Hot off the press release:
Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the third quarter of 2017 (table 1), according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.1 percent.
The Bureau emphasized that the third-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see “Source Data for the Advance Estimate” on page 2).
The important thing to look at is the current dollar GDP. Because, as we’ll get into in a moment, there is still a gap of two percentage points between the current dollar GDP and the amount of money being made up and tossed into the blender by the Fed.
The way this works, roughly, is the current dollar GDP plus the real current inflation ought to work out to about the M2 run rate.
Not that it matters. Futures are wolfing it down and the techs are up more than 40 on the NASDAQ composite. Dow futures are a little less amped, up a mere 35 for the open. As Reuters headlines it “No end in sight for tech giant share gains.”
Nevertheless, if we don’t get a decent pullback soon, Ure will have to rethink his going short…but not before we see how much of this “hot money’ comes off the table ahead of the weekend.
Remember, we’re only one North Korean H-bomb test from being fabulously wealthy – such are the rites of bearhood. Still, read As Trump tax comes to floor, failure could spell stocks selloff and tell me this doesn’t have a sell the news angle to it.
Looking Deeper: Another Blow-Off High?
Why to I LOVE Friday’s? I mean, besides being 7-hours from ‘Miller time’ and all that?
Because this morning we get to peer into the belly of the beast. The Fed, for example, may be about to get a new boss. Word out in Politico Thursday was Janet’s headed for the rocking chair.
But the especially rich remarks are coming from the Fools on the Hill where a troika of House bozos are telling Trump “Don’t hire Yellen for another term.” What makes this so rich is that it was the House that was part and parcel of the Bankster coup that stole America’s money creation role, lawfully under the Constitution, the responsibility of Congress. Con is right.
But, there is more to the Fed story.
Professor Ure has been telling you for years that if you want to see why the market is going up, all you need to do is read the Federal Reserve’s H.6 Money Stocks report that comes out after the close of markets on Thursday’s.
There are two things to look at: the summary at the bottom of the first table says how fast the Fed was orchestrating “making up money” to the end of August. Bottom of Table 1 M1, three months annualized is 6.3 percent.
They use a sleight of hand to make it sound more contemporaneous: They say to September. Well, that really means through August. Slippery people, these bankster types. (Try reading the fine print of a car loan sometime, if you don’t believe it!)
The bottom of Table 2 is a little more clear. This sliding window is for the 13-weeks ending October 16. The rate of printing M1? 7.8 percent annualized.
To make such a big bump (going from 6.3 to 7.8 percent in about 45-days), the Fed we figure it rolling money off the presses well north of 8.3 percent annualized.
And there – oh look surprised – is why the market has been going up and is likely to do so again, today.
Is it crooked? Duh.
Is it all designed to keep the House of Cards from falling down before a new reason for collapse (like war with Korea) can be put in play? Well, duh again.
Starting with basics like this, we can then infer that Bitcoins – and everything else not nailed down – should be soaring, too. Easy money is, well…easy money.
Bitcoins are up to $5,850 this morning. But both the coin and the equities markets have a problem: What will the next “story” be for investors?
One making the rounds right now is how Wall Street loves electric cars. They Reuters story on Yahoo is worth a read, though, because it reveals more about the deep divisions within America (or what’s left of us). Seems real people like pick-up trucks and SUV’s, but that’s not the story out of the Northeast cabal of “agendizers.” They’re still swilling at the Gore trough.
Them Stonewalling Democrats
While I was talking to my bond buddy (he’s not giving in to my rates driving this blow-off theory yet), we were making up a list of people whose life insurance we would not want to underwrite. One name was a movie mogul, another was a certain attorney who lied for over a year for a former presidential wannbe.
One of the other names to pop up is in the headlines this morning: “Corey Feldman says his life is in danger because he wants to expose ‘pedophile ring’ that abused him, Corey Haim.”
I figure this is one to take seriously. The thing is, if one of the “pass-around boys” begins to name names – and it will certainly not only take down some big names in Hollywood, but also sitting and appointed in the District of Corruption, well, that would work its way up the food chain. And that would be bad for The Network – which is the British-American Establishment whose goal is to tax us as much as possible and remain in power.
So far, they’re doing a dandy job, in case you haven’t noticed. But the lobbies have other problems, too…
Opinion: Never Missing a Chance to Slam Trump
We have often declared and decried the blatant bias of the NE liberal press establishment for it’s inability to get out an honest report about Donald Trump.
This morning, not one, but four New York Post reporters covered a story about the statue of Teddy Roosevelt being defaced at the Museum of Natural History in New York. Four reporters on a vandalism story? Odd, so I read on.
I was doing fine with the story (idiots are everywhere) until this “story” turned to making the petty vandalism in NYC about Trump. Here’s the quote:
“President Trump, who refused to condemn the Charlottesville participants, has slammed people who want to tear down statues of Christopher Columbus, saying “it has to be stopped” because they are destroying the country’s “heritage.”
Did you catch it? How the subtle attack is made as an aside? “…who refused to condemn the Charlottesville participants,…”
I’m not sure where the NY Post gets “reporters” from, but this is absurd on its face. First, here’s the text of what Trump said: (and here’s the part where he condemns hate…reprinted here for language impaired reporters…)
““Racism is evil,” Trump said at the White House. “And those who cause violence in its name are criminals and thugs, including the KKK, neo-Nazis, white supremacists, and other hate groups that are repugnant to everything we hold dear as Americans.”
And this, my friend, is the kind of subtle, Trump-kicking we see in the elitist influenced NE press on a daily basis. They run with the lie as promoted by the liberal intelligencia. A lie oft told becomes “fact.” Except, it ain’t of course, which is just damned inconvenient.
It’s a stark enough example, though, and – at least out here in fly-over country – we are able to make a distinction between vandalism and biased anti-Trump hate stories.
We respect the Post in general, but it’s appears to us to have become another hate-Trump site when it can’t separate a two-bit urban crime from the 50-year left-wing attack on American traditions, values, and heritage.
Perhaps they could use a few older reporters…At great personal sacrifice, we’re willing to sell the ranch and come to NYC and go back to the street. Where I began reporting, 48 years ago…
But then again, I’d likely shake up the newsroom…and that wouldn’t be done in a manner that would be politically correct. You can be sure of that.
Other items on the reading list:
Is this a kneeler deal? ESPN preparing for more layoffs, report says.
Last Word: We are Not Surprised
When Donald Trump folded and failed to release ALL the Kennedy docs. As the Washington Post implies, maybe the presidency does change people?
Might be good for a few more conspiracy stories, but believe me when I tell you there are things above event the President’s clearance level.