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The Second Bullard Rip Dips - They Do Ring A Bell At The Top

Tyler Durden's picture




 

Submitted by David Stockman via Contra Corner blog,

After the Fed’s cowardly capitulation to the Wall Street gamblers last week our clueless monetary politburo got quite the surprise. The post-announcement “rip” lasted all of 90 minutes, and by the market’s close on Friday the S&P 500 was down 3% from Thursday’s algo-driven spasm and 8% from the May highs.

That even left my head spinning. On Wednesday afternoon I had told Yahoo Finance that in the event of no rate hike there would be a “short term relief rally” but that even “the gamblers were losing confidence” in the Fed’s con job:

………If the fed doesn’t raise rates, there probably will be a short term relief rally,  but I think its becoming evident that even the gamblers in the casino are losing confidence in the Fed. Because however they come out this week, there will be signs of division, there will be evidence of confusion and indecision, and once that process begins to fully unfold, which it will for meeting after meeting as we go forward………(because) the Fed painted itself into a corner and has no clue how to get out…..once that process of division and confusion develops, the markets are going to lose confidence in the whole central bank bubble and were going to have a huge correction.

Alas, confidence was apparently so shaken by the Fed’s action that it’s as if they did ring a bell at the top. The relief rally got monkey-hammered on the spot.

Ironically the gong was Janet Yellen’s incoherent babbling at the post-meeting press conference. Over and over she said how everything is swell in the US after 80 months of ZIRP, and that the consumer and labor markets are nearing the pink of health. Nevertheless, she and her posse had elected to keep banging the Emergency Button, anyway, just in case something falters in Shanghai, Timbuktu or some other unspecified precinct of planet Earth.

Whether the inevitable thundering collapse of the latest and greatest of all central bank bubbles has now commenced will be known soon enough. But what is clear from last week’s market reaction is that the buy-the-dips algos have lost a lot of mojo. Perhaps they are even being reprogramed to trawl for signs of confusion, conflict and cacophony among our central banks rulers.

If so, the machines are already being pelted with some pretty hefty word clouds—–not the least from the Fed’s number one spinning top, James Bullard.

Recall last October when the market plunged by 7% he quickly cried uncle, suggesting the QE be extended, thereby triggering the Bullard Rip. Accordingly, by year-end the markets were up by 12% to an all-time high, meaning that the casino gamblers had been pleasured with another $4 trillion windfall gain.

Not this time. In a speech over the weekend Bullard lamented that the Fed had not taken even a baby step toward “normalization, and then hit the nail squarely on the head. As Wolf Richter aptly paraphrased Bullard’s unauthorized lapse into the obvious:

But “the case for normalization is simple,” he said. “The Committee’s goals have essentially been met”:

 

The Committee wants unemployment at its long-run level and inflation of 2%. The Committee is about as close to meeting these objectives as it has ever been in the past 50 years.

 

Most of the weakness in inflation was due to the plunge in oil prices, a “temporary” phenomenon, he said. “Oil prices will stabilize so that when you look at year-over-year inflation, it’s going to start coming back to 2% over the forecast horizon.”

 

And yet, “the Committee’s policy settings remain stuck in emergency mode,” with the Fed’s balance sheet having “ballooned to about $4.5 trillion,” from about $800 billion in 2006. And the policy rate has been stuck at about 13 basis points for “nearly seven years,” though “the Committee thinks the long-run level of the policy rate should be about 350 basis points.”

 

That’s 3.5%! That median of the long-run appropriate policy rate of FOMC participants is a world away from the current 0.13%. It would mean a revolutionary concept: capital would have a real, if still small cost! Good luck trying to get there, in these horrendously distorted markets, without crashing everything in sight.

 

So Bullard finally asked the totally obvious question: “Why do the Committee’s policy settings remain so far from normal when the objectives have essentially been met?”

And the answer? Um, well…

 

“The Committee has not, in my view, provided a satisfactory answer to this question.”

It turns out, however, that Bullard was just getting warmed up for his appearance this morning on CNBC, where he delivered a Bullard Rip of an altogether different kind. To wit, he ripped into the very backside of Bubblevision’s most obnoxious easy money troll, telling his startled host to pass a message to “your friend Cramer” that:

“The Fed cannot permanently raise stock prices…… to have [Cramer] cheerleading for lower rates 24 hours a day is unsavory.”

But Bullard’s Blasphemy is just a foretaste of what’s coming. Indeed, as he pointed out this morning, a rate hike at the October meeting is well nigh impossible because no press conference is scheduled for that meeting.  Were one to be announced, therefore, it would trigger a preemptive selling frenzy by the robo-machines like no other.

So the next opportunity is the December meeting, and then the rubber will most surely meet the road. That is, Yellen’s incoherent babble of last Thursday will sound crystal clear compared to whatever tortured explanation she attempts to muster when explaining that the Fed has deferred the rate hike once again.

Why? Because by year-end the “incoming data” will have exhibited, inter alia, “unexpected weakness”, global deflation will not yet have abated, rekindling of inflation will have proved unexpectedly illusive and China will have been arresting enemies of the state, not the collapse of its economy.

Indeed, Yellen essentially self-appointed the Fed as the world central bank at last Thursday’s meeting. That’s because it could find no ready excuse for its real reason for standing pat. Namely, its palpable fear of a stock market hissy fit and the implicit repudiation of its entire modus operandi.

Moreover, owing to its formulaic fixation on the utterly useless BLS establishment survey—– where Yelllen boasted about another 220,000 jobs per month—–the Fed group thinkers have become blinded to what’s actually happening in their own backyard.

So rather than recognizing the self-evidently developing business slump, it has leapt into the terra incognito of policy-making in response to the ebbs and flows of the planet’s entire $75 trillion GDP. So doing, it has also thereby hostaged itself to the wobbles of the world’s $300 trillion tower of credit market debt and traded equities and the great “known unknown” of its $700 trillion powder keg of what Warren Buffett called financial weapons of mass destruction (i.e. financial derivatives).

Yet if our Keynesian school marm had bothered to look beyond the 19 labor market graphs on her dashboard, she might have seen the ticking domestic time bomb depicted below. What it shows is that for the past two years—-as the global deflation has gathered force—- the US economy has been heading for the next recession.

To wit, since November 2013 total business sales (blue line) in the US economy have lapsed back to the flat line, while business inventories (red line)—–manufacturers, wholesale and retail—–have erupted by $100 billion or 6%.

In sum, the so-called recovery is not on the verge of lift-off, as the  Fed and its Wall Street touts proclaim, but is perched precariously on borrowed time. It will require only one unexpected shock to confidence in the C-suites before today’s massive accumulation of inventories triggers a panicked liquidation sale, thereby knocking the props out from the Fed’s entire recovery narrative.

The S&P 500 closed today exactly where it first crossed 450 days ago. It is heading for a re-test of the Bullard Rip low at 1862. If it plunges below that mark the robo machines will rage—this time in cliff diving fashion because its now evident that Keynesian central banking has failed and the money printers are hopelessly lost.

^SPX Chart

^SPX data by YCharts

That’s what yesterday’s Bullard Rip was all about - it amounted to the bell at the top. In time it will become evident that the market is unable to break-out of the bubble finance channel it has established between 2075 and 2125 over the past year.

When December comes around and the Fed has to explain the growing signs of global and domestic recession, the robo-machines will have grown themselves an altogether new set of programs. Namely, an algorithm that says any day the Eccles Building is open for business is a good day to sell.

 

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Tue, 09/22/2015 - 13:52 | 6580169 Soul Glow
Soul Glow's picture

The history books will know them as Bulltard rips.

Tue, 09/22/2015 - 13:56 | 6580189 Looney
Looney's picture

Speaking of robo-machines...

I hope one of them HFT computers will fuck its owner in the ass. Literally.  ;-)

Looney

Tue, 09/22/2015 - 15:22 | 6580666 Pool Shark
Pool Shark's picture

 

 

Uh, the bell rang two months ago when the S&P was 200 points higher... 

Tue, 09/22/2015 - 16:32 | 6581106 JamesBond
JamesBond's picture

September 30 is always the day that the market gives you all the cues you need to know.

Tue, 09/22/2015 - 13:57 | 6580192 1000yrdstare
1000yrdstare's picture

When December comes around, we'll be balls deep in WAR.

 

 

 

 

WARGASM WARGASM 1 2 3

tie a bloody ribbon round the amputee....

 

Tue, 09/22/2015 - 13:58 | 6580205 Fukushima Fricassee
Fukushima Fricassee's picture

Will be know as Bullshit

Tue, 09/22/2015 - 13:59 | 6580211 Jumbotron
Jumbotron's picture

That's not all that's RIPPING !!

 

Sorry....Off Topic.

But CNBC has just released a bombshell on MArtin Shkreli, the sociopath CEO of the company that jacked that drug up 5000% overnight.

He truly is CRAZY !  In fact, he got run out of his old company for harassing an entire family of a guy he accused of fraud.

 

http://www.cnbc.com/2015/09/22/controversial-drug-ceo-was-accused-of-ser...

 

"Your husband had stolen $1.6 million from me and I will get it back. I will go to any length necessary to get it back," Shkreli allegedly wrote the wife of former Retrophin employee Timothy Pierotti in a January 2013 letter, according to court documents.

"Your pathetic excuse of a husband needs to get a real job that does not depend on fraud to succeed ... I hope to see you and your four children homeless and will do whatever I can to assure this," Shkreli allegedly wrote.

 

But HERE IS THE REAL REASON THIS COCKSUCKER IS RAISING THE PRICE OF THE DRUG 5000 %

 

 

Police in New Jersey were contacted about the alleged harassment as it escalated around Christmas, Retrophin settled a lawsuit against the ex-worker out of court, confidentially, in early 2014 after the employee's lawyer asked a New York judge to order Shkreli's computers to be analyzed on the heels of the allegations.

Retrophin's board later move to replace Shkreli as CEO, and he resigned his positions. Retrophin is now suing him for $65 million in a case where he is accused of acting against the interests of the company.

 

That's right.  This little sniveling cocksucker is being sued for 65 million dollars for his little sociopathic hissy fit.

Daddy needs a legal fund.  I think I'll just jack this drug up a few THOUSAND PERCENT !!!

 

But here's the kicker.  HE'S A COMPLETE FRAUD !!    IN HIS FORMER COMPANIE'S OWN WORDS

 

 

Shkreli, a former hedge fund manager, had been fired from Retrophin, which he founded, last year. In August, the company sued him in Manhattan federal court, for "repeatedly breaching his duty of loyalty to Retrophin," by allegedly using his control of Retrophin to "enrich himself and to pay off claims of [his prior hedge fund's] investors (who he had defrauded)," Retrophin claimed in its suit.

"Shkreli was the paradigm faithless servant," Retrophin charged in its suit, which is seeking $65 million in damages from its founder.

Tue, 09/22/2015 - 13:59 | 6580218 Jumbotron
Jumbotron's picture

Best of all.....this little prick is a PROTEGE of none other than....

 

JIM CRAMER !!!     He used to work for CRAMER'S HEDGE FUND BACK IN THE DAY !!!!

Tue, 09/22/2015 - 14:03 | 6580241 Jumbotron
Jumbotron's picture

According to court documents filed by Pierotti and his lawyer, Shkreli's harassment of the former Retrophin employee escalated around in late 2013.

"I submit this affidavit to provide first-hand evidence of the repetitive harassment that Shkreli has inflicted on not only me, but on my wife, teenage children, elderly father, as well as other family members," Pierotti wrote in a Manhattan Supreme Court affidavit. "Shkreli has harassed me and my family for nearly a year, and his harassment intensified on and around this past Christmas."

"Indeed, Shkreli sent multiple unwelcome texts and social media messages to my family and me on Christmas Day."

 

Pierotti said that Shkreli sent Facebook friend requests to his father and brother in March, 2013.

On the same day, Pierotti wrote, Shkreli allegedly sent Pierotti's wife a Facebook message saying, "Hi Kristen, I hope you're well. Today we are filing a summons demanding $3 million in damages and penalties from you and your family, specifically your husband ... I'm going to be sending copies of the summons with notice to everyone you and your husband know."

Shkreli also allegedly sent Pierotti's wife an October, 2013, message on Facebook, saying "How do you sleep at night? Your husband stole millions from me," according to the affidavit.

Around Dec. 20, 2013, Pierotti said in an affidavit, Shkreli sent a Facebook friend request to Pierotti's 16-year-old son, and then later sent a message saying, "hey, I'm a friend of your father."

"When my son asked why Shkreli sent him a Facebook friend request, Shkreli responded, 'because I want you to know about your dad ... he betrayed me. he stole $3 million from me,' " Pierotti wrote in his affidavit.

Shkreli, on or around Christmas Day that same year, "also sent a Facebook friend request to my 14-year-old son, who never responded," Pierrotti wrote.

Then, on Christmas Day, "Shkreli sent me a message via LinkedIn, stating simply, 'Scumbag. - Martin Shkreli,' " Pierotti wrote.

Pierotti also said in his affidavit that in the next several days, he became aware of the fact that a copy of Retrophin's lawsuit against him had been posted, by someone else, on his own Facebook page, and that his Facebook password had been changed, without his knowledge.

He soon afterward discovered that the passwords to his AOL email account, as well as his LinkedIn and Gmail accounts, had also been changed.

And on Dec. 26, 2013, Shkreli allegedly sent Pierotti's wife a text message that read, "Hey sweetheart," according to documents attached to Pierotti's affidavit.

Tue, 09/22/2015 - 16:51 | 6580186 Fukushima Fricassee
Fukushima Fricassee's picture

Fucker should die like Blank and Dia will be ate to the bone by the cancer they are and have. Jawboning ignorant shits.

Tue, 09/22/2015 - 14:00 | 6580194 Chuck Knoblauch
Chuck Knoblauch's picture

We just need a US national/socialist leader (Jeb Bush), and the next war can begin.

Drudge says Hilda is sick, so she may not be the one.

Trump is a ringer - sorry to the hopeful out there - wise up idiots.

Tue, 09/22/2015 - 13:57 | 6580198 DormRoom
DormRoom's picture

ZIRP + Triffin Dilemma = binary outcome. Brazil is the canary in the coal mine

Tue, 09/22/2015 - 14:11 | 6580292 Consuelo
Consuelo's picture

God bless 'ole Merle & the Strangers.    Although I would fully support burning draft cards on mainstreet in this day & age...

Tue, 09/22/2015 - 13:59 | 6580213 madcows
madcows's picture

RIGHT!  Can't have Cramer stealing Bulltard's job.  Only Bulltard is allowed to pump the market, damnit!

Tue, 09/22/2015 - 13:59 | 6580214 RawPawg
RawPawg's picture

it's kinda hard to ring the bell at the top when the race is on to the bottom(unless,of course there's a bell down there also).

Tue, 09/22/2015 - 14:00 | 6580224 buzzsaw99
buzzsaw99's picture

funny - bullard is just as big a rah rah equity clown as cramer

Tue, 09/22/2015 - 14:01 | 6580231 aliki
aliki's picture

while ive been no bullard fan (because he strikes me as a 'which way the wind is blowing' kind of person VS a 'man of strong convictions) but it was fucking histerical watching in real time as he looked into the camera, on the station that hosts their own golden boy jim cramer, and called him a fucking clown.

guess bullard got tired of being called a "sanguine man" by the clown.

id love to see what cramer is saying in 5 years when our:

1. retirement crisis hits because pensions don't have a 4-5% alternative, fixed income asset for the 12th+ year

2. education mess blows due to student debt bubble

3. housing deflation exhasterbates & alllll those people cramer told buy a house, buy HD, LOW shit are TRAPPED and BACK SUBMERGED UNDER H2O

shud just call the big-one the cramer bubble. so great, he made some people some $$$ in stocks (he is pretty good, as bullard said on micro-analyzing CERTAIN business lines) BUT his macro calls (ie. housing, retirement) are going to be some of the absolute worst & hardest hit because of the illiquidity in housing & no viable solution for retirement when you have non-stop, compounding ZIRP.

Tue, 09/22/2015 - 16:43 | 6581174 Scooby Dooby Doo
Scooby Dooby Doo's picture

`id love to see what cramer is saying in 5 years when our:`

12-15 yrs.

Tue, 09/22/2015 - 14:01 | 6580232 polo007
polo007's picture

http://www.bloomberg.com/news/articles/2015-09-22/chart-watchers-zero-in...

Chart-Watchers Zero In on More Warning Signals for U.S. Equities

by Anna-Louise Jackson

September 22, 2015 — 12:00 AM EDT

- Technical analysis patterns suggest further weakness ahead

- Head-and-shoulders, Dow Theory point to shifting trend

Equity investors rattled by last month’s correction, the prospects for the global economy and the Federal Reserve’s interest rate policy can add a few more reasons to worry.

Several technical charts are sounding warning signals that the worst of equities turmoil may not be over. So is the market headed toward another selloff? It may depend on how much stock you put into such omens. Some investors see technical analysis as only so much voodoo, claiming past market patterns give no insight into future movements.

The latest signals come after Wall Street early last month was fixated on another chart -- the “death cross,” in which the 50-day moving average of the Dow Jones Industrial Average fell below the 200-day average. The two lines crossed on Aug. 11, and less than two weeks later the gauge dropped 10 percent in four days for its first correction since 2011.

With that in mind, here’s what the chartists are seeing in the latest batch of data:

1. A downward sloping neckline in a head-and-shoulders pattern:

The Dow this year has formed “probably the most famous pattern in technical analysis” -- and it’s not particularly encouraging for stock bulls, according to Murray Gunn, head of technical analysis in London at HSBC Holdings Plc.

A so-called head-and-shoulders pattern is a formation comprising two peaks separated by a higher peak. This particular one -- marked by shoulders in March and July and a head in May -- could be “the first crack in the dam” and is special because of the rarity of its downward sloping nature, he wrote in a report Monday.

“It’s a bearish pattern which could be signaling a new bear market trend,” Gunn said in an e-mail. Investors should watch for increasing volumes on down moves in this benchmark index as the next indication that sentiment is becoming more negative, he said.

If the Dow -- which climbed 0.8 percent to 16,510.19 Monday -- were to trade above 18,137, a level last seen in July, that would provide more optimism, he said. Otherwise, “a new long-term and potentially powerful bear market has started; one that should end below the 2009 low.”

That low, on March 9, 2009, was reached after a head-and-shoulders pattern occurred during 2007 and 2008 at the start of the financial crisis, HSBC noted. The date marked the beginning of the current bull market.

2. Dow Theory sell signal

The signal that’s “causing the most angst” for Jeffrey Saut, chief investment strategist at Raymond James Financial Inc., in St. Petersburg, Florida, is one that happened last month.

When the Standard & Poor’s 500 Index fell to a nearly 10-month low on Aug. 25, two other indexes were below an October 2014 low that many chart watchers were closely monitoring. The Dow Jones Industrial Average and Dow Jones Transportation Average both breached this level, flashing a so-called Dow Theory sell signal. Such a signal occurs when the industrial and transport indexes fall below the low of a previous selloff.

What’s behind this angst? There’s only been one false Dow Theory signal in the last 18 years, Saut wrote in a report Monday, which gives him “cause for pause.” There is reason for optimism, he said, because that one false signal came in May 2010 during the so-called flash crash -- the last time the 30-stock gauge lost 1,000 points intraday, until it happened during the market upheaval in August.

Saut said he hoped this latest signal will prove faulty as well, but that if these two gauges breach their Aug. 25 lows again, this “suggests a change in trend that must at that point be honored.”

Another reason for optimism: the S&P 500 has yet to breach its October 2014 trough. True, that index has nothing to do with Dow Theory, Saut points out -- chartists may want to create a new theory.

Tue, 09/22/2015 - 14:14 | 6580296 Chuck Knoblauch
Chuck Knoblauch's picture

reset, reset, reset

how do we reset

and still keep control?

i bet they have a plan a, b, c ................

You'll be the last to know

Tue, 09/22/2015 - 14:13 | 6580298 carbonmutant
carbonmutant's picture

The problem with being 'in charge' is that you give everyone a 'throat to choke' when things don't go according to plan...

Tue, 09/22/2015 - 14:22 | 6580348 GFORCE
GFORCE's picture

There's no stock crash coming, sorry.

Tue, 09/22/2015 - 14:25 | 6580369 Hannibal
Hannibal's picture

Russia’s ultimate lethal weapon:

Imagine Russia defaulting on all its foreign debt – over $700 billion – on which Western sanctions have raised extra, punitive costs in terms of repayment.

Russia’s Security Council asked presidential aide Sergei Glazyev to come up with a separate economic strategy, to be presented to the council this week.

And here’s where the plot thickens. Glazyev, a brilliant economist, is a Russian nationalist – sanctioned personally by the US.

"Glazyev is arguably going no holds barred.  He is in favor of barring Russian companies from using foreign currency (which makes sense); taxing the conversion of rubles to foreign currencies (same); banning foreign loans to Russian firms (depending if they are not in US dollars or euro); and – the smoking gun – requiring Russian companies that have Western loans to default. Predictably, some sectors of US ‘Think Tankland’ went bonkers......" http://thesaker.is/russias-ultimate-lethal-weapon/

Tue, 09/22/2015 - 15:07 | 6580486 To Hell In A Ha...
To Hell In A Handbasket's picture

In the public arena of Think-Tankland, we would deride this assessment, but privately we would acknowledge it as being a relatively accurate state of affairs. It's a case of the truth for us and lies to the general public. Cheap oil, cheap gas, cheap energy, cheap clothes and cheap consumables is what they desire. A glimpse of reality in the knowledge we are resource poor of energy and rare earth metals(if the plebs only understood the strategic importance of access to these minerals) would have some quarters of the public begging for empire within a year. The alternative to reality is to create a bogeyman for the public to dislike, disguising our plunder. It's worked for the past 300 years and the general public is only noticing now. This passage sums up the state of affairs perfectly.

"The default would be payback for the twin Western manipulation of oil prices and the rouble. The manipulation involved unleashing on the oil market over five million barrels a day of excess reserve production that were held back by a few usual suspects, plus derivative manipulation at the NYMEX, crashing the price.

Then, the derivative manipulation of the rouble crashed the currency. Almost all imports to Russia were virtually blocked – as oil and natural gas exports remained constant. In the long run though, this should create a significant balance of trade surplus for Russia; a very positive factor for long-term growth of Russia’s domestic industry"

 

I tried in vain to explain to a few of the resident retards on ZH, regarding the currency attack on Venezuela and got derided. They basically argued it was due to socialism, bad policy and there is no attack on the Venezuelan Bolivar. These imbeciles cannot fathom due to a lifetime of indoctrination that out currencies are centrally manipulated and frequently. Some posters on ZH have even argued the worth of a currency is based on GDP. lol. This is how far the rot has set. No concept of value, or money, in fact no understanding at all.

 

 

 

Tue, 09/22/2015 - 14:33 | 6580409 gcjohns1971
gcjohns1971's picture

It is the monetary structure of the currency itself!!!

The Fed makes $100 of currency using $100 face-value of debt as the securing asset.

But the debt bears an interest rate, while the currency doesn't.

So, over the years while interest is being paid on that debt, that $100 is shrinking to less than $100.   At debt maturity it is IMPOSSIBLE TO PAY.

The practice is to roll-over the debt by issuing a new bond with a face value that = $100 + accumulated interest.  The new bond will have the same characteristic of being unpayable...but with a later maturity date.

For this reason the world's debt-based fiat currencies REQUIRE CONTINUOUS INFLATION TO AVOID DEFAULT.

The side effect of this practice is that the real original principal must be able to service the accumulated interest.  But at the same time the accumulated interest is compounding...while the principal isn't.

2008 didn't happen just because of a few delinquent mortgages.  It happened because the total level of debt exceeded the ability of the real stuff represented by the principal to service that debt.

No one could support larger debts to allow roll-over of the previous ones plus accumulated interest.

For that reason, the CB's and Governments took up the task.

In doing so they exacerbate the problem...for the accumulated interest continues to compound, while the principal is actually becoming more impaired.

Why impaired?  Because the only people with money to spend are those who get it from the CB, the government, or one of their cronies.

This reshapes all of commerce to lines of production that would be unsustainable in the absence of the monetary largesse...and the Fed knows it.

They know that any normalization is going to collapse those lines of business like a house of cards.

For that reason, the economy is in much worse shape than it seems...and outside of the ivory tower, it doesn't seem to be doing as well as media's bubbleheaded bimbos, or the Fed's ivory-tower economists seem to believe.

In reality it is much, much worse. 

Because the bubble-economy didn't just absorb unemployed resources, it also absorbed resources from the more viable, but less subsidized economy for real things that people buy.

The bubble economy delays default.

But it is corrosive to the real economy.

tick.

tock.

Monetary system is a Ponzi-scheme time-bomb that needs to be replaced before things get exponentially worse.

 

Tue, 09/22/2015 - 15:22 | 6580669 Sorry_about_Dresden
Sorry_about_Dresden's picture

I remember Davis Stockman was a really young dude when he accepted the cabinet position of budget director for Reagans transitional administration.

Can we start calling this market hopeless yet?

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