Obama economy is 'amazing,' says hedge fund billionaire

[Indus]

http://money.cnn.com/2015/10/09/inv...ndex.html?iid=ob_article_footer&iid=obnetwork

President Obama isn't exactly the most popular guy in the corridors of finance.

But one big Wall Street billionaire thinks it's time to stop bashing Obama.
Why?

Because he's done a great job.

"The strides we've made the last eight years are pretty amazing," billionaire hedge fund manager Jim Chanos told CNN's Poppy Harlow this week from his midtown Manhattan office.

That might be a hard thing to admit for many on Wall Street who still wince when they remember Obama dubbing them as "fat cat bankers" in 2009.
But Chanos says he has only one message for them: "What do you have to complain about?"

Chanos rattled off a laundry list of things that reflect the Obama economy's success: The country is nearing full employment, the stock market is near all-time highs, corporate profits have shattered records, there's universal health care, gas prices are near $2 a gallon, and the federal deficit has shrunk.

"Of all the major economies right now, we're the place to be," Chanos said.

And Chanos agrees with another presidential candidate Donald Trump, at least on one issue.

Trump has said hedge fund managers are getting away with "murder" by paying lower taxes. The Republican presidential candidate has proposed leveling the playing field by abolishing "carried interest," a tax loophole that lets investors pay lower taxes on their profits.

Chanos agrees that the rich need to pay more in taxes and the loophole needs to be closed.

He's right.. compared to January 20, 2009 when Obama was inaugurated, things have massively improved.

 

[LegendKiller]

http://money.cnn.com/2015/10/09/inv...ndex.html?iid=ob_article_footer&iid=obnetwork



He's right.. compared to January 20, 2009 when Obama was inaugurated, things have massively improved.

Except we aren't near full employment when you look at U6. Nor is the stock market at very high highs. Nor is it all that healthy considering a huge portion of EPS growth is due to re-leveraging of corps so they can buy back stock. Nor are profits that high when you adjust for inflation and various other factors. Universal healthcare has led to large premium increases, contrary to promises (you can keep your insurance!), as prices have gone down because of the near breakup of OPEC (and we're fucking that up too), and the Federal Deficit did shrink, but from a very high number, and also due to Fannie and Freddie giving up profits to the gov't in perpetuity.

You know how you can tell when the vast majority of ultra-wealthy are lying, whether it is bullish or bearish news? When they open their mouths. They always have some vested interest in shorting or longing stocks/bonds/oil...etc.

It's like the fools who listened to T. Boone Pickens when he said oil would *NEVER* go below $150 a barrel.

 

[boomerang]

Except we aren't near full employment when you look at U6. Nor is the stock market at very high highs. Nor is it all that healthy considering a huge portion of EPS growth is due to re-leveraging of corps so they can buy back stock. Nor are profits that high when you adjust for inflation and various other factors. Universal healthcare has led to large premium increases, contrary to promises (you can keep your insurance!), as prices have gone down because of the near breakup of OPEC (and we're fucking that up too), and the Federal Deficit did shrink, but from a very high number, and also due to Fannie and Freddie giving up profits to the gov't in perpetuity.

You know how you can tell when the vast majority of ultra-wealthy are lying, whether it is bullish or bearish news? When they open their mouths. They always have some vested interest in shorting or longing stocks/bonds/oil...etc.

It's like the fools who listened to T. Boone Pickens when he said oil would *NEVER* go below $150 a barrel.

Man, after that I'm wondering if Indus will still be able to get off fapping to Obama's picture. Just kidding, of course he will!

 

[OverVolt]

The economy was going to rebound from 2008 no matter what the POTUS did.

This is dumb.

 

[tweaker2]

Well, so far, since Obama took over, there has never been a major screw up by him that's anywhere near as damaging as those disastrous policy decisions that Bush and Cheney committed.

So, sure, give Obama creds for not following in the previous admin's version of mounting another Custer's Last Stand and making things worse (as difficult as that would be), but also give him credit for turning the nation around in a direction that allowed us to start the recovery process without having to allow the Repubs in Congress have a hand in it, because they've been looking for every possible way to damage and obstruct his stewardship of the nation no matter how much it hurt the nation as a whole.

Let the historical records show the Repubs in Congress have had absolutely nothing to do with the recovery the nation is now going through and let the records also show how the Repubs have instead tried their best to prevent that from happening for the express reason of damaging one man's reputation and legacy.

 

[Sonikku]

Yes, for the richest of us the current way our economy has been geared must surely feel amazing.

 

[Bitek]

Man, after that I'm wondering if Indus will still be able to get off fapping to Obama's picture. Just kidding, of course he will!

 

[Knowing]

He's right.. compared to January 20, 2009 when Obama was inaugurated, things have massively improved.

For hedge fund billionaires.

The jobs are all part time, all time highs are predicated on unethical EPS's, there is universally a payer for the health care you were just as able to consume before the law while premiums are doing... ????, low oil prices were unequivocally good until they weren't, and finally the deficits went up before they've now started to go down.

Bonus, total US debt (debt securities and loans) just got revised up by $2.74 trillion doll hairs!

What if we consider the possibility that this hedge fund billionaire wants to play with more people's money, thus increasing the probability that he will get bailed out if something unfortunate were to happen to this magical booming economy (that seems curiously bereft of wage increases for normal people)? Or do we trust the evil banksters in this new, Obama-led period of plenty?

 

[CPA]

"Obama's economy" LMAO!

 

[1prophet]

http://money.cnn.com/2015/10/09/inv...ndex.html?iid=ob_article_footer&iid=obnetwork



He's right.. compared to January 20, 2009 when Obama was inaugurated, things have massively improved.

It is truly sad when those who claim to be liberals use Wall street and hedge fund billionaires who can afford to wipe their ass with $100 bills to gage the success of the economy as opposed to main street,

the same pretend liberals that believe that people want to be $15 an hour career burger flippers and the path to success on main street is raising the minimum wage.,

now if that was a republican in office..............:whiste:

 

[Paratus]

For hedge fund billionaires.

The jobs are all part time, all time highs are predicated on unethical EPS's, there is universally a payer for the health care you were just as able to consume before the law while premiums are doing... ????, low oil prices were unequivocally good until they weren't, and finally the deficits went up before they've now started to go down.

Bonus, total US debt (debt securities and loans) just got revised up by $2.74 trillion doll hairs!

What if we consider the possibility that this hedge fund billionaire wants to play with more people's money, thus increasing the probability that he will get bailed out if something unfortunate were to happen to this magical booming economy (that seems curiously bereft of wage increases for normal people)? Or do we trust the evil banksters in this new, Obama-led period of plenty?

That 2.7Trillion increase was from an accounting change. It didn't suddenly appear at least according to the FED.

Total debt outstanding was revised upwards due to methodology changes to both Treasury securities and security credit. Total debt outstanding is now the sum of two new instrument categories: debt securities (table L.208) and loans (table L.214). The aggregate of these instrument categories was previously called credit market instruments (see the 2015:Q2 Z.1 release highlights: http://www.federalreserve.gov/apps/fof/FOFHighlight.aspx).

Treasury securities, part of the debt securities instrument category, now include nonmarketable Treasury securities held by federal government defined benefit retirement plans (FL343061145). The inclusion of federal government defined benefit retirement plans resulted in an upward revision to the level of federal government debt of about $1.408 trillion for 2014:Q4. See the published FEDS Note "Federal Government Defined Benefit Retirement Plans" for more details http://www.federalreserve.gov/econr...l-accounts-of-the-united-states-20151008.html.

In the domestic financial sector, borrowing previously classified as security credit liabilities (see release highlights) are now included as part of loans for the securities brokers and dealers sector. These are: (1) U.S.-chartered depository institutions loans for purchasing or carrying securities (FL763067003); (2) foreign banking offices in the U.S. loans for purchasing or carrying securities (FL753067003); and (3) Households and nonprofit organizations cash accounts at brokers and dealers (FL153067005). The revision to broker dealer debt for 2014:Q4 was roughly $962 billion.

Similarly, borrowing previously classified as security credit liabilities of the household sector are now classified as loan liabilities. Margin accounts at brokers and dealers (FL663067003) are now included in the household sector's other loans and advances instrument category. This change resulted in an upward revision of $370 billion to the outstanding amount of household sector loans for 2014:Q4.

The total revision to the level of debt outstanding (debt securities plus loans) due to these methodology changes is approximately $2.74 trillion 2014:Q4.

 

[Knowing]

That 2.7Trillion increase was from an accounting change. It didn't suddenly appear at least according to the FED.

I didn't say that, but now that people know about it, it has consequences. It does make me wonder though, if they lost -2.7 trillion dollars in the proverbial couch cushions what else they might have overlooked.




(just kidding about the whole consequences thing, numbers are hard and no one will really care about our debt in this amazing new economy of ours)

 

[Spungo]

"Obama's economy" LMAO!

Central banking, bitches!

But I can't complain. Since studying economics, I've taken the proper steps of
1). Shorting the currency (borrowing money for the longest duration possible).
2). Using that borrowed money to buy tangible assets.

 

[nickqt]

Except we aren't near full employment when you look at U6. Nor is the stock market at very high highs. Nor is it all that healthy considering a huge portion of EPS growth is due to re-leveraging of corps so they can buy back stock. Nor are profits that high when you adjust for inflation and various other factors. Universal healthcare has led to large premium increases, contrary to promises (you can keep your insurance!), as prices have gone down because of the near breakup of OPEC (and we're fucking that up too), and the Federal Deficit did shrink, but from a very high number, and also due to Fannie and Freddie giving up profits to the gov't in perpetuity.

You know how you can tell when the vast majority of ultra-wealthy are lying, whether it is bullish or bearish news? When they open their mouths. They always have some vested interest in shorting or longing stocks/bonds/oil...etc.

It's like the fools who listened to T. Boone Pickens when he said oil would *NEVER* go below $150 a barrel.

Universal health care?

Aren't we discussing the US economy? Because if so, the US doesn't have that. If we did, there wouldn't be premium increases, because, uh, there wouldn't be premiums unless you chose to purchase additional health insurance beyond the ...wait for it... universal health care.

 

[LegendKiller]

Universal health care?

Aren't we discussing the US economy? Because if so, the US doesn't have that. If we did, there wouldn't be premium increases, because, uh, there wouldn't be premiums unless you chose to purchase additional health insurance beyond the ...wait for it... universal health care.

I am addressing the quote and reframing it. Nice try.

 

[Newell Steamer]

Hedge fund billionaire says something; we should listen to him - he IS a billionaire after all.

Hedge fund billionaire says something positive about Obama; he is a fucking moron.

 

[MongGrel]

Hedge fund billionaire says something; we should listen to him - he IS a billionaire after all.

Hedge fund billionaire says something positive about Obama; he is a fucking moron.

People can be touchy that way of course

 

[MagickMan]

"Obama's economy" LMAO!

Yeah, having the (R)s in charge in of congress has helped him tremendously, the less the Feds spend, the better our economy gets. Having one party in control of the legislature, while the other controls the presidency, is ideal.

 

[Zorkorist]

It's easy to spend us into debt. It's easy to socialize Government.

The hard questions are;

fighting for the freedom of the individual.

-John

 

[shira]

The economy was going to rebound from 2008 no matter what the POTUS did.

This is dumb.

So it was never "Obama's economy?" Or is it "Obama's economy" only if the numbers go south?

 

[shira]

It's easy to spend us into debt. It's easy to socialize Government.

The hard questions are;

fighting for the freedom of the individual.

-John

What "freedom of the individual" are you referring to, specifically? No vague shit.

 

[Zorkorist]

https://en.wikipedia.org/wiki/United_States_Bill_of_Rights

-John

 

[shira]

https://en.wikipedia.org/wiki/United_States_Bill_of_Rights

-John

Again, please tell us specifically what freedoms you think people don't have? Speech? Religion? Association? Gun ownership? Due process?

Be specific. Make your case.

I realize it's difficult for you to make a cogent argument when the drugs or alcohol or whatever make your thought process so fuzzy, but without specifics and the documented, verifiable evidence to back them up, you're just another nut-job with a tinfoil hat.

 

[Zorkorist]

Hell, if you don't understand the Bill of Rights, you can just sit there sucking my dick.

-John

Please learn to express yourself more appropriately.

Perknose
Forum Director

 

[unokitty]

http://money.cnn.com/2015/10/09/inv...ndex.html?iid=ob_article_footer&iid=obnetwork

He's right.. compared to January 20, 2009 when Obama was inaugurated, things have massively improved.

Middle class continues to decrease.
Economic inequality continues to increase.
Obama's supporters find situation "massively improved"...

Uno:whiste: