Kyle Bass Tells David Faber: Japan Will Default, U.S. Will Be Next, You'd Be Crazy To Be Long Stocks (Must See Video)
Video: David Faber with Kyle Bass -- Part 1
Trust what Kyle has to say. Check out this update:
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Perhaps some of you saw this interview Tuesday on other sites. I highly recommend that you watch both clips. Begin watching at the 2:20 mark. More detail can be found:
From Zero Hedge:
The one must watch interview of the week (if not of the year) features Hayman Capital's Kyle Bass. Bass, who correctly called the subprime implosion (and profited handsomely from it) as a iconoclast contrarian to conventional wisdom, tells David Faber that "given my outlook on the world, I don't know how I can be long stocks." Frequent readers of Zero Hedge will notice many comparable themes touched upon in Bass' interview with issues covered on Zero Hedge: the inevitable restructuring of untenable sovereign debt, the nearly $5 trillion in new global debt that needs to be issued just to plug near-term deficits, the joke that was the European stress test and the ongoing insolvency of the European banking system which is times bigger than its US equivalent, the imminent downward revision of Q2 GDP to sub 1%, the Fed's conflicted position as a political authority whose sole purpose now is not to keep inflation and unemployment low, but merely to keep interest rates as low as possible, as even the slightest shift to higher short-end rates will be seen as a black swan, indicative the Fed is losing control over the economy, and ultimately the futility of Keynesian theory band-aiding of a world caught in a toxic debt death spiral. In short, Bass sees no way the world can get out of its current state absent a huge reset. We agree completely, and needless to say, we are confident Bass will be proven 100% correct, to the chagrin of all the permabullish lemmings who day after day refuse to accept the unpleasant reality. The only caveat: when Bass is eventually proven right, all bets on profiting from this realistic worldview will be off, as the existing financial system will no longer exist.
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Video: Bass with Faber -- Part 2
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Screenshot
DailyBail
Updated with GDP link above.
Reader Comments (14)
http://www.businessinsider.com/david-rosenberg-theres-no-evidence-of-a-housing-bottom-and-strong-industiral-production-is-a-mirage-2010-8
About that math: Legally, Social Security has its own, dedicated funding, via the payroll tax (“FICA” on your pay statement). But it’s also part of the broader federal budget. This dual accounting means that there are two ways Social Security could face financial problems. First, that dedicated funding could prove inadequate, forcing the program either to cut benefits or to turn to Congress for aid. Second, Social Security costs could prove unsupportable for the federal budget as a whole.
Baloney. This is called fraud in the private-sector. First, there is no dedicated funding. Second, all the money taken in over the years was not "invested", it was spent.
http://market-ticker.org/archives/2584-Revoke-Krugmans-PhD-Social-Security.html
Some peddle schemes that use fictional legal loopholes to eliminate debt and avoid foreclosures.
A few such believers are violent: Two police officers in Arkansas died in a shootout in May after stopping an Ohio sovereign citizen and his son.
As many as 300,000 people identify as sovereign citizens, the Southern Poverty Law Center found in a study to be published Thursday that was obtained by The Associated Press. Hate group monitors say their numbers have increased thanks to the recession, the foreclosure crisis, the growth of the Internet and the election of Barack Obama in 2008.
http://www.washingtonpost.com/wp-dyn/content/article/2010/08/12/AR2010081200005.html
http://www.businessinsider.com/the-greek-recession-is-much-deeper-than-forecast-2010-8
Outstanding detail and research from Reggie Middleton
http://www.businessinsider.com/china-is-winning-the-economic-war-2010-8#ixzz0x4xf00ia
Solid read...
http://www.nytimes.com/2010/08/15/world/15shadowwar.html?_r=4&hp
Another interesting read...
'It's all a bit strange,' ambulance team leader tells newspaper
http://www.msnbc.msn.com/id/38710593/ns/world_news-weird_news
But, despite family ties, many aren't giving to the relief effort because they simply don't trust the Pakistani government.
“The money might reach a quarter of the people who really need it,” says Mussarat Khan as he leaves a doctor’s office. “The doctor and I were discussing the flood, there is just so much corruption.”
Whether the corruption allegations are true or not, perceptions that money would be wasted is one reason relief organizations say contributions for flood victims are way down.
http://news.yahoo.com/s/csm/20100819/ts_csm/320461
Was it Carly Simon? Obama wearing an apricot scarf? Why not.
http://www.youtube.com/watch?v=mQZmCJUSC6g
You walked into the party
Like you were walking onto a yacht
Your hat strategically dipped below one eye
Your scarf it was apricot
You had one eye in the mirror
As you watched yourself gavotte
And all the girls dreamed that they'd be your partner
They'd be your partner, and
You're so vain
You probably think this song is about you
You're so vain
I'll bet you think this song is about you
Don't you? Don't you?
David Barry Saebarkah Barack Hussein Soetoro Obama
Heck, as I posted, we just found out that Saebarkah's mom had adopted a child named Lia who recently died.
http://www.youtube.com/watch?v=VI5hQwCmVKE
Here is Maya, what about his other half sister???