Thursday, September 19, 2013


Try this one on for size.  Refusing to begin tapering is the Fed's way of telling us how really awful the economy was--so awful that they themselves didn't recognize it, and the actions over the past five years have saved us all from a fate worse than death and Ben should be applauded because he got us in the right place even though he didn't (and doesn't) know where he was/is...or something like that.  I guess that makes as much sense as anything else one could come up with except that the real tale is probably something along the lines of having convinced themselves of the correctness of their actions and having realized that they haven't accomplished a scintilla of what was expected, twisting world financial and currency markets is a hell of a lot better than admitting, "Got it wrong, guys."

Most everything got covered today and well-over-bought, equity markets closed slightly down, but what a day yesterday was.  Funny, poor Ben has given The Leader the perfect answer to any question he might be asked as to why he refused to re-nominate the Fed chief:   Bernake has made so much money for the "rich" guys at the top who actually have financial assets that they can use for investment purposes that his policies have exacerbated the "wealth differential" in today's society.  The fact that by pumping out a Trillion Bucks a year has saved The Leader's butt makes no difference.  How ironic.  Rather than just having said that reviving the economy was, "Not my job," Bernanke actually tried to do something in accordance with his PhD thesis, and succeeding in the creation of the bubble of all bubbles (perhaps) whilst totally taking the pressure off the administration for the absolutely inane job they have done in not restructuring the economy while in the mean time creating more road blocks to economic growth than one could have possibly imagined five years ago.  Maybe it is time.  But the manner in which arrived is dreadful and disgraceful...but not unexpected.

JP Morgan agreed to a fine of $920,000,000 today while admitting they had done wrong.  Lot of zeros isn't it.  Wonder if they pay bonuses at the SEC?  Try as I might, I don't feel less at risk this evening.

Class football reunion this weekend.  Unless it's REALLY important you shall hear no more from me until Monday.  Elections in the tape.

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