Skip to comments.Shysters!
Posted on 01/03/2013 10:47:17 AM PST by haffast
Dow up more than 300 points yesterday. Why? Because the fiscal cliff has been averted. Thats what the papers say. But it just goes to show why its a mistake to read the news, except for a cynical guffaw.
The real reason markets went up was because investors were reassured: Washington works in the same corrupt, self-serving and zombie-coddling way it always has. The politicians raised taxes, and put off worrying about spending cuts until sometime in the future. In other words, investors realised that they could trust the empty suits not to do anything different!
How much of the worlds troubles are caused by guys with hammers or wrenches in their hands? How many bakers cause depressions? How many masons are mass-murderers? How many steelworkers, cabinet makers or delivery men cause mass starvation?
No, dear reader, the common working man may be a bumbler and a fool, but he is rarely responsible for anyones troubles but his own.
The guy who causes real trouble is the fellow in a suit. Last week, we had a meeting with lawyers. Nice guys. Smart guys. Guys in suits. They were not so much causing trouble as reacting to it. Trouble caused by other guys in suits.
The law steers the federal government towards a series of cliffs one on 1 March, when spending cuts are supposed to kick in, another sequester on 27 March, and a 30 March limit on spending authority. Each one will require intense lobbying, brinksmanship, and dealmaking. Each one will end up by taking more resources from productive people and giving it to the zombies. And so it goes on. And now the feds can keep borrowing, spending and printing, until they all go to Hell.
(Excerpt) Read more at moneyweek.com ...
The dollar calls the tune. Do we hang the lawyers or the bankers first?
(Actually, we're to blame. We love our sins too much.)
Phony Dollar, Phony Market.
“Folks, can you find it in your hearts to send $10, $50 or even $100 to the SEND A LAWYER TO PLUMBING SCHOOL FOUNDATION? Help these good American kids and save them from a life of avarice and bickering.”
The Bankers control everything. The Feds loan or guaranteed the Banks 7.7 Trillion dollars. Half the value of ALL goods and services produced in economy. December 5, 2008 was the day it started.
Bank Bailout or martial law
Weaker dollar measuring the same market would drive the numeric value up
(Biden can go back to cleaning toilets, I guess.)
A couple things to keep in mind.
- The equity markets historically go up at least 1% on the first trading day of a new year.
- Wall Street is full of traders these days, not investors. They plan to be long gone before the bullet hits the bone.