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Wall Street Breakfast: Must-Know News

More "misses" than you'll find at the YWCA. When earnings fail to meet expectations as low as they are, the tea leaves are telling us a clear message.

"The enterprises that are failing today are boom dependent. They have come to depend not only on the artificial stimulus of lower interest rates, but on a continued expansion in credit and money supply." Ed Bugos

One might think it important to figure out WHAT the problem really is BEFORE throwing massive amounts of money blindly at every weak company, every weak sector.

What the crash is telling us is that the era of cheap, easy unlimited credit
that preceeded the wreck is, by definition, unsustainable. So why is every financial agency in the entire federal government trying to reinflate what's left of the economy with more cheap, easy, unlimited credit ?

Clearly, they are clueless. The Fed is a one-trick-pony. No eyes, no ears and no common sense. I guess that's what economic theory will do to otherwise intelligent, educated people.

We cannot drill our way out of our oil problem and we cannot reinflate our way out of our economic problem.

Say the "alcoholics' prayer" for our leaders. Especially the part about "The wisdom to know the difference".