Alan Greenspan, our modern day reincarnation of Charles Ponzi was on the propaganda network this morning.
For all those who look to the Maestro for guidance in all things financial, are unaware of it, paper profits are REAL PROFITS !!
Whodathunk it? Well, a ponzi scheme operator thats who!
Yes paper profits are real. And here I am with my room temp IQ having no idea this was the case. Damn, if only I had known this sooner. Maybe the problem was I took Common Sense 101 as opposed to Incomprehensible Bullshit 101 like the Maestro focused on.
Yes paper profits are real profits and don't forget that we, (the markets) are severely underestimating the benefit of this. This is 'Greenspanspeak' with the underestimation being that all these zombies flush with fictitious, excuse me paper profits, can then take this make believe money and borrow real money they will be on the hook for to buy that:
Oh shit wait..... didn't we just see that movie already?
And aren't all the idiots who fell for the scam still laden with the debt and being foreclosed upon as the paper profit which wasn't realized, that is turning into PHYSICAL profit, vanished as easily as it appeared leaving the holder with the bag?
What can one say to counter this utter bullshit?
Greenspan is the Grim reaper of financial death. His potions have left this nation in a financial shambles and on life support and he knows it.
Are there any patriots out there, someone of substance to come to the aide of Ron Paul, someone in corporate America that will stand up with Ron Paul to refute Greenspan's toxic potions and refute bogus claims.
Please, is there anyone? Your country needs you.
Are you surprised that it is the chief financial propagandists, (CNBC how fitting) who continue to hang on his every utterance and give this master of financial disaster a forum to tout his message of self immolation.
Question for the boobs and boobs at CNBC. I know you all hear what Greenspan says but do any of you LISTEN to the words he is saying? Do any of you comprehend what he is saying?
In other unrelated news, I am not trying to be the bearer of bad news here but would someone please tell 'da boyz' that GM is now below its IPO price of $33/share and is in danger of rolling over. Just a heads up cause with everything going on in the world it could be easy to overlook.
Maybe 'da boyz' are too busy trading credit default swaps (CDS) on GM to notice. Now for those that have some trouble understanding these things here goes. A CDS on GM is a derivative that is a bet on the probability of GM defaulting (or not) on its credit (debt).
Sounds okay right?
Okay, up until the point you find out that since GM went BK and was born again it has no debt.
Yes. No debt.
But how can they trade a derivative on something that doesn't exist you must be asking.
See on Wall St. you never let a technicality like the bloody thing even existing enter into the equation of you making your month or your bonus.
You see this is what happens when trust fund babies from the LSC frat (more commonly known as the Lucky Sperm Club) find they have no useful utility to society. (As an aside, an uncle of mine used to call cats like this converters, converts food into sh%& !) Yes realizing no useful utility to society they then retreat to the lab to make up things they can shuffle and pass around as legit. It also helps to get an official looking stamp on said counterfeit paper to make the deal kosher, hey kinda like a Moodys, S&P or Warren Buffett stamp on it.
I am no rocket scientist nor did I attend one of the prestigious universities of the Ivy League but I gotta tell ya, I am at a loss on this one. Being a member in good standing and tenured fellow at the Room Temp IQ Institute I am going to bring this up at the next forum for discussion. Should be and interesting topic, derivatives on something that doesn't exist.
After all is said and done you have to ask yourself what absolute brain dead moron would buy this shit. Wait I know the same hedge fund valets, and pension fund zombies who bought all the other toxic Love Canal shit they peddled before.......and the Great Ponzi continues.
Anyway, somebody better get GM back over $33 stat or there'' be the dickens to pay!