I found this IBD cartoon fascinating — because of the focus.

The visual is great, but the labels are all wrong in so many ways. A tiny row boat labelled Congress pursues the giant ship called free markets — as if they cannot do anything. (Repeal of Glass Steagall, CFMA, etc.).

And, the basic idea that the Free markets are a super tanker — I’m not sure I would have gone with that. The idea was great, but the execution seems to have gone awry . . .

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via IBD

Category: Bailouts, Humor, Psychology

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

28 Responses to “Pirates”

  1. Super-Anon says:

    The Feds sunk free markets back in 1998.

  2. tyaresun says:

    The super tanker is United States and Wall Street is that small boat.

  3. pgibbns says:

    I think the Congress boat designates the pirates. They are about to hijack the free markets and steal as much as possible.

  4. Moss says:

    The banksters are the pirates, they have hijacked all moral and ethical underpinnings that go about masquerading as free market principles. This depiction looks like something Larry Kudlow would endorse.
    The fed should be in the boat with the banksters (pirates) steering.

  5. willid3 says:

    maybe its the tanker is the US and the pirates in the small boat are wall street. and fallowing behind that small boat is some one being dragged along by the boat (thats Congress).

  6. drewburn says:

    People tend to idealize free markets. The freest markets you can find in the US are large flea markets or farmers markets. To suggest that the (Obama) government is struggling against free markets is silly. All government, including Republicans, have built platforms around manipulating markets in one way or other. Absolute free markets are an economic ideal, nothing more. Beware anyone proposing to “free” markets at least as much as you would beware Obama……both have an agenda, neither of which has anything to do with freer markets.

  7. Super-Anon says:

    People tend to idealize free markets. The freest markets you can find in the US are large flea markets or farmers markets. To suggest that the (Obama) government is struggling against free markets is silly. All government, including Republicans, have built platforms around manipulating markets in one way or other. Absolute free markets are an economic ideal, nothing more. Beware anyone proposing to “free” markets at least as much as you would beware Obama……both have an agenda, neither of which has anything to do with freer markets.

    That’s why it’s helpful to look at the facts.

    Like governments attempts to stimulate the economy via inflationary/negative real interest rate policy before all major bubble and economic disasters:

    1891, 1927, 1998, 2001-2003, 2007, and the BoJ in the 1980s.

  8. davecjohnson says:

    The cartoon makes a very strong statement about the state of our democracy. We, the People, represented by our Congress, trying to have some say in the management and rules of our own country. The corporations just ignoring us.

  9. wunsacon says:

    >> the basic idea that the Free markets are a super tanker — I’m not sure I would have gone with that.

    Maybe the supertanker is a single-hulled supertanker chartered by Captain Kudlow and headed for Bligh Reef.

  10. wunsacon says:

    …Oh, and: “yarr!”

  11. call me ahab says:

    pgibbns has it right- that is the point of the cartoon

  12. BG says:

    CNBC supposedly has sent Erin Burnett out looking for pirates. That whole thing seems so utterly ridiculous to me. All the stuff that is going on and this is what we get on a financial news network?

    We are so refined, so educated, so polished and so seemingly above it all that we are fooled by our own idiocy.

    If we all left our brains at home tomorrow would it make any difference?

  13. Marcus Aurelius says:

    If the cartoon was accurate, the ship of state would already have already been taken. The corpse of the free markets would be hanging from the yard-arm while a cabal of fascists – comprised of corporate big-wigs (pirates) and “conservative” politicians and pundits (mutineers) – ate it’s liver with fava beans and a light Chianti. The middle class would be below decks in irons waiting to be sold to the highest bidder in the global slave-labor market.

  14. DL says:

    I find it very disturbing that Geithner is refusing to let banks pay back TARP money. The whole justification for TARP was that we would face Armageddon if we didn’t spend $787B to rescue the banks. There were millions of idiots who believed that. But refusing to let banks return money is another matter altogether. Does Geithner really believe that the U.S. economy would collapse if GS returned the TARP money?

    On this particular issue, Geithner/Obama is worse than Paulson/Bush.

  15. KJ Foehr says:

    FAZ is back below $10 again at the close, and SRS dropped hugely again too (18%); any ideas as to what gives?

    Actually FAZ doesn’t surprise me, but what the hell is the deal with SRS recently? It is essentially at its all time low! Things can’t be THAT good in CRE can they?

    I’m up to my eyeballs in it – is it time to give up?

    TIA for any comments.

  16. Mannwich says:

    @DL: I think the feds know full well these banks will likely be back with their hands outstretched looking for more bailout money, so they’re likingly trying to avoid that potential PR fiasco. Also, by not allowing them to simply repay the money and go on their way like nothing happend, it THEORETICALLY allows the feds to keep them on a “short leash” and possibly enact some reforms going forward (I hope).

  17. gritsnbeer says:

    The problem with this cartoon is the water. You can’t float a supertanker when there’s a giant hole in the bottom of your ocean. Instead of trying to plug the hole the Fed is trying to play rainmaker, but it’s gonna end up a sh*t storm.

  18. franklin411 says:

    Common:
    Where was the Washington Times on this story?

    GOP Congressman Cantor’s Wife’s Bank Did Well in the Bailout
    http://www.huffingtonpost.com/aram-roston/gop-congressman-cantors-w_b_160420.html

  19. gritsnbeer says:

    Maybe an drought analogy would be better.

    OR

    Who cares about pirates when the Credit Kraken is lurking in these waters. Shiver me timbers!

  20. tranchefoot says:

    @KJ Foehr

    Hedge funds facing redemptions/quant funds blowing up are forced to buy IYR/SPG/MAC etc. At some point, the redemptions will stop and so will the buying….

  21. KJ Foehr says:

    @tf

    Thanks for the reply. It’s good to know someone has some kind of explanation.

    I have no idea why hedgies / quants would be forced to buy those things, especially now, but I will take you at your word. I’ve been in and out of it several times over the past 18 months or so and it has always come back, so perhaps it will again.

  22. DL says:

    KJ Foehr @ 9:06

    I don’t look at SRS very often, but I do watch FAZ. One thing that’s good about FAZ is that there’s also FAS. If there are no shenanigans, there should be symmetry between the two. And there does appear to be; they generally move the same amount. So I’m going to stick with FAZ over SRS. Of course, whichever vehicle you choose, you’ve got to deal with the fact that the Treasury, the Fed, and the banks are all trying to confuse small investors.

    (And don’t be surprised if Bernanke buys up all the commercial mortgage debt he can get his hands on).

  23. drollere says:

    this is a fabulously deep cartoon. it parses this way:

    1. congress (aka pirates) is taking on way more than it can handle.
    2. if congress does board it, they will be incompetent to steer it.
    3. 1 and 2 don’t matter; all they’re really after is a payout.

  24. I don’t know Franklin but what does that have to do with the story?

    Personally, I don’t care who carries the story as long as it is accurate. I actually found the story on the Yahoo message boards so it was citizen poster who gets credit for breaking the news to me. This is about rooting out corruption, not who is on who’s team

  25. tranchefoot says:

    @KJ Foehr

    Short CRE is a very popular trade. Funds that are short and facing redemptions are forced to buy to liquidate their positions.

  26. Uchicagoman says:

    Then what heck does that make the Navy SEAL snipers ????

  27. davecjohnson says:

    It is interesting to note how drollere and I differ in our views of democracy vs corporate power. Where I see We, the People trying to bring corporations under control, drollere sees We, the People as incompetent and after a payout from the corporations.