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I propose that Operation Twist be renamed Operation Twister.
I'm basing this on Wednesday's stock market action (decidedly negative) and the current stock market futures (decidedly negative).
By falling below 1200 on the S&P 500, we have also reset the Rubicon condition. Shocking! I thought for sure that 1200 would hold that time.
In case you didn't know, it's an alarm!
You're not on a pleasure cruise!
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Hotels: Occupancy Rate Decreased 3.5% Year-over-year
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From STR: U.S. hotel results for week ending 16 November
Due to the Veteran’s Day calendar shift, the U.S. hotel industry reported
mixed year-over-year per...
12 hours ago
9 comments:
Perhaps Bernanke was using innovative tongue twister technology?
How did Das Boot do in the US? It was a big hit in the UK.
dearieme,
Das Boot didn't do that well in the US. Here's a glimpse.
Das Boot
In 1982, it was released in just 2 theaters. I didn't even know about it until years later.
It is one of my favorite war movies though, and for what it is worth my dad served on a US battleship in WW2 (the North Carolina in the Pacific). As such, I'm a sucker for pretty much all World War II movies that involve the water.
The twist was not a twister, it was like hurricane Irene: dire predictions leading a some drizzle. The talk was about cutting the interest rate that the Fed pays for the excess reserves. The amount of excess reserves is on a sharp upswing, after a very mild declined through 2010. Reserves entering the “economy” = “inflation” up = buy stocks and commodities. Instead we got what I would consider a misguided attempt to resuscitate the mortgage origination and securitization business: lower the mortgage rate and buy up MBS rubbish at, some estimate, 20 billion a month. That the Fed would buy MBS again means that banks need not to worry about loan quality and can loosen lending standards. Yea, here we go again 2006 – give a loan to your dead cat. Bottom line: reserves stay put = “inflation” flat = economy dead = sell stocks and commodities and buy treasuries.
mebbe not just the Fed . . .
All Congress has done this year is rename some post offices.
People might be waking up to the realization that it's all downhill from here.
I was thinking more like Left Foot Yellow, Right Hand Green. Eventually you may not like the position you are in.
nilys,
Yea, here we go again 2006 – give a loan to your dead cat.
This really needs to be said...
Dead Cat Loan Bounce
Based on a Google search yielding zero results, that's a brand new economic term! Woohoo!
Troy,
People might be waking up to the realization that it's all downhill from here.
Our economy runs fine on the level!
(It has no engine and it has no brakes.)
Charles Kiting,
I was thinking more like Left Foot Yellow, Right Hand Green. Eventually you may not like the position you are in.
Nicely played!
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