Wednesday, August 26, 2015

Some news

You probably don't mind that I haven't kept you up to date with the news, since the market obviously doesn't give a crap.

But I may as well clean out my inbox:

Calculated Risk - July existing homes sales highest pace in eight years. Therefore puke the S&P.

Reuters - consumer confidence, housing blah blah WE DON'T CARE ABOUT ECONOMIC DATA OMG SELL SELL SELL. Frankly, I'm starting to think Pooty-Poot handed Kim Jong-Un the passwords for JPM and GS's prop desks, and this whole market collapse is actually North Korean hackers trying to fuck with Whitey.

New Deal Demoncrat - will you shut up about China already. Quote:
I expect that the main fallout of the China syndrome on the US economy will be cheaper gas and cheaper mortgages. That strikes me, on net, as a positive.
OK fine, but even still:

The Krugginator - it's getting tighter all the ti-i-ime! (Tighter, tighter, tigh-ter!) Where he notes:
When thinking about the market madness and its possible real effects, here’s something you — where by “you” I mean the Fed in particular — really, really need to keep in mind: the markets have already, in effect, tightened monetary conditions quite a lot.

First of all, if break-evens (the difference between interest rates on ordinary bonds and inflation-protected bonds) are any guide, inflation expectations have fallen sharply:
And then charts and so on, to illustrate the idea that recent market heebie-jeebies have acted like a US Fed rate hike. That's fine, K-dog: but the Fed doesn't diddle with rates every single stupid time the break-evens hit an extreme in the chart, do they? The Fed funds rate is just an underlying condition around which everything varies stupidly. For you to suggest otherwise means you must have looked at your 401-K recently.

Streetwise Professor - I knew Black Monday. Black Monday was a friend of mine. He says this Monday is no big deal, cos he was around on a Monday when the market was -9 standard deviations. Well, good for you, but today the market is a different machine. Thanks for freaking people out, though; maybe you can get a job at Business Insider someday when Sam Ro finally gets sick of the taste of vomit in his mouth like Mamta Badkar did.

The Chronicles of Brodrick - robots flying at the speed of sound to show you how it all began. Included for this bitchslap:
Dude, I have heard people declare “China is doomed” since 2005. Someday they’re gonna be right. But are the odds any better now than, say, during the big global recession in 2008?

No. Not unless China’s leaders have lost their will to throw money at problems. Headlines like “There’s No Saving China Now” are written by and for idiots and newbs.
Well, Sean, you've just fucked your chances of working at Business Insider one day.

1 comment:

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