Stocks corrected a bit today after the recent failed rally.
SpaceX (SPCX) has fully cratered back to the IPO price.
The 'smoothing' that was done to bring that IPO out was fairly impressive. It reminded me of the bad old days on the Street.
It's a slightly different environment now on the Street and in politics. They are emboldened.
Gold and silver were pounded down again, and the Dollar continued to edge higher.
The Dollar 'strength' is really euro weakness.
VIX popped back up from its recent lows.
Bitcoin (BTC.X) fell back down to the bottom of its trading range. Wash, rinse, repeat.
The chart below shows the enormous concentration of wealth in the hands of a very few individuals in the United States during this era of Asset Bubble economics.
It is a wealth transfer. As Dean Baker put it in 2014:
"The problem of the last three decades is not the 'vicissitudes of the marketplace,' but rather deliberate actions by the government to redistribute income from the rest of us to the one percent."
Until there is meaningful reform, there will be no balance in the system, and no sustainable recovery.
This reminds me of the two previous bubbles and busts. A feeling of helplessness as otherwise good people are urged by the worst of us to throw their futures away.
Have a pleasant evening.
Comments
Log in or sign up to join the conversation.