JP via RSS
Fed and Treasury Duopoly Hot Seat House GS Grill Doctrine of the FT Firemen or the Mouse that Roared?
We shall all know more in the fullness of time if we see indictments and convictions from the destruction of trillions in citizen taxpayer wealth enriching a plutocracy.
Right now it is clear the government and free economy do not mix well. With regard to government intervention, in for a penny, out for a dollar seems relevant.
The concept of Too Big to Fail would seem to be a coverup for significant wealth transfer from those who produced it to corporate government cronies.
The failure of elected representatives to police Fed, Regulatory and Treasury authorities and hold them accountable to We the People,
may hasten the revolution Jefferson and Paul felt is so essential to the freedom, health and prosperity of America.
In the meantime, Mr Market is marking down time on light volume, waiting for any further pennies or shoes to drop.
While pundits suggest the market may go up if there are no convictions, we think it more likely the market may go down, perhaps after a head fake to the upside.
As we are not in the crystal ball fortune-telling business, we note our reason for this thought is that at 83 times trailing reported earnings, the market is overvalued and interest rates are rising.
Big 4 confirmed this with current shorts on these assets.
What today’s House Oversight and Reform Committee grilling made clear is that the Fed and Treasury Duopoly was more arsonist than fireman.
Regards*Rich
