Allan Roth would have been proud of CNBC  Me, Not So Much

Roth was one of the first major league baseball statisticians, working for the Brooklyn Dodgers. Andy McCue wrote a fine mini-bio of him; you can find it at https://sabr.org/bioproj/person/350155ef

Why compare him to CNBC?  Just look at the banner at the bottom of the screen, especially during market volatility.  "Dow is down 3 of last 8 sessions" or "Market Up first time this month" or "Lowest Since Credit Crisis". 

All of which leads us to ask are we watching business news or a sporting event?

When Good Things Are Actually Bad

So Federal Reserve Chairman broke into the trading day to lower interest rates a half point, a large move as rate-raising goes and the markets did the unexpected:  a reasonably good day given yesterday's huge move up turned negative.

Why?  Because the Chairman gave as his reason the concern surrounding Corona.  If he had to act so quickly and so vividly, things must be bad, no?

The Fed has suffered a withering attack from the White House about its reluctance to lower interest rates.

Was this a way for the Fed to give in to that pressure while at the same time hurting the administration by the way it did the cut?  Ah, politics!

These People Control Your Money.

Bet You Can't Identify One Of Them.

A recent photo of the Federal Reserve Board of Governors.  Everyone knows they are set to begin a round of interest rate increases, the only debate on how many, three or four.  So while the IRS will collect less taxes from you and corporations going forward, this group is aiming to do something that will increase the cost of living for everyone.  Increase the cost of home ownership.  Make credit card debt onerous.  Hike the cost of doing business for corporations, especially those with public stock ownership.  Why?  Because they want to.  So while we debate the importance of the Pennsylvania special congressional election, while we ponder the reason for the Secretary of State being fired, while we relish the stories about Stormy, this unelected group goes to work each day, deciding how much money you have.

FARBISSENER

More than 300,000 jobs created in the latest government jobs report.  Maybe we are reading in to this but didn't the economics guy at CNBC seem saddened by the strength-in-economy figures?  Was he:  Farbissener;  person that is never happy; never happy; sour person; sour; never; happy; unhappy; embittered; embitter; bitter person; bitter; person. A person that is never happy; embittered; bitter person; sour person. 

Remember This Fabulous Singer?

Anyone who listened to this or any other album by Julius LaRosa enjoyed beautiful singing.  His stage performances were crowdpleasers.  The Brooklyn native, though, found true stardom after being fired by Arthur Godfrey in 1953.

Maybe the same stardom will attach to Gary Cohn after resigning (fired?) from the White House.  Probably he will have more influence on public opinion writing op-ed pieces for the New York Times.  

The cable tv folks are in a frenzy this morning, gloating that stock market futures are minus about 300 points, all because, they say, Gary is Gone.

If you own stock in good companies nothing has changed.  We suggest not allowing the departure of a Democrat who never should have gone to work for the President influence this opportunity to buy some stocks on Sale.

As expected by just about everyone, Fed Chairperson Janet Yellin raised interest rates by a quarter point.  If you have money in a bank, call them and ask how much more interest you will earn?  Probable answer:  What?  Then call your credit card company and ask them when the interest rate you pay will go up.  Probable answer:  Today.  And that's the saga of interest rates. 

So She Went And Did It

Never Mind the President.  Forget About Congress.  Here is who is raising your cost of living today.

In a few hours the cost of owning a home will go up.  Car buying will cost more.  The bottom line of any business using debt financing will suffer.  Anyone owning bonds will see a capital reduction.
All because Janet Yellin and her Federal Reserve partners will decide to raise interest rates by a quarter point.  No Congressional action needed.  No signature by the President required.  No Supreme Court review.  After she announces the decision banks will instantly raise what they charge borrowers .  No waiting period for this.
And who elected the Federal Reserve?  Nobody.