OK - INTC beats handily as markets set new highs. Intel posts sharply higher profit, tops views from Marketwatch. Looks like the earnings bar may be set low enough to allow the Fed and PPT to take a break for a week or two, let their fat fingered interns take a much needed break to heal the blisters on their thumbs and finally let some much needed irrational investors enter the market. Just wait till the banks knock the cover off of the ball as I expect a zero interest arbitrage, cash rich, non lending, equity pumped institutions should do.
The games our government plays to show a recovery when there is not one just don't seem to stop. Mish has Measuring the effect of stimulus: If you don't like the results, change the yardstick - "It would have been a lot easier on Obama if he simply made up numbers of jobs created without disclosing the methodology. Someone might have believed him. This Mickey Mouse manipulation in plain sight of inquiring minds just makes the administration look foolish." We are playing kick the can down the road and pull demand forward (with a sprinkling of Monopoly money and some BLS manipulation), you can't win at either game. You'll have to pay the band eventually. Sadly the band is not the Blues Brothers and we can't just fork over a case of PBR. Caught between a rock and a hard place they are, praying on their knees that if the good Lord will just let this bubble reflate one more time and make all of this bad mess go away they swear they will never let it happen again.
This one may seem a little off base but indulge me. naked capitalism has - Monsanto GM Corn Linked to Organ Damage in Animals. I am a pretty big believer that GM foods will be the "next big thing" once all this mess is over in about 10 years. You see, they are fucking with mother nature and might just put the royal fucking on our food supply. First, screwing with the genetic code of stuff and feeding it to us is not a good thing. You should check to see if what you are eating is GMO or not. Second, MON is one of the companies that I will be buying at the next low, because it is quite possible they will own a patent and get royalties on every food source grown on the planet. I'm not kidding. If you grow soybeans and the farmer next to you grows MON soybeans and they cross pollinate then the soybeans you plant next year from the seeds have MON genetic code in them, you lose. You just stole their product and will pay royalties. Uh, yes, this is a real and not fictional problem. They own the code. Hell, they tried to corner and get the genetic code patent on pigs not to long ago - if they had won and you owned a pig - any pig anywhere - you were SOL. Their patent, thatnks for taking care of their pig. Not kidding again. Some great youtube vids on this stuff. MON is a bad, bad, bad company IMO.