Tom Clancy
“I've always resented the smug statements of politicians, media commentators, corporate executives who talked of how, in America, if you worked hard you would become rich. The meaning of that was if you were poor it was because you hadn't worked hard enough. I knew this was a lie, about my father and millions of others, men and women who worked harder than anyone, harder than financiers and politicians, harder than anybody if you accept that when you work at an unpleasant job that makes it very hard work indeed.”
Howard Zinn
"Federal Reserve Chairman Jerome Powell sold between $1 million and $5 million worth of stock from his personal account on October 1, 2020, according to disclosure forms reviewed by the Prospect. Powell’s sale of shares from a Vanguard Total Stock Market Index Fund has not been previously reported.
This sale occurred right before the Dow Jones Industrial Average suffered a significant drop."
Robert Kuttner, The American Prospect, 18 October 2021
"There is no clean way to make a hundred million bucks. Somewhere along the line guys got pushed to the wall, nice little businesses got the ground cut out from under them. Decent people lost their jobs. Big money is big power, and big power gets used wrong."
Raymond Chandler, The Long Goodbye
“People with advantages are loathe to believe that they just happen to be people with advantages. They come readily to define themselves as inherently worthy of what they possess; they come to believe themselves 'naturally' elite; and, in fact, to imagine their possessions and their privileges as natural extensions of their own elite selves.”
C. Wright Mills, The Power Elite
Stocks managed to stage a rally today, and went out near the highs.
Gold and silver fell a bit.
The Dollar was flat.
It seems like the VIX is bottoming.
Jerome Powell's credibility as a 'self-policing' leader of the Federal Reserve just got shot all to hell.
It seems like most were doing it there, trading for themselves with huge information advantages, doesn't it.
Just the tip of the dirty iceberg.
Have a pleasant evening.
