* Short week closed with some horribly bad news

* People are not paying attention to the data; they are paying attention to the Fed

* Government released revision to the GDP: -.7

* The assumption of deflation is cooked into the number

* Most Q2 data is weak

* Q1 Corporate profits plunged by 5.9%

* JP Morgan announced 5,000 layoffs

* Corporations are already levered up to the max

* May Chicago PMI plunged back down to 46.2 - close to March's -year low

* April Durable Goods fell .5

* March Services PMI fell to 56.4 - second monthly drop

* May Dallas Fed Manufacturing crashed to -20.8; fifth consecutive monthly decline

* The Fed has never predicted a recession; in fact they have forecasted economic growth while in a recession

* Bloomberg Consumer Comfort Index: fell for the 7th consecutive week

* There are fewer good jobs available and if someone loses their job the are likely to have to take one they are overqualified for

* The Fed is too concerned about maintaining the illusion of prosperity to allow genuine prosperity

* They are propping up the stock market and the housing market, pretending everything is OK, and allowing the government to continue deficit spending

* People still think the Fed will raise interest rates; the most we would get is a trivial hike< just to say they raised rates to get things back to normal

* There is no more normal anymore; the new normal is interest rates at zero and perpetual QE until the whole thing blows up

* How can we expect to learn from our ancestors when we can't even learn from our own mistakes?


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