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Bland Beige Book Belies Moderate, Modest, Mild Growth (Again)
Once again the words that dominate the Fed Beige Book are those of underwhelming medicority:
- *FED SAYS `MODERATE' GROWTH IN U.S. WAS LED BY HOUSING, AUTOS
- *FED SAYS U.S. CONSUMER SPENDING `GREW MODESTLY'
- *FED SAYS `PRICE PRESSURES REMAINED MOSTLY SUBDUED'
- *FED SAYS `EMPLOYMENT CONDITIONS REMAINED UNCHANGED OR IMPROVED'
It seems even the Fed is forced to admit that what little 'growth' there is in the US is that funded by zero-cost Federal debt: Housing and Autos. After a few trillion dollars and with stocks at all-time highs, the deafening roar of animal spirits remains subdued... which must mean we need moar... The market's reaction is nothing - reflecting the value of the report's content.
Full Beige Book (pdf) here.
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`EMPLOYMENT CONDITIONS REMAINED UNCHANGED OR IMPROVED'
WTF!?!?!?
jive talkin'
It went up , by going down.
Employment improved = McDonalds job + food stamps. Before it was just food stamps ....
if they remain unchanged then that is a dismal picture, as it is 20+%...
These Fed banksters have no heart I tell ya, none!
The 'OR IMPROVED' bit was clearly a add-on / after thought.
Copy and Paste...
boston dude arrested- green by close-USA! USA! bright side-much employment to come in DHS and security cam installation
Busy day Tylers, but you'll want to check out the lead story and graph on IBD.
The US government is now the primary lender in America, beating out the total loans by banks.
Victory for Ben the Bald.
Forward Soviet!
Oh - this should be good for at least a full rescue into the close. Can't get any more bullish than that. The only sectors that are showing any growth are fueled by free money. If you have a pulse you can buy a car. Great - Go America!
Buy that car! I had a relative just out of bankruptcy a few years ago. The let him use the incentive for a down payment.
AGAIN!? What's next, people telling me to drink moderately??!!!
I've heard rumors of a moderate explosion in Boston ... /sarc off
the boston ball bearing backpacker bombing on boylston street is bad for the bulls &
The Stock Market Is The Economy So When The Stock Market Goes The Economy Goes With It
http://chartistfriendfrompittsburgh.blogspot.com/2013/04/the-stock-market-is-economy-so-when.html
I seriously thought that said, "Modest Mold Growth". Guess they were talking about all those foreclosures still rotting on the market.
Now would be the perfect time to start the 'jawboning' again, about how this supports the idea that they can start winding down QE in August.
'The modestly robust pickup in consumer activity and the moderately positive growth make us moderately modestly positive that we can pull the plug on our treasury purchase program in August without creating an modest crash in the bond and equity markets and a moderate collapse in the only modestly fragile US economy'.
The only thing not modest these days would be the level of lying that is taking place.
It is no secret that the QE experiment is failing. A rising stock market does not equal a rising economy. If the labor participation rate continues to fall, eventually we will reach Benny's employment target even if another job is never added. Then what does the wonder of QEdom do? Does more power Scotty; er Benny become the next ploy? Certainly it will as Benny will have no choice but to floor the printing press pedel all the way to China. $250 billion a month will be needed to support the bulging welfare state of socialist craptopia. Central planning will for the millionth time have saved the world and provided a new vista of unending prosperity.
They will never remove QE, wonder when will the unemployment rate fall below 6.5% with so little positives in the future.
and Captain (bank of) america seems to be spitting the dummy just a little..
slightly off topic..more of a brown book than a beige book comment..
from here: http://www.bloomberg.com/news/2013-04-17/bofa-s-countrywide-agrees-to-50...
wtf does this mean?
"The settlement announced today is expected to resolve about 80 percent of the unpaid principal balance of Countrywide-issued mortgage-backed securities over which claims have been filed or threatened, Bank of America said. It will resolve about 70 percent of the unpaid principal balance of all such securities over which claims have been filed or threatened against all Bank of America-related entities, the company said in its filing.
Unpaid Balances
As of February, the unpaid balance of these securities excluding those that are the subject of individual claims or threatened litigation, was $95 billion, Bank of America said..."
how can 500 million resolve 95 billion in "unpaid balance"..does it mean that there is 95 billion of market value in securities that are in dispute..or that these are the arrears? 500m out of 95 billion to settle total claims of (500/80% = ) 625 million. so 65 basis points of losses?
hummph..that is not even going to be the interest spread above fed funds being paid by mortgage borrowers..so the bank wins no matter what happens? just wtf is all!
At some point in the near future, when the bottom falls out, there will be blood on the streets, as Americans will finally see the hoeplessness of the Kenyan Utopia of Unicorn fairy dust failure!
Onward Christian Soldiers, Marching toward DC...
I have hope and faith that America will right itself, but there will most likely be much carnage prior to that. Talk about culling the herd huh?
Clasp the chin straps, put on your chinese nose guards, things could get rough jiggly puff!
IMHO
No recovery here.
Who cares...
It´s a muddle-through. Somehow they´ve managed to balance their money printing against the deflationary effect from the technological revolution. And for some mysterious reason people have been going into debt to chase falling prices of overpriced stuff. It may be turning finally.
Is there actually a Beige Book with soft cover and grubby finger marks?
Numbed by BS, BS, everywhere!
beige book, but I would be more interested in magazines of blondes
It was Marie Antoinette who said, "Let them have cars."