Last week it was Bullard, Lacker and Kohn throwing the spin around and today it was Dudley with a notable assist from Buffett. And, since it was month-end, headline writers got the green close they wanted with the third month of gains. Kohn’s comments last week were incoherent overall while Dudley’s TV appearance consisted of misleading BS with comments like, “The Fed is keeping its mandate” and, “It’s unwise to overreact to rising commodity prices.”
Overreact? I don't see anyone reacting, other than speculators who are BUYBUYBUYing more and more commodities as the prices rise. In fact, as of February 22nd, Hedge Funds had taken the largest speculative net long position on oil futures since June 2006, according to the Commodity Futures Trading Commission's weekly Commitments of Traders report. "Money managers are looking and seeing the Middle East situation is far from resolved," said Carl Larry, president of Oil Outlooks & Opinions in Houston. "The upside is unlimited, depending on how bad things get."
Of course I mean no one in THIS country is reacting. In more thoughtful nations, people are rioting. Although, did you know there are more people protesting in Madison, Wisconsin this week than in Tripoli, Libya? No, you wouldn't know that because that's not the way the Corporate Media in this country reports things, is it? To be fair, in Libya, the Government is threatening the protesters with guns while Governor Walker is only threatening to fire the protesters in Wisconsin. Makes you kind of proud we live in a Democracy, doesn't it?
Bad news that will be ignored this morning includes a 0.5% drop in ICSC Retail Store Sales (those pesky small businesses), who are losing consumer discretionary dollars to energy producing companies - like Koch Industries! Chinese PMI fell again in February but still an expansionist 52.2 but a separate HSBC survey shows a more significant drop to 51.7, a 7 month low. I apologize for the link there to the Liberal rag-sheet NY Times but the WSJ apparently has no idea Chinese PMI went lower as their headline on the same subject is "Asian Factory Data Show Growth Intact." I must say I am proud to live in a country where we are free to choose the facts we want to hear from such a wide variety of media outlets. Imagine how dull it would be if there was just one truth and we all read the same thing...
Ben Bernanke addresses Congress today and tomorrow and those people will hear the same thing and draw completely different conclusions from it but we're playing the Dollar bullish as other countries are loosening their money to keep up with us and I do believe there will be enough anti-Fed noise made this week that QE3 begins to be called into question. Of course, it's budget showdown week as well and, as Paul Krugman points out: "While low spending may sound good in the abstract, what it amounts to in practice is low spending on children, who account directly or indirectly for a large part of government outlays at the state and local level." Krugman points to the "Texas Miracle" and it's not-so-miraculous aftermath:
Last week it was Bullard, Lacker and Kohn throwing the spin around and today it was Dudley with a notable assist from Buffett. And, since it was month-end, headline writers got the green close they wanted with the third month of gains. Kohn’s comments last week were incoherent overall while Dudley’s TV appearance consisted of misleading BS with comments like, “The Fed is keeping its mandate” and, “It’s unwise to overreact to rising commodity prices.”
Overreact? I don't see anyone reacting, other than speculators who are BUYBUYBUYing more and more commodities as the prices rise. In fact, as of February 22nd, Hedge Funds had taken the largest speculative net long position on oil futures since June 2006, according to the Commodity Futures Trading Commission's weekly Commitments of Traders report. "Money managers are looking and seeing the Middle East situation is far from resolved," said Carl Larry, president of Oil Outlooks & Opinions in Houston. "The upside is unlimited, depending on how bad things get."
Of course I mean no one in THIS country is reacting. In more thoughtful nations, people are rioting. Although, did you know there are more people protesting in Madison, Wisconsin this week than in Tripoli, Libya? No, you wouldn't know that because that's not the way the Corporate Media in this country reports things, is it? To be fair, in Libya, the Government is threatening the protesters with guns while Governor Walker is only threatening to fire the protesters in Wisconsin. Makes you kind of proud we live in a Democracy, doesn't it?
Bad news that will be ignored this morning includes a 0.5% drop in ICSC Retail Store Sales (those pesky small businesses), who are losing consumer discretionary dollars to energy producing companies - like Koch Industries! Chinese PMI fell again in February but still an expansionist 52.2 but a separate HSBC survey shows a more significant drop to 51.7, a 7 month low. I apologize for the link there to the Liberal rag-sheet NY Times but the WSJ apparently has no idea Chinese PMI went lower as their headline on the same subject is "Asian Factory Data Show Growth Intact." I must say I am proud to live in a country where we are free to choose the facts we want to hear from such a wide variety of media outlets. Imagine how dull it would be if there was just one truth and we all read the same thing...
Ben Bernanke addresses Congress today and tomorrow and those people will hear the same thing and draw completely different conclusions from it but we're playing the Dollar bullish as other countries are loosening their money to keep up with us and I do believe there will be enough anti-Fed noise made this week that QE3 begins to be called into question. Of course, it's budget showdown week as well and, as Paul Krugman points out: "While low spending may sound good in the abstract, what it amounts to in practice is low spending on children, who account directly or indirectly for a large part of government outlays at the state and local level." Krugman points to the "Texas Miracle" and it's not-so-miraculous aftermath:
bench craft company reviewsKey 2008 Aide Back with Romney - FoxNews.com
Mitt Romney's Free and Strong America PAC announced Monday that his chief domestic adviser in his 2008 presidential bid has returned to join his PAC as policy director, another apparent building block for Romney's likely entry in the ...
Iranian Video Says Mahdi is 'Near' - World - CBN <b>News</b> - Christian <b>...</b>
New evidence has emerged that the Iranian government sees the current unrest in the Middle East as a signal that the Mahdi--or Islamic messiah--is about to appear.
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Republican Tim Pawlenty's exploratory committee has announced the key players who will make up Pawlenty's national finance team. The announcement comes as Pawlenty's team gears up for a major-donor fundraising effort.
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