“One day, we will have to stand before the God of history. And we will talk in terms of things we've done. And its seems to me that I can hear the God of history saying, 'That was not enough. For I was hungry, and you fed me not. I was naked, and you clothed me not. I was devoid of a decent sanitary house to live in, and you provided no shelter for me. And consequently, you cannot enter the kingdom of greatness.'" Martin Luther King
“We were a very different country 40 years ago. The downhill slide has been pretty fast. America, I think, should be an important warning to other countries not to take for granted their institutions. I worry that things in the United States could get much worse.”
"You are anarchists in the realm of thought. And you are mad cosmos-makers. Each of you dwells in a cosmos of his own making, created out of his own fancies and desires. You do not know the real world in which you live, and your thinking has no place in the real world except in so far as it is phenomena of mental aberration.”
Jack London, The Iron Heel
The crazy train is pulling into the station tomorrow night.
Let's see what tunes the band plays on its arrival.
The commentary on Bubblevision this afternoon was mind-numbing in its vacuity. I had to turn it off as soon as the market closed.
Stocks were trying to level up today, with the lead sled dog being the SP 500 futures. The Nasdaq 100 was a boat anchor being dragged behind.
The Dollar was slightly lower.
So were the precious metals, ever so slightly, in anticipation of the FOMC rate decision on Wednesday perhaps.
It appears that the ever-shrinking 'caravan' will not make their appointment at the border in time for the election. What a surprise. Could Fox News have possibly gotten it wrong?
Brothers and sisters:
If there is any encouragement in Christ,
If any comfort in love,
If any fellowship in the Spirit,
If any compassion and mercy,
complete my joy by being of the same mind, with the same love,
united in heart, thinking as one.
Do nothing out of selfish ambition or out of pride;
but in humility regard others more important than yourselves.
Each of us should look out not only for his own interests,
but also for the interests of others.
Philippians 2:1-4
For those who exalt themselves will be humbled, and those who humble themselves will be exalted.
Then he turned to his host. 'When you put on a meal or a banquet', he said, 'do not invite just your friends, brothers, relatives, and rich neighbors. For they will invite you back, and that will be your only reward. Instead, invite the poor, the broken, the lame, and the blind. Then at the resurrection of the righteous, God will reward you for inviting those who could not repay you.'
Luke 11: 11-14
All of a turn to a good heart are welcome into the warmth and light of His café.
The Devil, in Greek diabolos the 'divider', 'scatterer', 'slanderer'
“OMB Director Mulvaney cites a record high in gov’t revenue. True, revenues hit a high in nominal terms over FY18, growing 0.4% Y/Y, However after adjusting for inflation, growth actually fell by 1.6%”.
Steve Rattner
"Non Farm Payrolls puffed up all year, major negative adjustment to come later. For most Americans this is not a strong economy, regardless of what Fed or Administration says. When the jobs data is benchmarked to the tax data in February, there will be a massive downward revision.
I just ran the October withholding, and there is no way that this number is correct. Withholding was extremely weak. Bureau of Labor Statistics overstating gains all year."
"Thanks [Lee] for the insight on the inconsistency of NFP with payroll withholding. I was about to have a quick look at tax receipts but you saved me from that task. As for avg wages rising I expect much wage gains concentration in top 10% (supervisory), similarly for per capita incomes... [for a truer picture look at median numbers especially in times of record income disparity]
BLS says 250,000 jobs created. Zero attention to how number compiled. BLS number helped each month by "birth-death" ESTIMATE to account for unknown business shutdowns and startups. Guess what? The Birth-death estimate this time was +246,000. Good NFP before midterms."
Harald Malmgren
I would also point to the downward revision already from last month's headline number, in addition to the nice fat estimate from the 'Birth-Death' imaginary jobs estimate that helped to boost the headline number.
And few mainstream economists look at these big benchmark revisions as referenced above with a critical eye. That is where independent analysts like Lee Adler come in.
You have no idea [well, maybe you do] how glad I will be when these midterm elections are over. I have never received so many junk 'robo' phone calls, or knocks at the door, or seen so many ludicrously slimy TV ads.
Stocks put in another 'pop and flop' kind of day, finishing nearly unchanged after a ranging day of highs and lows that were remarkable.
This is not bullish, and not constructive action for equities.
Bully better hope that nothing untoward happens to trigger a selloff, before corporations can start using their tax cut money and dodgy accounting booty to game their stock prices through billion dollar buybacks again.
They *could* end up like GE some day, after many billions spent buying back their stock and not reinvesting in the business. They are now teetering, and some fear they may fall over into bankruptcy.
But the managers who ran the stock buybacks have cashed in their big stock price related bonuses and options, and have taken the money and run.
Gold and silver put in a weak performance but managed to hold their recent gains as the dollar chopped sideways after its big selloff from the recent top.
There will be an FOMC meeting next week. I have included the economic calendar. They are not expected to do anything except to make noises, that may provide some insights into the expected rate increases to come, the next being in December.
If they try to sneak an extra one in next week that *could* roil the markets.
Try to be kind to those you meet, for everyone is bearing a burden of their own. Don't take people for granted, but thank them for the little things that they do. I have never seen people acting with such aggressive foolishness and petty bullying in a very long time. What are they thinking?
This is not us. This is no way to live. Don't let the increase in wickedness, and gross disregard for the truth and other people by some, harden and embitter your hearts. Don't sell your soul so cheaply.
Need little, want less, love more. For those who abide in love abide in God, and God in them.
Let us pray for those whose hearts are hardened against His grace and loving kindness by greed, fear, and pride, and the seductive illusion and crushing isolation of evil.
We pray that we all may experience the three great gifts of our Lord's suffering and triumph: repentance, forgiveness, and thankfulness. And in so doing, may we obtain abundant life, and with it the peace that surpasses all understanding.
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