03 March 2015

SP 500 and NDX Futures Daily Charts - Stunned Into Apathy

"Most of them became wealthy by being well connected and crooked. And they are creating a society in which they can commit hugely damaging economic crimes with impunity, and in which only children of the wealthy have the opportunity to become successful. That’s what I have a problem with. And I think most people agree with me."

Charles Ferguson, Predator Nation

"I cannot imagine any condition which would cause a ship to founder. I cannot conceive of any vital disaster happening to this vessel. Modern shipbuilding has gone beyond that."

Captain Edward John Smith, RMS Titanic

The new record high of 5,000 Nasdaq, reminiscent of the last time we were here, at the height of the tech bubble, almost fifteen years ago, was short lived, at least for now. 
There is certainly no reason why it could not go higher, even much higher, again.   Their hypocrisy and shamelessness knows no bounds.  Especially now after so many successful frauds with so little in consequences.
What surprises me is not that men deceive and betray their fellow men.  Any student of history will know of this recurrent, almost obsessive tendency, of a careless few.
Rather, what surprises me is that they do it so recklessly, so wantonly, and relatively, for so little compared to the carnage and misery that they leave behind. 
 I still cannot quite get over Ben Bernanke's recommendation that the President be given special executive powers to declare a state of economic emergency, and to effectively suspend the rule of law.  As if a financial crisis is an unexpected, tragic act of God.   And not the consequence of reckless greed and the weakness of corruptible men who know what they are doing, and do it anyway.
Rough seas ahead, my mateys.
Have a pleasant evening.