• Tim Knight from...
    10/21/2014 - 18:16
    Want to live near the 0.1% and their problems? May I present to you 258 Middlefield Road, Palo Alto, California, which is located within walking distance from my house and is a mere $1,800,000 (well...

TARP

Bruce Krasting's picture

On David Stockman's Out-Rage





Elon Musk - "megalomanical promoter". Ben Bernake - "befuddled academic". Janet Yellen - "career policy apparatchik". Paul Krugman - "fibber". Fred Mishkin - "preposterous".

 
Tyler Durden's picture

Frontrunning: March 21





  • Euro zone call notes reveal extent of alarm over Cyprus (Reuters)
  • Stagnant Japan Rolls Dice on New Era of Easy Money (WSJ)
  • Cyprus, European data batters shares and euro (Reuters)
  • UK cuts taxes to revive stagnant economy (FT)
  • "Quality Control" Rat Body Linked to Blackout at Fukushima (NYT)
  • North Korea issues fresh threat to U.S., South probes hacking (Reuters)
  • South Korea Says Chinese Code Used in Computer Attack (BBG)
  • Osborne paves way for Carney to retool Bank of England (Reuters)
  • Carney Gets ‘Escape Velocity’ Mandate With Limiter (BBG)
  • Osborne Pledges Five More Years of U.K. Austerity (BBG)
  • Bernanke Saying He’s Dispensable Suggests Tenure Ending (BBG)
  • Senate Passes Bill to Fund Operations (WSJ)
 
Tyler Durden's picture

David Stockman On "The Great Deformation" And The US Treasury As "The M&A Department Of Goldman Sachs"





The fiscal cliff is permanent and insurmountable. It stands at the edge of a $20 trillion abyss of deficits over the next decade. And this estimation is conservative, based on sober economic assumptions and the dug-in tax and spending positions of the two parties, both powerfully abetted by lobbies and special interests which fight for every paragraph of loophole ridden tax code and each line of a grossly bloated budget. Fiscal cliffs as far as the eye can see are the deeply troubling outcome of the Great Deformation. They are the result of capture of the state, especially its central bank, the Federal Reserve, by crony capitalist forces deeply inimical to free markets and democracy. Why we are mired in this virtually unsolvable problem is the reason I wrote this book. It originated in my being flabbergasted when the Republican White House in September 2008 proposed the $700 billion TARP bailout of Wall Street. When the courageous House Republicans who voted it down were forced to walk the plank a second time in betrayal of their principled stand, my sense of disbelief turned into a not-inconsiderable outrage. Likewise, I was shocked to read of the blatant deal making, bribing, and bullying of the troubled big banks being conducted out of the treasury secretary’s office, as if it were the M&A department of Goldman Sachs.

 
Tyler Durden's picture

Bernanke's Tools: "Belts, Suspenders... Two Pairs Of Suspenders" And Other Senate Testimony Highlights





Ben Bernanke: "In terms of exiting from our balance sheet, we have put out -- a couple of years ago we put out a plan; we have a set of tools. I think we have belts, suspenders -- two pairs of suspenders. We have different ways that we can do it."

 
williambanzai7's picture

BaNZai7 GoES To THe OSCoNS (2013)...





Cinema is the most beautiful fraud in the world--Jean Luc Goddard

 
Phoenix Capital Research's picture

The Fed is Now the Fifth Largest Country in the World





How many trillions of Dollars are we going to let the Fed spend? The Fed balance sheet is now over $3 trillion… making it larger than the GDP of France, the UK, or Brazil. Indeed, if the Fed’s balance sheet were a country, it’d be the FIFTH LARGEST COUNTRY IN THE WORLD.

 
Phoenix Capital Research's picture

By Printing Money Central Banks Have Already Begun the Next Stage of Warfare





Collectively, the world’s Central Banks have pumped over $10 trillion into the financial system since 2007. This money printing has resulted in a massive expansion of Central Bank balance sheets, spread inflation into the system, and done nothing to address the key solvency issues that lead up to the great crisis.

 
Tyler Durden's picture

Kashkari Resigns Amid 'Spotty' Fund Performance, Heads Back To Public Office





The ex-back of the envelope TARP calculation "chump" become wood-chopper, turned equity portfolio manager has gone full circle and decided his time is better spent serving the public good once again. As the WSJ reports, Neel Kashkari is considering running for office in California. The napkin-laden chrome-dome has seen his funds suffer from spotty performance since their launch - all underperforming the benchmarks. We can't help but think the timing of his announcement odd given his love affair with Apple and tonight's collapse but that would be harsh judgment on the always self-denigrating 39 year-old. Of course, we will hear the impressive nature of him leaving a well-paid job to run for office as his patriotism runs wild; we are less 'believer'. Still, managing to have your name turned into a noun and a verb is no easy task...

 
williambanzai7's picture

SCaRY TiMMaH THe EViL TaRP CLoWN...





Pleasant insider trading dreams...

 
Tyler Durden's picture

Guest Post: The Social Security System Is Already Broke





As 1.4 million people have been kicked off the 99 week unemployment rolls, the number of people applying for SSDI skyrocketed. Just because the scumbags on Wall Street and in the rest of corporate America commit fraud on a massive scale does not mean we should look the other way when lowlifes in our community do the same thing on a smaller scale. The working middle class pays the bill for the cost of both frauds. More than 90% of all the people who go onto SSDI never go back to work. This program was supposed to be short term until people could recover and go back to work. There are now 8.83 million people so disabled, they supposedly can’t work. There are only 12 million officially unemployed people in the country. The government is so incompetent, they barely check the applications for SSDI. Anyone with an ounce of brain power (this disqualifies anyone on MSNBC) knows that at least 50% of the people on SSDI are capable of some form of employment.

 
Tyler Durden's picture

AAPL, Market Go Vertical On House Conference Call News





It appears that our expectation for a 3:35 pm rumor was some 45 minutes too late. No sooner than headlines crossed the wires that:

  • *U.S. HOUSE SAID TO PLAN 6:30 P.M. SESSION ON DEC. 30
  • *REPUBLICAN AIDE REPORTS FROM HOUSE MEMBERS' CONFERENCE CALL

then stocks ramped instantly to their VWAPs and beyond... efficient markets? whocouldanode? This way at least, when nothing happens on Sunday night, as nothing will (as it comes three days before Boehner's reelection), the flashbacks to the TARP 1 vote will be front and center, but the good news is that the downside will be limited by the limit down barrier in ES.

 
Tyler Durden's picture

Santelli Channels Cramer: "The Fed Doesn't Have A Clue"





Comparisons of the failure of the TARP vote and the fiscal cliff were summarily dismissed early in this clip - though CNBC's Rick Santelli does note, as we have vociferously stated that a market correction is the only impetus to get something done in Washington. Having abandoned his channel's "Rise Above" meme in the face of this "childish nonsense", Santelli agrees that politicians "can show incompetence at very critical moments." Then, sparked by the anchor's comment that "the markets would know if [the cliff] was going be a horrific thing", Santelli goes 'off-script' with an epic take-down of all things CNBC: "the stock market is an immediate gratification for investors to make money;" and asks the key question "Why do we look to the Dow Jones Industrial Average to handicap if this country is going to go down the sewer in a couple of years? It doesn't give us a glimpse into the future." He adds that the market is not discounting $100 trillion of unfunded liabilities in our future and then slams the door shut with what will likely become the new meme: "The Fed doesn't have a clue, neither does the President, neither does Congress."

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