Apparently, it's OK for Joe Biden to repeatedly call the president a liar, to tell him to shut up, to call him a racist, call him a clown, repeatedly assert that he lies all the time, and that he "doesn't care about you," but when Trump tells the Proud Boys to "stand down and stand ready," that somehow crosses a line.
If, somehow, Joe Biden and his corrupt cohorts, crooked pollsters, and media lackeys manage to win or steal this election, there's going to be hell to pay and one has to wonder if saving this country is worth the effort. What is worth considering is that perhaps only half of it should be preserved, the half made up of the producers, the givers, the workers. The half consisting of the takers, the protesters, the rioters and looters will need to fend for themselves.
This election process, on top of the COVID nonsense, radical ideologies, rioting, burning, looting, a compromised media, and a party - the Democrats - facing extinction, has made people in America very angry and borderline crazy. The country cannot survive and prosper with this kind of division. The real perpetrators of the rancor and divisiveness must be sought out, exposed and brought to justice.
Enough on that. If the response from Wall Street can be gauged by the reaction in markets on Wednesday following the debate (debacle might be a better descriptor), the financial crowd is sadly factoring in a Biden win on November 3rd. Would they get their wish for more handouts, bailouts, endless streams of worthless fiat currency from the Fed and the federal government, the US economy will be kaput in less than three years. The banana republic promised by the Democrat party will become a reality - if it isn't already - and the bonanza of money (currency) for nothing, welfare, universal basic income, the Fed's MMT (Modern Monetary Theory), will flow to the coffers of the insolvent banks and publicly-held corporations.
The end result of unbridled currency creation is a further expansion of the wealth inequality gap, social disjunction, and rampant inflation. Such a system would eventually collapse under its own weight, but not before the wealth hoarders in the political and financial circles have stripped away enough for themselves and scurried off to distant shores. If this is what is coming, most people want no part of it, though many will be forced into acceptance by fear of losing their livelihoods, their families, their whole existence.
History offers comparable examples of runaway currencies, most notably, Weimar Germany from 1921-1923 and Zimbabwe from 2007 to 2009 and again today. Is this what awaits America under the auspices of a central government, central bank authority?
The picture painted is not a pretty one and few are aware of the distinct possibility of it becoming reality and the consequences of such policies. The United States is rushing headlong into disaster without bothering to comprehend or question the actions of its political and economic leaders. For the present, focusing on the election and a vaccine for COVID-19 (if one is even needed) are fanning the flames of division while keeping the discussion off the economy. This recipe for disaster will come to full fruition while stocks soar, pricing in Democrat party takeover of congress and the presidency.
In front of congress presently is the issue of another round of coronavirus-related stimulus, this one prompted not by the needs of millions of Americans, but by the demands of the nation's airlines, which, after a decade-long orgy of stock buybacks and failure to re-invest in their own businesses, are threatening to lay off as many as 50,000 workers.
A CARES Act deadline of September 30, by which the airlines received a $25 billion bailout on condition that they not layoff or fire workers until after that date, has passed and United and American Airlines together are threatening mass layoffs and firings if congress doesn't give them another $25 billion.
United (UAL) spent roughly 90% of their free cash flow, an amount of nearly $10 billion dollars, on stock buybacks from 2014 to 2019. Over a similar period, American (AAL) was even more the spendthrift, shedding 96% of free cash flow - $12 billion - on stock buybacks. Now, these two profligate stock manipulators are holding a gun to the heads of congress and their employees. By any reasonable standard, they should be bankrupted rather than supported by yet another infusion of public cash.
For their part, House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are about $600 billion apart on a stimulus plan. Pelosi and her Democrat allies have put together a $2.2 trillion plan. Mnuchin reportedly offered $1.6 trillion on Wednesday as a compromise. The consensus betting is that after three months of wrangling, the threat from the airlines will prompt a deal which will include another round of stimulus checks similar to those doled out earlier this year. Direct deposits and checks could begin to be distributed as soon as next week if a deal is struck by Friday.
On Thursday morning, the Labor Department announced that weekly initial unemployment claims of 837,000 against 850,000 expected and 873,000 during the prior week.
Continuing claims for the week ended September 19 stood at 11.767 million.
With less than an hour to the opening bell, stock futures are positioned strongly positive. dow futures are up more than 200 points. NASDAQ futures are ahead by more than 150 points as market participants anticipate a stimulus deal while ignoring the continuing unemployment crisis.
As the fourth quarter begins, the US economy is once again being powered by the madness of greed.
At the Close, Wednesday, September 30, 2020:
Dow: 27,781.70, +329.04 (+1.20%)
NASDAQ: 11,167.51, +82.26 (+0.74%)
S&P 500: 3,363.00, +27.53 (+0.83%)
NYSE: 12,701.88, +99.25 (+0.79%)
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