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“I guess I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I’ve said.”

– Alan Greenspan

Are there no limits whatsoever to monetary policy?  It is beyond pathetic that a rising stock market seems the only substitute for real policy from our “best and brightest.”  Why doesn’t it matter to them that it isn’t working?  Are they that intellectually bankrupt and corrupt?  Is it odd that very smart people outside the government continue to bet on QE 3,4,5,6…?  Or is it the only bet?  What in the world is going on here?   

Orders for U.S. durable goods fell in March by the most in three years, indicating manufacturing will contribute less to growth this year.  

Bookings for goods meant to last at least three years dropped 4.2 percent, the biggest decrease since January 2009, after a revised 1.9 percent gain the prior month, data from the Commerce Department showed today in Washington. Economists forecast a 1.7 percent decline, according to the median estimate in a Bloomberg News survey.  

Now, would throwing more money into the banking system “help” this problem of slowing US growth momentum?     

We also learned this morning that the UK slipped into a double-dip recession.  And of course, the UK’s primary export markets are heading into even deeper recession–it is called the Eurozone.   Not good.  Will more money help this situation?  

Isn’t that right, Ben?                            

We were a bit surprised this past weekend to see the EU telling the IMF and others that they have “done enough.”  A trillion euros dumped into the economy (skirting ECB rules to do QE in another form) and getting it past the German hard-money guys proves the ECB chief is indeed Super Mario.  But even super heroes need to rest sometime.  

We are expecting a major disappointment for the risk on crowd this afternoon when Ben speaks, and we’re looking for a several hundred point haircut for the Dow today.