Grassroots

Fed Chair Powell Delivers the Perfect Storm to a $54 Trillion Bubble Stock Market: A Pivot to Inflation Hawk and Removal of the Punchbowl

Wall Street On Parade -

Fed Chair Powell Delivers the Perfect Storm to a $54 Trillion Bubble Stock Market: A Pivot to Inflation Hawk and Removal of the Punchbowl

By Pam Martens and Russ Martens: December 1, 2021 ~ Fed Chair Jerome Powell along with Treasury Secretary Janet Yellen appeared before the Senate Banking Committee yesterday to deliver their semi-annual reports. Approximately 34 minutes into the hearing, in response to a question from Senator Pat Toomey, Republican from Pennsylvania, Powell announced that he was retiring the word “transitory” to describe the inflationary forces that have a grip on prices in the U.S. The stock market interpreted this to mean that Powell, who just eight days prior had become Democrat President Joe Biden’s nominee for another four years at the helm of the Fed, was now pivoting to cater to Republican inflation hawks in order to win their votes at his upcoming confirmation hearing. The Dow Jones Industrial Average quickly did a bungee dive of 402 points. About 90 minutes into the hearing, the stock market went into a new wave … Continue reading →

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The Debut of the Deranged DOOOMers, 2021 edition: No, the strong advance of the Index of Leading Indicators is not forecasting a recession

Angry Bear -

The Debut of the Deranged DOOOMers, 2021 edition: No, the strong advance of the Index of Leading Indicators is not forecasting a recession Five to ten years ago, I used to have a lot of fun taking the hide off DOOOMers. You know, the pundits who always find some new statistic or other that absolutely […]

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The libertarian dilemma and the politics of outrage

Angry Bear -

If you want to understand libertarian politics and messaging, the starting point is to recognize that libertarian ideology is very unpopular.  They want to end child poverty – but only through deregulation.  They support good education – but only through vouchers or privatization.  They want to reduce greenhouse gas emissions.  Well, o.k., not really.  They […]

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Nassim Nicholas Taleb: No, Covid 19 Is Not an Old Person Problem

Naked Capitalism -

Yves here. Nassim Nicholas Taleb shreds the misguided logic behind Covid age-ism. And that’s before getting to the fact that in South Africa, the notion that the old are more likely to get really sick is simply not true: The newscaster starts by describing an “exponential” rise in cases, then interviews the head of ICU […]

The Crimes of Punishment

Angry Bear -

Surely someone, not something, must be to blame, must be responsible for whatever catastrophe that may have just occurred. Even CNN knows this. Blaming an event on someone obviates the need to fully explain, to seek a cause; relieves us of the responsibility to understand, to acknowledge the true cause. Seems it is somehow better […]

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Income, Spending, and PCE PI Index Up . . . Savings Rate Lowest Since December 2019

Angry Bear -

Commenter and Blogger RJS, MarketWatch 666, Personal Income Rose 0.5% in October, Personal Spending Rose 1.3%, PCE Price Index Rose 0.6%, Savings Rate Lowest Since December 2019 The October report on Personal Income and Outlays from the Bureau of Economic Analysis includes the month’s data for our personal consumption expenditures (PCE), which accounts for more than 70% […]

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This Chart Explains President Biden’s Strange Remarks at Yesterday’s Press Conference on the Omicron Variant

Wall Street On Parade -

This Chart Explains President Biden’s Strange Remarks at Yesterday’s Press Conference on the Omicron Variant

By Pam Martens and Russ Martens: November 30, 2021 ~ President Joe Biden clearly needs a new communications team that can explain to him the meaning of “under promise, outperform.” Biden began yesterday’s press conference on the newly discovered COVID variant, Omicron, stating that he had promised to always tell the American people the truth. Then he proceeded to deliver a pep talk devoid of hard evidence for the rosy promises he was making about his strategy for fighting the new Omicron variant. At one point, Biden told reporters that this Thursday he would be “putting forth a detailed strategy on how we’re going to fight COVID this winter – not with shutdowns or lockdowns, but with more widespread vaccinations, boosters and testing and more.” At this point, there is zero hard evidence that the current vaccines provide significant immunity against the Omicron variant. Scientists around the world have said that … Continue reading →

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Half of what you read about Omicron is wrong, but you won’t know which half for weeks

Angry Bear -

Coronavirus dashboard for November 29: half of what you read about Omicron is wrong, but you won’t know which half for weeks As with any “Breaking News!” event, about half of what you read will be wrong. The problem is, nobody knows which item falls in which half. Recognizing that you need to step back a little […]

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Intellectual Property II

Angry Bear -

As always, I am bloviating on a matter where I am not expert. I do sometimes wonder what the hell we should do with the strange human invention called intellectual property. It can be argued that it was a brilliant invention. For example the US Constitutional Convention wrote “To promote the Progress of Science and […]

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