en-us https://www.intensedebate.com/users/304121 Comments by Cullen Roche http://www.economonitor.com/lrwray/2013/12/11/mmt-often-imitated-never-duplicated/#IDComment768284688 I am flattered that you guys are keeping an archive of every comment I've ever made. But seriously, what's up with all the name calling? Liar, idiot, etc? What is the point? And what - are my opinions and understandings not allowed to evolve? I am sorry I read Soft Currency Economics before I read Monetary Economics. I am sorry I ever thought I was doing "MMT" and attached my name to it. It's obvious now, that I was never really all that close to MMT. So my views have evolved with time. I think I've learned and evolved. You guys just attack that and call me names. I am sorry I disagree with MMT's points. I am. But calling people names and archiving old and irrelevant quotes doesn't really change what my current opinions and thoughts are..... Sun, 15 Dec 2013 19:19:03 +0000 http://www.economonitor.com/lrwray/2013/12/11/mmt-often-imitated-never-duplicated/#IDComment768284688 http://www.economonitor.com/lrwray/2013/12/11/mmt-often-imitated-never-duplicated/#IDComment766086089 Randy, For not knowing who I am, you sure do seem certain of my political beliefs and monetary understandings. Next time you decide to attack us so personally, you could start by at least getting the name of our approach right (it's just MR - Monetary Realism). It might bolster your argument. Phil, I never said that. I said the the "printing press is not more powerful than the private production line". After all, money has no value if there is no output for it to be used to purchase. I don't think this is "austrian" or even that controversial.... Bod/Dismayed, I never said govt has no role in the economy. In fact, I've been in favor of greater govt regulation, deficits, and I am not even against the JG (despite MMT's misinterpretations otherwise). You regularly read my work and comment at PC so I know you're aware of this. Is this what MMT has resorted to now? Petty blog posts, personal attacks and blatant misrepresentations and personal defamation? I sure hope not. I am sorry I disagree with some of your positions, but calling people "retarded", "anal" and telling them to "get a life" in your blog post is not helping your cause. Feel free to call me all sorts of names now and misrepresent everything I say.... Wed, 11 Dec 2013 18:45:05 +0000 http://www.economonitor.com/lrwray/2013/12/11/mmt-often-imitated-never-duplicated/#IDComment766086089 http://pragcap.com/lloyd-blankfein-aint-no-dummy#IDComment18736884 Gotta agree with that. Pisani couldn't trade his way out of a wet paper bag. Tue, 14 Apr 2009 19:41:37 +0000 http://pragcap.com/lloyd-blankfein-aint-no-dummy#IDComment18736884 http://pragcap.com/lloyd-blankfein-aint-no-dummy#IDComment18734753 It's kind of ridiculous. There was almost no mention of the 34% increase in FICC that resulted in more than HALF of their revenues. The fixed income trading alone should raise a huge red flag for anyone who is invested in GS. You just can't expect to get the real scoop from CNBC. The reporters aren't all that sophisticated and 90% of their guests have been entirely wrong about this market for the last two years. Dick Bove was on this morning....That guy called the banks a generational buy over 65% higher than they are today.... Tue, 14 Apr 2009 18:58:12 +0000 http://pragcap.com/lloyd-blankfein-aint-no-dummy#IDComment18734753 http://pragcap.com/lloyd-blankfein-aint-no-dummy#IDComment18732772 I think CNBC catches a fair amount of undue criticism. Their reporters are amateurs. Liesman, their "chief economist" has no business background and graduated with a degree in journalism. Anyone that expects them to understand or coherently explain what is going on is expecting far too much from them. The only person who deserves a good amount of criticism is Cramer. The man constantly misleads investors into thinking that any Joe Schmo can outperform the market by picking individual stocks. It's not that easy and his show causes small investors a great deal of pain. He should know better..... Tue, 14 Apr 2009 18:12:24 +0000 http://pragcap.com/lloyd-blankfein-aint-no-dummy#IDComment18732772 http://pragcap.com/gs-crushes-estimates-raising-5b#IDComment18726886 I certainly underestimated the creativity of the Treasury. I assumed the uptick rule was certainly the last bullet, but it looks like this stress test is giving life to a new last bullet....Of course, things change so we must adapt.... Tue, 14 Apr 2009 16:00:14 +0000 http://pragcap.com/gs-crushes-estimates-raising-5b#IDComment18726886 http://pragcap.com/oecd-shows-no-signs-of-recovery#IDComment18695128 Fixed the error. Thanks for letting me know. I must not have posted it to HTML originally. That's the second time today I've done it....I am still suffering from an Easter brunch food hangover.... Mon, 13 Apr 2009 23:46:53 +0000 http://pragcap.com/oecd-shows-no-signs-of-recovery#IDComment18695128 http://pragcap.com/gs-crushes-estimates-raising-5b#IDComment18690521 Yoyo, I'm now thinking that the market could remain buoyant for the remainder of April. The problem is that the banks announce earnings for the next 2 weeks and no one in their right mind wants to get short in front of that. I still think we're likely to see "better than expected" earnings from the majority of the banks. Then we'll get an announcement on the stress tests at the end of the month. I wouldn't be shocked if that announcement is one of these grand Sunday evening events where the Fed and Treasury declare that they have saved the world again. 5% market pop off that and then we're all set for the greatest "sell in May and go away" that the market has ever seen. These banks are not healthy and the economy is not rebounding. I am certain of both. Personally, I am not getting short in front of these bank earnings. It's just too risky. Until then I can afford to be patient. If the market melts up further then it will only tee up my short positions better. If you want to be long I wouldn't allocate no more than 30% of my capital to the long side and I would likely do it entirely in tech names. I want nothing to do with the banks until these fake earnings are over. Mon, 13 Apr 2009 21:56:08 +0000 http://pragcap.com/gs-crushes-estimates-raising-5b#IDComment18690521 http://pragcap.com/gs-crushes-estimates-raising-5b#IDComment18688658 Nothing on the "about us" page is false. Some people at the big banks are smarter than they get credit for. I happened to learn a lot from them.... Mon, 13 Apr 2009 21:09:01 +0000 http://pragcap.com/gs-crushes-estimates-raising-5b#IDComment18688658 http://pragcap.com/gs-crushes-estimates-raising-5b#IDComment18688632 I'm glad to help. Mon, 13 Apr 2009 21:08:18 +0000 http://pragcap.com/gs-crushes-estimates-raising-5b#IDComment18688632 http://pragcap.com/are-jobs-really-a-lagging-indicator#IDComment18683121 Thanks for the refreshment. Looks like I need to go back and read his theories again.... Mon, 13 Apr 2009 18:51:56 +0000 http://pragcap.com/are-jobs-really-a-lagging-indicator#IDComment18683121 http://pragcap.com/are-jobs-really-a-lagging-indicator#IDComment18678855 If I recall correctly, Soros' theory says reflexivity only occurs some of the time. I would argue, rather, that markets are inefficient nearly all the time. Thanks for pointing that out. I hadn't read his theory in a long time. It's interesting to go back and have a look. It's hard to imagine the market going substantially lower in the face of bank earnings. Does anyone on earth think Government Sachs will miss estimates? There's a good reason for delaying the stress test results.... Mon, 13 Apr 2009 17:01:45 +0000 http://pragcap.com/are-jobs-really-a-lagging-indicator#IDComment18678855 http://pragcap.com/whats-on-tap-3#IDComment18654482 We're on the same page.... Mon, 13 Apr 2009 04:39:10 +0000 http://pragcap.com/whats-on-tap-3#IDComment18654482 http://pragcap.com/whats-on-tap-3#IDComment18654480 I am not personally. I can't justify owning any of the banks due to their balance sheets. None of these firms can be intelligently evaluated at present because their balance sheets are black boxes. I would rather own the S&P or a similar index with the idea that the banks will raise all boats. Mon, 13 Apr 2009 04:38:49 +0000 http://pragcap.com/whats-on-tap-3#IDComment18654480 http://pragcap.com/the-code-breaker#IDComment18626557 Up 50% last year Sun, 12 Apr 2009 17:19:17 +0000 http://pragcap.com/the-code-breaker#IDComment18626557 http://pragcap.com/the-t2-housing-outlook#IDComment18579830 Just watching golf and revealing the truth about the scam known as the U.S. stock market! Sat, 11 Apr 2009 21:06:57 +0000 http://pragcap.com/the-t2-housing-outlook#IDComment18579830 http://pragcap.com/the-t2-housing-outlook#IDComment18579805 Thanks Tim! Sat, 11 Apr 2009 21:06:07 +0000 http://pragcap.com/the-t2-housing-outlook#IDComment18579805 http://pragcap.com/the-meredith-whitney-hit-job#IDComment18460045 Thanks onlooker. This looks like a case of envy/sour grapes to me. Weidner probably owned a mountain of CitiBank all the way down....Oops. Thu, 9 Apr 2009 23:07:19 +0000 http://pragcap.com/the-meredith-whitney-hit-job#IDComment18460045 http://pragcap.com/what-a-squeeze#IDComment18459966 Higher share price means they can raise capital. Don't be shocked if we hear a number of capital raises from WFC and the likes over the coming week. The Treasury is clever. I have to admit. They want to let the banks report good numbers, raise capital then release the stress test results. Then they might not have to worry about injecting so much TARP capital into the banks. The problem is, if housing, credit cards and CRE continue to decline over the coming year (which they almost certainly will) we will just revisit the same problems in the 3rd or 4th quarter. Sigh.... Thu, 9 Apr 2009 23:05:15 +0000 http://pragcap.com/what-a-squeeze#IDComment18459966 http://pragcap.com/what-a-squeeze#IDComment18458986 Thanks for the kind words Prescient. Buying big down days and selling big up days has been a very successful strategy since this bear market started. I can't find the study (though I will look), but I believe that buying the dips and selling the rips has returned 26% per year during the bear market. That of course if a very short-term strategy. if you're looking at more of an intermediate term holding period I just don't see how you can short the banks now before earnings. Bank earnings will dominate the next two weeks of releases. I expect to hear the same garbage we heard from WFC. First Wells, then USB, then JPM, then C, then BAC, and on and on. I just don't see how you can short into the likelihood of all these banks outperforming estimates. The banks have been dragging this market around by the nose and they will continue to do so. Glad you're enjoying the site. Thu, 9 Apr 2009 22:42:08 +0000 http://pragcap.com/what-a-squeeze#IDComment18458986