WASHINGTON, November 12, 2014 – When sitting here in front of our big trading screen, bored to stupefaction, our thoughts couldn’t help but recall that equally stultifying State Farm commercial they’ve been running endlessly on cable TV for at least a year. Maybe more.
You know, the one where the stupid white male—white males are always stupid on commercials—tries to emulate the smart black dude gets his State Farm agent to show up immediately the moment he sings the State Farm jingle. To the same tune, the hapless white dude warbles “I have blah-blah insurance, so person come help!” And he gets…grandma. “Six calls ahead of us, Jimmy.”
Yeah, well, it’s that kind of day on Wall Street today, with the average trader feeling a little bit like that below average white guy out in the desert. Our portfolios are all looking a little blah-blah today as they digest recent gains, slip to the downside, and try to make up their minds whether the rest of 2014 will end with a bullish bang or a whimper. But we can’t even get grandma to show.
Averages are retreating somewhat as we near the end of today’s trading, feeling a bit depressed by the continued weakness in oil (which consumers should actually be celebrating) as well as some unpleasantry in the wonderful world of too-big-to-fail banks, many of which are getting smacked (again) by fines from the U.S. and the U.K. governments for allegedly manipulating foreign exchange markets. I mean, who knew?
It’s just another way bankrupt Western governments can extract more money from the rich guys—or more accurately, the average depositors and shareholders—without calling it what it is: a tax.
Not that we feel sorry for the fat cat bankers either, who might suffer with slightly lower multimillion dollar bonuses this year because of the governments’ money extraction operation. These are the clowns that, in collusion with governments, created the ongoing Great Recession anyway, but were also the only ones to avoid any financial haircut whatever themselves.
Not that our carping will bring all these perps to justice anytime soon. But it sure does feel good, particularly during a day characterized by blah-blah trading.
So let’s leave it at that and come back tomorrow which, we hope, will be more positive, albeit much, much colder due to that new polar vortex that’s on its way courtesy of
global warming climate change.