Zero Credibility

[Entendance]

Lots of politicians understand that the simple free system leaves them out in the cold. No power for them. No fat checks from lobbyists. No committees to sit on to decide people’s lives. When the people’s power grows, theirs shrinks, and vice versa.
http://austrianfilter.blogspot.com/


GM chapter 11 = PRICED IN
125K+ jobs lost from GM chapter 11 = PRICED IN
unemployment @ 9% = BETTER THAN EXPECTED
unemployment @ 10% = DOW SOARS
unemployment @ 11% = GREEN SHOOT RALLY
unemployment @ 12% = ALREADY FACTORED IN
unemployment = 35% = DOW DROPS 100 POINTS
housing price =1% = RECESSION ENDING
housing collapses = GREEN SHOOT
Housing falls 20% = STABILIZATION
Government spends 1 trillion of OUR dollars = STIMULUS
North Korea fires nuke = RALLY
Israel bombs Iran = 30 MINUTE END OF DAY RALLY
world explodes = ASIA RALLIES
PMI crashes = HUGE RALLY
No jobs are created = RECESSION ALMOST OVER
U.S. debt overwhelming = TOO BUSY RALLYING TO CARE
Consumer stops spending = RETAIL RALLY
Banks are insolvent = SIGNS OF STABILIZATION
American auto industry BK = GOOD THING
Banks pass scam stress tests = HUUUUUUUUGE RALLY
Banks "only need 75 billion = OUT OF THE WOODS
Banks pass a real stress test = NEVER WOULD HAPPEN
Banks pay back tarp = LATE DAY SURGE
Banks can't pay back TARP = EARLY MORNING SURGE
12% mortgage delinquency = GOOD FOR STOCKS
Hundreds of thousands of mortgages underwater = HOUSING BOTTOMED
Dollar rises = RALLY
Dollar crashes = RALLY
Inflation = BULL MARKET
Deflation = BULL MARKET CONTINUES
REFLATION = MASSIVE SHORT COVERING RALLY
Gold rises = STOCKS RALLY
Gold falls STOCKS RALLY BIG
Banks' fake earnings = SIGNS OF STABILIZATION
CRE stabilizing= 1000 POINT RALLY
CRE CRASHING = STOCKS SHAKE IT OFF TO RALLY
CONSUMER INSOVENT = CONSUMER IS SPENDING
OIL @ 50 = BULL RALLY
OIL @ 60 = GREEN SHOOT
OIL @ 100 = IMPORTANT RECOVERY SIGN
OIL @ 20 = TAX BREAK
And the one we should all interpret correctly:
NO ONE IS BUYING STOCKS = BILLIONS ON THE SIDELINES
http://www.zerohedge.com/



Zero Credibility
March 13th, 2007 – Henry Paulson: “the fallout in subprime mortgages is "going to be painful to some lenders, but it is largely contained."
March 28th, 2007 – Ben Bernanke: "At this juncture . . . the impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained,"
April 20th, 2007 – Paulson: "I don't see (subprime mortgage market troubles) imposing a serious problem. I think it's going to be largely contained." , "All the signs I look at" show "the housing market is at or near the bottom,"
May 17th, 2007 – Bernanke: “While rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S.”
June 20th, 2007 – Bernanke: (the subprime fallout) ``will not affect the economy overall.''
July 12th, 2007 – Paulson: "This is far and away the strongest global economy I've seen in my business lifetime."
August 1st, 2007 – Paulson: "I see the underlying economy as being very healthy,"
October 15th, 2007 – Bernanke: "It is not the responsibility of the Federal Reserve - nor would it be appropriate - to protect lenders and investors from the consequences of their financial decisions."

February 14th, 2008 – Paulson: (the economy) "is fundamentally strong, diverse and resilient."
February 28th, 2008 – Paulson: "I'm seeing a series of ideas suggested involving major government intervention in the housing market, and these things are usually presented or sold as a way of helping homeowners stay in their homes. Then when you look at them more carefully what they really amount to is a bailout for financial institutions or Wall Street."
February 29th, 2008 – Bernanke: "I expect there will be some failures. I don't anticipate any serious problems of that sort among the large internationally active banks that make up a very substantial part of our banking system."
March 16th, 2008 – Paulson: "We've got strong financial institutions . . . Our markets are the envy of the world. They're resilient, they're...innovative, they're flexible. I think we move very quickly to address situations in this country, and, as I said, our financial institutions are strong."
March 18th, 2008 - Bear Stearns Bailout Announced
May 7, 2008 – Paulson: 'The worst is likely to be behind us,”
May 16th, 2008 – Paulson: "In my judgment, we are closer to the end of the market turmoil than the beginning," he said.
June 9th, 2008 – Bernanke: Despite a recent spike in the nation's unemployment rate, the danger that the economy has fallen into a "substantial downturn" appears to have waned,
July 16th, 2008 – Bernanke: (Freddie and Fannie) “…will make it through the storm”, "… in no danger of failing.","…adequately capitalized"
July 20th, 2008 – Paulson: "it's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation."
August 10th, 2008 – Paulson: ``We have no plans to insert money into either of those two institutions.” (Fannie Mae and Freddie Mac)
September 8th, 2008 - Fannie and Freddie nationalized. The taxpayer is on the hook for an estimated 1 - 1.5 trillion dollars. Over 5 trillion is added to the nation’s balance sheet.
September 16th, 2008 - $85 Billion AIG Bailout “Loan”
September 19th, 2008 - $700 Billion Bailout Plan Announced
September 19th, 2008 – Paulson: "We're talking hundreds of billions of dollars - this needs to be big enough to make a real difference and get at the heart of the problem," he said. "This is the way we stabilize the system."
September 19th, 2008 - Bernanke: "most severe financial crisis" in the post-World War II era. Investment banks are seeing "tremendous runs on their cash," Bernanke said. "Without action, they will fail soon."
September 21st, 2008 – Paulson: "The credit markets are still very fragile right now and frozen", "We need to deal with this and deal with it quickly.", "The financial security of all Americans ... depends on our ability to restore our financial institutions to a sound footing."
September 23rd, 2008 – Paulson: "We must [enact a program quickly] in order to avoid a continuing series of financial institution failures and frozen credit markets that threaten American families' financial well-being, the viability of businesses, both small and large, and the very health of our economy,"
September 23rd, 2008 – Bernanke: "My interest is solely for the strength and recovery of the U.S. economy,"

Getting Stronger: Economists Raise Third-Quarter GDP Forecasts
http://blogs.wsj.com/economics/2009/08/ ... forecasts/


What Good Are Economists Anyway?
http://www.businessweek.com/magazine/co ... _top+story




Why Everything You've Heard About Leveraged ETFs Is Wrong
http://seekingalpha.com/article/153829- ... ource=feed


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[GSIMMERLE]

[6:50am ET] A late-night deal on Sept 14, 2008, between Bank of America CEO Ken Lewis and Merrill Lynch CEO John Thain agreed to a bail-out of the Merrill Lynch shareholders for $50 billion. This was one of the worst deals in history because, as I stated at the time, how can a banker buy liabilities without knowing the extent of those liabilities. That’s not what bankers do.
Writing for the Wall Street Journal today, Dan Fitzpatrick looks behind the curtains and states that the BAC management were growing nervous over the deal through the Dec 5 shareholder approval and through the threat by Lewis to Bernanke and Paulson on Dec 17 to walk away, finally completing the deal Jan 1 without disclosing the gargantuan losses.
http://www.efinancialnews.com/investmen ... 1054885191
There ought to be a grand jury investigation over this matter. But more than anything the public ought to understand that deals are done often because of the egos involved, but without the brains to require post-deal adjustments for contingencies that both parties in this case absolutely knew were ballooning leading up to and throughout this period.
At the end of the day, prosecutors cannot just look into the leadership of Messrs Lewis and Thain, but to all the senior officers on both sides of the deal, and to the Fed and Treasury, who were involved at the time, and who covered tracks later. I have no doubt there was criminality involved. Moreover, I know that the public as well as the shareholders of each of these companies needs absolute transparency. Without it, capital markets fail,
If we don’t get transparency on transactions of this magnitude, then we can expect the details of much smaller deals to be hidden from us as well. After all, the Bank of America’s and Merrill Lynch’s along with the JP Morgan Chase’s, Goldman’s and Morgan Stanley’s are the executive management of Humungous Bank & Broker (HB&B), which are the people who do the lobbying, have the legislation influenced, control the industry Self Regulatory Organization, make the rules and regulations, and set the standards.
What these people have done to the public in the past year is disgusting. Many of them ought to be indicted. The public is demanding it. Will the prosecutors and the legislators now show us that money can buy anything, including freedom to carry out unconscionable acts on the people?
For the sake of America, I sure hope not.

http://caracommunity.com/content/caras- ... aug-6-2009

[defio70]

Ben Bernanke Was Incredibly, Uncannily Wrong

http://mises.org/story/3588

[Entendance]

In other words, the BLS stopped counting.

Grim Statistics

The official unemployment rate is 9.4% and rising. However, if you start counting all the people that want a job but gave up, all the people with part-time jobs that want a full-time job, all the people who dropped off the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate is. That number is in the last row labeled U-6.
http://globaleconomicanalysis.blogspot. ... month.html

[dlry]

The SEC has ZERO CREDIBILITY!

Look a comedian...I mean SEC's Director Of Enforcement ..oh wait same thing!
http://www.zerohedge.com/article/secs-d ... ment-29842

Jack, I got your back, just fill up the sack, the punishment will lack...TEETH!

This week General Electric agreed to pay $50 million to settle a suit filed by the Securities and Exchange Commission that said the company fiddled with its books repeatedly early in this decade. In at least one case, that allowed it to preserve its reputation for making the numbers. Some of the details are eerily reminiscent of Enron.

Another view of G.E.’s accounting standards emerged a few years ago in a book written by a man who worked there for six years in the early 1980s, before concluding the corporate life was not for him and entering a seminary. James Martin may be the only Jesuit priest with a degree from the Wharton School of the University of Pennsylvania.

“The primary task of my first job was to issue very long, monthly statistical reports,” he wrote in his book, “In Good Company: The Fast Track From the Corporate World to Poverty, Chastity and Obedience.” “The first month,” he recalled, “I informed one executive that our results were coming in low” because of losses in overseas operations.

“So what?” replied the executive. “Just reverse a few journal entries.” Corporate headquarters, he explained, would come down hard on them if they missed the numbers.

Another boss told him he was “taking those accounting courses way too seriously.”

I called Father Martin, now an editor at America magazine, a Jesuit publication, and asked him to read the S.E.C. complaint and call me back. He did.

“Little of this is surprising,” he said.

“I was sometimes asked to squirrel away ‘excess earnings’ in fake accounts with made-up names, to be used when earnings were down in later months,” he said. One such account was called “Plug.”

Inside G.E., a Little Bit of Enron
By FLOYD NORRIS
Published: August 6, 2009
http://tinyurl.com/lvwh6z

[Entendance]

viewtopic.php?f=6&t=739&p=6708#p6708
http://www.globalresearch.ca/index.php? ... leId=14680

[dlry]

E,
I just read your previous post http://tinyurl.com/lhloll ...hey their good at marking their view of the world to their model. All numbers can be smoothed...all markets marked...all perceptions distorted.
Sort of like a reverse Orson Welle's The War of the Worlds http://en.wikipedia.org/wiki/The_War_of ... lds_(radio)
Instead of panicking the masses they are trying to comfort them ....that things are better than they truly are....I guess this works until it doesn't .

To really get in the mind of a shyster and it seems the world is full of them (think bankers, politicians) http://en.wikipedia.org/wiki/Shyster
you need to be reminded by this article how far people will go to set up their duped victims ie. us, as in, USa.
Interesting article...I think it applies to many.
The alleged grifter who duped corporate giants

The grifter, wrote David Maurer in his classic 1940 study of con men, "has a gentle touch." He takes his "toll from the verdant sucker by means of the skilled hand or the sharp wit ... Of all the grifters, the confidence man is the aristocrat."

http://tinyurl.com/mxr99a

[Entendance]

http://www.zerohedge.com/sites/default/ ... 20NNDB.jpg


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[Entendance]

Historical precedents illustrate that the public is easily deceived...
Though Abby Cohen calls for a new bull market, any intelligent person will tell you that a sustainable bull market is not possible when unemployment in the US is hovering at about 20% and likely going to worsen in the future, when foreign institutions are not only not buying US Treasuries anymore but have been dumping Treasury debt on a net basis for many months now, and when the US manufacturing base has contracted and exports of real goods have fallen at the quickest rate in decades. Of course, there are “official” government statistics that will refute what I just stated here, but since I have already written extensive and detailed articles about why the bulk of all key economic indicators released by governments worldwide are fake and unreliable, I’m not going to re-hash these issues here.
http://seekingalpha.com/article/155276- ... ource=feed

[Entendance]

NY Fed in hiring spree as assets soar

Will someone audit these clowns already please?
From David Rosenberg's piece today:
"When people kid around that the Fed has become another hedge fund now that it is the lender of first, second and last resort — to mention the market-maker for everyone including RVs and mobile homes — it really is no joke at all. See NY Fed in Hiring Spree as Assets Soar. The New York Fed is seeking to bolster its staffing of traders — not research staff, but traders — by nearly 70%!! When will the Fed start hiring investment bankers? That is what we would like to know."
http://www.zerohedge.com/article/federa ... g-diligenc

http://www.ft.com/cms/s/0/8a5f8bf8-860d ... ck_check=1

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