JDA Missed Her Calling

She should have been a preacher.

Really.

Sample this bit below, in which she illuminates the pronouncements of the luminaries who assure us that all is well.

Regulatory uncertainty has pretty much assured the employment situation will remain sketchy for the foreseeable future, or at least until we figure out the true real-world impact of genius moves like Obamacare, financial reform, consumer protection and accounting rule changes implemented in the midst of crisis as a direct result of the impact of old rules on the economy. That's called having to pay for that hamburger on Tuesday that you borrowed money for last week in case you aren't paying attention.

Banks are still clinging to crap assets and functioning as official money laundering machine for the US Treasury by borrowing money at 0 from Uncle Bernanke and stuffing it into Treasurys. That's all well and good but what happens if Bernanke grows a pair, hikes up interest rates and takes away the crack? How are banks going to breeze through new Basel capital requirements then?

I don't know about you all but I can't drive more than a block through San Francisco or any of our lovely Bay Area 'burbs without seeing vacant, for lease, for sale or otherwise "available" properties. Were I to try and come up with an estimate as to just how many I see on an average stroll through town I'd have to guess somewhere between a metric shit ton and a massive fuck ton, it's hard to say.

Is that a recovery? Does it feel like a recovery? Does it look like a recovery?

A recovery would imply a return to normal. Free money from the Fed is not normal. 10% unemployment is not normal. 99 weeks of unemployment is not normal. .1% returns on savings or CDs are not normal. Riots, protests, rallies and general civil unrest (be it mild at this point) are not normal. Trading volume of practically nothing for anyone except for HFT robots, hedge funds and the invisible hand is not normal.

Someone needs to get the Fed that memo so they can stop with this nonsense and I'd love to see their senior economists coming up with something far more useful than the same HOORAH WE'RE SAVED propaganda we have all heard and read since March of 2009.

You'll have to read the essay to get to her payoff line. Wouldn't wish to spoil it for you.

She's the wonderfullest when she gets her preacher on.