My friend Duru (I'll make a blogger out of him yet) has written another market/economy missive. This one was inspired by last week's jobs report. Here's a snippet:
So, despite the declining jobs numbers, stagnant wages, high energy and commodity prices, and waning corporate earnings growth, Greenie earned the gold star of the day by boldly declaring today that the economy is essentially just fine: "The economy nevertheless appears poised to resume a stronger pace of expansion going forward." Wow! Talk about trying to cheer the troops! The market tried to respond in kind by rallying into the rosy Fed announcement and after a brief "sell-the-news" dip following the announcement. Suddenly, no one cared that this statement alone meant that the Fed remains determined in its new campaign of "measured" rate hikes.Well, count on Cisco to ruin a good Fed after-party...
