Q3 earnings weakening at a record pace as US stocks soar

So far third quarter earnings for the S&P are remarkable for their disappointment. But as one of the guests in this clip points out, the good news is the Fed is still doing QE right, so no one has to worry about downside in outrageously valued stock prices. Sure, sure the Fed protected everyone so brilliantly in the 2000 and 20007 cycles as well. Don’t worry be happy. Here is a direct video link.

The big picture is captured poignantly in this chart courtesy of Zerohedge. Behold the gaping hole of capital risk.