WASHINGTON, July 5, 2016—It would have been inconvenient and politically unproductive to announce on Independence Day that the long-expected fix was already in for Crooked Hillary and her lengthy laundry list of high crimes and misdemeanors.
That’s why we learned about it today, so this wonderful, joyous story wouldn’t get buried amidst all the holiday pictures and news on July 4. At long last, we can forget about the Benghazi scandal and all the scheming and lying deployed to cover it up, including the David Copperfield-style mass illusions created in recent days by the Bill Clinton-Attorney General Lynch, “chance” or “secret” airport meeting that the press suddenly knew about and Sunday’s fake grilling of the Hildebeest by the FBI. (BTW, we wonder if that amateur film guy who absolutely caused the Benghazi massacre is still in jail.)
Both these pre-staged events were Washington-style kabuki theater at its finest. Taken as a whole, the entire theatrical production somehow reminds us of Copperfield’s famous illusion whereby he made the Statue of Liberty disappear.
While we’re busy forgetting what’s going down the political memory hole, we can also forget about the email and un-secure server-in-the-bathroom scandal and that small matter of influence-peddling to foreign powers that went on continuously while her Hillariness was serving as America’s Secretary of State. We won’t even get into the almost totally-unreported coverup of the massive and highly suspicious losses incurred by clients of the Clintons’ Master of the Wall Street Universe son-in-law on behalf of his hapless and/or gullible clientele. Nothing to see here, folks, move along.
Next up? Finding a vulnerable U.S. Senate seat Chelsea and the Clinton Foundation can buy in the 2020 elections, assuming they’re even held.
Washington and Wall Street careers have been destroyed forever based on far less damaging political and financial shenanigans than the ones we’ve just seen so idly and casually dismissed as well as those that are yet to come. But if anything was proved today by FBI Director James Comey—who essentially declared this morning that Hillary was more and clear and free to take her customary mendacity to a much higher level—the strict observance of U.S. laws is only for suckers.
Writes the Observer’s correspondent Austin Bay,
“Today, the FBI sold out the Rule of Law in America. After describing clear evidence of extensive mishandling of classified national security information, FBI Director James Comey announced that the FBI will not recommend indicting former secretary of state Hillary Clinton. This is naked crony government, ugly and exposed. Comey’s decision will go down as one of the government’s worst assaults on truth in its War on Honesty.
“Today’s press conference was, in many respects, an exercise in legal and cognitive dissonance. Comey acknowledged Clinton sent and received Top Secret emails that “any reasonable person” understands not to discuss on an unclassified system.
“Red flags? Excuse me, sir—that’s a crime.
“Comey also acknowledged her email system was housed on unclassified personal servers that lacked full time security systems. Indeed, nations and groups hostile to the U.S. could have hacked the system. Comey acknowledged ‘hostile actors’ hacked individuals corresponding with Clinton on her unauthorized system. She also used her unsecured personal system outside of the U.S.—in places where sophisticated adversaries could hack her communications.
“Comey called this careless. Sir, it is reprehensible. It is reckless disregard of American security.
“Then he said he would not recommend indictment.”
One wonders what kind of oppo-info the Obama Administration possessed on Comey—reputed to be a law and order straight arrow—to decisively shift both he and his now-discredited law enforcement agency over to the Dark Side. Maybe it was nothing more than the threat of losing that cushy and otherwise influential taxpayer-supported, high salary, high-profile government job. We’ll never know because Democrats never tell and the “media” never reports.
Our column headline today is, of course, provocatively and intentionally misleading. While stocks tanked today, the market’s dive wasn’t a reaction to this flagrant elitist violation of what’s left of America’s “rule of law.” But today’s message is clear. Both Washington’s political elites and New York’s mega-rich, Democrat-supporting crooks in the banking, securities and hedge fund industries can continue to ignore and even flout the law unhindered. That’s because the law is only for little people like us.
Which is the actual linkage here. All the monetary and investing shenanigans we’ve been decrying in this column for the better part of the last eight years will go on unhindered. If you’re wealthy and if you continue to fund the criminal activities of the Democrats, America’s fake socialist party, you can do pretty much anything you want. What’s left of the law is for rubes, hicks, coal miners, lumberjacks and the rest of us, especially anyone who lives in Flyover Country (except for the Democrat crooks and hacks who own Chicago.)
Over time, this obvious fact will trim still further the dwindling list of individual investors like the Maven who still bravely work our crooked markets without the aid of supercomputers, compliant government officials and special favors.
In reaction to this travesty, snotty CNBC correspondent Ivan Levingston used today’s disgusting news to lob yet another of many condescending editorial remarks-disguised-as-news toward presumed Republican Presidential nominee Donald Trump. Trump, of course, being no wallflower, immediately fired off one of his famous tweets after hearing about Hillary’s undeserved “Get Out of Jail Free” card:
The system is rigged. General Petraeus got in trouble for far less. Very very unfair! As usual, bad judgment.
— Donald J. Trump (@realDonaldTrump) July 5, 2016
“Donald Trump took to Twitter with his usual bombast in response to FBI Director James Comey’s recommendation that charges not be brought against Hillary Clinton for her handling of classified information in connection to private email servers.”
Sometimes, despite our better judgment, we find ourselves wanting to take faux journalists like this one out back and smack them around a bit. But that would likely be a “macro-aggression” punishable by 25 years in the slammer if sentenced by a Democrat judge, so we must remain prudent for the moment.
Yes, the market was indeed down today, and quite sharply, regardless of the reason why. The real reason, most probably, was an expected profit-taking reaction to last week’s surprising, big-time, post-Brexit rally. Monday is often the day when the Big Boyz take some of their winnings off the table. They certainly did that today, hitting all three major averages with a three-fourths of one percent loss more or less.
It didn’t help that crude oil prices took a nasty beating today as well, with WTI down nearly 4.5 percent (-$2.16) to close at 46 bucks and change.
The majority of stocks suffered at least minor losses, with energy and financials suffering the worst damage.
Perhaps foolishly, we added a few more shares to our losing positions in Blackstone (symbol: BX) and the increasingly anemic Teekay Tankers (TNK) while actually picking up 100 shares of a similar company, Dynagas LNG Partners LP (DLNG).
We’re still convinced that most of the rest of this summer will be a rotten one, stock market-wise. But we’re slowly accumulating downtrodden but promising issues nonetheless, wagering that once the market absorbs the news that both Cleveland and Philadelphia have been destroyed by leftist brownshirts later this month, stocks may finally begin to inch toward some kind of recovery later in the fall as they so-often do. Jury’s still out on this one, even though the jury has now been dismissed for Hillary.
In contrast to our losers, our positions in paper gold and silver were sharply up today, with silver in particular remaining on a short term tear. The Brexit is apparently scaring the hard currency guys, big time, and the world’s central banks, who’ve long been illegally manipulating precious metals prices downward, don’t seem to contain the irrational exuberance of the gold and silver bugs. That said, we’d expect some kind of short term smackdown here just to shake out the rubes.
We’re cautious on the market at this point. Right around now has been a very dangerous time for stocks in recent years, as last August’s waterfall decline in everything still reminds us. That means that, aside from a few gutsy and perhaps very foolish moves to shore up our portfolios here and there, we’re still inclined to carry a good bit of cash into the rest of the summer.
Disclaimer: Portfolio moves mentioned in this column are not necessarily meant as buy and/or sell recommendations. Rather, they’re meant to provide a running account of this writer’s own investment activities in the hope that readers may get some sense as to just where today’s capricious markets may be headed and why.
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