Keeping the narrative dream alive, Treasury Secretary Lew told Bloomberg TV this morning that "lower energy prices are good for the US economy" - seemingly missing the huge surge in jobless claims, the lack of clear gains by firms on lower fuel costs, rig count collapsing, and homebuilder concerns in Shale states. But it was his follow up idiocy that sparked weakness:
- *LEW SAYS HE DOESN'T EXPECT OIL PRODUCTION IN U.S. TO DECLINE
- *LEW SAYS U.S. CRUDE PRODUCERS CAN HANDLE DECLINE IN OIL PRICES
The reaction - WTI broke quickly to a $45 handle on heavy volume. Perhaps Secretary Lew should tell the firms that are laying off 1000s how to do their jobs if he is so sure that "they can handle it."
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