"The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil. Perhaps this is inherent. In a community where the primary concern is making money, one of the necessary rules is to live and let live. To speak out against madness may be to ruin those who have succumbed to it. So the wise in Wall Street are nearly always silent. The foolish thus have the field to themselves. None rebukes them."
John Kenneth Galbraith, The Great Crash of 1929
“There are two ways to be fooled. One is to believe what isn't true; the other is to refuse to believe what is true.”
Søren Kierkegaard
“Foolishness is a more dangerous enemy of the good than malice. One may protest against evil; it can be exposed and, if need be, prevented by use of force. Evil always carries within itself the germ of its own subversion in that it leaves behind in human beings at least a sense of unease.
Against foolishness we are defenseless. Neither protests nor the use of force accomplish anything here; reasons fall on deaf ears; facts that contradict one’s prejudgment simply need not be believed – in such moments the foolish person even becomes critical – and when facts are irrefutable they are just pushed aside as inconsequential, as incidental.”
Dietrich Bonhoeffer, Prisoner for God: Letters and Papers from Prison
Stocks did a sharp about face on the 'scoop' from Bloomberg today that Biden may be considering a sharp increase in the capital gains tax on millionaires.
Since Washington is in the back and forth negotiations on spending and revenue plans, the drama was probably a bit overdone. But it does sell clicks and ad views.
Gold and silver retreated a bit from their decent highs and the dollar chopped sideways.
There will be a Comex option expiration on the precious metals next week.
Have a pleasant evening.
