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Tuesday, October 28, 2014

Tuesday morning news


The argument that the Federal Reserve has "faked a recovery by printing money and handing it over to investment bankers to buy stocks to artificially float the stock market" has one big problem:

Hard economic data.

Here's two examples for today:

Calculated Risk - ATA trucking index up 3.7%. Forget the "unchanged from August" bit, it's a noisy data set. Trucking is up 3.7% yoy and that means growth. Unless, of course, you're some low-grade fucking moron who insists that the US Federal Reserve is renting out trucks to fool mom & pop investors into believing in a non-existent economic recovery.

Calculated Risk - SAAR predicted to be up 5% yoy. Unless of course you think the Federal Reserve has expanded its balance sheet by buying a few dozen million cars over the past 5 years in order to trick Wall Street into buying shares of Ford.


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