Jim Quinn takes a hard look at the economy and markets, and dismisses President Obama’s claims that he’s leaving it in good shape. From Quinn at theburningplatform.com:
I stopped trying to predict markets back in 2008 when the Federal Reserve, Treasury Department, Wall Street bankers, and their propaganda peddling media mouthpieces colluded to rig the markets to benefit the elite establishment players while screwing average Americans. I haven’t owned any stocks to speak of since 2006. I missed the the final blow-off, the 50% crash, and the subsequent engineered new bubble. But that doesn’t stop me from assessing our true economic situation, market valuations, and historical comparisons in order to prove the irrationality and idiocy of the current narrative.
The proof of this market being rigged and not based upon valuations, corporate earnings, discounted cash flows, or anything related to free market capitalism, was the reaction to Trump’s upset victory. The narrative was status quo Hillary was good for markets and Trump’s anti-establishment rhetoric would unnerve the markets. When the Dow futures plummeted by 800 points on election night, left wingers like Krugman cackled and predicted imminent collapse. The collapse lasted about 30 minutes, as the Dow recovered all 800 points and has subsequently advanced another 1,500 points since election day. Krugman’s predictive abilities proven stellar once again.
It’s almost as if the Deep State oligarchs and their Wall Street co-conspirators are declaring to the world they are still running this show. Despite deteriorating economic conditions, skyrocketing debt, stagnant wages, and bubbles in the stock, bond, and real estate markets, the narrative being spun is a glorious future of tax cuts, less regulations, jobs coming back to America, and GDP growth so high, it will easily pay for all the tax cuts and spending increases. You would think those high frequency trading machines, programmed by Ivy League MBA geniuses, would be smart enough to determine when markets are extremely overvalued as fundamentals are deteriorating.
To continue reading: Something Wicked This Way Comes
