Monday, November 1, 2010

Thank Heavens the Elections Are Almost Over

Tomorrow, millions of Americans will go to the polls to elect another batch of worthless hooligans, crooks, thieves of all variety and generally people who can't do anything else but steal and spend other people's wealth.

The American system of representative democracy is so completely and irrevocably broken that there's little hope of it ever being repaired. People who are "elected" (make that "selected" by those in control of voting machines that don't produce a paper trail and are easily hacked) are supposed to represent the people of their district, city, town or state.

Sadly - and this has been an ongoing feature for quite some time - both newly-minted and re-elected representatives will be representing not the people, but the interests of the people who gave to their campaigns, mostly corporations or rich donors seeking special treatment. And they will get it, no matter the detriment to the public.

Anyone who cannot see that this is the operative nature of our politics is either not paying very close attention or is blinder than blind.

Essentially, the "big" races are those for control of the House of Representative and the US Senate. The Republican party, largely responsible for the fiscal calamity that is the US government and economy, is already claiming victory in the House, on the uncertain claim that they will restore "American values." It's the same old line that seems to be trotted out every couple of years, by both parties, both equally corrupt and useless.

Any change that occurs will no doubt be to the detriment of the majority of Americans, especially those known as middle class, now an endangered species.

Thank heavens this election cycle is finally coming to an end. Maybe the American public will have peace for a few weeks, or even days. We'd be better off if all the politicians just went home and stopped making so much noise.

In an apparent vote of no-confidence in anything, the markets today staged an incredible about-face on the back of a $2.5 billion POMO, otherwise known as quiet QE by the Fed. Stocks soared in the early going. Just after 10:00 am, the Dow was up almost 125 points, but spent the remainder of the session declining, actually going red for a short time, before a late-day rally boosted it back to break-even.

The S&P also ended marginally in the money, though the NYSE and NASDAQ weren't quite so fortunate. For those of the ilk that the Republicans will deliver peace, prosperity and zillions of new jobs, today's action was hardly reassuring. The market knows the economy stinks and congress will do little to change that. We are in the midst of a depression, one which neither party is willing to take blame for, though the truth is that both caused it.

Dow 11,124.62, +6.13 (0.06%)
NASDAQ 2,504.84, -2.57 (0.10%)
S&P 500 1,184.38, +1.12 (0.09%)
NYSE Composite 7,509.21, -4.14 (0.06%)
NASDAQ Volume 1,922,047,000.00
NYSE Volume 4,461,449,000

Oddly enough, declining issues far outweighed advancers, mostly on the NASDAQ, 3521-2915. New highs stretched to 540, against a mere 80 new lows. Volume was normal, meaning poor.

Crude oil was up $1.52, to $82.95. Gold fell $7.00, to close at $1,350.60. Silver lost a penny, finishing at $24.55.

Two things are for certain: 1. The USA is in a heap of trouble economically, and 2. looking to congress for answers is a huge mistake.

Is it too late to just cancel the elections and start over?

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