New York Post — The White House has become the craziest reality show on TV

Someone had to say it.

New York Post
The White House has become the craziest reality show on TV
Bob Fredericks

Heaven forbid!

The Times Literary Supplement
Why the Trump dynasty will last sixteen years
Edward Luttwak

SALT Conference was and is a clown show

Last Friday concluded the annual SALT Conference out in Vegas. That's where a bunch of self-important, narcissistic hedge fund types sit around in the desert sun pontificating on the  markets, economy, etc. From what I read out of the discussions the whole thing was pretty pathetic

This conference has increasingly become the new American "Davos." It's not just financial types anymore. It has been attracting high level policy makers, celebrities, journo's, athletes and the like.

Caitlyn Jenner was there. Wow. Now THERE'S a "Strategic Alternative."

The shindig was founded and has been organized by pint-sized, Anthony Scaramucci, a 5'4" world-of-finance impressario who is one helluva schmoozer and community organizer, it appears.

What the conference brought to light was pretty much what we have known and have been reporting here for a long time: that pretty much no one in the world of finance--indeed, its very titans--have a fucking clue as to what the hell they are talking about.

Not only do they suck in terms of their understanding, their track records suck too.

Basically the only thing coming from that conference was a steady stream of incoherent logorrhea. Nothing but doom and gloom. Every crisis or impending crisis you can think of was thrown up there to support all the idiotic and out of touch views that these morons subscribe to.

The China debt crisis. The Japan debt crisis. The U.S. debt crisis. Central bank emasculation. Yada, yada, yada.

Holy shit.

They should have called it the "OOPS" Conference for "Out Of Paradigm Stupid."

As for their dismal performance Roslyn Chang, managing director of the China Investment Corporation (CIC), summed it up politely.

“I’m sort of disappointed with the performance, to say the least, of the industry,” she said. "Only less than 10% of managers are actually capable of adapting to the new reality. Probably 90% of the managers think they are part of the 10% anyway," she said.

Sort of disappointed? Ya think?

No shit, Roslyn. Your CIC has about $800 billion in assets and at this point I don;t know who is dumber: those clueless managers who continue to get everything wrong or your wealth fund that keeps $30 billion parked with these losers. CIC is literally buying their homes in the Hamptons.

Then of course you had Kyle Bass the Japan debt crisis idiot. He's moved on. Maybe it had something to do with negative interest rates (yeah, people are PAYING Japan to hold its paper) and a surging yen.

Now Bass is the new, Mr. China debt crisis. No mention of his disastrous call on Japan. He's still Scarmucci's boy, apparently. "Mooch" was so impressed by his "doubling down" on China that he wrote an article about him and posted it up on Linkedin the other day.

Hayman Capital’s Kyle Bass reiterated his bearish call on China’s yuan currency, saying conditions in the communist nation now feel like they did in the U.S. in early 2007 just before the financial crisis escalated. He says China’s official government data shan’t be trusted, but you can look at the country’s major trading partners in the region like Malaysia and Thailand to get a better picture of the true economic climate.

Cue the vomiting sound.

You had Schiff.

And you had this guy--Milton Berg of MB Advisors. He made headlines with his prediction we are on the cusp of a 30-year bear market” in stocks and bonds. Milton Berg? They guy oughta be called Milton Berle because he's clearly in the business of comedy.

Increasingly I believe that these guys are really selling sensationalism, nothing else. It's a giant scam.

Not a single heterodox point of view. Nothing. No reality. Just idiots running big money...blind.

And then there was former House Speaker, John Boehner. When asked what he was most proud of  he said, "that under his speakership the federal deficit fell as a percentage of GDP."

Wow, you get the picture.

Truly vapid. The whole, damn thing.

Good riddance! Scott Walker, sadistic twerp lapdog of the Koch Brothers drops out of the 2016 presidential race!

Good riddance to this sadistic lap dog of the Koch Brothers. (And wannabe "Koch-ite," Anthony, "I'm a five-foot-two big shot" Scaramucci. Good call, mooch!)

Walker can go back to Wisconsin and continue his bully reign against the working class now. Jerk.

Anthony Scaramucci: More connected than smart

The iconic show, Wall Street Week, whcih was hosted by the late Lou Rukeyser has been recreated as a result of the backing of Wall Street pretty boy and social butterfly,  Anthony Scaramucci. Scaramucci is also the host.

Scaramucci is like the Street's community organizer, founder of the SALT Conference, which is an annual hedge fund showcase in Vegas where all the hedgies get together to discuss their typically out of paradigm ideas. (Like buy gold, several years ago or, short Japanese government bonds.)

Scaramucci also is co-head of Skybridge Capital, which I don't think manages any money, but is more of a fund of funds that raises capital and doles it out to his rich hedge fund buddies.

I was up at their offices several years ago and me with Scaramucci's partner, some young dude who said at the time that he heard of MMT, but was not looking to get into any new verntures. I was pitching them on an MMT fund that I wanted to launch. (No, it wasn't a TV show for Scaramucci to star in.)

Below is the latest episode of Wall Street week. It was sent over to me by Scaramucci's P.R. girl. Watch the beginning. Scaramucci goes on a little depressing rant that includes all the usual out-of-paradigm shit about how the U.S. is broke and we're drowning in debt and we don't save enough. Yada, yada, yada. All, pure gold standard crap. Totally wrong and inapplicable as anyone other than Peter Schiff should know by now.

This proves once again you don't have to know very much to make lots of money on Wall Street.