Moyers: Fighting Back Against the Wall Street Giants

One has to be concerned that America's first female president will be as great a disappointment and failure as America's first African-American president.

Unlike Obama or Hillary, I think Elizabeth Warren may be the real progressive deal. She has political street smarts and leadership skills that make her more than just a hectoring voice from the sidelines.

Yes, she has some concerning views on the foreign policy front that grate on liberals. And yes, when you listen to her, she is no doubt a politician, and remarkably partisan, excusing the sins of her own party and railing against those of the opposition.  And Moyers calls her on it, beautifully. 

But, unlike Obama before he became President (and some might say after), on the whole she has actually accomplished some things for Main Street, and against terrible opposition. And unlike Barry and the Clintons she did it without selling out to Wall Street money. 

Perhaps she has a miraculous cattle trade in her past that we do not know about. If there is anything shaky in her past, it will certainly be used against her in a politically motivated hit as was done on Eliot Spitzer when he crossed the vested interests.  Or just a big media smear campaign, like Ross Perot and Howard Dean.

I doubt that she can run successfully however. The moneyed interests will never vet her, and it is impossible to run for high office from either party without their approval. 

The 'bullet or the bribe' is a powerful disincentive for political change.  And if any progressive agent for change ever does run, and is elected, they will not be able to stand up for change alone, unless the people stir themselves and show some serious support for reform.  At least as much concern as they are willing to show for nude selfies of movie stars, and the latest twists and turns of staged reality shows.

I am hopeful, but not optimistic.  And this interview does not make me moreso.  There seems to be little that Washington cannot spoil with its taint.  This is the age of the narcissist and sociopath. I think the hardships will increase dramatically before adversity makes human beings of us once again.

Gold Daily and Silver Weekly Charts - Non Farm Payrolls, Mario Chill Metals, Grand Malfeasance

"Just as in previous boom-bust cycles, the seeds of destruction are sewn in the illusion of trend masquerading as truth, with momentum seeming to validate a widening gap between perception and economic reality. And just as in past cycles, the manager who doesn’t subscribe to the new rules, who goes against the grain of convention is viewed as out of touch or left behind.

Since the beginning of our fund’s drawdown in early 2012, a Bloomberg index of the “Worst Balance Sheet” companies of the S&P500 has returned to-date over +30% on an annualized basis. An MSCI index of the “Most-Shorted” companies of the Russell 3000—a proxy for the visibility of bad valuations, bad managements, and bad fundamentals—has also returned over +30% annualized. These perversions are even more pronounced within EMs, exacerbated by record fund outflows in the first half of 2014, exceeding even those of the 2008 crisis.

This dash for trash puts to shame even the speculative excesses of the dot.com era. This is a circus market rigged by HFT and other algorithmic traders who prey on the rational behavior of warm-blooded investors. They only serve to further undermine the integrity of public markets, which will ultimately bring about their rationalization.

Andrew Cunagin, Rinehart Capital Partners LLC founder

 

The Federal Reserve and the other public regulators are culpable for the carnival atmosphere in the US markets, in addition to the visceral and cynical pandering to greed which is the hallmark of the present day political class.  At some point, someone must have the courage to stand, even if it is against the tide, for the rule of law. 

 

These officials have taken the duties of their office and sworn to it, and thereby own the stewardship.  They have systematically set the boundaries for the vital price discovery process of public markets, the protection of wealth,  and of economic governance in order to favor a powerful few at the expense of their own obligations.  

 

They cynically attempt to hide their malfeasance with a feigned ignorance and obfuscation.  They pride themselves on their ability to deceive, to use words as a weapon against those that they are obliged to protect.  They excuse their behavior by saying, 'we did not know' or 'you did not do enough to stop us.'  By their example they sow the seeds of disorder and destruction.

 

Tomorrow is the Non-Farm Payrolls Report.

 

Today the ECB's Draghi pledged to buy assets and cut rates.

 

The Fed's Kocherlakota says that 'Interest Rates Are Too High.'

Precious metals fell in price in a ham-handed attempt at perception management.

This is what happened. Make what you will of it.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Ranging Day

"Facing a lack of inflation-adjusted, or real, growth in income and limited credit availability, and with a lack of willingness to take on new debt, the consumer simply does not have the wherewithal to drive positive real growth in broad domestic consumption. Personal consumption expenditure and residential investment accounted for 72% of the domestic GDP in the latest reckoning."

John Williams, Shadowstats

Seems like a fairly straightforward observation doesn't it?  Never underestimate the craven rationalizing of the privileged class.

 

Stocks had a wide ranging day as traders pushed the money around the plate ahead of the Non-Farm Payrolls Report.

We have the makings of a rounding top in stocks, but these are very thing markets so caution is advised until the trend is set.

And so we await that news tomorrow.

The complacency, created by the policy errors of the Fed, is so thick that if we were to receive an announcement of the end of days, I suspect that the biggest clicks would be on 'The Best Stocks to Own for Armageddon.'

There must be a God.  Otherwise people would have no one who loved them.

Have a pleasant evening.

 

Real News: Deep State, Big Lies, Organized Plunder, and the Power of the Moneyed Interests

A new set of interesting conversations with David Cay Johnston about his work as an investigative reporter and writer on the Real News.

This is what the one percent do not wish you to hear or understand. You will not hear this on any prime time news programs. Not even Public Broadcasting will touch this story.

This is how easily the system is manipulated, by design, for those who have the money, means, and the connections. I think Johnston explains it much better than most.

In the upcoming elections, and especially the Presidential elections of 2016, it is highly unlikely that either major party candidate will not be fully vetted and approved by the moneyed interests as a corporate brand, no matter what big time wrestling theatrics are staged to portray them as 'different' and get people worked up about it. This is not a choice; this is just sad.

Try to listen to what Johnston says without knee jerk reactions from the slogans that have been inserted by endless repetition into your thinking by corporate news outlets and think tanks. Try to hear the facts as they are.

The 'deep state' is at the heart of the partnership between private power and the government.

Part 3


Part 4


Part 1


Part 2