by Dave Kranzler, Investment Research Dynamics:
Get your money out of JP Morgan. I’ve already discussed why you should get your money out of Black Rock Funds. Now its time to get your money out of JP Morgan. Both of them are roach motels for your hard earned money. Twin Hotels California.
Why am I railing on JPM today? Well, notwithstanding the fact that every upper level executive there should be in jail right (they provide chemo treatments in jail, right?), the CEO of the asset management unit apparently suffers from brain damage.
Mary Callahan Erdoes was on CNBC this morning telling us that “the economy is on great footing…the economy looks strong.” Huh? What numbers is she looking at? I hope not the hopelessly useless Government-derived economic reports. Let’s take yesterday’s retail sales for instance. Not only was the number well below the Wall Street brain trust consensus expectation, but it was negative if you adjust for inflation. From John Williams:
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