[lbo-talk] the lunatic fringe weighs in

[Doug Henwood]

For those desperately searching for bearish analysis. Hunt 
disappeared from respsectable analytic circles about 10 years ago. 
He'd told the WSJ in one of those "year ahead" surveys that interest 
rates would decline in, I think, 1994. Instead the Fed tightened, 
causing the Mexican crisis. Contacted for the next year's crystal 
ball session, Hunt explained, "I didn't make a mistake. The Fed did."


>9:27p ET Friday, May 7, 2004
>
>Dear Friend of GATA and Gold:
>
>There's some wonderfully contrarian analysis tonight
>by Van R. Hoisington and Lacy H. Hunt of Hoisington
>Investment Management of Austin, Texas. They note
>that there is no documentation for most of the new
>jobs cited in today's U.S. jobs report. Rather, the
>number was, as with so many numbers in U.S.
>government reports, simply contrived.
>
>Hoisington and Hunt argue that the U.S. economy
>remains in terrible shape, and they predict that
>far from having higher interest rates, the fear of
>which spooked the general stock markets and
>crushed the precious metals today, the United
>States will have LOWER interest rates by the end
>of this year and STILL lower rates in 2005.
>
>You can find the Hoisington/Hunt commentary in
>Adobe Acrobat format here:
>
>http://www.hoisingtonmgt.com/HIMCo%20InterimUpdate200405.pdf
>
>Just remember two things in this crazy world:
>
>1) Everything announced officially is a lie.
>
>2) Where you hid your gold and silver.
>
>CHRIS POWELL, Secretary/Treasurer
>Gold Anti-Trust Action Committee Inc.