Really, when your grandpa used to invest didn't he put a little something away each month and invest in a patient, long term wealth-building strategy; with maybe a little casino play money on the side?
What have we got today? We are all forced to be casino patrons. Grandpa's market is a quaint and distant memory. Here we have 3 Amigos flapping jawbones, sounding alarms and trying to signal we casino patrons that help is on the way.
Wasn't it just 2 weeks ago that a trio of Fed officials just threw cold water on our greedy little heads, cooling us off but good? Lockhart, Williams and Plosser, supposedly spanning the spectrum from hawk to dove, did not see reason for imminent QE. We were being managed one way.
Now a trio of Fed jawbones move closer to QE3 as they are suddenly alarmed about something. Really? Alarmed? About what, a leveraged up system that cannot sustain itself due to the fact that it is built on a quicksand pit of debt. We are being managed another way.
So now we have John Williams (pulling double duty flipping to the new trio), Eric Rosengren and Charles Evans looking for aggressive action by the Fed.
Of course, there is always Mr. Dependable, Jeffrey Lacker on the other side trying to dispel the notion that QE3 is needed.
The beat goes on... as do the jawbones.
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