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Stephen Roach Mops Floor With Keynesianism And Former Fed Governor Larry Meyer

Tyler Durden's picture




 

Following David Einhorn's take-down of the great and glorious Oz Larry Meyer eighteen months ago, the latter has been in training - readying his counterfactual counter-punches and controlling his ire. The king of Keynesianism just had his bell rung once again by a market realist and pragmatist as Stephen Roach destroyed the "if-we-don't-have-models-we-are-making-it-all-up" maestro and his constant diatribe of counterfactual crap. "Where's the beef, Larry?" Roach asked on CNBC this morning, which was followed up with a rabbit punch from Kiernan, "and what about Christina Romer's stimulus-employment model?" The visibly shaken (seriously watch the clip) Meyer falls back once again to a defensive pose - and while practically admitting that the Fed is impotent - as he pulls out the ultimate "but without our models we would not be able to tell you how much worse it would be without the Fed interventions". Roach takes this weak cross to the chin and comes over the top with a devastating "mark your models to market in light of what the economy has done over the four and a half years, the traction from monetary policy has been the major disappointment of this so-called post-crisis recovery." TKO.

"There is no science in what you say - that conventional or unconventional monetary policy will deliver real economic growth"

"we have an incredibly dysfunctional system"

 

When is Roach-Meyer II - 'We woulda been a contender'?

 

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Wed, 08/01/2012 - 09:10 | 2668225 ZippyBananaPants
ZippyBananaPants's picture

I'm in a hotel room and tv only gets jerkoffs on CNBS. No Bloomberg.

Cramer, drink some more cock juice and fix the gravel in your annoying voice!

Wed, 08/01/2012 - 09:18 | 2668257 flacon
flacon's picture

Wow, Larry Meyer is so angry he is visibly trembling. 

Wed, 08/01/2012 - 09:23 | 2668277 lizzy36
lizzy36's picture

Larry Meyer went all high squeaky as soon as he was challenged. Same as Blankfein. Pretty sure it it some sort of signalling device kleptocrats use.

Wed, 08/01/2012 - 09:29 | 2668296 gjp
gjp's picture

Squeal like a pig

Wed, 08/01/2012 - 09:35 | 2668314 GetZeeGold
GetZeeGold's picture

 

 

I see a guitar and a banjo.....not a good sign.

 

Wed, 08/01/2012 - 10:05 | 2668445 SWRichmond
SWRichmond's picture

Fed guy arguing about "models"...the existence and use of "models" belies the managed economy, itself a model, and one that has failed.

If we have "scientific models," then we have credibility that we can manage the economy.  Absent those, then we have free markets.

Wed, 08/01/2012 - 10:19 | 2668508 Temporalist
Temporalist's picture

Larry Meyers: "Maybe we don't get it right.  Maybe we have the wrong models.  Maybe we kill a few million people.  Maybe we give too much money to banksters and kleptocrats.  At least we're doing economics."

Wed, 08/01/2012 - 10:38 | 2668587 Leopold B. Scotch
Leopold B. Scotch's picture

You can tell Larry needs to go back to the shleter of his coddling colleagues in the ivory tower who can reassure him that everyone else are just a bunch of idiots who don't get it.    Then, they must take over government so they can force their views on everyone.  Wait.  I guess that's already happened.

It's amazing with all the counterfactual talk, he certainly never considers the Broken Window Fallacy counterfactual.

Wed, 08/01/2012 - 11:05 | 2668674 forexskin
forexskin's picture

its just amazing - the newspeak about models and counterfactuals - being 'intelligently' discussed.

a model is only necessary when statist hubris insists, that at best, a planned economy is really the form of government best suited to the human condition. have these assholes forgotten the moral degeneration of the 20th century wrought by the statists? 150 million innocent civilians killed for objecting to their 'government's' utopian nightmares?

i can just hear this asshole's response "but we can't do nothing!" - with the hidden subtext being, to protect and extend our power as the status quo. how long can these assholes pull strings from behind the curtains?

brings to mind one of my favorite quotes: "America is at that awkward stage. It's too late to work within the system, but too early to shoot the bastards." Claire Wolfe

Wed, 08/01/2012 - 11:51 | 2668948 smlbizman
smlbizman's picture

was that larry myers or nathan thurm?

Wed, 08/01/2012 - 12:08 | 2669031 economics9698
economics9698's picture

Can I write a blog about how stupid 130 IQ Jews are and not be racist?  Seriously has anyone seen such an “intelligent” group that is so utterly clueless?

Wed, 08/01/2012 - 12:24 | 2669114 Hugh_Jorgan
Hugh_Jorgan's picture

He is an elitist buffoon. You are too obsessed with the whole Jewish/Banking/Zionist Conspiracy thing. Meyer is an over-educated sliverspoon-licking gloablist idiot that happens to be of Jewish decent, he probably isn't even a man of real Hebrew faith. Maybe you are just a bigot? (along with many other ZH-ers)

Wed, 08/01/2012 - 10:29 | 2668554 Killtruck
Killtruck's picture

“...out from the door of the farmhouse came a long file of pigs, all walking on their hind legs...out came Napoleon himself, majestically upright, casting haughty glances from side to side, and with his dogs gambolling round him.

He carried a whip in his trotter.

There was a deadly silence. Amazed, terrified, huddling together, the animals watched the long line of pigs march slowly round the yard. It was as though the world had turned upside-down. Then there came a moment when the first shock had worn off and when, in spite of everything-in spite of their terror of the dogs, and of the habit, developed through long years, of never complaining, never criticising, no matter what happened-they might have uttered some word of protest. But just at that moment, as though at a signal, all the sheep burst out into a tremendous bleating of-

"Four legs good, two legs better! Four legs good, two legs better! Four legs good, two legs better!"

It went on for five minutes without stopping. And by the time the sheep had quieted down, the chance to utter any protest had passed, for the pigs had marched back into the farmhouse.”

Wed, 08/01/2012 - 10:35 | 2668584 Leopold B. Scotch
Leopold B. Scotch's picture

---

Wed, 08/01/2012 - 13:59 | 2669482 ATM
ATM's picture

It's utterly transparent bullshit. If the observed data don't fit the model then we only need to adjust our model to accept the new data.

It is never once a consideration that perhaps the model is a piece of fuck that is completely wrong and irrelevant. We are supposed to bow to the model because it is complex and unknowable. It's a religion of it's own that these fucks use to confuse and placate the masses. Much like the bullshit that is the man-made global warmingists. Their models never predict anything but we are supposed to kowtow to their abiltiy to predict everything. 

Wed, 08/01/2012 - 14:21 | 2669571 XitSam
XitSam's picture

If we just end the fed, we don't need to worry whether the fed has models or not.

Wed, 08/01/2012 - 09:59 | 2668418 Kinskian
Kinskian's picture

I believe that tortured squeaking tone is taught to yeshiva students for use during talmud debates. 

Wed, 08/01/2012 - 09:24 | 2668279 ArkansasAngie
ArkansasAngie's picture

The truth hurts.

Models that start from the beginning with incorrect data such as not marking to market cannot possibly be right

It's about time we demanded that this crap stop

There can only be one ledger.

Wed, 08/01/2012 - 10:05 | 2668449 Dr. Richard Head
Dr. Richard Head's picture

There is one ledger for those that are not connected to the cartel and that ledger includes true accounting for assets and liabilities.  The cartel has one journal that has no accounting of liabilities, as those liabilities get to be assets.  What a wonderful FUCKING world!

Wed, 08/01/2012 - 09:34 | 2668312 Beam Me Up Scotty
Beam Me Up Scotty's picture

I have noticed alot more tension on CNBS lately.  Yesterday that British idiot host with the plastic face was all red faced about something too.  Santelli was ripping Becky Quick the other morning.  It hasn't been all nicey nicey lately, and I don't even watch it all that much.  Turning into reality TV!!

Wed, 08/01/2012 - 12:08 | 2669032 ebworthen
ebworthen's picture

I would have liked to have seen Santelli give Becky a lesson or two.

That little tart worships her own preconceptions.

Wed, 08/01/2012 - 14:01 | 2669491 ATM
ATM's picture

I'd love to see Santelli give that smug little leftist fuck Carl Quintanilla a good ol' Chicago Italian once over.

Wed, 08/01/2012 - 09:47 | 2668333 Winston Smith 2009
Winston Smith 2009's picture

"Wow, Larry Meyer is so angry he is visibly trembling."

That's what tends to happen when you challenge someone's "religion."  The models they use to try to run the world are absolute garbage as this short video makes obvious:

http://www.youtube.com/watch?v=jIP7ES1lCGk

And even the ignorant mainstream media is beginning to wake up to what ZH readers have known for years:

Headline: Echoes of Japan? US economy may be in slow-growth mode for long time

http://economywatch.nbcnews.com/_news/2012/08/01/13054652-economy-may-be...

Wed, 08/01/2012 - 09:47 | 2668368 DeadFinks
DeadFinks's picture

His hands were balled up into tight little fists. He looked ready to deliver a Woody Hayes left hook.

Wed, 08/01/2012 - 14:28 | 2669633 Imminent Crucible
Imminent Crucible's picture

I think he'd realized what he'd just said: "The Fed can bungle rate policy and blow up giant bubbles, but when they collapse there isn't much the Fed can do about it."

In other words, the Fed can do terrible damage to the economy, but then it doesn't have the tools to repair that damage. So, tell me, Larry: What do we need the Fed for?

Wed, 08/01/2012 - 09:59 | 2668414 Town Crier
Town Crier's picture

Didn't he look like Lewis Black for a moment?

Wed, 08/01/2012 - 10:28 | 2668464 Dr. Richard Head
Dr. Richard Head's picture

Up arrow for your sir.  Lewis Black, however, is funny and causes no harm to anyone.  This FED prick has brought devastation to the savers throughout the world.

Wed, 08/01/2012 - 11:13 | 2668730 FEDbuster
FEDbuster's picture

Is he related to Lewis Black, sure looks like it?

Wed, 08/01/2012 - 10:41 | 2668616 YuropeanImbecille
YuropeanImbecille's picture

I do not understand why the average goy/sheep can not see that these people are men of satan, he looks like pure evil that unpleasant zionist-satanist.

 

And no, I am not a believer, but I do know that they believe in their all mighty satan.

Wed, 08/01/2012 - 11:31 | 2668822 madridisburning
madridisburning's picture

You just go back to throwing feces with your fellow chimps.

Wed, 08/01/2012 - 11:40 | 2668874 banksterhater
banksterhater's picture

Meyer- YOU USELESS PIECE OF SHIT! GFY !

Wed, 08/01/2012 - 12:17 | 2669065 Indrid Cold
Indrid Cold's picture

Simplest explanation: Meyer's not used to being challenged in any significant way.

His reactions are akin to those of a religious zealot who's been asked to justify the existence of his chosen diety.

I'd expect he's surrounded by like-minded sycophants at all those oligarch cocktail parties to which he likes to be invited (and would prefer to continue to be invited.)

Wed, 08/01/2012 - 09:36 | 2668318 SeverinSlade
SeverinSlade's picture

The fact that idiots like Meyer are the most powerful men in the world just demonstrates how insanely fucked we all are.

Wed, 08/01/2012 - 09:13 | 2668235 Debtonation
Debtonation's picture

America is an independent nation that has been occupied by the Federal Reserve.

Wed, 08/01/2012 - 09:14 | 2668239 q99x2
q99x2's picture

What's the deal with Keynesians all talking with voices like men that have had their nuts cut off.

Wed, 08/01/2012 - 09:26 | 2668287 TWSceptic
TWSceptic's picture

Keynesianism is a very feminine ideology: women like to spend.

 

(No offensive girls).

Wed, 08/01/2012 - 10:12 | 2668475 Dr. Richard Head
Dr. Richard Head's picture

I have to agree there.  The idea that one can spend money and actually save based on the nominal price being lowered to a real price is outlandish indeed.

Shopper or FED: Look honey!  I saved all of this money with all of this shit I just bought.

Saver or Realist:  You didn't save money if you spent it bitch.  Go get me a beer.

Wed, 08/01/2012 - 10:40 | 2668606 Vince Clortho
Vince Clortho's picture

I think you are on to something.

Wed, 08/01/2012 - 11:16 | 2668751 FEDbuster
FEDbuster's picture

I do too.  This phenomena needs to be thoroughly investigated and perhaps even illustrated by WB7.

Wed, 08/01/2012 - 09:15 | 2668244 RacerX
RacerX's picture

These Fed guys just dont' fucking get it. Complete shills for the Banks and Gov't.

Wed, 08/01/2012 - 09:17 | 2668251 Vincent Vega
Vincent Vega's picture

Down goes Meyer! Down goes Meyer!

Wed, 08/01/2012 - 09:19 | 2668262 thomas pain
thomas pain's picture

but we have models....

Wed, 08/01/2012 - 09:25 | 2668284 MillionDollarBoner_
MillionDollarBoner_'s picture

...and limos, and coke :O)

Wed, 08/01/2012 - 09:27 | 2668291 piliage
piliage's picture

A CEO is interviewing three candidates for a CFO job, a mathematician, an accountant, and an economist.

The mathematician walks into the CEO's office, and is handed an excel spreadsheet. "What is the final total net profit for fiscal 2011"? asks the CEO to the mathematician. The mathematician gets out his trusty Thinkpad, and after 25 minutes, tells the CEO, "$10,986,567.54 net profit". "Thank you", says the CEO.

In comes the accountant. The CEO hands the same file to the accountant, who pulls out his Macintosh, and after 5 minutes says, "$10 million net net plus or minus 10%". Thank you says the CEO.

In comes the economist. The CEO hands him the file and asks, "What is the final total net profit for fiscal 2011"? The Economist bolts out of his chair, runs and locks the door jamming a carpet under the gap, goes to the window and closes all the blinds, unplugs the phone and computer, turns off the lights save for one dim lamp in the corner, leans into the CEO's ear and whispers..."What do you want it to be"?

 

 

Wed, 08/01/2012 - 15:47 | 2670014 ArkansasAngie
ArkansasAngie's picture

That's one of my favorite jokes.  The problem is it isn't actually funny.  Of course I often find that I am laughing inappropriately. 

The horror?  The absurdity.

Wed, 08/01/2012 - 09:42 | 2668347 TWSceptic
TWSceptic's picture

but but models... that was basically the whole argument. As if the market is predictable like a scientific experiment. That's what these guys never seem to get. It's not like an organism, is far less predictable. That's why central planning will never work.

Wed, 08/01/2012 - 09:18 | 2668259 FMR Bankster
FMR Bankster's picture

It was pretty funny stuff. Meyer can't stand the possibility that people will stop paying attention to his models because they don't work. Then what's left? Take the Fed out of the predictions business, stop intervening in the economy, and return to sound central banking. (see Bagehot)Good god, we won't be masters of the universe anymore determining the worlds fate. How will the poor peons survive without us.

Wed, 08/01/2012 - 09:57 | 2668401 DUNTHAT
DUNTHAT's picture

I am an engineer and an Economist.  The problem with their "models" is essentially they are LINEAR---in the mathematical sense--and the real world is some combination nonlinear, discontinuous, fractal feedback loop thingy.  As long as the economy stays on a glide path , they trumpet "See how great our models are", but as soon as something changes, and their models completely miss the call, then they look to "adjust" the models!!

They actually have given Ph.d"s for over fifty years based on this crap.  Amazing.

Wed, 08/01/2012 - 10:07 | 2668446 piliage
piliage's picture

Some are linear, but many like cobb douglas, and Black Scholes are not. The larger problem is many if not most assume equal normal risk distributions or least squares regressions, and thus woefully underestimate tail risk.

Wed, 08/01/2012 - 10:48 | 2668637 Vince Clortho
Vince Clortho's picture

Do their models incorporate the megalo/klepto-mania factor?

Wed, 08/01/2012 - 13:33 | 2669358 piliage
piliage's picture

That is generally left out due to what statisticians refer to as "confirmation bias".

Wed, 08/01/2012 - 09:19 | 2668260 CVfriendship
CVfriendship's picture

Watch it on mute and go to 4:15... Larry Larry Larry. Sometimes we make mistakes, but sometimes we get called on lies....This is the reaction of the latter...

Wed, 08/01/2012 - 09:20 | 2668265 khakuda
khakuda's picture

You have to love these Keynesian guys.  If reality flies in the face of their policies, they either say it's because they didn't do enough (Krugman) or they say it would have been worse without what they did (Meyer).

I wish I could be like them and never be wrong.  They are like my wife.

Wed, 08/01/2012 - 09:20 | 2668266 Central Bankster
Central Bankster's picture

Body language says a lot here.

Wed, 08/01/2012 - 09:21 | 2668271 azzhatter
azzhatter's picture

Meyer- "We may have got the forecast wrong, but we are doing it right"

Absolute fucktard

Wed, 08/01/2012 - 09:22 | 2668275 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

Roach: You've gotta get out of your models. Go out ito the real world.

Meyer: Absolutely not.

Wed, 08/01/2012 - 09:25 | 2668276 timbo_em
timbo_em's picture

That Meyer guy is ridiculous. Someone should tell him rapido how stupid he is.

Wed, 08/01/2012 - 09:24 | 2668278 MillionDollarBoner_
MillionDollarBoner_'s picture

Nice to see a guy who is on his game ;o)

Wed, 08/01/2012 - 09:25 | 2668285 SeverinSlade
SeverinSlade's picture

Love Meyer literally SHAKING IN HIS BOOTS.

Meyer goes onto say that Roach is wrong because he doesn't know what would've happened to the economy without monetary and fiscal stimulus...Yet goes onto say that even the Fed has no idea what would've happened without fiscal and monetary stimulus.

Further, he ADMITS that the Fed made "very bad forecasts."  So if the Fed is continually WRONG with its forecasts...Why the fuck do we need the Fed and why the fuck are they the only ones making major decisions in monetary policy?

Wed, 08/01/2012 - 09:26 | 2668288 Buchlajoe
Buchlajoe's picture

Larry looks like he's about to explode.

Wed, 08/01/2012 - 09:28 | 2668292 fonzannoon
fonzannoon's picture

"there is very little the fed can do"

Wed, 08/01/2012 - 09:28 | 2668293 The Axe
The Axe's picture

How can I clown like meyer even exist??/

Wed, 08/01/2012 - 09:29 | 2668295 Proud Capitalist
Proud Capitalist's picture

When I saw this, I couldn't help but think of this story:

During World War II, [Nobel laureate, Ken] Arrow was assigned to a team of statisticians to produce long-range weather forecasts. After a time, Arrow and his team determined that their forecasts were not much better than pulling predictions out of a hat. They wrote their superiors, asking to be relieved of the duty. They received the following reply, and I quote "The Commanding General is well aware that the forecasts are no good. However, he needs them for planning purposes."

– David Stockton, FOMC Minutes Sep 2005

 

Wed, 08/01/2012 - 09:30 | 2668300 youngman
youngman's picture

Who will buy his services if his "models" are worthless......lol

They are...he really is so far up into the ivory tower..he needs to just go to a WalMart somewhere to get a better feel of the economy...a little street study...hit the pavement is better economics..

Wed, 08/01/2012 - 09:31 | 2668301 dwdollar
dwdollar's picture

Meyer: "What do you know."

Hah!

Why doesn't any one of these fuckers grow a pair and say what they really want to say:

"You productive slaves stop asking questions. We bankers are in control and that's how it's going to be so get use to it."

Wed, 08/01/2012 - 09:31 | 2668305 Dr. Engali
Dr. Engali's picture

He is talking out both sides of his mouth. You have to have a model until the model doesn't work then you have to change the model which will be right until it's wrong.....what a clown.

Wed, 08/01/2012 - 09:32 | 2668307 Zero Govt
Zero Govt's picture


"Stephen Roach Mops Floor With Keynesianism.."

that's the very best these cretins of economics are good for

Wed, 08/01/2012 - 09:34 | 2668311 Byte Me
Byte Me's picture

Meyer wasn't trembling -- he was vibrating.

Game Over.

Wed, 08/01/2012 - 09:46 | 2668365 Mutatto
Mutatto's picture

Hilarious!  I thought it was crappy video download when I first noticed it. Then they showed the split screen w Joe/Stephen, LMFAO.

I thought the viens in his temples were a nice touch, they added to the drama!

Wed, 08/01/2012 - 09:35 | 2668313 LongBalls
LongBalls's picture

The Fed's goal is to protect the banking cartel's interest FIRST and FOREMOST! That is all you need to know. The American people are at the bottom of the list.

Wed, 08/01/2012 - 09:42 | 2668351 DUNTHAT
DUNTHAT's picture

Absolutely agree.  keep us all arguing about things that take our eyes off of the big banks.  More glitter please.

 

Wed, 08/01/2012 - 09:45 | 2668359 ella
ella's picture

It is beginning to feel like the American people are somewhere below the botton of the list.

Wed, 08/01/2012 - 10:51 | 2668647 Vince Clortho
Vince Clortho's picture

+++  Bingo.

Wed, 08/01/2012 - 09:36 | 2668320 Peter K
Peter K's picture

Speaking of slug fests, anyone out there watching the 12 round tag team bout between Italians and the Germans coming across the news services.

Lucky they ain't in the same room. :)

Wed, 08/01/2012 - 09:36 | 2668321 Wishfulthink
Wishfulthink's picture

I am learning alot here. Meyers is a great teacher, bet he's in the union. Democratic union.

Wed, 08/01/2012 - 09:37 | 2668322 ella
ella's picture

And yet Roach was all for Chinese stimulus.  What ever is he thinking?  Chinese stimulus good American stimulus bad.

Wed, 08/01/2012 - 09:38 | 2668328 MrTouchdown
MrTouchdown's picture

Larry Meyer has now succeded in justifying every wedgy I ever handed out. Clearly, not enough were handed out. This guy could have benefited from some more time spent locked up in his gym locker to reflect on why it is people don't want him involved with their lives.

Wed, 08/01/2012 - 09:38 | 2668329 youngman
youngman's picture

I see an Ex Fedder scared to death that they might be audited...and found guilty...and lose their power and their job.....he made very little sense....but he was definatly defending the Fed....how they were trying..how they made mistakes...etc......he sees the end of his little kingdom ....and it scares him to death

Wed, 08/01/2012 - 10:53 | 2668657 Vince Clortho
Vince Clortho's picture

That was the main thing I got out of it too. 

"No matter how wrong it is going, we are doing it right".  That will score high points with the overlords.

Wed, 08/01/2012 - 10:55 | 2668659 sschu
sschu's picture

and it scares him to death

It should scare them to death.  Once people figure out what a scam they are running, the guillotine will not be too good for them.

sschu 

Wed, 08/01/2012 - 09:38 | 2668330 FRBNYrCROOKS
FRBNYrCROOKS's picture

These guys commute, everyday, from Tel-Aviv? It sounds like it!

Wed, 08/01/2012 - 09:39 | 2668336 thruid
thruid's picture

There is a way to see what policy does WITHOUT MODELS !  You can examine the results of ones handiwork by looking BACK AT THE RESULTS OF POLICY !!!!!

 

Wed, 08/01/2012 - 09:41 | 2668343 DUNTHAT
DUNTHAT's picture

Their models are so bad and have very little credibility that they needed to repalce the word "models" with counterfactual.  The ultimate mea culpa.

Wed, 08/01/2012 - 09:43 | 2668345 Panskeptic
Panskeptic's picture

CORRECTION: Roach mops floor with Meyers. He does NOT mop floor with Keynes.

Don't confuse the messenger with the message.

Keynes is working a helluva lot better these days than Friedmanitis, which has devastated every country it's been implemented in - a sure recipe for economic collapse.

Keynes is the only economist who was a champion money manager in his own right. Do your DD and learn something.

There is nothing "butch" about the Laffer Curve. It's just bullshit from one end to the other, providing cover for selfish bastards who don't mind watching other people die.

BTW, Joe Kiernan doesn't know shit about shit. Having him in your corner earns you exactly nothing.

 

Wed, 08/01/2012 - 09:45 | 2668358 SeverinSlade
SeverinSlade's picture

Yep, Keynes is doing a great job at exploding debt.

Wed, 08/01/2012 - 10:21 | 2668515 Benjamin Glutton
Benjamin Glutton's picture

finally sanity...nothing about our government private banking merger over the last 12 years can be correctly attributed to Keynesian economic theory in a free market however that sick fuck Milton Friedman who received a medal of freedom from Bush has his stink permeating this disaster.

 

Were Keynes here I am sure he would say that miss applying his life's work to an advanced economy with a Somalian regulatory regime is a waste of time.

 

Fuck CNBC and the Roach they rode in on!

Wed, 08/01/2012 - 11:38 | 2668866 madridisburning
madridisburning's picture

Indeed, the uneducated  here has just turned Keynes into the quintessential bogeyman, even though they have no idea as to anything about him, i.e., an incredibly astute investor. Intead, in this church of the uneducated, he has merely be turned into a symbol of every bad. Very silly folks, who, in the end, do harm to their own wealth (if they even have any).

Having said that, I add that I am completely against new huge doses of fiscal stimulus because the debt is too high, and I have no clue whether the money would just fall into the pockets of the favored constituencies instead of actually building anything. But, that does not mean that peopel should misunderstand or, worse, distort the arguments.

Wed, 08/01/2012 - 15:43 | 2670000 WTFx10
WTFx10's picture

6 weeks and a day and everyone is dumber than u. you should get a job at the fed.

Wed, 08/01/2012 - 11:53 | 2668958 madridisburning
madridisburning's picture

Indeed, the uneducated  here has just turned Keynes into the quintessential bogeyman, even though they have no idea as to anything about him, i.e., an incredibly astute investor. Intead, in this church of the uneducated, he has merely be turned into a symbol of every bad. Very silly folks, who, in the end, do harm to their own wealth (if they even have any).

Having said that, I add that I am completely against new huge doses of fiscal stimulus because the debt is too high, and I have no clue whether the money would just fall into the pockets of the favored constituencies instead of actually building anything. But, that does not mean that peopel should misunderstand or, worse, distort the arguments.

Wed, 08/01/2012 - 09:42 | 2668348 beaker
beaker's picture

I wish more people could see this to appreciate how clueless - but determined - the Fed is about their policies.  So no matter how bad things get, Meyer can say, "Boy, you should see what would have happened if we didn't do what we did."  So that's the guidance our monetary "leaders" are giving us to get out of this shit soup.   Scary.

Wed, 08/01/2012 - 09:46 | 2668362 DavidC
DavidC's picture

I recall his previous appearance and thought then that he has no grasp of the real world. My thoughts haven't changed.

DavidC

Wed, 08/01/2012 - 09:46 | 2668363 Euro Monster
Euro Monster's picture

Hey Larry, how about you go fuck yourself?

Wed, 08/01/2012 - 09:46 | 2668367 thruid
thruid's picture

Larry is about to go into troll meltdown !  He is quaking and trembling as he is faced with the onslaught of facts and historical perspective !  Hahahhaahahaaaa  !!!  Fucking little troll !

Wed, 08/01/2012 - 09:51 | 2668375 Everybodys All ...
Everybodys All American's picture

So as long as you have a model as an economist you must be right. Is that pretty much the gist of it?

Wed, 08/01/2012 - 09:51 | 2668376 yogibear
yogibear's picture

Larry Meyer is like a rat that's cornered. God help us if he's an example of the Federal Reserve and it's policy. He reminds one of William Dudley and his I-PAD comment. It goes to show you how out-of-touch these ivory-tower academics are.

 

William Dudley: "Today you can buy an iPad 2 that costs the same as an iPad 1 that is twice as powerful," he said."You have to look at the prices of all things."

Wed, 08/01/2012 - 09:59 | 2668417 eddiebe
eddiebe's picture

Larry looked like he was going to blow a gasket any second.

Wed, 08/01/2012 - 10:01 | 2668428 Jim B
Jim B's picture

Meyer made a fool of himself, he acknowledges his models are guesses based on ideology.  

Wed, 08/01/2012 - 10:02 | 2668435 sbenard
sbenard's picture

I get goosebumps of glee when I see things like this!

Wed, 08/01/2012 - 10:03 | 2668436 printmoremoney
printmoremoney's picture

Lookout on the Titanic: "Captain, I believe there is an IceBerg dead ahead."

Titanic Captain to 1st Mate: "What do the models say?

First Mate: "Not possible in this area, Captain?"

Captain to Lookout: "No IceBerg's in the area, carry on."

Lookout: "I see the Iceberg now, prepare for impact in 10 seconds Captain".

Captain: "Lookout, You have my orders, dead ahead, full speed".

Titanic Hits the Iceberg and begins listing within 7 minutes

Captain: "The models say that we are not sinking, everyone relax and cork more bubbly".

15 minutes later she sinks under the waves, taking all to their death.

 

Same rules apply to Bernake. He is the Captain in this story. It is his duty to go down with the Ship. You know, the "noble thing".

Meyer is just a stooge creating diversion noise. If I am wrong, and he is the brightest of the bunch, it just confirms the Titanic is going down. Not a party, either way.

Find a life boat.

 

Wed, 08/01/2012 - 10:43 | 2668623 TheCanadianAustrian
TheCanadianAustrian's picture

Actually, had they stuck to their models and hit the iceberg head-on, likely only 1 or 2 compartments would have been breached and the ship would have stayed afloat, saving practically everyone. This proves that the economic models are more intelligent than the very people that come up with them, and that if we just stop questioning people with PhDs, everything will work out in the end.

Wed, 08/01/2012 - 14:03 | 2669502 UserZero
UserZero's picture

Seems like you missed the minor bit about the Captain's model insisting that there was NO iceberg. Nothing in his model about hitting it head-on.

That said, I'm still hoping against hope that your post was missing a "</s>".

Wed, 08/01/2012 - 10:05 | 2668444 asteroids
asteroids's picture

The FED should say nothing, do nothing and wait for things to heal. Of course yesterdays horseshit with the ES futures at the close does NOT help.

Wed, 08/01/2012 - 10:06 | 2668453 larz
larz's picture

My model say things are very wrong

Wed, 08/01/2012 - 14:31 | 2669650 XitSam
XitSam's picture

My model says buy gold.  Oh... bitchez.

Wed, 08/01/2012 - 10:08 | 2668459 Seasmoke
Seasmoke's picture

we think there is ONLY ONE thing on the table today  .....  do nothing OR extend the guidance

 

THIS GUY CAN NOT EVEN COUNT TO 2 !!!!!!!!!!!!!!!!!!!!!!

Wed, 08/01/2012 - 10:09 | 2668461 bnbdnb
bnbdnb's picture

By continually "fixing" the economy, the Fed tells us things aren't fixed.

The Fed models seem to ignore psychological factors.

Wed, 08/01/2012 - 10:16 | 2668493 koaj
koaj's picture

The video you are trying to access is unfortunately unavailable at the moment.

-----------

fail cnbc...

Wed, 08/01/2012 - 10:17 | 2668496 Turin Turambar
Turin Turambar's picture

Praxeology dumbass!!  Massive malinvestment due to interventionist policies.  Sheesh, it's not that hard.

Wed, 08/01/2012 - 10:21 | 2668514 Jim B
Jim B's picture

My Model says my FacePlant and Zynga investments will make me rich! RFLMAO!  

Wed, 08/01/2012 - 10:24 | 2668529 drchris
drchris's picture

Please make Larry a regular.  This was the most entertaining thing I've seen in a while.  

Wed, 08/01/2012 - 10:25 | 2668538 savagegoose
savagegoose's picture

I WOULD HAVE ASKED,SO YOURMODELS SAID AFTER 4YEARS OF STIMS, WE WOULD BE THIS FUCKED UP?

Wed, 08/01/2012 - 10:45 | 2668628 badrhino
badrhino's picture

Roach @ 11:25: "What's the counterfactual of impotent?"

Wed, 08/01/2012 - 10:49 | 2668641 sschu
sschu's picture

Larry Meyer and Bennie B think they can play god with their "models" and "counterfactuals"  They hand out free money and ruin people's lives based upon their faulty logic and foolish predictions.  

They are Biblical snake oil salesman of the worst kind.  And they know it, but are so wedded to their models and counterfactuals that they refuse to see the world as it really stands.

Their ideas and work are evil of the highest order, it is satanic in nature.  

sschu

Wed, 08/01/2012 - 11:15 | 2668670 spanish inquisition
spanish inquisition's picture

I had a dejavu......I knew I had seen something like this before!

http://www.youtube.com/watch?v=mGS2tKQhdhY

"I have people skills...god dammit!"

Wed, 08/01/2012 - 11:11 | 2668713 juicyfruit
juicyfruit's picture

OMG, what a clown.......Larry Meyer is a live model of negative IQ.....please, someone get stop these douche bags from controlling the money supply...let alone anything else.

Wed, 08/01/2012 - 11:13 | 2668726 terryfuckwit
terryfuckwit's picture

Intellectually on a par with the creationists.. pure blind faith and an ability to ignore colossal evidence to the contrary.....

Wed, 08/01/2012 - 11:33 | 2668833 madridisburning
madridisburning's picture

Does anyone on this board understand economics at all?

I like Roach, but you guys are turning Meyer into a straw man. If you don't understand what he is saying, don't pretend that you do.

Aggressively stupidity is just stupidity^2.

 

And, Kiernan does not know his ass from a hole in the ground.

Wed, 08/01/2012 - 12:02 | 2668980 ebworthen
ebworthen's picture

"Does anyone on this board understand economics at all?"

Economics? 

How about these:

"Does anyone on this board understand _________?"

  1. Astrology
  2. Feng shui
  3. Dowsing
  4. ESP
  5. Séances
  6. etc.

 

Wed, 08/01/2012 - 11:41 | 2668882 azzhatter
azzhatter's picture

My model, which actually involves getting in my fucking 12 year old car and buying $3.70 a gallon gasoline, includes going to the grocery store where most items have had 12-15% inflation over the past 2 years. I get some shrunken packaging items and stand in line behind 90% EBT card users to pay in cash for my items. I then stop at the local credit union to draw out some additional cash for mattress stuffing, foregoing that valuable .25 % interest. I then proceed towards my 40% devalued property and stop by JP Morgan Chase and piss on the side of their building. Finally home I turn on my computer and read about the economic recovery in place as I watch homeless people sleeping in the park. Must be outdoorsmen. I used to hang a flag on my porch but I can't find one that's not made in China anymore.

Everything is fine

Wed, 08/01/2012 - 14:34 | 2669673 XitSam
XitSam's picture

Sugar is now being sold in 4 pound bags instead of 5 for the same price.  Do they think they're fooling anyone?  20%!

Wed, 08/01/2012 - 11:51 | 2668950 ebworthen
ebworthen's picture

I wonder if Larry Meyer has a model to determine if his Wife has had an orgasm or not?

Wed, 08/01/2012 - 12:22 | 2669108 rpc996
rpc996's picture

She doesn't, he and his kind have been fucking us for years without ever giving us satisfaction.

Wed, 08/01/2012 - 12:14 | 2669064 Joshua_D
Joshua_D's picture

Squeal piggy, squeal.

Wed, 08/01/2012 - 12:41 | 2669171 natty light
natty light's picture

When did people start using "So" to begin an evasive answer. It is so irritating.

Wed, 08/01/2012 - 14:38 | 2669707 XitSam
XitSam's picture

So, like, you know, the models don't really show that, but if they did we could adjust the models to not show it. You know what I mean? Whatever.

Wed, 08/01/2012 - 13:23 | 2669329 Mentalic
Mentalic's picture

My God!!! Was this guy the Fed Governor for real ????? 

Wed, 08/01/2012 - 13:53 | 2669446 antidisestablis...
antidisestablishmentarianismishness's picture

More hyped headlines promising "floor mopping" and "destruction" but delivering nothing of the sort.

Wed, 08/01/2012 - 14:28 | 2669580 Random_Robert
Random_Robert's picture

Seems Larry Meyer and Paul Krugman share more than just their dogmatically simple-minded viewpoints on economic theory leading real economic activity in practice...

 

They both have most meely-mouthed, weaselly, runny nose whiny-assed voices I've ever heard... It's like listening to fucking Erkel trying to preach to world about how awesome he is.

 

 

Wed, 08/01/2012 - 14:27 | 2669627 baseball13
baseball13's picture

"Yes, we experiment with the US economy all the time. You all are DEBT MULES (tm) and we like to see how much it takes to break your backs..."

Isn't this what he was defending?

Wed, 08/01/2012 - 14:39 | 2669719 mkhs
mkhs's picture

My model involves slitting open a chicken and examining the entrails.

 

This is for entertainment purposes and should not be construed as investment advice.

Wed, 08/01/2012 - 16:04 | 2670100 OneTinSoldier66
OneTinSoldier66's picture

The One Model that they have in their pursuit of the One Ring: Print Counterfeit Money

Wed, 08/01/2012 - 16:58 | 2670239 Remington IV
Remington IV's picture

Roach still bullish on China ???

Wed, 08/01/2012 - 18:09 | 2670458 Tourist2008
Tourist2008's picture

So Coca Cola are worried about the possibility of sales growth diminishing and they charge the head of Marketing with coming up with a strategy to achieve 5% sales growth over the next two years. He does it, with investment costs, expected outcomes and the consequent return on the investment. The new policiy is approved.

But what happens is that sales don´t go up ... you can bet he is getting his ears chewed off within months by the CEO who is watching "what is actually happening in the real world".

After a year of stagnant sales, he is eventually hauled in ..... "imagine how much sales would have gone down if it weren´t for my brilliant campaign" is his defence .....

.... do we think he would keep his job?

Wed, 08/22/2012 - 14:05 | 2728090 WorldTravelerJB
WorldTravelerJB's picture

The link says video has been removed, and I cannot find it anywhere.

Can anyone share the link that still works?  Would love to see this.

Thank you.

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