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  • The Eurozone's Terrible Mistake [View article]
    I thought with you and Trigger....errr Silver it was, "Hi Ho, Hi Ho, it's off to work we go ! "
    Dec 6 05:56 PM | 1 Like Like |Link to Comment
  • Bernanke rebuts "wildly inaccurate" news reports (I, II, III) that the Fed was aiming to help big banks’ profits at the expense of taxpayers during its emergency lending in 2008. Banks reportedly reaped ~$13T after the Fed committed $7.7T in funds; the correct amount, he says, was more like $1.5T - "necessary" to prevent the collapse of the financial system.  [View news story]
    Isn't that what the Bloomberg FOIA papers just revealed.....maybe a secret is not a lie....unless you tell a lie to guard a secret.
    Dec 6 05:50 PM | Likes Like |Link to Comment
  • Bernanke rebuts "wildly inaccurate" news reports (I, II, III) that the Fed was aiming to help big banks’ profits at the expense of taxpayers during its emergency lending in 2008. Banks reportedly reaped ~$13T after the Fed committed $7.7T in funds; the correct amount, he says, was more like $1.5T - "necessary" to prevent the collapse of the financial system.  [View news story]
    Geeze...Ben better talk to his buddy at Morgan Stanley.

    Roach said,
    "When asked what amount would need to be used to be considered a bazooka, Roach said during the U.S. crisis, Roach noted quantitative easing and other programs thrown together by the Fed were able to provide about $12 to $13 trillion of funding, which he says clearly put a floor on the crisis and fostered an upturn in the risk markets."

    Maybe they can get their heads together and reconcile their numbers.
    Dec 6 05:49 PM | Likes Like |Link to Comment
  • Demographics Of The Lost Generation [View article]
    Neutrinoman - Just for fun I looked, cuz I thought boomers ruled.

    Per 2010 census 45 - 54 year old group (2 ea 5 year cohorts) has any other 2 groups beat in total population - but not by too much over the 15 - 24 year old group or the next 2 groups either.
    Dec 6 03:56 PM | Likes Like |Link to Comment
  • Paul Krugman Versus Milton Friedman [View article]
    GR - you and I are on the same page re: Fiscal Stimulus. I have been saying for months the Fed is out of ammo. Bernanke said it was time for the government to step up and make it happen. I think we need $5 trillion over 3-5 years in addition to deficits. Of course I don't believe "debt" as we call our accumulated deficit is a big issue, but I know most people view "debt" as a bad thing and that it will some day come back to haunt us. Regardless, the politicians and conservatives (of which I am one) have no stomach for trying to sell a $5 T stimulus package.

    The biggest problem I see is that if it were implemented, the same lame brains in DC would be the ones trying to figure out what to do with $5T. Imagine the Christmas morning-like glow in their eyes when faced with that problem. The real issue is trying to make $5 T buy something worth while, and not spending it on BS.
    Dec 6 03:34 PM | 2 Likes Like |Link to Comment
  • The Eurozone's Terrible Mistake [View article]
    SDNS and HIHOSilver....
    It's long been my opinion the whole monetary system was set up in EU to ultimately FORCE the member states into a political union....marching ever onward toward the One World Order.....
    Dec 6 03:07 PM | 2 Likes Like |Link to Comment
  • The Eurozone's Terrible Mistake [View article]
    I respect your contention, however, we have a long history in the US of taking money from one pocket to put it into another pocket. We all subsidize the extension of the power grid to rural farmers. We subsidize the building in the Interstate system through sparsely populated states like Nevada and in many respects, California is the beneficiary of such re-distributions. Lots of trucks roll through Nevada bringing stuff to CA.

    CA at the same time is a huge beneficiary of water coming down the Colorado to the SJ valley. me it's hard to say how it all shakes out.
    Dec 6 12:39 PM | 3 Likes Like |Link to Comment
  • The problem with Fed policy today is that there's no framework, nothing's predictable, everything seems to be based upon an "odd hope," says former St. Louis Fed President William Poole. Decisions seemed to be getting drawn out of the stratosphere. What the Fed needs to do, rather than grasping at straws, is emphasize to the politicians and the public that monetary policy simply cannot fix our problems. (video)  [View news story]
    Yes....Evans said that 3% would be a good thing yesterday or so. But if the Fed is not out of bulletts, then what are they doing? They have done nothing to help reduce unemployment. That's because we are an a balance sheet recession where people are freightened to death and are focused on bailing themselves out of their financial prediciment.

    Banks have money to lend, but supposedly not enough lending opportunities because people don't want to borrow to spend. People have shifted a small portion of their spending to savings, enough that we are struggling to maintain a positive GDP.

    Once personal balance sheet repairs are effected, then that savings will once again be shifted to spending and the economy will grow more rapidly. That IMO will be in about 3 years. In the meantime you cannot goose those consumers to consume when they are hell bent on saving.

    The alternative right now is not monetary policy but fiscal stimulus. The government can spend more money. Problem is politicians and electorate don't want more spending. There is a bias against it worldwide right now (except in China). So it won't happen. Thus we have 3 more years of the same.
    Dec 6 11:20 AM | 1 Like Like |Link to Comment
  • Monday Market Movement: Do It Again [View article]
    Phil....and how long do you think it would take the top 1% to get their money back. They have it for a reason. They are driven, they are smart, they create opportunities, they are crooks, they buy politicians, they know the system, they are entrenched, they create companies, they buy and sell companies, etc, etc, etc.

    They don't sit on their butts every night of the week watching TV and playing video games. They don't waste their weekends with NFL or NBA. Their idea of a good time is not a Kegger but to figure out a way to get people to buy their products, or to use their services.

    The reason that "confiscation" will never occur for the 1% is because they are not only the 1% that control the financial system, they are the 1% that control the political system.
    Dec 6 11:09 AM | 1 Like Like |Link to Comment
  • It's Time To Bring Out The Howitzers [View article]
    Dannybzak...good points. And I think you are right....if $15 trillion is currently "invested" in treasuries, then my assumption is that the corresponding $15 T in "cash" would try to find an investment home as well.

    Now, one thing to consider is that current opportunities in a ZIRP environment suggest that chasing a yield won't provide much of a return, so holding cash, for example in the SS Trust Fund, may not be a bad alternative, especially in an environment where there is the chance of some deflation. I am not a "fund manager" and have no mindset that would allow me to view the problem of having $2.5 T in cash to deal with. But certainly I would expect inflation in equities and any viable type of debt instrument.

    I guess it's somewhat interesting to consider your response and the thesis of the earlier comments. We talk about the issue of having too much "debt", that $15 T can be or could become "overwhelming" and yet in your response, you really demonstrated a reason why it perhaps won't and that is that "investors" holding such debt would rather hold debt than cash. So perhaps the investment demand for debt is so compelling that issuing more is not really a least for the US with a reserve currency?
    Dec 6 11:02 AM | 1 Like Like |Link to Comment
  • Demographics Of The Lost Generation [View article]
    I am sure there are such circumstances, but that has not been the case in my last companies or in my wife's company. She has to go around and explain to people that they are losing our on free money. Once she explains it to them, the are much less reluctant to participate.
    Dec 6 10:49 AM | Likes Like |Link to Comment
  • Retail Sales And Supply-Side Economics [View article]
    "No one wants freedom anymore. No one wants to be personally responsible. Its too much work."

    Well let's just put it this way.....the ones who want Uncle Sugar to make it happen are the ones who consider the reality too much work, and they are more than willing for you and me to work our butts off so long as they have Uncle Sugar with the power to dip into our pockets and extract what is necessary for them to get their basic needs taken care of.

    Interesting that companies and bond holders are more than capable of seeking out opportunities that will reward them for their risk. They will shift geographically to find the best returns. The dolts who are looking to Uncle Sugar don't have the vaguest clue that those willing to work are more than happy to look for opportunities elsewhere even if they have to save and invest in places outside the US. They don't understanding they are slowly killing the host.
    Dec 6 10:40 AM | Likes Like |Link to Comment
  • Gold may be losing some of its luster, says Dennis Gartman. We've reached a point of uncertainty here, and with many portfolio managers behind versus their benchmarks we may be facing an end-of-year long liquidation in the yellow metal as hedge managers move out of the metals towards an overweight in stocks. (video)  [View news story]
    Geeze.....a portfolio manager wants to be overweight in stocks????

    Wow....what does it take to be a portfolio manager these days.

    This isn't a really great time to be overweight in Euro banking hickup and you'll see a rush out of stocks and into cash.

    Wyatt.....back up the station wagon. Wahoooooo!
    Dec 5 07:12 PM | Likes Like |Link to Comment
  • Monday Market Movement: Do It Again [View article]

    Excuse me, but it should be: "You silly Wabbit"

    Else I agree totally.
    Dec 5 07:08 PM | Likes Like |Link to Comment
  • Chicago Fed's Charles Evans sees a "liquidity trap" that is causing the supply of savings to exceed the demand for investment even at very low interest rates, arguing again for rates to be tied to improvement in unemployment unless inflation rises above 3%. "There is simply too much at stake for us to be excessively complacent while the economy is in such dire shape," he says.  [View news story]
    "Fortunately, between these two extreme scenarios, there is a robust middle ground policy approach. The Fed could sharpen its forward guidance in two directions by implementing a state-contingent policy. The first part of such a policy would be to communicate that we will keep the funds rate at exceptionally low levels as long as unemployment is somewhat above its natural rate. The second part of the policy is to have an essential safeguard — that is, a commitment to pull back on accommodation if inflation rises above a particular threshold." Evans

    Geeze....I can't tell you how underwhelmed I mean the silver bullett is to allow 3%!
    Dec 5 07:03 PM | Likes Like |Link to Comment