Tag Archives: Bullshit Artists

Bernanke’s Bubble: A Counterfeit Boom Based on Counterfeit Money

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“A lot of people on Wall Street think this stock market is a bubble. And a lot of people don’t. A lot of people think this market will fall sharply if the FED stops inflating. And a lot of people don’t. I think the people who blame the FED are right. I also think the FOMC thinks so, too.  That is why it has no intention of tapering. Nothing it has said in print since last December indicates otherwise.”

http://teapartyeconomist.com/2013/08/15/bernankes-bubble-a-counterfeit-boom-based-on-counterfeit-money/

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Eric Holder Owes the American People an Apology

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“Last year when U.S. Attorney General Eric Holder boasted about the successes that a high-profile task force racked up pursuing mortgage fraud, the numbers he trumpeted were grossly overstated. Originally the Justice Department said 530 people were charged criminally as part of a year-long initiative by the multi-agency Mortgage Fraud Working Group. It now says the actual figure was 107 — or 80 percent less. Holder originally said the defendants had victimized more than 73,000 American homeowners. That number was revised to 17,185, while estimates of homeowner losses associated with the frauds dropped to $95 million from $1 billion.”

http://www.bloomberg.com/news/2013-08-11/eric-holder-owes-the-american-people-an-apology.html

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Fed links leveraged ETFs to 1987 crash

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“Federal Reserve economist Tugkan Tuzun has warned leveraged exchange-traded funds could be the next problem for the stock market and could trigger a crash similar to that in 1987.  Leveraged ETFs set out to generate multiples of daily index returns by gearing their portfolios twice or three times over. Turzun points to portfolio insurance, generally blamed for triggering the 1987 crash.  Thanks to their trades, and their gearing, leveraged ETFs can have an outsized impact on the market. Tuzun argues that a 1% move in broadly-based market indices can produced rebalancing flows totaling $1 billion.”

http://www.efinancialnews.com/story/2013-08-13/tugkan-tuzun-sees-risks-in-leveraged-etfs

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Obama: Fool Me Thrice, Shame on Whom?

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“The New York Times points out that Mr. Obama’s currently promised reforms are insubstantial, and simply ‘tinker around the edges of the nation’s abusive surveillance programs.’ The cynics among us might think President Obama’s promises to institute reforms for enhanced privacy protections for the American people are simply a response to recent opinion polls showing that Americans are, for the first time since 9/11, more concerned about civil liberties abuses than terrorism.  There’s an old saying: ‘Fool me once, shame on you. Fool me twice, shame on me.’ So, do we believe the president now?”

http://www.independent.org/newsroom/article.asp?id=4691

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Judge Napolitano: How to get fired from Fox Business in under 5 minutes [2012]

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Judge Napolitano: How to get fired from Fox Business in under 5 minutes [2012]

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NPR: Lawmakers, Banking Regulators Take On Bitcoin

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“CORNISH: How significant is New York’s move to launch an investigation, to issue these subpoenas?  BRITO: So it’s interesting, people hear the word subpoena and they think something bad, right? But all the word subpoena means is that it is a request for information, right? And you’re compelled to, you know, produce, you know, you’re asked questions and you have to answer them. And I think that’s very good. [..] So when I see New York issuing these subpoenas, being very transparent about the fact that they’re going to be looking at this and asking for input, you know, I think that’s very good.”

http://www.npr.org/2013/08/13/211735430/lawmakers-banking-regulators-take-on-bitcoin

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White House insists NSA surveillance review will be independent

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“The White House has moved to dampen controversy over the role of the director of national intelligence James Clapper in a panel reviewing NSA surveillance, insisting that he would neither lead it nor choose the members. Statements by Barack Obama and Clapper were widely interpreted as the director of national intelligence being placed in charge of the inquiry, which the president had announced on Friday would be ‘independent’. The apparent involvement of Clapper, who has admitted lying to Congress over NSA surveillance of US citizens, provoked a backlash, with critics accusing the president of putting a fox in charge of the hen house.”

http://www.rawstory.com/rs/2013/08/13/white-house-insists-nsa-surveillance-review-will-be-independent/

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Air Force claims budget cuts force shutdown of 1960s-era space surveillance system

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“The U.S. Air Force will shut down its space surveillance system that tracks satellites and other orbiting objects by October 1 due to budget constraints caused by automatic federal budget cuts known as the sequestration, it announced Monday. Commander of the Air Force Space Command, General William Shelton, said the 1961 system was outmoded and that newer technology will provide more accurate observations. Shelton said a new Space Fence is being planned now, which will provide more precise positional data on orbiting objects and would become the most accurate radar in the Air Force’s space surveillance network.”

http://www.rawstory.com/rs/2013/08/12/u-s-air-force-to-shut-down-space-surveillance-system-over-budget-cuts/

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The Taper Trap

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“The big question these days is this: ‘When will the Federal Reserve System start to taper off its purchases of U.S.Treasury debt and Fannie/Freddie debt?’ The commonly held view is next month. A Reuter’s reporter went up to David Kotok’s annual gathering at Leen Lodge in Maine. He brings in 50 or so big names in the investment world. They can chat with each other. There are formal presentations. She asked several of them when the FED will taper. The answer was unified: not soon. Pippa Malmgren said it best: if the FED moves from buying 75% of the Treasuries issued this year to selling them, the market will react violently.”

http://teapartyeconomist.com/2013/08/13/the-taper-trap/

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The New, Improved 1984

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CHS9a1

“Have you noticed that every key metric of the economy is constantly being revised, rewriting history and installing a shiny new set of ‘facts’?  The ‘headline number’ is always positive, and its downward revision buried in an avalanche of new data. The revisions are so constant and so extreme that the recognition of this constant revision of history to suit the political needs of the current regime has been numbed; everyone knows the numbers are intended to paint a positive picture of a devolving, fragile economy and society, but we prefer this propaganda illusion to the harsh reality. Why? Because half of us are getting a direct check, benefit or payment from the state.”

http://charleshughsmith.blogspot.com/2013/08/the-new-improved-1984.html

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