Morning Brief Wednesday August 29, 2012

Good Morning. We have a fair amount of market moving economic data today. The first revision to Q2 GDP will be released and then less rearview mirror data is the Fed Beige Book near the close.

You can be assured any weakness in the Beige Book will (at least should) be met with a very strong desire to go long risk assets. Again, every time I type those words I cringe. And I love to write “bad is good, really bad is really good and a total economic implosion is like better than nothing.”

Sorry for digressing but we need to have a little fun dealing with this circus called the capital markets. But it’s not all a circus. Below is a great interview with Jeffrey Lacker, one of the few members of the FOMC trying to defend free market capitalism. Unfortunately he continues to be the lone dissenter. 

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