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Dear reader, |
As part of my occupational responsibilities, I had intended to take in the president's stemwinder last evening. |
I was keen to hear the president's insults, the jeers from Democrats, perhaps even a forcible eviction by the House Sergeant at Arms. |
Alas, Morpheus seized me by the ear shortly after the show commenced. Before I could counter the assault I was nestled in his arms… fast asleep. |
Let us then turn our attention to the stock market — about which I understand the president gloated last evening. |
I have long lamented that the stock market is not the honest economic barometer it was intended to be. |
That it is a manipulated and engineered system held up by gimmickry, chicanery and thumbs on scales. |
Now the Stock Market Drives the Economy |
Thus I find vindication in the person of one David Rosenberg. Mr Rosenberg captains the eponymous Rosenberg Research. |
He writes in Barron's that: |
There was time it was the economy that drove the stock market. Now it's the stock market that drives the economy, and not because the stock market has reclaimed its historical role in financing capital expenditures, but rather its evolution into a secondary market for speculation and household wealth creation. |
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Correct! More from Barron's: |
It is increasingly difficult to draw the distinction between stocks and wagering… the stock market has been turned into a tool to drive the economy, with government policies arrayed to institutionalize the bull market… |
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Whether the Federal Reserve admits it or not, the stock market has also been a focus. That started under former Chair Alan Greenspan, who met the October 1987 crash by promising "to serve as a source of liquidity to support the economic and financial system"... |
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Colloquially, the Fed's action to halt the Black Monday crash became known as the Greenspan put, an insurance policy against steep losses. The Fed put — which has remained in effect under successive Fed chairs — has underpinned the bullish investor sentiment that is key to maintaining public participation in the market… |
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Robin Hood in Reverse |
What has been the result? |
The result has been what I have labeled the "Reverse Robin Hood Effect." |
That is, the Federal Reserve's interest rate suppression has favored wealthy stock market speculators at the expense of unwealthy money savers. |
Barron's: |
Equity wealth has superseded incomes from employment as the driver of spending... The result has been the K-shaped economy, with those with assets benefiting from their inflation, leaving the rest behind. |
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I have never denied that the manipulated stock market can be lucrative. Nor would I deny that bank robbing can be lucrative. Or that counterfeiting can be lucrative. |
And I have no heat against the fellow who has fattened on the manipulated stock market. |
He is merely accepting the Federal Reserve's outstretched hand… and is playing by the rules of the game, such as they are. |
I have only questioned the manipulated stock market's authenticity — and its justice. |
That is correct, its justice. As I have argued before… |
The Stock Market as It Should Be |
The stock market should be a scene of free and open combat. Bull and bear, bovine and ursine, let them meet on fair and neutral ground. |
There they can settle their quarrels under honest competition. |
A scrupulously impartial judge should referee the bout. His lone concern should be the equal application of pugilistic justice. |
He must hold the scales even. And may the winner emerge with his hand raised in honest victory. |
Should it be the people's champion, the bull, so much the better. |
Yet should the unpopular bear walk out victorious, well then…. the unpopular bear walks out victorious. |
Justice, that is… would be served. |
Now enter injustice… |
The Fed's a Crooked Ref |
The Federal Reserve is not a neutral referee in this bout. It is rather an active participant, in active conspiracy with the bull. |
How does it influence the outcome? |
Before the bout it packs the bull's gloves with iron. And once the action commences… |
If the bull strikes beneath the belt, if he bites in the clinches, if he punches after the bell has rung… |
This rogue referee instantly loses his powers of vision. He sees nothing. |
And if the bear smites the bull down to the canvas, witless, leaving him to take the count? |
Then this corrupto stretches the count until the sprawling bovine can regain the vertical… and his wits: |
"O-o-o-o-o-o-n-e… … … … t-w-o-o-o-o-o-o… … … … t-h-h-h-r-e-e-e-e-e-e… … … … " all the long way to 10. |
Meantime, should the bear absorb but a glancing blow, the official declares him loser by technical knockout, the victim of a mighty clout. |
What we have then, is not a contest of one against one. We have instead a travesty of two against one. |
The badly used bear is denied all chance of victory. |
"Fīat Jūstitia Ruat Cælum" |
Yes, the crowd roars its approval. It applauds uproariously this holocaust of justice. |
It does — after all — have a handsome wager on the outcome. |
Yet my sympathies go the other way. As I have stated before: |
There exists a force deep down, within the liver and lights, that seeks a square accounting — that demands honest justice. |
And so I lean naturally in an underdog's direction… and away from the lawless overdogs. |
In the case under present consideration, towards the underdog bear. |
"Fīat jūstitia ruat cælum" is the cry on my lips — "Let justice be done though the heavens fall." |
Of course, as I have also argued before: |
Given the vast excesses of the manipulated stock market… the heavens may indeed fall. |
Brian Maher |
for Freedom Financial News |
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