Some commentators may seem as if they are being reasonable when they give Secretary of The Treasury Tim Geithner's latest rehashing of the "private-public partnership" plan serious consideration as possibly having merit, but I'm here to tell you that such "analysts" are not only NOT being reasonable, they are being either naive or stupid.
One blogger, by the name of Karl Denninger, who has a marked tendency to toot his own horn whenever remotely warranted, thinks that Mr. Geithner's plan might work if it isn't "gamed". I'd laugh, except that I'm busy shaking my head in disbelief at such idiocy. Mr. Denninger doesn't seem to understand that any plan that has been demonstrated to be theoretically so easily gamed (by Mr. Denninger himself as well as Economist Yves Smith, among others) was almost certainly constructed that way precisely so that it would be gamed. Look who we are talking about for **&!! sake. Tim -No Tax Paying, I am a protegee of Robert Rubin, and look what dodgy business I pulled off I while was at the New York Fed- Geithner. He is Wall Street's creature, lock, stock and smoking barrel. And by now we all ought to know that what is good for Wall Street is almost certainly lethally toxic to the rest of the United States. RIGHT?
And as per today's action on the NYSE, Wall Street has shown that it absolutely loves Mr. Geithner's plan, which is the best possible proof that "the partnership plan" amounts to another sickening segment in an ongoing saga that, were it a novel, might be entitled, "The Impoverishment and Looting of the U.S Citizenry, Made Possible by the Crucial Assistance of the U.S. Government on Behalf of the Criminal Banksters of Wall Street!"
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7 comments:
I thought you might like this video.
It seems Ken Rogoff agrees with your views on Gold (though he never talks about gold per say). Or at least the notion that we will print.
Regards ;-)
Thanks for sending that along. Mr. Rogoff seems like an engaging fellow, but I think its interesting, or more accurately, ironic, that he speculates there will be social upheaval elsewhere but not in the U.S.
I say this since he also postulates that a sense of American exceptionalism is what allowed things to get so out of hand.
As for his views on Gold, I'm not sure I hear what you hear, but perhaps he's among the number of Harvard Profs that has been said to be buying large quantities of gold at my local coin shop.
Why do you think actual gold vs. GLD?
Also, not sure if you saw this on Financial Ninja's blog but it is scary if you read the report (I aree with Ben Bittrolff's analysis that it is reminiscent of Niall Ferguson's War of the World).
By the way, Greenie told me there is going to be a big move up in GLD based on his reading of the trading tea leaves.
Do you also trade GLD?
I prefer having physical to GLD. My problem with GLD is that it could easily be a fraudulent operation. If you want to use it as a trading vehicle, for quick hit, I suppose that it fine. But if you really think gold is going to explode you might consider latching on to a decently performing junior miner, especially one that is heavily leveraged. It will move two to three times the price of gold which of course is at least as good, if not better than an ETF.
I bet you enjoyed the parade of bank CEOs marching in and out of the White house today. There were some tough interviews afterward on CNBC and Bloomberg. Surely, everything will be OK now.
Not
Hi Gary,
Have you seen this video?
http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=92999
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