Zero Hedge - Michael Pettis Extended Interview. Want to know about China being totally screwed no matter which fiscal policy it decides to take? This is a must watch. Really good.
The Market Ticker - CORRUPTION: Reverse-Insurance?! (FDIC). "In the world we live so-called "government officials" of the FDIC feel free to engage in such sham transactions, smug in the knowledge that The American Sheeple, along with their handmaidens in Congress, can be counted on to allow a blatantly-fraudulent exercise such as this to be consummated - where the banks that are beneficiaries of FDIC insurance (and whom have also issued literally billions of dollars in covered bonds on an issuance-insurance program that has no legal basis in the foundational principle of the FDIC in the first place) not only do not have to pay for the insurance coverage they enjoy, but actually get paid to have it instead. I couldn't make stories like this up if I tried." It is shit like this that makes your head spin. This story can be read on almost every link I have in my blogroll, all with equal disdain.
Mish - "Buy The Dip" Mentality Fully Entrenched. "Thus, suggestions to "Buy the Dip" based on sideline cash not only shows a lack of understanding about how markets work, they also show a lack of understanding about how extreme sentiment is among retail investors and fund managers, even as insiders (who likely know much more about business fundamentals) are selling hand over fist. Risk is not high, it is extreme." LOL, this is the shit your fund wholesalers bring into your office to sell your advisors on.
PragCap brings us “THE FUTURE WILL BE A TOTAL DISASTER” interview with Marc Faber on Yahoo Tech Ticker. At least I know I am not the only total doomsdayist on the planet.
Via The Big Picture's daily readings you get Market Talk's The Pinocchio Recovery. A delightful little post with, "Now, I see a recovery that looks like Pinocchio: it wants to be a real little boy, but it’s really just a wooden toy that moves only when somebody pulls its strings. But everywhere, we hear people talking up the recovery as if the economy is sprinting into a new bull market."
One last post about IMO the greatest deceiver of them all. Zero Hedge - Themis Trading Responds To Jim Cramer. (Cramer video here - if you can handle it.) Will someone please que John Stewart again please.
That is enough for tonight. Fraud, lies, criminal activity, and outright lawlessness rules the day. I told you they would protect the market at all costs. It is all they have left between them and total anarchy. Expect the bullshit to continue. Quit being surprised at every ramp job. They are backed into a corner and have all guns ablazin. Don't stop being outraged at the rape of our financial system, our futures and our constitution.