An abbreviated version of Einhorn’s speech ran as an Op-Ed in this morning’s Times. We’ve obtained the full text of yesterday’s chat.
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“EASY money has negative consequences in addition to the risk of inflation and devaluing the dollar. It can also feed asset bubbles. In recent years, we have gone from one bubble and bailout to the next. Each bailout has rewarded those who acted imprudently. This has encouraged additional risky behavior, feeding the creation of new, larger bubbles.
The Fed bailed out the equity markets after the crash of 1987, which fed a boom ending with the Mexican crisis and bailout. That Treasury-financed bailout started a bubble in emerging market debt, which ended with the Asian currency crisis and Russian default. The resulting organized rescue of Long-Term Capital Management’s counterparties spurred the Internet bubble. After that popped, the rescue led to the housing and credit bubble. The deflationary aspects of that bubble popping created a bubble in sovereign debt, despite the fiscal strains created by the bailouts. The Greek crisis may be the first sign of the sovereign debt bubble bursting.
Though we don’t know what’s going to happen next, the good news for our grandchildren is that we will have to face our own debts. If we realize that our own future is at risk, we might be more serious about changing course. If we don’t, Mr. Geithner and others might regret having never said never about America’s rating.”
Einhorn rocks!
Winner, winner, Chicken Dinner!
My colleague really either needs to buy a better hairpiece, or else do what I did and go the testosterone-laden shaved head route.
agreed on all his points. Einhorn for Treasury Secretary.
@4 dude that’s not a shaved head. those hairs came out all on their own.
I take all this to mean Einhorn’s planning on icing of Tim Geithner.
genius
I read that whole thing and agreed with all his points. Having said that, was a little disappointed there wasn’t even ONE poker tip.
einhorn better be sharp on his b-ball skills, i see a challenge issued by timmy g’s office real soon.
Einhorn is Finkle.
Finkle is Einhorn.
Anal_yst is Kouwe.
Kouwe is Anal_yst.
@7 – I don’t think TG is a bro.
“I recently posed this question to one of the President’s senior economic advisors. He answered that the government is different from financial institutions because it can print money and
statistically the United States is not as bad-off as some other
countries.”
Ummmmm.. Really don’t even know how to respond to how terrifying that response is. HOWEVER, I’d like to put forth a proposal for all fans of Dealbreaker to chip in $1k which will go towards the purchase of a compound somewhere in the Hudson Valley so when this clown in the White House turns our fair country into Escape from NY, we have a contingency plan.
Who’s in?
Good points. Just have the federal government control all production, consumption and income distribution and make money off your own citizens and exports to pay down the debt. Or invade a small wealthy nation (Switzerland)?
@13 – I’m in, but only if I can pound you in the ass twice daily.
-Guy Who Pounds Random Doomers in the Ass
I liked his part about widows and orphans being forced to chase yield by The Beard. That IS f*cked up.
I will file a qui tam suit against the Social Security Administration for running a ponzi scheme and make billions. Take that Simmons and Paulson. Your few billions will be beer money when I’m done.
@18 it’s Simons, not Simmons. Jesus.
Einhorn’s negativity is not helping. We don’t want his type around here.
I am the fat fingered trader
@13 Would propose somewhere somewhat more remote and hard-to-access than the Hudson Valley… northern New Hampshire, perhaps.
Sweet watermark. HOT.
@15 – No compound for you.
@22 do you have something you want to say?
None of this makes any sense to me.
- President Urkel
Thanks Bess
@6 uncalled for.
I have a simple solution: We aggregate all national reserves in a foreign currency fund that bets on foreign Commodity futures (which my team can trade for the government). Leverage is 100:1. I do some trading tricks then we all make out like a mutha fuckin bandit. BOOM national deficit instantly erased.
Einhorn FTW
@29 Einhorn’s been drinking too much of that Ayn Rand Kool-aid
@30 Read the whole speech– what is Randian about it?
@31 – I’m pretty sure it’s the part where Einhorn talked about setting up David’s Dale, a community where people could live who agreed not to be slaves to government. His point about seizing government cheese and redistributing it to taxpayers rather than societal leeches also seemed Randian. But what do I know?
Ha, he mentioned shadowstats. I assume that means we’re getting close to bubble territory here?
-guy who has been long gold since 2002
@32/AB Huh?
@32. Yeah, it’s exceptionally Randian, but, upon thinking about it some, I’m not sure if that’s because he actually believes such blatant bullshit, or that he’s just talking his book.
-guy who makes bombs for a living and so realizes 1/2 the economy is based around the military and that this is probably where all our wealth comes from and that therefore anyone who excessively criticizes government intervention without acknowledging that the source of this wealth is from the “government” is a complete asshole
-guy who writes P.S. to say “Assholes! Do you even know how much an aircraft carriers COSTS?! Fuck!”
Somebody get the man a tissue….
Like everyone else, when the economy is down, he wants to fix government. Government should be fixed in good times, not when people really depend on it. If you care about the debt, an easy solution is raise taxes. But nobody wants this. If you want to cut government, accept the fact that government services/goods will be reduced (I’m sure those on unemployment will be happy). Nobody wants this either.
@33 shorted Vietnam to fund his position.
Bess you naughty girl. you put the PDF on th “Bess Levin Dealbreaker ” background. how am i supposed to send it to my friends and tell them i got this on my own through street connections?
you’ve got your name all over it. that’s so money
It’s patriotic to bash treasuries after buying long term out of the money puts
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