Friday, August 31, 2012

Bernanke's Jackson Speech Self-Fulfilling for Wall Street

Well, was it worth the wait?

Fed Chairman Ben Bernake delivered his speech at Jackson Hole, much to the delight, it seems, to the hordes of hungry bankers and investors wallowing around the money trough from which their riches are made.

The Chairman didn't say much, except what he always says: that the Fed would be ready to add stimulus when needed. The Wall Street parasites took this as a sure sign that more easy money, in the form of QE3, would be forthcoming, likely as of the September FOMC meeting in about two weeks.

In the meantime, stocks jumped, slumped and humped back to highs of just over 13,150 on the Dow, just in case anybody's interested heading into the long weekend.

As usual, stocks have to go higher on Friday, as they have in just about every instance since the end of May.

Anecdotally, Wall Street exhibits all the traits of wild herds, following wherever they are led, this time toward all risk assets, including stocks and commodities. It's been reported that food prices have already risen some 10-20% in poorer nations, which will eventually foment riots, panic and revolution, thoughthat doesn't matter a whit to the wizards of Wall Street or their political counterparts, Al that matters is a rising stock market, even though it may lead to the eventual destruction of the currency and the global economy to boot.

It's a sick game, with seemingly no end in sight.

Labor Day. What an odd name for a holiday. It should be called slaver day, because other than a few sporadic holidays and a week or two of annual vacation, americans and workers in the "civilized" world are nothing more than slaves to debt.

Try not to ponder that fate much over the next few days of what should be a relaxing, peaceful weekend.

Free houses for Everyone!

Dow 13,090.76, +90.05 (0.69%)
Nasdaq 3,066.96, +18.25 (0.60%)
S&P 500 1,406.57, +7.09 (0.51%)
NYSE Composite 8,014.93 +48.69(0.61%)
Combined NYSE & NASDAQ Advance - Decline: 3658-1811
Combined NYSE & NASDAQ New highs - New lows: 184-37
WTI crude oil: 96.47, +1.85
Gold: 1,687.60, +30.50
Silver: 31.37, +1.00

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