Well known investor Steve Ricchiuto shocked CNBC hosts when he launched into a breathless monologue describing how there is no real economic recovery and that the Federal Reserve’s forecasts are nonsense.
The Managing Director of Mizuho Securities USA, Steve Ricchiuto, had anchors Simon Hobbs and Sara Eisen desperately searching for rebuttals as he peeled off a barrage of the layers of the deceptions to reveal why there is no acceleration in economic activity.
The highlights;
“There is no acceleration in underlying economic activity.”
“There’s this wrong concept that I keep on hearing about in the financial press about the acceleration in economic growth… It isn’t happening!”
“We had a horrible retail sales number, we had a horrible durable goods number, we’re likely to have a very disappointing retail sales number coming forward, this month we have a strong payroll number we say everything’s great – it’s not great….it’s been the same thing for the last five years, there’s no improvement in the economy!”
“After a string of dismal data on durable goods, retail spending, and inventories, we get a good jobs number and everyone saying the economy’s good – it’s not good!”
“And we can keep on going,” Ricchiuto continued when Hobbs interrupted him.
“According to Zero Hedge, the clip was also edited to remove host Eisen’s glib response to Ricchiuto’s sobering reality check on the real economic figures.
“But the key is that’s not what The Fed is telling us,” she stated.”
So the numbers aren’t important but only that we tryst the Fed.
CNBC is seeing its ratings numbers dwindle as viewers are leaving for Fox Business mostly due to CNBC’s lack of transparency and their toeing the official government propaganda line
