SP 500 and NDX Futures Daily Charts

Some decent swings but overall a quiet stock option expiration today.

Next week is a holiday shortened week in the US.

It will be marked by a metals option expiration on the Comex, and the results of the Congressional 'SuperCommitte' on the US budget deficit.

Headline risk from Europe is very high.

US Corporate Taxes As a Percent of Corporate Profits

"Once upon a time, the corporate income tax generated a significant share of tax revenues; now, it’s bumping along in the 2%-of-GDP range. Yes, the marginal rate of corporate income tax is high, at 35%. But US companies are extremely good at not paying that.

But at least we know the aggregate amount that corporations pay in taxes. What we don’t know — because they won’t say, and no one’s forcing them to say — is how much any given public company pays.

Allan Sloan has a very good column on this today. Companies already report 16 different tax metrics; they should simply be required to add a 17th — the amount they pay the IRS in taxes — which in many ways is most important. The companies already file tax returns; the number’s right there, on lines 31 and 32. They just refuse to say what it is."

Charts of the day, Corporate Income-tax Edition, Felix Salmon

One thing that is true is that the US has a high 'headline' corporate tax rate at 35%. This was used to justify the distribution of corporate profits as dividends that were made tax free.

But like most things in America, the headline numbers are one thing, and the reality behind the headlines is a very different picture. Some of the loopholes that allow 'offshoring profits' are eating like acid into the real economy. Why is this? As Jack Abramoff recently admitted, Congress is a willing vassal to the monied interests.

"During my years as a lobbyist, I saw scores of congressional staff members become the willing vassals of K Street firms before soon decamping for K Street employment themselves. It was a dirty little secret. And it is a source of major corruption in Congress."

And nothing will make this more clear than the discussions about the US budget. All politicians will work for tips and favors and campaign funds. But if you cannot spot who is on the full-time payroll of the 1 percent, then you might need to change your news channel.

The corporate propagandists do a good job of managing the American people. As one of the more pre-eminent of the pigmen once privately told me: 'Old people are the easiest to handle. You just scare them.'

Greed draws people in, and fear keeps them in line. Its a well-worn script. It is the basis for most ponzi schemes and financial frauds. It is the well-spring of a credibility trap.

The reporting on NYC financial TV was particularly repugnant this morning, as they called the OWS movement over, with nothing left but a few professional agitators.

They contrasted its lack of strict purpose and organized ideology with the much more compliant Tea Party Movement, that allowed itself to be reorganized around corporate advertising principles. It morphed from a financial reform movement into obedient lobbyists for the Koch Brothers and the monied interests.

And it angers the Wall Street demimonde that the loose organization of OWS does not permit an easy foothold with a few influential leaders that can be easily bought and scripted.

Poll Results: What People Are Thinking

These are the top six themes from our poll.

There was a huge drop off in votes after number six.

There was a pleasant understanding of the role of money and corporations in the readers' selections.

Gold Daily And Silver Weekly Charts

"Never argue with a fool, because they will only drag you down to the level of stupidity, and then beat you with their experience."

Michel de Montaigne

Today was December Option Expiration Metals Takedown Part Deux. As you know the actual expiration will be next Tuesday.

The pampered princesses of Bloomberg TV spent most of the morning alternatively frothing and tittering about the protesters outside the NYSE.

And having been short stocks, expecting a hit on the metals, it actually was a fairly boring day.

So what next.

The shorts cannot possibly deliver the silver on the Comex to cover all the options and contracts, but that has not fazed them before. I have a running theory that says the Comex will default in an event or a scandal. I almost thought MF Global was it, but apparently not.

"Every thing secret degenerates, even the administration of justice; nothing is safe that does not show how it can bear discussion and publicity."

Lord Acton

Let's see how we go into the weekend. After Tuesday the adults on the US exchanges will be taking off for a long Thanksgiving weekend. That leave it up to Asia and Europe to carry on.