Short story: I still seriously doubt there’s a taper coming before Q1 2014 at the earliest. Here’s today’s FOMC Statement which has nothing particularly sexy in it:
Eugene Fama: QE Doesn’t do Much
Nobel prize winner Eugene Fama has done his homework on QE and seems to understand the basic accounting behind it that so many others misinterpret. In this CNBC interview, Fama [ … ]
Q3 Earnings: Bleh
Some highlights from the Q3 reporting season so far: 2.3% blended EPS growth rate. 2% blended revenue growth rate. 75% beat rate (shocker). 52% revenue beat rate. Consumer discretionary is [ … ]
The Debt Bad Guys
The recent post on who owns the Federal Reserve caused all the standard responses: I am an idiot. I am a shill for the Fed. The Fed is owned entirely [ … ]
Who Owns the Federal Reserve?
Good question here in the Ask Cullen page. I get this one a lot so it’s worth some detailed explanation. First, it helps to understand what the Fed really is. [ … ]
“Now all of a sudden you’re David Tepper.”
I loved this post by Josh Brown. Just go read it….And then remind yourself that you’re not nearly as smart as you probably think you are. And then remember that [ … ]
Rail Traffic Growth Hits New 6 Month Highs
While there are some minor signs of broader economic slowing, it’s certainly not showing up in rail traffic data. This week’s traffic trends showed a continued improvement off the June [ … ]
Barack Obama, Government Job Slayer
Yesterday’s employment report showed another decline in government employment. But there’s a pretty amazing statistic developing during the Presidency of Barack Obama. In the post war era a US President [ … ]
Who is This Man?
Alan Greenspan was on The Daily Show the other night and I hardly recognize him. Among the things he says: Market participants are not rational. Models based on rational expectations [ … ]