“Human nature being what it is, small loopholes are likely to be exploited until they become big ones, and big ones until they turn into financial disasters.”
Seth Klarman
"The basic tool for the manipulation of reality is the manipulation of words. If you can control the meaning of words, you can control the people who must use the words."
Philip K. Dick
“If we exaggerate the present and future value of the stock market, then as a society we may invest too much in business start-ups and expansions, and too little in infrastructure, education, and other forms of human capital.”
Robert J. Shiller
Today's market action seems to be more or less the usual shenanigans of soulless cyphers.
And perhaps the pre-emptive tantrums of the pampered princes of banking as the Fed considers revoking their exemption from SLR (supplemental leverage ratio). The horror.
Let's see what tomorrow brings.
Have a pleasant evening.
