Well, I guess no one tried to sneak up on me while we were gone. Sr Draghi and the ECB did just what everybody expected and pulled out most of the stops to include lowering the deposit rate to -0.40, lowering the discount rate to Zero and increasing it's version of QE by 20 billion Euros a month. There was one surprise, however, in that the ECB announced that it was prepared to fund bond issuances from selective southern tier banks for up to four years. Now that was an eye-opener. Remember how we always said liquidity was the most important thing for the banking system? In so-doing, Sr. Draghi tacitly admitted that there was a problem most places south of the Alps. This is not capital building mind you, this is old fashioned depositing gussied up to look like free market operations. The Greeks, Spanish, Portuguese and Italians loved it; the Germans hated it. But Sr. Draghi is a realist if nothing else. The Germans are faced with a surplus of liquidity with no place to put it and everyone else is faced with a lack of liquidity and no place to put it. Motion, in this case as in others, can often be confused with progress. Move the deck chairs, Mario, maybe the leak will stop.
Speaking of liquidity, someone--probably Big Danny Tarullo--got it in his head last week that the TBTF banks Over Here have far too much exposure to one another so there is a movement afoot to limit that exposure through some sort of legislation which has yet to be figured out. Wait a moment said the industry groups, has anyone thought of the consequences which could result from such a move? Of course not is the answer aside from the fact that there are already in place rules which in my day used to be known as "legal lending limits" which do precisely what the Big Danny Mob wishes to accomplish. Anyway, in a market that already suffers from a liquidity problem whenever some major player sneezes, these guys want to create even more reasons for markets to seize up. In this regard I wonder whether Big Danny realizes that his bank now owns 19% per cent of all the U.S. Treasury debt issued? Now that's a kick because if a company owns 20% of the equity of another company, the entity has to be consolidated. Maybe Janet should go whole hog and buy another 1% so if she ever puts out a balance sheet that anybody can understand, she'll be able to consolidate the United States of America (it's debt being...essentially...its capital). Would that be a good thing? I donnknow, but talk about a liquidity problem. Maybe it falls under the Trading With The Enemy Act?
Plus ca change...
Showing posts with label QE. Show all posts
Showing posts with label QE. Show all posts
Monday, March 14, 2016
Thursday, May 14, 2015
ROUT EXPLAINED?
I was staying awake at night trying to figure out this rout in bonds without any success, so I decided to call My really Smart Friend, Larry for his take. Here it is.
China eases monetary policy, so oil prices bottom trapping shorts; this begins a cascading of reversals of crowded trades in other asset classes, primarily Bunds; this then cascades into US Treasuries and finally other FI markets. In short a chain reaction of a whole series of crowded trades thanks to CB QE that everyone is keying off of.
Incredible!!
Now if I understand what he is saying...and I am not sure that I do...this thing is like Topsy in Uncle Tom's Cabin; it just growed. Which means that nobody really has a handle on this thing which means if you were scared before you should be terrified now. Add on to that Mr. Greenspan today projecting a good deal of blood in the water when rates finally begin to move up and the pucker factor should be red-lining about now. Makes sense, right? Nah. The equity markets went crazy today with the S & P reaching a new all-time high on the basis of a slightly better than expected jobless claims number and signs of growth in parts of the EU though, remarkably, Germany's GDP fell in the first quarter. "SIGNS THAT QE IS WORKING IN EUROPE" screamed the headlines. That is of course crap. What it is is people trying to talk themselves into believing that loose money will be with us for a while. The gains in Europe can be attributed entirely to (finally) the move towards economic structural adjustment in Italy and France with a strong movement in Spain. Of course, the area leader, the UK's strong rebound has hurt European emotions one bit. Greece remains a wild card but at this stage nobody cares. The "solution" being talked about is having a referendum and allowing the Greek people to decide their fate. Funny, I thought that was the point of elections but when faced with the contrary desires of his electorate--to stay with the Euro but not accept that which will accomplish that wish--Mr. Tsapris will be more than happy, I think, to lead from behind. Heck, there's a lot of that going around these days.
Over Here, things are just great. That 0.3% growth figure for the first quarter is probably going to get revised down to a negative number and there are rumblings that the projected 3.3% figure for quarter #2 is looking more and more like 1.5-1.8%. The other good news is that inflation appears to be rising, which should make the Fed happy but with no growth is it going to be long before we start hearing the stag-word? Want to bet on a rate hike with an election coming up next year and the entire board chock full of Democrats? This ain't your father's Fed, boys and girls. This is a politically motivated Fed so I suspect that Ms. Janet will be dragged kicking and screaming to the rate-rise door especially if the howls in Congress begin reaching a fever pitch unless something turns around real quickly. Now don't get me wrong, this isn't terrible; it's just not good--certainly not as good as had been reported. And that's not good.
But with Il Duce's guys, it's business as usual. A hand full of banks are about to undergo another round of extortion at the hands of the Justice Department for "fixing" the FX market in past years. This time, for a little added flavor, they are going to force the holding companies to plead guilty to a felony of FX market fixing or some such thing. Now of course one may ask what the hell did the holding companies have to do with any of this and the answer would probably be, "nothing." So "Why" one might also ask and the answer is because if you force the banks to plead guilty to a felony, a substantial amount of their business goes away by law. Felons cannot act as trustees. One might also ask, "Hang on, how do seven institutions fix a $7 TRILLION A DAY market," and the answer from any honest person will be, "Beats the crap outta me." Be sure to take a close look at the explanation of what these hoodlums did wrong; it should be the finest piece of creative writing since The Sound and the Fury. And since it will certainly involve market making activities, one should ask one's self what effect this might have in banks making markets the next time the Chinese muck about with their monetary policy, and some other short gets squeezed and everybody winds up on the same side of a half dozen trades looking for a bid. Nobody likes a smart-ass, Larry, but you are probably right again.
Tuesday, March 3, 2015
DON'T ASK ME
We're off on the grandparent road tomorrow to cover for some traveling parents. Probably be gone for a week but I'll be able to check in as the little ones are in school.
One of the questions that has been floating around is how is it that with things so confused in Euroland everyone in sight is prepared to accept below zero interest rates on sovereign debt? Don't ask me, I don't know, but the overall attitude is that in these times it's probably safer to pay a government to look after your money than a bank, or an investment advisor, or in a stock market anywhere as they are all driven by this massive ocean of liquidity that has been created in the past 6 years. Austria is the latest "below zero" borrower even in the face of a Fitch downgrade which puts them in the same class as...as...the United States. Go figure.
Then again, our ten year yields remains remarkably constant at somewhere between 1.80% and 2.10 per cent which I can't figure out either. The spread against Bunds continues to widen. Go figure.
In the face of all of this, next week marks the start of QE on the part of the ECB leaving open for the time being just what it is that they are going to buy because the governments have been issuing like crazy which may be a good thing or not depending on one's view. I mean, think about a bidding war for Bunds between the market and the ECB? Forgive me, but I simply don't understand the purpose behind all this when it is obvious that there is a ton of liquidity out there that perhaps is not being put to use in the manner like Little Paulie Krugman and politicians of various shapes and sizes may like, but it's there so why try to pretend that it isn't? Go figure.
And speaking of the ECB, that little bunch is off to Cyprus this week for a bit of a chin wag, out of which will probably emerge some turgid statement relating to how all governments in these time must practice constraint and sound fiscal practices, blah, blah, blah. Now I know that Cyprus is a hell of a lot cheaper than Frankfurt given that it's economy has been...ah...refocused in the past few years, but it does take a bob or two to get there in order to same exactly the same thing that you could say where you live. Go figure.
Last but not least in a return to Austria, a little item that has been missed by everybody Over Here including me was the impending bankruptcy of region known as Carinthia which seems to have issued guarantees a number of years ago to a financial institution know as Hypo Alpe Adria which promptly set up a fund to invest in Eastern Europe, in particular, Hungary, Russia and Ukraine. Well, Hypo is long gone but the debts--and the guarantees--survive. Apparently, Wein has said "no more" or the Teutonic equivalent thereof. Now this isn't a little thing: Creditors are all over the lot including our latest geniuses The Blackstone Group, and while we are not talking Lehman by any means, the Austrian banks have been notorious for their coziness with Eastern Europe and their...shall we say...reluctance to come clean as to their exposure. Forget about the Ukraine/Russian thing; think Swiss Franc and mortgages taken out in the same and funded by Austrian banks. This is going to be fun to watch unfold over the next few months. Now having always taken the view that the Austrians have had the best public relations firm ever, having convinced the world that Beethoven was Austrian and Hitler was German, if you really want a prediction as to the outcome, don't ask me. I'm babysitting.
Back in a couple of days.
One of the questions that has been floating around is how is it that with things so confused in Euroland everyone in sight is prepared to accept below zero interest rates on sovereign debt? Don't ask me, I don't know, but the overall attitude is that in these times it's probably safer to pay a government to look after your money than a bank, or an investment advisor, or in a stock market anywhere as they are all driven by this massive ocean of liquidity that has been created in the past 6 years. Austria is the latest "below zero" borrower even in the face of a Fitch downgrade which puts them in the same class as...as...the United States. Go figure.
Then again, our ten year yields remains remarkably constant at somewhere between 1.80% and 2.10 per cent which I can't figure out either. The spread against Bunds continues to widen. Go figure.
In the face of all of this, next week marks the start of QE on the part of the ECB leaving open for the time being just what it is that they are going to buy because the governments have been issuing like crazy which may be a good thing or not depending on one's view. I mean, think about a bidding war for Bunds between the market and the ECB? Forgive me, but I simply don't understand the purpose behind all this when it is obvious that there is a ton of liquidity out there that perhaps is not being put to use in the manner like Little Paulie Krugman and politicians of various shapes and sizes may like, but it's there so why try to pretend that it isn't? Go figure.
And speaking of the ECB, that little bunch is off to Cyprus this week for a bit of a chin wag, out of which will probably emerge some turgid statement relating to how all governments in these time must practice constraint and sound fiscal practices, blah, blah, blah. Now I know that Cyprus is a hell of a lot cheaper than Frankfurt given that it's economy has been...ah...refocused in the past few years, but it does take a bob or two to get there in order to same exactly the same thing that you could say where you live. Go figure.
Last but not least in a return to Austria, a little item that has been missed by everybody Over Here including me was the impending bankruptcy of region known as Carinthia which seems to have issued guarantees a number of years ago to a financial institution know as Hypo Alpe Adria which promptly set up a fund to invest in Eastern Europe, in particular, Hungary, Russia and Ukraine. Well, Hypo is long gone but the debts--and the guarantees--survive. Apparently, Wein has said "no more" or the Teutonic equivalent thereof. Now this isn't a little thing: Creditors are all over the lot including our latest geniuses The Blackstone Group, and while we are not talking Lehman by any means, the Austrian banks have been notorious for their coziness with Eastern Europe and their...shall we say...reluctance to come clean as to their exposure. Forget about the Ukraine/Russian thing; think Swiss Franc and mortgages taken out in the same and funded by Austrian banks. This is going to be fun to watch unfold over the next few months. Now having always taken the view that the Austrians have had the best public relations firm ever, having convinced the world that Beethoven was Austrian and Hitler was German, if you really want a prediction as to the outcome, don't ask me. I'm babysitting.
Back in a couple of days.
Wednesday, October 29, 2014
AS PREDICTED
Quantitative Easing is no more. Janet and the boys ended it today on a 9-1 vote precisely as everyone had predicted. They left the discount rate a zero for a "considerable period of time," whatever that is supposed to mean. The early line is that it moves up in march.
Now what was a bit of a surprise was the rather upbeat tone of the announcement, particularly in regard to "labor utilization," an economic term not understood by anybody in the real world, which the Fed believes is somewhat better. Upbeat, too, in regard to the threat of deflation and to the overlying economy.
I guess what the Fed was looking at was the fact that jobs had finally reached the 2007 level which of course means at all the loses have been recovered. Problem is there are 25 million more people around than seven years ago and the participation in the work force is at far lower levels. Efficiencies from technology? Aging of the labor force? Lack of jobs? Perhaps a bit of all of the above but there is little question that the recovery has been slow and remains such for what ever reason...except of course the lack of liquidity. In that sense, unless one takes the view that the sky would have fallen with out it--and one can--QE was a dud...but not for the one percent. As such it was not surprising to watch the stock market today trying to figure out whether to rise or fall on the news. At the end it traded slightly down waiting I suppose to review the full body of opinion tomorrow morning by hoards of people who know little of what they are speaking and then deciding as to whether the punch bowl has left the room or is just out for a refill. I'll bet on the latter but then again, that's how I lost scads of money.
The FX guys showed no such hesitation and traded the dollar up against the Euro and the pound in conjunction with the Yen which seems to becoming more and more linked or am I missing something again. The ten year moved to 2.36%; can you believe it was hovering around 1.70% a few weeks ago? My God, the short of all shorts. Wonder who got that one right but more importantly whoever tells you that vol is dead, just point to that.
At the end of the day, QE was a lovely exercise in economic theory that proved little but did little harm as well. Many of us argued at the time that it was unneeded and un-useful and we were probably right but it having now gone to economic heaven, there's hardly anything left to discuss of any importance. Markets remain hugely liquid and the barriers to growth remain in place both Over Here and Over There. Rather that trying out cutsie little personal economic experiments it strikes me that it's time to attack the real problems at their root source which may occur after the results of the election of next week. Or, as the kids like to say, "Get real, guys." It's time.
Now what was a bit of a surprise was the rather upbeat tone of the announcement, particularly in regard to "labor utilization," an economic term not understood by anybody in the real world, which the Fed believes is somewhat better. Upbeat, too, in regard to the threat of deflation and to the overlying economy.
I guess what the Fed was looking at was the fact that jobs had finally reached the 2007 level which of course means at all the loses have been recovered. Problem is there are 25 million more people around than seven years ago and the participation in the work force is at far lower levels. Efficiencies from technology? Aging of the labor force? Lack of jobs? Perhaps a bit of all of the above but there is little question that the recovery has been slow and remains such for what ever reason...except of course the lack of liquidity. In that sense, unless one takes the view that the sky would have fallen with out it--and one can--QE was a dud...but not for the one percent. As such it was not surprising to watch the stock market today trying to figure out whether to rise or fall on the news. At the end it traded slightly down waiting I suppose to review the full body of opinion tomorrow morning by hoards of people who know little of what they are speaking and then deciding as to whether the punch bowl has left the room or is just out for a refill. I'll bet on the latter but then again, that's how I lost scads of money.
The FX guys showed no such hesitation and traded the dollar up against the Euro and the pound in conjunction with the Yen which seems to becoming more and more linked or am I missing something again. The ten year moved to 2.36%; can you believe it was hovering around 1.70% a few weeks ago? My God, the short of all shorts. Wonder who got that one right but more importantly whoever tells you that vol is dead, just point to that.
At the end of the day, QE was a lovely exercise in economic theory that proved little but did little harm as well. Many of us argued at the time that it was unneeded and un-useful and we were probably right but it having now gone to economic heaven, there's hardly anything left to discuss of any importance. Markets remain hugely liquid and the barriers to growth remain in place both Over Here and Over There. Rather that trying out cutsie little personal economic experiments it strikes me that it's time to attack the real problems at their root source which may occur after the results of the election of next week. Or, as the kids like to say, "Get real, guys." It's time.
Friday, August 2, 2013
OH, MAN!
I'm telling you, the literary Gods are against me. I was all set up and ready to report on the impact of the better than expected jobs number today. Got up, made me a pot of Joe and was in front of the tube at 0827. And then in the words of #1 Granddaughter, OH, MAN, as only a seven year old can say it. 162,000; no other way to say it: it was a stinker. Oh yeah, the rate dropped to 7.4% but that was for the same reason that it has dropped every time in the past 5 years; people have dropped out of the labor force. On top of that pay levels dropped as did hours per week (preparing for Obama Care?) and out on the grass wondering what happened to my easy, end-of-the-week entry. James Bullard almost saved the day.
Big Jim is the president of the St. Louis Fed and has been a vocal supporter of Quantitative Easing since the program was announced two years ago. Today he opined that due to the decline in the unemployment rate, it getting closer to the magic 7% mentioned by Boss Ben, perhaps it was time to start thinking about easing off QE.
Now I've always been a bit of a mixed mind on the Fed's dual mandate but when you get one of the strongest supporters of current Fed Policy thinking that this number today was anything but an absolute stinker it's time to consider putting up signs around the place that read;
CAUTION! BOZOS AT WORK
and start wondering whether they are getting stressed with too many assignments leading to the conclusion that keeping inflation under control may be all they need on their plate. Hell, you can juggle the numbers to make that work and they are good at that. One might also throw in the fact that Dr. Bullard has for his entire life either been in a university classroom or somewhere in the Fed. Now there's training for a job creator.
Needless to say, the markets paid no intention to the good doctor's musings. Seeing no end to free money, the stock market rose and the 13 b.p.s the 10 year put on yesterday fell right off. Things just meander along out there with no real purpose other than to go with the flow. The Leader has been great for those that can be in this market but not so hot for the working stiff from whom I'm beginning to get some interesting vibes as there are a lot of those types in the fly-over zone. A word of advice: when returning home from a day at the office or on the shop floor and the wife wants to talk about a raise you haven't received, do not tell her that it's really not so important because inflation, if there is any at all, is benign. That my friend is pot upside the head time because she is out all day buying all those things that don't go into the basket from which inflation is determined that the silly little girl thinks are important, like food.
I'm not smart enough to know what is the right way to go about this recovery thing but I am smart enough (I think) to figure out that what we have been doing for a while now ain't working. Yeah, it's better, but it's not good enough. Maybe the government should stop trying so hard and let Joe the Plumber or somebody like that have a go. Can't hurt.
Grandchildren all next week beginning Sunday. Things may be a bit spotty but there are the triplets and a seven year old to keep occupied. How tired am I going to be. OH, MAN!
Big Jim is the president of the St. Louis Fed and has been a vocal supporter of Quantitative Easing since the program was announced two years ago. Today he opined that due to the decline in the unemployment rate, it getting closer to the magic 7% mentioned by Boss Ben, perhaps it was time to start thinking about easing off QE.
Now I've always been a bit of a mixed mind on the Fed's dual mandate but when you get one of the strongest supporters of current Fed Policy thinking that this number today was anything but an absolute stinker it's time to consider putting up signs around the place that read;
CAUTION! BOZOS AT WORK
and start wondering whether they are getting stressed with too many assignments leading to the conclusion that keeping inflation under control may be all they need on their plate. Hell, you can juggle the numbers to make that work and they are good at that. One might also throw in the fact that Dr. Bullard has for his entire life either been in a university classroom or somewhere in the Fed. Now there's training for a job creator.
Needless to say, the markets paid no intention to the good doctor's musings. Seeing no end to free money, the stock market rose and the 13 b.p.s the 10 year put on yesterday fell right off. Things just meander along out there with no real purpose other than to go with the flow. The Leader has been great for those that can be in this market but not so hot for the working stiff from whom I'm beginning to get some interesting vibes as there are a lot of those types in the fly-over zone. A word of advice: when returning home from a day at the office or on the shop floor and the wife wants to talk about a raise you haven't received, do not tell her that it's really not so important because inflation, if there is any at all, is benign. That my friend is pot upside the head time because she is out all day buying all those things that don't go into the basket from which inflation is determined that the silly little girl thinks are important, like food.
I'm not smart enough to know what is the right way to go about this recovery thing but I am smart enough (I think) to figure out that what we have been doing for a while now ain't working. Yeah, it's better, but it's not good enough. Maybe the government should stop trying so hard and let Joe the Plumber or somebody like that have a go. Can't hurt.
Grandchildren all next week beginning Sunday. Things may be a bit spotty but there are the triplets and a seven year old to keep occupied. How tired am I going to be. OH, MAN!
Thursday, June 6, 2013
CHANGE OF PLANS
I was going to write a bit more about New York experiences but what went on in Euroland today was just too delicious to ignore. Talk about pissing contests! It started with the IMF admitting that they may have gotten it a bit wrong when it came to Greece but the really bad actor in the drama was the Troika who, they claimed, sacrificed Greece in favor of the German and French banks who were loaded up on Greek paper. Representatives of the Troika shot back that the view of the IMF was simply stupid. Commentators around Europe chimed in that both were to blame and while all this was going on , a prominent German politician and former finance minister suggested that the time of the Euro was over...at least for the southern tier countries including, of all countries, FRANCE! Quell Horror.
Now to readers of this blog none of this has come as a surprise because as I told you 2 years ago, "It's all about the banks," and forcing Greece to borrow even more money which they had absolutely no chance to repay was just buying time to fix the banks...a noble strategy but the damn fools had no idea how to go about it and still haven't fixed them yet, especially the French. Now let's be honest, nothing much has changed. It the four years following the debt crisis of 1982, the Latin countries were sacrificed to save the banking system of the world for that period really presented a systemic crisis, but not to the extent that Greece has suffered. I think there is enough blame to go around but what is truly insane is that there has been no effort to deal with the single most important cause of the European disaster which is of course the treatment of sovereign debt as risk assets weighted so that from a capital standpoint they carry no risk at all. This same treatment is enshrined in the dreadful Basel III draft which not only encourages but practically demands that banks lend to sovereigns and in so doing destroy their balance sheets when suddenly there comes a Greece and the realization that you can never make enough in interest to cover the loss in principal when the day or reckoning arrives. And so the banks lie and are aided and abetted by their host governments who, dependent on these institutions for financing, are prepared to trash any one and any thing to stay on the gravy train. Sorry about that my Hellenic friends but some one has to pay for all this and you are it. You really didn't expect honest treatment from the mob up north did you?
While all of this was going on, up pops Mario Draghi announcing that there would be no more talk of QEing from him. Now to be honest, the ECB never really got into it in the manner of the Fed, the Bank of England or Japan, but he made it very clear that governments should not look to his institution to pump up liquidity as a way to stimulate growth. Sr. Draghi has long talked in broad terms of structural change in Euroland but today he emphasized the point. In support, and as opposed to the views of the outgoing governor Mervyn King, the board of the Bank of England announced that it was not in favor of continued pump priming as well, a remarkable rebuke to the man widely admired across numerous time zones. The result of all of this is to put politicians on the spot for future improvements in economic conditions which they do not like one bit. Whether this attitude holds will be interesting to see as the pressures will be enormous. I can't wait to see what Little Paulie has to say about all this once he returns from vacation.
And Over Here, tomorrow's jobs number is being touted as the most important one in a long time. Without so saying, more than a few out there are praying for a real howler which in their mind would mean that the Fed wouldn't dare to begin easing AWAY from its expansionary policy. Imagine, hoping against hope that more Americans stay out of work. How sick is that, but as Max put it it's Loonie Tunes out there. 8:30 tomorrow morning and commentary for the rest of the day. I had planned nothing so I guess I will have the time to get furious at each and every talking head that shows up. What a wonderful life.
Now to readers of this blog none of this has come as a surprise because as I told you 2 years ago, "It's all about the banks," and forcing Greece to borrow even more money which they had absolutely no chance to repay was just buying time to fix the banks...a noble strategy but the damn fools had no idea how to go about it and still haven't fixed them yet, especially the French. Now let's be honest, nothing much has changed. It the four years following the debt crisis of 1982, the Latin countries were sacrificed to save the banking system of the world for that period really presented a systemic crisis, but not to the extent that Greece has suffered. I think there is enough blame to go around but what is truly insane is that there has been no effort to deal with the single most important cause of the European disaster which is of course the treatment of sovereign debt as risk assets weighted so that from a capital standpoint they carry no risk at all. This same treatment is enshrined in the dreadful Basel III draft which not only encourages but practically demands that banks lend to sovereigns and in so doing destroy their balance sheets when suddenly there comes a Greece and the realization that you can never make enough in interest to cover the loss in principal when the day or reckoning arrives. And so the banks lie and are aided and abetted by their host governments who, dependent on these institutions for financing, are prepared to trash any one and any thing to stay on the gravy train. Sorry about that my Hellenic friends but some one has to pay for all this and you are it. You really didn't expect honest treatment from the mob up north did you?
While all of this was going on, up pops Mario Draghi announcing that there would be no more talk of QEing from him. Now to be honest, the ECB never really got into it in the manner of the Fed, the Bank of England or Japan, but he made it very clear that governments should not look to his institution to pump up liquidity as a way to stimulate growth. Sr. Draghi has long talked in broad terms of structural change in Euroland but today he emphasized the point. In support, and as opposed to the views of the outgoing governor Mervyn King, the board of the Bank of England announced that it was not in favor of continued pump priming as well, a remarkable rebuke to the man widely admired across numerous time zones. The result of all of this is to put politicians on the spot for future improvements in economic conditions which they do not like one bit. Whether this attitude holds will be interesting to see as the pressures will be enormous. I can't wait to see what Little Paulie has to say about all this once he returns from vacation.
And Over Here, tomorrow's jobs number is being touted as the most important one in a long time. Without so saying, more than a few out there are praying for a real howler which in their mind would mean that the Fed wouldn't dare to begin easing AWAY from its expansionary policy. Imagine, hoping against hope that more Americans stay out of work. How sick is that, but as Max put it it's Loonie Tunes out there. 8:30 tomorrow morning and commentary for the rest of the day. I had planned nothing so I guess I will have the time to get furious at each and every talking head that shows up. What a wonderful life.
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