I’m flying off to Chicago for Turkey day, but I had to pass along this ‘toon. Its funny because its true:
>
Eighty percent of success is showing up. —Woody Allen
Staying with the belief that the Fed can still do more, Bernanke said they are prepared for more accommodation if needed but he finally publicly acknowledges that "central bankers alone cannot solve the world's economic problems." He gives color on what left the Fed can do if circumstances warrant but acknowledges drawbacks to each perceived benefit. On the economy, "although private final demand, output, and employment have indeed been growing for more than a year, the pace of that growth recently appears somewhat less vigorous than we expected...Much of the unexpected slowing is attributable to the household sector, where consumer...
read more »
November 26th, 2009 at 8:23 am
[...] Its funny because its true [...]
November 26th, 2009 at 8:27 am
I’d make one change…label the guy getting chopped “US Taxpayer”
November 26th, 2009 at 8:51 am
fwiw, The World According to Americans was created by Rob Sheridan, an artist who has worked with Nine Inch Nails for 10 years. Hurt is one of his videos, a rock guy http://bit.ly/8dKXlN
November 26th, 2009 at 10:07 am
Steve, you might get your dollar sooner rather than later.
s&p futs down 20 on dubai. does this mean no more indoor ski slope? http://bit.ly/5izFMr
November 26th, 2009 at 10:08 am
dollar rally that is. note to self, read before submit
November 26th, 2009 at 11:31 am
@hue:
Like all visionaries, I was a bit early calling for the dollar rally the last few weeks, due to record long gold speculation on the CFTC reports and plunging demand for physical gold. Per my earlier post, we are in a rolling deflationary debt crash, with some $50 Trillion worldwide that needs to be retired somehow. That will unwind this silly dollar carry trade. The Dubai story will be commonplace. Didn’t check futures…if they are down 20 now and you get some weak initial reports on Black Friday (that heartwarming American holiday), Friday should be interesting.
November 26th, 2009 at 11:51 am
a black friday on black friday, if the btp can’t huff and puff
Kevin Depew expects the dollar to rally from 72, where it will bottom. http://bit.ly/4BvkxB
i don’t really get DeMark, but pepe depew has been spot on with the crash last fall, and the rally since March using DeMark.
the dollar will rally if (or when) deflation wins over inflation, or reflation.
November 26th, 2009 at 8:37 pm
BR: I will expand on this later, but all of the pieces came together for me today, either an epiphany or a brain f@rt!
AIG gets bailed out, we are advised that we cannot be told who the beneficiaries are because there could be bank runs, we are told we have a “moral obligation” to assist foreign banks because they bought our toxic debt. Months later we learn that $40 of the $62 billion in AIG pass through went to foreign banks and $16 of the remaining $22 billion went to Goldman Sachs. Thus which American bank did they not want us to know was at risk? Why has Goldman Sachs been so adamant that “the AIG bail out didn’t really matter” when in fact it appears that it very mcuh so did? What bank most likely would have gone under if the US Govt had not bailed out AIG?
It suddenly seems very clear to me that the entire AIG bail out was done in order to save Goldman Sachs. I could be wrong, but I honestly do not think so.
I would appreciate comments from others on this. Am I over the top, or does this make sense?
I am also concerned that $300 of the Goldman Sach’s $500 million small business initiative is a contribution to community organizations and thus is a quasi-political contribution to supporters of the Obama Administration in order to “encourage” the Obama Administration to maintain the status quo. Does anyone else see it this way or am I off track?
I am also worried that the drive to replace Geithner with Dimon is more a concern by the Investment Banks that Geithner is too weak to carry their water rather than a belief that Dim0n is better prepared to do what is in the best interests of the general public.
With that I am off the net for the rest of Thanksgiving.
November 27th, 2009 at 6:07 am
?How does this happen?
Money. Corruption. Welcome to the New, non-exceptional America. We have joined the rest of the world.
@bsneath,
“It suddenly seems very clear to me that the entire AIG bail out was done in order to save Goldman Sachs. ”
Not mocking, but “suddenly”? Gangster Sachs heavily staffs the Treasury and Fed. From Paulson down. Of course they saved their sponsor. Welcome to the 3d World.
We might want to get an honest politician who bucks the system, fights corruption, and wins. I hate to break it to our urban elites, but right now the one with such a record..well…she hunts Moose, and speaks with a twang. Sorry. Enjoy Black Friday. From the look of the futures indexes it may well be…
November 27th, 2009 at 9:09 am
No problem with mocking “suddenly”.
I guess the point I am trying to make is that it is now clear to me why the Gov’t did not want to release the information on who benefited from the AIG bailout and it is now clear after seeing the list that the entire bail out was most likely done primarily for the benefit of Goldman Sachs.
Before it had been portrayed that the bail out was done to aid a number of stressed banks and Goldman just happened to benefit by being in the group.
The only other domestic bank to receive a sizable amount of money was Merrill at $6 billion. Otherwise most of the money $40 billion went to foreign banks.
Would Paulson have agreed to bail out AIG and foreign banks if Goldman had not been on the list? Likely No.
So, did Goldman need this bail out to avoid insolvency? Most likely yes.
November 27th, 2009 at 11:16 am
Goldman Sachs big wigs will be getting million dollar bonuses.
You, if you are lucky will be getting Zhu Zhu pets.
Goldman Sachs received 16 billion from the AIG bailout.
You, if you are lucky will see your great grand children pay back the borrowed money for those bailouts.
Goldman Sachs borrows money from the Federal Reserve Bank at near 0% interest.
You, if you are lucky will be able to borrow money for the Zhu Zhu pets at near 30% interest.
Why does Ghoul man Sucks get the goodies and you get a piece of coal? Because they are doing the work of God and you are just a mere mortal living in their world. So stop whining and have the decency to be thankful to them for allowing you to play with the mechanical hamsters.