WASHINGTON, December 1, 2015 – What a mishmash of headlines we have today. As the American Midwest continues to get blanketed with drifting snow, President Obama and all the usual brain-dead international political suspects are gathered in post-ISIS terrorist-shattered Paris. They’re camped inside their luxury hotel suites in not-so-gay Paree busily polluting the atmosphere with climatista hoaxster bafflegab rather than doing what they’re presumably paid to do; namely putting together an effective strategy for ridding the world of a very immediate murderous menace that grows by the day.
That’s typical of all Western elected leaders and elitists these days. It’s much easier for politicians and so-called intellectuals to preen, posture and make pronouncements on stuff they can never realistically address while they leave real and imminent existential threats to grow unchecked. Might cut into that precious time on the links. Besides, it’s better and easier to look virtuous than to be virtuous.
Plus, the international clown-ocracy must continue to make those oligarchs supporting them—the ones who’ve heavily invested in the alternative energy boondoggle—rich beyond avarice. With the taxpayers’ money, of course. “Global warming” “Climate change” is a useful cover for this rotten scam.
Meanwhile in the real world, Puerto Rico inches closer to bankruptcy, as their delegation clearly indicated during Congressional testimony Tuesday morning. The Democrat-ridden Puerto Rican government desperately wants Congressional help (read “dollars from you and me—lots of them”). Yet it’s very clear that they’re not about to deprive Puerto Rican government employees in the bloated island commonwealth to go without the generous Christmas Bonuses no one else on the island is ever going to get.
Puerto Rico, by law, can’t file for bankruptcy like U.S. state and local entities, which is a problem for them, addicted as their officials and public employee unions are to paying themselves more and more and more even as everything else goes to hell and as half the island has already emigrated to the U.S. mainland.
In other words, it looks like we’re dealing with the usual liberal solution for the failure of socialism: bill the American taxpayers for a bailout, AND pay those Christmas bonuses. Hey, they promised bonuses to all those unionized public employees, right? And we, the taxpayers, can’t disappoint those overpaid, unionized local government workers, right? Socialistas never learn, whether we’re talking about Puerto Rico, California, New York, New Jersey, Illinois and any other state or locale that’s governed by government employee unions and their wholly-owned Democrat subsidiaries.
Meanwhile, in both Europe and the U.S., investors, any remaining savers and just about everyone else who isn’t a government employee is waiting to see if the ECB will prime the still-moribund European financial pump later this week and/or if the Federal Reserve will finally suck it up and lay on a whopping fractional rate increase. Oil prices are flat, industrial indicators continue to stink, and the universe is headed straight to hell right on schedule.
As a result, Tuesday’s markets are tanking…. No….. Wait just a cotton-pickin’ minute. Yes, indeed, bad news is still good. As of 30 minutes past the noon hour EST, the Dow, the S&P and the NASDAQ averages are up over half a percent, proving that the worse things get, the more profits a dwindling pool of investors reaps.
Stocks are actually mixed, as the healthcare sector is still getting hit—selectively at least—while banks are catching a bid, refiners are a little wobbly after a week-long run, and everything else seems to be running in place.
No trading tips today, a feature that has been mostly taking a holiday here since at least Columbus Day. If we are indeed experiencing a Santa Claus rally, it sure doesn’t have a festive feel. It’s a little like attending an all-night party on the Titanic the day before that ship had it’s ill-fated rendezvous with an iceberg. You’re having fun, but you just can’t get that nagging worry of mortality out of your head.
Wish we had something more constructive today to report, but nonsense is nonsense, and that’s not a good reason to make additional investments, unless you’re Warren Buffett and have access to rich government subsidies for your business.