"We cannot speak to the conscience of the world when our own conscience is asleep."
Carl von Ossietzky
"In the [60 Minutes] interview, Kroft asks [Michael] Lewis: 'What’s the headline here?' Lewis responds: 'Stock market’s rigged. The United States stock market, the most iconic market in global capitalism is rigged.'
Kroft then asks Lewis to state just who it is that’s rigging the market. Lewis responds that it’s a 'combination of these stock exchanges, the big Wall Street banks and high-frequency traders.'
It’s just shy of eight years since Lewis wrote the definitive book on the corrupted structure of Wall Street, and yet, Congress has taken no meaningful action to reform it.
Congress has taken zero meaningful actions to reform Wall Street since it brought the U.S. to its economic knees in 2008 because much of Congress is receiving large chunks of campaign dough from Wall Street and its outside lawyers, as well as from hedge funds that drop $10 million to a Super Pac as casually as paying for lunch at Milos.
The failure of America to reform its campaign financing structure has corrupted Congress in its ability to reform Wall Street. In turn, the lack of reform of Wall Street has left the U.S. with a dangerous financial system...”
Wall Street On Parade, Fog of War Providing Smoke Screen for Dangerously Unreformed Wall Street
"Beware of false prophets, who come to you in sheep's clothing but inwardly are ravenous wolves."
Matthew 7:15
The Fed did as it was expected today and raised its benchmark interest rate by 25 bp.
After some initial fakeout moves, stocks went into full risk on rally mode, going out near the highs.
The Dollar fell about 75 cents, and the VIX dropped back to its 50 day moving average.
Surprisingly enough both gold and silver came well off their lows, and finished in the green.
Let's see how bully goes into the weekend tomorrow.
As a reminder, this Friday is a quad witching index option expiration.
What a surprise.
Have a pleasant evening.
