Wall Street wants us to think that “it feels more like a 9/11 - not 2008.”
They have two selfish reasons for this.
Firstly, it's all about "don't blame us." Because if we blame Wall Street then they won't get their taxpayer bailouts.
"How are you going to pay for it?" Asks absolutely no one ever when it comes to the big banks.
“This just doesn’t look good. You set your target. You’re the all-powerful Fed. You’re supposed to control it and you can’t on Fed day. It looks bad.”
- Michael Schumacher, director rates at Wells Fargo.
WHILE YOUR ATTENTION WAS DIRECTED ELSEWHERE: The U.S. is fast choking off two of China's major oil suppliers, Iran and Venezuela, and last Thursday, a Treasury and Commerce Department order effectively closed the American market to Huawei, the biggest Chinese cell phone manufacturer. That follows an announcement on May 14 by the US Trade Representative of a 25% tariff on a $300 billion basket of Chinese-made goods.
A bit surprising that a quick search here indicates no one has yet blogged about Trumpster's choice as next chairman of the Federal Reserve: Jerome Powell, who is not an economist, but a lawyer. Powell, a Republican, has been on the Fed Board of Governors since 2012 when he was appointed by--who else?--Barack Obama.
This is a documentary from Corbett Report, ya I know, some of you, well, I don't claim anything, except that I find the "information" presented worthy of "analysis", not speculation and CT.
[video:https://youtu.be/ySnk-f2ThpE align:center]
This evening's music features Chicago blues harmonica wizard Little Walter Jacobs. Enjoy!
Little Walter - Up the Line
