Charles Payne is a Fox Business Network contributor and CEO of Wall Street Strategies, an independent stock market research firm.
Payne is also a contributor to
Payne attended Minot State College and Central Texas College during his time in the United States Air Force.
Knowledge may give weight, but accomplishments give luster, and many more people see than weight.
When President Obama bragged about pulling the economy out of the ditch I scratched my head and wondered if he would follow up that line of thinking admitting it came out of one ditch and slipped into another. The exodus from the jobs market and massive government spending to spike the last
This brings us to Federal Reserve chairman Ben Bernanke.
What the hell is the goal of all this money printing? Last September the Fed added $40.0 billion in monthly buying of mortgage backed securities to his bag of tricks. Then he bumped it with an additional $45.0 billion of Treasury securities. The numbers are jaw-dropping, surely this could be defined as shock and awe but the results have only been awful. Officially the Fed has a mandate that covers employment and inflation but there is no mistake Bernanke is trying to spark a revival in the housing market. On all three fronts Bernanke has the kind of false facade that makes for great backdrops for declaring victory.
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He warns the head of parties against believing their own lies.
Well, it's too late to warn politicians on either side of the aisle in
It's a contradictory situation but then again we are a nation of contradictions.
Very rich but with scores of poor people. The best universities in the world but freefalling grades among the k-12 education system. The land of unlimited lawyers and two million prisoners. A nation built on an amazing Constitution which many are trying to dismantle mostly by using the freedoms in the Constitution. It's an odd time in the country that is being ripped apart but the people hired to heel it. For many these contradiction are breeding a certain kind of contempt. Being pulled in all directions makes all paths look crooked. We have become a nation of skeptics, dizzy from non-stop spin and frustrated and fading hope.
Contradictions of the Market & Economy
As we head into Friday's jobs report each day brings greater confusion and more questions than answers when it comes to the economy and the stock market rally. The slew of revenue misses have been amazing and yet stocks continue to rally higher more or less on the word of chief executive officers that say nothing has changed for the entire year, implying any shortfalls in the first quarter will be made up in the second half of the year. It's an interesting leap of fate the market seems willing to risk. Of course for many there is no risk to the market as long as the Federal Reserve continues to print money.
I continue to believe the Fed impact on the market is slim at the moment although there is an impact of fresh money trying to get ahead of that impact of the Fed extraordinary efforts to spark economic growth. I think the actual Fed0-induced top comes with the usual pomp and circumstances and just about every will be drunk with glee. Right now there are too many bears and too little volume in the stock market to point a bubble on the verge of bursting.
Case - Shiller Index saw amazing year to year home pricing gains for the month of February. For the first time since 2006 January and February saw all 20 cities with year to year gains. Moreover, there were eight cities that enjoyed month over month gains and double digit year over year gains. Yet despite the obvious momentum in home prices ownership rates continues to plunge.
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