Ben told us today that he’s not ready to stop rocking the QE just yet. The stock market celebrated. More manna from the Fed! Hurrah!
Now sing it with me – “Ain’t no party like a Bernanke party, ’cause a Bernanke party don’t stop!”
Ah yes it’s good to drink from the punch bowl.
The markets are getting squirrellier than 2000 Mustang GT on an oiled up track. By which I mean very squirrelly.
Art Cashin the dean of the NYSE floor stopped short of saying that out and out manipulation was happening in Japanese after markets trading.
Not bad. The economy must be just killing it! No? Well…Then why is the market ripping and roaring? You say they’re handing out free chips at the Fed window and the cards are stacked for the players? Oh excellent. That seems like a good way to run an economy. Pass me a martini.
Zerohedge reports that at least some of the inside guys are actively selling into this rising market. That is when one is supposed to sell. But CNBC says we should be getting on this train.
The Dallas Fed just released the April General Business Activity Report and it looks like the middle part of the US is going through an economic rough(er) patch. Quite rough perhaps. But because we live in stock bizarro world now, markets are rising. Bad news means more money from the Fed.
The budget may be a doomsday machine, and the Federal Reserve a bubble machine, but David Stockman is a quote machine. When he gets rolling he is highly entertaining- while explaining why the current economy is headed for very choppy seas.
ZH reports on Bank of America’s admission that “today’s stock market has lost some of its ability to reflect underlying economic trends.”
Well, no kidding. Even Bloomberg.com is saying officially that the markets are rigged and we investors had better just get used to it.
That money has to go somewhere.
Fight the Fed if you want. It’s rotten. It stinks. But it is reality.