9.28.2007

Your Greenspan-Bernanke-Bush-Hastert Legacy

U.S. Dollar hits all-time low.
The dollar declined to a record low of $1.4190 per euro and last traded at $1.4185 at 7:33 a.m. in New York, setting a record for a seventh day, from $1.4153 yesterday.

"The U.S. economic outlook is pointing to the dollar falling further," said Daragh Maher, senior currency strategist at Calyon in London. "There's reluctance to buy the dollar even though the dollar is looking undervalued."

The New York Board of Trade's dollar index fell to 78.134, the weakest since the index began in 1973. The Fed's trade- weighted index comparing the dollar with major currencies fell on Sept. 25 to the lowest since its inception in 1971.

Bush and the Republican Congress spent like drunken Democrats. Greenspan and Bernanke turned on the printing presses and fired up the helicopters. What other outcome could you possibly have expected? And there's plenty more to come. Get your disco shoes out of the attic.

Sell stocks? Hell no! Stocks are going up in nominal terms. Everything is going up in nominal terms.

UPDATE: OK, when I say "everything" is going up, that's a slight exaggeration. Bonds aren't going up. And of course home prices aren't going up. That would be just silly.

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