Brexit crushes the big banks, other stocks

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.

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This video may blow your mind, the best illustration of the post Crash bailouts I’ve ever seen

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.

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Don’t bail out politicians, jail them without bail

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.

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The Keynesian Blessing: Americans Are Broke

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.

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UK Politics, EU Referendum: Massive swing to Brexit – with just 12 days to go

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.

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How much of US corporate profits comes from cronyism? Maybe a lot and growing

This is a big problem people. Businesses are increasingly getting addicted to the government extracted money which comes from you and me. (And from our children and their children’s children.) Good to see even the folks at Harvard getting hip to this. Now if we could just reduce the key to crony capitalism, the thing which insulates these businesses from competition and which costs consumers billions, crony government. (And really there is no other kind.)

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Big (Data) Brother Cometh: Beijing tracks the elderly as they take buses, go shopping

This might look like a mess to you and me. But for the right algorithm the data is clear as day.

It’s not just the elderly and it’s not just the Chinese.

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David Stockman: Fed to Push Economy Into Recession

Stockman is deeply critical of the Fed’s grand experiment and he is right, it will end in ugliness. Probably an historic ugliness. When? No one can say, we are operating in sort of an economic hall of mirrors right now. (And have been for a long time.) Things are distorted all over the place. However, even in a hall of mirrors gravity continues to work. Like gravity, the market mechanism also continues to work no matter what the current economic reflection.

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Bank of America’s Winning Excuse: We Didn’t Mean To

I remember those days so well. They are burned into my memory. I remember Bank of America taking over Countrywide just as anyone who was paying attention could see that the country and the world was in for a calamitous downturn in housing. A downturn from which much of the world still has not recovered. I remember wondering why B of A would expose itself to all the nastiness which was embedded in Countrywide. Why would such a large and powerful bank,

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The Anger of the Unprivileged Is Rising Globally

This goes nicely with the previous post.

People are waking up. They are using the information at their disposal. Do not take this information for granted.

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