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A baby step higher day in the metals, with more shenanigans likely in the the waning days of this year.
Intraday commentary on the 'December manipulation' phenomenon here.
"Plus ça change, plus c'est la même chose."
Jean-Baptiste Alphonse Karr, Les Guêpes, 1849
There will be no sustainable recovery without genuine reform of the financial and political system. At best, there will be a pale imitation of growth fueled by a pernicious of monetary inflation and the continued financialization of the real economy.
A wash and rinse day, with the markets going sharply lower on remarks from Senator Harry Reid that he sees no chance of a financial deal before year end.
And in the last hour the market rallied sharply off the bottom, closing almost unchanged for the day, on the news that the House of Representatives will reconvene on Sunday December 30 at 6:30 PM.
I just do not see what they can do, other than to offer to 'kick the can down the road' and take the nation into another crisis, more to their liking, at the next budget ceiling operation early next year.
I suspect the markets will continue to gyrate, as the monied interests and their servants in Washington hold the country hostage, as they did with TARP.
Hang on for a rough ride.
At the bottom is a chart from the Fed's database that shows the latest information on Labor's Share of National Income, which has declined to new postwar lows.
A greater share of income has gone to those wielding capital. This has not been positive for aggregate demand or the median wage. The extractive efforts of the financial and healthcare cartels are taking their toll, slowly but surely.
Premiums are certainly not exuberant, but rather to the low end of historic norms.
