The FOMC minutes released yesterday showed the Federal Open Market Committee as being stunningly out of touch with reality, almost delusionally focused on the inflation even as it has shrunk under 2% year over year core PCE.
They disregard the known lag in their policies.
They disregard turmoil in the commercial paper markets for even high quality paper.
They disregard months of trending declines in core year over year inflation rates.
They act like ivory tower scholastics discussing how many angels can fit on the head of a pin.
I've jokingly ranted in the past about them being on vacation in Nantucket or, I suppose, going to Jackson Hole to be worshipped as gods. Those FOMC minutes seems to confirm my rant.
The discount rate cut has obviously not worked, contrary to the innumerable buttkissers lauding them as geniuses.
So what does it take to get them moving? Maybe a big collapse? Who knows, they are such fools!
Perhaps they should ponder instead how many of the common man need to lose jobs or homes to feed their egos.
Grrrrrrrrrrr. In the past I've ripped them, such as in May 2006. My anger at their antics always seems to be confirmed. The Fed is a very dangerous institution. It needs adult supervision.
PS: I'll be out most of the day. I'm going along to a sheep herding training session with my two Kelpies, Sky and Krypto.
lmaooo...the common man....not sure any bureaucrat knows anything about that...
ReplyDeletejust checking in from the beach...enjoying some time off before the Rich Man's Panic of 2007 really takes effect in September...
die mkt die!
fed fools? huh? lmaooooo
ReplyDeleteSo the Bman is saying he wants a fed rate cut to help the common man. Bman is such a caring person.
ReplyDeleteI have officially changed my opinion again. Now i think the fed will cut the fed funds rate before the spetember meeting. 50 bps. Virtual indeed.
ReplyDeletePS....i'll prolly change my opinion a few times more before the sept meeting.
stupid red sox....had a chance to finish off the yankees last nite....jd drew is pathetic
ReplyDeletedie yankees die!!!
Sheep herding? lmaooooo
ReplyDeleteFrosty luvs sheep. He thinks they're perty.
Bman what about the common man on fixed income? Do you think he wants to see interest rates go down? I don't think so.
ReplyDeleteMost older retired americans would get hurt very badly if rates went lower. But hedge fund managers who made bad trding decisions wud luv a rate cut.
ReplyDeleteBud its nice of your boy GW Bush to tour New Orleans on the 2nd anniversary of Katrina...see...he cares...lmaoooooo
ReplyDeleteYes W just like the Bman. They both care about the commn man. Except in W's case....he doesn't care about the'black' common man. W wanted them all to drown after Katrina. W makes me sick.
ReplyDeletePresident bush hates black people. Everyone knows that. It's a fact. Racist bigot.
ReplyDelete....I dont think they have many fans at Lake Manassas and Stonewall Country Clubs either Bud.....lol
ReplyDeleteto think otherwise would require a Brass Cannon
ReplyDeletelmaoooooooooo stonewall
ReplyDeleteThat does sound bad. I shud have kept that queit. Well...to quote senator craig...."i am not a racist. i have never been a racist."
MLF thought he was on the lamb from the feds for attemtping to corner the gold market...just a sign of the times....hunt bros would be in prison...MLF at the beach.
ReplyDeleteBud what is up with your team...sounds like we should be giving all the liars in the country a free condo and a goverment job...what ever it takes to win...kinda of early to go to the free cheese card though.
ReplyDeleteMy team doesn't go around playin footsies with the guy in the next stall in public bathrooms.
ReplyDeletePS... Do you like to play footsies too frosty?
lmaoo
ReplyDelete" I shud have kept that queit."
Do as I say.....not as I do
rofl..playin footsie
of course you go to the bathroom humor when I want to discuss a real issue...run and hide...liberals make me sick.
ReplyDeleteCFC over 19.75 could send the bears hiding for cover...wsj with the 1907 jmp comparison ie bac investment....that is a stretch, but a little squeeze play would be fine.
ReplyDeletefins with nada....Bud, where is the rate cut? it should be back on the table...beefer games hurting the common man.
ReplyDeleteQID darkside....worst of the week is over...likely a flip for some vacation coin.
ReplyDeleteneed to fill that Spin-em $ndx gap...might as well clean it up before the real games begin next week.
ReplyDeleteI agree on worst of week is over. Frsoty I don't get the fascination with CFC. Why don't we just stick to spin's gap fillers. Those seem to be workin well.
ReplyDeleteBud...your right Spin is the cash machine...old school habit, fins are the sector that I'm most familiar with so I focus there for better or worse.
ReplyDeleteCFC seems right for a squeeze over 19.75...you just put the rate cut back on the table not me.
ReplyDeleteThese...pretzels.......are makin me....thirsty
ReplyDeleteBunk...this Bunny Berigan music ya left on is the cats meow....
IRBT looks primed for a coat of paint...over 21 gunners could take control...the cyber trader boys have taken down everything that can be borrowed there....that sure could help the cause.
ReplyDeleteThis is boring. Beefers in a lazy mood. I'll go play a round. Greens fees = $78 after 2pm. Early twilight rate.
ReplyDelete28 bux. Pffffffffft
PS......Frosty was senator craig tryin to give a bj or receive one? Are you also familiar with the 'foot language' for bj's?
LAMOOO...Bud you seem to have a handle on it....carry on.
ReplyDeleteBud...what a snop...I only play with beefers....eveyone else not worthy of his time.....heading to the country club....conservative convertion in process, stay tuned.
ReplyDeleteWhere ya playing today Bud?..Robert E Lee National??.....
ReplyDeleteBunkerman...they serving rocky mountain oysters for lunch at the lamb jama lamb frat house there at sheep dog u.
ReplyDeleteHey, my Kelpies really rounded up those sheep. Krypto gave the leader (hmmm a black sheep!) a shot in the butt when he tried to challenge her! She came out with a bit of wool in her mouth.
ReplyDeleteAnd Sky completely dominated them! He gave the leader a body check!
The trainer - an old Irish guy wiht champion dogs - said both are naturals and have the guts for cattle herding!
No suprise they are tough - with me raising them :-)))
By the way, those sheep are tough - they broke a lady's leg last week when she wasn't paying attention.
ReplyDeletewhat's with this rally? any news? or just bears covering?
ReplyDeleteBud, put the rate cut back on the table this morning...Spinny filing the $ndx gap above...it's all above for you to see...headem' up and movem' out....I'm watching you rowdy yates.
ReplyDeleteHeli Ben writing love letters to Schumer B'man. Load up.
ReplyDeleteSpinny filled that double gapper...made it look like childs play....if we had a no gapper reg he wouldn't be printing money, picking the pocket of the common man.
ReplyDeletecurbs...saved again.
ReplyDeleteHmmm political pressure works. Good for Chuckie! Somebody needs to kick those bureaucrat butts.
ReplyDeleteWhat's with these bleeping curbs? We don't need no stinkin's curbs (on the up side) ;-)
fins look limp.
ReplyDeleteoil strong - maybe beefers piling back in?
KBH to 30.19?
ReplyDeleteping pong indeed Bunkerman....I now realize how dry you can be at times...look for news to justify the move..lol...got me again.
ReplyDelete