Fed's Plosser Chits on Fed Policy at 1030 Pacific Coast Time, Market Crumbles 25 Sep
The market is being held up on confidence, and this is not the time for the troops to get all free speechy--because at 1330 EST Philly Fed Chairman Plosser got all pizzy about the effectiveness of the Fed bond buying program, saying it wouldn't amount to much.
There is a sugar pill effect in the marketplace where people are putting money and faith into what the Fed is doing, whether it works or not, and can be self fulfilling prophesy if it gets traction, these naysayers who use their bully pulpit as a substitute for Viagra or have Uncle Ferd investing short just before their pronouncements whizz me off to no end.
The good news is bad news bolsters the gun stock buyers as contrarians, an off our little stock went gaining ground while the entire market sold off in the wake good sentiment, and inspite of rising home prices, which are a direct influence off of declining irates.
I'm all for free speech, and opinions when they help, but the Commander in Chief of the Fed made a decision, it doesn't help process if the dissenters get up in the middle of the theater and yell fire because the fire hydrant may be out of water. I believe to it is dry as a bone, but it isn' t my place to toot that horn.
Yeah, pizzes me off too. What's the point of these clowns spending so much time in meetings if their gonna play politics and come out with individual statements to muddy the waters. They should all be fired, not just Bernanke.
How can we create a nice stock bubble if they're all trying to pop it as soon as it starts to grow, or to put it another way how do they expect the more conservative investors to come back into the market out of fixed income investments if they're creating so much volatility? They're gonna be like.....F this #$%$!!
PS: I can't wait to see the shenanigans when the D's vs R's sideshow starts up with the fiscal cliff issue again (if they can fit it into their vacay schedule).
Plosser's outburst, to include "and your little dog too" remarks as the final bullet in the double tap most investors took between the eyes--was orchestrated by Faux News Network, so that Obummer looks bad in the eyes of investors, imho.
I don't see any motivation otherwise. I don't argue that Bernookie is out of bullets, out of programs, has to buy our bonds because no one else will. I would be not be surprised if Bernookie doesn't issue an "entitled to his opinion, the course we laid out for America is fragile but on the right glidepath. It is up to business to do the business of--business--but the programs keeping irates low are important to provide business lower hurdles than normal, to get America going again. I share Plosser's concerns, I don't share his conclusion, I think we are helping lay the groundwork for business to run with the ball".
But I would also not be surprised if he doesn't dignify Plosser's politically infused remarks with "not worthy of comment" non statement.