The answer I believe is, yes, absolutely. Frankly I think that some people in Washington were hoping for a crash before now.That they haven’t gotten one has lead to significant consternation.
Surprise, Hank Paulson thinks the rabble, now empowered by new media, are counter productive to the great “debate” the country is having. Better to leave it to the Masters of the Universe like him.
What is under the stock market? Is the market reflecting an economy which is fundamentally strong?
The IRS is the key enforcer, implementer, etc for Obamacare. This should have never been allowed to happen in the first place, but in the wake of the “enemies list” scandal the American people should insist on a total revamp of the program (at the very least) and the removal of the Internal Revenue Service as chief administrator.
Though I have real issues Mayor Bloomberg, the publication which bares his name is often superb. We highlight their articles regularly at ACC.
But Bloomberg publishing has got a real problem on its hands. On Friday the story broke that reporters at the magazine and website may have had access to when bankers and traders from Goldman Sachs, The Federal Reserve, to the Vatican were online, and even what their keystrokes were. Pretty high quality information.
“When it comes to hubris, nobody beats the Federal Reserve.” – Rick Santelli
Steady as the QE goes, but the Fed is fully prepared to ramp up printing if it thinks it has to.
Yesterday we talked about inflationary pressures in stocks and in housing. But the core of the world economy continues to struggle. We are printing like crazy here and in Japan, and equity markets, and to a very limited extent some housing markets, have trended up. But retail sales are trending down. Gold is trending down. Silver is trending down. Europe continues to trend down. China? Well it depends on the day. Things are pretty weird right now. And North Korea is throwing a nuclear tipped fit.
Rick Santelli gets his mind blown a bit along with what must have been a good portion of CNBC’s viewing audience. This video is a good introduction however for those who are unfamiliar with Bitcoin. At this point all I’ll say is that it’s a very interesting innovation.
Another good one from Stockman. We’ll stop the parade o’ Stockman in a bit. In the meantime, enjoy.
This is what happens when the government runs the economy without the feedback mechanism of lawsuits and a free press. People and businesses just up and leave.