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Must read article by ZeroHedge which succinctly states why they have enjoyed such success and why the “financial media” are now playing catch-up.

When discussing financial matters, the “financial media” represented by “Establishment” type reporters and bloggers, just like the financial “regulators”, is woefully behind the curve.

Watching pretty faces like Brian Williams, Anderson Cooper and Charlie Gibson fade into oblivion is a delight; the fewer adults watching these powerpoint presentations of repetitive Democrat vs. Republican nonsense, sound-bite reporting and oversimplifications, the better.

Jaywalking is a good representation of the effects of 12+ years of schooling and “news” on our culture.

Takeaway:  Your mind is the most powerful “muscle” in your body.  Keep it in shape by reading and conversing with those you disagree with and those that challenge your existing views.  Watching 22.5 minutes of political gossip and sponsor-approved stories will rot your brain.

when discussing financial matters, the “financial media” represented by “Establishment” type reporters and bloggers, just like the financial “regulators”, is woefully behind the curve.

It should boggle everyone’s mind how easily bloggers are able to catch obvious fraud in the financial markets while the SEC and other regulatory bodies are looking the other way.

Here are some gems just from the last week alone:

  1. Perot Systems FrontRunning – ZeroHedge.
  2. Blatant reinflation of housing bubble – Denninger.
  3. Corruption at HUD – Karl Denninger.

The SEC was not able to catch a ponzi scheme even after Harry Markopolos delivered it to them on a silver platter. 

Paulson and Bernanke have been incredibly incorrect on their assessment of the health of the US economy.

Choose your sources of information/facts/news very carefully.  Stick with those that are honest enough to state their opinions openly and publish their predictions.

Read what you disagree with before drawing your conclusions.

There is a difference between loyalty and blind loyalty.  Blind loyalty to anything (religion, government, ideology, spouse) is deadly.

Takeaway:  Perpetual reliance on someone else’s seal of approval will rot your brain.  Complacency kills.

Beautiful.  Minutes 3 – 4 are the best.

Anytime you feel sympathy and/or hope for Obama, just remember he appointed this dirtbag and re-appointed Bernanke.

Amazing how Mr. Hope and Change is opposed to auditing the Fed and fully supports those who fed us a massive spoonful of corporate welfare.

Takeaway:  Governments are power structures which are abused/manipulated.  Giving up power/money to the government to fix our economy, environment, schools or anything is a mistake.  Audit the Fed.

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Two “answers” which speak volumes of our leaders:

  • At 1:12, Jon Stewart asks “Are we broke?”, Goolsbee replies “No”.

Bizarre.  It seems that a country running trillion dollar deficits and unable to function without borrowing money could be classified as “broke”, but not to our leaders.

  • At 4:20, Goolsbee says:  “When you’re looking in the face of the next Great Depression that’s not the time to tighten the belt”

Indeed, when has there *ever* been a time when either party thought it would be a good idea to tighten the belt and stop borrowing?  Heaven forbid we curtail spending on military/”the children”/retirees/politically connected segments of the population.

Takeaway:  Leaders will do what it takes (lie, obfuscate, deceive) to accrue political capital.  It is not in their interest to be honest with us, especially when our borrowing/spending based economy relies on confidence that “everything will be ok”.  A system heading over a cliff due to instability cannot be solved with more of the same pathetic ideas (reliance on debt, policy tweaks) that got us here.

We all know politicians put on one face for the masses and another face behind closed doors.  It is rare we get a candid moment when we realize how two-faced our leaders can be.

Fast forward to five hours, eighteen minutes of this clip.

Do you know what the Secretary of the Treasury and Chairman Bernanke told us that famous meeting or several meetings that we had?

That we’re 24 hours away from total meltdown of the American economy and 72 hours away from total meltdown of the world economy.  That it would take us back several hundred years.

That we did not have even the security to feed America if it happened.  I could go on to other scary things but I’m not about to do it now.

Amazing.  Whenever Bernanke or Paulson was in front of a TV or in front of cameras last Fall they gave the same copacetic assessment about how the economy was stable and everything was fine.  However, to those that have power and influence, he tells a much different story.

The American people can remain confident in the soundness and the resilience of our financial system. – Hank Paulson, 9/21/2008

We often discover leaks in the Matrix.  We can all remember seeing our parents do things for the first time that let us know they were human and not perfect.  Likewise, our government is not perfect and instead of romanticizing the political process or “parties”, it is more beneficial to focus on safeguarding ourselves from the inevitable economic problems we will encounter.

I’ll be sitting down this weekend and mentally trying to imagine how I would respond to various different stress scenarios and what the outcomes would be.  It never hurts to check.  Better safe than sorry.

Takeaway: This video clip contains a startling admission.  It demonstrates the contempt that Washington has for its own citizens.  Instead of falling for the celebrity reality-show “Inside the Obama White House”, turn off the TV and do some thinking about what could happen if our “leaders” get it totally wrong.