One Of These Things…

I only have two things to say, and both are brief. One is to be taken seriously. The other? It’s a farcical joke so incomprehensible to anything resembling understood reality, one can no longer put it into words. The only thing one can do is laugh.

First the serious…

The MYTR Broadcast comes out of hiatus beginning next week. There are a few changes that you’ll need to be aware of as to access it, so stay tuned for details over the coming days.

Now the farcical…

Today the “markets” lurched higher, “So what’s new or funny about that?” I can hear you saying through my monitors. Great questions and it is this…

As the “markets” lurched higher today to close within a hares breath of its all time, never before seen in human history highs in February (as far as a closing high, it matched that). The National Bureau of Economic Research has determined (wait for it…): The U.S. entered into recession in February.

Here’s a snippet from the report. I encourage you to read the full text which can be found (here.)

This series plateaued from December 2019 through February 2020, and then fell steeply from February to March. Because both series measure employment during the week or pay period containing the 12th of the month, they understate the collapse of employment during the second half of March, as indicated by unprecedented levels of new claims for unemployment insurance. The committee concluded that both employment series were thus consistent with a business cycle peak in February.

NBER Report Monday, June 8, 2020

 

Here’s the short of what the above implies: Record high stock markets and recessions don’t go together unless something’s wrong, as in, very wrong. No matter what they teach at any of the Ivy League business schools.

Sooner or later something is going to go from cracking – to outright breaking. And when it does it won’t be anything to laugh about. No matter what some Ph.D comedian business professor says. Period.

Oh, and I almost forgot: The Federal Reserve begins its two day conclave beginning tomorrow. So borrowing the words from that intellectual luminary of yesteryear known to all as Alfred E. Neuman…

“What, me worry?”

© 2020 Mark St.Cyr