PSW: Beige Book Summary

Ilene just put up a post of Phil's take on the Beige Book Summary. It has a few nice rants and some very valid observations on the "health" of the economy right now. Here is a nice one:

"... You have to read into this report as it’s anecdotal and the Fed is very free to spin the report to get what they want. The key words are the couching language like SOME pickup in activity OR improvement as well as GENERALLY improved MODESTLY – is some, or, generally, modestly a good reason to pay 20% more for stocks than we did at the last BBook. Markets don’t go up 20% in 2 years in the real world so for 20% in 2 months I expect to hear words like TOTALLY, INCREDIBLY IMPROVED IN ALL DISTRICTS… ..."

Beige Book Summary by Phil