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    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Chicago PMI Plummets From 67.6 To 56.6, Biggest Monthly Drop Since Lehman Bankruptcy

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Tue, 05/31/2011 - 09:44 | 1325030 LRC Fan
LRC Fan's picture

I love how economists can miss these numbers over and over and over and no one seems to care.  Who's worse, economists or ratings agencies?  Oh wait, they are both on the same payroll.  Got it. 

Tue, 05/31/2011 - 09:46 | 1325039 oogs66
oogs66's picture

Out of 55 estimates on bloomberg, no one got it right, and only 2 people underestimated the number.  Weirdly, one of them was LaVorgna from DB.

Tue, 05/31/2011 - 10:28 | 1325192 nope-1004
nope-1004's picture

No one said propaganda is necessarily correct.

The Ministry of Disinformation in this country is working overtime.  I believe nothing, only that I'm paying more for essentials, working harder, and have less disposable income at the end of the month.

 

Tue, 05/31/2011 - 11:00 | 1325345 Harlequin001
Harlequin001's picture

I'm just revelling in the ferver of a fine economic recovery...

Tue, 05/31/2011 - 11:47 | 1325525 Don Birnam
Don Birnam's picture

Mr. Market's response ?

DJIA +71

Nazz +16

S&P  +7

"What, me worry ?"

http://images3.wikia.nocookie.net/__cb20090330192128/uncyclopedia/images...

Tue, 05/31/2011 - 09:51 | 1325056 Re-Discovery
Re-Discovery's picture

and over and over and over and over and over . . . etc., etc., etc,. . . . .

Tue, 05/31/2011 - 09:59 | 1325077 Id fight Gandhi
Id fight Gandhi's picture

You figure if anyone else messed up their job this much theyd be fired.

Oh well, market don't care, just keeps rallying, cant let a sour economy run a happy day over Greeks getting more bailout money.

Bizarro world indeed.

Tue, 05/31/2011 - 10:06 | 1325121 Worker Bee
Worker Bee's picture

Im a paramedic and if I was this wrong people would die..and I probably make a quarter of what these douche bags do....go figure.

Tue, 05/31/2011 - 10:13 | 1325139 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

Well, there's your problem:  A dead body is an objective fact. 

But who's to say that an economist is wrong generally about "the economy" "improving" or "bottoming". 

If you changed careers and instead advised people on how to "live better", they would find it substantially harder to prove you aren't doing a good job!

Tue, 05/31/2011 - 10:27 | 1325206 Worker Bee
Worker Bee's picture

Hmmm..Dead bodies means less people looking for jobs..less people defaulting on mortgages and less medicare!! Im not a medic Im a Green shoot gardner!!

Tue, 05/31/2011 - 11:02 | 1325354 Harlequin001
Harlequin001's picture

but it's my guess that if you were dead you would probably default...

just sayin'...

Tue, 05/31/2011 - 11:21 | 1325424 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

TYLER--could you re-do the graph you posted last week with the ISM showing the doble dip, and add today's information?

 

Would be interested to see.

 

Thanks

 

cin

Tue, 05/31/2011 - 09:45 | 1325032 oogs66
oogs66's picture

Nov 2009 was last time we printed below 56 on this.

Tue, 05/31/2011 - 09:45 | 1325033 Herne the Hunter
Herne the Hunter's picture

LOL

Tue, 05/31/2011 - 09:49 | 1325036 Franken_Stein
Franken_Stein's picture

 

Oh shit.

We are in a world of trouble and pain now.

Time to jump out the window.

 

Tue, 05/31/2011 - 09:51 | 1325045 SheepDog-One
SheepDog-One's picture

Franken, it just makes me laugh people think that a bit more money printing sleight of hand can carry us forward glitch free another 16 months to some mythical 'election' goal? Total nonsense to me, like saying if only another gallon of fuel is added to the 747 tank we can glide from San Fran to India.

Tue, 05/31/2011 - 10:10 | 1325119 augie
augie's picture

well, if you are a joo the Hanukkah oil lasted for 7 nights when it was only suppose to last for one. Christians and muslims have their own stories inspiring hope when all looks grim. People have been believing lies for thousands of years, thats not a slight towards god, thats a full-wind-up backhand to religion.

Economics has become a religion. Its no longer accountable to fact or reality. It's just what allows people to have enough piece of mind/purpose to punch a clock and remain comfortably subservient so as to avoid the terror inspiring concept that we are all intrinsically good and not what our culture tells us we are.

BTFD

Tue, 05/31/2011 - 10:09 | 1325122 Franken_Stein
Franken_Stein's picture

 

Sheep:

 

Have you heard of the new P2P digital money called Bitcoins ?

 

The money is "calculated" with a distributed algorithm on private computers in a decentralized "crowd computing" fashion, with the more participating computers, the more secure and acceptable the money becomes.

Every contributor of CPU clocks / instructions to calculate so-called "blocks" which make up the newly created Bitcoins is rewarded with previously generated Bitcoins.

 

Every Bitcoin is an encrypted and digitally signed piece of data bytes that store its history

, date of creation, number and ID of network computers it was previously stored on and so on.

 

No central authority, no bank, no fees involved.

The only way to stop it is to switch off the Internet.

 

Bitcoins works in a way like Napster or EDonkey and was invented in 2009 by the Japanese hacker Nakamoto.

 

Tue, 05/31/2011 - 10:12 | 1325143 ebworthen
ebworthen's picture

This is like our money in our digital bank accounts except there's probably more honor among hackers than their is in central bankers.

Tue, 05/31/2011 - 11:38 | 1325499 MachoMan
MachoMan's picture

Except when the most industrious hackers are actually de facto government workers...

Tue, 05/31/2011 - 09:49 | 1325037 SheepDog-One
SheepDog-One's picture

Collapse confirmation has to be highly bullish, or something. Think I'll polish my silver and gold today.

Tue, 05/31/2011 - 09:48 | 1325046 RobotTrader
RobotTrader's picture

Wow, biggest money printing bonanza in a generation and the SPY is less than 1% from 3-yr. highs and many gold stocks are red today.  And to boot the 5-yr. yield is still under 1.75% as many investors still fear a new recession and could care less about stocks.

Tue, 05/31/2011 - 09:52 | 1325063 SheepDog-One
SheepDog-One's picture

Any investor with 2 brain cells to rub together is bailing from this trainwreck. Better bail now, at any moment bids will not be hit soon as the 401K Bathrobe Brigades get nervous and place their large sell orders. The trick is to smell the smoke and get out before youre engulfed in flames.

Tue, 05/31/2011 - 09:53 | 1325066 firstdivision
firstdivision's picture

This is smelling like a massive retail setup more and more.  It is really odd to watch yields fall and stocks go up. 

Tue, 05/31/2011 - 09:57 | 1325085 Miss Expectations
Miss Expectations's picture

Why don't you change your name to Idiot Consensus?

Tue, 05/31/2011 - 10:03 | 1325095 Robslob
Robslob's picture

Robo...I highly recommend you go read FOFOA...it might help you understand.

Tue, 05/31/2011 - 11:54 | 1325567 DoChenRollingBearing
DoChenRollingBearing's picture

+ $1530  

FOFOA!

Send me a gmail R and I will direct you to my blog, I write about gold, TEOTWAWKI and "The Tinfoil Brigade".  Other topics too.  Great fun.

Tue, 05/31/2011 - 10:03 | 1325104 jus_lite_reading
jus_lite_reading's picture

I am yearning for Goldmans take on this..... spin this muthafuckers

Tue, 05/31/2011 - 10:17 | 1325157 Tortfeasor
Tortfeasor's picture

And gold within 2% of its alltime high

Tue, 05/31/2011 - 10:30 | 1325222 fuu
fuu's picture

Nominal highs. Still have a long way to go to get back to 2000.

Tue, 05/31/2011 - 11:59 | 1325577 DoChenRollingBearing
DoChenRollingBearing's picture

+/- 40% inflation since 2000.

Watch where you aim that thing!!!

Tue, 05/31/2011 - 13:09 | 1325754 fuu
fuu's picture

I only aim at the bullshit, so you are pretty safe.

Tue, 05/31/2011 - 09:52 | 1325051 youngman
youngman's picture

BUT...BUT...BUT...GREECE DAMIT..Greece is what we are celebrating....come one..we need one happy day for Greece....

Tue, 05/31/2011 - 09:54 | 1325055 GOSPLAN HERO
GOSPLAN HERO's picture

Osama Obama is sweating the 2012 election.

Tue, 05/31/2011 - 09:53 | 1325067 SheepDog-One
SheepDog-One's picture

16 months....like gliding a 747 on a gallon of gas halfway around the world. Cant be done.

Tue, 05/31/2011 - 10:14 | 1325152 Northeaster
Northeaster's picture

Have you looked at the field of challengers? Obama walks right back into office as if there's nothing wrong.

Tue, 05/31/2011 - 10:32 | 1325230 Raynja
Raynja's picture

They're setting Huntsman up for a 2012 win.

Tue, 05/31/2011 - 13:40 | 1325852 earnyermoney
earnyermoney's picture

Why setup Huntsman when Obama has provided an excellent ROI? Obama is a lock in 2012.

Tue, 05/31/2011 - 09:54 | 1325057 Cdad
Cdad's picture

Just look at that Roach Motel [SPY].  Wholesale liquidation of positions...MASSIVE...and yet the instrument barely moves.  If ever there was proof that the market is broken, the Roach Motel is the tell.

In the meantime, superdee duper bullish criminal syndicate Wall Street algorithmic bulls have been selling into the fabricated up open. Six second long equity hold period complete.

Confidence inspiring!  Thanks again, Ben.

 

Tue, 05/31/2011 - 09:55 | 1325062 alien-IQ
alien-IQ's picture

that confirms it: Rally is on. (with news like this...how could it not be?)

Tue, 05/31/2011 - 09:54 | 1325070 Racer
Racer's picture

Once upon a time, this sort of news mattered to investors, now it is only machines that can't read, it doesn't

Tue, 05/31/2011 - 09:58 | 1325073 RobotTrader
RobotTrader's picture

Huge breakaway gap in FXI after Shanghai has been sold down hard the last two weeks is a big heads up for the bears.

Traders are now becoming even more emboldened to start buying each and every dip from here on out.

Tue, 05/31/2011 - 10:16 | 1325148 Internet Tough Guy
Internet Tough Guy's picture

Momo, you are still the perfect fade. No comment on the 'huge upcoming economic expansion'? LOL

Tue, 05/31/2011 - 11:50 | 1325548 DoChenRollingBearing
DoChenRollingBearing's picture

ITG, you might like my blog.  Send me a gmail if interested, I write about gold, FOFOA, TEOTWAWKI and the Tinfoil Hat Brigade!

Tue, 05/31/2011 - 09:59 | 1325079 Bleeping Fed
Bleeping Fed's picture

Yet another indicator that US data no longer matters--only Europe and China.

Tue, 05/31/2011 - 10:01 | 1325084 RobotTrader
RobotTrader's picture

Still strong bids in TLT today after the flurry of horrid economic news.  Interest rates keep getting driven lower and lower providing even more cheap fuel for the stock speculators who can now buy anything and everything with super low margin rates.

Tue, 05/31/2011 - 10:15 | 1325158 Internet Tough Guy
Internet Tough Guy's picture

Strong bid in oil. Your bus pass won't be getting any cheaper. You must be puking up blood.

Tue, 05/31/2011 - 11:28 | 1325463 hardcleareye
hardcleareye's picture

I don't know how many times I have read your posts and junked you but I have to grudging admit quite a few of your calls have been correct.

Yesterday you predicted that Greek issue would somehow be "resolved" before trading opened, and low and behold you were right...

It seems Robo Mom didn't raise such a fool afterall....  I will miss junking your posts, it was such fun......

Tue, 05/31/2011 - 10:02 | 1325088 Caviar Emptor
Caviar Emptor's picture

ISM Chicago: -Employment index: Down -New Orders: Down (big) -Prices paid: slight down

Can you spell recovery? 

If you can't, than just remember these two little letters: Q+E

Tue, 05/31/2011 - 10:03 | 1325089 Caviar Emptor
Caviar Emptor's picture

Duplicate

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