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Mish Shedlock Talks: Fed Decision, The Illinois Saga and US Industrial Production

Special Guest: Mike ("Mish") Shedlock, Publisher of the Global Economic Analysis Blogspot.com. An espoused self educated Austrian Economist, Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Read more at http://globaleconomicanalysis.blogspot.com

20 Minute VIDEO

Bernanke/Yellen Cartoon

FOMC Decision - "Its All Actually Absurd!"

Mish had speculated that the Fed would likely hike 1/8th of a point at the critical September 17th FOMC meeting, but it turns out they didn't move at all. It appears that "The Fed is now going to delay so long that they may not even get in a rate hike!"

"Its all absurd to actually think that an 1/8 - 1/4 point hike is going to do anything other than perhaps put an end to the damage they have already done!"

"The Fed has blown this massive asset bubble and as soon as they hike and everything goes to h^&%ll, it isn't going to be because the Fed hiked, is is going to be because they didn't hike and encouraged and blew this asset bubble since March 2009!"


US Dollar Reacts & Near term Support Channel

US Dollar Index


US Industrial Production - Bloomberg Ridiculously Suggests it is the Northeast?

Mish is stunned to read that Bloomberg is suggesting that the rapidly falling US Industrial problem appears to be centered in the northeast after the Dallas Fed, Kansas City Fed, Richmond Fed and the Empire State Manufacturing Report all showed serious deterioration within their economic regions for various reasons.

Philadelphia Fed Current Conditions

Auto's will soon have a used car glut as 1/3 of all cars are now on leases of 3 years or less! With all these cars financed through ABS (Asset Back Securities) within the Shadow Banking System it reminiscent of the 2008 Financial Crisis when housing residuals fell below their MBS values.

Student and Auto Loan Debt


The Illinois Saga - Special Political "Carve Outs" Circumvent Constitutional Budget Issues

"This year the Illinois legislature didn't even attempt to base a balanced budget. It was $8B out of whack and sent it on to Governor Bruce Rauner who refused to sign it. Illinois without a budget can't constitutionally pay its bills. Last year (almost like they knew this was going to happen) the legislature passed a "carve out" for THEMSELVES. No matter what happened the legislators would get paid. Now there is no pressure on them to produce a budget because they get paid anyway." Illinois facing the short term budgetary isssue of not being able to pay the public schools additionally "carved out" an exemption for them to avoid the wrath of parents when kids couldn't return to school in September.

"We now have a stand off between the Governor and the Illinois legislators, but more and more bills are going unpaid. They recently stopped paying dentists and the next up are medical bills!"

....and much, much more, inlcuding a discussion o China in this fast paced 20 minute Video.

 

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