Late breaking news that Portugal will be seeking economic aid.
The volumes remain light, and the market vulnerable to a correction if something should happen which will cause a pickup in selling that overwhelms the Fed's monetary lift.
Marc Faber had an interesting interview with KWN: Bernanke Is Killing the Middle Class.
I am not sure it is Bernanke that is killing the middle class, as much as they are committing suicide to please the top one percent, and differentiate themselves from the poor, who they see as hopeless victims. Nothing else explains why ordinarily intelligent people spout slogans and support ridiculous notions and theories that are designed to reduce themselves and their own children to perpetual servitude. The politicians and pundits are obviously paid to say and act as they do. But why do the many willingly march to their own doom?
It tends to support the theory of Bernays, that the great bulk of people do not act on reason, but on emotions which are easily controlled and influenced, and therefore subject to manipulation. I can think of no better example of this than the manner in which the Tea Party was turned away from its initial cause of financial reform and put to the task of plundering the weak, the victims of the Wall Street and governing class frauds, upholding the very abuses by Wall Street that they had originally organized to protest. As propaganda campaigns go, it does not get much better this. No wonder the monied interests are so emboldened of late.
