E Self-Impeachment?

I have been relieved from my duties as editor of my local neighborhood bulletin because of Internet woes. I was hoping to gain tsedakah (charity) points for my sins by the Day of Atonement by working for Sutton Area Community's Bulletin but the crash of Spectrum, formerly Time-Warner, got me fired.

I think Wall Street is whistling in the dark in the hope of a further interest rate cut. I doubt the Federal Reserve votes are there for another US cut given that the economy is not (yet) weak outside the farm sector, retailing and autos. The jobless level is at a 50-year low! And the China talks may be on again but now that we know Pres. Trump wants China to investigate the Bidens to get a deal done, I think the odds are that he will get what he wants. China is a police state and taps everyone's phone and internet.

The New Yorker called the Trump statement "self-impeachment."

That is not to say there are no risks. Of course, there are risks, starting with impeachment and winding up with bullets in Hong Kong, Baghdad, Damascus, and Riyadh. Brokers are facing a real earnings crunch, none more so that TD Ameritrade, where I have my account. I wrote yesterday about what the risks to American Depositary Receipts investors will be, and will follow up as the rules change.

Anyone who had problems getting yesterday's blog can read it at The Big Wave In Markets: Disruptive Technology.

*Microsoft (MSFT) today revealed that Iran hacked into email accounts of a major presidential campaign for 2020 but did not say which. It will come out. It may have been helped by the last round's hackers, Russia (not Ukraine despite what the President thinks.)

*Hong Kong shut down its subways for the weekend to stop demonstrations. It is not the moment to exit the market there as China ups the pressure. We are sticking with our remaining HK holdings,

but not adding new ones. They are Hang Seng, HSNGF, a bank controlled by HSBC which publishes the all-important daily stock chart; Hollysys Tech, HOLI, which builds railroads and their controls, both in China and in Belt & Roads countries. The Hang Seng index fell 3% today after a ban on masks was imposed. Wearing one gets you a year in jail. Whether it will remain in place by the time Hallowe'en rolls around is unknown.

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Gary Anderson 1 month ago Contributor's comment

Interesting article. I am amused in considering that if what was happening in Hong Kong happened in NYC it would have been crushed long ago. Spanish banks sure are weak. So are German banks but Germany may be strong enough to bail out its banks. Not sure about Spain or Italy.

Harry Goldstein 1 month ago Member's comment

Why do you assume riots in the US would be quashed right away? I seem to recall the Rodney King riots lasted quite a long time

Gary Anderson 1 month ago Contributor's comment

I said NYC. I would bet disruptions around Wall Street would be crushed immediately and harshly. Remember Harry, location, location, location. :)

Harry Goldstein 1 month ago Member's comment

You might be right Gary, I'm not from NY so haven't seen riots there. But I don't really recall ever seeing riots forcibly put down in the US in quite some time.

Vivian Lewis 1 month ago Author's comment

The 1968 riots at Columbia University were allowed to continue until the students had fallen out among themselves over violence. I guess a campus is more obviously a place to support free speech than Wall Street but both of them need to be criticized from time to time for their own good. Columbia U is in Manhattan.

Gary Anderson 1 month ago Contributor's comment

That is interesting, Vivian. Eventually swat and teargas were used at UCSB, especially off campus in Isla Vista after the Bank of America was burned down. I was there so I witnessed it first hand. And no, I didn't do it. In Hong Kong many commercial structures are being destroyed, it appears.

Harry Goldstein 1 month ago Member's comment

Yes, but that was over 50 years ago. That's why I said I can't recall any riots being violently put down in the US in recent memory.