"Summers, Geithner, the Council of Economic Advisors and Bernanke strongly guided economic data development and spin to give perception of 'recovery'. Green shoots turned out to be weeds. The period from '08 to '16 was incredible in the gymnastics committed to support the recovery narrative. Yellen, a specialist in labor economics (NOT monetary economics) had large role devising the now failed LMCI. The Fed abandoned its own new metric for measuring the jobs market (Labor Market Conditions Index) w/i 2 year b/c it was so rife with bogus info. Crazy.
Harald Malmgren
For whatever reason, and I have some thoughts along those lines, the powers-that-be in American finance and politics are terrified of a decline in the US stock markets, ever since the election of His Donaldship.
And so once again this bloated pig of a market continued to float just above the dangerous waters of correction and disappointment, even one so slight it appears.
This year is the 75th anniversary of the movie Casablanca.
Here's looking at you, kid.
Have a pleasant evening.
