Stretch yawn repeat.
The Fed thinking it can actually control the economy set about to do what? It bought mortgage backed securities. And somehow they think that would spur economic growth. Sorry guys that's how we got in this mess in the first place. We sold the suckers, er, investors a bunch of paper based on mortgages that most knew were headed south. And they conveniently bought hedges and headed north to the Hamptons. Must have been part of the knights of Neah and they found their shrubbery. Get it, hedges - shrubbery? Oh never mind.
But no comic parody would be complete without the King (Hey didn't he die already?). But this emperor is definitely naked and I'm not talking just shorts here either. So while the market place boys were crowing over the slight rise in home prices they overlooked the millions going into foreclosure or worse just sitting there empty and rotting. And why? No demand of course. That little fact is that 70% of the economy runs on consumer demand and not as the result of some rich guys' Swiss account seems to be overlooked.
Hopefully the king will die before the third act of this play. We are stuck in economic gridlock. The money has been rising to the top for so long that it can't go anywhere without forcible legislation. With the size of the economy the stimulus bill should have been in the trillions and not just a couple of hundred billion. And what people keep failing to see is that spending would not have been in vain. In addition to rebuilding our infrastructure and providing jobs it would have made for tax revenues to pay down the unpaid for wars and bank bail outs that provided nothing other than more money to people who didn't need it.
In other news we have:
Greek riots - business as usual there as their economy remains in ruins.
Spain riots - the start of the austerity measures following behind Greece.
Syria- Free Syrian army getting in a few blows for their fight for freedom
Russia - Business tycoon charged with hooliganism? Sorry but the definition doesn't quite fit the crime.
hooliganism - willful wanton and malicious destruction of the property of others. Violence by a youth gang.
Mr Lebedev is neither young nor a member of a gang.
Mitt Romney - And the clown circus rolls on. Gad as long as this election season is going it'll be time to start the next one before this one is over.
Sports - Hum, looks like those union refs aren't so bad after all.
Weather - Still amazingly dry here in the Northwest. Nice for outings and getting outdoor work completed but the bugs are beginning to get a bit irritating.
Sorry postings have been slim but not a whole lot going on here other than the usual muggings, murders, and embezzlements. Life can tend to get in the way.