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"They'll all make billions betting against Obama."



December 09, 2009 – Comments (1) | RELATED TICKERS: GM , GS , JPM

MY COMMENT:  One of the few competitent truth tellers allowed in Financial media Market Watches': Paul Farrell

FlashForward: What Obama's sellout costs us Bernanke reappointment dashes our vision of hope

Paul B. Farrell

Dec. 8, 2009, 10:34 a.m. EST

 ARROYO GRANDE, Calif. (MarketWatch) -- "FlashForward," the new ABC television series, is more than science fiction, more even than a Wall Street metaphor. An experiment searching for the "god-particle" in the CERN Large Hadron Collider in Geneva triggers a 137-second global blackout. Every human on Earth loses consciousness, enters a new reality, sees their future, threatening many.

At first, no one knows why. An FBI team is collecting individual flashes, building a collective "mosaic" of the world's future. Individuals fear: Is my destiny fixed? Does free will still exist? Can I change the future?

Riding the rate roller coaster

With bonds fully priced, it may be time to swap into preferred shares, utility stocks and other investment that offer protection if interest rates rise, according to Barron's Associate Editor Andrew Bary.

Now let your imagination run with this scenario: A year ago America had a "137-second blackout," elected President Obama. In our collective flash forward we saw a new world of hope. For many, that future is now unraveling. Destiny changes. Hope fades. Darker forces close in.

What is sabotaging the mosaic, our future? Deep within our collective soul, a relentless mantra haunts us: Why Bernanke, why Bernanke, why Bernanke? The mystery: Why has our man of hopes abandoned us, surrendered to the dark side? Why keep Bernanke? With the Senate spotlight targeting the Fed Czar, imagine the sequel, another "137-second blackout," triggering a new turning point, new mysteries.

What does the new mosaic mean for the future of the world, our nation's tomorrow, for you, your family? You can't trust the FBI. What changed? What's next?

FlashForward. 'Obama's big sellout,' Matt Taibbi in Rolling Stone

All eyes are on the Senate, on Bernanke's confirmation. Myopic senators never saw the mosaic. But Obama's the decider. And Bernanke is his biggest blunder in Taibbi's brutal flash forward: "Barack Obama, a once-in-a-generation political talent whose graceful conquest of America's racial dragons en route to the White House inspired the entire world, has for some reason allowed his presidency to be hijacked .... Instead of reining in Wall Street, Obama has allowed himself to be seduced by it, leaving even his erstwhile campaign adviser, ex-Fed chief Paul Volcker, concerned about a 'moral hazard' creeping over his administration ... Obama has pulled a bait-and-switch on us. If it were any other politician, we wouldn't be surprised. Maybe it's our fault, for thinking he was different."

FlashForward. Black Swan's Taleb stunned: 'Good-bye! The reappointment of Bernanke is too much to bear'

Bernanke's reappointment stunned Black Swan author, Nassim Nicholas Taleb, philosopher, mathematician, hedge trader, behavioral economist: "I cannot believe that we, in the 21st century, can accept living in such a society. I am not blaming Bernanke, he doesn't even know he doesn't understand how things work or that the tools he uses are not empirical," Taleb wrote in Huffington Post.

Rather, "it is the Senators appointing him who are totally irresponsible ... The world has never, never been as fragile," and we're stuck with an economist whose methods make "homeopath and alternative healers look empirical and scientific." Like his flawed god Greenspan, Bernanke is guided by wishful thinking, dogma and ideology. Worse, this raises serious questions of Obama's judgment.

Obama, Bernanke, the Senate: All are crass politicians using bad economics, making bad decisions. Obama's decision left Taleb so distraught he's "withdrawing" from public life "into the Platonic tranquility of my library, to work on my next book, find solace in science and philosophy, and mull the next step. I will also structure trades [betting on] the next mistake by Bernanke, Summers and Geithner."

Yes, a big tip for traders. If you're betting, head for the gaming tables with Soros, Paulson, Einhorn (he's already on record betting on a "currency death spiral.") They'll all make billions betting against Obama.

FlashForward. 'Bernanke's a part of the problem:' Sen. Bernie Sanders

The senator will vote "no" on Bernanke, forcing 60 votes in the Senate: "The middle class of America is collapsing; we have seen incredible greed, recklessness and illegal behavior on Wall Street," Sanders said. Bernanke "missed the boat on the most significant economic crisis since the Great Depression. We need a whole new direction in the Fed and in our economic policies. A direction that stands up for a change, not for the rich, not for the top 1%, not for the giant financial institutions, but for the working class and the middle class of this country. Nobody thinks that Ben Bernanke is that person."

FlashForward. 'Bernanke forgot his role causing the Great Recession'

Bernanke recently wrote "The Right Reform for the Fed," a defensive op-ed piece in the Washington Post, hustling a second term just before his Senate confirmation hearings. TPM's Dean Baker was furious about this brazen huckster: "The arrogance of Bernanke's column is almost beyond belief. This man is incredibly lucky to still have his job at a time when millions of other workers have lost theirs as a direct result of his incompetence."

The rest is here:

1 Comments – Post Your Own

#1) On December 10, 2009 at 12:16 PM, 4everlost (28.86) wrote:

Thanks for the link to the interesting article.  I really like the way the author framed it in the flash forward style.

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