from Armstrong Economics:
As always, you have to pay very close attention on holidays. Why? Because this is when the do the dirty dealings because the know the press is too busy partying and the public attention span drops from 60 seconds to -5. They stuffed the repeal of Dodd-Frank reform in the last bill of the year and the Fed suspended (indefinitely) the Volcker Rule. The bankers were celebrating really big-time in NYC. Magnums of Dom were popping everywhere. Let the Good Times Roll, could be heard from the windows of the Money Center Banks. Transactional Banking is back in play – to hell with relationship banking. That is ancient history these days.
Well the second bombshell went off but the answer to a old riddle if a tree falls in the forest and nobody is there, does it still make a sound? When it comes to Washington, a nuclear bomb could go off over Christmas and no it will not make even a peep. Everyone is partying so it is too hard to find the truth when they cannot even find the door.
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