Goodbye, Free Market
Fremdschämen.
Fremdschämen is a noun of the German language. It translates this way:
Embarrassment for those incapable of feeling embarrassment.
Today we suffer embarrassment for Mr. Jerome Powell and his fellows of the Federal Reserve…
For no action they take lowers their heads in shame… or blushes their cheeks with embarrassment.
Mr. Powell is simply in the hands of Wall Street… and on his knees to Wall Street.
Well does he know the taste of shoeblack.
Yesterday Mr. Powell got a fresh coat on his tongue. Details to follow.
But first, let us look in on his masters…
A Banner Day on Wall Street
Wall Street was in full roar today.
The Dow Jones jumped an additional 582 points. The S&P gained 58 points; the Nasdaq, 169 points of its own.
CNBC, by way of explanation:
Stocks rose on Tuesday as a record jump in retail sales — coupled with positive trial results from a potential coronavirus treatment and hopes of more stimulus — sent market sentiment soaring.
Government number-torturers reported this morning that May retail sales jumped a record 17.7%.
The chronically erring Dow Jones survey of economists had projected a 7.7% increase.
Yet we are not surprised by the surge. April’s numbers were true abominations. But certain economic restrictions were waived in May.
A trampolining back was therefore expected.
Meantime, a medicine named dexamethasone — a widely available medicine — is evidently effective in the treatment of deathly ill coronavirus patients.
It reportedly axed hospital deaths by perhaps one-third.
Thus the market had its spree today. But it merely added to yesterday afternoon’s joys…
Powell Licks Wall Street’s Shoes
The Dow Jones had been off 762 points in early trading yesterday, quaking with coronavirus-related fear.
But then Mr. Powell sank to his knees… and tongued Wall Street’s wingtips…
…click on the above link to read the rest of the article…
