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History Buff 24/7

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  • Sucker's Rally Approaching an End [View article]
    The masses don't seem to have learned a darn thing from the events of the last two years. Derivative financial instruments that virtually no one could understand (including the CEOs of the financial institutions that produced them) helped pump asset values to an unsustainable level.

    Now the banks are at it again (with the connivance of the US Government) getting Mark to Market dumped and playing a giant shell game to hide the fact that even after the bailout their balance sheets are terrible. And people are buying into this b******t?

    I'm with Peter on this. This rally may not be all fueled by suckers, but this IS a sucker's rally. Once this market is finished playing out and the big players have sucked everything they can out of the middle class and small investors, there is going to be another generation of people (like those who survived the 20s and 30s) who will never put another dime into the stock market as long as they live.
    Apr 13, 2009. 12:19 PM | 28 Likes Like |Link to Comment
  • Bernanke Testimony Indicates Fed Still in Denial [View article]
    "The Fed put the interests of the banking community over those of the American public and this is what turned a bad recession into a bad depression"

    This just goes to prove, the more things change, the more they remain the same. Change the name of the decade and the names of the players, you still get the same old horse puckey.
    Jun 9, 2010. 01:08 PM | 27 Likes Like |Link to Comment
  • For the Last Time, Is Gold in a Bubble? [View article]
    Gold is not in a bubble. Fiat currencies are in a bubble.
    Jun 26, 2010. 02:50 PM | 23 Likes Like |Link to Comment
  • Stocks Will Fall 37% or Gold Will Rally 60% [View article]
    Gold is not the bubble, the bubble is the USD. And the sound of gold rising is the sound of air escaping from the dollar bubble.

    On Jun 02 05:40 AM Chandragupta wrote:

    > The next BUBBLE may very well be in Gold.
    Jun 2, 2009. 11:08 AM | 22 Likes Like |Link to Comment
  • Bernanke Testimony Indicates Fed Still in Denial [View article]
    Everybody that commented on this just got trolled. I'm giving a thumbs up to everyone's comments just to compensate a bit.

    Guess Ben's gnomes are hard at work keeping the economy going!
    Jun 9, 2010. 01:42 PM | 20 Likes Like |Link to Comment
  • Worst-Case Scenario for Geithner Is Here [View article]
    Please, Ryan, don't insinuate it -- just come out and say it. We are being lied to.

    On the plus side, anyone with a modicum of intelligence can see through the spin and balderdash.

    Don't get me wrong -- I'm not a permabear -- but I would like to see the market going up because of increased value, earnings, profitability ... any of the good past historical reasons for owning stocks. Because if it is going up based on spin, manipulation and some deep pocket banks or hedge funds who are day trading, it can go down MUCH faster than it has gone up. And I don't want to get caught in that downdraft if it happens.
    May 8, 2009. 11:04 AM | 20 Likes Like |Link to Comment
  • Job Numbers from the Bureau of Spurious Statistics [View article]
    Tyler, I won't take that bet.

    Employment numbers have been the easiest ones to cook the books on and that's why they do it.

    Remember Twain and/or Disraeli: "There are lies, damn lies, and statistics"

    May 8, 2009. 10:59 AM | 19 Likes Like |Link to Comment
  • Bernanke, Gold, And the Keynesian Endpoint [View article]
    When the reckoning comes in hindsight, it will be better for Bernanke to have been "confused" than for him to have "lied". He obviously can't tell the truth, but then again, neither could Greenspan. Early in his career Greenspan knew what the value of gold was but later on he comments about leasing gold to keep the price suppressed.

    Ben knows perfectly well what's going on. But in this country it's better to be judged as being clueless than being a liar. Just ask Greenspan.
    Jun 14, 2010. 01:40 PM | 18 Likes Like |Link to Comment
  • Barney Frank on Housing: No Wonder the Economy's a Mess [View article]
    Sssshhhh .... Barbi I hate to tell you this .... but ....

    Glass-Steagal was repealed on President Clinton's watch, not Bush.

    The middle class of this country was sold down the river by the Democrats and the Republicans both. And people are figuring it out, which is why incumbents of both parties are running scared about the results of the November elections.
    May 23, 2010. 08:46 PM | 17 Likes Like |Link to Comment
  • Bernanke, Gold, And the Keynesian Endpoint [View article]
    There may never be another de jure (based on law) gold standard again. Nonetheless, what we are seeing now is the formation of a de facto (based on practice) gold standard.

    Either way, it doesn't bode well for the future of fiat currencies.
    Jun 14, 2010. 07:54 PM | 16 Likes Like |Link to Comment
  • Dollar's Purchasing Power Annihilated - The Chart They Don't Want You to See [View article]
    A LITTLE inflation is not bad. Most people knowledgeable about the subject think that no healthy economy need worry about inflation up to about 3% a year. More than 3% is perceived as causing structural damage which can easily snowball and have all kinds of unintended consequences.

    Do I really care that the $3 fast food combo I bought 9 years ago is now $6? Yes, because the price of that particular assortment of items has doubled. Now, it may be better for me to get the sandwich by itself for $4 and not have the combo, but that's not about value, that gets into the realm of social engineering.

    Extrapolated over a span of 100 years, that 3% inflation gives you a loss of approximately 95% of your purchasing power, all other things being equal. Other things NOT being equal, it has not in fact done so.

    What has happened since the 1960s is that the real American standard of living has dropped. Some of this was inevitable as the US was at the height of its power in the 1950s and early 1960s and you can't stay on top of the game forever.

    For whatever reason, whether it was imperial overstretch or a natural consequence of the evolution of world economies, it is my opinion that the US standard of living has been eroding for over the last 30 years. THAT's the fly in the ointment. And that's what people can see. Within our lifetimes our economic traction has been slipping, and recent events suggest that it's going to get worse.

    The government now has a vested interest in acting like inflation is low, because otherwise social security and medicare will implode into a giant black hole of fiscal excess. So government is no longer a neutral compiler and reporter of statistics, it is the government's interest to paint the CPI numbers with as rosy a brush as possible. This is why the CPI has been manipulated and will continue to be manipulated to the detriment of all those on fixed incomes.

    That's the big issue and that's what's going to come back to bite us all in the ass sooner or later.
    May 9, 2009. 12:34 PM | 16 Likes Like |Link to Comment
  • Inane Thoughts of the Day: CNNMoney Article Says 'Housing Shortage Is Coming'; Coldwell Banker CEO Says Now Is the 'Absolute Best Time' to Buy a Home [View article]
    I don't think these people don't understand the fundamentals, I just think that they're lying.

    Realtors have not been known for being particularly honest even in the best of times. Now, when they are flat out desperate, their claims are getting ridiculous.

    And of course, back to the big problem. The answer to a problem of too much debt is not adding more debt. Krugman is wrong. Soros is wrong. You don't cure your alcoholism problem by going out and continuing to get drunk.
    Jun 25, 2010. 01:58 PM | 15 Likes Like |Link to Comment
  • Rich countries borrowed from the future, paying the bill will be difficult, and so will living in a thriftier world, The Economist says. Debt is a powerful drug, and the withdrawal - as annual income is forced to exceed annual expenditure - may well cause misery.  [View news story]
    For people who want to bring "republicans" and "democrats" into this discussion, I want to remind everyone that when Glass-Steagal was repealed in 1999 (after $200 million worth of lobbying by Citibank) it was supported by both parties and signed off on by President Clinton.

    I'm not sure if Clinton has come out since then and apologized for his mistake. He has shown a bit of contriteness about a few other things that look bad in hindsight, for which I won't say I give him credit (I would never extend credit to that man) but which at least make him look less clueless.

    The kind of happiness you get from going into debt and consuming excessively is best likened to a drug high. Feels great while it lasts, not so great afterwards. Leading therefore to a desire for more of what you had before, but with no real solution in sight until you break the cycle.
    Jun 24, 2010. 07:04 PM | 14 Likes Like |Link to Comment
  • U.S. Economy Gives More Reasons to Own Silver and Gold [View article]
    The USD has legs and the dollar is going to continue rallying? What planet are you on my friend?

    A lot of fiat currencies (including but by no means limited to the dollar) are headed straight into the toilet and if the US government would stop playing games with the numbers you might have a clue how bad our situation actually is.

    Posts like yours make it clear that not everyone is on one side of this trade. With all the hatred still evident towards gold and silver from the mainstream financial media it is clear to me that we are a long way away from a market top in gold and silver.
    Jan 6, 2010. 04:38 PM | 13 Likes Like |Link to Comment
  • Former Fed Governor Mishkin Slams 'Paul Bill': Are We in Wonderland? [View article]
    So you want to choose between a bunch of criminal politicians who have violated the constitution and a bunch of criminal banksters who have violated the constitution?

    Put them all out of a job and let god sort out their souls.

    On Dec 03 01:18 PM drewriders wrote:

    > I have more faith in the Fed than I do a bunch of politicians.
    Dec 3, 2009. 02:31 PM | 13 Likes Like |Link to Comment