Time to focus back on the real crisis and that's the ponzi scheme otherwise known as the Chinese miracle, and the next greatest trade ever. http://online.wsj.com/article/SB100...S=zuckerman&_nocache=1308747957706&mg=com-wsj
Dennis Gartman http://noir.bloomberg.com/apps/quote?ticker=HAG:CN LOL. Who's on CNBC more? Him or Tilson?
I missed the press conference(A rare thing for me to miss a major Fed event but this seemed like a non-event and I had some stuff to do) Looks like I was correct to suspect that Bernanke misspoke when he referred to extended period as 'couple meetings' From GS: 4. At the same time, his remarks hinted that the FOMC has in fact discussed easing options. Specifically, he said options could include: 1) securities purchases, which could be structured in various ways; 2) a cut in the interest rate on excess reserves; 3) guidance on how long the Fed will wait to sell securities; and 4) or âa fixed date to define extended periodâ. With regard to the extended period language, he revised his remarks from the last press conference, in which he said the extended period language meant âthere would be a couple of meetings probably before actionâ. Today he said: âI think the thrust of extended period is that we believe we're at least two or three meetings away from taking any further action, and I emphasize âat least.ââ
But perhaps misspoke is not the right word. Its a strange 'coincidence' that the talk gets dovish when the data is bad but becomes tough when the data is good. Back in 2010 when the talk was all exit Bernanke NEVER went out of his way to say what extended mean, the FOMC reacted to Dudley 'six months' by saying 'its not a timetable' now that the data gets worse all of the sudden extended gets extended a bit more I'm surprised the Fed futures didn't react much to this
Looks like Buffett was wrong, not all calories are equal http://online.wsj.com/article/SB100...0.html?mod=WSJ_hp_MIDDLENexttoWhatsNewsSecond The odds of him dropping his junk food diet though, are roughly 0%
Euro CHF broke the 1.20 level. A few more bad days on the stockmarket and we are at 1.10 or so. Remember when it was at 1.40 and the SNB was crying and Zero hedge kept reporting everyday on how they would step in.