The cackling morons on CNBC have been breathlessly pronouncing an all-time high in the stock market. They are counting on the muppets to feel rather than think. They are counting on the fact that the masses have no concept about the impact of inflation on their lives or their investments. Bernanke and the ruling class have decided the best way to reward their class is to drive the stock market to nominal highs while destroying the middle class with 0% interest on their savings and 5% inflation on the things they need to live. Even using the bullshit CPI put out by the BLS, the inflation adjusted Dow is lower today than it was in 1999. Using the true inflation rate calculated by Shadowstats, the Dow is 30% below the March 2000 peak. Federal Reserve created inflation has impoverished millions while enriching the mega-wealthy connected criminals running this country. All time high my fat ass.
AWD says:
:”college tuition is up 1200% in 35 years, while healthcare fees have soared by a neat 600% or double the official cumulative inflation”
Two other things people have to spend their money on. Inflation is the invisible tax. Today, Bernanke is printing up $118 million new dollars an hour. Somehow, we haven’t gone into hyperinflation yet. The 5% that are benefiting from Bernanke’s printing press will be sought after like the 5% in France that was guillotined.
Some things have inflated faster than others
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6th March 2013 at 9:15 pm
Leobeer says:
Don’t forget that they remove the poor performers from the DJIA calculation.
During the last 5 years
Altria, Honeywell, AIG, GM and Citigroup have been removed to be replaced with
Chevron, B of A, Traveller’s, Cisco, and United Health.
Kraft Foods came in and out during that time as well.
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6th March 2013 at 3:03 am
TPC says:
Tried explaining it to my moron of a mother.
“If its coming back from a valley, then it HAS to go up!”
Fine, whatever, I tried right?
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6th March 2013 at 8:46 am
dc.sunsets says:
What does history teach us? That people in the aggregate learn absolutely nothing from history.
Today we’re treated to endless discussions of how there’s only one way to go for the nominal DJIA, up, because Bernanke “has the market’s back.”
The Bernanke Put.
My age-fogged brain recalls a similar term: The Greenspan Put. One website dates the term from 1998, after the Fed bailed out Long Term Capital Management in the first (and smallest) of what became a decade of ever-larger bailouts by the central bank of nominally private firms (firms whose owners, however, maintain an ownership interest in the Fed itself.
How did that work out?
Keynesian Cargo-cultists are akin to the proverbial man who jumped off a 100-story building and when passing the 20th floor yelled, “Look how great we’re doing!”
The analogy fails on one level: a human reaches terminal velocity and the size of the SPLAT is maxed out at some point. As the central bank has raised the rate at which it debases the credit-saturated economic system, the speed at which we all plunge toward catastrophe rises by leaps and bounds.
At the rate we’re going, impact will be more like that of an asteroid strike, capable of turning matter directly into energy on a scale never before witnessed.
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6th March 2013 at 9:30 am
Administrator says:
“Employers large and small, privately owned or publicly traded, will tell you that despite access to cheap and abundant capital, they are hesitant to make long-term commitments, including hiring significant numbers of permanent workers.
“They cite uncertain growth prospects for the goods and services they sell at home, where consumption is retarded by slow growth in employment and, lately, by the increase in payroll taxes.
“And abroad, these employers point to the dampened consumption stemming from the economic debacle in Europe and its knock-on effects on China and the export-led emerging economies.
“They are uncertain about fiscal policy, not knowing what their taxes will be and what will happen to all-important federal spending that directly impacts them or their customers.
“They are uncertain as to the ultimate effect on their cost structures of the seemingly endless expansion of health care and other mandates and regulations…
“And, for some, there is a deeply imbedded worry that the Fed’s contortion of the yield curve and cost of money cannot last forever, or, if it lasts too long, will eventually result in financial bubbles and/or uncontrollable inflation, adding another uncertainty to the plethora of uncertain factors that already plague them.
“Credit is super-abundant and stock market behavior is conditioned not so much by the fundamental performance of its underlying companies but by increasing doses of monetary Ritalin.
”Against this backdrop, I am not surprised by the reaction of businesses. Operating in a highly uncertain environment, it is eminently sensible for them to defensively use their newly strengthened balance sheets to buy back shares and pay out dividends or employ them offensively in ways—say, in making acquisitions—that often lead to employee rationalization, not payroll expansion for U.S. workers. This is how businesses really think; this is the way people really are.”
Dallas Fed President – Richard Fisher
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6th March 2013 at 2:09 pm
Thinker says:
Gallup: U.S. Payroll to Population Rate Falls Further in February
Gallup’s U.S. unemployment rate, without seasonal adjustment, increases to 8.0%
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6th March 2013 at 5:41 pm
AWD says:
Thinker
Gallup polls are real, accurate and truthful, therefore they do not matter. The BLS employment number tomorrow will be huge, and cause another stock market record. It’ll be complete lies and bullshit, but it’ll be popular.
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6th March 2013 at 5:48 pm