"Unhappy events abroad have retaught us two simple truths about the liberty of a democratic people.
The first truth is that the liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it becomes stronger than their democratic state itself. That, in its essence, is fascism -- ownership of government by an individual, by a group, or by any other controlling private power.
The second truth is that the liberty of a democracy is not safe, if its business system does not provide employment and produce and distribute goods in such a way as to sustain an acceptable standard of living."
Franklin D. Roosevelt
Stocks were weak most of the day on overseas and earnings jitters.
They were rallying a bit after a lower open, but ended up going out on the lows of the day.
After the bell JPM missed both the top line revenues and the earnings per share, after reducing their provisions for losses by ten percent.
Have a pleasant evening.
