All the morons who wrongly predicted higher rates, for years, are now saying rates have to come down.

All the idiots (like "Big Bird" Jim Grant, pictured) wrongly wropredicted skyrocketing interest rates when the Fed started to engage in all it extraordinary monetary operations eight years ago are now predicting the Fed will have to lower interest rates right away.



What fucking morons.

And the dumb shit, clueless media, like CNBC, keeps bringing these assholes on their air.

CNBC should get an award for archaeology for digging up so many neanderthals and parading them across its air

I was having lunch watching CNBC (bad move, never do that) when the Fed raised rates today. First time in nine years. Then they had their panel of idiots, but one major idiot in particular, this guy named Scott Minerd who says that the Fed is going to have to drain $1 trillion from the banking system. The guy is a total idiot. CNBC should win some archaeology award for digging up these human neanderthals and putting them on their air. The Fed PAYS INTEREST ON RESERVES, SCOTT. That means no draining necessary. Why would banks lend  out below the funds rate? Reserve drains were from a time before the Fed paid interest on reserves. We're talking pre-2008. The Fed's OWN STATEMENT,which it released at the time of the rate decision, said it would keep doing what it's doing, that is, reinvesting principal payments and keeping holding sizable. Where do they get these idiots?

What the hell is artificial growth?

Watching Mohamed El-Erian here on a CNBC video and he's talking about "artificial growth" turning to "real growth."

I guess he is referring to the period from 2008 to now because that's how long the Fed has been implementing its zero rate policy along with the asset purchases.




So my question is, what the hell is "artificial growth?"

Are the 100 million new vehicles that were produced and sold, "artifical?"
Are the 5 million new single family homes that were built "artifical?"
Was the $13 trillion in health care administered to people "artifical?"
Was the $13 trillion of food consumed, "artifically" consumed?

And gasoline?
And fuel?
And clothing?
And education?

And...and...and?

You get the picture.

Does El-Erian really think this only happened because the Fed lowered interest rates a few points? And if it hadn't, no one would have eaten? No one would have bought clothes? Houses? Fuel? Sought health care? Gotten an education? Etc, etc?

What an idiot. As is CNBC.

Do you see how this propagates a) a lie, and; b) a false belief? Then the public goes around saying stupid things like, "it's all artificial."

Moron this El-Erian. CNBC total dopes.

Sign my petition to shut down CNBC

Please sign my petition to shut down CNBC. Let's try to get this atrocity off the air.

Go here and sign it!

CNBC should be held liable for their terrible "analysis" and their reporters should be required to have malpractice insurance!

Clueless reporters, Girlie men.

Imagine if doctors practiced medicine this way? Clueless.

That's how the morons at CNBC practice economics and investing.

Yesterday in the midst of all the panic, CNBC resident "girlie man," David Faber, was utterly speechless on air, even exuded a sense of panic when the market opened sharply lower.

Rather than be a calming force and telling people to stay cool (it's not like we haven't seen violent market corrections before), he looked like a deer in the headlights while cryptically uttering, "I...I...uh...I gotta make some calls."

Meanwhile, I was on another network, calmly telling viewers to stay calm and use the selling as a buying opportunity.

CNBC should be held liable and their reporters should be required to have malpractice insurance for the terrible, misleading and ignorant commentary and "analysis" (Ha!) they give to people.

"Talk to us nicely when we fuck you over."

Several months ago Warren Buffet was on that piece of crap network, CNBC, where he took some time to complain about Elizabeth Warren saying her approach was too, "angry." Here were his words:

"I think that she would do better if she was less angry and demonizing. I believe in 'hate the sin but love the sinner.'"

All I can say is, you old fool, what a fucking joke you are. (And to think I used to like Buffett.)

Here's Senator Warren, fighting a courageous, almost one-woman effort against the egotism, corruption and FRAUD of the entire financial sector, of which, Buffett is a part and there's Buffet telling her to talk nice. All the while his criminal friends have been allowed to fuck over 99.9% of the population for decades without anything more than some laughable fines.

Any reasonable person who resides outside the coddled ranks of these plutocrat-gangsters would have no trouble understanding Warren's anger. In fact, it's amazing that she is the way she is, because with her privileged background--Harvard law professor, Senator--she could easily stride right into Buffet's clubby world if she wanted to. But, no, she fights the fight for regular folks and fuck-yeah, she's angry and rightfully so.

Still, Buffet scolds her. He doesn't get it. He tells Warren in no uncertain terms that she should talk nice to these psychopathic sociopaths even though they are engaged in a non-stop frenzy of criminality and greed that is gutting nearly the entire human race. (And the planet.)

FUCK. YOU. BUFFET.

The hubris is unfathomable. I mean, seriously...I really cannot believe it. "Talk to us nicely?" Are you kidding me???

It reminds  me of the scene from "A Few Good Men," where Jack Nicholson, who plays the deceitful, scheming Colonel Jessup, tells Tom Cruise's character, Danny, "You have to ask me nicely," when Danny asks for a document that Jessup lied about.

Here's the scene...



"You have to ask me nicely, Danny."

"You have to talk nice to us, Elizabeth."

The Buffet thing is not the end of story by any means, either. We recently heard that egotistical jerk, Jamie Dimon (who shall henceforth be known as, "Mr. 1-percent return") arrogantly attempt to "mansplain" Elizabeth Warren on how the banking system works.

For those of you who are unaware what mansplaining is, it's a condescending way that a man might speak to a woman, not necessarily meant to inform or educate, but to show how he is the smarter or, more superior person.

By the way, Warren put Dimon in his place.

I feel her anger. Believe me, I walk around pissed off all day long.

She's right to be angry. We gotta all get mad.

It's time to get mad.

I'll leave you with this classic clip from the movie, "Network."

Wrong as usual, that fool David Stockman doubles down...

That clown otherwise known as David Stockman, former Reagan budget director, is out once again with another over the top, gloom and doom, dumb ass prediction that is based on nothing other than his own, sheer, misguided ideology and frustration.

Stockman is now predicting a stock and bond market crash because "the Fed has reflated the bubble to an even more gigantic proportion."

Here's some more of what he says...

On CNBC's " Futures Now " Thursday, the former OMB Director said that excessive monetary policy has forced central banks all over the world into a corner, and as a result, "the markets are going to be in for a huge, nasty morning after as people begin to look at where we really are." Read more. 

"Begin to look at where we really are?" What the hell does that mean, anyway?

I had several run-ins (here and here) with Stockman in the past when I was still working at Fox. He's a total moron and a ball of contradictions.

Actually, I don't know who is more pathetic, Stockman or that joke of a network, CNBC, for constantly parading losers like Stockman and Schiff around on their air and not ripping them a new one for their years of bad advice and ridiculous predictions. (Hyperinflation, surging gold, spiking interest rates, foreigner dumping Treasuries, depressions, etc.)

WTF is wrong with you, CNBC? Nik Deogun?

The Fed may raise interest rates soon and then it's feasible that bonds will tank although some of that discounting is probably going on now. The interesting thing, however, is what will happen to stocks and the economy if rates are increased? That's a fiscal injection.

What if rates are raised and GDP accelerates? And stocks climb?

What will Stockman and other idiots like Schiff say then? I'm sure CNBC will have them on to "explain."

Stay tuned.

Jim Grant...the guy who's been wrong almost as much as Peter Schiff (but more clownish) makes a Fed prediction. So do the opposite!

Jim Grant is like a funny cartoon character. Like Big Bird. Tall. Lanky. Goofy bow ties (like Jim Rogers). A doofus. He's even funnier looking than Schiff, but just as wrong--on interest rates, inflation, QE, the dollar, gold, the economy...you name it.

He says things like this:

"Central banks the world over have been suppressing [rates], manipulating them, and otherwise manhandling them," Grant argued, predicting "this experiment will end in failure" because price controls never work."

"Suppressing rates?"

"Manhandling rates?"

What's with the reference to masculinity (manhandling)? He seems to be terrified by it. It's some kind of violation (rape?) in his mind. It's a womanish statement.

And price controls never work? They work for monopolists, Jimbo. All the time. Just ask John D. Rockefeller.

Anyway he's saying the Fed will never get rid of the word "patient" when it comes to describing their position on accomodation.

With Grant saying that, I'll take that bet. I bet they remove it at today's meeting and in their statement. I'll buy the dollar and sell stocks for a trade. For today. Just to bet against Jim Grant.

Transcript of exclusive interview Russian Finance Minister Siluanov is giving on CNBC Squawk Box tomorrow morning.

I just received this via email. It's the transcript of an interview that Russian Finance Minister, Anton Siluanov is giving with the clowns on CNBC Squawk Box tomorrow morning.

Interesting where he says Russia would give financial aid to Greece. Break up the Eurozone. Good idea!

If you read the whole thing you'll see that this guy's head is totally in a gold standard/fixed FX mentality. Will constrain Russia forever.

CNBC EXCLUSIVE TRANSCRIPT: ANTON SILUANOV, RUSSIAN FINANCE MINISTER

Foulds, Hugo (NBCUniversal) (Hugo.Foulds@cnbc.com) 

PRESS RELEASE 

CNBC EXCLUSIVE INTERVIEW: ANTON SILUANOV, RUSSIAN FINANCE MINISTER 

Russia would consider giving financial help to debt-ridden Greece 

WHEN: CNBC EXCLUSIVE, today Thursday, 29^th January 2015. 

Following is highlights of the unofficial transcript of a CNBC exclusive interview with Anton Siluanov, Russian Minister of Finance with CNBC’s Geoff Cutmore. 

Full interview will be played out in Europe tomorrow morning on CNBC’s Squawk Box. All references must be sourced to a ‘CNBC exclusive interview’. 

CNBC’s Geoff Cutmore (GC): Even as we’re speaking to each other, we know that there’s a meeting going on in Brussels they’re talking about potentially another round of sanctions. Can I ask you, how worried are you that another round of sanctions at this stage, would cause a crisis in confidence in the Russian economy? 

Anton Siluanov (AS):  Well it has always been our official position that we are against any form of capital or trade controls  - and of course any sanctions are harmful because they cause a slowdown in the global economy. And the sanctions that have already been imposed against Russia did negatively affect us. However, Russia companies have adjusted, and Russia’s balance of payments have adjusted, the rouble weakened, and as you might be able to see life still goes on here and we just keep on living. 

Our estimate is that last year the Russian economy experienced two kinds of external shocks - one is from oil prices and another from sanctions. The cumulative effect of those shocks is around 200 billion US dollars - maybe a little more, but the main, major influence was the fall in oil prices. Our estimate on the sanctions is a roughly 40-50 billion shortage of capital, but again the main driver of this slowdown is the oil price. 

My podcast for Thursday, Dec 11

Today I talk about a possible government shutdown. How any Continuing Resolution does not solve the debt ceiling issue and why that's the "doomsday" scenario. Also, why you can only get this info here on this blog. Not the mainstream media, not CNBC, not the WSJ, not Fox Business, NOWHERE but here, folks.

Thurs Dec 11

CNBC village idiot, Joe Kernan, doesn't know Ireland uses the euro? Tell me this is a joke.

Tell me this isn't true, please. Tell me that Kernan actually knows Ireland uses the euro, but was just trying to pull off some dumb, feigned display of incredulity just to make a point.

CNBC has already jumped the shark more times than I can count with such things as the Santelli comedy hour and Kernan's morning "servicing" of the corporate bigwigs who parade across his ratings challenged, Quack Box every morning. But, folks, this goes even beyond jumping the shark.

Check out this interview with some CEO from Ireland. (Skip to 8:30.)

Hey, Comcast, you're good with this?

Whiny hedge fund idiot, Bill Ackman, buys the government's help to bail him out of his Herbalife short

Bill Ackman, the whining, crybaby hedge fund manager who has been disastrously selling short shares of Herbalife for two years, bleeding money in the process, has finally found someone to help his losing cause: the U.S. government.

That's right, he basically paid off the government to launch an inquiry into whether or not Herbalife is a pyramid scheme. The Federal Trade Commission has just launched an investigation on the behest of a group funded by Ackman.

We have all kinds of problems here in the U.S. folks: unemployment, income inequality, homelessness, maimed veterans, an education system that sucks, rotting infrastructure, monopolistic companies, plus much more. But no...the government feels it's more important to  get involved to protect the short position of one fucking idiot hedge fund manager.

The U.S. has become so corrupt it's almost impossible to describe at this point. Corrupt and rogue. A sham government and a nation that is rewriting the book when it comes to hypocrisy. (Sec of State Kerry: "You can't just invade a country on false pretense." LOL!!!!)

Remember that brilliant TV exchange between Carl Icahn and Ackman on CNBC a couple of years ago? It was all about Herbalife back then as well. I love the part where Icahn said that he used to beat up whiny little kids like Ackman in the schoolyard when he was growing up in Queens. I don't know about you, but I would pay handsomely to see him do it again. 

The existence of all these hedge funds is a symptom of a sick nation, a sick society and totally corrupt government. It is a glaring sign that we have our priorities soooo out of whack that it is not even funny. 

Guys like Ackman are parasites of the worst kind. This guy can't trade to save his life. He's a fucking sorry investor if you ask me. He also got his ass burned on JC Penney and I think he bought gold on the whole, "Fed is printing money," false inflation meme, just like all the other idiots. In short, what the fuck is he doing managing any money in the first place? And who invested with this guy? Whoever it was I'd like to see them go up in smoke, too.

Sorry for the editorializing here, but I guess you can tell I'm mad as hell.

Congrats CNBC...you finally cancelled that idiot Kudlow!!!!

Free market capitalism may be the best path to prosperity, but it certainly wasn't the best path to ratings! LOL!!!

Bravo CNBC...you finally cancelled that idiot Kudlow!!! WTF took you so long?

(He'll probably end up on Fox Business of course. That's where all the Wall Street serving, banker apologist, neoliberal pushing sociopaths go.)

Read it and laugh here.

Hey, CNBC, now put an MMT guy in there and watch your ratings soar!

John Carney no longer at CNBC. Now at WSJ. Did he get canned for posting too much MMT?

Thanks everyone! Very excited to be joining the @wsjheard team! Some details here http://t.co/NLSmrU5fDv
— John Carney (@carney) January 31, 2014

Maybe Carney got fired from CNBC for posting up all that MMT stuff, who knows? ;)

WSJ is even to the right of CNBC so good luck with that. It's a Murdoch-owned rag sheet, but who knows, maybe Carney will do a Mosler interview. That Heard on the Street column is still a big deal? I don't know, I never read the journal. Stopped reading it back in the 90s.

Some great guys to fade are just now getting bearish on stocks

Well, one of my favorites, Bill Gross, is out there telling everyone to "be careful." Gross says that the economy could tank because of debt and taper, bringing stocks down with it and that's why he's buying bonds.

Gross has been as cold as ice as, well, forever. Or, at least since Paul McCulley (Pimco former chief economist) retired in 2010. McCulley was/is an MMT guy. How 'bout that?

Since McCulley left Gross has been selling bonds when he should have been buying them and buying bonds when he should have been selling them. Pimco has lost a ton of clients as this blog predicted way before it happened.

I can tell you this, one of the best techniques I learned during my days as a floor trader was to fade guys who were cold and they don't get any colder than Gross, so I'm planning on fading him.

Next there's Tom DeMark, some technical kook who bizarrely has this huge following (as I scratch my head) many of whom are big time hedge fund guys. Personally I find his analysis to be about as rational as the practice of voodoo.

DeMark was on CNBC (where else?) today where he says that there may be a 40% stock market crash in the next three days. He goes into some crazy explanation that talks about 1929 and the number of days leading up to that crash and then tries to use that as a basis for his call now. All crazy talk. You can see why, if you know what you are doing, you can really make money as a trader because there are just a bunch of crazies out there making calls on the market that have absolutely no clue as to what the hell they are talking about.

(Take my Forex course! You'll see how to make money!!)

Anyway suffice it to say I'm seeing a lot of hysteria from people who are either colder than the polar vortex that is currently invading half the United States or just plain crazy. That's why I'm buying stocks down here and although I wasn't planning on selling bonds, since Gross is saying he wants to be a buyer then, ahhh, what the heck, I'll sell the damn bonds, too!

Kathy Lien, another high paid analyst who doesn't know what the hell she's talking about

Kathy Lien is head of currency strategy with BK Asset Management. (I wouldn't want her giving me strategy. Kathy should take my course!)

Anyway, in this video on CNBC (where else) she is bleating about how the Janet Yellen should reconsider "taper" given the mixed economic data.

It's pretty clear right here that she's another one of these analysts who doesn't know what she's talking about. (However, that doesn't stop BK from paying her a multi-million dollar annual salary.)

Hey, Kathy, taper or its inverse, QE, are just asset swaps: reserves are swapped for reserve equivalents or vice-versa. They do nothing for demand and, therefore, nothing for the economy.

Even worse than Lien is the guy interviewing her (a CNBC host, what did you expect?) who says, "Well, at least the Fed will get some help with interest rates because now that the government deficit has shrunk so much the Treasury will not have to issue so much supply and that will keep rates low.

These people are like the quack "physicians" of the 19th century. Their diagnoses and snake oil remedies can kill.

Somebody shoot me, please!!!

John Carney pointing out that everyone got the QE--inflation thing wrong. What he doesn't point out is who got it right. Us.

John Carney wrote a piece where, with 20-20 hindsight, he points out all the people who got the QE-inflation/rising rate forecast wrong.

What he doesn't point out is who got it right. Us.

Maria Bartiromo leaving CNBC for Fox Business. What took her so long?

The "Money Honey," Maria Bartiromo, is finally taking her Wall Street apologist, criminal banker loving excuse for a business anchor TV sideshow to a place where it will be really appreciated: Fox Business.

I'm tempted to ask what took her so long, however, I think the proper question is...why? Why would she go to Fox Business when CNBC has already become a Fox knock-off, with the same endless stream of make-you-want-to-gag out of paradigm economic vomit that worships austerity, corporate welfare and fraud, gold buggery, worker income debasement and the quest for inequality to the nth degree?

I'd like to think that CNBC was already considering canning her, but I doubt it. That would be giving the "brain trust" over there--Sr. V.P. and Editor in Chief, Nik Deogun, CNBC Managing Editor, Nick Dunn and President, Mark Hoffman--way too much credit.

But the real joke is on Gary Schreier, the former Fox Executive Producer who formerly produced all of Neil Cavuto's shows, who jumped ship for CNBC about a year and a half ago, apparently lured over to try to get Bartiromo's in-the-toilet ratings out of the toilet and at least onto the toilet seat. Guess that didn't work out too well, eh Gary? With any luck you'll be soon looking for work.

All we need now is to see that slouching clown, Joe Kernan, and supply-side Bozo, Larry Kudlow bail for the Fox network and the hilarious coup will be complete: The Three Stooges will have found a new home.

Honestly, if Roger Ailes thinks that Fox Business's ratings will climb with the edition of air head Bartiromo or the other two losers, if they happen to go, then all I can say is I envy him. It must be fun playing sadist to Rupert Murdoch's money. The old geezer Murdoch is probably already senile, so he doesn't even know.

CNBC,Fox, you both suck!

At this point if CNBC has any chance at all it needs to dump its editorial line, stop with the unbridled worship of corporate greed, austerity and cease with the needless blowing of smoke up the asses of Wall Street billionaires.

Oh yeah, I forgot about Santelli.

On second thought, I think there's no hope at all.

CNBC morning clown show continues

Starwood Chairman, Barry Sternlicht, on Squawk Box (lowest rated morning cable show), said that all his money manager friends were "ready to sell" at any minute because of the Fed's bond buying, which he says is creating asset bubbles.

My first response is why should we care that his money manager friends are waiting to sell? Given the notoriously bad track record of professional money managers (90% can't beat the market averages and the other 10% are trading off inside information or rigging trades) should their desire to sell really make us worried? Maybe it's better to ask, isn't that a good sign?

As far as the "asset bubble" thing all I can say is this: Sternlicht may know something about real estate and the hospitality business, but it's clear he doesn't know jack shit about monetary policy.

On the one hand he says that the Fed's bond buying is "creating asset bubbles," then he goes on to contradict himself by saying there's "all this cash sitting on the sidelines."

Well, if there's all this cash sitting on the sidelines, Barry, then how the fuck is the Fed creating asset bubbles?

It also doesn't occur to real estate expert Sternlicht, that four years of sub average housing starts means means that the nation's housing stock has shrunk and is dilapidated. This means prices will rise to "replacement cost" and that could be pricey given supply the shrinking/substandard supply.

Meanwhile, clueless Joe CLOWN Kernan sits there eating it all up.

Our skepticism toward David Tepper's ubber bullish call back in January proved correct

Remember when David Tepper was super bullish on the U.S. economy and stock market back in January? He was basically saying that nothing could go wrong, yet we pointed out that we were on the verge of tax increases, sequesters, entitlement reform, debt ceiling turmoil?

We called out Tepper (here and here) on his wildly bullish call and especially made fun of his claim that things were going to be booming because the deficit was shrinking. That was really ignorant.

Tepper was on CNBC this morning and FYI, I didn't listen, however, I did tweet over to the show reminding them to ask him how things were going now that the deficit had shrunk so much.

@SquawkCNBC @TheStalwart @RobinHoodNYC Don't forget to ask him about his super bullish stock market call because the deficit was shrinking.

— Michael Norman (@mikenorman) October 15, 2013