How do you like this recovery? Pretty good, huh? Except for the jobs, of course. And except for the retail sales. And except for the foreclosures… and house prices. And incomes. And consumer prices. And business profits. It’s like a female impersonator… just like a real woman in every way, except for the essential ones.

At least something good has come out of the economic crisis; it blew off the purple robes that clothed economists and exposed their naked flanks. Still, they don’t deserve the beating they’re getting in the press – with snide remarks and sarcastic comments; they deserve better. A beating with sticks!

I’ve been quite bullish on Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) for some time now.  In fact, the stock is up over 119% since I first recommended it to Investor’s Daily Edge readers on February 12th of this year.

For whatever reason, the French newspaper, Liberation, chose to recall a grim event last week. On February 4, 1912 Franz Reichelt, also known as the ‘flying tailor,’ put on his contraption – a homemade outfit designed to work like a parachute – went up to the first observation level of the Eiffel Tower, hesitated…then stepped over the rail and jumped.

Comes word this morning that the China State Construction Engineering company has gone public. It’s the biggest public offering – at $7.3 billion – in more than a year. It’s also China’s biggest homebuilder. And as soon as the shares hit the market yesterday they soared… closing 56% higher than the IPO price. At that price, it trades at about 40 times forecast 2009 earnings.

They’re wrong. We’re right. Now the Wall Street Journal says “recovery likely in second half.” And Goldman Sachs (NYSE:GS) calls for a stock market rally similar to the rally in 1982. Who are we to say they are wrong?

Deja vu all over again… are stocks just following the 2008 playbook?… Bill Jenkins shares his favorite global currency… Gold bugs beware: Gold chart forecasts a sell-off… Yet league of famous funds (and Chris Mayer) are buying up gold stocks… Plus, are we reading this right? A bank bails out the government?

Bankruptcies, Depressions and Mark Stanford with his Argentine beauty.

Speaking at his annual press conference Friday, Chinese Premier Wen Jiabao announced more than $200 billion of new spending to bolster the nation’s flagging economy. However, Wen also voiced concern about China’s financing of U.S. debt – which U.S. President Barack Obama is counting on to fund this country’s massive stimulus plan. 

China to grow 8%? An end for Mark-to-markets?  What will the ECB do today?  Gold at a discount…. And Now… Today’s Pfennig!