biden: "Inflation is no longer a concern." CPI shows that's horseshit. Dow drops 1000 points by 2:45pm

Hey citizen!  Didja see the article in the Washington Post Monday?  Their "economic expert" wrote that "Americans are starting to adjust to inflationary pressures, by shopping at chain stores, buying cheaper cuts of meat and buying in bulk.  So they're no longer worried about inflation."

The "reporter" claimed inflation is dropping sharply, due to the sharp drop in gasoline prices.  Yaaaay!  And surely you've noticed your electric bill is dropping too, right?

No?  Hmmm, that's...odd.  Oh well, no matter--they'll give us the explanation soon.  What matters is "Inflation is no longer a concern," citizen.

Isn't that faaaabulous!  Inflation is no longer a concern.  Got it?  So anyone who says inflation is still a problem is just spewing "disinformation," and should be jailed for disloyalty!

SO...today at 10 a.m. Eastern time your president made a statement, creating this headline at "Marketwatch.com":

Biden says CPI report shows progress in bringing down inflation, but there's 'more work still to do'

Biden said "Overall, prices have been essentially flat in our country these last two months, which is welcome news for Americans...." He added that "It will take more time and resolve to bring inflation down, which is why we passed the Inflation Reduction Act."

SO...your president says the latest report of the consumer price index "shows progress in bringing down inflation."  Yay!  Wow, that just removed a HUGE problem for Democrats going into the midterm elections, eh?

And note how he credited that faaaabulous "Inflation Reduction Act" passed by the Democrats.  Of course that faabulous new LAW decreeing $479 BILLION in new spending didn't contain a single inflation-reducing component, but that's not important.  All that matters is the name of the new LAW--endlessly repeated by the Mainstream Media.  Cuz it creates confidence, eh?

And anyone who contradicts whatever the White House says is obviously an insurrectionist and... wait...what?

Headline at Marketwatch.com this morning at 11:21 a.m, just over an hour after Porridgebrain's speech:

U.S. stocks drop 860 points in two hours after the market opens, after an *unexpected* rise in the August consumer-price index dashed hopes for a *further slowdown in inflation*...

"A further slowdown in inflation," ya say?  Yeah, cuz dat ol' inlation done been whipped by dat faaabulous "Inflation Reduction Act" and doze falling gas prices, eh?
     But don't worry, citizen: it'll recover later, as soon as all the short-sellers have cleared.

“Markets were jolted by a nasty CPI report this morning...

“Misses on both headline [inflation] and core [inflation] are disappointing as this bout of inflation proves to be anything but ‘transitory.’

"Analysts described the data as a game changer.

"Stubborn inflation pressures will...put the economy at further risk of a material downturn/recession...

"Treasury yields jumped, with the rate on the policy-sensitive 2-year note surging to 3.72%, near a 15-year high — a phenomenon seen as a reliable recession indicator."

"A reliable recession indicator," ya say?  But...but...but just a month ago Porridgebrain's handlers said that despite two consecutive quarters of falling GDP--the metric always used before to declare a recession--the *new, improved* indicator is...well, it's FAR more "nuanced."  Sophisticated.  In fact it's far to complicated for anyone outside of government to understand.  "So you'll just have to trust us that we're NOT in a recession.  Definitely not."

Democrat "leaders":  "Duh yield on Treasuries is no higher today than when that fascist raacist was president."

Reality: "Ah, I'm afraid you Democrats are wrong, as usual.  Here ya go:  The day Biden took office the yield was one-quarter of one percent.  Today it's 3.57%.  You're welcome."

Ho-kay, so what was that about a jump in the yield on 2-year Treasury notes being "a reliable recession indicator," eh?

White House spokesmoron Karine Jean-Pierre: "I haven't seen the data on that so I can't comment.  But every expert we contacted says the economy is NOT in a recession."

Fox reporter: "How many did you contact?"

KJP: "I don't have that number so I'll refer you to Treasury Secretary Yellen.  No one ever argues with her, and I'm sure she'll be able to answer that for you."

Biden chief of staff Ron Klain: "You people are missing the point: The CPI report this morning showed inflation is no longer a concern for voters.  Got it?  Your headlines tonight need to say that, word for word.  And if they don't, you won't be getting any more invitations to A-list parties.
   "Also, the stock market had boomed the last 5 days so it was probably due for a correction.  Our experts tell us the market dropped because investors were spooked by 'Putin's price hike.'"

Fox reporter: "What did Putin increase the price of?"

Klain: "I don't have that in front of me, so I'll refer you to Treasury Secretary Yellen."

It's now 2:40pm eastern time, and the Dow is down 1000 points.  But don't worry, citizen:  This is just a "totally expected correction" after the market had such big gains in the last week.  Oh, and also due to "Putin's price hike."

Oh, and pay no attention to talk that a big jump in the yield of two-year Treasuries is some kind of inflation predictor.  You never heard that before, right?  So it's probably a mistake.  Yeh, dat's it.
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Now before ending I'd like to call your attention once again to the key events earlier today:  Yesterday  the market closed at 32,381.  At 9:30 this morning it opened at 32,006, down 370 from Monday's close.  Now what do you suppose caused that?

Sure: Wall Street insiders knew what the CPI report would say before it was released, and knew it was bad news and that the Dow would plunge.  So insiders were selling the moment the market opened.  And sure enough, the Dow plunged.

10 a.m.--A mere 30 minutes after opening, the DJIA was down 720 points.

Also 10 a.m:  Porridgebrain says CPI report is great, and thus "Inflation is no longer a concern."  Calmed by the assurances of Dear Leader that all is faaabulous, the plunge reverses and the market recovers.

Just kidding:  Regardless of how much the Media supports Porridgebrain and the Dems, investors will buy or sell based on their own assessment.  And they kept selling.

Of course Porridgebrain's handlers also knew what the report said before it was announced.  "Ooohh, should we change Dear Leader's speech?"  "Nah, far better to say positive, vote-getting things even if they're brazen lies, cuz our Media allies will gush over whatever he says, without saying it's horseshit.  And if we're lucky a lot of 'em may not even mention how the stock market did today.  We've already put the talking-points out that this was merely an "expected correction after the big gains earlier," so we think a lot of 'em will explain it like that."

"Great job, people!  Now, any ideas on what we can we find to claim Putin hiked the price of?"

https://www.marketwatch.com/story/biden-says-cpi-report-shows-progress-in-bringing-down-inflation-but-theres-more-work-still-to-do-2022-09-13