Zeev's Turnips Patch-No Politics (ZEEV)

[federal reserves]

AG did nothing today

no surprise, he is out of bullets. Its hopeless now. He's got the FED FUNDS hanging at 1/2 the inflation rate and the USD on its knees. All he can do now is try to fix the blame on somebody else for the mess he helped make. Today, he blamed the oil price squeeze and geopolitical problems in IRAQ for the slow recovery. The guy is less than candid about the real problems.
AG presided over a period of rampant speculation, did nothing to stop it, in fact he added fuel, encouraged massive debt accumulation and overproduction to promote dis-inflation. As a result of his excellent tinkering and pumping we now face the biggest bear market since 1929 and the possibility that the economy may tumble into yet another downward leg.

Even so, his globe still burns bright in some circles, particularly in Congress where the initial greetings are always words of praise.

For some investors, AG was good for the markets - Better to have had a bubble than no bubble at all, particularly if you got out at the top, and shorted it all the way down. Just follow the 18week/40week moving averages some say and ignore everything else.