Rosenberg On The Latest Helping Of "Smoke And Mirrors" From Obama

Tyler Durden's picture

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spiral_eyes's picture

Obama is a failure because he doesn't understand what capitalism is. You can't have the government doing everything for everyone for ever. You can't have good businesses failing and bad businesses succeeding with bailouts. You have to get out of the way and let the market work.

http://azizonomics.com/2011/09/09/why-obama-is-failing/ 

LetThemEatRand's picture

Obama is a failure, but it has nothing to do with not understanding capitalism or not taxing poor people enough.  It has to do with being a captive of an incredibly corrupt, crony capitalist system that has thrived and picked up steam since Reagan took the horns.    Real corporate tax rates are lower than they've been in a generation, but the large corporations and their apologists blame tax policy for the crisis.   Shall we put W back in office nad have him fix things with less regulation and lower taxes?  Worked great, didn't it.  Yes, Obama is a worthless tool, but going back to the tired old crony capitalism right wing agenda isn't going to help.

spiral_eyes's picture

W was the guy who initiated TARP. The biggest crony capitalist in American history... until Obama (and maybe Rick Perry)

There are fucking shitloads of better ways to improve the system than "going back to W".

Letting failed corporations fail would be the best start. And on Zero Hedge know we all know who the man who will do that is.

Ron Fucking Paul.

LetThemEatRand's picture

Right on.  I have a lot of issues with Ron Paul (he puts too much faith in the free market to keep corporate greed in check), but he's the best of the curent herd by far.   At least he will try to dismantle the military industrial complex and he'll try to end the Fed.  I'll accept the other aspects of his platform with which I don't agree, if he can accomplish those things.   That would be a huge move in the right direction.  I don't see anyone else with the smallest chance of winning the election who truly supports either idea (and I include Perry in this -- he talks a good game but he is status quo all the way).  

Temporalist's picture

Where is that Hugh Hendry?  I want to hear him tear into some Keynesian dolt again; that's real entertainment.

Spitzer's picture

WTI up .57 Brent down .57

Oil up with the dollar. Brent down with the Euro

global's picture

The fact that you call WTI "Oil" while calling Brent "Brent" is slightly less indicative that you know sweet fuck all about oil markets than the general moronicness of your comment.

Spitzer's picture

WTI up with the dollar, Brent down with the Euro.

Happy now ?

Sweet fuck all....that was a good one. Considering you are a fuckin idiot.

Yamaha's picture

No more solar panels and wind "fart" farms! Also, we don't have a commitment to educate the masses - maybe I'm the only poor clild that got a job and paid for my education!

molecool's picture

How do we get this on ZeroHedge?

 

Did Tomo Rape The Market - Part Deux

http://evilspeculator.com/?p=23851

 

-1Delta's picture

dunno, but needs to be posted!

molecool's picture

Fuck me - > 2 years member here and I still don't know how to post articles...

fuu's picture

Tips: tips [ at ] zerohedge.com?

spiral_eyes's picture

I blogged about the reverse repo spike yesterday.

This is very frightening.

TPTB know something the market doesn't.

Warren Buffett will never take a bath again.

http://azizonomics.com/2011/09/11/big-change-for-europe/ 

-1Delta's picture

apparently TPTB knows something.. I mean the TOMO piece on evilspeculator apparently shows that it has bearish implications, but he points that the NY fed has no data that St. Louis does?

papaswamp's picture

"..actually nothing more like a tiny flatulent wind in a feces-storm. "

 

Damn it! I spilled my afternoon martini...fuck that hit me funny.

Missiondweller's picture

Its amazing that all Obama has to offer is another smaller stimulus modeled after the larger failed one. Simply stunning.

DefiantSurf's picture

Nobody fucks up this bad, there is a purpose here, a plan...

StychoKiller's picture

This is almost like Poe's law re:  "it is difficult or impossible to tell the difference between sincere extremism and an exaggerated parody of extremism."   Only here, it's difficult to tell the difference between total idiocy and subtle, malignancy!

X.inf.capt's picture

its simple...just have to keep this economy and dollar together another 14 months, he wouldnt want to be remembered as the last president of the U.S.A.....before the dark ages....

he does have his 'legacy' to protect...and nothing else!

DefiantSurf's picture

I think history will end up being kinder to Nixon & Carter than Obama, regardless of when the crash comes, he owns it now.

 

X.inf.capt's picture

yep!

 

p.s. love the avitar. i can face the coming dark ages, but im going to be one pissed off s.o.b. when the coffee runs out!

SheepDog-One's picture

14 months will never happen, its like starting in L.A. with an empty tank saying somehow they'll make it to NYC on fumes and drafting.

X.inf.capt's picture

i do believe you have a point there, sir!

Long-John-Silver's picture

Fail if you do, fail if you don't. It's like standing on the plank as the Boatswain's mate starts poking you in the ass with his sword. Do you just let him run you through for a quick and easy or walk off the end and play with the sharks for a few minutes.

Duffminster's picture

This plan is called a "jobs plan" and it should be noted the word "stimulus" once in the speech.   It is really mostly pure stimulus, pure trickled down (cut taxes) and so forth.  Stimulus won't work, austerity won't work.  There is no linear solution within the given paradigm and no non-linear solution within the current paradigm. 

Short of the government hiring 25 million government workers to stimulate job growth, nothing is going to work and while they can manipulate things to make them look better when they give a big speech (based on pure bull shit), they can raise margines, call their buddies at the bullion banks to hammer gold and whatever other mental and PR manipulatives than can introduce.  To me, its just a call to stock up on more gold and silver and prepare for blow back of 40 years of economic corruption and mismanagement in the post Nixon, gold default era.   Their only choice is currency devaluation, 20 year depression or mass social revolution.  I think the latter is more likely given the sheer gravity of stupidity, greed and fear we see in among the so called "elite."

 

 

 

Duffminster

pelican's picture

Looks like a huge war is coming to thin the herd.

Oh regional Indian's picture

Very nice over-view.

Panic is hard to do for TV folks though. And that coupling figure in the ned is surprisingly conservative.

The US sneezes and India catches a major cold. A strong dollar move up will see indian Equities CRUSHED, all FII (Foreign Institutional Investor) float, hot money, runs liek rats.

ORI

Indian Gold Masterpiece

longhardbull's picture

Hmmm... why not make manufacturing work in the US... That wouldn't solve anything...

tempo's picture

The 9/11 attack was critical, but the stunning implications of globalization in 2001 was hidden by the 9/11 attack. Because of the expansion of the internet worldwide in the early part of the decade, companies started outsourcing to undeveloped countries where labor rates were $5/day w/o health care, retirement or labor laws. The 9/11 attack justified a large war and creation of the housing bubble which hid the underlying problem of $5/day labor wages worldwide and outsourcing for about 5 years. Now the underlying problems of a worldwide labor glut combined with unfunded, unrealistic entitlement promises lead to a collaspe of the US housing/equity market and unsubstainable deficits. Smoke and mirrors will not work again. The US and the EU will eventually have to compete with China's $5/day labor rates. The alternative will be more wars.

James T. Kirk's picture

The only difference between the last jobs "plan" and this one is that the Obaminator is now acting angry. I wonder how they "cue" the "angry" behavior on the telepromptor. Maybe the letters are in red when he is supposed to get riled up?

Dumpster Fire's picture

Veto-proof majorities require little bombast.  This time it's about blame.

longhardbull's picture

No taxes on companies that manufacture.

Trade agreements

No minimum wage

Revise unemployment

Reduce Gov't intervention

Lock down the border, enact pay to citizenship

Aren't the answer to this mess pretty simple?

SheepDog-One's picture

Wow DOW spikes up over 100 points in 5 minutes, -180 to now only down -60....going for the +200 DOW close already? Someone is very desperate here...8 days till FOMC Ben tic toc tic toc!

RockyRacoon's picture

Why is anyone surprised or amazed?   Frankly, I could care less how much money the gov't throws around (or hides) just as long as the friggin banks don't get another dime.   I guess I've got bailout fatigue.   Tired of hearing about it and tired of "the people" not having any influence in this charade of a country.

SheepDog-One's picture

I'm only surprised that DC and Wall St hasnt been over run yet and burned down. All the 'rah rah flag waving 'better dead than red' I'm glad to be an american where at least I know Im free' yea where is everyone?

DefiantSurf's picture

the problem is that only 0.00001% of the population read ZH, the rest are watching MSM, and while they know something is just not right, they simply have no idea of the magnitude of what is really not right.

 

Dumpster Fire's picture

Dude this was opening week in the NFL.

Ponzi Unit's picture

Dumpster Fire, best avatar-username combo I've seen in a while. Kudos.

SheepDog-One's picture

WTF Im sitting here watching the DOW rise and fall over 100 points in minutes? Something is very wrong here, makes me nervous, and Im sick of being nervous all the time I say its time we start lopping off banker and politicians heads already!

mikmid's picture

If we are going to start lopping heads we need a very American method. The jihadists use swords, the french use guillotines, we need something novel like chainsaws. That's it, a banker chainsaw massacre and it could become a movie.

gwar5's picture

The only way for Obama to create jobs is to step down.

 

gwar5's picture

The only way for Obama to create jobs is to step down.

 

pelican's picture

I just hope it doesn't totally crash until next year when I withdraw the remainder of my 401k.

benb's picture

"...the plan is more than expected, is actually nothing more like a tiny flatulent wind in a feces-storm...." (Emphasis added)

I love poetry.

 

 

slewie the pi-rat's picture

rosie's 6 bullets are magnumZ!!!

collon88's picture

More worthless suggestions on fixing our economic problems.  I recently saw a GAO chart of projected US government spending in 2020.  Interest on US Debt is projected to be $901 Billion. Sustainable economic growth? For how long? 5 maybe 10 years? All Rosenberg's suggestions do is kick the debt grenade down the road. It's about debt, stupid! A monetary system based on debt always expands to its maximum potential and then collapses.  As others on this site have pointed out, it is a Ponzi scheme.  Tyler must have a sadistic streak to post the excretions of such an elitist squid.     

Ponzi Unit's picture

Bring on the Jubilee. Please note that item three cites Athenian debt slaves. We are all Greeks now!

 

Debt relief existed in a number of ancient societies:

  • Debt forgiveness is mentioned in the Book of Leviticus, in which God councils Moses to forgive debts in certain cases every Jubilee year – at the end of Shmita, the last year of the seven year agricultural cycle or a 49-year cycle, depending on interpretation.
  • This same theme was found in an ancient bilingual Hittite-Hurrian text entitled "The Song of Debt Release".[1]
  • Debt forgiveness was also found in Ancient Athens, where in the 6th century BCE, the lawmaker Solon instituted a set of laws called seisachtheia, which canceled all debts and retroactively canceled previous debts that had caused slavery and serfdom, freeing debt slaves and debt serfs.
  • In addition, the Qur'an (the Muslim scripture) supports debt forgiveness unable to pay as an act of charity and remission of sins for the creditor.