This is from Larry Levin. It's kinda funny, except for the fact that it's true.
No Worries
Wednesday was another day where the market asked: “What, me worry?” Alfed E. Newman style. That’s right homie – ain’t no reason to worry-bout nothin’. When Benron Bernocchio is in charge, you can just print more cash. No problems.
So what’s happening today? Let’s list them…
France downgraded.
Hopium will save everything.
Spain downgraded.
JPM missed earnings.
No worries, Hopium will save everything.
Hopium will save everything.
The USSA is above its debt ceiling again.
No worries, Hopium will save everything.
Italy downgraded.
Hopium will save everything.
The EFSF slush fund was downgraded.
Hopium will save everything.
Shitigroup missed earnings.
No worries, Hopium will save everything.
Wednesday morning the IMF says the world economy sucks so badly that it needs $1 TRILLION in new cash.
No Worries says the market…Hopium will save everything.
Chinese GDP was good, but was the worst in 2.5 years.
No Worries says the market…It is so bad it’s good: the Chinese government must print new cash for the banksters so no problems.
GERMANY WAS DOWNGRADED WEDNESDAY!
No worries… Hopium will save everything.
Yes folks, even Germany was DOWNGRADED today yet the market says – “Who cares! We gots Benron Bernoccio watchin our back.”
But seriously folks, how could anything go wrong when the global central bankers will backstop everything?
Why oh why didn’t I think of this earlier?
****************************************************************************
Ron Paul needs to run third party and I think he can take enough votes from the red and blue. He's the only politician in touch with reality. This is a great short clip.
*****************************************************************************
Mike Krieger send me this the other day. I'm just going to put his comment on here. I couldn't say it any better.
Hahaha. See how things work? Larry Summers, one the chief architects of the disastrous financial and monetary system that is destroying the world today is at the top of the list to head the WORLD BANK. Yep, the guy that was instrumental in getting rid of Glass Steagall and the expansion of OTC derivatives into the hundreds of trillions. The reason? Same reason Geithner is Treasury Secretary. The criminals need to continue to run the show so that they can cover up their crimes and protect their fellow financial mobsters. You can’t make this stuff up. O BAAAH MA. You are a good little puppet.
http://www.bloomberg.com/news/2012-01-18/summers-under-consideration-to-lead-world-bank-when-zoellick-s-term-ends.html
Obama Considering Summers for World Bank
By Hans Nichols - Jan 18, 2012 12:16 PM ET
Lawrence Summers, director of the National Economic Council, right, talks to Timothy Geithner, U.S. treasury secretary, after President Barack Obama spoke during a news conference on unemployment at the White House. Photographer: Andrew Harrer/Bloomberg
Play Video
Jan. 18 (Bloomberg) -- President Barack Obama is considering nominating Lawrence Summers, his former National Economic Council director, to lead the World Bank when Robert Zoellick’s term expires later this year, according to two people familiar with the matter. Hans Nichols reports on Bloomberg Television's "InBusiness With Margaret Brennan." (Source: Bloomberg)
President Barack Obama is considering nominating Lawrence Summers, his former National Economic Council director, to lead the World Bank when Robert Zoellick’s term expires later this year, according to two people familiar with the matter.
Summers has expressed his interest in the job to White House officials and has backers inside the administration, including Treasury Secretary Timothy Geithner and the current NEC Director, Gene Sperling, said one of the people. Secretary of State Hillary Clinton is also being considered, along with other candidates, said the other person. Both spoke on condition of anonymity to discuss internal White House deliberations.
Lael Brainard, the under secretary of Treasury for international affairs, is compiling a list of potential candidates to replace Zoellick, who was nominated to a five-year term that began in July of 2007 by then-President George W. Bush. By tradition, the U.S. president chooses the leader of the World Bank while the head of the International Monetary Fund is selected by European leaders. The nomination is subject to approval by the World Bank’s executive board.
White House press secretary Jay Carney declined to comment. Summers’ assistant, Julie Shample, said he was unavailable. Philippe Reines, a spokesman for Clinton, did not respond to a request for comment.
Scrutiny of Record
A nomination of Summers would bring scrutiny of his previous stints in government, both as former President Bill Clinton’s Treasury Secretary and Obama’s NEC director, as well as his tenure as the president of Harvard University.
“Larry is controversial,” said Erskine Bowles, who served as Clinton’s chief of staff. “Anything you appoint Larry to, you know there are going to be some people who are going to take shots at him. But you know he’s a brilliant economist, which I think everybody recognizes.”
Bowles said he had no information on the White House deliberations.
“He performed well in some difficult markets,” Bowles said. “I think it’s been a passion of his for a long, long time and I am confident that he will do a good job.”
Summers also may come under fire for some of his previous work at the bank, as well as the commercial relationships he has forged since leaving the White House in December of 2010.
In 1991, at the World Bank, he signed off on a memo that argued that less-developed countries might benefit from accepting pollution from first world countries.
Return to Harvard
After leaving the Obama administration at the end of 2010, Summers, 57, returned to Harvard University, where he once served as president and is now a professor at the John F. Kennedy School of Government.
Summers earned his doctorate in economics at Harvard in Cambridge, Massachusetts, and at 28 was granted tenure, the youngest age anyone had gained tenure at the time. He spent time on the staff of the White House Council of Economic Advisers in the 1980s before joining the World Bank as chief economist.
He was Clinton’s Treasury secretary from 1999 to 2001, after which he became president of Harvard. Summers quit that post in 2006 after a series of battles with the Faculty of Arts and Sciences, which teaches most of the undergraduate courses, and following a controversy over comments he made at a conference, in which he suggested women lacked an aptitude for science.
Period of Upheaval
Jared Bernstein, former chief economist for Vice President Joe Biden, said Summers would be a good choice for the World Bank.
“Larry has a deep understanding of global economics and is particularly tuned in to this moment in time, with all the upheaval in the system,” Bernstein said.
Under a long-standing unwritten agreement, the IMF has always been led by a European while the World Bank has been headed by an American. The U.S. in June backed then-French Finance Minister Christine Lagarde to take the head of the IMF.
Emerging market leaders such as Brazilian Finance Minister Guido Mantega have questioned the division of leadership posts at the two institutions, saying the choice should be made on the basis of merit, not nationality.
The World Bank, which was established to rebuild Europe after World War II, offers financial and technical assistance to countries. Under Zoellick, shareholders approved a capital increase providing the institution with $5.1 billion in cash and enhancing China’s clout at the lender.
****************************************************************************
Our biggest debt holders have decided to start getting out of our bonds. Good thing Helicopter Ben can print print print. From Stansberry Research:
Lest you forget the End of America in this rising market, consider these numbers… According to today's Treasury data, China's holding of U.S. debt fell to $1.1326 billion, the lowest in the past year. And Russia cut its Treasury holdings by more than half in the past year from $176 billion to less than $80 billion. You can see the full data here.
****************************************************************************
Nick Tyburski sent this to me and I couldn't agree more. I don't understand why we can't even do the easiest things to help improve our country. I mean who would want to create 20,000 jobs?
Here are his comments:
The EU pushes dozens of deadlines out regarding their demise and restructuring, we blow past numerous deadlines when we decide to screw around and not raise the debt limits, and yet the best thing to happen to this country in years doesn't "meet" the deadline and we just cancel it. I'm glad Obama isn't in cahoots with big oil, that surly wouldn't be good for re-election.
I suppose china needs it more than us anyway, we already have a solid plan for energy independence...don't we?
The Obama administration rejected the long-delayed TransCanada oil sands crude project, a decision welcomed by environmental groups but blasted by the domestic energy industry.
After delaying the project past the November 2012 election, President Barack Obama was compelled by Congress to decide by Feb. 21 on whether to approve the pipeline that would sharply boost the flow of oil from Canada's oil sands.
Obama said TransCanada's [TRP 41.41 --- UNCH ] application for the 1,700-mile pipeline was denied because the State Department did not have enough time to complete the review process.
"This announcement is not a judgment on the merits of the pipeline, but the arbitrary nature of a deadline that prevented the State Department from gathering the information necessary to approve the project and protect the American people," Obama said in a statement.
The deadline was set by a GOP-written provision as part of a tax bill that Obama signed into law just before Christmas.
Republicans, in turn, blasted Obama for breaking his promise to create jobs by scuttling the $7 billion pipeline.
House Speaker John Boehner, R.-Ohio, said Republicans will keep fighting for the Keystone pipeline because it is "good for the U.S. economy because it would create thousands of jobs."
"All options are on the table" for fighting for the sands pipeline between the western province of Alberta and Houston, Boehner told reporters. "This is not the end of the fight."
Republicans in the Senate have said they could legislate an approval of the pipeline that could get around any rejection by President Obama.
Proponents have argued the pipeline down the middle of the U.S. would generate jobs and lessen dependence on foreign oil by creating a secure energy supply. Environmentalists say the pipeline will increase the chance of oil spills in environmentally sensitive regions and say oil sands crude is more corrosive than lighter grades in pipelines.
TransCanada's oil sands pipeline has put Obama in a political bind at the start of what is expected to be a difficult re-election campaign, and has become a useful tool for Republicans seeking to portray Obama as dithering on a project that they say would create 20,000 jobs.
******************************************************************************
Mark Twain was a genius...
Ron Paul would be a disaster if elected, which all he would do would take votes from the Repubs and guarantee Obama re election.
ReplyDeleteCurtis