Former Reagan Budget Director David Stockman hits it out of the park during this segment on Dylan Ratigan's show. He calls the market a casino thanks to the Fed and adds that he believes we no longer have capital markets in this country.
Word is getting out folks: Our whole so called "capitalist" system is nothing but a gigantic fraud:
Tuesday, December 14, 2010
Oh Bennie Boy....
The bond market didn't like your FOMC statement:
In fact, they were pretty much disgusted by it. You gave the bond market zero respect by not mentioning the rise in rates since you announced your QE.
You made zero adjustments in your statement despite seeing rates rise almost a full percentage point! You decided to continue with your QE purchases despite the bond market telling you they hated the idea of it.
Keep ignoring the bond market and see what happens.
The arrogance of these jerk offs is unfathomable as Santelli just said on Bubblevision.
Ben: It's time to get out of your little bubble and stop extending and pretending as Rome burns. This is not an acceptable policy for the bond market or THE AMERCAN PEOPLE!!!
Keep it up and you will pay the price. Chicago has had enough. HEAR THEM ROAR!!!
In fact, they were pretty much disgusted by it. You gave the bond market zero respect by not mentioning the rise in rates since you announced your QE.
You made zero adjustments in your statement despite seeing rates rise almost a full percentage point! You decided to continue with your QE purchases despite the bond market telling you they hated the idea of it.
Keep ignoring the bond market and see what happens.
The arrogance of these jerk offs is unfathomable as Santelli just said on Bubblevision.
Ben: It's time to get out of your little bubble and stop extending and pretending as Rome burns. This is not an acceptable policy for the bond market or THE AMERCAN PEOPLE!!!
Keep it up and you will pay the price. Chicago has had enough. HEAR THEM ROAR!!!
PPI Doubles/Best Buy Swings and misses
No inflation eh?
The BLS told us today that' a pipedream when it comes to finished goods:
Here are the goods numbers from the BLS over the past year. As you can see, the PPI doubled to .8 in NOvemeber from .4 in October:
2010 1.3 -0.5 0.8 -0.1 -0.3 -0.4 0.1 0.5(P) 0.4(P) 0.4(P) 0.8(P)
My Take:
You can thank the Fed and it's QE currency trashing policy for this sudden rise in goods. Rememeber: The Fed came out with QE on November 3rd which means the inflation rate essentially doubled following their announcement from the previous month.
This works out to a 9% inflation rate annually which is brutal considering unemployment remains at 9.8% and closer to 20% when you include the people that have rolled off of UE benefits or simply given up trying to find a job.
The bond market didn't like this one bit:
Bonds HATE inflation and sold off hard on the news following a rally yesterday thanks to some large Fed QE bond purchases.
We also had Best Buy come out with horrific earnings news for their fiscal Q3(which included Black Friday sales):
"During the fiscal third quarter of 2011, Best Buy’s revenue decreased 1 percent to $11.9 billion, compared with revenue of $12.0 billion for the third fiscal quarter of 2010. The decrease reflected a 3.3 percent decline in comparable store sales, partially offset by the impact of net new stores in the past 12 months. The Domestic segment’s fiscal third quarter revenue totaled $8.7 billion, a decrease of 3 percent versus the prior-year period."
Bbbut.....I thought the economy was recovering. Well, one of your largest retail bell weathers just told you sales suck so I don't know what tell ya.
Of course, stocks rallied on the news as the robots continue the "Pollyanna" trade in their own little dream world.
The BLS told us today that' a pipedream when it comes to finished goods:
Here are the goods numbers from the BLS over the past year. As you can see, the PPI doubled to .8 in NOvemeber from .4 in October:
2010 1.3 -0.5 0.8 -0.1 -0.3 -0.4 0.1 0.5(P) 0.4(P) 0.4(P) 0.8(P)
My Take:
You can thank the Fed and it's QE currency trashing policy for this sudden rise in goods. Rememeber: The Fed came out with QE on November 3rd which means the inflation rate essentially doubled following their announcement from the previous month.
This works out to a 9% inflation rate annually which is brutal considering unemployment remains at 9.8% and closer to 20% when you include the people that have rolled off of UE benefits or simply given up trying to find a job.
The bond market didn't like this one bit:
Bonds HATE inflation and sold off hard on the news following a rally yesterday thanks to some large Fed QE bond purchases.
We also had Best Buy come out with horrific earnings news for their fiscal Q3(which included Black Friday sales):
"During the fiscal third quarter of 2011, Best Buy’s revenue decreased 1 percent to $11.9 billion, compared with revenue of $12.0 billion for the third fiscal quarter of 2010. The decrease reflected a 3.3 percent decline in comparable store sales, partially offset by the impact of net new stores in the past 12 months. The Domestic segment’s fiscal third quarter revenue totaled $8.7 billion, a decrease of 3 percent versus the prior-year period."
Bbbut.....I thought the economy was recovering. Well, one of your largest retail bell weathers just told you sales suck so I don't know what tell ya.
Of course, stocks rallied on the news as the robots continue the "Pollyanna" trade in their own little dream world.
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