Thursday, May 21, 2015
"What a world, what a world!" This morning, the macro data has missed expectations -- four for four -- and yet stocks are rising sharply, to new all-time record highs! Wall St bankers have never been so dismissive of the bad economic news!
Wednesday, May 20, 2015
...er, I mean "seasonally adjusted"! And they admit that they're in collusion with the San Francisco Fed to do it! Where are the news media reports about this? Oh, I forgot! They are, after all, the Propaganda Press!
Bank of America admits that the GDP data is doctored. We're being propagandized by our government, our central bankers, and the bank economists.
"Currently, 1Q GDP is likely to come in around -1.2%, so fixing the data gets us back above zero." Fixing indeed. Do you see that? They admit that they "fix" the data to "get us back above zero"!
This morning, they all but admitted that they are in collusion with the San Francisco Fed to fabricate the economic data to make it appear positive, even when it isn't:
"Glenn Rudebusch and colleagues at the San Francisco Fed argue that residual seasonality could exist because not all the components of GDP are adjusted and the adding-up process could create further seasonality issues. They note that the risk of problems is high in 1Q, because the overall economy has a major “seasonal recession” in 1Q and, hence, big adjustments are required to normalize the data. "
They use fancy and arcane terms like "seasonal issues" and "normalize the data" to obscure the reality that in Q1 2015, the US economy was negative and went into recession. So they "seasonalize" the data to make it positive, even when it was NEGATIVE!
So the banks, the central planners, and the government are all now in collusion to mislead the American people. That's propaganda. Agitprop! And we thought that only the Soviet Union did that!
Welcome to Amerika, comrades!
Tuesday, May 19, 2015
This morning, housing starts data showed a surprisingly good surge in "starts":
Nevertheless, this supposed good news brought this reaction from Wall St, where everything seems twisted to be the opposite of what one would expect in recent years:
Update: This perspective this morning from Zero Hedge:
"As can be seen on the chart below, the last time single-family housing starts in the Northeast soared as much as they did in was in June 2008, just before the financial system nearly collapsed."
Here is the accompanying chart: