Stanley Druckenmiller appeared on CNBS with intrepid reporter Maria Bartiroma today and discussed balancing the budget. His focus was on entitlements. Here is a bankster that spent his career at the trough of Wall Street slurping up hundreds of millions into his own pocket while lobbying our representatives to take away what pathetic protections we had from their thievery. We don't need to go into that old history, if you don't know it by now you never will. What I found to me so disingenuous is not that someone was addressing entitlements but how cavalier their discussion was. Entitlements are a massive part of our budget but then so is "Defense" spending, but Defense was never even discussed. I wonder why? Stanley pompously submitted that HE didn't need his Medicare or Social Security and that it should be simple to just means test people like him and Maria laughed approvingly as though this would be such a simple fix. Here are two people that make millions and one hundreds of millions flippantly discussing means testing WHOM? Some poor schmuck that ran a small business and saved up 300K in an IRA. Now they're going to tell this schmuck that he has to live on 1% interest (3000K/year) and distribute his principle for the remainder of his life. While paying for WHAT necessities. I'll bet Stanley doesn't worry about gas at 4$ a gallon or the price of milk or beef etc. I wonder when the last time he paid an electric bill? Yet here he was....casually making "means" testing a simple solution for a massively complex problem is just what the bankers want you to believe is the solution. The bring you massive derivatives that distort the entire financial system then tell YOU that you are the problem now. Of course there will be means testing and of course your entitlements (if you have any money) will be slaughtered by the broken system. I just hope you don't accept these evil bastards "simple" fixes. THEY AREN'T SIMPLE! And their math STILL will not work. "The fix" will just make you the real payer of another bailout. AND YOU WILL be the payer.
Miners forming a bottom now. Look at PAAS chart today volume outside reversal day. They're not bringing the group up yet so expect more bottoming for a bit longer. Enjoy their game because that's exactly what it is to them. When they're done pummeling the PM trade they'll make money on the long side. Contrary to what some of you may believe. They WILL make money on the long side of the PM trade too. They just don't want you on board. Go ahead and go long GOOG or CMG if you believe that's a better play here. Far be it from me to protest that move in this so-called "market".... gl