Thursday
Aug122010
Rick Santelli Slams Former Fed Gov. Laurence Meyer: "The FED Is A Lot Like Your Appendix, It's In There But You Don't Really Need It" (Hallelujah Clip)
Video: Rick Santelli, Larry Meyer on Squawk Box from this morning -- CNBC
Quantitative easing is the new blood sport. The entire clip is awesome. Watch it all. The headline Santelli quote comes at the 1:45 mark. Then at 6:05 Santelli says:
- "Larry, since when have the economy and tax dollars been turned into an experiment, a petri dish for economists who have maybe 3 large samples from the past 80 years to try to explain their Keynesian principles. I don't get it. This is an experiment taxpayers don't want to fund!"
Meyer, to his credit, admits a secret, that the Fed bluffs and lies about its ability to effect markets (at 8:05):
- "You have to tell a little white lie. When asked if you have all the tools to solve the problem, you have to say 'yes.' Can you imagine if Bernanke said "we can't do anything about it," the market would be down 40% before he finished his sentence."
Santelli then retorts that the market would rally 1,000 points on the news that bailouts and Fed/Treasury intervention was coming to an end. If you're keeping score, this QE v 2.0 bloodsport battle goes to Santelli.
---
Screenshot
Aug 12, 2010 at 8:46 PM
Reader Comments (33)
http://seekingalpha.com/article/220065-fed-double-dissenter-fears-new-bubbles?source=email
He is wrong. We are already in a double dip and probably never left the first recession behind. When final GDP numbers are put out about two and a half years from now for 2009, they will be between 1.0% and 1.5%. And this year’s will be negative.
How do I know this? Simple – the number of people working. The last two and half years has seen the sharpest drop in employment since the end of the Second World War. The BLS says we lost 8.5 million jobs – take out the birth/death adjustment and it is north of 10 million and look at labor force participation rates and we have lost 12 million jobs. You cannot have real GDP growth, in the real world, with those kinds of numbers. The best treatment of this was in the Monday Wall Street Journal (here).
http://seekingalpha.com/article/220073-don-t-call-it-a-double-dip?source=email
No other recession in the last 60 years saw such rapid job destruction.
http://online.wsj.com/article/SB10001424052748704388504575419280283794598.html?KEYWORDS=employment
Dr. Sagan, thank you, your voice from the cosmos is heard. The big bamboozle that we need to painfully acknowledge, if only to ourselves, is that somehow we have been duped into believing that our leaders know what they are doing. Perhaps we could kindly call this “hero worship,” but it is more accurately described as the tyranny of the experts. Our culture is infatuated with heroes, and blinded by the fact that our leaders claim to be experts, but that in reality know nothing and are consistently wrong.
Bill King echoes Sagan’s brilliance in his discussion of the soon to be released stress test of the country’s largest 19 financial institutions. “A major problem with the ‘stress test’ is it depends on modeling and it’s the precise practice responsible for much of this economic and financial mess. It’s extraordinary that so many people believe that the Fed and Treasury, after missing the financial disaster, housing debacle, recession and derivative implosion, can now extrapolate economic conditions and resultant financial affects from its models. How did all that rocket-science modeling for subprime defaults and securitization workout? Yet many people already forget or ignore this reality.” They don’t know what their doing with these models, they don’t represent the real world, but they are going to go by them and pretend that they’re not WRONG.
http://www.thebarricadeblog.com/?p=875
I think this Santelli rant from yesterday was even better:
http://www.cnbc.com/id/15840232/?video=1564239366&play=1
"The more deflation the elite, champagne economists throw out there to convince people "your tax dollars really can keep that anvil up in the air," the more we're gonna be stuck in the mud for years and years and years....
I think you'll like this one, DB.
http://finance.yahoo.com/news/Dem-Yarmuth-critical-of-White-apf-1360116637.html?x=0&.v=1
http://finance.yahoo.com/news/Mortgage-rates-hit-444-pct-as-apf-2266986134.html?x=0
juicy, juicy rates...i bet we go below 4% within 6 months...
http://www.businessinsider.com/small-group-of-long-term-unemployed-99ers-fails-to-rattle-wall-street-2010-8#ixzz0wRVe43UC
Dr. Laura's N-Word Rant: Radio Host Apologizes For Offensive Language (AUDIO)
After 11 Days, Jurors Have Yet To Deliberate On 11 Wire Fraud Charges
http://cbs2chicago.com/governor/blagojevich.jury.deliberations.2.1856468.html
http://www.mediabistro.com/tvnewser/cnbc/is_rick_santelli_the_father_of_the_tea_party_if_thats_what_they_put_on_my_tombstone_they_can_bury_me_with_a_smile_167945.asp
Good commercial but it doesn't go far enough...
http://www.youtube.com/watch?v=bnKIzNMUV7Q
http://www.youtube.com/watch?v=5cEnnCtkt0c&feature=related
Obama, you are a liar!!!!
http://www.youtube.com/watch?v=OUbImxW8P2I
Obama didn't have a girlfriend until he was 29 so the story goes, I would assume it has nothing to do with his confidence in himself. In the book he and his friend from Chicago wrote, Obama talked about a white woman that he lived. Is that another lie? He said that the relationship ended because they were too different, ha, go figure. He said that she had an ancestral home in Germany.
http://www.guardian.co.uk/books/2010/apr/24/bridge-life-rise-obama-remnick
"Obama dates both black and white women, and he is not reluctant to make that experience, too, a part of his narrative. In New York, he tells us, he loved a white woman: "She had dark hair, and specks of green in her eyes. Her voice sounded like a wind chime." They dated for a year. At one point, she invites him to her family's country house. It is autumn. They go canoeing across an icy lake. The family knows the land, "the names of the earliest white settlers – their ancestors – and before that, the names of the Indians who'd once hunted the land." The house is a family inheritance, and so, it seems, is the country itself. The library is filled with the pictures of dignitaries whom the grandfather had known."
Is this a true story or another Obama Yes We Can Hopey Changer fairy tail?
Did this white woman really exist or is it another cover story for something more sinister?
Did Obama invent himself or did someone else invent him?
Why haven't the media rushed out to track down this white woman like they did for Newt's ex?
Is she real like the birth certificate is real?
Why do we dare ask these questions?
Why doesn't Barack remember when he met Michelle?
Have you ever been assigned a mentor?
http://www.chicagomag.com/Chicago-Magazine/October-2004/First-Lady-in-Waiting/
"Michelle was assigned to be Barack's mentor. A month later, he asked her out. "Barack is very straightforward," she recalls. "He said, ‘I think we ought to go on a date.'" After putting it off for a while because she worried that it would be inappropriate, the two spent a day touring the Art Institute, lunching at the museum's outdoor café, and then walking along Michigan Avenue before taking in a movie, Spike Lee's Do the Right Thing. Three years later, they married."
Who are you Barry Barack Soebarkah Soetoro Dunham Obama?
http://www.youtube.com/watch?v=Bj4WpYqN8XE
---
Rick Santelli has more sense than just about any PhD economist in the world. (He handles metaphors better, too.)
Let me ask you guys a question. I'm 100% covinced that something is horribly wrong with the US (like either it's a total sham or we are selling our future to people that the Fed and treasury (which I think can now be referred to as "The Treserve") do not want to identify. My question is: Would Rick come right out and say what was wrong?
He certainly seems to be going off a lot lately, and I get the impression something he can't talk about is eating him alive....
Anyone?
"I'm 100% covinced that something is horribly wrong with the US (like either it's a total sham or we are selling our future to people that the Fed and treasury (which I think can now be referred to as "The Treserve") do not want to identify"
This is my daily working assumption. The sun is up, Bernanke's at the Fed, and something is rotten indeed in the kingdom of Denmark.
But if we're talking about the US Treasury Market, then I'd start with the same assumptions. The 30-year is yielding less than 4%. That is INSANE. But the real insanity is the stuff we already know about -- how the Treserve and the banksters (and O'Bankster himself) are all in cahoots to bail each other out. (What happens when the music stops and who is left without a seat?) We know what's wrong with the Treasury market, but is there even more deviousness hidden amongst the data? Considering what we know, I'm not sure it matters a whole lot.
http://www.washingtonsblog.com/2009/09/is-treasury-faking-foreign-purchases-of.html
http://www.financialsensearchive.com/fsu/editorials/kirby/2005/0318.html
http://www.gold-eagle.com/editorials_05/rkirby052105.html
There is also something he wrote c2008-9 that was more directly relevant and i'll try to find that as well.
It's actually from a letter Kirby sent to Chris Whalen, which Whalen then published on The Big Picture blog. Maybe you can follow it all, but I can't. The gist, as I understand it, is that JPM has this huge IRS book, that the IRS book dwarfs the Treasury market, and that this is all part of some conspiracy to either a) keep interest rates artificially low b) bail out JPM (which is really the "Federal Reserve in drag") or c) all of the above and more.
I just don't know.
But if there's any funny business going on, I'm sure Eric Holder is all over it.
I'm starting to think of all this the same way I think about David Coperfield making a 747 vanish from the tarmac. I'm not inclined to figure out how he "did" it, because I know he didn't actuall make a plane vanish, which is all I really need to know.
Can I "prove" that the plane didn't vanish? Fuck no. I can only guess how he might have done it, knowing full well I'll probably get it wrong.
Does that make any sense?
Here is my responce to yr question. I will get "Hate Mail" for ever, but its my gut feeling..........................
"I'm 100% covinced that something is horribly wrong with the US............................He certainly seems to be going off a lot lately, and I get the impression something he can't talk about is eating him alive....
Anyone? Well this is only my feeling, but its popping up in many differant places. Heres my theroy................
We all live on the heads side of the coin. Everyday the sun comes up and gos down to start a new day. We all live to make a good life for our selfs and family.
Most of us are taking something for something and in the last 60 years most of us have something going on in our bodys, and it aint nice. Big Pharma has a pill, shot, cream , drink for everything.
Each year most, "Not Me" get flu shots, thinking its for our protection, "Its Not".......Basicly we all have something going on and are dieing from it in a slow mode. I have Lyme plus 5 more from 2 tick bites, Severe CFS, Lyme Arthrites. Im dieing slowly and in pain. 4 Altrum a day or I cant walk anymore. Will need to use a little smoke soon just to make it each day.
The shadow goverment is making us into dumbed down sheeple. They are on the underside of the very coin we live on. Thier sun dose not ever rise. They only live to control us threw sickness, poorness, and fear they will take us down tommrow.
Most think our goverment is the top word, its not. Everyone in goverment makes all the decisons, they dont. It dosent make any differance whos in power, althoe George Soros ownes the Dem. side 100%, and the Rep. side 50%. You see the goverment we see only doses what the "SG" tells them to do. Yes, our goverment has a Boss....................
Right now they are comming threw to our side of the coin we live on, and getting into everything about our lifes. Food, Water, Pills, Shots, Air, "Chem Trails", Netra-Sweet, From the time the sun comes up on our side of the coin, the "SG", Big Pharma, Big Ins., CDC, WHO, CIA, FEMA, CFR,
are making us sick and slowly taking us down to the point we cant fight back. It took 60 years for thier plan to work. Think about it.....? The "SG" is now just under our feet. Thier side of the coin is becomming our side right before our eyes.
They have all but beat us down, taken our health away from most of us, have total control of us. The jobs are gone, housing is gone, income is gone, happy is long gone, Food Water Air is killing us slowly.
Vaccines and pills are the cauze of most of the sickness today, all the wile we've been told to believe its for our good health. "Take This if You Dont Want to get Sick".....................? You Will ! Many Many are now sick with something. The Elete have us right where they want us.
You see, vaccines are doing us a great service. The ones giving them to us know that they have saved many, many lifes, from the hores of sickness. The same sickness thats been hurtting man since the begining of time. Its just the "SG" knows that all most all of us get them. If you want to take down the over poupluated planet, then use the one thing everyone of us get all threw life.
By putting poisan in the viles, the givers will do the "Dirty Work" for the "SG", and they'll neaver know it. When they do, and some are just in the last 2 years are finding out whats realy going on, it will be to late. Its been a fool proof system, up till now. Depouplation is well under way. How do you know if the risk is worth the dark side of the vaccine....? Its called a Tider-Test. Times its worth the risk getting the vaccine to save your life your pets live, your own childrens life.
It takes many times for vaccines to build up the poisan in our systems. Thats why its in our 30-40-50-60, before we realy start getting sick from something. And Big Pharma has a pill, shot, cream, for everything. Every week or two we see a new pill for something we neaver needed 60-70 years ago, makes ya wonder why, dosent it.........?
Hennery Kissenger found BHO in 1970 and the "SG" have been grooming him for the job he is doing today. Destroying the USA, once crushed and gone, they can then take out the rest of the world.
So what was going on behind the black curtian, is now out in the open. Most cant, wont see it comming. Yes, there is something realy bad going on here in America. Its falling apart from every corner of our once great country.
There are no longer two sides of the coin anymore. The dark side opened up and we went right into the "Sink-Hole" of Hell............Just as planed some 60 years ago. Look back, it started back in 2007.
This is why I worry about this comming Nov. 2nd. The "SG" holds the master key to the voteing machines. It took a long time to get us "Dumbed Down"........................."Sick & Weak"................."Homeless"......................."Jobless"......................ready to kill one an other just to live. And this comming flu season scares me to death becouse the Swine Flu Shot is in the normal flu shot, and you wont know it till your getting sick from it. The real "Pandemic" may be this winter. The mix in the vile is Hotter Than Ever compared to what they gave out in 2008.
So what is wrong here in the USA, Nothing. Its all working out just as planed, if your part of the "SG", that is. Many are begging for thier next meal. Just a safe place to sleep tonight. Maby a safe drink of water........................
Gold & Sliver wont mean shit if your starving to death. Clean Food & Water will be priceless soon. Dirty Vaccines, and Pills have been the best choice to take us and the animals down.
Vaccines are "Good", its the poisn the WHO, Big Pharma, Big Ins., puts into them that are making all of us sick with something. Very few had any of this sickness 60 years ago, NO, Do your home work. Its all there.
Dont take my word for it, get out your Bible, its all been predicted to happen. Its the 5th time its happened that the Elete of the world tryed to control the world. As soon as the goverment has taken our last dime, its over. 1-2 years Max.
Whats Wrong with America, just about everything...............................if your one of us.
And this banking crises today is a way for the goverment to throw us off as to whats realy going on. Its just "Smoke & Mirrors" pony show to keep us from seeing what the goverment is doing behind our backs. Keep us glued to the screen on whats going on with the "Bankesters" so we dont dig into what the goverment is doing.
The goverment is cracking the whip on the "Bankesters" all the wile its the goverment that planed all this all a long, threw the "SG". The banks are just the scape-goat, to take the fall. Thier all in the the Big Scam, to take down the American People.
"I'm 100% covinced that something is horribly wrong with the US............................Yes, with all I have found out in the last 3 years, digging into the goverments doings, im afraid you are very right Please Share this with Loved Ones.
Here, climb up on my Lap, and I'll run threw the Important Shit that will efect you later in life........."LOL".............Just Kiddin ?
One of two things here, One its to long for you to focous on, or two, you think my thoughts are realy stupid, and it took to long for yr finger to scroll threw it.
Why it spaced it out like that, God only knows. It was late. It should look like this, the way us "Lyme'ies" type things so our brain-cells can proses the words. You should be in my head when "people type in all Cap's..............?
"Holy-Moly-Gwalk-a-Moly"...... Heres the Deal, Friend. You asked me if I finished HS, and I told you the truth, and why I dident, right. You got more than you bargined for, dident you.....?
Go back and read it, and tell me whAre im all screwed up in the head, and I've got it all wrong. I cant spell, ya"ll know that. Why would you think I could know anything about anything...right.?
I was Young Once Too. Stage Gear in the back seat & trunk. 2 Hot Chicks in the front seat. Come back tommrow to pick up gear so the back seat was empty for the trip home.........Got on you for a coment, but neaver "Be-Littled-You" for a post........"OuT" !
Im evan dumb enought to do all my home work Gomps gives me so I know he knows what hes talkin-Bout...............?