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Eric Parnell, CFA  

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  • Conducting Bernanke's Symphony No. 3 In F Major [View article]
    Hello Michael - Thanks as always for your comment. I genuinely appreciate it and hope that you are doing well. Thanks again.
    Dec 10, 2012. 02:56 PM | Likes Like |Link to Comment
  • Conducting Bernanke's Symphony No. 3 In F Major [View article]
    Hello Rousseau SC,

    Thanks for your comment. You raise a number of very interesting questions here. I know surfgeezer provided a lot of good information below, but I'm also going to look into this a bit further to see what I can turn up. Seems like a good topic for a future article depending on what I can find. I'll let you know.

    Thanks again. I appreciate it.
    Dec 10, 2012. 02:55 PM | 1 Like Like |Link to Comment
  • Conducting Bernanke's Symphony No. 3 In F Major [View article]
    Hello surfgeezer - Thanks for this information and a link to the chart from the Tax Policy Center. Very interesting information.
    Dec 10, 2012. 02:53 PM | 1 Like Like |Link to Comment
  • Conducting Bernanke's Symphony No. 3 In F Major [View article]
    Hello Windwood Trader,

    Thanks for your comment. You have hit on my biggest complaint about the various QE programs over the last several years. While I believe QE1 was necessary to avert a full-blown financial meltdown, I think you are absolutely correct that they do little if anything to promote sustainable economic growth. Anything that has followed since 2010 has done little other than adding considerable risk to the economic outlook and inducing periodic sugar highs in asset prices that quickly diminish once stimulus is removed. Frustrating, but such is the environment we are operating.

    Great point. Thanks again.
    Dec 10, 2012. 02:52 PM | 1 Like Like |Link to Comment
  • Conducting Bernanke's Symphony No. 3 In F Major [View article]
    Hello dancing diva,

    Thanks as always for your comment. I agree that it will be very interesting to see how stocks and other assets perform both next week and in the coming months given the various opposing forces (stimulus, fiscal cliff, slowing economy, crisis in Europe, instability in the Middle East, etc.) at work. These are definitely interesting times.

    Thanks again.
    Dec 10, 2012. 02:49 PM | Likes Like |Link to Comment
  • Conducting Bernanke's Symphony No. 3 In F Major [View article]
    Thanks Randle - I appreciate it!
    Dec 10, 2012. 02:36 PM | Likes Like |Link to Comment
  • Conducting Bernanke's Symphony No. 3 In F Major [View article]
    Hello Rseye,

    Thanks for your comment and great call on the Dancing With The Fed analogy! And I agree completely on the performance of China (FXI) in recent weeks. I suspect it may have further to run too with a new stimulus program to support the new leadership in the country. It will be interesting to see.

    Thanks again.
    Dec 10, 2012. 02:36 PM | Likes Like |Link to Comment
  • Conducting Bernanke's Symphony No. 3 In F Major [View article]
    Hello Young,

    Thanks for your comment. I hope you are doing well.

    You raise some great points as usual. To your second point, I wrote an article a few weeks ago that went into detail on some of my thinking around this point. I've included a link here just in case.

    http://seekingalpha.co...

    Thanks again Young. Talk to you soon.
    Dec 10, 2012. 02:34 PM | Likes Like |Link to Comment
  • Conducting Bernanke's Symphony No. 3 In F Major [View article]
    Hello untrusting investor,

    Thanks for your comment as always. And you raise excellent points. This was a major concern of mine heading into 2012 and I continue to view it as a major risk heading into 2013. And to your point, we will eventually reach a crossroads where monetary policy stimulus will be completely overwhelmed by the forces that you've indicated here. It will be interesting to see when we reach this point, for this is where the long overdue cleansing process will finally get underway.

    Excellent points as always. Thanks again.
    Dec 10, 2012. 02:28 PM | Likes Like |Link to Comment
  • Conducting Bernanke's Symphony No. 3 In F Major [View article]
    Hello think23606,

    Thanks for your comment. You are absolutely right, as this one got in my head back in the spring.

    http://seekingalpha.co...

    When the rhythm finally gets this economy after a few decades of trying to postpone the inevitable recessions along the way, the cleansing process should be interesting to see.

    Thanks again.
    Dec 9, 2012. 10:44 PM | 1 Like Like |Link to Comment
  • Stocks: The Danger Lurking After A Fiscal Cliff Deal Is Reached [View article]
    Hello PalmDesertRat,

    Thanks for your comment and I agree with you completely. I believe any near-term sell offs should be viewed opportunistically as a buying opportunity at least for the short-term, for as long as the Fed remains intent on flooding the financial system with balance sheet expanding monetary stimulus, stocks will have support regardless of how little the underlying fundamentals support such an upward move in stock prices.

    Great point. Thanks again.
    Dec 9, 2012. 10:41 PM | 1 Like Like |Link to Comment
  • Stocks: The Danger Lurking After A Fiscal Cliff Deal Is Reached [View article]
    Hello Venerability,

    Thanks for your comments. You make very good and thought provoking points as usual. And I completely agree that getting back to some semblance of a normal market would be the best thing to restore confidence in the system.

    Thanks again.
    Dec 9, 2012. 10:39 PM | 1 Like Like |Link to Comment
  • Stocks: The Danger Lurking After A Fiscal Cliff Deal Is Reached [View article]
    Hi Nick,

    Thanks for your comment and your kind words on my article. Also, I think you are exactly right that a measured approach in allowing the excesses that still exist in the system to gradually cleanse over time would be the best solution. The longer policy makers wait, the more difficult this will be to achieve.

    Thanks again. I appreciate it.
    Dec 9, 2012. 10:36 PM | Likes Like |Link to Comment
  • Stocks: The Danger Lurking After A Fiscal Cliff Deal Is Reached [View article]
    Hi Joseph,

    Thanks for your comment and for raising a number of excellent points as usual. I have enjoyed reading your articles on SA, as they are always outstanding and have inspired some important and extensive debate on a variety of topics. And I agree with your perspectives that the economy and financial markets since the outbreak of the crisis several years ago have been propped up by unprecedentedly aggressive monetary and fiscal stimulus with little in the way of sustainable fundamental growth generated along the way. And to your point, once these euphoric effects wear off, the subsequent cleansing process for the economy and downside for stocks could be most uncomfortable.

    Thanks again Joseph. I look forward to reading your future articles on SA.
    Dec 7, 2012. 11:42 AM | 2 Likes Like |Link to Comment
  • Stocks: The Danger Lurking After A Fiscal Cliff Deal Is Reached [View article]
    Hello buddhaboy,

    Thanks for your comment. You raise a number of outstanding points here. I think you are absolutely right that much of the debate to this point has focused on whether to raise the top two tax brackets or not along with Obama's recent focus on the debt ceiling debate. My feeling has been that the tactic by the Obama team is by focusing the dialog on these two issues, it keeps the focus away from the spending cuts that his base would otherwise like to avoid if possible. It will be interesting to see whether the GOP begins to openly give in on raising rates on the top 2% in the coming days, and if they do how they will move to pivot the debate more toward spending cuts. As for Obama's suggestion that he may bypass Congress on the debt ceiling, I think this is an area in which he should be very careful given he is already under scrutiny by some in the American public for the expansion of the scope and reach of government as well as the increase in the deficit during his time in office. Any steps toward making such a move on the debt ceiling could incite real outrage among the public as it may be viewed as an overstep of executive power. It will be interesting to see how it all plays out.

    Thanks again for your comment and for raising these good points.
    Dec 7, 2012. 11:38 AM | 1 Like Like |Link to Comment
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