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Fed's Beige Book Is Out

Tyler Durden's picture




 

Everyone will be scouring for apocalyptic suggestions (need.moar.NEW Kew - EEE) in the following...

  • FED SAYS `HIRING WAS STEADY OR SHOWED A MODEST INCREASE'
  • FED SAYS ECONOMY EXPANDED AT `MODERATE PACE' LAST MONTH
  • FED SAYS `AUTOMOBILE SALES GENERALLY REMAINED STRONG'
  • FED: `CONTACTS WERE SLIGHTLY MORE GUARDED IN THEIR OPTIMISM'
  • FED SAYS `INFLATION REMAINED MODEST ACROSS DISTRICTS'
  • FED SAYS MANUFACTURING EXPANDED, CONSUMER SPENDING WAS STEADY
  • FED ECONOMIC SURVEY COVERS PERIOD FROM LATE APRIL UNTIL MAY 25
  • FED SAYS DEMAND WAS STRONGEST IN AUTO AND STEEL MANUFACTURING

...And won't find them. So: just what basis will the Fed have to do more QE again? Paging Jon Hilsenrath: Jon? Jon?

Looks a little brighter than most expected...

quite a few 'anti'-QE words - Strong, Sustained, Increased, Improved

not many end of world words...

Source: Fed-MMM JV

 

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Wed, 06/06/2012 - 14:05 | 2500224 RyanW525
RyanW525's picture
  • FED SAYS SPIDERMAN TOWELS SALES EXPLODED DURING 2Q
Wed, 06/06/2012 - 14:15 | 2500267 idea_hamster
idea_hamster's picture

Fed Beige Book says, "Mr. Paper Gold, meet Mr. Monkeyhammer."

Wed, 06/06/2012 - 14:17 | 2500281 NotApplicable
NotApplicable's picture

So... is this a double-headfake, a triple-headfake, or a double-double-headfake?

Honestly, it's hard to keep up these days.

Wed, 06/06/2012 - 14:21 | 2500290 flacon
flacon's picture

Hey Bernanke! FUCK YOU!

This whole "market" is fuckin' mental. 

Wed, 06/06/2012 - 14:28 | 2500343 LULZBank
LULZBank's picture

Hey Bernanke! FUCK YOU!

Whats wrong with you, maan???!!!

The guy is destroying the economy, ruining lives and you are promising him sexual fantasies?!

Wed, 06/06/2012 - 14:35 | 2500376 flacon
flacon's picture

How does this sound:

Hey Bernanke! GO FUCK YOURSELF!

Wed, 06/06/2012 - 14:40 | 2500391 Aziz
Aziz's picture

The big print is coming, eventually. Not sure there will be much left when it comes, though. Check to the Fed, check to the ECB, check to the Bank of England. They keep checking and cards keep falling but nobody is hitting anything. And funny to watch all the pathetic zombie media (Atlantic Monthly, BusinessWeek, etc etc) coming out with OMFG THERE IS DEFLATION articles.

Wed, 06/06/2012 - 14:46 | 2500420 bonderøven-farm ass
bonderøven-farm ass's picture

......MEH......

Monetary Event Horizon.....hedge accordingly.

Wed, 06/06/2012 - 14:59 | 2500470 kralizec
kralizec's picture

Beige?  Shouldn't this book be brown?  Like a big brown hole...

Wed, 06/06/2012 - 15:01 | 2500487 Bay of Pigs
Bay of Pigs's picture

BLACK HOLE

Wed, 06/06/2012 - 15:46 | 2500652 spentCartridge
spentCartridge's picture

Corn hole

Wed, 06/06/2012 - 15:04 | 2500498 LULZBank
LULZBank's picture

How does this sound:

Hey Bernanke! GO FUCK YOURSELF!

He'll probably say, what do you think Im doing now and once Im finished it will be everybody else's turn.

Wed, 06/06/2012 - 14:19 | 2500291 The Gooch
The Gooch's picture

triple double. dribble. drivel.

Wed, 06/06/2012 - 14:26 | 2500334 flacon
flacon's picture

Ben Bernanke in a dress: Warmup triple Axel:

http://www.youtube.com/watch?v=8JM5Ed3ardM

Wed, 06/06/2012 - 14:29 | 2500347 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

dodecatuple headfake

Wed, 06/06/2012 - 14:20 | 2500293 Dixie Rect
Dixie Rect's picture

Bernank exploded into his spidrman towel

Wed, 06/06/2012 - 14:28 | 2500340 Stuck on Zero
Stuck on Zero's picture

Those weren't Spider Towel "sales."  The towels were given to all Americans by President Obama to spur the economy. 

 

Wed, 06/06/2012 - 14:40 | 2500399 idea_hamster
idea_hamster's picture

"Bernank exploded into his spidrman towel"

If by 'his spiderman towel,' you mean my parents' fixed income portfolo P&L statement, then yes.

Wed, 06/06/2012 - 15:24 | 2500566 Cupid Stunt
Cupid Stunt's picture

Cut out and keep.

Wed, 06/06/2012 - 15:09 | 2500519 slaughterer
slaughterer's picture

Spiderman has a boner.

Wed, 06/06/2012 - 15:24 | 2500564 Bunga Bunga
Bunga Bunga's picture

Spiderman towels can be printed. Do you get the idea?

Wed, 06/06/2012 - 16:00 | 2500692 Right-on Left-off
Right-on Left-off's picture

Doesn't anybody know whats up for economic new tomorrow?  Well here it is:

Weekly jobless claims

Flow of funds household debt

Consumer credit

You can just forget about discussing the beige book.  Any bets on what the market will do tomorrow?  Like morgue says, 'QE3 rally lasting for hours, not weeks'.  My bet is that also includes beige book rallies.

Wed, 06/06/2012 - 14:06 | 2500226 CClarity
CClarity's picture

Gonna have to use Europe as the excuse for QE, but that also opens door for them to buy European sov. debt since there aren't enough Treasuries for them to buy for Op Twist continuation.

Wed, 06/06/2012 - 14:18 | 2500284 GeneMarchbanks
GeneMarchbanks's picture

So be it. First QEpisode went to inflate China, second QEpisode went to 'Europe' and now finally we might get a targeted third QEpisode for just Spain.

Beautiful.

Wed, 06/06/2012 - 14:06 | 2500231 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

MEH !

Wed, 06/06/2012 - 14:24 | 2500318 Commander Cody
Commander Cody's picture

Not true meh.  No CAPS, no exclamation!

Wed, 06/06/2012 - 14:49 | 2500433 DosZap
DosZap's picture

Lies,all lies.

Wed, 06/06/2012 - 14:06 | 2500232 urbanelf
urbanelf's picture

Armageddon will resume after this scheduled break.

Wed, 06/06/2012 - 14:15 | 2500270 t_kAyk
t_kAyk's picture

Please wait until I get back from vacation, I'd hate to miss Farcebook stock hitting the pavement. 

Wed, 06/06/2012 - 14:07 | 2500233 SeverinSlade
SeverinSlade's picture

GS is wrong yet again on QE3.  Perhaps they were using the hopium to cut the last of their equity exposure?

Bernanke seems likely to hint at further LSAP but to indicate that the Fed will still take the wait and see approach.

Bonds once again show that they know more than stocks do.

Now the question is how long this hopium induced meltup lasts.

Wed, 06/06/2012 - 14:22 | 2500294 NotApplicable
NotApplicable's picture

You know, arguing that GS is "wrong" is like arguing what Bugs Bunny's favorite color is.

In other words, some entities only exist logically in a ficitional world. To engage in arguing with them is to lose one's bearing, following them into whatever fantasy they might spin.

Wed, 06/06/2012 - 14:31 | 2500358 SeverinSlade
SeverinSlade's picture

Spot on.  But you understood my point.

When GS is wrong, they're right.  They're wrong for their clients but right for themselves.

Wed, 06/06/2012 - 14:07 | 2500235 Beevreetr
Beevreetr's picture

F'ED

 

Wed, 06/06/2012 - 14:08 | 2500236 SheepDog-One
SheepDog-One's picture

Need....Free.....Moneez...

Wed, 06/06/2012 - 14:23 | 2500308 El Viejo
El Viejo's picture

CTRL-P 

CTRL-P 

CTRL-P 

CTRL-P 

Wed, 06/06/2012 - 14:09 | 2500237 LongSoupLine
LongSoupLine's picture

Finally, Recovery!

ramp the ES more!!!

 

oh, wait..no QE? (sell, sell, sell!)

Wed, 06/06/2012 - 14:08 | 2500238 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

How is Obama going to give me money now?

Wed, 06/06/2012 - 14:28 | 2500341 midgetrannyporn
midgetrannyporn's picture

QE$3KMEBITCHEZ!

Wed, 06/06/2012 - 14:08 | 2500240 nwskii
nwskii's picture

That torpedoed Gold

Wed, 06/06/2012 - 14:09 | 2500244 SeverinSlade
SeverinSlade's picture

Somewhere, Steve Liesman is pissed right now.  Looks like he'll have to wait on that IMF/FED bailout of Europe.

Wed, 06/06/2012 - 14:25 | 2500329 NotApplicable
NotApplicable's picture

WAT? Puppets don't care about the script! That's not how they work.

Wed, 06/06/2012 - 14:09 | 2500245 lemonobrien
lemonobrien's picture

SELL! SELL! SELL!

Wed, 06/06/2012 - 14:10 | 2500246 AccreditedEYE
AccreditedEYE's picture

Moderate Growth = NO QE

Wed, 06/06/2012 - 15:45 | 2500649 Cursive
Cursive's picture

@AccreditedEYE

That's it in a nutshell.  They COULD do QE3; stragner things have happened, but it looks highly unlikely right here.

Wed, 06/06/2012 - 14:11 | 2500250 eclectic syncretist
eclectic syncretist's picture

Spy is all the way up to downtrendline resistance.  A good old market crash will provide the perfect excuse for the Fed to protect all our 401k accounts by buying more bad mortgage debt from banks and giving it to taxpayers.

Right.  It doesn't make any sense at all but that's the way I see it!

Wed, 06/06/2012 - 14:11 | 2500252 JmanSilver.Gold
JmanSilver.Gold's picture

just a daily excuse to bomb gold and silver, which just happened on gold.

Wed, 06/06/2012 - 14:14 | 2500268 LULZBank
LULZBank's picture

Are you complaining?

If you are then you havent figured out that game yet.

Wed, 06/06/2012 - 14:13 | 2500255 LULZBank
LULZBank's picture

* FED SAYS CHEAP GOLD AND SILVER FOR EVERYONE AGAIN. TAKE THAT MOMO MONKEYS.

Wed, 06/06/2012 - 14:12 | 2500256 Peter K
Peter K's picture

Can't even skew a few numbers when they need it. :)

Wed, 06/06/2012 - 14:13 | 2500259 JmanSilver.Gold
JmanSilver.Gold's picture

more lying fraud and bullshit from the chairsatan and his miserable minions.   Generic platitude speak, fraud and lies.   'Our outlook remains optimistic', LMAO wow.  'Credit quality improved'.   Do they ever have to back any of this bullshit with fact?

Wed, 06/06/2012 - 14:23 | 2500315 Village Smithy
Village Smithy's picture

True enough, are they really ever going to say " Holy shit, things are really fucked up and behind the curtain they are actually getting worse by the day!"

Wed, 06/06/2012 - 14:13 | 2500261 asteroids
asteroids's picture

Remeber folks. No one in authority has made ANY announcements since the BLS data report of last Friday. Everything has been rumor. Today's rally has been based on smoke and mirrors and HFT's goosing the overnight futures. This is psychological manipulation. They want you to get hot and horny for stocks. Pavlov would be proud of these jokers. Don't fall for it. Watch the credit market for clues.

Wed, 06/06/2012 - 14:18 | 2500278 LULZBank
LULZBank's picture

I dont have the visibility to credit markets, even if I had, I would still struggle to make any kind of sense out of it.

I just look for the signs in in stars and constellations, public sentiment and trying to put myself in a "fraudsters" shoes.

Sheeple must not, AT ANY COST, get this idea that the money is ust being printed out of thin air. Its just "conspiracy theorists" and lunatic fringe who believes that.

Wed, 06/06/2012 - 14:21 | 2500306 The Monkey
The Monkey's picture

Credit markets gave us clues two days ago during the US session. Spreads for the CUSIPS that I follow in the corporate bond market narrowed into the close. Europe has been narrowing since. Should be a decent little relief rally.

Wed, 06/06/2012 - 14:34 | 2500372 LULZBank
LULZBank's picture

Credit markets cannot be manipulated, say, to send wrong signals?

Wed, 06/06/2012 - 15:08 | 2500515 The Monkey
The Monkey's picture

Sure, I guess.  But we are talking about the secondary corporate bond market.  Watching a number of liquid and illiquid CUSIPS on the secondary market can be telling.  This isn't a place where most people typically go searching for information.

Wed, 06/06/2012 - 15:25 | 2500571 LULZBank
LULZBank's picture

Thank you.

I think, now, Im ready to start trading in bonds and credit and replace the London Whale :)

Wed, 06/06/2012 - 14:16 | 2500273 catacl1sm
catacl1sm's picture

Excuse me. When can I get off this merry-go-round?

Wed, 06/06/2012 - 14:21 | 2500303 earleflorida
earleflorida's picture

when it's greased ...

Wed, 06/06/2012 - 14:17 | 2500276 Atomizer
Atomizer's picture

 

 

  • FED SAYS `HIRING WAS STEADY OR SHOWED A MODEST INCREASE OF +69,000'
Wed, 06/06/2012 - 14:17 | 2500279 Hanging By A Thread
Hanging By A Thread's picture

We must have more QE - need to help Steve Liesman and his strategy to bailout Europe

Wed, 06/06/2012 - 14:19 | 2500287 Shock and Aweful
Shock and Aweful's picture

And gold now negative for the day....this is a $25.00 drop because of a FUCKING RUMOR....or lack of one.

The so-called "market" of today is a complete joke....are you proud of your creation Mr. Bernanke?

Wed, 06/06/2012 - 14:25 | 2500328 The Monkey
The Monkey's picture

Look on the bright side. If QE isn't forthcoming, you know what to short.

Wed, 06/06/2012 - 14:26 | 2500335 AmazingLarry
AmazingLarry's picture

I got news for you, twinkle toes...gold gets "hit" almost everyday at 12 CDT. 

Nice to see it retrace some of it's move and fall back into support. Lil bear flag action.

Wed, 06/06/2012 - 14:21 | 2500296 Jason T
Jason T's picture

so it worked, we're all saved!  Long live the Bernank

Wed, 06/06/2012 - 14:21 | 2500298 LULZBank
LULZBank's picture

* FED SAYS LULZBank, THE SOD IS LAUGHING HIS HEAD OFF WATCHIING THE GOLD FALLING LIKE A ROCK.

Wed, 06/06/2012 - 14:21 | 2500305 Alex Kintner
Alex Kintner's picture

Is Bernakster smarter than a 12 year old.
Definitely not smarter this one.
http://youtu.be/Bx5Sc3vWefE

Wed, 06/06/2012 - 14:21 | 2500309 Conman
Conman's picture

QE Rumors = Rally

QE not actually happening = Rally anyway?

That also coincides with the theory of no news is good news(rally on), good news is also good news(rally on), and bad news is the best news(rally really on).

Wed, 06/06/2012 - 14:31 | 2500356 mammoth mo
mammoth mo's picture

 

Pretty much spot on.

 

Wed, 06/06/2012 - 14:48 | 2500432 The Monkey
The Monkey's picture

The stock market is reliant on earnings momentum & rate of change. Commodities depend on supply / demand. Prices for both can be distorted by overspeculation and central banks altering risk perception, but ultimately enough slack will cause prices to correct.

The entire rally we've had in the markets has been on rising profits. The Fed eased while the cycle was expansive, magnifying the rally. In this way, the Fed really followed the economic cycle and stretched it as far as it would go.

Now the cycle is pointing down. Down for forward earnings expectations (rate of change) and demand. Slack is already building between real buying support versus market price. If the Fed pursues sloppy monetary policy while we are in a downtrend, they send markets the wrong message and open a bigger distance between the ceiling and the floor.

Proponents of easing know that it works best when coupled with fiscal policy. If the Fed has studied Japan, markets may be surprised to see tighter policy than anticipated until congress acts with some sort of fiscal stimulus (or the bottom comes out of the markets).

Wed, 06/06/2012 - 15:17 | 2500541 eclectic syncretist
eclectic syncretist's picture

Ahh... the late day fade.....opening the day to a big drop heading into the weekend.  Here we go!

Wed, 06/06/2012 - 15:21 | 2500555 The Monkey
The Monkey's picture

I wouldn't position here.  I think this could go on for a while, with some peaks and valleys.  I think we're range bound with a bit of upward bias for a while.

Wed, 06/06/2012 - 18:06 | 2501222 LarryDavis
LarryDavis's picture

At the risk of sounding pedantic........I don't think commodities prices reflect soley supply and demand. You forgot a bunch of stuff but mainly the caprice of megalomaniacs (ARABS/OPEC+OIL CEOS/EXECS). Moreover, I think this point needs to hammered home: no one really knows what the fuck the markets reflect any more but all price movements seem to be predicated by manipulation, nepotism, misinformation, and deceit. That is clear.

Wed, 06/06/2012 - 20:05 | 2501528 The Monkey
The Monkey's picture

True, there is the fear trade, but that really is a response to longer term supply and demand expectations. 

"no one really knows what the fuck the markets reflect any more" - you are referring to the speculative layer the central banks have encouraged.  This is where the opportunity resides.  Don't think for a second that the market won't turn when the cards are clearly stacked against it.  Physics always wins in the end.

Wed, 06/06/2012 - 14:22 | 2500312 q99x2
q99x2's picture

STEEL MANUFACTURING Guns and Bullets for the Revolution.

Wed, 06/06/2012 - 14:22 | 2500313 Fantasy Planet
Fantasy Planet's picture

So I can 'buy' Facebook?

Wed, 06/06/2012 - 14:24 | 2500317 q99x2
q99x2's picture

Wait till they start selling guns and ammo.

Wed, 06/06/2012 - 14:55 | 2500458 DosZap
DosZap's picture

Wait till they start selling guns and ammo.

They already are....................to the Mehican Drug Gangs.

Wed, 06/06/2012 - 14:23 | 2500316 AmazingLarry
AmazingLarry's picture

Aaaand when you break the word cloud down into it's raw form adjuctives, it reads...

"sheep"

"sheared"

"banks win"

"again"

 

 

Wed, 06/06/2012 - 14:28 | 2500324 Paul451
Paul451's picture

Oh, puhleese! Last week we're down, this week we're up cause the Fed Chairman is gonna speak. What the hell kind of 'economy' is that? More like the excitement of an addict knowing his dealer is about to stop by.

Next week, we'll be down again.

RIP Ray Bradbury.

Wed, 06/06/2012 - 15:35 | 2500617 The Monkey
The Monkey's picture

Anything can happen short-term.  That's why I like swing trades on the edges in this environment.  Plus, they are fun & reasonably low risk (at least on the short side). 

This is a rocking market for speculators, maybe one of the best ever.  Think how dull it would have been to be a real trader between 1982 - 2000.  Today, you get all the drama.  Sudden deep corrections, grizzley bear markets, manic rallies that seem to have no end.  You have to be on top of almost everything to get an edge.

 

Wed, 06/06/2012 - 17:15 | 2501041 max2205
max2205's picture

True. All that just during each trading day.

Can't wait to trade this shit when the vix gets back over 30 again.

Oh but then again that maybe Bens line in the sand. Don't tell anyone!

Wed, 06/06/2012 - 20:12 | 2501548 goldcoastgirl
goldcoastgirl's picture

Yea...and God Bless Bob Chapman, God rest his soul.

Wed, 06/06/2012 - 14:25 | 2500325 monopoly
monopoly's picture

It never ceases to amaze me how stupid some are. The inmates continue to speak as always, mentally impaired. How a few words of 0 consequence can scare the weak ones out of the only currency with worth. I never get over the idiocy of some investors, politicians, fed imbeciles or TV "personalities" with their dribble. Spare me.

Back to the garden.

Wed, 06/06/2012 - 14:29 | 2500349 NotApplicable
NotApplicable's picture

When your buy and hold timeframe is measured in milliseconds due to the destruction of the underlying fundamentals, how could you expect anything but?

Algobots gotta eat too!

Wed, 06/06/2012 - 14:27 | 2500327 aheady
aheady's picture

beige: insipid

Part of speech: adjective

Definition: dull, uninteresting

Synonyms: anemic, arid, banal, beige , blah, bland, characterless, colorless, commonplace, dead, drab, driveling, dry, feeble, flat, ho-hum, inane, innocuous, jejune, lifeless, limp, mild, mundane, nebbish, nothing, ordinary, plain, pointless, prosaic, prosy, slight, soft*, spiritless, stale, stupid, subdued, tame, tedious, tenuous, thin, tired, trite, unimaginative, vapid, watery, weak, weariful, wearisome, wishy-washy

Wed, 06/06/2012 - 14:27 | 2500336 lsbumblebee
lsbumblebee's picture

Nice excuse to bomb gold after-hours. As if "TheBeigeBook" has taken on new significance. Funny how stocks haven't moved.

Wed, 06/06/2012 - 14:29 | 2500351 monopoly
monopoly's picture

I sure hope some are taking advantage of this "gift" from the head inmate.

Wed, 06/06/2012 - 14:29 | 2500352 ebworthen
ebworthen's picture

FED Crows Nest:  "Can't see any icebergs from here, all's well, full steam ahaed".

Wed, 06/06/2012 - 14:35 | 2500373 junkyardjack
junkyardjack's picture

Their Mickey Mouse viewfinder is still working...

Wed, 06/06/2012 - 14:30 | 2500354 you enjoy myself
you enjoy myself's picture

well, this certainly puts Ben in a bind doesn't it?  if he does go through with LSAP then it removes all pretense that's it about anything other than monetizing our debt.  can't be to lower interest rates, can't be to "stimulate the economy" after this report and SPX 1300.  so its bailing out europe via US taxpayers or its explicitly destroying the dollar so we can keep churning funny money into a bottomless pit?  i can't imagine either of those reasons will go over well. 

Brent crude is still at $100.  any QE that had any impact, given its diminishing returns, would have to be gigantic - you ready for $6 gas?  i think everyone is in for nasty surprise on june 20.

Wed, 06/06/2012 - 14:34 | 2500370 theTribster
theTribster's picture

The Morgue is banging hard today, just watched both Gold and Silver dive, dive, dive. Won't be to long before they blame Blythe for the commodity manipulations - once things really start to fall apart and rally's can't be manufactured on rumors anymore. Definitely the sooner the better.

Wed, 06/06/2012 - 14:35 | 2500374 kito
kito's picture

oh you naive qe junkies, still holding on for something that will not happen until well after elections...and to all those gold holders waiting for $2,000...keep waiting, the winds of deflation are picking up....only until there is another lsap by ben will gold know 2,000....that is a fact...paste it on your foreheads............

Wed, 06/06/2012 - 14:43 | 2500407 ArrestBobRubin
ArrestBobRubin's picture

Fair enough. But you should really try to remove that big "L" from yours. Most people don't find it effective in helping get their points across. It didn't stop you though.

Wed, 06/06/2012 - 15:07 | 2500506 Bay of Pigs
Bay of Pigs's picture

Bob, this guy struts and parades around as if he knows the future.

I see him as the perfect fade for gold...

Wed, 06/06/2012 - 16:52 | 2500918 kito
kito's picture

there is no future once you step out of the time/space continuum....i get to strut because ive been right for over a year and i get repeatedly bashed by people who cant see past their nose......people are so wrapped up in their gold dreamcoats and the idea of hyperinflation that they cant accept the influence deflation is having on the world.....when the world resets, no amount of printing will save the collapse of everything nailed/not nailed to the floor, including the nails....except cold hard physical cash....................stock up now, its in limited supply...just ask your bank..............

Wed, 06/06/2012 - 18:23 | 2501266 Bay of Pigs
Bay of Pigs's picture

Well, Ive been right on gold for 12 years now kito. And again, as Ive told you before, I have never said hyperinflation once on this board.

What the hell is wrong with you anyway? No memory, or are you just plain slow?

Wed, 06/06/2012 - 14:36 | 2500375 Boilermaker
Boilermaker's picture

Is that any reason to stop a RIP-YO-FACE-OFF rally?

REITs at high of the session and climbing like hell.  You know, just for shits and giggles and all.

Wed, 06/06/2012 - 14:36 | 2500379 ArrestBobRubin
ArrestBobRubin's picture

Can I please just throw the Beige Book at Bernank's head?

Wed, 06/06/2012 - 14:36 | 2500380 mammoth mo
mammoth mo's picture

 

The worst thing to see... again ... is the statement by the talking heads that the markets are reacting on hope.

 

There is no hope in the market.  The market is where hope goes go die.  The markets aren't reacting on hope, they are creating the temporary illusion of hope because they are manipulated.

 

When this temporary illusion vanishes the people will be without hope.  Well 99% of us.

Wed, 06/06/2012 - 15:39 | 2500627 El
El's picture

If there is no hope, why is everything green today? After observing for a long time, there seems to be no rhyme nor reason in the markets anymore. I can't point to even one thing that would cause the rally today. Then again, I'm certainly not always the brightest bulb in the box, so perhaps the logic of it just escapes me.

Wed, 06/06/2012 - 14:37 | 2500384 Chupacabra-322
Chupacabra-322's picture
  • FED SAYS `HIRING WAS STEADY OR SHOWED A MODEST INCREASE'   LIE
  • FED SAYS ECONOMY EXPANDED AT `MODERATE PACE' LAST MONTH     LIE
  • FED SAYS `AUTOMOBILE SALES GENERALLY REMAINED STRONG'           LIE
  • FED: `CONTACTS WERE SLIGHTLY MORE GUARDED IN THEIR OPTIMISM'  LIE
  • FED SAYS `INFLATION REMAINED MODEST ACROSS DISTRICTS'       LIE
  • FED SAYS MANUFACTURING EXPANDED, CONSUMER SPENDING WAS STEADY   LIE
  • FED ECONOMIC SURVEY COVERS PERIOD FROM LATE APRIL UNTIL MAY 25        LIE
  • FED SAYS DEMAND WAS STRONGEST IN AUTO AND STEEL MANUFACTURING       LIE

 

Wed, 06/06/2012 - 19:15 | 2501383 Paul451
Paul451's picture

It's all TRUE...except the part about it being the beige book for the United States.

 

Maybe it's Estonia.

Wed, 06/06/2012 - 14:38 | 2500388 Gringo Viejo
Gringo Viejo's picture

Fed statements, like Federal Government statements are utterly laughable. They lie as a matter of course...because they must.

Wed, 06/06/2012 - 14:44 | 2500414 Peter K
Peter K's picture

Now that Euroland is fixed, maybe Ben can put away the helicopter for a bit :)

Wed, 06/06/2012 - 14:46 | 2500418 The Gooch
The Gooch's picture

All those lies buy more time to fill the canoe with <$30 silver!

thanks Benny, you FUCKHOLE.

Wed, 06/06/2012 - 14:50 | 2500437 casaananda
casaananda's picture

Why can't we just have a fucking revolution.

 

Wed, 06/06/2012 - 14:51 | 2500445 roadhazard
roadhazard's picture

"Moderate" and "steady" as compared to what.

Wed, 06/06/2012 - 14:52 | 2500447 miker
miker's picture

Don't be holding PMs thinking you're going to get rich anytime soon like in the dot.com days.  They will continue to get smacked down by the Central Banks and those doing their bidding. 

Hold some level of PMs for the distinct possibility of something going terribly wrong in this whole manipulated mess.  A faulty miscalculatioin, an exogenous event.

As long as Geithner and Bernake are in the seat, I doubt things will fall apart.  But I doubt also they will continue after more than a year from now.  Replacements may not be as dedicated or skilled.  And, as important, our two party political system remains stonewalled in a major way. 

 

Wed, 06/06/2012 - 15:03 | 2500493 PeeramidIdeologies
PeeramidIdeologies's picture

Well played Bernanke, sneaky, but well played. Man those rallies are hard to catch....

Wed, 06/06/2012 - 15:03 | 2500496 geewhiz190
geewhiz190's picture

a continued upmove in the spx without qe talk will  probably scare the shorts

Wed, 06/06/2012 - 15:06 | 2500501 ArrestBobRubin
ArrestBobRubin's picture

And speaking of f*cked up... Here's the latest update from High command. Clif that is.

http://www.halfpasthuman.com/hottimes.html

Wed, 06/06/2012 - 15:08 | 2500510 Ignatius J Reilly
Ignatius J Reilly's picture

Hey Beige Book, how does the math work with all this positive news and we're still at 1.9% projected GDP?

 

This feels like telling someone who is terminally ill that on the brightside, they aren't dead yet.

Wed, 06/06/2012 - 15:08 | 2500512 BudFox2012
BudFox2012's picture

Thank god the Fed came out with this great news based on "fact".  For a minute there I thought we were on the edge of economic doom </sarcasm>

Wed, 06/06/2012 - 15:31 | 2500595 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Right on Bud! I loved your phone ring tone in the Wall Street Movie sequel.  I also enjoyed being one of the banker thieves in the film, a similar role to what I played in The Good, The Bad & The Ugly sans sombrero.

Tuco Benedicto Pacifico Juan Maria Ramirez

Wed, 06/06/2012 - 15:09 | 2500517 reTARD
reTARD's picture

In response, here is the ZeroHedge word cloud:

collapse, decrease, downgrade, decline, gold, silver, precious metals, bitchez, inflation, hyperinflation, fail, actual free market, actual capitalism, shadowstats, decentralize, sheeple, savings, ponzi scheme, corporate and social welfare, gunpoint, real money, real competition, scambook, hopium, hockey stick chart, usury (original definition), monopoly on violence, chairsatan, corruption, serfdom, misallocation, malinvestment, Solyndra, MFGlobal, Bernank, TurboTax Timmy, Nobamney... 

Wed, 06/06/2012 - 15:22 | 2500561 ArrestBobRubin
ArrestBobRubin's picture

Oh and let's not overlook Revisionist (e.g., Corrected) History

Wed, 06/06/2012 - 15:11 | 2500524 MFL8240
MFL8240's picture

This is a complete fuckin lie and the world knows we are being run by liars!!

Wed, 06/06/2012 - 15:19 | 2500549 ArrestBobRubin
ArrestBobRubin's picture

Perhaps I should paste this snippet then?

The 'good news' in all of this is that the same data sets are pointing to the [rapid rise] in [precious metals prices], especially [silver] as being temporally ahead of, and to a certain extent, [putting pressures on officialdom]

Did that do it?

http://www.halfpasthuman.com/hottimes.html


Wed, 06/06/2012 - 15:24 | 2500565 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

I want to know what Bill Clinton has to say about this?!  I need a patriotic, non-globalist, salt of the earth opinion regarding what is going on and what should be done regarding the U. S. economy.  "Shame on you" for not contacting Hillary's husband regarding this matter!

I am Tuco and slick Willie should have been hung years ago!

Wed, 06/06/2012 - 15:29 | 2500594 Snakeeyes
Snakeeyes's picture

Moderate growth? Are you kidding me?

And Obama keeps intervening in the housing market, this time with a "Refi for Dummies" film out of The White House!!!!!!

Let's see if The Fed sticks with their "moderate" growth opinion.

And with Obama hucking loan mods at taxpayer expense, maybe they will QE3 or Twist after all!

http://confoundedinterest.wordpress.com/2012/06/06/fed-says-moderate-economic-growth-and-housing-market-improvement-white-houses-mortgage-refi-for-dummies/

Wed, 06/06/2012 - 15:32 | 2500605 erheault
erheault's picture

Are you trying to say our Government would lie to the sheeple? they never would do that they are all honorable men. They have a place for you in the FEMA Camps if you protest as at that time you become a TERRORIST! so quiet down and enjoy your shearing.

Wed, 06/06/2012 - 15:52 | 2500676 silverserfer
silverserfer's picture

ouy ouy ouy, wes gonna printz til we cant printz no more!

Wed, 06/06/2012 - 16:18 | 2500756 ParkAveFlasher
ParkAveFlasher's picture

they must be on to the whole wordle thing.  they might as well as wrote everythingsfuckingawesome

Wed, 06/06/2012 - 16:50 | 2500902 FieldingMellish
FieldingMellish's picture

No point in spinning the truth anymore. Might as well just outright lie. Maybe this is the "new" Fed tool to be used. Just say everything is OK and it will be.

Wed, 06/06/2012 - 22:28 | 2501976 nathan1234
nathan1234's picture

IMHO the financial QE will not come.

We are looking at a different QE , where the E stands for Extermination

 

 

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