...so lousy to me. I'm not even going to try to fake it. There is nothing happening except that The Leader is back in D.C. As I said, nothing's happening.
If anyone cares, the DOW was down 70 today as the 10 year ticked up again to 2.86%, and therein is the problem. Nevertheless, all the talking heads were immensely positive as to the state of the economy bother here and around the globe despite the fact that 4/5 of Euroland is flat to down (Greek tourism is up...yea) and emerging markets are somewhat less than the flavor of the month. In case you missed it, India is having a bit of a currency crisis and while this doesn't signal doomsday, it does represent the state of 1/6 of the world's population. Now there is a very good argument in saying that it's August and what should one expect when there is no one in the world working but the flip side is if it stinks now just wait until September. I know I'm terribly negative but I really don't see much about which to be positive. Santelli on CNBC had the line of the day when asked who he preferred for Fed Chairman, Yellen or Summers. His answer was, "It's kinda like waiting for a cab and two pull up with a blindfolded driver in each. Which one do I take? Who cares."
That my friend is negative.
Showing posts with label Santelli. Show all posts
Showing posts with label Santelli. Show all posts
Monday, August 19, 2013
Thursday, April 28, 2011
...AND THE BEAT GOES ON...
And the beat goes on
Dollar keeps marching downward to the grave...yadda dadda de, yadda da...oops, I'm sorry. Just can't get that tune out of my head.
Nobody believes either Big Ben or The Suit anymore on the importance of a strong dollar. Indeed, it's so bad that even Vince Reinhart, the former head of monetary policy at the Fed admitted today that a moderate amount of dollar depreciation and inflation was always in the cards. Why not? No harm, no foul. And today as though on cue gold was up again, silver hit 50 bucks before settling at 48 and big change and the Buck itself continued its decline against everything but the Yen.
Then again one can find amusement in this if one looks in the right places. This morning on CNBC, the gereral view was as expressed above except for Steve Liesman, who while not trying to act as the resident toad for the administration and the Fed, sometimes finds it difficult.
The subject got around to the effect of the weakening dollar on iflationary pressures when up poped Steve. Now he is a pretty bright guy--speaks Russian, did good reporting for the WSJ (Pulitzer)--but from time to time, Steve's mouth works faster than his mind. Apparently having been passed a talking point on this very subject, Steve leaped into the discussion with, "Well Rick (that being Rick Santelli, Liesman's bete noir), if there's this fear of inflation why isn't the yield on TIPS up? It's down." The look on Santelli's face said it all. Poor, Steve. Had he stopped to think a moment he would have realized that the reason for this apparent disconnect was the THERE IS NO BID! If nobody wants to own the damn things who the hell cares what the yield is? NOBODY OWNS TREASURIES EXCEPT THE FED AND CENTRAL BANKS. EVEN TIPS! It was a moment to be savored.
This is going to change at some point and Carter points out what a kick it's going to be when we have to defend the dollar because even Central banks, who really don't run a P/L get sick and tired of buying junk and if commodities keep getting priced in dollars can six dollar gasoline be far behind? Not a pretty thought. But in the meantime, the girls in the 'hood are gathering at 5:00 a.m. tomorrow (hats and sweats) to drink champers and watch the wedding from the Abby Church.
A perfectly wonderful opportunity to forget all about this sort of stuff and watch the pagentry that really only the Brits do right. A Royal Wedding...truth be known I think they do funerals even better. Rule, Brittania!
Dollar keeps marching downward to the grave...yadda dadda de, yadda da...oops, I'm sorry. Just can't get that tune out of my head.
Nobody believes either Big Ben or The Suit anymore on the importance of a strong dollar. Indeed, it's so bad that even Vince Reinhart, the former head of monetary policy at the Fed admitted today that a moderate amount of dollar depreciation and inflation was always in the cards. Why not? No harm, no foul. And today as though on cue gold was up again, silver hit 50 bucks before settling at 48 and big change and the Buck itself continued its decline against everything but the Yen.
Then again one can find amusement in this if one looks in the right places. This morning on CNBC, the gereral view was as expressed above except for Steve Liesman, who while not trying to act as the resident toad for the administration and the Fed, sometimes finds it difficult.
The subject got around to the effect of the weakening dollar on iflationary pressures when up poped Steve. Now he is a pretty bright guy--speaks Russian, did good reporting for the WSJ (Pulitzer)--but from time to time, Steve's mouth works faster than his mind. Apparently having been passed a talking point on this very subject, Steve leaped into the discussion with, "Well Rick (that being Rick Santelli, Liesman's bete noir), if there's this fear of inflation why isn't the yield on TIPS up? It's down." The look on Santelli's face said it all. Poor, Steve. Had he stopped to think a moment he would have realized that the reason for this apparent disconnect was the THERE IS NO BID! If nobody wants to own the damn things who the hell cares what the yield is? NOBODY OWNS TREASURIES EXCEPT THE FED AND CENTRAL BANKS. EVEN TIPS! It was a moment to be savored.
This is going to change at some point and Carter points out what a kick it's going to be when we have to defend the dollar because even Central banks, who really don't run a P/L get sick and tired of buying junk and if commodities keep getting priced in dollars can six dollar gasoline be far behind? Not a pretty thought. But in the meantime, the girls in the 'hood are gathering at 5:00 a.m. tomorrow (hats and sweats) to drink champers and watch the wedding from the Abby Church.
A perfectly wonderful opportunity to forget all about this sort of stuff and watch the pagentry that really only the Brits do right. A Royal Wedding...truth be known I think they do funerals even better. Rule, Brittania!
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