Wednesday, December 05, 2007

Can't anybody here play this game?

In the latest economic news, productivity growth is revised upward (to 6.3%), new jobs were created at a rate triple what economists forecast (189,000 in November according to ADP employer services, the official government number comes out Friday), and factory orders "unexpectedly" rose in October.

Beside calling into question the skilz of my forecasting brethren (I guess they've been drinking a bit too much of the Roubini Koolaid), I'd also like to say the following to Fed Chairman Bernanke:


You have to take back control of monetary policy from these guys:

Wednesday's advance was fed by investors betting that the Fed might be generous and cut rates a half percentage point, or, in market lingo, 50 basis points.

"I do believe the market wants 50, that the Fed needs to do a lot more work, and that a quarter is not going to do it," said Greg Church, chief investment officer of Church Capital Management.

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