"The news reports of the stock trading by Fed Presidents rightfully caused outrage over the 'let them eat cake' attitude as thousands of businesses shut down, millions of workers lost their jobs and families struggled to pay their bills. By Thursday of last week, both Kaplan and Rosengren said they would sell all of their individual stock positions by the end of September. (File that under too little, too late.)
This level of arrogance on the part of two Fed Presidents is part of an overarching level of contempt for the sensibilities of the American people by the Federal Reserve over many decades."
Pam and Russ Martens, Latest Fed Stock Trading Outrage Just the Tip of the Iceberg
"As everything in what used to be called creation becomes a commodity, human beings begin to look at one another, and at themselves, in a funny way, and they see price tags. There was a time when people spoke, at least occasionally, of 'inherent worth'— if not of things, then at least of persons."
Harvey Cox, The Market as God
"Poor people don't contribute to reelection funds, but those who profit from poor people sure do. Therefore, truth be told, most politicians couldn't care less about the plight of the poor. There's so much profit to be made from poor people - think payday loans, high-interest rent-to-own stores, for-profit colleges, and overpriced mobile homes - that politicians and their crony-capitalist donors have a vested interest in keeping them poor."
Joshua Wilkey, My Mother Wasn't White Trash
Stocks reversed their early losses and rallied 'solidly' into the afternoon and the close.
The spokesmodels for Wall Street were ebullient.
Gold and silver declined.
The Dollar was a bit lower.
The VIX declined.
There will be a quad option expiration on Friday.
Wash - rinse - repeat.
Have a pleasant evening.
