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Desperate Measures


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. . . What is becoming increasingly clear after viewing Mr. Greenspan?s testimony on capital hill is that neither the Fed Chairman nor congress understands the nature of the problem which continues to be too much credit in the system. The Fed believes the problem is that not enough credit or liquidity has been added to the system. This is clear from examining recent Fed speeches and research reports. (I recommend reading the Dallas Fed research paper from May of this year and the 1999 research report on our Fed site.) Current monetary thinking at the Fed is that more aggressive monetary stimulus is needed to combat deflationary forces in the economy.

 

The problem now for the Fed is that the economy is in danger of stalling again as industrial output declines. With interest rates close to zero conventional policy methods are losing their effectiveness. So the Fed is now actively studying unconventional policy methods from implementing a carrying tax on holding cash to monetizing assets . . .

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gOOD mORNING AND gOOD sTOOL TO all.

 

Oops. That's better.

 

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It's a fine, cool sunny day in N.Y. But Mr. Marke has awoken in a terrible funk.

 

He watched crestfallen as Uncle Al-hole promoted the same hoary myth to the jackal pack -- that inflation is measured by consumer prices, which remain depressed by overcapacity. Poor dim Uncle doesn't get it, that his 8% monetary growth is showing up in California house prices; in Chinese internet stocks; in rising bond prices (well, until he opened his big mouth, anyway).

 

Thus the shortsighted Magoo has become one of the proverbial six blind men attempting to describe an elephant. Uncle Al-hole has no concept that the whole elephant does not resemble the floppy little bit that he's been trying unsuccessfuly to stroke back to its customary level of inflation.

 

You call yourself a doctor, but you're just a quack, grumbles Mr. Marke. To hell with you, Uncle Al-hole. I'm going to visit my Uncle Bill this evening. He always asks where I'd like to go today ...

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Indeed Mr Machine.

 

Here ---a short 30 or so miles from you----by the loveley beaches of the south shore of Long Island, I feel a nice cool breeze, and see extraordinarilly clear skies

 

Perhaps it's time for the market to cool off and some clarity to enter the picture on Wall St. too

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One of the reasons I like the DAX, is that is not as heavily managed as the US-Indices, and its currency has been stable.

 

Now, have a look at all the classic chart-patterns, which seem to have been invalidated in the US: Rising wedge, return to neckline, return to previous swing high, long-downtrend intact. All in place. No violations.

 

Kind regards

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I'll be lurking on stooltrading all day. Last nights MtoM had some nice strategies by Pile for Vectorvest users. But don't rush over there because they were long strategies which we were backtesting through the PAST rally. I won't have time to post today I suspect as I can clumsy when I get excited.

 

Noticed on dredge report that they want to jail music swapers.

Is Ken Lay still on the street?

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Careful what you say about Mr. Marke, Stoolies. You could be SUED -

 

The family of Ben Martinez, 80, allege that Reverend Scott Mansfield said he was "living in sin," "lukewarm in his faith" and that "the Lord vomited people like Ben out of his mouth to hell."

 

Nine members of the Martinez family are seeking punitive and compensatory damages for severe emotional and physical suffering.

 

Short him to zero

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U.S. recession ended in November 2001 By Rex Nutting

WASHINGTON (CBS.MW) - The recession is officially over. The business cycle committee at the National Bureau of Economic Research has concluded that the recession that began in March 2001 ended in November 2001. The committee is considered the unofficial historian of recessions and expansions. The committee uses a variety of economic indicators to judge peaks and valleys of economic activity, including quarterly gross domestic product estimates and monthly data on jobs, income, sales and output

 

or

 

Greenspan: No Strong Rebound from Shallow Recession

 

http://story.news.yahoo.com/news?tmpl=stor..._recession_dc_1

 

you choose

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U.S. recession ended in November 2001 By Rex Nutting

WASHINGTON (CBS.MW) - The recession is officially over. The business cycle committee at the National Bureau of Economic Research has concluded that the recession that began in March 2001 ended in November 2001. The committee is considered the unofficial historian of recessions and expansions. The committee uses a variety of economic indicators to judge peaks and valleys of economic activity, including quarterly gross domestic product estimates and monthly data on jobs, income, sales and output

 

or

 

Greenspan: No Strong Rebound from Shallow Recession

 

http://story.news.yahoo.com/news?tmpl=stor..._recession_dc_1

 

you choose

Just caught the blip on Crapvision...

 

That was right before they started talking about gasoline & distillilate inventory.

 

Hello? Capacity is at what? Inventories are building during the driving season? WHAT? How could that be?

 

What a mess thats going to be... everybody hung out on very expensive crude...and no demand to refine it. :rolleyes: (ahhh shit, screwed again) Lets see what happens to those margins on the west coast.

 

Jane & John has stayed home this summer... wonder why?

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