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| Fed Chair Powell Gives Humphrey-Hawkins Testimony to the House |
"In the full enjoyment of the gifts of Heaven and the fruits of superior industry, economy, and virtue, every man is equally entitled to protection by law; but when the laws undertake to add to these natural and just advantages artificial distinctions, to grant titles, gratuities, and exclusive privileges, to make the rich richer and the potent more powerful, the humble members of society — the farmers, mechanics, and laborers — who have neither the time nor the means of securing like favors to themselves, have a right to complain of the injustice of their government.
There are no necessary evils in government. Its evils exist only in its abuses. If it would confine itself to equal protection, and, as Heaven does its rains, shower its favors alike on the high and the low, the rich and the poor, it would be an unqualified blessing."
Andrew Jackson,
Veto of the Second Bank of the United States
"Gentlemen! I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country.
When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin!
Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, (bringing his fist down on the table) I
will rout you out."
From the original minutes of the Philadelphia bankers sent to meet with President Jackson February 1834, from
Andrew Jackson and the Bank of the United States (1928) by Stan V. Henkels
Stocks were off a bit again today, although it was very quiet, orderly selling.
The dollar was higher, which put gold off a bit. Silver was indifferent to it all.
The big tickle tihs week, unless something exogenous occurs, geopolitically or tweet-wise, will be the Fed Chairman Powell and his Humphrey-Hawkins testimony, first to the Senate and then to the House.
I have included the economic calendar for this week below.
Why is the Fed's opinion on things so paramount? Because due to the lack of real economic growth and recovery, the primary factor in determining market valuations at these levels is the amount of hot money that the Fed is willing to provide into the gambling purses of the Banks.
Have a pleasant evening.
