"If we set aside the supervisory class and professionals on payrolls, the great underclass is composed of many no better off, with the rest worse off during 10 yrs of so-called 'recovery.' Wage growth for non-supervisory workers is getting worse, not better, when adjusted for inflation."
Wall Street, Corporatists, and the Professional Class
Harald Malmgren
"They [the Banks] are less leveraged but have larger balance sheets. The risk is in the gross, not the net. When times are calm, no capital is needed. When panic begins, no amount of capital is enough."
Jim Rickards
“And the banks - hard to believe in a time when we're facing a banking crisis that many of the banks created - are still the most powerful lobby on Capitol Hill. And they frankly own the place.”
Dick Durbin
“Remember when nurses, caregivers, teachers and students crashed the stock market, wiped out banks, took billions in bonuses and paid no tax? No, me neither.”
Fuad Alakbarov
“In economics, it is often professionally better to be associated with highly respectable error than uncertainly established truth. Wealth is the relentless enemy of understanding.”
John Kenneth Galbraith
Stocks were a bit wobbly from the open. But they sold off more decisively in the afternoon when it was announced that Trumpolini would have something to say about China and tariffs after the close.
Gold and silver were gaining a bit on Dollar weakness. This weakness is within a well defined trading range. And gold and silver are also caught in a sideways chop.
I suspect that some event will shake up the precious metals bears one way or the other, and the metals will break higher or lower, and perhaps sharply. It does seem more likely that it breaks higher because of the hugely impressive imbalance of shorts on the Comex, But let's see what the charts show us.
There will be a stock option expiration for September at the end of this week. There will be Comex precious metals option expiration next week.
I spent quite a bit of effort getting in touch with my inner-homeowner this weekend and today, taking care of a list of things that have been too long neglected, from lawncare to chimey repair to pruning to light mechanical repairs.
And with much of it done, Dolly and I have snuggled down to wait for the remnants of Hurricane Florence to bring us their rain.
Need little, want less, love more. For those who abide in God abide in love, and God in them.
Have a pleasant evening.
