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    Daily Digest – September 2

    by Davos

    Wednesday, September 2, 2009, 1:54 PM

  • Countdown To Dollar Implosion Madness (H/T Jag)
  • Paulson told this person (who is writing a biography, apparently) that he intended to use the TARP money to inject into the banks and not buy toxic assets a full ten days before he testified before Congress
  • TrimTabs’ CEO Charles Biderman Discusses Massive Insider Selling
  • ROFL! China Tells IBs: Stuff It!
  • Seller, beware: Feds Cracking Down on Secondhand Sales of Some Products
  • Is Your State’s Unemployment System in Danger? (Map H/T www.TheComingDepression.com)
  • Robert Kiyosaki: Preparing for the Worst
  • Mothballed Ships
  • And so it begins…
  • Interview with Barney Frank (Video)

Economy

Countdown To Dollar Implosion Madness (H/T Jag)

It never ceases to amaze me what hype people will believe. The latest is a series of posts by Jim Sinclair who on August 14, started a countdown to dollar oblivion.

Paulson told this person (who is writing a biography, apparently) that he intended to use the TARP money to inject into the banks and not buy toxic assets a full ten days before he testified before Congress

Watch the above – six minutes and worth every bit of it.

From that interview (specifically, at 3:20 in):

Paulson told this person (who is writing a biography, apparently) that he intended to use the TARP money to inject into the banks and not buy toxic assets a full ten days before he testified before Congress.

He then testified before Congress to exactly the opposite.

This is about as clear an allegation of perjury (which, by the way, we’ve heard before – remember Kashkari making essentially the same allegation in his Congressional testimony?) as I’ve seen.

TrimTabs’ CEO Charles Biderman Discusses Massive Insider Selling

“Insider selling is 30x insider buying, while corporate stock buybacks are non-existent. Companies are saying they don’t want to touch their own stocks.”

“I don’t know where the money is coming from to keep the markets from not plunging.”

One can offer some suggestions.

ROFL! China Tells IBs: Stuff It!

We reap what we sow, and may the “foreign banks” (you know this includes some nice juicy ones over here in the US) get stiffed and stuffed.

Seller, beware: Feds cracking down on secondhand sales of some products

The initiative, which targets toys and other products for children, enforces a new provision that makes it a crime to resell anything that’s been recalled by its manufacturer.

Is Your State’s Unemployment System in Danger? (Map H/T www.TheComingDepression.com)

Robert Kiyosaki: Preparing for the Worst

2. In my view, this global crisis has been caused by the Federal Reserve Bank, the U.S. Treasury, Wall Street, and the central banks of the world. They caused the problem, profited excessively in doing so, and now profit by being asked to fix the problem. Every time I hear a politician mention the word stimulus, my mind flashes back to high school biology class, when I touched battery wires to a dead frog to make it twitch. Today, you and I are the dead frogs. Pretty soon the dead frog will be fried frog. In the 1980s, our government’s hot money stimulus was measured only in the millions of dollars. By the 1990s, the government had to ramp the stimulus voltage into the billions in order to get the frog to twitch. Today the frog has jumper cables with trillions in high-voltage hot money pouring through the lines. While most us feel better when we have more high-voltage money in our hands, none of us feel good about higher taxes, increasing national debt, and rising inflation for the long term. Another old saying goes, “Sometimes the cure is worse than the disease.” I say the government stimulus cure is killing us frogs.

Mothballed Ships

 

 

 

 

 

 

 

 

And so it begins…

Check out this frightening post by bear’s bear Tim Knight. He could well be right in his conclusions. Where I would take issue with him however is in his last word, ‘jerks’. In its place I would insert ‘hubris laden, power drunk bureaucrats who think they can micromanage every aspect of this once supposedly free market system for the good of the entire union of card carrying comrades’. In other words, jerks. Okay, I take no issue with him.

Interview with Barney Frank (Video)

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