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Cincinnatus vs. The Phantom Menace


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. . . There seems to be no coherent message coming from Mr. Greenspan: we?re warned about ?irrational exuberance? even as the Fed cuts interest rates and wildly inflates the money supply; we?re told there is no inflation, yet housing prices skyrocket; we?re told that only our central bank planners have the wisdom to determine proper monetary policies, yet the Chairman himself seems to equivocate constantly and provide only the fuzziest answers to straightforward questions.

 

Centralized planning is as disastrous in monetary affairs as in economic affairs. Just as Russian commissars could not determine prices or production levels in the absence of a free market, the Federal Reserve Board cannot determine the ?proper? level for interest rates or the money supply . . .

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Errata-

 

A sharp eyed stoolie pointed out that the word prices was used where it should have been "yields" in the Feed report. I have since corrected the error and the formerly offending paragraph now reads as follows:

 

Bond yields are back up near 4.20 today. I had pointed out a number of weeks ago that The Gang of 22 had notably increased its borrowing of bonds from the Fed, and that such action was a harbinger of higher bond yields. Monday, Tuesday, and Wednesday, they again massively increased their securities  borrowing from the Fed, confirming that we are likely to see even higher yields in the days ahead.  

 

I also had left an extraneous paragraph from the previous day's edition in the report, resulting in a confusing analysis. That has since been removed.

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Good Morning Stoolshine!

 

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Back with your Suctors and Stoolwethers around 8:45, and and Anals Opening Intraday at 9:15 NY time.

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IMO bears need to be careful today.Durable goods over June with the lowest interest rates for a gazillon years! If they're bad then they can pack it in right away 'cos July/Aug gonna be offa da cliff.

 

Mista Softy taking on 5,000 new staff(prolly not a lot in US) but this may be bought if it hasn't already.This, combined with yesterday's lower jobless claims might cause them to pump it up before they sell to pay the FED like yesterday.Unless

Al helps out,which he probably will !

 

Reasons to be careful methinks.But I know nothing.

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IMO bears need to be careful today.Durable goods over June with the lowest interest rates for a gazillon years! If they're bad then they can pack it in right away 'cos July/Aug gonna be offa da cliff.

 

Mista Softy taking on 5,000 new staff(prolly not a lot in US) but this may be bought if it hasn't already.This, combined with yesterday's lower jobless claims might cause them to pump it up before they sell to pay the FED like yesterday.Unless

Al helps out,which he probably will !

 

Reasons to be careful methinks.But I know nothing.

Correcto...... FAIR WARNING

 

The Hopers keep pressing their bets

 

They will Crap out one of these times

 

 

:lol: SNAKE EYES :lol:

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