Sep

20

it used to be a given that when the private sector performed a job, it was much more efficient than the alternative. a variation of the broken window fallacy. thus the estimate that 100 executive orders of the bicyclist cost the taxpayer 1.5 trillion understates.

the reason for inflation is the decreased trade in the economy that by the quantity theory leads to higher prices.

nobody asked me, but…it used to be that the money supply announced thur after the close had the greatest influence on the market. now it's not even published anymore and M2 is not published either. in the old days, say 2000 and before, a spec paid commissions of $10 or so a side. now one pays 0.25 + 1/75 a side to the CME vig. but in the old days the members on the floor wouldn't give you a fair deal. now it's the high-frequency persona. I liked the 20th century better. it was a fairer deal.

and yet the chair is proudly following Volker who caused the 1987 crash along with Baker and wished to stamp out all technology. he didn't use a typewriter nor tape. i met him at Larry Ritter's bedside and it was a dismal experience to meet someone who lived in an era 50 years receding. and yet he is idolized. he should be ostracized. no wonder chance gardener tore up his speech and gave us Volker. fortunately the FOMC is very bullish for bonds and S&P.

Vic's twitter feed


Comments

Name

Email

Website

Speak your mind

Archives

Resources & Links

Search