http://www.dailypfennig.com/
"...Something smells of yesterday's fish here folks... I'll put it out here very simply... The Gov't tells us that Consumer Spending is only down -2.5%. Which when plugged into the GDP report tells us why GDP was reportedly stronger than expected in the 2nd QTR... Consumer Spending represents about 70% of GDP! But here's where I have a problem with the report... Corporate Earnings are down 15%... Corporate Earnings are down 15% because there's no Consumer Spending! -2.5% doesn't compute when Corporate Earnings are down 15%!
And here's where the cheese begins to bind folks... I believe the Corporate Earnings numbers are true... They are regulated to be so! While the Consumer Spending data is Gov't produced... As the robot in the Lost in Space TV program used to say... "This does not compute, Will Robinson"!
"...I know I shouldn't, but I must! These Big Banks that borrowed funds from the Gov't, got to stop marking to market the securities/bonds that had gone bust, which means they then got to sell them to the Gov't at inflated prices, then take the money they Gov't gave them for the inflated securities/bonds and pay back the Gov't! The funds also allowed the Big Banks to post those earnings that the markets got so wound up about! Now... How's that for getting your cake and eating it too!
I shake my head in disgust, folks... But hey! We've got the cartel folks over at the Fed taking care of all of this for us... Isn't that nice? NOT! We had all better be careful or before we know it, the Fed Heads will be doing an Oliver North on us!
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