This is interesting. Trump is an unknown quantity. No one knows for sure what he’ll do, particularly the DC political class. As such Washington, an oddly conservative town in some ways seems to have picked its candidate. I’ll bet this number would have been more evenly split if say Bush had won the nomination.
Socialism has a half life. Once honest to goodness socialism is instituted it is only a matter of time before the system implodes on itself. The primary factor in the speed of collapse is the amount of fat within an economy before massive state intervention and redistributionist policies. If the disease of socialism, hard core socialism, think the USSR, Cuba, North Korea, and even places like Venezuela, really takes hold, if the state assumes pretty much every aspect of the economy,
Europe and the UK are coming to terms with some big changes right now. Italy’s banks are in trouble. London’s insane property market may have snapped back to something closer to reality.
Reality can be a big bummer in finance.
There is a whole group of folks in Washington and to a lesser extent outposts afield, and it is mostly Dems, who think that just because they hold “enlightened” attitudes about business that means they can engage in whatever cronyism they want. (Republicans do crony capitalism in slightly different ways and with less affectation in my experience than Democrats, though they are plenty prone just to be clear.)The Great Green Rush (of your tax dollars) during the beginning of Obama’s presidency is a good example of this.
They didn’t “shake off” Brexit. The markets, to almost everyone’s surprise – including Brexiteers – celebrated the UK’s independence.
There is a sense that the lock down the establishment banks and governments have had on things for years and years has broken down. Markets are taking in the oxygen. It’s real air too, not central bank created life gas.
Markets go up and down (at least they used to) and any future dip will probably be blamed on Brexit by some.
Image: Screengrab from CNBC video
This is called “an excuse.” People wanted to sell, they saw a big fat excuse to sell in Brexit, and so they have. (Some were just sure that Brexit wouldn’t happen and were simply forced to sell.) Smart people are also prudently looking to buy. But one way or another life will go on and the world will adjust. The big banks just got socked and that is a good thing.
First sign is good. But it’ll be a long night for many. We can only hope for the best.
Good luck Britain.
This is from 2011 when the wounds of the Crash were still fresh.
Now we’ve been conditioned. Time has passed and the banks want you to forget what happened and the dull economic pain which still dogs the world.*
We at ACC will never forget.
At the end of this video is a very short ad for someone who was running for Congress. We do not endorse candidates ever. We don’t know who this person is.
It’s your money not the government’s.
Don’t let the politicians and government apparatchiks off the hook. They spent too much for decades and all across the country politicians are calling out for more. Look to Puerto Rico, Detroit, soon Illinois, California, maybe Connecticut. Save us!
Don’t let the politicians bail themselves out. Hold them accountable.
And remember, bailouts for local and state governments are also bailouts for Wall Street which holds the bonds.
Crony capitalism is not new. It’s more sophisticated. It’s more pervasive than it has been in the US. But it’s not new. In fact it is as old as government.
Americans are debt addicts. They love to spend. The politicians love to spend. Everyday Americans love to spend. Spend, spend, spend. And we wonder why many things, our society even, feels so cheap.
People live on credit. They finance cars, houses, vacation – cell phones – think about that – PHONES. They don’t save.
And why should they? They get nothing for saving. There’s literally no real return on socking money away in a bank these days.
This is excellent news. And what may appear as a purely European and British issue is not. It is vitally important for those of us in the States also. A rejection of the EU by the UK is a rejection of the deeply crony political system which has metastasized in Brussels. If the Brits choose to leave the EU it will be a rebuke of the bureaucratic technocratic culture which has emerged on both sides of the Atlantic since the end of the Cold War.
It’s been almost 8 years since the Wall Street crisis, the bailouts, the banker fear mongering, the panic, the implosion of mythic proportions.