* 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?Our Sponsors:* Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.comPrivacy & Opt-Out: https://redcircle.com/privacy