I said enough last night ( I feel like I have a post post hangover).
WTF - Zero Hedge - The Fed's 30 Minute Agency Monetization Window. "These shell games are getting tiresome. A half an hour turnaround time between issuance and buyback? Really Ben?". Zero Hedge is the WTF center of the universe.
WTF - Mish - Can We Really Trust The Leading Economic Indicators? "I would agree that a slip back into recession in the 4th quarter is unlikely, assuming of course it is even possible. Bear in mind, we have not had an official end of this recession declared yet." You'll like this one. Mish rips apart the LEI's and pulls the wool back that has been covering the sheeple's eyes.
WTF - Naked Capitalism - Is the consumer really deleveraging? submitted by Edward Harrison of Credit Writedowns. "What do you know, it’s up $7 billion. It is indeed down $4 billion for revolving credit as banks are cutting credit card limits. But, non-revolving credit is up over $11 billion. It was decreasing and is down 4.4% year-on-year (see the section highlighted in green above), but that ended this month." OK, so we all should feel like idiots now as Edward did his homework and we all just took the MSM's report without question. Goodness I feel so stupid right now. They lied to us again.
WTF - FT.com - US jobless claims fall more than expected. "New jobless claims declined by 33,000 to 521,000, official figures showed on Thursday. That was a bigger drop than economists expected and the number of workers continuing to claim benefits also fell, declining by 72,000 to 6.04m." I just don't get it. How is losing more than 500k jobs a good thing? I'll get Mish's REAL employment round up when it comes out.
WTF - The Market Ticker - Corruption: FHA Is Dying, Will Anyone Stop It? "The FHA's claim that it is practicing "conservative" underwriting is both a bad joke and a flat lie. Jeff Skilling went to prison for trying to run this sort of accounting at ENRON, yet we still have "government officials" doing the same thing at federal agencies." LOL, the FHA needs $56b to get above water. What's $56b in today's dollars? Oops, did someone take the actual value of the dollar into consideration here?
And my favorite WTF - The Underground Investor - A Market Rally in Monopoly Money. "As I’ve stated before, as long as Wall Street computers keep using low summer-like trading volumes to manipulate this market higher, the market can continue to melt up on the back of a devaluing dollar before it will eventually melt down. And as long as the US Federal Reserve continues to try to appease public anger by giving the public greater amounts of a worthless currency in a monetary game the public, by and large, fails to understand, I will continue to hold my currencies in forms that have zero counterparty risk." This is a good one.
Have a great evening!
