The wholly "unforeseen" endgame for the veneration of extreme greed...
FOMC: Fear Of Missing the Crash
Whenever apologists for greed tally the costs of the housing bubble and crash, they purposely understate the total. Typically they focus solely on the costs of the immediate bank bailout. Seldom if ever do they mention the more than doubling of U.S. debt over the past decade. Never do they discuss the tens of trillions of central bank funny money to generate today's illusional prosperity. Nor do they mention the nine million jobs lost and the millions of bankruptcies. On top of it all, they don't even tally the amount of money lost in the housing market itself. Household wealth vanished. I have never seen that figure in print.
And yet, scarcely a day can go by without some billionaire informing us of the perils of socialism. Today, billionaire Leon Cooperman broke down crying on CNBC, talking about the hardships of being ultra wealthy in these times of non-stop bailouts. Bill Gates has dedicated his entire semi-retirement to proving that life on Earth has never been better. He is now the official spokesman for the orphans of Calcutta. Mother Theresa would be thrilled. Sadly, these are just ludicrously wealthy bailout junkies vainly attempting to justify their zero sum gains.
Wall Street is shitting bricks over Elizabeth Warren. How dare she hold criminals accountable?
"Warren has announced plans for a “wealth tax” of two percent of net worth for households between $50 million and $1 billion, with a three percent tax overall on households worth over $1 billion"
That's nothing, Trump's wealth tax is going to be closer to 100% when his corruption orgy final collapses
Unfortunately, this entire delusion is based upon money stolen from future generations. Federal debt now fully conflated as "GDP". In this era no one "deserves" anything. Least of all the .001% sole beneficiaries of non-stop bailouts. They've had their "share", they've had everyone else's share, and they've had the future's share on top of it all.
Only in America could this type of rapacious criminality STILL be explained away as "the system". The widespread belief in "more", that has somehow survived this past decade of bailouts, will be a fatal conceit for those who still harbour the delusion of entitlement.
Back to the casino :
Overnight, markets went vertical literally - most of the move taking place in foreign markets playing catch up with the U.S. on news that the trade war is over.
In denialist fantasy only, of course.
Here is where it gets interesting:
The Global Dow is at the exact same level as last year when the market imploded. Once again, sporting a three wave retracement:
The subsequent global asset performance after these fake trade deals is not that great
Correlation is tight this year. Whereas it was mostly negative last year:
Momentum Tech is on the verge of exploding lower
Record overvalued Utilities are at key support
Haven't you heard the trade war is over - buy semiconductors
Forrest Trump has one more promise to fulfill for his Terminal Idiocracy
I predict the MAGA carbon footprint will be substantially lower one year from now. Compliments of corruption, stupidity, and denial.
