Courtesy of CNBC
More~ Mark Fisher talks commodities~Vodpod videos no longer available.
Update : FOMC announces $600B targeted toward the ‘long end’ 5-6 yrs, if they do it all yr + the reinvestment of previous purchases per NYFRB they should hit 1 Trillion.
ElErian says it will backfire and lead to QE3, PIMCO seems pixxed.
Update 11:15am ET: Gold is getting absolutely hammered. Down $25 to $1331.70. Appears the street thinks the Fed will pull its punch and disappoint. You know what I say? Good time to buy!
Were I the Fed I would move big now before Rand Paul takes my money printing machine away. Of course I think we should end the Fed at this point, they are propping up TBTF balance sheets and killing the middle class.
QE2 is expected to depart the Federal Reserve steaming toward the TBTF balance sheets at a clip of $500B and further purchase announcements ‘as needed’ at 2:15 pm ET!
All Aboard for falling US Dollar and rising commodities!
I for one cannot WAIT for Ben Bernanke to face the righteous wrath of Senator Rand Paul on this monetizing and taking on worthless paper to bail out TBTF.Senator Paul will no doubt ask where Bernanke thinks he gets this authority and how it helps fulfill his dual mandate of price stability and full employment, which it does not.
Since the Dems were letting the middle class go down I say we all go down or not on our merits. Let the chips fall where they may, Damn the torpedoes! Full speed ahead! Let the TBTF frakkers fail~
As the guys on the street say, we need Potted Palms on the Trading Floor now that we are monetizing the debt a la Argentina pre collapse~
And the TERRIBLE AWFUL economic data continues to roll in. What will Team Obama do now?
*Preccccious* up an astounding $22.90 right now to ANOTHER record of $1270.00.
It’s been a while, but you know what time it is…
We all know QE2 is coming. If housing takes another 20% hit, which it will, the TBTF are insolvent, again. (IMO :0>) Especially Wells and BofA who have all those HELOCS that are worthless if those homes go into foreclosure.
… JPMorgan Chase analysts lowered expectations of housing recovery in the next four years. Jon Daurio, chief executive at the distressed loan purchaser Kondaur Captial, warned that home prices could fall another 20% as well….
…Freddie Mac expects 4 million new and existing home sales in the third quarter, a possible 20.7% decline from last year and 23% drop from the previous quarter….
FD- We are BofA shareholders (NOT by choice, sadly we are holding the former Merrill shares, mom is very conservative and leery of letting them go). We have many, many posts here on the BofA/Merrill merger.
So, we should be seeing QE2, an ‘all new!’ HAMP or some sort, hopefully the MorganStanley 1 pg refi for CURRENT mortgage payors is in there someplace, nice to TRY TO PRETEND to avoid moral hazard once in a while boyz…
Also consider, we all HOPE and PRAY and WORK for a GOP sweep of House and Senate in less trhan 60 days (yay!), and this will put the brakes on Obamanomics to a large extent, BUT it will also stop fiscal stimulus from the Critters leaving Gentle Ben and his fear of Turning Japanese to step in. This in addition to Obama’s EXPORT plan, which I think is sadly misplaced has the USDollar tanking and GOLD rising as a result.
Another wild card is Chuckie Cheese Schumer, post election axx kicking, trying to grab some good vibes by launching a trade war with China which UNIONS want since Summers and Timmeh cannot get any results from our largest trading partner on the yuan peg.-again GOLD as safe haven/falling USD/helicopter Ben shelter as USD falls…
Anywho the precious knows what is coming and is ready for hit. This outs even sister Silver’s awesome performance in the shade.
MiM is pulling the trigger on some more Gold as it breaks under 910…now at 908.08…loading up while we can :) The way TOTUS is spending money and the FED is monetizing the debt MiM still expects Gold to be on a tear sooner rather than later….
It’s Shirley Bassey time!
Courtesy of BronzeVenus
Ahead of Alcoa earnings season kick off after the bell, DOW down 35 to 8128.61
S&P down 6.46 to 874.57
NAS down 12.36 to 1733.81
all the commodities are selling off
Oil now at 60.60….
6/2/09 – CNBC’s Rick Santelli on monetizing debt in the United States.
Vodpod videos no longer available.
Rickster is of course absolutely correct, as they say Old School, we need Palm Trees on the trading floor now, as we have gone South American with our purchase of our own debt….I cant find Pablo Cruise but here is Peter Allen/Hugh Jackman …
When the Fed buys debt I go to Rio…De Janeiro…..