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Data Dependent Fed Ignores 'Data' - Bullard Joins Williams In Call For QE4

Tyler Durden's picture




 

As yet another fed speaker takes the jawboning lectern today, it is becomingly increasingly clear that The Fed truly has only one mandate - to keep stocks up. While claiming to be "data-dependent", which judging by the general trend of government-supplied data (and President Obama), things are going great; Jim Bullard joins his intervention-prone colleague Williams:

BULLARD SAYS BOND PURCHASES SHOULD BE DATA DEPENDENT

and

SAYS 'U.S. FUNDAMENTALS REMAIN STRONG'

but

BULLARD SAYS FED SHOULD CONSIDER DELAY IN ENDING QE.

So much for data-dependence...

*  *  *

And the market loved it... briefly

*  *  *

And yet in March 2010, Bullard advocated the end of QE:

 Steve Liesman: Jim, picking up on the Senator's question, what is your preferred way for the Fed to get out? Should the Fed raise rates and keep that $2 trillion balance sheet the same, or should it be selling assets first, and then raise rates?

 

James Bullard: I've been advocating sort of a LIFO policy—last in, first out. You've brought your rates down to zero. Then you substituted quantitative easing for the fact that you couldn't bring rates any lower. Now it seems to me like the natural thing is to withdraw the quantitative easing, and then, at some later point, raise interest rates. But I'm a minority on that, but I'm working on it.

*  *  *

Of course, maybe this is just posturing as Bullard is non-voting until 2016.

 

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Thu, 10/16/2014 - 10:32 | 5341181 SillyWabbits
SillyWabbits's picture

Say you’re a hedge fund.

You have 100 billion dollars under management.

50 billion in stocks and 50 billion in commodities.

Things go bad on one side of the trades.

Really bad.

Like oil!

What effect does selling 50 billion dollars of stocks have on a market?

What if more than one hedge fund has poorly traded oil?

Thu, 10/16/2014 - 10:35 | 5341211 slaughterer
slaughterer's picture

"Helicopter's Bullard and Williams ready for take off."  "Commanding Helicopter Yellen preparing her money drop packs for tomorrow."

Thu, 10/16/2014 - 10:41 | 5341250 philipat
philipat's picture

Umm, Clueless??.....

Thu, 10/16/2014 - 10:45 | 5341284 DeadFred
DeadFred's picture

No, they just want to add a bit of stability. The Baron isn't quite done liquidating. Then it's off to the bunkers

Thu, 10/16/2014 - 10:57 | 5341352 Hard1
Hard1's picture

They can add QE 4eva, but they know that out of 4 trillion, 2.5 TLN is excess reserves on banks, so that condition is not binding. (and a bunch more in treauries on banks balances)  This may cheer the market temporarily and only aggravate the situation in the future.

Thu, 10/16/2014 - 11:05 | 5341389 Took Red Pill
Took Red Pill's picture

"The Fed truly has only one mandate - to keep stocks up."

at least until November 4

Thu, 10/16/2014 - 11:33 | 5341579 Richard Chesler
Richard Chesler's picture

Another hundred points on the ES should end all talk of ending QE.

 

Thu, 10/16/2014 - 12:41 | 5342060 Wait What
Wait What's picture

I'm not one to toot my own horn, but this is exactly what i was talking about yesterday. the Fed has gone from reckless to reckless-er.

 

after 6 years I'm pretty confident I know better than most how they think, and what they are going to do given incoming market/econo information.

it's hyperinflation or bust for these guys.

Wed, 10/15/2014 - 12:42 | 5334805 Wait What "this is a shot across the bow for Yellen and friends to do something, like restart QE immediately. that the FOMC will conduct an unscheduled meeting tomorrow only confirms on Oct 30th they will announce a continuation of QE for another quarter." the Fed will forever yield to markets because it is filled with spineless, weak-willed cowards who will continue to throw money at a problem that can't be solved by money alone. this is why i think they are so completely wrong in their attempts to solve this financial crisis (it's still ongoing), and why the consequences of their lack of follow through are going to be devastating.
Thu, 10/16/2014 - 12:58 | 5342102 Wait What
Wait What's picture

dup

Thu, 10/16/2014 - 10:48 | 5341287 The Limerick King
The Limerick King's picture

 

 

Because of the chaos we see

The Fed will continue QE

It's not the inflation

Or jobs in the nation

The "data" they track....S&P!!!

 

 

Thu, 10/16/2014 - 11:06 | 5341393 SillyWabbits
SillyWabbits's picture

You are indeed!

Thu, 10/16/2014 - 10:48 | 5341306 ElvisDog
ElvisDog's picture

But QE is going to end automatically in a couple of weeks. The only way it won't end is if they call a special, unscheduled Fed meeting in the next two weeks and there vote to extend QE. I'm not buying it. I think it's classic Fed "good cop bad cop" BS.

Thu, 10/16/2014 - 11:00 | 5341364 eclectic syncretist
eclectic syncretist's picture

They are trying to convince the sheep that they are not going to get slaughtered.  They want to keep them long here.  We might get a run up the next couple of days, but 2000 again on the S&P is probably just wishful thinking

 

Thu, 10/16/2014 - 11:08 | 5341406 ElvisDog
ElvisDog's picture

I think you are right. The plan among the bankers and wall street boys is always to sell their stocks to the late-arriving public at the top and then buy them back again at the bottom. They need periodic rallies to convince the small fry that the market is heading back up and buy more stocks.

Thu, 10/16/2014 - 11:58 | 5341767 TSTM
TSTM's picture

This must be carefully orchestrated so that retail, who is late to the party as usual, will see this as a buying opportunity. Big dip, big recovery and maybe repeat a few times so the BIG dip will be bought.

Thu, 10/16/2014 - 11:38 | 5341630 tdogg
tdogg's picture

"..... and keep that 2 trillion balance sheet"

$2 T seems so quaint now.  We were all so much more innocent then.   :(

Thu, 10/16/2014 - 10:37 | 5341212 Capitalist
Capitalist's picture

No idea what you are trying to say. Hedge funds have strict risk management and liquidty risk is one they look at closely.

 

Oh and Bullard's comment is nothing. They can delay QE ending by a month.. big deal QE ends a month or two later.

Thu, 10/16/2014 - 11:03 | 5341384 SillyWabbits
SillyWabbits's picture

Amaranth Advisors LLC was an American multi-strategy hedge fund founded by Nicholas Maounis and headquartered in Greenwich, Connecticut. During its peak, the firm had up to $9 billion in assets under management before collapsing in September 2006, after losing in excess of $5 billion on natural gas futures.[1] The firm's failure was one of the largest known trading losses and hedge fund collapses in history.

 

This is what I am trying to say.

Of course "it could never happen again"!

 

Thu, 10/16/2014 - 11:10 | 5341411 sun tzu
sun tzu's picture

Don't forget LTCM in 1998 that almost brought down the world's economy

Thu, 10/16/2014 - 11:21 | 5341435 Capitalist
Capitalist's picture

Still don't know what your point is.

 

Yes a hedge fund could blow up. It's happened in the past and will probably happen in the future.

The good thing about futures contracts traded on an exchange is that the exchange makes sure everyone gets paid.

Thu, 10/16/2014 - 11:49 | 5341716 SillyWabbits
SillyWabbits's picture

The point is that if you “HEDGE” you have two sides to every trade, so to speak.

If you have a large side loss, it is made up by selling the other side.

If the hedge-gone-bad is in the billions, and the hedge-gone-well is not, where does the “money” come from?

If the “counter-party” participants have similar hedges or exposure to participants, it is systemic and failure is not an option.

How many “traders” do you think foresaw oil with an 8 handle?

This volatility looks like “hedgehogging” to me.

The good gets sold by the losers, and immediately purchased by the winners at a discount.

BTW, hedge funds are cesspools of criminal behavior – not pools of virtue and integrity.

They write the rules they do not follow.

Thu, 10/16/2014 - 20:31 | 5344543 o2sd
o2sd's picture

The good thing about futures contracts traded on an exchange is that the exchange makes sure everyone gets paid.

Well, the clearinghouse does, but I think recently those two entities merged for some exchanges. The point is that the exchange can suspend trading or the entire exchange, DK trades etc etc if the market moves too many positions out of posted margin too quickly and the clearinghouse can't cover failed margin calls. 

But Hedgies also trade OTC.

Thu, 10/16/2014 - 11:08 | 5341407 sun tzu
sun tzu's picture

but of course

Thu, 10/16/2014 - 10:57 | 5341353 ebworthen
ebworthen's picture

Say there are $100 Billion at risk - buying half the FED Governors for $100 Million a piece would be cheap.

Thu, 10/16/2014 - 10:32 | 5341182 IANAE
IANAE's picture

it's all CYA...

Thu, 10/16/2014 - 10:50 | 5341235 TruthInSunshine
TruthInSunshine's picture

It won't make a difference.

Even E*Trade Baby is disregarding Fed member jawboning.

They've talked themselves into near irrelevance.

In fact, E*Trade baby just tweeted -

#4.3 trillion reasons Fed is full of shit.

Thu, 10/16/2014 - 10:31 | 5341187 IronShield
IronShield's picture

Helo ops, coming soon.

Thu, 10/16/2014 - 10:31 | 5341188 Dr. Engali
Dr. Engali's picture

How can you be data dependent when all data is fake?

Thu, 10/16/2014 - 10:36 | 5341213 Doubleguns
Doubleguns's picture

Are you saying they are additcted to a farce. I think that disease has been wide spread for a long time. Just look at the elections as we keep returning idiots to washington. 

Thu, 10/16/2014 - 10:38 | 5341227 xtop23
xtop23's picture

I guess thats the point 

Thu, 10/16/2014 - 10:40 | 5341251 LULZBank
LULZBank's picture

We have to ignore the data to restore the credibility of the data.

Thu, 10/16/2014 - 11:12 | 5341422 sun tzu
sun tzu's picture

The data they're dependent on is the stock market, not the economy or unemployment. As long as the stock markets are up up and away, the government buffoons can't point to it and tell us the economy is great.

Thu, 10/16/2014 - 10:31 | 5341190 PartysOver
PartysOver's picture

The Clown Parade continues.

 

Thu, 10/16/2014 - 10:38 | 5341223 JRobby
JRobby's picture

Ass Clowns

Thu, 10/16/2014 - 10:33 | 5341192 Bear
Bear's picture

QEbola coming

Thu, 10/16/2014 - 10:33 | 5341194 i_call_you_my_base
i_call_you_my_base's picture

That juiced the market for about 5 minutes. May be the shortest jawbone ever.

Thu, 10/16/2014 - 10:39 | 5341233 JRobby
JRobby's picture

Band Saw Jawbone

Thu, 10/16/2014 - 10:33 | 5341198 Unknown Poster
Unknown Poster's picture

Jawboning, wait until they panic.

Thu, 10/16/2014 - 10:34 | 5341200 buzzsaw99
buzzsaw99's picture

everything the fed says is a lie. remember that.

Thu, 10/16/2014 - 10:35 | 5341205 CRYBABY
CRYBABY's picture

repeat after me: WE must keep risk assets elevated...WE must talk the $ down

Thu, 10/16/2014 - 10:50 | 5341322 ElvisDog
ElvisDog's picture

They don't want the dollar down. They want the dollar up. The Fed serves the banks, and the banks can make more money now by a strong dollar. That's all you need to know about what the Fed will do.

Thu, 10/16/2014 - 10:34 | 5341206 CHX
CHX's picture

$hyte $torm i$ gathering $trength.

Thu, 10/16/2014 - 10:37 | 5341215 madcows
madcows's picture

that should be good for a 200 point ramp.

Thu, 10/16/2014 - 10:38 | 5341217 tmosley
tmosley's picture

You guys really need to learn how to count.  This isn't QE4.  It's QEinfinity+1.  MAYBE QEinfinity*2.

Edit: ZH can't display the infinity symbol. Ironic.

Thu, 10/16/2014 - 10:47 | 5341292 agstacks
agstacks's picture

lol

Thu, 10/16/2014 - 10:55 | 5341348 wearef_ckedwith...
wearef_ckedwithnohope's picture

Bullard:  "It is unacceptable to allow the 1%, the TBTF banks, or large corporations to no longer be able to enrich themselves at taxpayer expense.  We particularly believe it is unacceptable for greedy corporate executives to no longer be able to conduct share buybacks to fraudulently increase EPS and bonuses.  We are also very exited about how well the TBTFs and Primary Dealers have injected ZIRP and QE monies into the economy instead of using it as a means to further enrich themselves.  In our estimation, it is just a matter of time - maybe mere months - before this latest extension of QE shows up on Main Street through the trickle-down affect."

Thu, 10/16/2014 - 10:37 | 5341218 Vooter
Vooter's picture

Trapped like RATS.

Thu, 10/16/2014 - 10:39 | 5341232 IPURDOM75
IPURDOM75's picture

I'm wondering what will happen once the FED have bought all existing assets in the market?

Thu, 10/16/2014 - 10:55 | 5341342 ElvisDog
ElvisDog's picture

I've been thinking that too, and came to the conclusion that possibility is exactly why the Fed wll not and can not keep QE forever. The Fed has to maintaine the facade that they are working for "Main Street", etc., etc. Buying up all the tangible assets breaks that illusion. The American sheeple will put up with a lot, but there's no way they put up with the banks owning everything. Then it's 1789.

Thu, 10/16/2014 - 11:03 | 5341379 IPURDOM75
IPURDOM75's picture

Propaganda can have fanatstic achievement ! As long as the smartest can find a way to get money out of it, I doubt any revoluting will occur...but I might be wrong, I hope so...

Thu, 10/16/2014 - 11:06 | 5341398 LULZBank
LULZBank's picture

Once the FED has bought all the assets, they will go full on Banker Communism.

The EBT dependent majority will love it, even vote for it Bitchezz!!

Thu, 10/16/2014 - 10:39 | 5341237 ghostzapper
ghostzapper's picture

Translation:

TA soldiers tell me we must try to break 1870 with volume to capture momo monkeys and let the dream live a little longer. 

Thu, 10/16/2014 - 10:40 | 5341240 MATA HAIRY
MATA HAIRY's picture

HOW MUCH IS WALL ST PAYING THESE TREASONOUS CENTRAL BANKERS?

Thu, 10/16/2014 - 10:42 | 5341253 Pantalone
Pantalone's picture

If they were time dependent, they'd just add months to the calendar:  Smarch, Greenspantember, July 2.0, etc.

Thu, 10/16/2014 - 10:42 | 5341255 Flounder
Flounder's picture

What a pussy.  The SPX needs to hit 1817 for a measly 10% correction and he's peeing down his leg already.  BTW QE doesn't work anyway you twit banker.

 

Thu, 10/16/2014 - 11:08 | 5341403 ejmoosa
ejmoosa's picture

If QE worked we would have had the fastest growing economy in the history of mankind--two years ago.

They must feel like the Shaman who kept executing virigns to stop the plague.  The plague kept coming, and then there was no one left to screw.

And all they really had to do was simple.  Quaratine.

Thu, 10/16/2014 - 10:43 | 5341262 LULZBank
LULZBank's picture

Another status quo stooge is chiming in already.

World economy so damaged it may need permanent QE

Thu, 10/16/2014 - 10:42 | 5341265 amacintn
amacintn's picture

..can someone tell what events (short of zombies roaming) will push gold back to $1800? 

 

and i'm serious, what can or will get it back up to where it was in 2012?

Thu, 10/16/2014 - 10:51 | 5341314 Billy Sol Estes
Billy Sol Estes's picture

fate

Thu, 10/16/2014 - 10:43 | 5341270 gcjohns1971
gcjohns1971's picture

There's increasingly little economy there...only monetary inflation.   At somepoint they have to acknowledge that inflation doesn't create wealth, only redistributes it.

Thu, 10/16/2014 - 10:44 | 5341273 John McCloy
John McCloy's picture

     We said last week...You aint seen nothing yet from these clowns once Ebola cases start getting reported all over the U.S/Europe/Asia. The amount of bullshit that is about to spew out of their mouths will be blinding to the eyes and deafening to the ears. Look how panicked they are over the prospect of stocks crashing...you know why....because Ebola is one of the few things that will bring this farce to an end..

Ebola does not care about QE...they could have infinte QE....they could even double their purchases of securities...it will not matter...And I promise you as this takes hold the last thing on even these assholes minds is going to be STOCKS...it will be survival...Stocks should be crashing naturally anyway based on how we have been in a depression for 6 years going on 7 anyway even with all the makeup on the piggie..

     What is really going to start frustrating them is the fading of all their jawboning of all their coming rumors in the next few week..

Ebola doesnt watch tv and doesnt read Reuters...it just does what it is intended to do...the irony that a parasitic virus may be the downfall of the ultimate parasites in D.C. and on Wall Street.

Thu, 10/16/2014 - 10:44 | 5341277 I woke up
I woke up's picture

He received a threat against his family to change his position

Thu, 10/16/2014 - 10:46 | 5341289 yogibear
yogibear's picture

Fed cannot let anything normalize.

Wait until the rest of the world realizes the Federal Reserve cannot raise rates and it's printing to infinity.

That the dollar is not that safe after all.

Peter Schiff has been saying QE 4 and more until there is a dollar crisis.

Thu, 10/16/2014 - 10:48 | 5341294 stant
stant's picture

More panic

Thu, 10/16/2014 - 10:47 | 5341298 ekm1
ekm1's picture

Desperate attempt to lure any suckers left.

None left

Thu, 10/16/2014 - 11:01 | 5341371 SmallerGovNow2
SmallerGovNow2's picture

lot of suckers left, that comment was good for a 200 point bounce on the DOW...

Thu, 10/16/2014 - 11:45 | 5341675 ekm1
ekm1's picture

no liquidity. NSA is overriding the computers and typing up numbers

Thu, 10/16/2014 - 11:07 | 5341399 fudge
fudge's picture

there's on born every minute

Thu, 10/16/2014 - 10:48 | 5341299 khakuda
khakuda's picture

The only data point they look at is the S&P500.

Thu, 10/16/2014 - 10:49 | 5341302 Herodotus
Herodotus's picture

Peter Schiff was right again.

Thu, 10/16/2014 - 10:48 | 5341308 venturen
venturen's picture

I guess they didn't get every single penny from the middle class...QE4-100~

Thu, 10/16/2014 - 10:49 | 5341311 QQQBall
QQQBall's picture

Linear thinking on display.

Thu, 10/16/2014 - 10:50 | 5341323 yogibear
yogibear's picture

The Federal Reserve is building a model for a currency crisis.

Next after QE, the dollar tanks and Fed reverts to IMF SPDR's.

Get out of dollar while  it's at it's high.

 

Thu, 10/16/2014 - 11:58 | 5341763 Bemused Observer
Bemused Observer's picture

You know, this has occurred to me too. Could it be that the "plan" is to replace the dollar with some new, revalued currency? Their plan might include ways to fiddle with the revaluation so as to minimize their losses, of course.

All these actions would make more sense, I guess. Create a crisis with your currency, then be "forced" to retire the old, and issue a new currency in order to save the system. All YOUR obligations will be carefully translated into the new American Dinar, all your gains and assets retroactively revalued (down, of course).

It would be a way for them to try and preserve their holdings and valuations in the face of a dying currency. Better to kill it off quickly, so as to control its replacement, rather than wait for things to get out of hand. They know the change is coming, maybe they are trying to position themselves ahead of it.

Thu, 10/16/2014 - 13:00 | 5342153 10mm
10mm's picture

Jim Willie calls it the "Schiess"dollar. German for shit. Excuse spelling.

Thu, 10/16/2014 - 10:59 | 5341366 madcows
madcows's picture

see, i was right.  A FED donkey says QE4 is needed, and in a matter of minutes a 200 point drop is erased.

I should day trade.

Thu, 10/16/2014 - 11:21 | 5341463 JR
JR's picture

I wouldn’t be too discouraged; they are nearing the end of this. They really are. Nobody but profligates wants the Fed’s banker confetti anymore. When there’s no market anymore but what they say, then it isn’t going to last much longer. The country is so much more than this.

Thu, 10/16/2014 - 11:03 | 5341381 orangegeek
orangegeek's picture

jim bullard is an asshead.

 

if yellen extends POMO and markets rocket, the CONFIRMING message is that the Fed is in the business of pushing markets up.

 

opponents will call for yellen's head and likely barry's head too.

 

barry already had an elevator ride with an armed fellon.

 

yellen would look good in concrete shoes - would cover up those kankles.

Thu, 10/16/2014 - 11:09 | 5341408 Atomizer
Atomizer's picture

 

The Adventures of Photoguy - Episode 19

http://m.youtube.com/watch?v=Q1KhY-9wwxo&list=UUlnNHe7uaFmo4CapfqHRy6w

The baton has been carried to Yellen. 

Thu, 10/16/2014 - 11:12 | 5341417 brushhog
brushhog's picture

They've entered the roach motel of monetary policy, you can start QE but you can't get out. It's like trying to get a junkie so high that he doesn't need heroine anymore.

Thu, 10/16/2014 - 11:12 | 5341423 swass
swass's picture

Market is full of a bunch of junkies.  If people haven't considered us having gone full Banana Republic yet, any more QE should bring that consideration to the forefront. 

Thu, 10/16/2014 - 11:13 | 5341424 insanelysane
insanelysane's picture

To have any chance at "fixing" the actual economy, QE4 would need to fund the US government so the personal income tax and maybe even the corporate income tax can be temporarily eliminated.  Gov could pay Fed off over the next 99 years.  Hey, we have 7 year car loans now.

Thu, 10/16/2014 - 11:14 | 5341430 Stained Class
Stained Class's picture

JAMES BULLARD: Steve, The Fed's balance sheet hasn't been below $2 Trillion since 2009, what are you on? When we print money, we REALLY print money, dude.

Thu, 10/16/2014 - 11:18 | 5341447 JR
JR's picture

It’s official. The backing of the U.S. currency is now 100% from the owners of the NY Federal Reserve Bank.

They are the only force involved in setting the value of America’s resources, labor and future.

They will decide who wins and who loses and it’s clear the winners they have selected are themselves.

I don’t want this money as an exchange medium anymore because it is only a ticket to stealing.

Thu, 10/16/2014 - 11:26 | 5341507 Eahudimac
Eahudimac's picture

This is beyond rediculous. There will be more QE, we shouldn't even be speculating on this. Whether it is stealth or not doesn't matter. It will come to a point where they are stuffing Goldman's and JPM's CPUs  with so many 1's and 0's and orders to buy everything in sight that they will be buying and selling stock to themselves. Aside from the people on Zerohedge, no one understands this, therefore, no one gives a shit.

The fed can do what ever they want. They have been so far and why should that ever change? If they fed monitized Janet Yellen's shit, there would be buyers.

I'm not defending the fed. I hate the fed. I just don't see at this point how anything will ever change. This fucking charade will continue indefinitely unless ebola hits lower manhatten and DC.

Thu, 10/16/2014 - 11:36 | 5341605 Atomizer
Atomizer's picture

Bwahahahaha. Indeed. Good observation. 

Thu, 10/16/2014 - 11:32 | 5341580 Atomizer
Atomizer's picture

The Federal Reserve needs to remonetize it's Quantitative Sleazing program. 

Remember, you told everyone that free money was good to boost the economy and create new Employment. Appears the printer has become jammed on Return of investment. (ROI) 

/LMFAO - Fucking fools never learn. 

Thu, 10/16/2014 - 11:37 | 5341621 Bemused Observer
Bemused Observer's picture

Let me tell you something. If one of these guys (gals) were to take a deep breath, close their eyes for a moment of reflection, then stride purposefully towards the mic and, looking all firmly in the eye, say "We're withdrawing ALL artificial supports for markets starting NOW. A free market must be free to advance AND decline. Our job will be to try to mitigate the worst effects of such declines, and monitor for 'bubbles' during advances. Other than that, you guys are on your own."...well, I believe that the markets would have a brief conniption, then as the meaning of those words started to sink in, we'd see price adjustments, and the biggest rally and economic recovery, in history.
It would be like the way you feel after finally puking after a long bout of nausea. All the Fed has to do is hold the economy's hair back and let it happen...

Thu, 10/16/2014 - 11:39 | 5341624 CerpherJoe
CerpherJoe's picture

Pushing on a string.

Thu, 10/16/2014 - 11:37 | 5341626 BeetleBailey
BeetleBailey's picture

<----Jim Bullard - getting stoned to death

<----Jim Bullard - burned at the stake

 

I realize this is a hard choice, so take your time.

Thu, 10/16/2014 - 11:45 | 5341686 madcows
madcows's picture

is he a jew or a witch?

Thu, 10/16/2014 - 11:38 | 5341632 Shizzmoney
Shizzmoney's picture

And this is what the selloff is all about.  Ensuring that the Fed keeps QE-ing this failed "market".

The finanicial terrorists have won.  Again.

Thu, 10/16/2014 - 13:43 | 5342379 khakuda
khakuda's picture

and it only took an S&P selloff of 5% to get the job done!

Thu, 10/16/2014 - 11:45 | 5341677 madcows
madcows's picture

I'm coining a new phrase:  "Full Bulltard".

Thu, 10/16/2014 - 11:56 | 5341751 Otto Zitte
Otto Zitte's picture

Heroin4

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