Form Strategas by way of Art Cashin of UBS:
Everything old is new again.
Here’s an interesting surprise from Jason’s people at Strategas, courtesy of my good friend and remote FoF member, Alan Battles of Salt Lake City. (Fed statements 2004.) Please note the “patient” in the March statement.
So, Janel Yellen is a plagiarist, just pretending that she knows what she’s doing! I guess “cut and paste” passes for know how and talent. How could anyone confuse today with 2004, and offer the same solutions?
After 2004 came 2007/8! What should we expect in 2017/18? I guess only the Fed knows. Perhaps the folks at Quest securities will help us by finding the best “past” fed policies they will use next. Anything that makes coo-ing sounds to keep the market happy!
in 2004, weren’t you getting — or at least starting to get — mailboxes full of unsolicited credit card offers? and your wife? and your kids? even the ones in grade school? and weren’t housing prices beginning their upward trajectory, to the moon, where people eventually convinced themselves they would never return to earth? and weren’t huge financial institutions throwing away any regulations on the amount of leverage they could use on fishy financial products? and wasn’t everyone talking about the market and even your neighbors were now stock experts, each with their own hot tips? and the federal government was adding fuel to the fire, wasn’t it, by both cutting taxes and spending massively on wars, deficits be damned? and wasn’t demand roaring forward, not only in Europe, but in China, and weren’t commodities rising, promising that bright, bright, certain future for Australia and Brazil? yeah, i am staggered how much 2015 looks just like 2004.