WASHINGTON, July 26, 2016 – Stocks are pouting again on Wall Street Tuesday. Despite the happy face the Democrats’ first-string spinners and in the tank media hacks are trying to put on Monday’s DNC debacle in Philadelphia, the Evil and its prematurely anointed standard-bearer Hillary Clinton, had at least as bad a Monday if not worse one, than did the Stupid Party last week in Cleveland.
Monday’s Bernie-v.-Hillary credentials fight was at least as nasty as the Republicans’ abortive Cruz Crusade. Even worse, the Wikileaks DNC email scandal erupted over the past weekend, a brilliant and carefully planned moved by Assange and his Soviet Russian pals poisoning the well for her Hillariness as well as Debbie Wasserman-Schultz.
The email dump proves beyond any doubt that Wasserman-Schultz, a proven hatemonger, pathological liar and blindly pro-Clinton harridan did, in fact—along with the rest of the Democrat Establishment—work tirelessly to screw Bernie Sanders out of the ultimate prize.
The Keystone Kops #NeverTrump effort by the Stupid Party’s smarmy, wealthy, self-appointed elitists would probably have succeeded in derailing Trump last spring if somehow they’d managed to hire Diabolical Debby to do the deed. But they didn’t. That’s why Insurgent Trump nabbed the brass ring while Uncle Bernie is heading back to his farm. The moral: when you truly need an Inglourious Basterd, you should always hire a Democrat operative.
What’s funny is the furious effort by the Democrats’ media minions—also utterly exposed by Assange’s email dump—to continue working hand-in-hand with the Evil Party even though their thin veneer of remaining respectability has been ripped away forever.
Glenn Reynolds has dubbed these hacks as “Democrat operatives with bylines,” an apt description proven again this morning by NBC hack-in-chief John Harwood, whose sheer chutzpah had me gasping for air when I read his Democrat puff piece on CNBC’s allegedly financial website.
Comparing Monday’s brilliant efforts by the DNC to pancake the hopes and dreams of Bernie’s mindless Commie supporters, Harwood compares the gentle, caring and compassionate ministrations of the DNC unfavorably to the thuggish brutality of the Neanderthal Republicans:
“…the Democratic Party moved at every level to mollify and tamp down dissent. Sanders sent emails and texts to his supporters asking them as “a personal courtesy to me” not to disrupt the convention. The Clinton campaign placed comedian Sarah Silverman, a Sanders supporter, on stage to make the unity case. Especially popular with young people, she told others feeling the Bern ‘you’re being ridiculous’ to keep up protests.
“It was the kind of effort Republicans could not manage last week. Ted Cruz, the chief rival to Trump, refused to endorse him and urged conservatives to ‘vote your conscience.’ The Trump campaign responded by rallying boos against Cruz as he stood on the convention stage.”
Does Harwood even proofread his own propaganda. We move from the Democrats’ and Bernie Sanders’ “personal courtesy” be-nice arguments to persuade his bitter and provably-cheated supporters to “comedian” Sarah Silverman’s kinder, gentler suggestion that those bitter Bernsters are “being ridiculous” to keep on fighting. Kinder and gentler for sure.
And speaking of Silverman, Harwood also notes that Democrats are clearly better because, well, they have better movie stars:
“The entertainers on stage for Republicans in Cleveland last week paled in comparison to the likes of Demi Lovato, Paul Simon and Silverman here. Nor could Trump call for support on the last two Republican presidential nominees (Mitt Romney and John McCain) or the last two Republican presidents (George H.W. Bush and son George W. Bush).”
Well, burn my britches. Trump had a decent roster of headliners himself, though Harwood would never stoop to acknowledging them. Furthermore, the stars, sports figures and singers supporting The Donald are far braver than those supporting any Democrat, given that in the entertainment world, any deviation from the Democrat Party Line is an instant career-wrecker. What a limp-member argument this one is.
Harwood further opines that Trump got no bounce from last week’s convention. Seriously? A number of polls showed Trump got a decent bounce indeed. But Harwood chose to reference only those partisan, Democrat-oversampled pollsters who’ve reliably sought to game perceptions and elections for years.
Well a hack is a hack.
For Wall Street at least, the political trajectory has been getting them down, at least this week. The biggest myth in the universe is that the Republicans are the party of the rich and the 1%. The actual fact is that reality is quite the opposite. The DEMOCRATS are the party of Wall Street and the rich and have been for decades.
Amoral Wall Streeters only want to spend their money to support the political toadies they actually own and operate, and for decades, those have been Democrats, not Republicans. The Democrats now own the Federal bureaucracy, the courts, the universities, the print, TV, cable and online media and anything else that can either massage or strangle the news according to the latest party dictates. So why would the rich want to support those hapless Republicans. Rationally speaking, the Republicans are a bad investment. But Hillary is a wholly owned subsidiary of Wall Street.
Stocks are, in fact, wobbling this week due to:
- A rally that’s gone on too long
- An iffy current direction in the price of crude oil
- Short-sellers looking to take advantage of both the above
- A Democrat candidate who collects more baggage every day she’s campaigning
- A Republican populist opponent, something that was heretofore viewed as impossible
- An ornery populace, most of whom have been totally screwed for the past 8 years by that racial-healing god currently residing in the White House
- An escalating terrorist situation in Europe that will likely manifest in other U.S. cities beside Orlando before the year is out
- A greedy, short-sighted business-boosted push in America for the same kind of mass-immigration of un-assimilable aliens that’s resulted in Europe’s metastasizing “Suicide Squads” of Islamofascist Warriors as amply demonstrated in current news reports.
- An overall sense in this country and around the world that the current political and economic game is running out of minutes innings and time.
All this and more is causing hedge funds, professional investors and the wealthy to pull their money out of the stock markets even as central banks are furiously buying shares to keep things propped up.
This will not end well. Harwood and his fellow partisan idiots and cheerleaders in the media aside, investor sentiment is demonstrating that all is not well at all on the Democrat side of the aisle—the side they favor.
Investors hate uncertainty. At this point, that’s all they have.
Again, as we warned in Monday’s column, we’re going lite this week. Oil remains weak and could again be a trigger for another major selloff. We got badly caught by the January-February 2016 debacle and we’re not going to take it in the ear again.
We’re a little nervous about our income-overweighted portfolio of mostly preferred stocks. On the other hand, most of these are term-preferred stocks that have a relatively early redemption date. Since we bought nearly all these below par (in general, below the fairly standard $25 redemption price) we should come out okay even if these issues suffer a temporary sinking spell.
Our somewhat reduced but still large-ish position in Teekay Tankers continues to take new hits after a recent mini-rally, influenced, we think, mostly by the fizzling price of crude oil and resulting softening tanker rates. But we’re holding our reduced position for now.
We recently bought a little bit of Pfizer (PFE) in one of our portfolios and will buy more if the market begins to suffer from severe stomach upset in August. We may nip into some gold and silver ETFs once again now that the profit-takers seem to be wrapping things up.
But otherwise, we’re just not doing much. Charts and fundamentals aside, it just doesn’t feel very good at the moment. And over many years of investing, the Maven has learned that if he consistently doesn’t feel right, then he’s best off being very, very careful. So should you.
*Cartoon by Branco. Reprinted with permission and by arrangement with Comically Incorrect.com. Originally posted at Americans for Limited Government.