US Will Experience Another Financial Crisis Because of Lack of Meaningful Reform

I completely concur that we are heading for another financial crisis, and that the reason for this is the lack of meaningful reform of the corrupt system that brought us the last two financial crises.   And I am concerned that the system and its insiders are now incapable of reforming or changing themselves.  This is the credibility trap.

The Democrats are crowing over the troubles dividing the Republican Party, the leadership of which seems to be dropping any pretense of listening to even their own people, much less the broader public.   But the Democrats are completely ignoring the problems and deep divisions of their own and the continuing betrayal of their base for the tainted money from the financial system.

And both parties are attempting to play on the emotions and passions of their members so as to get them to ignore the most substantial issues of all:  the lack of a sustainable economic recovery after seven long years, and the continuing decimation of everyone except a wealthy and powerful few.

Why We Support Bernie Sanders Over Hillary Clinton for President
By Pam Martens and Russ Martens: March 22, 2016

Wall Street On Parade’s strong preference for a President Bernie Sanders over a President Hillary Clinton is based on a well-formed belief that the United States will experience another financial crisis on Wall Street within the next few years. That crisis will, in hindsight, be viewed as the direct failure of President Obama to enact meaningful financial reform legislation after the 2008 crash, when he had the will of the people behind him, rather than pandering to his overlords on Wall Street who financed his campaign.

Nothing more clearly demonstrates who has been calling the shots in the Obama administration than the President’s nominees to oversee Wall Street at the U.S. Justice Department, U.S. Treasury Department, Securities and Exchange Commission, and his outrageous refusal for more than five years to even follow his own Dodd-Frank financial reform law and appoint a Vice Chairman for Supervision at the Federal Reserve.

Read the entire story here.

Gold Daily and Silver Weekly Charts - Silver Shows More Staying Power Than Gold

Silver showed a little more staying power than gold, which is not all that surprising because gold has been leading all the way up this year, and the gold/silver ratio is at some historic highs.

The US dollar gained back a little of what it had lost after the Fed meeting last week.

There was the usual lack of activity at The Bucket Shop.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Greedily Mispricing Risk

The title says it all.

The box score is below.

Get as far away from Wall Street as you can.

Have a pleasant evening.

Gold Daily and Silver Weekly Charts - Shenanigans for Option Expiration, Silver Cup and Handle

"Let us take things as we find them: let us not attempt to distort them into what they are not.  True philosophy deals with facts.  We cannot make facts.  All our wishing cannot change them.  We must use them...

Let us attempt to understand it.  Let us not disguise it, or explain it away.  It may have difficulties; if so, let us own them.  Let us fairly meet them: if we can, let us overcome them."

John Henry Newman

On the bright side, option expiration antics aside, silver has set a proper handle, but has yet to 'activate' it by taking out 16 with some authority, and refusing to give it up.

Granted it is a little harder to see on the weekly chart that I use, but it is clearly there.  Now, follow through and a move higher is everything.   If it can succeed, we are probably looking at a run towards a twenty handle.

There was little activity at The Bucket Shop for deliveries, and the warehouses were their usual quiet selves except for silver, which again is spurred on by CNT and their wholesale business.

I suspect that before all is said and done, at least one of the big bullion banks, and probably not the one that immediately comes to mind, is going to be caught up in a scandal as bad or worse than that of MF Global.  Remember them?  Have you ever wondered what happened to Mr. Obama's friend Jon Corzine, who with some help from his friends was caught blatantly taking customers' money to cover his losses?

Have a pleasant weekend.