lynnybee's picture

i luv Nassim Taleb.     i hate Robert Rubin.   

Sat, 05/19/2012 - 12:31 | 2443315 francis_sawyer
francis_sawyer's picture

The only ones who actually 'luv' Robert Rubin are Robert Rubin (& any ladyboy he pays to love him longtime)...

Sat, 05/19/2012 - 10:50 | 2443142 Sizzurp
Sizzurp's picture

The interviewer seemed intent on pushing Taleb toward the resignation that his ideas, while perhaps correct, are impractical and therefore valueless.  The MSM has ceased to perform it's function because we no longer pay for information, we get it free, only it's not free, it comes with the price of getting propaganda and disinformation mixed in with tidbits of truth. The MSM's agenda is all about getting people to resign themselves to the status quo, even if that means being pushed off a cliff, or walked to the slaughterhouse.

Sun, 05/20/2012 - 02:08 | 2444538 Clashfan
Clashfan's picture

You pay for it if you pay a cable bill or watch commercials.

Sat, 05/19/2012 - 10:50 | 2443146 Bay of Pigs
Bay of Pigs's picture

YOUR money is not safe in these institutions. Not hard to understand that is it?

GOLD & SILVER bitchez

Sat, 05/19/2012 - 10:52 | 2443153 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

Yes, and yes.

Sat, 05/19/2012 - 13:23 | 2443404 yabyum
yabyum's picture

Possession is 10/10ths of the law of  metals

Sat, 05/19/2012 - 10:52 | 2443154 The Heart
The Heart's picture

Good morning to all you wonderful money makers out here.

May we please ask you all to contribute to the Ron Paul "Give me Liberty" money bomb today.

Of all the groups on the internet, this one has the ability to privately support Ron Paul all the way to the Highest Office. Imagine saying, you helped Ron Paul get elected with some of the green energy you have that will be pretty much worthless in the not too distant future anyways. Use it now to elect the only man that can get America back on the track to recovery.

https://secure.ronpaul2012.com/?dp=1&pid=dpmb

 

Sat, 05/19/2012 - 11:01 | 2443166 steelrules
steelrules's picture

Old Mafioso saying, "If you don't see it coming your gonna get hit".

Sat, 05/19/2012 - 11:02 | 2443167 Landrew
Landrew's picture

I think I have my write in candidate for president!

Sat, 05/19/2012 - 11:07 | 2443173 kahunabear
kahunabear's picture

12 down days in a row on the Naz is very rare. Hasn't happened since the 70s. How many will be hung out to dry on this fat tail?

Sat, 05/19/2012 - 11:10 | 2443180 jekah
jekah's picture

You have a rare opportunity to talk with one of the few people who demonstrably saw the whole thing coming, and even explained why it had (and will continue) to happen. What do you do? Patronize him. Truly awesome display of financial journalism.

 

Sat, 05/19/2012 - 12:19 | 2443288 QuietCorday
QuietCorday's picture

Female BBC journalists are notorious for this kind of sneering, arrogant attitude. Emily Maitlis is one of the worst.

It is perhaps the main reason why I got rid of my TV and stopped paying the license fee.

 

Sat, 05/19/2012 - 12:32 | 2443316 slackrabbit
slackrabbit's picture

agree, the bbc are the worst socialist whores around

Sat, 05/19/2012 - 13:19 | 2443400 Dave Thomas
Dave Thomas's picture

Totally, this bitch needs an interview with Kyle Bass to set her straight.

 

Sat, 05/19/2012 - 16:06 | 2443647 wisefool
wisefool's picture

The only thing I miss about not be able to afford TV is the times on CNBC they'd rush/page Mandy out to do the big board, where she did not have a chance to change out of her tennis shoes. Dorthy's ruby slippers instead of stillettos. Laid back Aussie reporters >>>> UK/US reporters.

Sat, 05/19/2012 - 11:11 | 2443184 I am Jobe
I am Jobe's picture

Dammit, USA is a land of Laws and Regulations.My azz, more like blowjobs and buttfuckers. Nothing will happen . Things will be the same.

Sat, 05/19/2012 - 11:21 | 2443196 AssFire
AssFire's picture

You realize those laws and regulations are simply extortionist money grabs by the Goobermint thugs? They aren't really aimed at fixing problems or applying justice. The government simply replaced the mafia and passed "laws".

Sun, 05/20/2012 - 08:13 | 2444821 TheFourthStooge-ing
TheFourthStooge-ing's picture

I am Jobe said:

Dammit, USA is a land of Laws and Regulations.My azz, more like blowjobs and buttfuckers.

"Do you really believe that court cases are decided by juries making decisions based on evidence and lawyers' arguments? Court cases are decided by a series of blowjobs. In fact, our entire civilization is built on blowjobs."

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

 

Sat, 05/19/2012 - 11:12 | 2443186 Catullus
Catullus's picture

I work with a utility company.  They are the very epitome of socializing costs to consumers.  Also, utility executives get paid handsomely on top of having their profits guaranteed. The process for rate setting is purely political.

What we need is 100% reserve depository banking.  There needs to be one safe place people can put their money.  Cash in checking accounts should never appear on the balance sheet of a bank.  Just like my car doesn't occur on the balance sheet of my valet driver.  My shirts sent to the dry cleaners can't be loaned out.  And the items I put in storage cannot be used as collateral for the storage company.  Money put into a checking account is a bailment.  It's there for safe keeping.

Any other account: you risk losing everything.  It's that simple.  You put money in other accounts knowing full well you may never see a dime of it again. 

Sat, 05/19/2012 - 15:26 | 2443584 Papasmurf
Papasmurf's picture

MF Global accts were the equivalent of checking accounts.  So no accounts are safe.

Sat, 05/19/2012 - 21:47 | 2444080 Catullus
Catullus's picture

But they weren't checking accounts. So what I said still applies.

Sat, 05/19/2012 - 11:40 | 2443190 falak pema
falak pema's picture

Lannoy to Bourbon : if we win we get his money to share. 

Bourbon to Lannoy : the bastard stole my Duchy from me. i get first bite.

Antonio de Leiva to Lannoy: I have been waiting twenty years; my need is longer.

Colonna to all : There is a pecking order. We must wait for Emperor's orders. But whoever captures him keeps his sword. 

Colonna won that contest. But he never got to getting his bonus. He died of his wounds. His wife needed so much consolation. 

Who was the hound they hunted? He was worth a fortune. Jamie Dimon should be shivering in his shoes. Blythe will be unconsolable.

Sat, 05/19/2012 - 11:29 | 2443207 buzzsaw99
buzzsaw99's picture

JPM may beat you.

JPM may rob you.

JPM may steal your last piece of meat.

 

old proverb

Sat, 05/19/2012 - 13:01 | 2443371 The Alarmist
The Alarmist's picture

To the last, I will grapple with thee ...
From Hell's heart, I stab at thee ...
For hate's sake, I spit my last breath at thee!

Sat, 05/19/2012 - 11:36 | 2443212 Uncle Remus
Uncle Remus's picture

A side effect of a hollow government - on fiat.

Sat, 05/19/2012 - 11:49 | 2443230 Joe The Plumber
Joe The Plumber's picture

Nassim Taleb for president

He is eligible. I heard he was born in Hawaii too

Sat, 05/19/2012 - 11:50 | 2443233 WryObserver
WryObserver's picture

So there was this huge collusion between banks and major world governments to the detriment of citizens and taxpayers.

 

True story

Sat, 05/19/2012 - 11:52 | 2443239 riphowardkatz
riphowardkatz's picture

a statist government requires the banks in their current form. they are not utilities, without the banks price inflation would have raged out of control. the banks are the battery of an inflation based economy. without the battery the money would flow into the price of food, housing, energy which would cause a backlash against the government.

Sat, 05/19/2012 - 11:56 | 2443250 Cheeky Bitch
Cheeky Bitch's picture

I want me some Jurado Tequila...to drown my sorrow..

Sat, 05/19/2012 - 11:56 | 2443251 LetThemEatRand
LetThemEatRand's picture

Who is John Gotti?

 

Sat, 05/19/2012 - 13:02 | 2443374 The Alarmist
The Alarmist's picture

Let's just say he's a guy who knew John Galt.

Sat, 05/19/2012 - 11:59 | 2443256 Alexandros
Alexandros's picture

The end of the world is near ...The ten plagues of Pharaoh “have been brought upon” the USA.

http://eamb-ydrohoos.blogspot.com/2010/02/ten-plagues-of-pharaoh.html

.

World War III ...The first private war in history

Those who won all battles shall lose the war.

http://eamb-ydrohoos.blogspot.com/2012/02/world-war-iii.html

Authored by PANAGIOTIS TRAIANOU

Sat, 05/19/2012 - 13:36 | 2443416 Joe The Plumber
Joe The Plumber's picture

Dang we have only one psychotic greek dude

But he has at least five avatars i have counted so far

Sat, 05/19/2012 - 12:00 | 2443257 ArrestBobRubin
ArrestBobRubin's picture

Life in bankster America:

Gotti: America's Most Wanted criminal

Dimon: Brilliant Risk Manager

Kinda sums it up, eh?

Sat, 05/19/2012 - 12:05 | 2443262 Jack Burton
Jack Burton's picture

These news media whores are so far up the ass of the financial establishement it isn't even funny! Listen to that bitch try and cut him off over and over and over again. Why you ask? Because he was on there telling the audiance what no member of the financial establishment wants them to know!

Main Stream Media are all paid whores for the banks and the estabishment politicians. Media in the last 20 years has become nothing but propaganda whores. This bitch nearly had a heart attack hearing what Taleb was saying going out over the airwaves to the British viewing audiance.

Sat, 05/19/2012 - 15:37 | 2443600 Cathartes Aura
Cathartes Aura's picture

kind of makes you wonder, why TeeVee bizness news uses so many women to interview the important men, or present the stats daily. . .

I mean, who's their audience?      ^^

Sun, 05/20/2012 - 08:41 | 2444845 TheFourthStooge-ing
TheFourthStooge-ing's picture

Cathartes Aura said:

kind of makes you wonder, why TeeVee bizness news uses so many women to interview the important men, or present the stats daily. . .

Made me laugh©.

I mean, who's their audience?

Of course, you already know the reasoning behind all of this:

Taleb: <begins to make important point with revealing information>

Director of news program, whose microphone goes to the earphone of the interviewer and camera crew: CC! Now! CC!*

Interviewer, leaning forward and interrupting: But aren't you being a bit idealistic?

* CC being shorthand for "Cleavage Cutoff", a television "news interview" maneuver wherein the woman interviewer, while leaning forward, cuts off the response with another question as the camera zooms in slightly to better frame her cleavage within the shot.

BTW, I don't recall if they used a CC in this interview; it may have just been a series of IIs (Idiotic Interruptions).

 

Sun, 05/20/2012 - 17:11 | 2445765 Cathartes Aura
Cathartes Aura's picture

lol, well, you know me - if I'm using the " ^^ " (raised eyebrows) then I'm most likely drippin' the sarc, heh.

that females are used as distractive eye candy is a great play by the scriptors, helping nudge men further along in the dialog of minutiae -

"omg! that bitches HAIR!!!  her tits are too small/big/floppy and her teeth are pointy on the left side, did you see that? she leaned over, I'd do her!!! but I'd do that bitch with YOUR dick!!! LAWL " etc. etc. etc.

meantime, the world continues to slide down the chute - but because they "watched" the great minds being interviewed, they can say they did, in all seriousness, and that scores points amongst 'em. . . particularly if they can then exchange BookFace style commentary. . .

it's all cartoons going forward my friend, get your fave soundtrack in - I know I have mine!

http://www.youtube.com/watch?v=m8rzkCkFIus&feature=share

(at the end, check the bottom left corner for a bit of synchronicity! ha)

Sat, 05/19/2012 - 12:05 | 2443266 q99x2
q99x2's picture

Take over the banks. Ron Paul had the right idea. 

bitcoin them. I'll run the banks if you'll run the banks. We'll all run the banks and banksters go to jail.

Sat, 05/19/2012 - 15:27 | 2443587 Papasmurf
Papasmurf's picture

Here we go with the fuckin' bitcoin bullshit again. 

Sat, 05/19/2012 - 12:12 | 2443275 I am a Man I am...
I am a Man I am Forty's picture

I like how the lady giving the interview is like "that's never going to happen, you will never convince the banks to do that, or the politicians, you silly fuzzy foreigner."  And Talib wants to rip her head off with that enabling dumb bitch attitude.

Sat, 05/19/2012 - 12:17 | 2443283 ptoemmes
ptoemmes's picture

I could not help but feel that the transition to the next "news" story about Donna Summer's death speaks volumes about the - let's say - tenacity of the media.

Now, I do think Ms. Summer's passing was notewrthy and sad in the proper context - and regardless of whether one liked disco or not...

Last Dance...for the banks and JPM? ;-)

 

Pete

Sat, 05/19/2012 - 12:32 | 2443317 ali-ali-al-qomfri
ali-ali-al-qomfri's picture

He's awesome and truthful more people need to listen to him.

What a great Professor to have.

 

Apprx

3:13min !!!!!

5:15min !!!!!

6:27min !! RON PAUL!

Sat, 05/19/2012 - 12:33 | 2443319 indio007
indio007's picture

Horrible interviewer. I love her false dichotomy set up.

I'd vote for Naleb. His appropriately pissed.

Sat, 05/19/2012 - 12:41 | 2443339 gs_runsthiscountry
gs_runsthiscountry's picture

"You cannot convince a General that war is not necessary" Brilliant comment.

Moreover, its much easier to go to war if you don't have to get your hands dirty or pick up a weapon!

You can move risk and you can mitigate risk - but you cannot eliminate risk - it has to go somewhere, and thus we will always end up with systemic risk.

Get these friggin OTC derivatives reigned in! Until such time nothing will change folks. Forget curbing bonuses. Force them to keep risk on their book, bring OTC derivatives out of the shadows, and the problem will vaporize faster than an MF global account.

gs_

Sat, 05/19/2012 - 13:40 | 2443425 Joe The Plumber
Joe The Plumber's picture

Due diligence is more effective than regulating derivatives

If we let a few banks fail because they were careless in evaluating counterparty risk then the rest of the banks would be more careful

Sat, 05/19/2012 - 12:48 | 2443346 fiddy pence haf...
fiddy pence haff pound's picture

when stock markets and the legal infrastructure make no sense. They're all centrally controlled in order

to make sure there's enough 'liquidity' so that 2008 'cannot be repeated'. In this type of environment,

you can only pray for black swans. We've had 2 in a week.

Goldman's naked bullshit revealed, and JPM's spread bet.

Throw in Facebook.

Things are looking worse for banks. Therefore, they are getting better.

Let's go, black swans. 

 

Sat, 05/19/2012 - 13:06 | 2443380 The Alarmist
The Alarmist's picture

Let's just say I am waiting for the equity valuation that can be used on something like facebook, because it sure as hell isn't the DDM, the two-stage or three-stage FCFF or FCFE, the RI, or anything else in the popular literature.

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