FED Raises Discount Rate; The Day After
It was a quiet day after all the excitement from last night's FED rate move. Asian markets took a small hit but everything else returned to pre-raise levels. In last nights post I noted:
For my money if the DOW is not down over 200 points and the S&P 500 is not down by 15 points come 12 noon then the close is going green on the whole "things must be stronger than expected, rock on!" mentalityand from CNBC today:
Who's Afraid of the Fed? Market Actually Wants Rate HikesNICE!
Forget the cosmetic move of raising the discount rate—the day the Federal Reserve really decides to start putting the brakes on growth could actually be a happy occasion for the stock market.
A fast mover could have opened up with TZA this morning and then swapped out into TNA early and caught the shift for a trade. I always recommend moving firmly into TNA when you get the chance, HA!
Housing Help Never Ends
As if the 1.6 trillion in mortgage debt buys were not enough (they are not!) the President visited Nevada today and pledged even more money for home owners (can we stop using this word yet?) in trouble. Another 1.5 Billion is no big deal these days, but the free money ride will never end. Nobody seems to want to understand that home prices are still TOO HIGH and none of these efforts can make that any better. Keep banging your head on the wall though. How about a 1 month free mortgage payment for any homeowner that has paid in full for 3 years or more? What about that? I would not qualify as I have only been here for 2 years so I have nothing to gain by this idea. I winder how much that would cost? I think this makes much more sense. Anyone agree?
CPI May Have an Issue; Restatement Possible?
Tim Iacono from The Mess That Greenspan Made was red hot today and he picked up on an error that may well result in action.
In the post "A Math Problem at the Labor Department" Tim finds that the 'lodging away from home' component of the CPI may have been incorrectly weighted in the final numbers:
It appears that they are mistakenly weighting the -2.1 percent decline for lodging away from home at a much higher level and, since housing is a major component of core inflation, the first negative reading in 28 years was the result.Now this may be a quark in the numbers or some other issue but it seems the BLS is visiting the blog this evening and checking things out:
A Sudden Interest in TMTGM by the BLSWell I have total confidence in the government to run the biggest economy in the universe now! If this holds up Tim will have made a huge catch. Great work!
I've not heard from anybody on this subject yet but I did go through some calculations with some of the other categories in the most recent inflation data and, as far as I can tell, they've got an error in today's report and, despite what you may have read in the mainstream media and elsewhere, monthly core inflation did not decline for the first time since 1982.
What is This?
Citigroup Warns Customers It May Refuse To Allow Withdrawals
Seems a notice meant for customers in Texas was sent nationwide, but why even is this out in Texas? Very strange indeed. Never get between an American and their ATM!
Friday Night Entertainment
Enough serious stuff! Are all my like-minded groupies ready to heap praise on me as well enter the BORG together? I knew you would say yes, I already knew! Allow me to bla bla about movies, music and pictures because all that sucks and is boring.
I am Sold!
I will be placing an order for the Northwest Territorial Mint product "Stagecoach Silver" which has the phrase:
"For When You Have To Get Out of Dodge"
Perfect! Both bars and rounds are available and will split off into 1/4 ounce sections so you have money after the end of all fiat currency:
or the round:
I love these! Bulk order coming up!
Car Flame War on Tap
When I saw this item I had to keep my cool and understand that everyone is different and some just have bad taste:
Car Disgust--1969 Chevrolet CamaroTo be fair the writer's reasons are not so much the car itself, but issues related to the car's popularity and fans, but still, that headline just invites emotion! Have at it!
Wait, Car Disgust? Say again?
Yes. The Chevrolet Camaro, one of the most iconic muscle cars of all time, is a car I loathe. In fact, it's one of my all time least favorite cars.
PS, Dear Santa, may I have a 1969 Camaro with the original ZL-1 all aluminum big block engine for Christmas? I will be a good boy; well as good as I can be...wait..ok scratch that. Damn, GYSC.
A few film selections?
Reader Watchtower notes a clip form the film "Pulp Fiction" that involves a samurai sword and thus is goes up:
I am an avid sword collector and nothing has the electricity of fine steel, yes even better than gold and silver and more useful in an end of the world scenario or a Zombie attack, which are both equally likely, IMO. A true hand folded samurai sword is a work of art and is about as deadly a weapon that has ever existed, and they are not cheap!
Of course now I am on that line of thought, so enjoy the greatest sword ever made by a man, the Hattori Hanzo sword, from "Kill Bill vol. I" with magic music as well:
When the horns come in at the 2 minute mark may be the most beautiful sound I have ever heard.
Saw this one today and had to save it:
see more Lolcats and funny pictures
Now this is hilarious even for non-science types:
Don't call it a comeback, I been here for years-LL Coo J
Rockin' my peers and puttin' suckas in fear
Makin' the tears rain down like a MON-soon
Listen to the bass go BOOM
Over the competition, I'm towerin'
Wreckin shop, when I drop these lyrics
That'll make you call the cops
Selections from requests?
A catchy tune can be gauged by how many times it is parodied, and the song "My Sharona" by The Knacks is a good example. Lead singer Doug Fieger has passed on and thus this goes out to him:
Reader Gawains would like a little southern comfort in the form of Gretchen Wilson and "Redneck Woman" and who am I to say no to such a lovely lady?:
In the haunting vocals category Grace Slick is near the top. Try out Jefferson Airplane and "White Rabbit":
In another note of things passing away, let us celebrate the last best chance for rock and roll that was Audioslave. Too bad songs like "I am the Highway" are probably never coming back:
Top 5 song for me!
I can admit it, I am a huge No Doubt fan and it has nothing to do with Gwen Stefani. Well mostly! I like almost all their stuff and a get up and move tune is "Hey Baby" so try it:
Last Call! Closing the show time, try not to cry...
To send you off in a smile, let's go with Bon Jovi and "Runaway" and yes, you know you all love it:
Rock on!!!!!!!!!!!!!! I need hairspray!
Have a good night.