Posts Tagged ‘American Dream’

Huge Victory for the GOP – Bottom 90% Completely F’d!

Victory in our time!  

They said it couldn't be done, they said that people in a "Democracy" would never allow it to happen but, in the past 5 years we have actually taken 15% of the income AWAY from the bottom 90% of American wage-earners and re-distributed it to the top 10% and, since there are much less of them, it has boosted our top 10% incomes by 115% over the same period!  

In the words of the great Winston Churchill (as redefined by the Conservative Bible): "Never was so much taken from so many for so few."  As you can see from the chart above, the Reagan Revolution successfully reversed years of gains for the average American and began shoveling all of the economic progresss to the top 10% for the last 30 years but only in the last 5 has this policy gone into overdrive as we have begun to actively TAKE the money from the bottom 90%,  Look how rich that makes us – no wonder we are all voting to keep this policy going!  

As noted by Zero Hedge:

"Inequality in the U.S. today is near its historical highs, largely because the Federal Reserve’s policies have succeeded in achieving their aim: namely, higher asset prices (especially the prices of stocks, bonds and high-end real estate), which are generally owned by taxpayers in the upper-income brackets.

The Fed is doing all the work, because the President’s policies are growth-suppressive. In the absence of the Fed’s money printing and ZIRP, the economy would either be softer or actually in a new recession."

It's not just our Fed, of course, this morning we are getting more doveish noises from the ECB press conference as Draghi promises MORE FREE MONEY (for those of us with the credit scores or balance sheets to qualify) and that is already (8:30) pushing our Futures up half a point in pre-market trading.  We're still watching our bounce levels (and shorting /TF at 1,130),
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Nothing Was Sacred: The Theft of the American Dream

Jesse wrote a terrific opening post for Phil’s Weekend article and popular R.E.M. song "It’s The End of the World as We Know It." - Ilene 

Nothing Was Sacred: The Theft of the American Dream

Courtesy of JESSE’S CAFÉ AMÉRICAIN

America must decide what type of country it wishes to be, and then conform public and foreign policy to those ends, and not the other way around. Politicians have no right to subjugate the constitutional process of government to any foreign organization.

Secrecy, except in very select military matters, is repugnant to the health of a democratic government, and is almost always a means to conceal a fraud. Corporations are not people, and do not have the rights of individuals as such.

Banks are utilities for the rational allocation of capital created by savings, and as utilities deserve special protections. All else is speculation and gambling. In banking, simpler and more stable is better. Low cost rules, as excessive financialisation is a pernicious tax on the real economy.

Financial speculation, as opposed to entrepreneurial investment, creates little value, serving largely to transfer wealth from the many to the few, often by exploiting the weak, and corrupting the law. It does serve to identify and correct market inefficiencies, but this benefit is vastly overrated, because those are quickly eliminated. As such it should be allowed, but tightly regulated and highly taxed as a form of gambling.

When the oligarchy’s enablers, hired help is the politer word, and assorted useful idiots ask, "But how then will we do this or that?" ask them back, "How did we do it twenty years ago?" Before the financial revolution and the descent into a bubble economy and a secretive and largely corrupted government with a GDP whose primary product is fraud.

Other nations, such as China, are surely acting for their own interests, and in many cases the interests of their people, much more diligently and effectively than the kleptocrats who are in power in Washington and New York these days. How then could we possibly subvert the Constitution and the welfare of the people to unelected foreign organizations? If this requires a greater reliance on self-sufficiency, then so be it. America is large enough to see to its own, as the others see to theirs.

Economics will not provide any answers in and of itself. Economics without an a priori policy and morality, without a guiding principle…
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THE CRACKDOWN

THE CRACKDOWN

Courtesy of Jason Louv at Dangerous Minds  

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The biggest stock market crash in history and Greece falls apart, shaking the core illusions that prop up the US and EU…. Sweet fuck what a week.

In the US we have the ultrablack humor of seeing how illusory our “system” really is; the Zeitgeisters of the world have been bonkering on for years about how the fact our system is based on greenbacks “magically” produced by the Fed makes our economy an illusion. Well, yes, but if anything, Thursday showed how understated they were being: the entire global economy, apparently, can be brought down by somebody’s finger missing the “m” on their keyboard and hitting the “b” instead. Magic tricks indeed. Meanwhile, in the EU, the continued disintegration of Greece is calling the series of bluffs that underpin the stability of the European Union like it’s 1968 all over again but without the clothes.

It all feels like a big joke that people are tired of perpetuating. “Let’s play hypercapitalism” is getting a bit old from the looks of how people are reacting to it. It’s been old for generations but now the promised payouts seem to be hardly worth the pretense; why stay at the table when all you’re likely to win is the new Usher album and maybe, if you work really hard, a good three years at some point in your life where you can pretend you’re living the house-cars-kids American Dream before they fire you and take all their toys back and leave you with the bill?

Yes, I propose that what we’re seeing is people calling the bluff. It’s less a failure of a system that we all know was broken anyway and more a lurch towards something better, towards simpler living and a refocus on the really important parts of being alive – like building…
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ValueWalk

Pence On The Latest Jobs Report And Coronavirus Outbreaks

By Jacob Wolinsky. Originally published at ValueWalk.

CNBC exclusive: CNBC transcript: Vice President Mike Pence Speaks with CNBC’s Wilfred Frost on “Squawk on the Street” today on the latest jobs report and coronavirus outbreaks

Q1 2020 hedge fund letters, conferences and more

WHEN: Today, Thursday, July 2, 2020

WHERE: CNBC’s “Squawk on the Street”

The following is the unofficial transcript of a CNBC EXCLUSIVE interview with Vice President Mike Pence and CNBC’s Wilfred ...



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Zero Hedge

BLS Admits "Survey Error" Continues, Resulting In Artificially Lower Unemployment Rate

Courtesy of ZeroHedge View original post here.

Last month we reported that in a report full of statistical glitches and outright errors, the BLS itself admitted that a "misclassification error" led to the May unemployment rate being as much as 3% higher than reported. Well, guess what: despite knowing it was openly misrepresenting what is the most important US economic data, the BLS continued reporting numbers that contained a "miscl...



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Phil's Favorites

Citigroup Has Made a Sap of the Fed: It's Borrowing at 0.35 % from the Fed While Charging Struggling Consumers 27.4 % on Credit Cards

Courtesy of Pam Martens

The first thing you need to know about Citibank and its parent, Citigroup, is that they have an extensive rap sheet. (See here). The second thing you need to know is that Citigroup is a serial predator that perpetually promises its regulators that it’s going to reform, but never does.

The third thing you need to know is that Citigroup has made a sap out of the Federal Reserve – not once, but twice. During the last financial crisis of 2007 to 2010, Citigroup ...



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Kimble Charting Solutions

Nasdaq 100 Relative Strength Testing 2000 Highs

Courtesy of Chris Kimble

The tech bubble didn’t end well. BUT it did tell us that the world was shifting into the technology age…

Since the Nasdaq 100 bottomed in 2002, the broader markets have turned over leadership to the technology sector.

This can be seen in today’s chart, highlighting the ratio of Nasdaq 100 to S&P 500 performance (on a “monthly” basis).

As you can see, the bars are in a rising bullish channel and have turned sharply higher since the 2018 stock market lows. This highlights the strength of the Nasdaq 100 and large-cap tech stocks.

...

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Biotech/COVID-19

Which drugs and therapies are proven to work, and which ones don't, for COVID-19?

 

Which drugs and therapies are proven to work, and which ones don't, for COVID-19?

We are slowly figuring out which drugs and therapies are effective against the new coronavirus. Anton Petrus / Getty Images

Courtesy of William Petri, University of Virginia

I am a physician and a scientist at the University of Virginia. I care for patients and conduct research to find better ways to diagnose and treat infectious ...



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The Technical Traders

Long-Term Consumer Discretionary Winners

Courtesy of Technical Traders

I was live on TD Ameritrade TV talking about consumer discretionary, staples, and utility sectors. Explained is a unique crossover on how some discretionary stocks are also becoming a consumer staple.

Get My ETF Trade Signals, Entry, Targets, and Stop Levels – CLICK HERE ...

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Chart School

US Dollar with Ney and Gann Angles

Courtesy of Read the Ticker

Where is price going, is there strength or weakness in the chart?


Previous Post on the US Dollar : Where is the US Dollar trend headed ?


The question is always what will the future price action look like ?


This post will highlight the use of lines generated by angles. Not trend lines, as trend lines require two known points on a chart, where as angles require only one known point and a angle degree to draw a line. The question then becomes how is the angle degree determined.



There are two theories: ...

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Lee's Free Thinking

These Charts Show COVID 19 Is Spreading in the US and Will Kill the Economy

 

These Charts Show COVID 19 Is Spreading in the US and Will Kill the Economy

Courtesy of  

The COVID 19 pandemic is, predictably, worsening again in much of the US. Only the Northeast, and to a lesser extent some Midwestern states, have been consistently improving. And that trend could also reverse as those states fully reopen.

The problem in the US seems to be widespread public resistance to recommended practices of social distancing and mask wearing. In countries where these practices have been practi...



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Digital Currencies

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

 

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

App-etising? LDprod

Courtesy of Michael Rogerson, University of Bath and Glenn Parry, University of Surrey

Food supply chains were vulnerable long before the coronavirus pandemic. Recent scandals have ranged from modern slavery ...



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Members' Corner

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

 

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

No matter the details of the plot, conspiracy theories follow common patterns of thought. Ranta Images/iStock/Getty Images Plus

Courtesy of John Cook, George Mason University; Sander van der Linden, University of Cambridge; Stephan Lewandowsky...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Promotions

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TODAY's LIVE webinar on stocks, options and trading strategy is open to all!

Feb. 26, 1pm EST

Click HERE to join the PSW weekly webinar at 1 pm EST.

Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

This week, we also have a special presentation from Mike Anton of TradeExchange.com. It's a new service that we're excited to be a part of! 

Mike will show off the TradeExchange's new platform which you can try for free.  

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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