"When a candidate for public office faces the voters he does not face men of sense; he faces a mob of men whose chief distinguishing mark is the fact that they are quite incapable of weighing ideas, or even of comprehending any save the most elemental — men whose whole thinking is done in terms of emotion, and whose dominant emotion is dread of what they cannot understand.
So confronted, the candidate must either bark with the pack or be lost. All the odds are on the man who is, intrinsically, the most devious and mediocre — the man who can most adeptly disperse the notion that his mind is a virtual vacuum.
The Presidency tends, year by year, to go to such men. As democracy is perfected, the office represents, more and more closely, the inner soul of the people. We move toward a lofty ideal. On some great and glorious day the plain folks of the land will reach their heart's desire at last, and the White House will be adorned by a downright moron."
H. L. Mencken
I thought we had already been there and done that, several times perhaps, but I suppose it could always get worse.The US GDP number for the third quarter was pretty bad coming in at only 1.5%. And that number is likely to be revised lower.
The Atlanta Fed is forecasting about the same or lower for Q4.
What is even worse, if you peel back the headline number, the big growth driver in that GDP number was healthcare costs. Talk about an unproductive was of capital in paying too much for healthcare.
Gold and silver were hit by a rather orderly bear raid today with the price declining throughout the day on a steady program of selling. It was most likely a follow up to the FOMC trying to knock down the open interest a bit more ahead of the key month of December. The Dollar was drifting lower today, so that provided no support for the metals bears.
Can't prove it without a warrant and a couple hairy-knuckled Federal lawmen to back it up, but I think it fits the model of JPM taking on the role of the bullion provider of last resort for physical bullion demands on the Comex.
The amounts of physical gold moving around in Asia dwarf the action in NY, and accounting for the musical chairs paper flows, provide a stark comparison to London as well.
I hope to put something more out about London and the leverage being used there, in addition to the leverage in New York.
Last night's GOP political debate was embarrassing. And not all of it was the fault of CNBC but they get an A++ for pandering. And since that is what they do on their financial broadcasts and commentary every day, it is not surprising.
Is this what we have come to at long last, this clown show?
Have a pleasant evening.
