I was thinking how sad it was that the stock market…and the much wiser bond market…and all other markets for that matter…are now totally Fed propelled.  Little things like earnings and profits don’t matter.  It’s all about the Fed.  So today…as we wait for the all wise and all knowing Ben Bernanke to opine (after all, it’s only his opinion of what is best for all of us) the market will rise or fall based thereon.  That is very silly…but that is the way of things in the world of crony capitalism when the politicians and economists conclude that they know far more than the business people actually doing business and running businesses.  Of course, you just have to tolerate C-Span for a brief dose of congressional committee hearings to realize that the reality is far different.  But such is the world we live in as the battle for the heart and soul of capitalism rages back and forth.  And rage it will…at least until the politicians are not only broke, which they are now…but also out of credit…which will surely happen…just as day follows night.  In the interim, we will continue to simply look to take advantage of what the Fed inspired (or conspired) market gives us.

As for my prediction on the Fed today?  I predict that Ben Bernanke will look nervous…because he is!