WASHINGTON – After wallowing in the red zone Wednesday morning, US stocks have tepidly reversed course as we write this commentary, circa 1:34 ET. All three major averages are currently up fractionally. But traders, investors and high-speed machines remain baffled by the truckloads of BS excreted daily by Washington’s Fools on the Hill. Today’s fools include Comrade Schiff’s Kangaroo Court and Deep State Fed Chair Jerome Powell.
Fed Chair Powell smacks the markets again
Beginning the first of two days of testimony before Congress, Fed Chair Powell started the day off right by guaranteeing some hostile tweets from President Trump. This clip from Fox Business drills down on the details.
“Federal Reserve Chairman Jerome Powell said policymakers at the U.S. central bank are unlikely to cut interest rates in December, so long as the economy remains on its current path of growth.
“In testimony he provided to the Joint Economic Committee of Congress, Powell reiterated what he said during the Fed’s two-day meeting in October: The current level on its benchmark interest rate will likely remain ‘appropriate,’ despite persistent risks to the economic outlook. Those risks, he said, include slow global growth and the U.S.-China trade war.
“‘We see the current stance of monetary policy as likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook of moderate economic growth, a strong labor market, and inflation near our symmetric 2 percent objective,’ he said in his Wednesday remarks.”
Translating the latest Powell bafflegab
What Fed Chair Powell really meant to say was that he’s determined to keep confusing markets. By acting to prevent interest rates from seeking their own level, suppressing business and, eventually, Powell is helping create the mild but scary recession both he and Deep State Democrats hope will bite the average American voter in 2020. And that’s just in time to goad marginal Trump supporters either to stay home or vote for the Democrats’ Socialist of choice as America’s
first Marxist dictator next President next November.
More on the Fools on the Hill
America’s beautiful, cosmopolitan capital city – a city and region I once loved long ago – has degenerated to the point where the Fools on the Hill in Congress, the Federal Deep State bureaucracy, the legal system, and the rational philosophical system that once guided them all seems as metaphorically feces-laden as the disgusting, needle-strewn streets of once lovely San Francisco under its current socio-fascist two-bit dictators.
Nothing reflects this better than the latest gasbaggery emanating from Fed Chair Powell. Unless, of course, you consider the legal flatulence of Comrade Chairman Schiff and his impeachment-mad House Politburo cronies. They’ve launched their fake, kangaroo court “impeachment hearings” on the Hill today. But not before they ensured that the GOP has no ability at all to call up witnesses who could easily shatter Schiff’s pre-cooked, show-trial “proofs.” Proofs, presumably, of President Trump’s nonexistent “high crimes and misdemeanors.”
We refuse to follow this nonsense very closely. We know how the Fools on the Hill customarily script this kind of kangaroo court game. Including the grand finale.
The media makes it worse. So do the Chi-coms
But perhaps more importantly, we can watch how the MSM reports the story. For one simple reason. The twists and turns of Schiff’s kangaroo court, if they get too nasty, can add headline risk to this week’s already confused market action. Schiff, and his fellow Fools on the Hill always do this.
Most of which is confused, BTW, by the continuously morphing predictions as to how the here-again-gone-again China trade “deal” might turn out. Along with Fed Chair Powell, Schiff & Co. are hoping to give China enough confidence to hold out again and give the President another “fail.” That’s a fine way to help the American people gain an economic win over our most dangerous political and commercial competitor and enemy. But for the Dems, anything that restores them to power, including a Great Recession II, will be just fine, no matter how many of middle-America’s hopes and dreams are destroyed.
There’s at least a glimmer of upside here at the moment, however. Over in the Senate, the ever-eclectic Senator from Kentucky, Rand Paul, has proven himself a man of his word by “outing” publicly that mysterious whistleblower whose identity Comrade Schiff swears he still doesn’t know. (Although the rest of Washington does.)
Rand Paul wades in with the simple truth
ZeroHedge takes it from here, as the Tylers detail Paul’s defiant act of political blasphemy.
“During a Wednesday interview on Washington, D.C.-based WMAL, Paul named [Eric] C********a himself and said he should be brought in testify to clarify whether he is indeed the whistleblower.
“As The Washington Examiner reports, Paul also said he wants answers about C********a’s ties to the Democratic Party and Rep. Adam Schiff, whose staff knew about the whistleblower’s report before it was filed.
“Now the name is out there in the public (as if it wasn’t earlier), will Mark Zuckerberg allow it to be mentioned on his platform?
“All of which is worth noting since Rep. Schiff told Congress this morning that ‘I do not know the identity of the whistleblower’ – Seemingly a total lie, given what we know about their pre-hearing meetings…”
(NOTE: Proper name asterisked out because Facebook can’t handle the truth.)
Really inconvenient truths
Two comments. First, let’s answer the question about Zuckerberg’s ban on mentioning C********a’s name in any Facebook post. The current correct answer is “No.” Zuckerberg is all-in on the antics of Schiff’s whistleblower fiction and his own complicity.
And as to Schiff not knowing the identity of the whistleblower… It’s not seemingly a lie. Oh, it actually is a lie. Yes. Except that under Marxist-Leninist-Stalinist rules, a lie is not a lie if you’re telling it to a non-party member to further the aims of the Party. So I guess the real answer to this question involves your belief system. It certainly has nothing to do with the verifiable and the rational. Neither does the dialectic.
What does this have to do with stocks?
Today’s Fools on the Hill in Washington include Comrade Schiff’s House Kangaroo Court and Deep State Fed Chair Jerome Powell. All continue to promote this coup to dislodge a legitimately elected president they don’t like. And these poor losers give a risky, negative undercurrent to both US and world stock markets.
This continues to endanger 401(k)s, IRAs, pension plans, annuities, and even the basic savings plans of all American workers. It continues to add substantial risk to America’s wealth creating machine, endangering the future for us all. And it is a major reason why the stock market and American business and industry keep holding back.
It’s the dilemma that you and I must face daily as we try to keep our portfolios moving ahead. But Comrade Schiff and his kangaroo court brigade of poor losers don’t really give a damn.
So let’s all be cautious as the current Fed and impeachment scams unfold. We can still take advantage of great opportunities when they occur. But should also stand ready to hit that big, red EJECT button at the first sign of disaster. Perhaps we can’t make real money at a time like this. But at least we can prevent these fake socialist clowns from taking what we have.
Stocks stayed confused through today’s 4 p.m. close, but the S&P 500 and the Dow turned fractionally positive. The Dow actually closed up 92.10 points, for a 0.33 percent gain. While that wasn’t impressive, percentage-wise, the financial media are crowing that today’s Dow close at 27783.59 set yet another new record high. That’s nice. But much of this advance proved largely due to Disney’s (trading symbol: DIS) big day. The glitchy but ultimately well-received debut of the company’s new streaming service kicked that big cap stock up over $10 a share for a plus 7 percent gain on the day, juicing the Dow considerably. On the other hand, the tech-heavy NASDAQ closed down nearly 4 points in a largely dismal day for techs. Stay tuned.
— Headline image: The Fools on the Hill launch their kangaroo court proceedings. Cartoon by Branco. Modified to fit CDN’s format and presented with permission and by arrangement with Comically Correct.