Scott Minerd again. Calls stock market "Titanic heading for an iceberg." You gotta buy.

Guggeheim Partners' Scott Minerd says the stock market is like "the Titanic heading for an iceberg."

Look...

“Just as an iceberg loomed in the distant darkness to be struck by the Titanic under full steam, so the US economy approaches the distant fiscal drag of 2020 under the full steam of rate increases to contain inflation and an overheating labor market...”

He's got a flowery way with words.

Fiscal drag? What fiscal drag is he talking about? The government is operating with record spending and in 2020 according to the CBO spending will be even higher along with the deficit.

The fiscal drag that Minerd is referring to is the deficit. He thinks that's fiscal drag when he should be cheering these numbers.

You gotta buy in this dip.

BTW...I've put up numerous posts about Minerd's calls in the past. Check them out here.

CNBC should get an award for archaeology for digging up so many neanderthals and parading them across its air

I was having lunch watching CNBC (bad move, never do that) when the Fed raised rates today. First time in nine years. Then they had their panel of idiots, but one major idiot in particular, this guy named Scott Minerd who says that the Fed is going to have to drain $1 trillion from the banking system. The guy is a total idiot. CNBC should win some archaeology award for digging up these human neanderthals and putting them on their air. The Fed PAYS INTEREST ON RESERVES, SCOTT. That means no draining necessary. Why would banks lend  out below the funds rate? Reserve drains were from a time before the Fed paid interest on reserves. We're talking pre-2008. The Fed's OWN STATEMENT,which it released at the time of the rate decision, said it would keep doing what it's doing, that is, reinvesting principal payments and keeping holding sizable. Where do they get these idiots?

Fed now holds record amount of Treasuries. There was no "avalanche of selling" like so many Wall St. morons predicted.

When the Fed started raising interest rates 15 months ago you had a lot of Wall Street idiots predicting massive Treasury sales. One dope, Scott Minerd, predicted $1 trillion in sales. I wrote about that stupid call, here.

The Fed is currently holding a record amount of Treasuries, with the new heights in its holdings coming recently, after not one, not two, BUT THREE RATE HIKES!

These dopes don't understand that the Fed pays interest on reserves, making the need to manage reserves in order to maintain their target rate, a thing of the past.

Malpractice. That's what they idiots engage in. All the time. If it were any other industry they'd be sued or shut down. And networks like CNBC disseminate their crap, regularly.

Fed holdings of Treasuries: $2.463974 trillion.

Scott Minerd, over at Guggenheim Partners, bullish on bonds even as the Fed says its raising rates. They're sooo dumb!

This is truly unbelievable.

It's like a fraternity of idiots.

This guy, who by the way was totally bearish on stocks back in February and telling people to sell when I was saying BUY, BUY, BUY is now saying Treasuries will do well EVEN THOUGH THE FED IS THE ONLY MAJOR CENTRAL BANK IN THE WORLD RAISING RATES RIGHT NOW!!

Unbelievable! They have no clue. No clue. It's literally all guessing and saying what others say even if it's wrong.

I'm sure he gets paid a shitload of money, too.