Tag Archives: Bullshit Artists

How to Spot a Market Top

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“The wide array of optimistic extremes in sentiment measures includes several readings that exceed the extremes of 2007, when the Dow made its previous high. With a finishing structure that Elliott Wave Principle describes as occurring at ‘the termination points of larger patterns,’ the market is ripe for a decline of historic magnitude. The sudden, loud chorus of market bulls, which has grown to a full-blown crescendo, fits perfectly with the terminal stages of a major advance. This chart shows the stunning breadth of optimism extending to every class of investor.”

http://www.caseyresearch.com/cdd/how-to-spot-a-market-top

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Devastating News for ObamaCare Backers

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“A new study finds that (as far as physical health is concerned) there is no difference between being in Medicaid and being uninsured.  It’s hard to exaggerate what a blow this is to the people who gave us the Affordable Care Act (ObamaCare). Everything about ObamaCare—from the money we are spending to the damage being done to the labor market to the hassles the whole nation is going through—depends on one central idea: that enrolling people in Medicaid will give them access to better health.”

http://www.independent.org/newsroom/article.asp?id=3615

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IRS official knew in 2011 of ‘Tea Party’ targeting: watchdog report

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“A senior Internal Revenue Service official knew in 2011 that IRS agents were giving extra scrutiny to conservative Tea Party groups, according to documents from a watchdog office obtained by Reuters on Saturday.  A report from the Treasury Department’s Inspector General For Tax Administration (TIGTA) was expected to be issued publicly next week on the IRS practice, who knew about it and when.  The TIGTA report finds that Lois Lerner, who heads the IRS’s tax-exempt groups unit, knew of the extra scrutiny as early as June 2011.  The number of groups seeking 501(c)(4) status more than doubled from 2010 to 2012.”

http://www.reuters.com/article/2013/05/12/us-usa-tax-irs-teaparty-idUSBRE94A0FJ20130512

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Benghazi Talking Points Underwent 12 Revisions, Scrubbed Of Terror Reference; Risk Of Impeachment

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Benghazi Talking Points Underwent 12 Revisions, Scrubbed Of Terror Reference — Risk Of Impeachment

“When it became clear last fall that the CIA’s now discredited Benghazi talking points were flawed, the White House said repeatedly the documents were put together almost entirely by the intelligence community, but White House documents reviewed by Congress suggest a different story. ABC News has obtained 12 different versions of the talking points that show they were extensively edited as they evolved from the drafts first written entirely by the CIA to the final version distributed to Congress and to U.S. Ambassador to the U.N. Susan Rice before she appeared on five talk shows the Sunday after that attack.”

http://libertycrier.com/politics/foreign-policy/benghazi-talking-points-underwent-12-revisions-scrubbed-of-terror-reference-risk-of-impeachment/

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A Funny Thing Happened on the Way to the Next Bull Market

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“A funny thing happened on the way to the next Bull market: the price-earnings (P/E) ratio has entered bubble territory–again. Note the P/E soared to bubble heights in the early 2000s, which set up the epic collapse of stock valuations in 2008-09. Thanks to Federal Reserve manipulation/goosing/QE, the SPX P/E has once again reached bubble levels.  It’s clear the SPX is extended far above what can be considered historical fair valuations.  What’s more profitable, a slow melt-up or a panic sell-off and sharp rebound? Definitely the latter, if you’re heavily short, the market is teetering on record margin debt and you can kick out the critical 2X4.”

http://charleshughsmith.blogspot.com/2013/05/a-funny-thing-happened-on-way-to-next.html

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Argentina: Dollar price at 10.45 Pesos over two times the ‘official’ price

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“The blue dollar jumped past the key psychological barrier of 10 Pesos on Tuesday in thin t rade, reflecting persistent demand for greenbacks amid tough currency controls.  Meanwhile, the official rate remained unchanged at exchange offices in Buenos Aires at Pesos 5.16 (buying price) and Pesos 5.22 (selling price), with the gap between the two markets over 100%.  In a context of high inflation, negative interest rates or other options to defend the value of the Argentine currency, Argentines are increasingly taking refuge in the US dollar. To this must be added an overall feeling of distrust and uncertainty which can have a greater impact that what stats can present.”

http://en.mercopress.com/2013/05/09/argentina-dollar-kept-climbing-on-wednesday-and-reached-10.45-pesos

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Chris Martenson: Official Gold Numbers Don’t Add Up

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“If a lot of gold has been leased out, someday it will have to be rebought, and difficulties may emerge if the gold cannot be rebought in sufficient quantities without creating mayhem within the financial system by causing a very large hike in the price of gold. The amounts of gold leased by central banks is a very closely guarded secret, and we do not have direct information on them, which means we have to try and back-calculate these amounts by other means.  After accounting for all known flows of gold into and out of the US over the past 22 years, the Sprott team arrived at a figure of nearly 4,500 tonnes of gold that cannot be accounted for.”

http://www.caseyresearch.com/cdd/chris-martenson-official-gold-numbers-dont-add-up

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Boston’s Top Cop Warns Against “Police State”

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“Boston Police Commissioner Edward Davis warned against creating a ‘police state’ in the aftermath of the marathon bombings during testimony in front of a congressional hearing today. ‘We do not, and cannot, live in a protective enclosure because of the actions of extremists who seek to disrupt our way of life,’ Davis told lawmakers, adding ‘I do not endorse actions that move Boston and our nation into a police state mentality, with surveillance cameras attached to every light pole in the city.’ However, he did call for more surveillance cameras as well as more undercover officers to increase security around big events.”

http://www.infowars.com/bostons-top-cop-warns-against-police-state/

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Fed Economists: Stocks Are The Cheapest They’ve Been In 50 Years

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“New York Fed economists Fernando Duarte and Carlo Rosa are out with a new article on Liberty Street Economics titled, ‘Are Stocks Cheap? A Review of the Evidence.’ The answer: judging by the equity risk premium (ERP), stocks are about as cheap as they’ve ever been.  The last time the Fed said something so bold was when in 2004 when NY Fed economists wrote that there was no housing bubble.”

http://www.economicpolicyjournal.com/2013/05/fed-economists-stocks-are-cheapest.html

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In Argentina, More Official Lying About Basic Economic Facts

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“How much inflation is there? Who can buy dollars legally? Who really runs the economy? Last Friday these questions tripped up Angel Toninelli, one of the directors general of the Administración Federal de Ingresos Públicos, the national tax agency. Toninelli admitted that he did not really understand the inner workings of the approval process for obtaining foreign currency to travel abroad. ‘It is a formula that changes periodically,’ he said in answer to a question. ‘It contains ingredients that come from the central bank, the A.F.I.P., and others that come from God,” he explained, adding, ‘It isn’t the Coca-Cola formula, but it’s very similar.'”

http://latitude.blogs.nytimes.com/2013/05/08/in-argentina-more-official-lying-about-basic-economic-facts/

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