Well, that was fast. It only took nearly 4 months for Wall Street's best analysts to determine that Fukushima was not bullish for the global economy after all. Actually, that statement is incorrect. They still think it is bullish - especially Joe LaVorgna, who's permabullish attitude has sealed his future as the worst economist on Wall Street.
Today we learn that because of the triple disaster in Japan in March, Tokyo residents and factories will need to consume 15% less energy because that's the amount that is missing from the grid. In turn, the cost of electricity has jumped. As a permabull Wall Street analysts, this must be bullish.
More bull... ish news is arriving as we speak. Japan's economic sentiment index just tanked (along with Toyota's, Panasonic's, Fuji Heavy Industry's, et al's profits) at the fastest rate since 2009. Don't worry your little Wii remote wielding fingers - there's always tomorrow. And next year.
Speaking of next year, Fukushima will still be smoldering next year and spewing radioactive plumes around the world.
As Portugal likes to say, our bonds will be better some day. Speaking of which, Portugal has now followed exactly in the same steps as Greece. In other words, it went from insolvent to, insolvent and enslavement. Ten year is yielding a comical 11.61%.
Need more bullish news? How about radioactive emails that leaked from England that show the British gov’t worked with nuke companies on PR campaign to downplay Fukushima. As Energy News says, the degree of collusion "is truly shocking.” Somehow, we're not surprised.
In New Mexico, the fire continues to spread like, well, wide fire. Now, the flames are licking the property and the heat of the fires can be felt on top of the nuclear plant buildings. Have no fear, everything is ok according to officials. We have a feeling that this year, there's no need to see the Macy's fireworks display. Neon green fireworks are a first in New Mexico. In Ft Calhoun, the floods have put out the fuses.
Since we have no inflation in this country or anywhere else around the world where people eat and drive cars, no need to worry about the bullish drought in Georgia, which is now spreading to peach farms. How's that price working out for your peaches?
While all of the MSM outlets claim the ISM report is bullish, we present to you the only piece of information that matters - the New Orders Minus Inventory which shows clearly, the economy is slowing down. Somehow, Wall Street economists overlook that little detail and jump right to the composite index which signifies the growth came from growing inventories.
Speaking of inventories, GM is doing a fine job at stuffing dealer lots with an all time high amount of 605,000 vehicles. Of course, they are simply waiting for the super bullish second half of the year which Justin Bieber has confirmed and promised is coming. That should help to push depreciating and rusting GM vehicles off these grass filled lots in record time. Only one year's worth. He apologizes that the past 8 halves were not bullish as he said it would be. There's always another half, and that one will be bullish.