California could have fallen into the sea, but the stock market would continue to spiral upwards – at least until the powers that be decided otherwise.
Why? Because that’s what it’s been programmed to do. Anyone who thinks the market is being pumped by new money is having an out-of-mind experience.
The Federal Reserve – Oracle of Delphi – held its first press conference this week since it was established in 1913, (only took 98 years). The markets lapped up Fed Chairman Ben Bernanke’s indecipherable blather and zoomed higher.
The market couldn’t possibly go down following Bernanke’s insistence that our economy is on the right track. He stated that rising prices are a passing phenomena, that inflation is under control.
Over 200 tornadoes devastated a broad swatch of six southern states hours after Bernanke spoke (a sign?), leveling cities in Alabama and elsewhere. Over 300 dead, 1500 injured, but the market rallied further the next day – and yes, the day after that. Worst tornadoes in 40 years – perhaps in the history of our country. Devastating losses that left people stripped of everything but the clothes on their backs. For many, those were in shreds as well. Who cares? Not Wall Street.
Remember when the market “flash crashed” 500 points in May, 2010, supposedly due to one trader pushing the wrong button, (you really believe that?). Nearly a trillion dollars in wealth instantly disappeared. That single “mistake” allowed the government to institute a limit on how much the market can fall in any given day – no more than 10 percent. No crashes allowed here. Everything is orderly, and the market will never, ever, not in your life-time, go down. Or at least not until Bernanke and his bankster friends decide that it should.
I just loved the part where Bernanke declared that he’s personally committed to transparency. Give me a break. He’s committed to avoiding the Fed audit that Members of Congress have been trying to pass for years. He’s committed to defusing calls for an end to the Fed’s “private” cartel power. Ben Bernanke reminds me of Sara Bernhardt. He’s a fantastic performer.
Or perhaps he has more akin with Mae West, who said: “An ounce of performance is worth a pound of promises.”
Quotes that remind us what economic revival “crash and prosperity” experts didn’t know then and cannot know now re economic recovery. Courtesy of Rights Radio forensic economist and author, Dr. David Goldenberg. “We will not have any more crashes in our time.” – John Maynard Keynes in 1927
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