“The Fed is in total denial. It hasn't learned the lessons of what it put the world through a decade ago,” Stephen Roach said, back in January.

“I just go back to 2005 and 2006 where the Fed was so incremental in normalizing rates during a time of enormous froth in property markets, equity markets, credit markets and ultimately that led to huge distortions in the real economy and finally when the bubbles popped, the whole house of cards came down,” he added.

There are now 130 million Americans who are involved in co-ops and credit unions, the latter being in possession of $1 trillion in assets. In addition, 10 million Americans are now members of worker-owned companies. Plus, there are now 2000 publicly owned municipal utilities. Indeed, 25% of America's electricity is now produced by these kinds of socialist institutions.

Artist's impression of The Fed statement and press conference tomorrow...

Stocks, Crude, and USDJPY were loving it...

Cash stock indices gapped open then went nowhere...

Almost exactly a year ago, the media world was abuzz when as we reported then, a picture posted by Ansar al-Din Front, an Islamic extremist brigade, and which promptly went viral showed a Ford F250 truck with a "Mark-1 Plumbing" decal on the door and a militant standing in the bed firing the anti-aircraft gun.

Submitted by Patrick Buchanan via Buchanan.org,

“Buchanan, if you ever hear of a group getting together to stop X, be sure to put your money on X.”

 

So, Richard Nixon told me half a century ago, after he had been badly burned in just such a futile and failed enterprise.

It was the Cleveland Governors Conference of 1964.

Sen. Barry Goldwater had just defeated Gov. Nelson Rockefeller in the final and decisive winner-take-all primary in California.