"Our share of these great good times was zero, folks. The upper ten percent of the population, by which we mean our country's financiers and managers and professionals, consumed the entire thing. To be a young person in America these days is to understand instinctively the downward slope that so many of us are on."
Thomas Frank, 6 April 2017
"When the modern corporation acquires power over markets, power in the community, power over the state and power over belief, it is a political instrument, different in degree but not in kind from the state itself. To hold otherwise — to deny the political character of the modern corporation — is not merely to avoid the reality. It is to disguise the reality. The victims of that disguise are those we instruct in error."
John Kenneth Galbraith
"Hot money seeks out the conscious mispricing of risk. Capital, in the form of both money and personal talent, increasingly flows into malinvestment and the gaming of markets. The productive economy languishes, left wanting for the lack of creative resources and attention. The bubble rises to unsustainable valuations— and fails, and a nation's capital is consumed.
The next five years are not about winning, but surviving."
Jesse, The Men Who Sold the World, 5 August 2019
“Reality denied comes back to haunt.”
Philip K. Dick, Flow My Tears, the Policeman Said
Today was not constructive for the bullish case.
But tomorrow is another day.
And another stock index option expiration.
The Dollar fell off its perch.
Gold and silver soared.
We are heading into a three day weekend.
Have a pleasant evening.
