All this QE, stimulus etc and we get 1.8% growth. Uhuh. Then we get initial unemployment claims rising to 429,000. Sadly even the 4 week average is north of 400,000 so you can't even hide behind that one.
If this is what a recovery looks like, 75000 people in Chicago applying for 2000, no, not Boeing jobs, no, not Ford Motor jobs and no, not Cummins engine jobs, but rather those high paying, skilled labor McDonalds positions. Note also that this was not in Lahore, Havana, or Lagos but rather Chicago.
What was it the Walmart CEO said about customers. Ahh, who cares. CNBC doesn't, so why should we. The profoundly enlightened whiz's over at CNBC are busy discussing ideas like bulldozing houses to reduce housing supply.
Yes, you indeed read that right. Bulldoze houses check out the short CNBC video link above for yourself. The real gem of this higher thinking powow comes straight away from host Erin Burnett when she gave us this doozy;
"should we tear down abandoned homes, foreclosed homes, or even built homes by the homebuilders, that, you know, all the the fixtures, and the Wifi, or whatever, even the color, are just not going to be stylish by the time people actually want to buy em'."
So Joe Lavorgna, chief U.S. economist at Deutsche Bank what do you think?
"I think its a great idea Erin!"
Even poor Rick Santelli, whom I like, agreed.
C'mon Rick, give your head a shake for cryin' out loud!
I have and idea to add to this extraordinarily cerebral discussion. Hey, how about dropping some cluster bombs from a squadron of Warthogs and raze half the this countries housing and infrastructure. This way we could get right back to the economic nirvana we had before the housing ponzi collapsed. Put lots of people back to work building houses, the roads and infrastructure destroyed, put lots of people back to work re-stocking all the munitions used. Yes indeed fantastic idea.
Funny but the phrase "shit for brains" immediately comes to mind. And you still wonder why its called the boobs and boobs in chairs network?
Given it is the annual meeting of Berkshire Hathaway and that the temperature surrounding the Buffett/Sokol/Lubrizol affair is starting to rise, I thought it time to chime in.
Buffett's holding company Berkshire Hathaway, his right hand man Charlie 'suck it up and cope' Munger and their top lieutenant David Sokol rightly or wrongly are widely considered the top of the financial pyramid. They and their activities represent the holy grail of the financial landscape as Buffett is the alter at which so many on Wall St. and the financial media worshipped.
We all know what role Moodys played in the housing ponzi scheme and so does Warren Buffett. If you truly believe, as I am sure many devotees do, that the purported smartest/shrewdest investor ever to live while being one of the largest shareholders in Moodys, not to mention Wells Fargo had no idea what was going on, well might I suggest you have yet another hit on the Zoloft pipe and turn Jim Cramer on for an update.
Now consider the front running Berkshire #2 Munger did with Boyd. the book cooking Sokol orchestrated at MidAmerican Energy to drive out a minority partner, and of most recent the insider trading/front running scheme at Lubrizol shows the rot and filth that have been going on at the 'top of the pyramid' for some time. Given this, what does this tell you about the financial scene when this is the top of the pyramid?
Do you dare imagine what the the levels further down the financial food chain are like?
Is it me or are the masters of the universe, the smartest guys in the room eerily quiet on the situation that is the U.S. dollar. If it weren't so tragic I would suggest it might be funny at how we were told by these same experts how we were heading for financial armageddon if Wall St. bankers weren't bailed out of their position. How martial law was imminent if congress didn't acquiesce to Wall Street's extortion scheme and fork over 700 billion so Paulson could hand it over to cover losing bets by his cronies on Wall St.
Yet ironically the dollar, which is in free fall, poses no such threat for us? Where are the experts now? What, you mean no martial law if the dollar drops to 50? No armageddon either? Just wanted to make sure.
Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
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