Rick Santelli is knowledgable. Dennis Kneale is a fool. Kudlow is a clown.

NEW -> Contingent Buyer Assistance Program
"In addition, Treasury said there would be an immediate banking system collapse and a Depression if they did not immediately buy "distressed mortgage-backed securities", and yet not one single dollar of said distressed assets have been purchased to date, while $310 billion has been spent or committed so banks can make acquisitions and fund bonus pools, with said acquisitions happening at 60% discounts to claimed balance sheet values just days prior. - Karl Denninger
 
"If the US should refuse to agree to the six principals, that only means it doesn’t really need China to save its market and buy its national debt. Then China’s choice is quite simple: rationally adjust the structure of its foreign exchange reserve assets and avoid the risk of the US national debt according to market rules."

So, you think China needs the US?
 
"Some will argue that liquidity being injected into the bank system will be drained subsequently by the Fed via open market operations. In principle, this could abate the ultimate inflationary impact of the bailout operations. However, currently this liquidity cannot be removed without collapsing the banks and worsening the recession. Since bringing bank balance sheets back to health is probably a multi-year process, this argument does not seem to stand."

 - Ronold Solberg

Full Article
 
graphrix said:
Dennis Kneale begging for a BJ from Lawrence Yun.

http://bigpicture.typepad.com/comments/images/2008/07/24/dennis.png

Hat tip to Barry for this.

I stand by what I said in my first response to this thread, if I see him the next time I am in NYC (like I saw Dylan Ratigan on the subway to Wall St.), I will kick Dennis in the nuts. This is some serious Ben Steinery right here. BTW, how come we haven't heard from Ben "subprime is tiny" Stein lately?
Click to expand...
What a freaking idiot, talk about having your head in a hole. After you kick him in the nuts, I'd love to do the same thing. If he thinks that the housing downturn hasn't effected anything else in the economy he is sadly mistaken. How in the hell did CNBC hire this idiot???
 
Kneale_Dennis_240x250.jpg


bevis2.jpg


Is that Bevis?
 
graphrix said:
(like I saw Dylan Ratigan on the subway to Wall St.)
Click to expand...

While riding on subway south towards NYC financial district...

Graphrix: Hey, that guy over there looks like Dylan Ratigan.

Caycifish: Who? (looks)

Graphrix: Dylan Ratigan. He's a reporter for CNBC. He must be on his way down to report from the stock exchange.

Caycifish: You really think that's him? Wait, what time is it? Is it about the right time for him to be doing that? (Graphrix starts to look at his phone.) Keep in mind the time difference...

Graphrix: Well, I'm not really sure what he's doing. But that really looks like him.

Caycifish: He looks like he had a hard night or something. He looks really tired...see how his eyes keep closing? Does he usually have to report early in the morning?

Graphrix: Oh yeah, he does look tired. (both watch Ratigan's head droop and then correct, eyes slowly blink a few times, and obviously fight off sleep)

Caycifish: He looks like he wants to take a nap right here on the subway. Poor guy.

(all get off at Wall St. station)

Later, back at home, Graphrix puts on Fast Money.

Caycifish: Hey, that IS the guy from the subway!

Graphrix: See, I told you it was him.

Caycifish: He's all "up with people" now. He must seriously live on Redbull and crash as soon as he's not on camera anymore. So why was HE on the subway? You'd think he'd have a towncar take him down there or something.

Graphrix: I don't know.

Caycifish: Well, I guess depending on the time of day the subway would be the quickest and easiest way to get from Times Square to the financial district and back.
 
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