Pfft. And for once I thought the earth had found a politician who was bold and firm. What a joke! This guy was able to defy authority by defaulting for literally a few hours. Then it’s all back to kicking the can down the road. What a feckless wimp.
As impressive as the little chart above looks for the bulls, in the context of the broader market, it means just one thing to me: better prices for shorting. Which is just what I’ll be doing today.
I just saw this exciting offer to enter a contest for the chance to meet Hillary Clinton face-to-face. The responses to the tweet are, understandably, hilarious.
Note from Tim: about a week ago, everyone’s favorite Sloper BDI encouraged me to read an entry on his Stealthflation blog, which I did. The article, by James Howard Kunstler, was so indecently rich, I felt like a starving man who had just been handed five superbly-crafted cheesecakes. There is so much rich goodness in it, it’s almost impossible to believe. I’m leaving this post up all day. Please read it. It is superb, and I thank BDI for getting permission from Mr. Kunstler to republish it here on Slope:
Submitted by James Howard Kunstler – KlusterFuckNation
“Don’t look back — something might be gaining on you,” Satchel Paige famously warned. For connoisseurs of civilizational collapse, 2014 was merely annoying, a continued pile-up of over-investments in complexity with mounting diminishing returns, metastasizing fragility, and no satisfying resolution. So we enter 2015 with greater tensions than ever before and therefore the likelihood that the inevitable breakdown will release more destructive energy and be that much harder to recover from.
I don’t know how anyone can trust the statistical bullshit emanating from our government reporting agencies, or the legacy news organizations that report them. Yet the meme has remained firmly fixed in the popular imagination: the US economy has recovered! GDP grows 5 percent in Q3! Manufacturing renaissance! Energy independence! Cleanest shirt in the laundry basket! Best-looking house in a bad neighborhood…!
¡No hay problema!
The Tim of years ago would probably never have believed that he supported and applauded anything that Democrats were doing, but………he is. As I’ve mentioned in the past, I am living my political life backwards. The old saying, “If you’re young and conservative, you have no heart, and if you’re old and liberal, you have no brain” speaks to the normal, assumed political path of American citizens: you start off a hippie-dippie left-winger and, through the years, become a curmudgeonly radical-right conservative.
I’m doing it precisely the opposite way: as a teenager, I had a terrifyingly laissez-faire, dog-eat-dog, every-man-for-himself attitude. I was a hard-core libertarian (and, deep down, probably still am) and saw all Democrats as welfare-loving, tax-and-spending, union-worshipping socialists.