A guy falls off a 100-story building.
He passes story 99. Us: "He's going to die." Permabulls: "He's still fine, he's only fallen one floor."
He passes story 90. Us: "He's going to die." Permabulls: "There are many instances of people who fell ten stories and lived."
He passes story 80. Us: "He's going to die." Permabulls: "Boo hoo! The sky is falling! We're all gonna be living in cardboard boxes!"
He passes story 70. Us: "He's going to die." Permabulls: "Got a link?...Uh huh, your 'link' demonstrates that you have been duped by the MSM."
He passes story 60. Us: "He's going to die." Permabulls: "You've been saying that for 40 stories and you haven't been right yet."
He passes story 50. Us: "He's going to die." Permabulls: "Very few people have ever fallen more than 50 stories, therefore he must be at the bottom."
He passes story 40. Us: "He's going to die." Permabulls: "But what about all those other guys on the roof, none of them have fallen. You're cherry-picking your data."
He passes story 30. Us: "He's going to die." Permabulls: "I see that you're being very careful not to mention that he has life insurance, so why the long face, Mister Gloom And Doom?"
He passes story 20. Us: "He's going to die." Permabulls: "Why do you think that the government's efforts to intervene against the force of gravity in the next 500 milliseconds will fail? You're actually pretty happy about this, aren't you?
He passes story 10. Us: "He's going to die." Permabulls: "There are plenty of his parts that will still be triple-A rated, even IF what you claim will happen, happens."
He lands. Us: "He's dead." Permabulls: "You can't say he's dead until we see a death certificate saying he's been dead for the previous two quarters."
Two quarters pass. Us: "Ok, he's been dead for two quarters." Permabulls: "Even a stopped clock is right once in a while."
LOL!! LOL!! LOL!!! and that, my FRiend is exactly what people have bought in to.....the people that make the killing in the markets never ever really make decisions based on ‘government’ defined stats. or th definitions of Liberalville professors that have never had a real job other than the socialization of our youth.
Good summary.
Very funny in a wish it wasn’t so true way.
Insert Dennis Kneale for “permabull.” Or any one of a number of people on CNBC or Fox who keep claiming that this thing is still “contained” and “not so serious.”
What a bunch of tools these people are.
Here’s the simple truth of the matter folks: go read a DETAILED history of what led us into the Great Depression.
Most people think it was the market crash of ‘29. Most people are wrong. Most people don’t know what really happened to the US financial system from ‘28 to ‘33, because, well, most people didn’t understand it then, and the press mis-reported it.
Go look in DETAIL at what happened to the US banking system from 1930 to 1932. To do so, you’ll have to read some esoteric papers by economists, finance types, the Fed, et al. Long story short: what you see happening today happened back then - with a vengence, and a Fed that was mostly clueless because they were new at it (and they were constrained by a gold-backed currency). The banking system seized up by ‘32, and banks simply refused to lend.
That’s what led us downhill into the Depression, which was a deflationary spiral. Once a deflation really gets going, the central banks are powerless to stop it.
NB which way mortgage rates are going: they’re going up. Which way is the Fed taking interest rates? Down.
The Fed is pushing on a string. This is why they’re flinging $100 billion into the banking system this month through the TAF. The funds/discount rate agenda isn’t working.
And the Permabulls keep spreading rumors about Ambac getting a bailout. Three times they’ve spread this rumor. Three times they’ve been full of crap. Now the market is done with the idea of bailouts and white knights.
Now things are going to start getting really interesting.
We laugh because it’s funny and we laugh because it’s true.
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