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Stockman: "Ron Paul Is Right: The Fed, And The Lunatics That Run It, Are The Heart Of The Problem"

Tyler Durden's picture


Former Reagan OMB Director David Stockman was 'allowed' on CNBC this morning - much to their chagrin now we suspect - and espoused his own brand of truthiness, starting with this epic tirade:

"Ron Paul is the only one who is right about the Fed, and the Fed is the heart of the problem. They have destroyed the capital markets and the money markets; interest rates mean nothing; everything is trading off the Fed and Wall Street isn't even home - as it's now a bunch of computers trading word-clouds emitted by this central banker and that"

In this environment, he goes on, everyone is being given the wrong signal - i.e. the Ryan/Romney campaign is abnout restoring vibrant capitalism; how can you do that when the financial markets are dead - the lifeblood of a capitalist system. And that is the problem today.


An excellent discussion ensues diving into the lack of fiscal discipline (that is enabled by a Fed ZIRP) as "[politicians] will never do it when you can keep borrowing free-money forever" and summed up nicely with this subtle sentence:

"The Fed (and the lunatics that run it) are telling the whole world untruths about the cost of money and the price of risk."


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Mon, 09/10/2012 - 10:10 | 2778202 kito
kito's picture

Ryan/Romney.......big talk about small government.......big actions towards big government.........

Mon, 09/10/2012 - 10:34 | 2778264 Precious
Precious's picture

Lick My Ass - Bitch

Bernanke, starring as Poppa Smurf (R-Rated)

(If you think this overstates the problem of Bernanke, fuck you too, and enjoy your Happy Meal).

Mon, 09/10/2012 - 10:36 | 2778313 Almost Solvent
Almost Solvent's picture

Too bad this poor soul will suffer a heartattack in the next few weeks.

Mon, 09/10/2012 - 11:09 | 2778446 Tijuana Donkey Show
Tijuana Donkey Show's picture

He didn't have that heart attack all by himself, he had help building up to it. Thank Micky'Dz, HFCS, and super SIZE!

Mon, 09/10/2012 - 13:31 | 2778989 Buzz Fuzzel
Buzz Fuzzel's picture

I think ALMOST was making reference to a Breitbart sort of heart attach or perhaps a Vince Foster sort of accident.

Mon, 09/10/2012 - 20:36 | 2780377 Colonel Klink
Colonel Klink's picture

They didn't create their own death....

Mon, 09/10/2012 - 10:58 | 2778353 TonyCoitus
TonyCoitus's picture

Republicans know big government is wrong and talk about reducing its size, but never do.


Democrats think big government is the solution.


Who are you going to vote for?


I know what Obummer is about, and I'm willing to give Mittens a chance.


If (when) the SHTF, I don't want that crazy O'bastard in control.

Mon, 09/10/2012 - 11:00 | 2778415 toady
toady's picture

If you don't want a crazy bastard in charge you're out luck. Willard of the magic underware may be even crazier than the current dufus!

And I definitely don't need the plural marriage thing. Just one is driving me insane!

Mon, 09/10/2012 - 13:55 | 2779105 AldousHuxley
AldousHuxley's picture

republicans will sell you "small government" then go in to debt for war to subsidize the military industrial complex andoi lindustry

democrats will sell you "more government"




Mitt Romney is going to increase debt spending just like every republican last 40 years.

Mon, 09/10/2012 - 11:01 | 2778419 Bay of Pigs
Bay of Pigs's picture

I junked you for saying Republicans know anything about cutting spending and reducing the size of gov't, and for suggesting that Mittzle isn't a  crazy bastard.

He is a rotten evil warmongering son of a bitch. Wake the fuck up. 

Mon, 09/10/2012 - 11:11 | 2778454 TonyCoitus
TonyCoitus's picture

Mittens is the lesser of two evils by a mile.

Not voting is not an option for me.

Mon, 09/10/2012 - 11:19 | 2778493 Bay of Pigs
Bay of Pigs's picture

There is no such choice there. You are sadly mistaken.

Mon, 09/10/2012 - 11:28 | 2778535 kito
kito's picture

Poor tony.......another partisan parrot pimped by the progressives......wake up tony and get a clue....they are exactly the same.....both intent on squeezing you for everything you are worth......both big government with the same masters...

Mon, 09/10/2012 - 11:59 | 2778632 donsluck
donsluck's picture

Well, not EXACTLY the same. I find it amusing that the first black president is being challenged by a Mormon. The Mormons have codified racism, from here into heaven. Just ask a Mormon which level of heaven a Deacon can get to, and which maximum level of heaven a darky can get to.

Mon, 09/10/2012 - 12:31 | 2778754 Overfed
Overfed's picture

Don't forget that (according to Mormon doctrine) American Indians were once white, but God cursed them with dark skin after they turned their back on the teachings of Jesus.

Mon, 09/10/2012 - 14:01 | 2779140 AldousHuxley
AldousHuxley's picture

Mormons = Morons


some sick fuck wanted multiple wives so he created a religion as a cover....then he found out it came with tax benefits, so he created an empire.


Mormon church owns lots of land and livestock...best doomsday preppers in the world.

Mon, 09/10/2012 - 16:18 | 2779687 Random_Robert
Random_Robert's picture

The Book of Mormon is a fantastical farce on par with anything George Lucas (or Scientology) might have cooked up..


Wait- scratch George Lucas from that - at least George's stuff is entertaing.

Tue, 09/11/2012 - 22:15 | 2783996 ZeroAvatar
ZeroAvatar's picture

One thing Mormonism (a totally laughable religion...wait, they all are!) has going for it is it's strictly an AMERICAN religion.


Islam.....uhhh, not so much.  (Obeyme)

Mon, 09/10/2012 - 11:30 | 2778546 Sofa King Confused
Sofa King Confused's picture

Its an illusion people.  If voting changed anything they would make it illegal.

Mon, 09/10/2012 - 12:24 | 2778725 A Nanny Moose
A Nanny Moose's picture

Can we vote to outlaw The State?

Mon, 09/10/2012 - 14:07 | 2779168 AldousHuxley
AldousHuxley's picture

only when elites have the world government ready for you on the ballot.


they willl let you vote and think you decided it for yourselves when it was all orchestrated for you.





Mon, 09/10/2012 - 19:52 | 2780277 A Nanny Moose
A Nanny Moose's picture

This choice thing is so hard. Can't they just narrow it down to a couple of choices, ahead of time. It would greatly ease my choice anxiety.

Mon, 09/10/2012 - 11:43 | 2778587 Apocalicious
Apocalicious's picture

Ah yes, the binary argument. Either my side is better, or neither is any different.


Unfortunately, you are sadly mistaken as well, for there is a choice, however small it is. Changing the angle of descent a few degrees does in fact provide a longer runway.


Neither will (nor truly can) fix anything, but maybe one will make things deteriorate a little less quickly than the other. That, in its own way, is something.


True change may have to come exogenous to the system, I'll grant you that. But first, do no harm.

Mon, 09/10/2012 - 12:20 | 2778709 exi1ed0ne
exi1ed0ne's picture

Neither will (nor truly can) fix anything, but maybe one will make things deteriorate a little less quickly than the other. That, in its own way, is something.


Fuck you.  Bring it on right motherfucking now.  Kicking the can is morally bankrupt, and I refuse to push out a problem for a little added comfort now.  Expecially when that comfort is paid for by the blood and tears of future generations.  All this talk about delay the pain is EXACTLY how an addict views his/her dependancy.  Been there, and it does not get better the longer you wait.  In fact you are WORSE OFF and have LESS chance of success because your resorces (health, wealth, freedom to choose differently) are further depeted.

There is ZERO choice between either sockpuppet.  ZERO.  If I could escape this loony bin I would do so, but it is truely a prison planet aided by compromising, rationalizing idiots like yourself.

"It is natural to man to indulge in the illusions of hope. We are apt to shut our eyes against a painful truth, and listen to the song of that siren, till she transforms us into beasts. Is this the part of wise men, engaged in a great and arduous struggle for liberty? Are we disposed to be of the number of those who, having eyes, see not, and having ears, hear not, the things which so nearly concern their temporal salvation? For my part, whatever anguish of spirit it may cost, I am willing to know the whole truth; to know the worst and provide for it." - Patrick Henry

Mon, 09/10/2012 - 12:33 | 2778759 govtsucks
govtsucks's picture

+ 1000

Mon, 09/10/2012 - 13:17 | 2778918 Apocalicious
Apocalicious's picture

I'm oblivious to the truth? Please. You are a ranting idiot.


How am I kicking the can? What strings do I pull? What illusions of hope? You're the hope-filled idiot because YOU THINK IT CAN BE CHANGED by speeding it up, or crystallizing some shit today. Good luck, fool.


This playbook has happened in history before, junior. Its going to end the way it always has. I'm just trying to not get blown up when the bombs start falling, dipshit. I don't give shit if that means delaying the bombing runs or just getting out of the way, but either way I'll guarantee you that me and my family won't be in them.  


No, little whiny PUKES like you abdicating the few levers you actually have at your disposal aren't part of the problem, IT'S ALL ME. I don't see you arming any revolutionary forces or starting any viable third parties. Run for office! What the FUCK are you doing different that makes you think you aren't the problem, but I am?  




Mon, 09/10/2012 - 13:22 | 2778939 Apocalicious
Apocalicious's picture

In fact you are WORSE OFF and have LESS chance of success because your resorces (health, wealth, freedom to choose differently) are further depeted.


Not if you work hard, economize and save, like me. The longer the runway, the more time you have to save, idiot. Or, you could rant and rave, and waste money on stupid shit and then be one of those idiots who says, "We just couldn't see it coming." I choose the former. Hence, I choose more time. Feel free to take accountability for your own future someday.

Mon, 09/10/2012 - 13:22 | 2778940 Apocalicious
Apocalicious's picture

In fact you are WORSE OFF and have LESS chance of success because your resorces (health, wealth, freedom to choose differently) are further depeted.


Not if you work hard, economize and save, like me. The longer the runway, the more time you have to save, idiot. Or, you could rant and rave, and waste money on stupid shit and then be one of those idiots who says, "We just couldn't see it coming." I choose the former. Hence, I choose more time. Feel free to take accountability for your own future someday.

Mon, 09/10/2012 - 20:45 | 2780391 crusty curmudgeon
crusty curmudgeon's picture

Hey, ExiledOne - what gives?  I tried to vote up for you but can't.  Are you some sort of superuser, or untouchable comment king?  It seems I ran up against this before--also when wanting to vote up.  Tyler probably explained this somewhere but, as usual, I'm in the John when the donuts show up.

Tue, 09/11/2012 - 09:45 | 2781436 exi1ed0ne
exi1ed0ne's picture

It's the quoting that messes up the vote buttons.  I forgot to add a space or dot before the quote.

Mon, 09/10/2012 - 16:11 | 2779642 Panafrican Funk...
Panafrican Funktron Robot's picture

"Unfortunately, you are sadly mistaken as well"

It is actually you who is sadly mistaken.  

"there is a choice"

No, there is not.

"maybe one will make things deteriorate a little less quickly than the other"

Runaway train on a broken down, rusted out track.  If either human steps in front of that train, you're talking about slowing that train down perhaps 1/100th of a MPH difference between the two.  Statistically insignificant.

"But first, do no harm"

In the event you must, out of some deep seeded belief that it matters at this point, vote for an actual conservative (Gary Johnson) or an actual liberal (Jill Stein), and let them know that you give a shit about a real democracy.

Tue, 09/11/2012 - 22:25 | 2784016 ZeroAvatar
ZeroAvatar's picture

You know, the more I think about it, you're right......there's no difference.


I've decided I don't care if Oloser gets re-elected.  I HOPE he's in the White House when this all goes down.


Oblowme will be the laughing stock in history books for centuries to come!


Mon, 09/10/2012 - 11:28 | 2778524 toady
toady's picture

I could, almost, partially agree, but we really won't know how much of a crazy bastard he is until he gets in the office. Everything I've heard from him/them conforms with the current crazy bastard, deviating slightly into crazier territory on some things, a little less crazy on others, but they are really too similar to make a difference.

No , I guess I don't agree after all. They are both equally crazy bastards.


Mon, 09/10/2012 - 12:28 | 2778743 A Nanny Moose
A Nanny Moose's picture

I am sorry that your capacity to "think" is limited to bipolar solutions. I am sorry that the system gives you a voice.

Mon, 09/10/2012 - 15:27 | 2779460 RockyRacoon
RockyRacoon's picture

Thinking doesn't seem to be a prerequisite for posting a comment.  Just as it doesn't appear to be a necessity to become a talking-head.  Joe Kernan is a dick.

I find it disheartening that someone like Stockman is news.  Telling the truth is now a man bites dog story.

Mon, 09/10/2012 - 19:53 | 2780279 A Nanny Moose
A Nanny Moose's picture

Controlled opposition?

Mon, 09/10/2012 - 13:23 | 2778943 LosOsos
LosOsos's picture

Personally I'm not voting cause I can't give my moral support to either candidate. However, I would rather see Obama in office if the SHTF in this 4-year period. The implosion of the economy is mathematically inevitable, neither "side" can stop it, but I'd rather have a liberal in office when it goes down so it doesn't get blamed on the republicans pseudo-austerity. In the words of Matt Stone, " I hate conservatives, but I really fucking hate liberals".

Also, while the economic collapse is certain, war in the middle east is not. I'm going WAY out on a limb here, but if Obama is in office I think there is a greater chance to catalyze the more right-winged segment of our population creating a larger anti-war segement.

All in all the wheels will keep turning. I'm going to grab some beer and a blunt, sit back and watch the fireworks.

Mon, 09/10/2012 - 10:59 | 2778411 stocktivity
stocktivity's picture

Stockman for Fed Chairman!!!

Mon, 09/10/2012 - 13:15 | 2778905 JR
JR's picture

So, America needs a new Fed chair! To do what? To keep the casino running so the Fed banksters can continue their economic rape of the American people? Never mind, of course, that since 1913, as James Mann puts it,  “America has fallen from a prosperous debt-free nation to the most debt-ridden country in the world,” and “practically every home, farm, and business is heavily mortgaged to the bankers" and "practically all our cars, furniture, and clothes are purchased with borrowed currency.”

And, now, at practically zero cost to the banksters, "the interest to the bankers on personal, state, and federal debt totals more than 25% of the combined earnings of the working population!”

America don’t need no stinkin’ Fed chair, stocktivity, 'cause America don’t need no stinkin’ Fed!


Mon, 09/10/2012 - 11:46 | 2778575 DosZap
DosZap's picture


U R back.............................................what the hell is the difference in them, and what we have been SADDLED with for 4 years?.


Mon, 09/10/2012 - 20:34 | 2780372 Colonel Klink
Colonel Klink's picture

RR/OB - two heads of the same snake.  Nothing will change until the whole thing comes crumbling down.  Prepare for a long hard slog.

Mon, 09/10/2012 - 10:11 | 2778206 asteroids
asteroids's picture

Close, the real problem is the lack of moral courage of politicians to do the right thing. That being to let bankers take loses, no matter how tragic. Japan waited too long. The US and the Europe will repeat.

Mon, 09/10/2012 - 10:25 | 2778269 Woodyg
Woodyg's picture

Moral courage to the wealthy and the guv seems to be blaming poor people for taking food stamps in order to eat when the jerkoff fed and their true welfare cheats the banksters sit back and enjoy the profits derived from destroying the job and housing market.

That moral courage?

Mon, 09/10/2012 - 10:46 | 2778345 Pladizow
Pladizow's picture

If you have no nuts, you have no balls!

Mon, 09/10/2012 - 11:46 | 2778599 Apocalicious
Apocalicious's picture

Taking food stamps to eat? Please, most people on food stamps are morbidly obese.

Less than 1% of the population is actually underfed.

Mon, 09/10/2012 - 16:17 | 2779682 Panafrican Funk...
Panafrican Funktron Robot's picture

"Please, most people on food stamps are morbidly obese."

The cost of appropriately feeding yourself with stuff that doesn't make you a walking death sentence is fairly prohibitive at this point, in the absence of land, gear, and most importantly, time to work your own small scale farm.  

Mon, 09/10/2012 - 20:40 | 2780385 Colonel Klink
Colonel Klink's picture

Well if one was smart, seeds can actually be purchased with food stamps.  Given proper planning you could feed yourself.  Problem is that's too much work for the average useless eater.

Mon, 09/10/2012 - 10:26 | 2778271 spanish inquisition
spanish inquisition's picture

Haha. You mentioned moral courage and politicians in the same sentence.

Mon, 09/10/2012 - 20:42 | 2780388 Colonel Klink
Colonel Klink's picture

Sweet your avatar looks like the German court. Ironic....no?  They just have slightly different funny hats.  Still doing the same job though, judging others.

Mon, 09/10/2012 - 10:27 | 2778273 odatruf
odatruf's picture

I am constantly at war in my own mind over this.

Is it really the politicians who lack courage or is it the voters?  Politicians respond to the cues and votes we cast. So far, "courage" as you are using it here (i.e., making tough choices, saying no, talking stright, etc.) is punished by voters at the ballot box. 

Politicians should be leaders, of course, but they must also represent our demonstrated views. Chicken begets egg begets chicken, and so on.

I think the only thing that will break the cycle is the market forcing the issue by taking away the enabling mechanisms.


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