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No Discussion Of Economic Outlook In Bill Dudley Speech, Attention Turns To Q&A
Perhaps the biggest market moving event of the day, more so than the Durables data, was Bill Dudley's speech. However, at least based on the prepared remarks there is no discussion of the economy. From Bloomerg:
- DUDLEY DOESN'T DISCUSS NATIONAL U.S. ECONOMIC OUTLOOK IN SPEECH
- DUDLEY SAYS MANY PARTS OF NY FED DISTRICT HAVE `BOUNCED BACK'
- DUDLEY: NEW YORK CITY WEATHERED DOWNTURN TO `SURPRISING DEGREE'
- DUDLEY: PUERTO RICO, U.S. VIRGIN ISLANDS STILL IN DEEP SLUMP
- DUDLEY SAYS PUERTO RICO'S ECONOMIC OUTLOOK REMAINS UNCERTAIN
- DUDLEY SAYS SOME POCKETS OF WEAKNESS REMAIN IN NY FED DISTRICT
Here is a brief prepared text from Bloomberg:
Puerto Rico remains in a deep slump and its economic outlook remains uncertain, though employment appears to have steadied in recent months, Federal Reserve Bank of New York President William C. Dudley said.
“Puerto Rico’s weak economy coupled with a fiscal crisis means its economic outlook remains uncertain as it struggles to address its unique set of problems,” Dudley said in remarks in New York Wednesday. The Caribbean island is part of the New York Fed’s district.
Puerto Rico officials are working on a proposal that would reduce its $72 billion debt load after Governor Alejandro Garcia Padilla in June said the commonwealth was unable to repay all of its obligations on time and in full. The Public Finance Corp. Aug. 3 failed to make a full $58 million debt-service payment to investors, the first default for a Puerto Rico entity.
Puerto Rico’s economy has struggled to grow since 2006. Its population has shrunk by 7 percent in the past decade as residents look for work on the U.S. mainland.
Now all eyes turn to the Q&A which is where any questions relevant to the recent move in markets will most likely emerge.
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CRIMINAL!!!! Should be treated accordingly...
It won't be the first time a priest has disappointed his flock.
Hey, Bill- In case you haven't noticed, market downturns now CAUSE economic downturns, not the other way around. I'd say you should be prepared to start seeing some bad data round about September timeframe. You've been let off the hook on this whole "raising rates" thing. You won't have to do that now.
That is because he is in shock, stunned, or simply clueless as to what is happening.
Or all the above.
Onward to the canned Q&A session.
"That is because he is in shock, stunned, or simply clueless as to what is happening. "
His soul vacated long ago...
Or he already knows what the fed will do and he doesn't want to give anything up.
Reporter: "So Bill... Nice tie. How's the weather? And the wife and kids? So, it will all be awesome again, right? Thank you."
The Dudley put??
But Dudley did email none other than Jim Cramer and told him that the FED will start QE4 on Sept 1st.
pods
It's just as well, I mean, afterall, how can you discuss something that doesn't exist? LOL.
He could have atleast said something stupid such as the US is not effected by China
Why do all these assholes look so punchable?
Trust your intuition.
I don't understand why they can't raise rates and do QE at the same time; at least buy up the markets with infinite fiat while raising rates.
It's easier to gamble with someone else's free money than your own.
my question is where does one watch this speech live?
Something is going on in Silver. Something is really wrong.
Relax -it's options expiration day of precious metals on the Comex, This is planned by the Fed to maintain credibility in the dollar
Or simply put. Its on sale.
It's been on sale for 6 years. I don't want to hear that BS any more. Go tell it to someone else.
You are damn right I'm pissed off.
Do not believe for a second the world will stay under control of the dollar. Someone somewhere will affix gold to a currency. Thats the day we are all awaiting. But who? China, Russia. Dont give up yet.
"Something is going on in Silver. Something is really wrong. "
...& you thought you weren't riding the stock-casino rollercoaster.
SURPRISE!
Well, as long as the NYFed district is ok...
Any mention of the 'bubbling' reserve currency status?
Wow!!!
How reassuring! So confident that we don't even need the top the org at the Fed to make an announcement as to what happens next in the face of a 2500 point roller coaster in the past two weeks?!!!
"DUDLEY: NEW YORK CITY WEATHERED DOWNTURN TO `SURPRISING DEGREE'"
Oh, really??
The NYC Metro region with the serious mortgage delinquency problem? That NYC?
-Have a look around and judge for yourself:
http://www.zillow.com/visuals/negative-equity/#9/41.1828/-74.4873
NJ #1 in highest property taxes and currently highest amount of foreclosures in the pipeline.
Too bad this scumbag wasn't holding a TV camera in Virginia this morning.
I'm in Bergen County: some of the highest taxes per sq. ft. east of Illinois.
The delinquency rate in my community is 12%. One in eight is NOT paying.
This area is actually a small puddle of relative stablity compared to the shit storm all around me.
IF you are clicking around on the Zillow link sit down before you hit anything in Paterson, Newark, West NY, Bronx, east Brooklyn, Mt. Vernon, etc...
I guestimate that $1.4T to $1.6T is hopelessly impaired and un-curable within 100 miles of me.
-It will take a second $700B TARP just to try to mop this up...
-& NYC just exacerbated the problem by freezing rents on roughly 630,000 ( NOT a typo ) stabilized apartments for one year:
http://www.nytimes.com/2015/06/30/nyregion/new-york-city-board-votes-to-...
Dudley? Dudley Do-Right?
Hopelessly lost...
https://www.youtube.com/watch?v=Q83Jqd2h0Yg
Will Fischer Feed the Ass-clowns in Jackson Hole:
http://winteractionables.com/?p=24380
I care not what this rabbit-toothed clown has to say. Feed it a carrot.
They can never raise rates and they know it
They can never raise rates and they know it
surf
It don't matter. How many trillions of dollars in the hole will a 1/4 point hike fix at this stage of the damage?...
My analogy. It's like putting a band-aid on a patient that has suffered 30 rounds of 2 3/4" 00 from head to toe!
Even if this had gradually been done 2 years ago it was too late in the game to fix even then.
It's WWIII or bust for these maniacs cause they won't be going along quietly to prison or swinging from the end of a rope for what they've perpetrated.
WW3 or not: prison and rope are the eventualities.
But what did he actually say that really meant anything?Just repeating a bunch of goddamn bullshit that everybody is sick and tired of hearing from these useless morons.