In this week's Off the Cuff podcast, Chris and Charles discuss:
- BLS B.S.
- Almost a century of GDP numbers revised
- Fed Fakeout
- Markets rise on non-news from the Fed
- The Next Fed Head
- What the Chairmanship transition likely will bring
- The Coming Correction
- Smart ways to position in advance
The BLS released revised GDP numbers for 1929-2012. The change in methodology pleasingly resulted in a current GDP figure $300 billion greater than initially reported. Congrats – we're all richer!
Of course, the new numbers make it even harder than before to compare apples to apples. The methodology has changed and involves new factors that are in many cases more convoluted and unintutive than before. We're now left comparing apples to unicorns.
But that, plus a repetition from the Fed that it may or may not tighten at some undetermined point in the future, was all the S&P needed to crack 1700.
Charles and Chris remain deeply, deeply concerned about the high probability of a serious market reversal in the near term.
by cmartenson 
