Stocks wallow in uncertainty in final day of Obamanation
WASHINGTON, January 19, 2016 – Although the Maven doesn’t have a supercomputer on his desktop, it’s easy to see that Thursday’s goofy, defensive trading action is occurring on relatively low volume and with little conviction. Traders and investors alike seem—rightly—to be sensing that the world may not only be turning upside down. It may also be on the way to becoming a lot less certain for, in former Fed chair Ben Bernanke’s famous phrase, “for a considerable period of time.”
In other words, at least for the next 4 years, commencing tomorrow, January 20, 2017, we in the U.S. may finally be in for some considerable “hope and change,” and not the fake variety we’ve been enduring socially and economically for the past eight years.
This may actually be a marvelously good thing. That’s something many businesses are already depending upon after 8 years of relentless oppression by an outgoing administration that always imagined it knew far more than anyone else about something they knew nothing about.
Interest rates might normalize, decent, hardworking Americans might actually find meaningful work and salaries to go with it, factories might hum and things might actually improve for the average Joes and Josephines that all those wise, compassionate progressives wished would wither and die because… global warming. Or whatever irrelevant dogma is being featured this week in the lame- stream media.
All three major averages are off today in the neighborhood of 40-50 percent as we write this column, with the Dow faring the worst for a second day in a row, likely over fears that the large multinational firms populating this 30 stock list will have a problem selling their products if the dollar gets too strong, although President-elect The Donald said yesterday that this ain’t so.
Furthermore, given the increasingly hysterical anti-Trump claptrap being put out by the now mortally wounded media giants—as in CNN’s idiotic news story letting all left wingers know that knocking off Trump tomorrow prior to his inauguration could (always could) result in an Obama guy being appointed our next president. It’s malicious fake news like this that will finish off irrelevant and irresponsible jackasses like CNN for once and for all in the average viewer’s mind.
This is important, however, in the larger scheme of things. Without regular and reliable sources of news, not only investors, but average individuals as well will have to make important monetary and life decisions based on precisely nothing but rumor and innuendo.
A critical cog in the nation’s infrastructure—the truth—now only resides in allegedly right wing or “alt-right” new sites. Yet even here, without the heavy funding and roving international reporters the dying major media can still afford, even these sites can only go so far in developing critical, in-depth news and commentary that the general populace can rely on.
And that may be what’s been going on in trading action this week. Markets are backing and filling, reflecting confusion and a lack of consensus. Also possibly at work: a real fear that either domestic or foreign terrorists will do something really terrible tomorrow to destroy Donald Trump’s inauguration and perhaps even to confuse and disable the U.S. government itself as it (supposedly) changes hand in the traditional “peaceful passing of power.”
That transfer of power is something the violent and often Soros-funded juvenile delinquents currently running one of America’s major political parties would love to derail, even if at the last moment. Frankly, the possibility, although remote at the moment, that this wish might come true, is what has markets on pins and needles this week.
Market action proves beyond a reasonable doubt that traders and investors of nearly all political beliefs really, really want orderly regime change tomorrow. But they also know all about the ruthless forces that attack Trump and his entourage every day and intend to do so every day thereafter if Trump actually survives his own inaugural. It’s a sobering thought. And it’s made the action on Wall Street this week very confusing indeed.
*Cartoon by Branco. Reproduced with permission and by arrangement with LegalInsurrection.