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S&P Hits New All-Time Highs With Oil's Biggest Spike In Six Months

Another POMO, another dip bought, another all-time high in the S&P 500 but we are sure there is some disappointment that the '1600' caps have to go back in the closet for one more day. The S&P's best day in over a week was greeted with an almost perfect 'unchanged' for Treasuries and while stocks went out near their highs, Treasuries closed at the low yields of the day (2-3bps lower than the highs). Of course, the 'most shorted' names were smashed higher (at the open and at 1515ET) providing today's ammo. The USD started weak but Draghi's -ve rates comment sparked a USD surge (up 0.3% on the week) but stocks didn't care. WTI jumped back above $94 with its best day in six months (though little talk from the 'heads' of the removal of the implicit tax?). Gold and Silver also jumped (as did Copper) all ending the day up around 0.75%. Homebuilders banged over 2% higher on the day (as Lumber was limit down at 5 month lows) and while the Dow and S&P closed the previous all-time high, the Trannies remain -1.4% from Tuesday's close.
Where Are Syria’s Chemical Weapons?

Multiple U.S. officials tell Eli Lake the scary truth: in many cases, we simply don’t know.

As the White House mulls whether Syria has crossed President Obama’s red line and used chemical weapons, the U.S. military and intelligence community are quietly acknowledging that the United States does not know where many of those weapons are located.

The judgment comes from top U.S. military commanders and is supported by recent intelligence community assessments, according to three U.S. officials who work closely on Syrian intelligence matters. At the heart of the concern is that the Syrian military has transferred more and more of its stock of sarin and mustard gas from storage sites to trucks where they are being moved around the country. While U.S. intelligence agencies first saw reports that Syria was moving the weapons last year, the process has accelerated since December, according to these officials. Also worrisome, said two of the officials, is intelligence from late last year that says the Syrian Scientific Research Center—an entity responsible for Syria’s chemical-weapons stockpile—has begun to train irregular militias loyal to Syrian President Bashar al-Assad in how to use the chemical munitions.

The assessment that Syria is moving large amounts of its chemical weapons around the country on trucks means that if Obama wanted to send in U.S. soldiers to secure Syria’s stockpiles, his top generals and intelligence analysts doubt such a mission would have much success, according to the three officials. “We’ve lost track of lots of this stuff,” one U.S. official told The Daily Beast. “We just don’t know where a lot of it is.”


UK operates first drone strike from own territory

The strike of a British Reaper drone, which took place in Afghanistan on Tuesday, is the first drone to be used in an attack controlled from a base situated on UK soil.

“A Reaper remotely piloted aircraft system, operated by pilots from 13 Squadron located at RAF Waddington, has fired a weapon during a mission supporting UK forces on the ground in Afghanistan,” a spokesperson of UK’s Ministry of Defense said.

No further details are available as the country’s military abstains from discussing details of specific missions for the sake of operational security.

Britain’s Royal Air Force (RAF) has previously controlled British and US Air Force Reaper and Predator drones from the Creech Air Force Base in Nevada, US during missions in Afghanistan, Iraq and Libya.

The strike comes amid protests against the British use of unmanned aerial operation, as 600 campaigners staged a rally at the Waddington base in eastern England over the weekend.


Not too big of a deal, just more lies.

Pentagon deploys small number of troops to war-torn Mali

The Pentagon has deployed a small number of troops to Mali to support allied forces fighting there, despite repeated pledges by the Obama administration not to put “boots on the ground” in the war-torn African country.

About 10 U.S. military personnel are in Mali to provide “liaison support” to French and African troops but are not engaged in combat operations, said Lt. Col. Robert Firman, a Pentagon spokesman. Twelve others are assigned to the U.S. Embassy in Bamako, the capital, he added.


They Are Murdering Small Business: The Percentage Of Self-Employed Americans Is At A Record Low

The percentage of Americans that are working for themselves has never been lower in the history of the United States. Once upon a time, the United States was a paradise for entrepreneurs and small businesses, but now the control freak bureaucrats that dominate our society have created a system that absolutely eviscerates them.

This is very unfortunate, because by murdering small business, the bureaucrats are destroying the primary engine of job growth in this country. One of the big reasons why there are not enough jobs in America today is because small business creation is way down. As I mentioned yesterday, entrepreneurs and small businesses are being absolutely devastated by rules, regulations, red tape and by oppressive levels of taxation.

They don't want us to be independent of the system. Instead, they are much more comfortable when as many of us as possible are heavily dependent on the system in one way or another. If all of us have to go running to the government or to one of the big corporations for a job, then we are much easier to control. But as the control freaks continue to construct their bureaucratic utopia, they are also killing off what once made the U.S. economy so great.


I'm a bit skeptical of the validity of this story but its a good read nonetheless.

"You've Reached Your Slice Limit Mayor Bloomberg" - The Food Police Meets The Pizza Nazi

After months of legislating soda sizes and steak rarenesses it seems the food police have finally met their match. As The Daily Currant "reports", in protest over the proposed soda ban in NY, the owners of Collegno's Pizzeria in Brooklyn refused to serve Mayor Michael Bloomberg a second slice of pizza during an informal lunch meeting.

When Bloomberg requested the second slice, the owner retorted, "I'm sorry sir, we can't do that. You've reached your personal slice limit." The exchange quickly escalated with the Mayor dropping f-bombs and the restaurant's owner climaxing with, "there's nothing I can do; maybe you could go to several restaurants and get one slice at each. At least that way you're walking. You know, burning calories." A fuming Bloomberg left the pizzeria and finished his meeting (and more pizza) at a rival restaurant.

Here is the exchange:

"Hey, could I get another pepperoni over here?" Bloomberg asked owner Antonio Benito.

"I'm sorry sir," he replied, "we can't do that. You've reached your personal slice limit."

Mayor Bloomberg, not accustomed to being challenged, assumed that the owner was joking.

"OK, that's funny," he remarked, "because of the soda thing ... No come on. I'm not kidding. I haven't eaten all morning, just send over another pepperoni."

"I'm sorry sir. We're serious," Benito insisted. "We've decided that eating more than one piece isn't healthy for you, and so we're forbidding you from doing it."

"Look jackass," Bloomberg retorted, his anger boiling, "I fucking skipped breakfast this morning just so I could eat four slices of your pizza. Don't be a schmuck, just get back to the kitchen and bring out some fucking pizza, okay."

"I'm sorry sir, there's nothing I can do," the owner repeated. "Maybe you could go to several restaurants and get one slice at each. At least that way you're walking. You know, burning calories."

Witnesses say a fuming Bloomberg and a bemused Liu did indeed walk down the street to a rival pizzeria , ordered another slice and finished their meeting.
Quote:Where Are Syria’s Chemical Weapons?

Multiple U.S. officials tell Eli Lake the scary truth: in many cases, we simply don’t know.

same old BS as Iraq.

same old same old.

I really don't believe the avg. US citizen is that stupid. In fact around 60-70% of americans oppose these wars.
Assad "to declare war" on Israel following fresh airstrikes

Following evidence of chemical warfare and an increasinly reticent US position, Israel has in recent days taken widely reported steps to neutralise threats emanating from within civil war-torn Syria. While strikes from Lebanese airspace this weekend are not thought to have been on chemical weapons caches, the recent Israeli intelligence regarding the use of such weaponry is thought to have spurred on a round of strikes, including the latest just hours ago.

The Syrian state news agency SANA, citing initial reports, said early Sunday that Israeli missiles struck a military research center near the capital Damascus. Syrian state television has reported that a major strike on an ammunition depot in Qassiyoun mountain shook Damascus, while Hezbollah's Al-Manar station claimed the explosion may have been a downed Israeli jet.

Rumours are surfacing online that following the latest volley of attacks on the Syrian regime, President Bashar al-Assad will soon officially declare war on Israel, with speculators pointing to 5am local time for official confirmation. This information continues to persist despite the technical state of war that currently exists between the two states.


‘Containing Iran’: Israel ‘in talks’ to join alliance with Saudi Arabia, Jordan, Turkey

Israel is considering partnering with several moderate Arab states in a US-brokered defense alliance that would be aimed at containing Iran, which is accused of nuclear weapon ambitions, a British newspaper reported Sunday.

The alliance would see Israel teaming up with Saudi Arabia, Jordan and Turkey and the United Arab Emirates to forge a Middle East ‘moderate crescent’ to contain, rather than confront, Iran, the Sunday Times reported, citing an unnamed Israeli official.

According to the report, such an alliance would give Israel access to radar stations in Saudi Arabia and the UAE in exchange for its own early warning radar information and anti-ballistic missile defense systems, the source said.


Hagel to Israel: Military option will be considered after Iranian elections

U.S. Secretary of Defense Chuck Hagel reportedly told his Israeli counterparts that the Obama administration would examine military options against Iran more closely following the Islamic Republic's upcoming elections, and their possible ramifications on the country's nuclear program.

According to a report Friday in the Wall Street Journal, Hagel, together with other senior American officials, reached an understanding with Israel during the defense secretary's recent visit to Israel. Apparently, the two countries would conduct a joint situation assessment following the elections, and that if diplomatic channels are ruled out, efforts will be shifted to a more detailed discussion of military options.

The report also stated that the United States has redesigned its "bunker buster" bomb, that should be able to penetrate the underground nuclear enrichment facilities at Iran's Fordow plant.


Israel strikes Syria again, rocking Damascus

(Reuters) - Israel carried out its second air strike in days on Syria early on Sunday, a Western intelligence source said, in an attack that shook Damascus with a series of powerful blasts and drove columns of fire into the night sky.

Israel declined comment but Syria accused the Jewish state of striking a military facility just north of the capital - one which its jets had first targeted three months ago. Iran, a key ally of Syrian President Bashar al-Assad and an arch-enemy for Israel, urged states in the region to resist the Israeli attack.

People living near the Jamraya base spoke of explosions over several hours in various places near Damascus, including a town housing senior officials: "Night turned into day," one man said.

What Would War Between Israel and Syria Do To The Global Economy?

War is a horrible thing. Just ask anyone that has ever been in the middle of it. And in this day and age governments around the world possess weapons of such incalculable power that war should be unthinkable. In future wars, we could literally see millions of people killed on a single day. Nobody should want that or look forward to that. Unfortunately, the next major regional war in the Middle East appears to be closer than ever. But nobody should want it to actually happen. During the next major regional war in the Middle East we will likely see death on a scale that is unprecedented. It won’t be like the wars of 1967 or 1973. It will likely be a fight to the death where nothing is held back. You see, the truth is that most Americans have no idea what is really going on in the Middle East. There are ancient grudges and ancient hatreds that go back for thousands of years. There is no “peace plan” that is going to suddenly make everything okay. The Middle East is a simmering volcano of hate and resentment that could erupt at any moment. That is why what is happening in Syria right now is so important. An Israeli airstrike in Damascus that reportedly was attempting to destroy a shipment of Fateh-110 missiles that Iran was sending to Hezbollah has brought Israel and Syria to the brink of war. In fact, Syria is calling the airstrike a “declaration of war” and is vowing retaliation. The Syrian government is saying that “Israeli aggression opens the door to all possibilities“, but they have not provided any specifics about what they plan to do. Meanwhile, Israel has made it very clear that they will do whatever is necessary to keep Fateh-110 missiles from getting into the hands of Hezbollah. With those missiles, Iranian-backed Hezbollah would have the capability of striking the heart of Tel Aviv with a very high degree of accuracy. So it is definitely understandable why Israel would not want Hezbollah to have those missiles. Just think about it – would you want Russia or China to deploy highly advanced missile systems in northern Mexico which could rain down hell on Los Angeles and Dallas in less than five minutes? Unfortunately, this gives Iran the perfect way to provoke a war between Israel and Syria. All they have to do is keep rolling trucks loaded with Fateh-110 missiles through war-torn Syria toward Hezbollah bases in Lebanon. Israel will feel forced to intervene, and the rest of the Islamic world will get angrier and angrier.

The explosions that rocked northern Damascus on Sunday were absolutely massive. It is being reported that they registered about two or three on the Richter scale, and enormous balls of fire that lit up the sky could be seen from all over Damascus.
UN notes 'concrete suspicions' that Syrian rebels used chemical weapons

UN human rights investigators have spoken to the victims of Syria’s civil war and gathered medical testimonies which point to the Syrian rebels having used sarin nerve gas, while any allegations of its use by the government remain unsubstantiated.

The United Nations independent commission of inquiry on Syria has concluded that no evidence of the use of sarin by Syria’s government troops has so far been uncovered, said the lead commission member Carla Del Ponte on Sunday.


European Commission to criminalize nearly all seeds and plants not registered with government

A new law proposed by the European Commission would make it illegal to “grow, reproduce or trade” any vegetable seeds that have not been “tested, approved and accepted” by a new EU bureaucracy named the “EU Plant Variety Agency.”

It’s called the Plant Reproductive Material Law, and it attempts to put the government in charge of virtually all plants and seeds. Home gardeners who grow their own plants from non-regulated seeds would be considered criminals under this law.

“This law will immediately stop the professional development of vegetable varieties for home gardeners, organic growers, and small-scale market farmers,” said Ben Gabel, vegetable breeder and director of The Real Seed Catalogue. “Home gardeners have really different needs – for example they grow by hand, not machine, and can’t or don’t want to use such powerful chemical sprays. There’s no way to register the varieties suitable for home use as they don’t meet the strict criteria of the Plant Variety Agency, which is only concerned about approving the sort of seed used by industrial farmers.”

Virtually all plants, vegetable seeds and gardeners to eventually be registered by government


Europe's Shadow Economy: As Big As Germany

On an unweighted average basis, European shadow economies are 22.1% of total economic activity or around $3.55 trillion (as large as Germany's whole economy). A report by Tax Research, suggests that Austria and Luxemburg have the smallest shadow economies in the euro area at 9.7% of GDP, while Bulgaria at 35.3% and Romania at 32.6% top the list. Of the major economies, Germany clocks in at 16%, France at 15%, Italy at 27% and Spain 22.5%.

Stunningly, in terms of tax revenues lost, the shadow economy translates into an estimated €864bn or just over 7% of euro area GDP and, in context, accounts for 105.8% of the enture healthcare spending of the EU. It appears that more and more Europeans have no choice but to shift to a shadow economy (as taxes rise among other things), and this is the biggest threat to the entire economy. This is likely one reason the 'austerity' actions have not been successful since far less taxes are being paid via the conventional channels.

16 EU member states have a situation where the tax lost as a consequence of the existence of the shadow economy as a proportion of the annual deficit exceeds 100% - suggesting that tackling tax evasion could, in theory, entirely clear the annual deficit. Though of course, the politicians will not see the unintended consequence of that 'evasion' tackling that merely drives the economy more underground.


Senate Passes Wal-Mart Backed Bill for Taxes on Web Sales

The U.S. Senate passed a bill that would let states collect taxes on out-of-state Internet and catalog sales, providing a victory to Wal-Mart Stores Inc. (WMT) and other retailers that say they face unfair competition.

The bipartisan 69-27 vote today in Washington would let states require retailers outside their borders to collect and pay sales taxes. States lose an estimated $23 billion annually in forgone revenue from uncollected sales taxes.

The bill would end the era of tax-free Internet shopping, a practice that retailers say imperils their businesses. During the debate, senators offered examples of consumers who examine products in stores and then shop online to avoid paying sales tax.

“This bill is about fairness,” said Senator Mike Enzi, a Wyoming Republican and co-sponsor of the measure. “It’s about leveling the playing field between the brick-and-mortar and online companies.”

they should charge sales tax, but lower it across the board.

i can see their argument though.. a lot of this tax-free stuff kills small business.
U.S. Directly Blames China’s Military for Cyberattacks

WASHINGTON — The Obama administration on Monday explicitly accused China’s military of mounting attacks on American government computer systems and defense contractors, saying one motive could be to map “military capabilities that could be exploited during a crisis.”

While some recent estimates have more than 90 percent of cyberespionage in the United States originating in China, the accusations relayed in the Pentagon’s annual report to Congress on Chinese military capabilities were remarkable in their directness. Until now the administration avoided directly accusing both the Chinese government and the People’s Liberation Army of using cyberweapons against the United States in a deliberate, government-developed strategy to steal intellectual property and gain strategic advantage.

“In 2012, numerous computer systems around the world, including those owned by the U.S. government, continued to be targeted for intrusions, some of which appear to be attributable directly to the Chinese government and military,” the nearly 100-page report said.


North Korea withdraws missiles from launch site

(CNN) -- Two North Korean Musudan missiles have been withdrawn from a launch site in the eastern part of the country and sent to a storage facility, a U.S. official confirmed Monday.

The United States had been worried about the prospects of the regime firing the missiles. For weeks last month, North Korea dished out daily sabre-rattling threats aimed at South Korea and the United States.

The North's rhetoric intensified after the U.N. Security Council voted in March to slap tougher sanctions on the regime and amid U.S.-South Korean military drills in the region.


Land grab: Israeli govt backs bill to forcibly relocate up to 40,000 Bedouin villagers

Israeli Cabinet ministers backed a draft law to demolish Bedouin villages in the country's Negev Desert and move its residents to government-approved settlements in the area. If adopted by the Knesset, it will affect tens of thousands of Bedouins.

Bedouin leaders have harshly criticized the plan, saying they were not included in discussions of the bill. Under the Prawer-Begin plan, or 'The Bill on the Arrangement of Bedouin Houses in the Negev,' the Bedouin population will be relocated to officially recognized Bedouin towns such as Rahat, Khura and Ksayfe, and their current homes will be demolished.

"The government approved a plan that will cause the displacement and forced eviction of dozens of villages and tens of thousands of Bedouin residents," Rawia Aburabia, a lawyer from the Association for Civil Rights in Israel (ACRI), told MAAN news agency. "All of this while the government simultaneously promotes the establishment of new Jewish communities, some of which are even planned to be built on the fresh ruins of Bedouin villages."

The bill is expected to soon begin the legislative process in the Knesset. According to ACRI, the Prawer-Begin plan envisions the eviction of around 30 to 40,000 Bedouins, which will destroy their communal and social lifestyle and condemn them to poverty and unemployment.


Dow Hits All-Time High Above 15000, S&P Pushes to New Record

Stocks edged higher Tuesday, with the S&P 500 extending its recent rally to a fresh high and the Dow surpassing the 15,000 milestone, boosted by better-than-expected economic data from Germany and a gain in Japan.

However, the Nasdaq turned negative, with major tech giants including Apple, Google and Microsoft in the red as investors took profit following the recent rally in the tech sector.

Maryland to Become 19th State to Legalize Medical Marijuana

Andrew Nappi

May 7, 2013
Maryland became the 19th State to legalize marijuana for medical use Thursday when Governor Martin O’Malley signed the “Medical Marijuana – Academic Medical Centers – Natalie M. LaPrade Medical Marijuana Commission” act into law.
Congress and the president claim the constitutional authority to prohibit weed. The Supreme Court concurs. But sharing an opinion on something doesn’t necessarily make it a fact. You can claim you are a unicorn, but you’re not. Clearly, the Constitution delegates no power of marijuana regulation to the feds. And the so-called war on drugs rests on the same legal authority as all of the other modern-day undeclared wars.
So, more and more states continue to do exactly what they should do when the federal government tries exercise power it does not legitimately possess.
Ignore it.
With Maryland’s new law, 19 states have done just that, legalizing medical marijuana. That wave continues to build, with even more state legislatures considering medicinal marijuana legislation in the 2013 session, and more likely to follow suit.
Better known by its shorter numerical designation, HB 1101, and introduced by Delgate Dan Morhaim, the new law allows academic medical research centers to create and implement programs to dispense marijuana to sick patients.
Under HB 1101 marijuana will only be provided through academic medical centers, more commonly known as teaching hospitals. Critics of the bill argue with hospitals having a choice to dispense or not dispense, some will opt to not participate. The new law also allows the governor to suspend the program if state employees fall under jeopardy of prosecution by the federal government.
The current start date for implementation is 2016, another sore point with the bill’s critics.
Despite the bill’s inability to grant every constituency’s wish, list it is viewed overall as a necessary step forward. The federal government forbids any marijuana use, even under a restrictive program like the one Maryland will implement. Tenth Amendment Center communications director Mike Maharrey said any resistance to the unconstitutional federal policy undermines the federal government’s position.
as general freedoms decrease, drug and sexual freedoms tend to increase.
Japanese claim on Okinawa challenged in China

China’s leading newspaper has upped the ante in the country’s intensifying territorial dispute with Japan, claiming its high time both sides “re-examine” who has sovereignty over Okinawa – which hosts a massive US military contingent.

The People’s Daily, which serves as the mouthpiece for the ruling Communist party, ran the lengthy commentary questioning the historical status of Japan’s southernmost Ryukyu island chain, which includes Okinawa.

The researchers, hailing from a prominent state-run think tank, argue ownership of the Ryukyus should be considered in light of post-World War II declarations which require Japan to return Chinese territory.

The academics claim the Ryukyus were once a “vassal state of China” before they were absorbed by Japan in the late 1800s during the twilight of the Qing Dynasty.

The researchers also reiterated Chinese government claims over a tiny group of islands in the East China Sea known as the Senkaku in Japanese and Diaoyu in Chinese.

The islands have been a potential flashpoint between the two states over the past several months, with Chinese maritime surveillance vessels sporadically entering Japanese territorial waters following Tokyo’s decision to effectively nationalize the islets last September.


China inflation data shows central bank policy dilemma

(Reuters) - China's annual consumer inflation accelerated more than expected in April while factory prices fell for a 14th consecutive month, highlighting the dilemma facing the central bank as it balances support for the economy against the threat of rising prices.

With global growth sputtering, China's central bank has limited room to move, unlike counterparts in South Korea and Australia which both made surprise rate cuts this week.

Any easing could fuel property market risks, while tightening would hurt a nascent recovery after economic growth unexpectedly slowed to 7.7 percent in the first quarter from 7.9 percent in the previous three months.

Instead the onus may be on the government to push structural reforms to help sustain long term growth in the world's second largest economy.


South Korea Joins Global Currency War, Cuts Rates In Response To Abenomics

Kenya, Australia, Poland and now South Korea. The country, whose net exports represent nearly 60% of GDP, and which have been deeply impacted by the recent collapse in the Yen, finally threw in the towel overnight and cut the benchmark seven-day repurchase rate from 2.75% to 2.50%, as only 6 of 20 economists predicted.

The reason the move was surprising is that just like China, which overnight reported CPI of 2.4% on expectations of 2.3%, the country still has pent up inflation concerns, however it appears that preserving economic growth and its export potential is more important to the country bordered by North Korea, than price stability. The result of this largely unexpected move is a strengthening in the Yen overnight, if only by some 30 pips in the USDJPY.

Governor Kim Choong Soo and his board lowered the benchmark seven-day repurchase rate to 2.5 percent from 2.75 percent, the central bank said in a statement in Seoul today. Six of 20 economists surveyed by Bloomberg News predicted the move while the remainder forecast no change. Kim supported a cut after opposing one last month.

“Japan’s policies must have played a very big role in today’s decision,” said Huh Kwan, a Seoul-based fixed-income trader at Korea Investment & Securities Co., one of South Korea’s 20 primary dealers. “The cut can be seen as action to ease a worsening impact on exports.”


Free Syrian Army rebels defect to Islamist group Jabhat al-Nusra

Syria's main armed opposition group, the Free Syrian Army (FSA), is losing fighters and capabilities to Jabhat al-Nusra, an Islamist organisation with links to al-Qaida that is emerging as the best-equipped, financed and motivated force fighting Bashar al-Assad's regime.

Evidence of the growing strength of al-Nusra, gathered from Guardian interviews with FSA commanders across Syria, underlines the dilemma for the US, Britain and other governments as they ponder the question of arming anti-Assad rebels.

John Kerry, the US secretary of state, said that if negotiations went ahead between the Syrian government and the opposition – as the US and Russia proposed on Tuesday – "then hopefully [arming the Syrian rebels] would not be necessary"

Fed's Fisher To Santelli: "This Can't Go On Forever"

Submitted by Tyler Durden on 05/08/2013 19:46 -0400

While notably 'not' the Fed's opinion, Dallas Fed head Richard Fisher provided more than a few compellingly truthy comments in this excellent discussion with CNBC's Rick Santelli. It is fiscal policy that is holding us back, he warns, "we have a massive fog here," and despite the extremely accommodation monetary policy, we are not seeing the transmission to job creation."

The "conditions of total uncertainty," mean the politicians are holding us back; but it is when Santelli asks him about the Fed's exit that things get a little uncomfortable, "no central bank anywhere on the planet has the experience of successfully navigating a return home from the place in which we now find ourselves." When pressed he exposes the flaw (much to the chagrin of Kuroda and Bernanke we suspect), "somewhere we have to have practical limits as to where we can build the balance sheet. We're moving in the direction of a $4 trillion balance sheet. We know we can't go on forever."

Critically, much as we have pointed out numerous times, Fisher reminds his audience that, "[the Fed] is buying a little more than 90% of new gross mortgage backed security issuance," amnd it is there that Mr. Fisher explains his preference for tapering the MBS purchases since "we have had a rebound in housing."

The discussion extends to Dod-Frank's ineptness, the subsidies for TBTF banks, and Fisher's clear dismay at the 'too-big-to-jail' attitude that pervades Wall Street, but he fears he will be "horribly disappointed with our elected officials."
Everybody knows the system can't sustain itself. Unfortunately too many people pretend this is irrelevant to them.
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