The humor factor is ramping like a Ponzi/fraud 3:30 screamer into the night. On one side the globalist, corporate and government controlled likes of CNBS and friends and on the other side the blogger truth movement. We know both sides well. One is free and unencumbered the other is paid to perform and controls all the data.
What is funny is how virtually everyone is now laughing out loud at the MSM coverage. Public opinion is off the charts negative. Just check out the stats at Rasmussen Reports. "Seventy-two percent (72%) of all Adults say the economy is in a recession, while 78% of Investors say the same." Wait a minute, I wonder what the percent of the CNBS cheer leading pundits say the recession is over and there will be no double dip? Remember, the money managers must have you invested to make their fees. It is their job to keep you in the market. How else in the world will your retirement savings grow if you are not invested for the long haul?
ZH has a great post Shadowstats' John Williams Exposes The Media's Propaganda Spin, Or Why Watching CNBC Can Be Hazardous To Your Wealth. where you find John Williams' personal experiences with the MSM. "More recently, following an interview on a major cable news network (not CNBC), I was advised off-air by the producer that they were operating under a corporate mandate to give the economic news a positive spin, irrespective of how bad it was." And that is how the free media operates in this now doomed country, programmed from above to lie to its viewers."(emphasis ZH).
What you are being spun is a pack of lies about how corporate earnings are expected to grow and be fantabulous thru 2011 by the 'analysts' all in front of Barlcays Cuts Q2 GDP Estimate By A Third From 4.5% To 3.0% and this FOMC Minutes: Fed Sees No Need For Additional "Policy Accomodation", 5 To 6 Years Of Economic Weakness so earnings are supposed to grow at astounding rates in the face of a declining GDP and a budget deficit (term used likely cause there is not budget really for 2011 and then you get fresh info like June Deficit Fails To Account For $142 Billion In Excess June Borrowings; U.S. Has Issued $1.5 Trillion Excess Debt Over Budget In Past 4 Years). Excess borrowings? You gotta laugh at that one. No wonder they don;t need a budget for 2011. They don't stick to it anyway. With the Fed printing press, who cares?
So where does the line get drawn. Here in lies the confusion and where the rubber will eventually meet the road. Mish has Expect Second-Half Housing and Durable Goods Crash but then you get upgrades across the board from the BD's and Wall St. 'experts'. Whom can we trust? That is the funniest part cause even the BLS BS is now working against the home team as their birth death models and economic assumptions are exposing the BS behind the numbers. At some point the truth will have to come out, and I'm more positive you will get it from a digital dickweed than from some 'reputable' reporter on the MSM.
I mean, at least we all have the ratings agencies we can trust to give us honest and un-compromised truths behind the credit worthiness of nations and corporations right? Guest Post: Britain's Public Debt Doubled Again Overnight to Now £4 TRILLION. (No that is not a typo - OVERNIGHT is correct.) We all know these agencies had noting to do with perpetuating the Ponzi/fraud scheme that has gotten us into this mess. Well, maybe we can trust China's ratings before ours? (that is really saying something if you ask me.)
The banks can be trusted not to borrow enough money before reporting earnings to stuff their balance sheets so they can appear to be liquid, right? We'll find out in the morning when JPM beats by a penny or two (I'm positive they are under orders not to blow out any numbers to avoid suspicion - earnings are easy with Repo 105 and all the free money you can get and lever to 80%). BAC: "Accidental" Repos from Denninger covers a slight bo bo that BAC had. We'll know more about this on Friday morning when they report. ZH adds to that detail in Bank of America Admits To Repo 105-Like Fraud, Even As End Of Quarter Window Dressing Continues Unabated "We are sure that late night comedians can come with enough material in which a $10.7 billion "mistake" is not material so we will leave it to them, and instead we will ask another question as pertains to the whole end of quarter window dressing theme: namely - why does it continue to this day?"
Dylan Ratigan's post on ZH hits home Lies Divide, Truth Unites Dylan sums it up nicely and helps unclutter the confusion being spun by the puppet masters. It is refreshing to hear someone in the MSM to speak in such a fashion (I assume he was not allowed to do this on CNBS). "The mainstream media rarely fights back against this lie, either by an inability to understand, a desire to protect their access to these same Politicians and Bankers or an unwillingness to go up against the very same financial institutions that are often the only thing between them and the unemployment line."
So don't be confused. Bottom line is the country is falling apart (Ill, CA or AZ - pick a state). The global financial system is a Ponzi/fraud scheme that is sucking all the cash out of the world (present and future monies). The great period of entitlement (uber debt) has come and gone and now we must pay. There is no double dip cause we never left the depression. The divide between reality and what the Fed/Treasury/BD bots/algos can concoct in a volumeless market will be exposed eventually. The bait and switch is in effect. Please note (as in the case of AA) the lowered estimate beat on lower revenues theme throughout this earnings season to come. It is all bullshit. The demand has been pulled forward (autos and homes anyone?) and rates are at record lows and NOTHING is working. QE II? LMAO ,throwing more money down the black hole is more like it. It may take the market to all time highs, but we'll know what is real and what is not, and I know that when reality slaps us in the face it is not going to be pretty.
Remain bearish my friends.
GL and thanks for the views.