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  • Just how inflated was Zimbabwe's hyperinflation? A Cato Journal paper (.pdf) says the monthly rate peaked at the end at 79.6 billion percent, and at one point prices were doubling - every day. (via)  [View news story]
    Neil459 and Mayascribe,

    Take a bleeping economics course. I am so sick and tired of people talking about inflation. We are in the beginning of a decade of deflation, the Core PPI was negative this month, CPI will be reported tomorrow at around 0% and there are still fools like you who talk about inflation. It is as if evidence and facts don't matter AT ALL!!

    Which is basically how conservatives approach life. That's what I don't like about politics. In sports, someone can trash talk you all they want but then you go out and win and they have to shut up and pay you respect. In politics, one side can have facts prove them wrong over and over and OVER AGAIN and it doesn't matter. They'll continue talking out their ass as if nothing happened.

    Inflation is dead! Deflation is here now!
    Aug 18 06:54 PM | 4 Likes Like |Link to Comment
  • Elliott Wave's Robert Prechter on the dollar: "If these markets continue to be contra-cyclical, as I think they will be, you're going to see a rising dollar for quite a period of time." (video, 6:36)  [View news story]
    No one is probably following this anymore, but I am glad one Austrian awoke from his slumber. Helloooooo Anthony! I got one question for you.

    What happens if I print a quadrillion dollars and bury it under a rock, because that's effectively what the Fed did. It printed a bunch of money. Gave it to banks. But the banks aren't lending. Its just there to ensure confidence in the system. That money will never see the light of day and just like money can be created in a fiat system it can also be destroyed if inflation every props its ugly head up.

    But there is no danger of inflation for at least a decade. You talk about a mountain of fundamental evidence. Your only evidence is your belief that the Fed has printed a ton of money. While in fact, the deflationary evidence is much more mountainous. As Dr. O. wrote above you,

    "Bad debt and credit contraction is deflationary. Unemployment is deflationary. Decreased consumer spending is deflationary. Increased savings is deflationary. Falling housing prices is deflationary. "

    You don't understand inflation. You are not alone. But I suggest you learn a little bit about it. Here is a hint, printing money does not necessarily create inflation. In fact, I am sure Bernanke wishes it was that easy.
    Aug 18 01:25 PM | 4 Likes Like |Link to Comment
  • July PPI: -0.9% vs. consensus of -0.3% and +1.8% in June. Core PPI -0.1% vs. consensus of +0.1% and +0.5% in June. Core producer prices -6.8% from a year ago.  [View news story]
    Core PPI negative. Deflation has arrived.

    But, but, but the Fed printed all that money, we've GOT to have inflation, right?? RIGHT??

    Where are the inflationistas now???
    Aug 18 08:42 AM | 1 Like Like |Link to Comment
  • Elliott Wave's Robert Prechter on the dollar: "If these markets continue to be contra-cyclical, as I think they will be, you're going to see a rising dollar for quite a period of time." (video, 6:36)  [View news story]
    I cannot believe this! I am actually reading a conversation about the dollar that makes sense. All of the Austrians must be asleep already or something??
    Aug 17 10:08 PM | 2 Likes Like |Link to Comment
  • Growth in advanced economies will be 'anemic' for at least a few years as households deleverage and save money, which will hurt consumption, Nouriel Roubini says. He warns the recent runup may have gotten ahead of itself - and of any real economic improvement. "If so, a correction cannot be too far behind." More from Credit Writedowns' Edward Harrison.  [View news story]
    Not really. Roubini has been pretty consistent. I remember a year ago he was predicting a financial collapse and that government needed to inject capital into financial institutions to prevent utter disaster.

    After this was done, he said the recession would still go on for another 12 months and the recovery would be weak.

    The problem is people don't like tempered predictions. They either like to hear

    "RECESSION IS OVER!!! Next bull market is here! Prosperity here we come!!!" - Larry Kudlow


    "The world is ending. Armageddon here we come. You can move into your underground bunkers now." - Michael Panzer
    Aug 17 11:08 AM | 1 Like Like |Link to Comment
  • Jeff Nielson,

    You have a hard time understanding the difference between initial claims and job losses and the NFP number. And I don't really feel like explaining it to you.
    Aug 8 04:27 PM | 3 Likes Like |Link to Comment
  • Stock futures jump up after better-than-expected nonfarm payrolls data. Dow +0.7%. S&P +0.9%. Nasdaq +0.7%.  [View news story]
    It has gotten to this. The bears are clinging on to conspiracy theories now to justify their investment thesis.

    Enjoy losing money.

    By the way, Dr. O, when you let politics influence your investment decisions, its a recipe for losing money. And I am sure you did a lot of that betting on the Bush economy and you will be doing it some more betting against the Obama economy.

    But don't let facts guide your investment thesis, I am sure pure blind ideology will do just fine.
    Aug 7 09:18 AM | 2 Likes Like |Link to Comment
  • Barry Ritholtz thinks CNBC (GE) critics gloating over the network's monumental ratings drop are making a big deal out of nothing: "While network executives can occasionally make things better or worse via programming and staffing choices, the tidal wave of forces that ultimately determine the bulk of viewers is in reality far beyond their control."  [View news story]
    " The decline in ratings reflects this pesky fact and that people are turning to other channels or media for more reliable and complete reporting. "

    I completely agree with Barry and that quote just shows your misunderstanding of his point. Yes, people are changing the channel. They are changing the channel to the Food Network or ESPN because they realize the world is not about to end, so they don't care anymore financial stuff.

    CNBC's viewership was up huge last year. Was that the result of good reporting CautiousInvestor?

    As a broader point, this is more deifying the free markets. CautiousInvestor and people like him believe that a company's financial success is directly related to the quality of the product it provides. If this is how capitalism worked, it would be awesome. But people are irrational and many times companies succeed just because they were at the right place at the right time.

    People tuned it to CNBC last year just because that's the only financial news network they know about and that's where the drama was. They didn't stop tuning into it because the reporting was crappy. They stopped tuning into it because they stopped caring about financial markets.
    Aug 6 02:48 PM | 1 Like Like |Link to Comment
  • James Pethokoukis: There are five reasons why Obama will tax the middle class. The president won't tell you what they are, but I will.  [View news story]
    I could not agree more with you Allan. I think conservatives like to pretend like the 40s, 50s, 60s and early 70s didn't happen. Because it goes against everything they believe in.

    We had high taxes on the rich, banks in a straight jacket, a higher level of regulation on businesses in general and strong unions.

    The result? Strong growth and most importantly strong growth in incomes not just for the top 1%, but for all Americans.

    On Aug 04 06:59 PM Alan Young wrote:

    > Pethokoukis says that the high taxes of the Reagan era, never mind
    > pre-Reagan, prevented us from being productive. So, the 1950s-60s,
    > when top tax rate was 90%, produced nothing? Most of us who are old
    > enough remember it as the most prosperous period of US history since
    > the 1890's, because wealth was widespread rather than concentrated.
    > I guess that idea terrifies some people.
    Aug 4 09:41 PM | 4 Likes Like |Link to Comment
  • The president's chief of staff famously says never to waste a crisis. Roger Ehrenberg says that's exactly what happened as Wall Street's weakness - super-leveraged capital structure and reliance on overnight lending - was exposed. "Where we are left today, dear taxpayer, is a lot poorer. Unless you are a major shareholder and/or bonusable employee of Goldman Sachs."  [View news story]
    But if Obama actually did do something to regulate the banks, you guys would be the first ones yelling "SOCIALISM!"

    And this is why he doesn't do it. You don't really want banks regulated.
    Aug 4 12:24 AM | 1 Like Like |Link to Comment
  • Extra Space Storage (EXR): Q2 FFO of $0.24 beats by $0.10. Revenue of $69M (+3%) vs. $67M. Shares +0.1% AH. (PR)  [View news story]
    for the 1,000th time

    jobs = lagging indicator
    Aug 3 08:14 PM | 1 Like Like |Link to Comment
  • Cash for Clunkers May Cost Up to $45,354 Per Vehicle [View article]
    This guy, like most people on this site, has no clue about how economies work.

    I won't even go into the details. HORRIBLE ARTICLE!
    Aug 2 12:25 AM | 1 Like Like |Link to Comment
  • From Obama's weekly address: "When we receive our monthly job report next week, it is likely to show that we are continuing to lose far too many jobs in this country. As far as I’m concerned, we will not have a recovery as long as we keep losing jobs. And I won’t rest until every American who wants a job can find one."  [View news story]
    Umm...TARP was passed and signed by Bush.

    Obama's $700 billion ONE TIME stimulus is peanuts compared to Bush's multi-year wars (of course, for right wing loons any war is a good war), his $1.5 trillion deficits adding tax cuts over a decade (which by the way cost more than the CBO is predicting universal health care is going to cost) and TARP.
    Aug 1 05:58 PM | 8 Likes Like |Link to Comment
  • Meanwhile, out in the real economy ... Rail traffic is still down 17.9% from a year ago, and the Pragmatic Capitalist says any better-than-expected verdicts are due to overly pessimistic analysts.  [View news story]
    Let's keep things in perspective. 2008 was one of the highest EVER years for railroad traffic volume as every business looked to avoid the high cost of gasoline.
    Jul 30 02:38 PM | 1 Like Like |Link to Comment
  • 'Blue-Dogging' Health Care [View article]
    The sad thing is all the Republican congressmen understand that what Obama is proposing will work and that is what they are most afraid of.

    Bill Kristol once wrote that the government program that Republicans should be most opposed to are the programs that will work. Because if people see that a certain government program is working then they would be open to more government programs.

    So, the main reason that Republicans are against this is not communism or socialism or free markets. That's just the BS they feed to fools who make up the majority of the commenters here at SA. Sadly, the Republicans themselves aren't fools. They are very smart and they don't want this to pass. And they will use whatever scare tactics are available to stop this.
    Jul 29 03:54 PM | 10 Likes Like |Link to Comment