Guest Post by Mara Zebest
To paraphrase ZeroHedge (via RightScoop): Steve Ricchiuto now gives something completely unexpected on CNBC: “2 minutes of pure truth”
ZeroHedge also refers to it as “148 seconds of awkward uncomfortable truthiness…” and highlights the following:
While Steve had a number of hard to hear quotes for the CNBC anchors – such as:
“There is no acceleration in underlying economic activity,” and
“There’s this wrong concept that I keep on hearing about in the financial press about the acceleration in economic growth… It’s not happening!”
A stunned Simon Hobbs rebuffs, “That’s a long list of non-ideal situations we find ourselves in,” to which Ricchiuto snaps back “and we can keep on going!”
“After a string of dismal data on durable goods, retail spending, and inventories, we get a good jobs number and everyone saying the economy’s good – it’s not good!”
It was Sara Eisen that had the quote of the brief clip… (which has unbelievably been edited out since we posted it seems at around the 1:40 mark) when faced Steve’s barrage of facts about the real economy, replied:
“but the key is that’s not what The Fed is telling us.”
Summing up the unbelievable ‘faith’Â (misplaced beyond all reputational loss) that so many have in the central planners of the world.
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