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Santelli On 'The Smoking Gun'

Tyler Durden's picture




 

In a follow-up to Liesman's earlier rebuttal, CNBC's Rick Santelli just reiterated his earlier sentiment that the comments that Mr. Bernanke made earlier were indeed the "Libor Smoking Gun". While Bernanke tried to eschew the matter by claiming the low-level Fed employee was clueless (which from the transcript she was seemingly clued in enough to understand the rate was not 'accurate'). As Rick notes in Bernanke's own words: "the manipulation of rates was a little bit low by certain banks but they just wanted to show they were healthy during the crisis" - unbelievable! "What are regulators for?", Santelli exclaims: "manipulation is manipulation!" Indeed, Rick, indeed.

Must watch 100 seconds of eye-opening reality TV.

Our simple perspective is - if they are so comfortable with this kind of manipulation, then what other conspiracy-theory-based manipulations do we think are actally possible?

 

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Tue, 07/17/2012 - 13:19 | 2624844 Precious
Precious's picture

If we can trust Bernanke, who can't we trust?

Tue, 07/17/2012 - 13:25 | 2624866 Doña K
Doña K's picture

This is no your face; I rule the financial world and there is nothing the pleabs could do. Next question

Tue, 07/17/2012 - 13:28 | 2624879 Joe Sixpack
Joe Sixpack's picture

Yes, nice Mr. IRS man/woman/Pat, my income estimates were just a little low, but I was trying to show I was doing badly in Bernanke's economy.

 

Try that one.

Tue, 07/17/2012 - 13:45 | 2624958 hedgeless_horseman
hedgeless_horseman's picture

 

 

The Fed is the biggest rate manipulator in the history of the world.

Tue, 07/17/2012 - 13:56 | 2625000 ToNYC
ToNYC's picture

It's all good when you work for Captain Renault. Ben bends for every Banker.

Tue, 07/17/2012 - 14:07 | 2625039 Spaceman Spiff
Spaceman Spiff's picture

Probably should be amended to they 'fuck you for a fee.'

Tue, 07/17/2012 - 18:24 | 2626168 Buck Johnson
Buck Johnson's picture

And keep doing it for free even when  you bleed.  This smoking gun shows that they are comfortable with stuff like this, what else are they comfortable with?

Tue, 07/17/2012 - 13:27 | 2624880 Dr. Richard Head
Dr. Richard Head's picture

How many licks does it take to get to the CDS center of the derivatives pop?

Let's find out, Ah one.....ah twooohoooo.....ah three.  Three! (interest rate that is)

Tue, 07/17/2012 - 13:27 | 2624888 Stoploss
Stoploss's picture

Let the lynchings begin...

 

Time for street justice, i don't think it will take too long.

Tue, 07/17/2012 - 13:32 | 2624906 vast-dom
vast-dom's picture

LET'S KEEP THIS SIMPLE: IF BERNANKZI ADMITTED AS HE DID THAT HE WAS AWARE OF MANIPULATION AND HE DID NOTHING ABOUT IT, THEN BY LAW HE IS COMPLICIT AND GUILTY. END OF STORY.

Tue, 07/17/2012 - 13:37 | 2624919 NotApplicable
NotApplicable's picture

Also by law? By being on the board of the BIS, he is fully immune from prosectution from ANY governing body for any actions taken in service of it.

End of story.

Tue, 07/17/2012 - 13:53 | 2624987 JLee2027
JLee2027's picture

Jefferson comes to mind: "Tyranny is defined as that which is legal for the government but illegal for the citizenry."

 

 

Tue, 07/17/2012 - 14:31 | 2625099 vast-dom
vast-dom's picture

being immune and being not guilty are mutually exclusive. 

 

you have a problem with any of this? then email Bernanke and the fed directly at their fraud division:

 

Federal Reserve Consumer Help: ConsumerHelp@federalreserve.gov

 

 

Tue, 07/17/2012 - 13:53 | 2624986 agNau
agNau's picture

Corzine's crime seems quite petty now.

Tue, 07/17/2012 - 14:22 | 2625084 El Oregonian
El Oregonian's picture

No, it just means that the rope can be just a tad thinner. Nothing has changed, they all need to hang...

Tue, 07/17/2012 - 15:23 | 2625364 Michael
Michael's picture

Everyone agrees every market is manipulated.

Let's have an immediate audit of the Fed with the understanding their hands will not be tied by legislation until after the complete and total worldwide economic collapse.

However, fairness in the current playing field will be restored by publishing in real time all manipulation occurring in all markets so everyone in the game can benefit, not just whales.

Tue, 07/17/2012 - 15:28 | 2625399 Sequitur
Sequitur's picture

"I never intended to break any rules."

- John Corzine

Tue, 07/17/2012 - 18:26 | 2626175 boogerbently
boogerbently's picture

Surely,

If Corzine had commited a crime, there would be some trial/hearing/investigation?!?!

Tue, 07/17/2012 - 13:37 | 2624916 Benjamin Glutton
Benjamin Glutton's picture

Isn't this just another attempt by BOTH Bernanke and Santelli to shift focus to the crisis period when in truth these crimes span MANY MANY years and various motivations?

 

never stop reminding these apologists that it is not just about 2008!!!

Tue, 07/17/2012 - 14:05 | 2625033 Silver Bug
Silver Bug's picture

Santelli is one of the few on financial tv that is still willing to speak his mind and tell the truth.

 

http://ericsprott.blogspot.ca/

Tue, 07/17/2012 - 18:35 | 2626210 boogerbently
boogerbently's picture

In front of congress, on nationwide TV, Ben admits to knowing about the manipulation 3 years ago, and the ONLY one to HEAR it was Santelli.

WTF

Tue, 07/17/2012 - 18:39 | 2626222 boogerbently
boogerbently's picture

Congress didn't even recognize the "admission of guilt"!!!

Tue, 07/17/2012 - 19:59 | 2626398 Al Gorerhythm
Al Gorerhythm's picture

Could you please inform us, one day, on how you would like us to regulate you. Thank you for your patience in this matter.

Yours Obediently,

Congressional Banking Over-sight Committee.

Tue, 07/17/2012 - 17:24 | 2625996 Dingleberry
Dingleberry's picture

ANYTHING that comes out of the CIty of London is a fraud.

Tue, 07/17/2012 - 13:27 | 2624889 RagnarDanneskjold
RagnarDanneskjold's picture

What about the peanut guy wearing the top hat and the monocle? 

Tue, 07/17/2012 - 13:28 | 2624890 Dr. Richard Head
Dr. Richard Head's picture

He. like Bernanke, is nuts!

Tue, 07/17/2012 - 13:31 | 2624903 TheGameIsRigged
TheGameIsRigged's picture

GO 'HEAD Santelli - tell the TRUTH

Tue, 07/17/2012 - 14:16 | 2625069 azzhatter
azzhatter's picture

I don't need no steenking regulators, I'm Ben "the maggot" Bernanke

Tue, 07/17/2012 - 13:21 | 2624851 Xibalba
Xibalba's picture

What's the VIX anyways????

Tue, 07/17/2012 - 13:23 | 2624860 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

It's that shit that ravers use when they get high.

Tue, 07/17/2012 - 13:22 | 2624855 Debtonation
Debtonation's picture

Let's not forget who the biggest manipulators of them all are: The federal government, the Federal Reserve and the main stream media.

Tue, 07/17/2012 - 13:24 | 2624856 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

It was just a widdle bit of manipulation!  What's wrong with a widdle bit?!

Tue, 07/17/2012 - 13:57 | 2624999 Calculated_Risk
Calculated_Risk's picture

I tried the same argument.. C'mon baby it's just the tip! Only the tip!

Tue, 07/17/2012 - 13:23 | 2624857 RiotActing
RiotActing's picture

Why the fuck does ZH contiune to bob on Santelli's nob? FUCK that guy. He's a fucking shill that should be hung with the rest of them.

Tue, 07/17/2012 - 13:29 | 2624894 NotApplicable
NotApplicable's picture

While I'm no fan of the "Chicago School," Rick does a good job of making Liesman (and Krugman) look like the clueless toolbags they are.

I consider that to be a very valuable service, especially since it undermines the crux of CNBS.

Tue, 07/17/2012 - 13:34 | 2624912 RiotActing
RiotActing's picture

Are you high? It looks like others are as well. This is like trusting John Stewart is giving it to us straight. You all are a bunch of fucking idiots if you think Santelli has anything but his own self instrests in mind. FUCK RICK SANTELLI. Again, Does his fucking mother work here?

Tue, 07/17/2012 - 13:39 | 2624927 RiotActing
RiotActing's picture

BTW anyone that can tie their shoes know what's up with Liesman and Krugman, why the fuck do we need an asshole in a suit to tell us what we already know?

Tue, 07/17/2012 - 13:57 | 2625002 IndicaTive
IndicaTive's picture

Get out much? As long as Santelli is talking to my brother, sister and everyone else with their heads planted firmly in the sand, he's doing an OK job. He's not talking to you.

Tue, 07/17/2012 - 14:05 | 2625029 RiotActing
RiotActing's picture

Pull your head from your ass much? You are hoping CNBC is going to tell it how it is? Rick is in for the good of the people? Give me a fucking break.

Tue, 07/17/2012 - 14:18 | 2625075 azzhatter
azzhatter's picture

Did Santelli run over your dog or something?

Tue, 07/17/2012 - 14:29 | 2625108 fuu
fuu's picture

It's the new guilt by association campaign. Santelli is a shill - Zero Hedge posts Santelli - ZH must be a shill.

Tue, 07/17/2012 - 14:34 | 2625131 insanelysane
insanelysane's picture

RiotActing must be Santelli's ex wife or something. ???  or maybe just Cramer or Liesman's username.

Tue, 07/17/2012 - 14:47 | 2625190 Benjamin Glutton
Benjamin Glutton's picture

actors who yell while they are pretending to be journalist patriots are often being honest about something.

Tue, 07/17/2012 - 18:30 | 2626189 boogerbently
boogerbently's picture

Ha, Ha, HA

How much did you lose in this market? Whining biotch.

Santelli is the ONLY bobbing head calling them out, and you're too STOOPID to appreciate it.

 

Tue, 07/17/2012 - 14:02 | 2625019 blueRidgeBoy
blueRidgeBoy's picture

much anger in this one

Tue, 07/17/2012 - 14:08 | 2625045 tmosley
tmosley's picture

I know several people who can tie their shoes and yet read Krugman like he's some sort of genius.  These same people happen to be professors of hard sciences (and liberals, of course).  These people are good friends of mine.

Tue, 07/17/2012 - 13:24 | 2624864 GeneMarchbanks
GeneMarchbanks's picture

Giant issue. Let us talk about it some more to make it go away.

Tue, 07/17/2012 - 13:33 | 2624908 MsCreant
MsCreant's picture

Wow. 

I get that pissed too.

Tue, 07/17/2012 - 13:38 | 2624921 Al Huxley
Al Huxley's picture

Hey, it worked for Europe's sovereign debt and bank insolvency problem, why not here?

Tue, 07/17/2012 - 13:24 | 2624869 lostintheflood
lostintheflood's picture

but retroactively, there was no manipulation...

Tue, 07/17/2012 - 13:34 | 2624911 MsCreant
MsCreant's picture

If we manipulate the news of the manipulation, doesn't that act like a double negative and make it go away?

Tue, 07/17/2012 - 13:24 | 2624872 Snakeeyes
Snakeeyes's picture

Santelli is right. The Fed reserves the right and authority to manipulate. All others, not so much.

http://confoundedinterest.wordpress.com/2012/07/06/libor-fixing-and-the-fed-funds-target/

At least at the hearing today, Bernanke admitted that it is difficult to have a meaningful LIBOR when banks aren't lending to each other. BUT they have to submit a LIBOR estimate.

And good luck finding a LIBOR index that the Fed or ECB can't manipulate.

Tue, 07/17/2012 - 13:40 | 2624935 Al Huxley
Al Huxley's picture

So to paraphrase:  "I'm not willing to lend you ANY money, because I don't trust you, and don't think you're credit-worthy, but if I did trust you, and was willing to lend you money, then here's the rate I would lend to you at".  Did I get that right?

Tue, 07/17/2012 - 13:53 | 2624985 Irwin Fletcher
Irwin Fletcher's picture

A quote from Brave New World is in order here: "The operation undergone voluntarily for the good of Society, not to mention the fact that it carries a bonus amounting to six months' salary."

Tue, 07/17/2012 - 14:21 | 2625082 azzhatter
azzhatter's picture

Saving us from ourselves? Thanks Ben, you slimy little cocksucker.

Tue, 07/17/2012 - 13:24 | 2624873 Dr. Richard Head
Dr. Richard Head's picture

Bernanke needs to take that gun, place in mouth, then let said gun start smoking. 

But then again, the regulators are understaffed and underfunded, so that is why they let this "little" bit of manipulation slide buy.  We need to give them more money, staff, and make them a whole shit ton fucking bigger. /s

Tue, 07/17/2012 - 13:25 | 2624875 toady
toady's picture

Nice to hear somebody pretending to care.

Now, back to sweeping it under the rug.

Tue, 07/17/2012 - 13:26 | 2624884 No One
No One's picture

I am going to miss Rick once he is suicided. 

Poor guy.

Tue, 07/17/2012 - 13:33 | 2624907 NotApplicable
NotApplicable's picture

He's a Friedmanite in Chicago. Thus, he still represents a minority portion of the status quo.

As long as he doesn't go after the Crimex for their complicity in the MFG scam, they'll buy him a statue before they buy him a tombstone.

Tue, 07/17/2012 - 13:39 | 2624928 pods
pods's picture

Rick is a safety valve.  A way to relieve pressure within the system.  

pods

Tue, 07/17/2012 - 13:42 | 2624942 Al Huxley
Al Huxley's picture

Exactly - gives a voice to the outraged proletariat, makes them think somebody's speaking for them.

Tue, 07/17/2012 - 13:26 | 2624885 j0nx
j0nx's picture

I've been telling hundreds of people I know about how they are paying more for gas and other things thanks to this. Needless to say, they are not happy about this. TPTB better start cutting $5k Obamabucks checks to the people to lighten their load this fall or else there will be trouble. Don't say you weren't warned PTB.

Tue, 07/17/2012 - 13:30 | 2624895 HANKREARDON
HANKREARDON's picture

There is not an investment vehicle that is not manipulated. Next.

Tue, 07/17/2012 - 13:30 | 2624898 nobusiness
nobusiness's picture

Market can only go up from here.  bad news means QE3, good news means higher earnings.  Boy isn't that easy.

Tue, 07/17/2012 - 13:30 | 2624899 OTC_Options
OTC_Options's picture

Santelli asks, "...why have regulators?" Simple. Without regulation you might see a free market emerge. Free markets are the sworn enemy of government and too big to fail banks.

Tue, 07/17/2012 - 13:41 | 2624940 dougie
dougie's picture

"Free markets" will evolve into something very like what we have now, a criminal plutocracy.  No regulation equals the free marketeers running roughshod over the people.

Tue, 07/17/2012 - 13:58 | 2625005 blueRidgeBoy
blueRidgeBoy's picture

right, and the government doesn't want any competition in running roughshod over the people

Tue, 07/17/2012 - 14:10 | 2625053 CrockettAlmanac.com
CrockettAlmanac.com's picture

 

 

 No regulation equals the free marketeers running roughshod over the people.

 

Wrong. The people were forced into bailing out the banks thanks to government regulation. If the people had been given a choice they would not have bailed out the banks. Individuals making free choices is not the problem.

Tue, 07/17/2012 - 14:16 | 2625071 OTC_Options
OTC_Options's picture

'Not suggesting that free markets will be all joy and no pain. But do you really believe that regulation makes it all somehow better or fairer? Regulation is simply the force of the state intervening on behalf of a select few. Oh, and, by the way, you're not part of the select few.

Tue, 07/17/2012 - 13:32 | 2624905 razorthin
razorthin's picture

We are ball-less for not hanging the fukkers.  Bernanke included.

Tue, 07/17/2012 - 13:35 | 2624910 Temporalist
Tue, 07/17/2012 - 13:34 | 2624913 Hype Alert
Hype Alert's picture

Regulators are a marketing tool.  They are there for perception.  Front running HFT's in the market allowed by the SEC is just one example.

Tue, 07/17/2012 - 13:36 | 2624915 Acet
Acet's picture

The Black Swan is not the discovery that the Banks are crooked, it's the the uncontroversial proof that the Regulators were complicit.

As the general market participants become convinced of the rot of the entire system, including the supposed neutral arbitrers, while seeing nothing at all being done to fix it, more and more capital will leave those Markets which are tainted.

Eventually those Markets will collapse.

Tue, 07/17/2012 - 13:42 | 2624941 Hype Alert
Hype Alert's picture

It's starting to look like the black swan will be when something is actually done about it.  Seriously, when Dimon, Bernanke, whoever can ADMIT they lie and manipulate and fools like Schumer say "get to work Mr. Chairman", there is absolutely no hope for this market.

Tue, 07/17/2012 - 13:39 | 2624923 ArkansasAngie
ArkansasAngie's picture

I want a special prosecutor and ... a dad gum squad of marines to protect him.

It is not OK to lie, cheat or steal.

And ... any politician or regulator who doesn't agreed needs to be tarred and feathered.

 

Tue, 07/17/2012 - 14:07 | 2625037 Irwin Fletcher
Irwin Fletcher's picture

The message here is that lying, cheating and stealing are OK if they increase a mathematical variable designed to measure the health of the economy. In economic models, this variable is something like the 'velocity of money'. Time to get your values in line with modern economic theory Angie.

Tue, 07/17/2012 - 14:51 | 2625213 citta vritti
citta vritti's picture

actually, the message is that lying cheating and stealing are ok mainly if they allow banks and those that serve them (bankers and regulators (including some especially favored legislators and executive branchers but not customers, except incidentally) to go on their merry way, with the system being run for their benefit.

Financialization requires an update of the old GM maxim, from "what's good for GM is good for the country" to "what's good for the banks (and mainly the TBTF variety or SIFIs or whatever you call 'em) is good for the country." 

when that lesson really comes home to people, then maybe disgust (directed at one's self or those complicit or both) will drive change. maybe.

Tue, 07/17/2012 - 13:40 | 2624932 Atomizer
Atomizer's picture

 

 

This world a hollow pageant you should deem;
All wise men know things are not what they seem; Be of good cheer, and drink, and so shake off this vain illusion of a baseless dream
-Omar Khayyam

Tue, 07/17/2012 - 14:14 | 2625062 CrockettAlmanac.com
CrockettAlmanac.com's picture

 

 

Like a volume of Omar Khayyam  

That you buy in the department store at Christmas time  

For your cousin Julia, we're Morocco bound!

 

http://www.youtube.com/watch?v=V_w3UG6C_Mo

Tue, 07/17/2012 - 14:53 | 2625219 TheFourthStooge-ing
TheFourthStooge-ing's picture

The Ruby Yacht of Omar Khayyam?

Tue, 07/17/2012 - 13:40 | 2624936 Chumbadumba
Chumbadumba's picture

I would like to manipulate Benny's beautiful bald head- with a baseball bat!!!

I AM CHUMBADUMBA!! LOLOLOLOL!!!

Tue, 07/17/2012 - 13:40 | 2624937 pashley1411
pashley1411's picture

This should surprise absolutely no one.

Once the political class gets its mitts on prices, the only price that matters is what the political class wants, real prices being a mere distraction.

The game is played for a short-term crisis, which turns into a long-term reality, surprise.

Dislocation of the allocation of capital = implosion = freedom.  

Tue, 07/17/2012 - 13:43 | 2624946 chunga
chunga's picture

ma·nip·u·la·tion

exerting shrewd or devious influence especially for one's own advantage; "his manipulation of his friends was scandalous".

Fuck off Bernakke

Tue, 07/17/2012 - 13:43 | 2624950 Atlantis Consigliore
Atlantis Consigliore's picture

Heres our REGULATOR:   did I do that???did I do that?  fraud,  did I do that??? fraud....  did I allow that????

 

Heres the Govt and the regulators, on tv.

http://youtu.be/ClnSMCdw6E8

Tue, 07/17/2012 - 13:44 | 2624955 whoopsing
whoopsing's picture

Why would anybody rely on a manipulated number ?

Tue, 07/17/2012 - 13:54 | 2624989 eatapeach
eatapeach's picture

It gets them laid more?

Tue, 07/17/2012 - 13:48 | 2624969 loveyajimbo
loveyajimbo's picture

Do not worry!!  Holder, Shapiro, Gensler... all there to protect and to serve... and, of course, barry Soetero there to make sure all is done with transparency and fairness for all... um... gotta run, I think I am going to spew!!

Tue, 07/17/2012 - 13:48 | 2624971 Wannabee
Wannabee's picture

Joe Six Pack: "honest judge, I only stole the money because my cash account was a little bit low during the crisis"

Judge: "very well then, have a nice day"

Tue, 07/17/2012 - 13:49 | 2624973 bsdetector
bsdetector's picture

What a circus that hearing was. The opening question was read from a script. Bernanke's answer was likewise read from a script. Remember continuation of government? Well, this is it. Its been going on without public knowledge for quite a few years. Whoever has some power is given the memo and they fall in line. Where the heck has Ron Paul been? He had a voice that was heard... how was he silenced so easilly?

Tue, 07/17/2012 - 17:33 | 2626036 Clinteastwood
Clinteastwood's picture

If I were Ron Paul and received such a poor response from the American scheeple, I would take a little time off and let them digest what hey have done to themselves by nominating Romney.  People get what they deserve.  One thing I am happy about this time around.......you can't say that the scheeple didn't hear the truth.  They've had their chance.  Now it's baton down the hatches and balls to the wall.

Tue, 07/17/2012 - 13:52 | 2624982 lieutenantjohnchard
lieutenantjohnchard's picture

is this the corzine defense using customer money to meet a margin call?: ie ... he just wanted to show the contra-banks that mf global was healthy, and had plenty of money.

 

btw: for most red-pillers the bernanke comments are just another day at the office. most knew these shenanigans, fraud etc were going on although maybe we didn't know the exact details.

color me unsurprised.

Tue, 07/17/2012 - 13:55 | 2624996 blueRidgeBoy
blueRidgeBoy's picture

wait, we want more regulation in our lives, right?

Tue, 07/17/2012 - 13:57 | 2625004 Bartanist
Bartanist's picture

Why have regulators, indeed.

The obvious reason to have regulators is so that some useless and apparently corrupt bureaucrat can protect the banks and brokers from the commoners, who put their trust in the financial institutions and are continuously swindled.

Tue, 07/17/2012 - 13:58 | 2625006 tony bonn
tony bonn's picture

so bernanke perjures himself before congress and lies about liebor....my my my, what has the world come to?

Tue, 07/17/2012 - 13:59 | 2625013 proLiberty
proLiberty's picture

 

We now have it from Chairman Bernanke that the LIBOR mess was known at the highest level for a long time.  Those entrusted with regulation gave their pals a pass.

But the main point I want to bring out is fundamental: who decides what something is worth?   Who decides how much the money in your wallet, paycheck and bank account are going to be worth tomorrow, next week, next year?   This is the burden that those who criticize the free market cannot overcome.  Either we have a free market, or some third party imposes its will on the rest of us.  And this is the definition of socialism: when the ability to set prices and terms is manipulated by a government.  And there are only two ways that a third party can impose their will: they must use stealth or lies, or they must credibly threaten deadly force.   In the free market, if you think the market is wrong, you have the liberty to either buy or sell based on how you prefer to bid.  You have the right to be correct in your estimate and opinion, or to be wrong.  And you own the resulting profit or loss. Under socialism, someone's opinion of what is a better price is imposed on those engaged in buying and selling, if buying and selling is allowed at all.  And so instead of streaming realtime quotes as to the value of the dollar in relation to time or gold or the Yen, we have the cult of personality in trying to anticipate what decisions will be made by the few key players in the government who we have given the power over our lives to, or who have seized the power.   We get to grill Chairman Bernanke about his opinion, but his answers are clearly a form of theater performance.  Then we employ an army of analysts to tell us what the Chairman's opinion really means. We have committees of experts who make decisions and when they are wrong, they don't have to pay for the losses they caused.  No, they were just doing their job.   But strangely there are people who would rather have a human expert be in charge and whose opinion carries the weight of law and is imposed on the rest of us, than to have a free market that no participant is allowed to manipulate.  As a result, when Barclays Bank colluded to fix the key LIBOR interest rate quote, we call on government to levy a heavy fine for their crime, yet when the Federal Reserve fixes interest rates and does a thousand times the damage, they are only doing their job. 

 

Tue, 07/17/2012 - 14:10 | 2625050 Spacemoose
Spacemoose's picture

+1000  i wish there was a country for guys like you and i.  i'm starting to buy into the whole prison planet meme. 

Tue, 07/17/2012 - 14:34 | 2625129 steelhead23
steelhead23's picture

There is no such thing as a free market - and in order to have any semblance of the free markets you espouse, it is necessary that government enact and enforce rules.  The problem is that we have chosen the latter approach but failed in our diligence to enact and enforce sufficient rules to minimize manipulation.  You believe in a myth and that belief makes you easily manipulated.  Beware, the more anger you spew at governance, the less there would be and the plutocrats, not government, would enslave you.

Tue, 07/17/2012 - 15:20 | 2625309 haskelslocal
haskelslocal's picture

Very well said. However you do know it's not just governments who impose this. You know it's not just socialism in it's agenda. If you stop and think about everything you just said, you might realize what I see at the end of your equation.

Without these manipulations and controls, the entire game of "free market" would allow the funds within to exchange hands and find equilibrium. The entire variance would collapse as everything resinded back to the mean. There'd be no way to manipulate money to your stack and hold it there. Every dollar would float and better ideas would take from the has-beens. There would be a greater amount of people who would understand the game at play and take their share of the kill. As it is now? Few predators take most the rest fend for scraps.

A free market would not allow welath to cross generations just because. Each player would have to start at a new beginning. You'd have to prove your worth and earn it. Your born and you fend for your own life. By allowing anyone to corner the wealth and never pass it along you would prevent the free market opportunities you speak of.

So what say those who have the wealth but are in possession of no legit reason to forfeit their riches?

They create laws and friendships and put in leaders that prevent them from losing their pile. In complete and total inefficiency and in total manipulation.

 

Tue, 07/17/2012 - 14:06 | 2625026 q99x2
q99x2's picture

Bernanke the great lawmaker of our time.

Wait a minute wasn't the FED to seperate Congress from the money system. He can't make the laws. And what about separation of powers.

Arrest him.

Tue, 07/17/2012 - 14:07 | 2625038 monopoly
monopoly's picture

Is he still testifying or did the FBI take him in for questioning? Justice in America.

Tue, 07/17/2012 - 14:23 | 2625092 azzhatter
azzhatter's picture

Why is Barclays paying a fine? Apparently King Dickhead Bernanke said manipulation is fine

Tue, 07/17/2012 - 14:37 | 2625143 Gadocat99
Gadocat99's picture

Can someone explain to me why the graphs of the Spot Price on Gold and Silver are showing more variability prior to the NYMEX open each day? Once the NYMEX opens the price seems to stabilize and become a more distinct line (orders are being filled at more or less one price during that time). I have noticed this starting just within the past few days. Gold and silver are taking on the characteristics of a palladium style fuzzy graph. Is LIBOR shedding light on manipulation and less intervention is being attempted now?

Tue, 07/17/2012 - 14:38 | 2625145 kevinearick
kevinearick's picture

Talking Heads in a Circle

Obama has gone and done it again hasn’t he, serving a sweet one right across the plate to Romney. He is correct. The empire, along with its component robots, is the center of the universe, its own universe, and corporation is a fiction of government, built to seek favor from government at the expense of individual liberty over time, unwittingly distilling the latter as the seed for the next round, and expecting “act of God” to do its dirty work for it in the final line of the algorithm.

Natural variability is narrowing the field from each side, as “act of God” shortens the field. How many times corporate can hike the ball and get paid to take a knee in its own end zone depends entirely upon you. How much liberty are you willing to cede to the State, in return for slave equality in the pyramid of utility monopolies, operated by increasingly stupid masters, in a lottery ponzi system that pays you to be stupid?

Charlie is correct; parents are responsible for cultivating the civic culture, the work ethic, through honest marriage and industry. Only your own can sell you out, and the trade union bosses sold out, switching sides to the conveniently offered public unions, which have naturally gone MAD, unable to de-couple from the DC, top-down currency, with all the associated empire unfunded liabilities accruing to their pension accounts, labeled as assets, supply side robots seeking ever more affirmative action.

Who cares how LA, San Francisco, NY and DC blow up? Anytime a robot tells you it can build a better bridge, with your tools, leave the tools where they sit and move forward. You are the integral tool. By the time they get done fighting over your tools, you will already have the next sets ready to go, and their DNA will be well on its way back to the churn pool.

Romney vs. Obama is empire TV for robots. When was the last time you watched a professional sporting event that was not rigged, or a TV show that had an original plot? How much stupidity can you watch? Why do you suppose tithing, which it replaces, is for strangers, fatherless children, and widows? Why do you suppose the framers created an explicit republic with enumerated powers, expecting implicit individual liberty as a result when common law was coupled, as it always is?

The President has told you that the system is locked up. The Chief Justice has told you that the system is locked up. The Senate and House leaders have told you that the system is locked up. Why would you seek redress from such a government in a pleading of public, private, and non-profit corporate tyranny?

Build it and they will come, because they have no choice. If you give robots choice, they will always choose no choice, delay misdirection, because that is their algorithm, beginning, middle, and end, removing themselves as far away from the work as possible. An economy is a bomb, triggered by density of stupidity. Position yourself to be successful, as an example to your children. Fertility is not collapsing by accident. Did you see that idiot from the Economist call a bottom to US housing, the self-serving poll of homebuilders, and Bernanke’s testimony?

Individuals are already being subjected to deflation and hyperinflation, through the global HR IC chip. It just nets out to the Fed’s inflation growth target, and the Fed can only increase polarity, income inequality within the ponzi, to steady the aggregate needle. Look at the proxy hedge funds. Their real performance collapses, the pay of their standard bearers goes up, and financial print extols their magnificence.

So, bed rest, exercise, and journaling gets the robots welfare, same as their masters. So what? Jealous? Funny how the talking heads bitch all day long about public union corruption, and sign off extolling the virtues of cops, firefighters, and teachers, like they are innocent bystanders. Don’t get me wrong; the false passion of talking heads in empire media can be entertaining, but the last time I checked, talking never built an economic bridge.

Funny how differently the kids work, depending upon who the boss is. No; the Internet was not developed for the military or for business entrepreneurs. It was built for kids, to turn the empire’s cam on itself, which is why the digital economy is collapsing. It’s just a temporary, increasingly overloaded with nonsense.

Is it a tax or a penalty? From the perspective of kids, tax freedom is August. “There are lots of smart people out there…There are a lot of people out there who work hard…somebody helped.” That’s it; tax currency. It’s like a cell phone bill, that never ends…but I’m just a homeless moron continuously on the road, training developers as I find them; what would I know?

Always vote with your spirit, regardless of what you think or feel, and everything else will take care of itself. “Politician and felon is…synonymous.” QE is another way saying increase income inequality, between masters and slaves, with savings by throwing some of the masters into the slave pool, to feed the empire imperative.

Tue, 07/17/2012 - 14:43 | 2625150 reader2010
reader2010's picture

Do you really think Santelli has been allowed to say what he likes to say on CNBC?

Tue, 07/17/2012 - 14:48 | 2625194 GOSPLAN HERO
GOSPLAN HERO's picture

Steve LIES-man is Bernanke's butt-boy and nothing more.

Tue, 07/17/2012 - 14:51 | 2625209 Disenchanted
Disenchanted's picture

 

 

Bernanke:

 

"Congress is in charge here, not the FED..."

 

I LOL'ed

Tue, 07/17/2012 - 15:04 | 2625262 gnomon
gnomon's picture

No, Oscummer is in charge with his desk laden down with newly minted Executive Orders.  One must fear a electorally-troubled President engaged in race-baiting, Marxist harangues, and lawless actions.

Tue, 07/17/2012 - 15:24 | 2625363 Disenchanted
Disenchanted's picture

 

 

Oscummer does what he's told. That's what (White) House niggas do...whether they be white or black.

 

House Niggers would even take up the beating of other slaves to show Massah that they were indeed "good Niggers."


Typically, House Niggers would do anything and everything to gain the favor of the slavemaster, while Field Niggers did all of the hard work and were generally the only ones to stand against slavery.


from: http://www.blacknla.com/news/Articles/DJInthehouse.asp

Tue, 07/17/2012 - 15:22 | 2625266 haskelslocal
haskelslocal's picture

Your tea pot has a regulator. Your gas pedal in your car regulates how much throttle you can push and if not you blow up the engine. The game of baseball regulates the amount of innings, which way to run the bases, the distance for homeruns. When you eat? You must regulate the amount of your intake or you bloat.

Every game, theory, product and mechanism on earth has need for regulation.

It's only when it exists but is ignored that it comes into question. It's only when work-arounds are discovered that people wonder and argue about it. Why have it if it doesn't work? They say...

How many times must we question that as is everything, there's nothing new here. It's just people in control who are under "regulation" but in fact, they are regulating what others can do about their actions. The regulators self-regulating.

This is a failure of management, not the process.

Princes & Theives

 

 

Tue, 07/17/2012 - 15:06 | 2625273 Westcoastliberal
Westcoastliberal's picture

It's now official, /rules.  They don't apply anymore since the banks "just wanted to show they were healthy during the crisis", according to Bernanke.  And he should know since he's the manipulator in chief.

Tue, 07/17/2012 - 15:22 | 2625350 Money 4 Nothing
Money 4 Nothing's picture

It's all manipulated. PERIOD! The printers are not teathered to reality.

Tue, 07/17/2012 - 15:22 | 2625358 bubbleburster
bubbleburster's picture

I know that my comments won't be popular but what the heck.  I watched about an hour of testimony and when asked what he did about the Liebor knowledge, without hesitating he stated that he passed on the information to the appropriate regulatory agencies.  When asked why he didn't do more about directly, he just as quickly added that it was not the mandate of the Federal Reserve to call up the UK based Libor agency and tell them what to do about anything.  It was the direct responsibility of regulatory bodies and not the FED.  What was wrong with that answer?  Seems to me that in the mosh pit of all things "death to Ben" that too many want to rip his flesh off for things that he has no power over.  He did mention that one of the things that the FED can do, conscious that the world watches all the words of the Chairman carefully, was to issue communications, using the moral suasion lever I would guess.   The FED cannot chastise the UK authorities for how they run Libor nor can they directly call up US banks and demand that they explain what they are doing within the Libor rate setting mechanism.  My understanding of his answer, which seemed truthful to me was that regulatory agencies have that power and those questions would be best posed to them.  Which in due course I'm sure will happen.  I do not buy the Santelli notion of a smoking gun.  The FED knew, Geitner knew, I am certain that emails and calls went to US and perhaps UK regulators, but in the midst of a world wide financial collapse it would have served no one's benefit if the FED holds a special news conference to announce that they have taken notice of Libor irregularities.  Not unless you feel that the world is best served by throwing a grenade into the tent of the victims of a tornado?  The regulatory agencies have what to answer for, both in the US and UK, not Ben Bernake or Tim Geitner, IMHO.

Tue, 07/17/2012 - 15:52 | 2625562 rufusbird
rufusbird's picture

Do I risk stating the obvious in mentioning that the Chairman is going to do what ever is in the best interest of the Money Center Banks? Why didn't that come up?

Tue, 07/17/2012 - 15:32 | 2625404 ReactionToClose...
ReactionToClosedMinds's picture

FINVIZ ought to start linking NYPost biz articles.   Charlie Gasparino had an insightful piece just after LIBOR broke ..... esssentially, very politely, how did the Federal Reserve and especially the NYFed not know about 'all' of "this (London markets, how LIBOR operated, who 'ran' the market, what were relevant dynamics, etc)"  in depth?  The daisy chain on knowledgeable mind questions (those in the know)  leads righgt back to Turbo Tax Timmy Geithner.

Gasparino knows alot of people who understand things ..... not the kind of 'news' the NYTimes wants to print.  And ironically, in my amateur opinion, the WSJ under Rupert is too sensitive about how they are perceived not to ruffle any feather about accusations they are biased.  The old Journal would have been on a ton of newsworthy stories that present WSJ seems  hesitant over ..... I don't know ....only guesstimating from afar ... have other things to worry about like businesses.  Sometimes 'news' has nothing to do with Democrats, or Republicans or Libertarians or Liberals or Progressives or whatever.  People are people ....ego, hubris, pride, vanity, deception, power, corruption & greed know no ideology or political party ...

Tue, 07/17/2012 - 17:17 | 2625960 bubbleburster
bubbleburster's picture

Speaking of crimes and misdemeanors:

http://www.cbc.ca/news/business/story/2012/07/17/hsbc-mexico-drug-money-laundering.html

Another day, another giant chunk of the iceberg, hidden parts of the financial monstrosity is brought into view. I am disgusted and revolted. 

Tue, 07/17/2012 - 17:31 | 2626016 Sarge
Sarge's picture

Ok, LIe-Bor manipulation starts in 2005 (my guess it started much earlier under Slick Willy), Rates artificially low. Timmy, Bennie, Greenspan and the banks know this.......derivities that have the fishy odor are swapped....banks manipulate the prices of their stocks so they look better than reality would tell.....Person who cannot afford to buy a house if the rates were correctly (either way the sale was bunk)  stated purchases a home then walks away when the economy starts to slide. No investigation or prosecutions so what's the problem? It's those little guys who lied on their mortgage documents that caused this not the bankers or the centeral banks, so the little guys get the hammerd and all is well.

Tue, 07/17/2012 - 19:31 | 2626345 RECISION
RECISION's picture

Regulator are there to regulate (dictate) the manipulation.

It is not about prevention, it is about setting the rate.

Tue, 07/17/2012 - 21:08 | 2626568 KowPie
KowPie's picture

It's simple, really. Why all the fuss? They are all lying, cheating, lower than whale shit pond scum from the alter boy in the local church to the CEO/COO of the largest corporation on the planet. The ultimate goal is threefold: Power, Money and Continuity of Control. As an individual you might as well piss into the wind. You will get more results than complaining or writing letters.

What can we do? Prepare. Remove yourself as far as your personal circumstances permit from the system. From credit to housing to sustenance, etc. etc. Personally, I've made preparations for the last 7 years. I can (literally) do without everything else. Solar/Hydro power, grown or killed food; stocks of medical, weaponry, etcs supplies to cover numerous scenarios. The ONLY direct tie I have a fleeting concern with is the annual property tax on my land. People say that is a fatal flaw. I agree, unfortunately, one without solution (short of squatting in a remote area- good luck with that). My contingencies are in place. 5 years to retirement. If I collect a pension, great. If not, no big deal, I don't need it. If the system implodes before retirement I make the (physical) move to my prepped location. I really don't give a shit either way.

Fuck the political system. Fuck the financial system. Fuck it all. It's all so skewed and corrupt it is 100% beyond hope of repair or change. Anyone that believes otherwise is deluded or just a single digit idiot that's fucked regardless of circumstance.

Bernanke? Just a small cog in the machine. I would put a .338 (Lapua) through his noggin' just for fun and not loose a wink of sleep after the fact. Screw em' all; they have definitly screwed you. Even if you don't know or want to face it .

Tue, 07/17/2012 - 21:39 | 2626647 tsx500
tsx500's picture

post of the day my man !   X1000      i'm honored to be the first one to give you green

Tue, 07/17/2012 - 23:07 | 2626812 gnomon
gnomon's picture

There are no winners in the middle class.  We are caught between the rabble and the elites.  So yes, make them pay, if they decide to play.  Don't knuckle under.  Send a little lead their way.  Or a lot.

The more lead that flies early, the better the chance of splitting the military and the LEOs.

If they go totally lawless, we go totally lawless.  That is the way it has to be, (or forever be DAMNED).

Tue, 07/17/2012 - 22:55 | 2626793 gitnyre
gitnyre's picture

While being questioned they should have asked Bernanke if he found embezzlement going on. He could have said yes but the amounts were low, that bankers didn't embezzle too much because they wanted to show that they were healthy. That makes it o.k. to violate the law. And the regulators just stand by and watch these violations and do nothing. What else is going on unreported.

Tue, 07/17/2012 - 23:16 | 2626834 Cosimo de Medici
Cosimo de Medici's picture

I ran Bernanke's comments through Google Translate, and this is what came up:

"Manipulation of interest rates is not the job of the private sector, but rather it is the job of trained Central Bankers. That being said, we are willing to overlook it if the end goal of that manipulation is similar to what we would do ourselves."

Wed, 07/18/2012 - 01:43 | 2627117 RECISION
RECISION's picture

Correct.

Wed, 07/18/2012 - 01:41 | 2627114 Godisanhftbot
Godisanhftbot's picture

yeah, but if they didnt man IP ulate, you'd be fighting off starving hoards by tossing  your gold bullion at their heads by now

Wed, 07/18/2012 - 05:36 | 2627315 dcb
dcb's picture

hello, the main purpose of putting geithner and reappointing bernanke was to keep the cover up in place. those that were in it before aren't going to rat themselves out. I have been saying this for over three years now, that it's the only rational explaination for not bringing in someone who warned or the crisis before it happened, or raised the idea that it could. rememebr these guys ignored fbi warnings of mortgage fraud and warnings from the BIS. they are criminals!!!

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