moneymcbags (< 20)

2/18/10 Midevening Report : Bernanke preemptively raises discount rate, causes Alan Greenspan to roll over in his grave

February 18, 2010 – Comments (3) | RELATED TICKERS: WILC , WMT

Aw sh*t, it is now on like donkey kong as the Fed is getting serious about some sh*t.  This ain't your Greenspan pushover, lolligagging, lobster tails and blow jobs for everyone, bubble creating Federal Reserve.  No siree, this Bernanke guy is a straight up pimp and will b*tch slap the market back to reality and remind them not to take daddy's money before they get too uppity on him.  With the markets running off of a 3 day orgy filled with earnings, mediocre economic news, and a potential bailout to get the EU out of the greek headlock in which they have been painfully trapped, Bernanke had had enough.  We all remember when the fed minutes were released yesterday and one of Bernanke's henchman, T-Ho (Fed Reserve of KC bank president Thomas Hoenig) started to warn Ben about getting high off his own supply by keeping rates too low.  Well Benny B took that to heart and after the market closed he took out his pimp hand and smacked the sh*t out of the market by surprisingly raising the discount rate to 75bps while yelling "That's right market, don't forget, I'm you're daddy.  Come on, say it.  Who's your daddy?  Let me hear it.  You know you want it tight in the discount window."  This is the first time the rate has been increased in three years and will likely halt the market's rally tomorrow.

 

Aside from Bernanke trying to win his c*ck-off with the market, macro news was mixed today with the Philly Fed saying manufacturing had picked up again and new orders are at their highest levels in 5 years (of course in Philly, those new orders are for Uzis, Butterscotch Krimpets, and fecal matter to make the city even shittier than it is).  New claims for unemployment also came out today....read much much more...