Another (not so) shocking report from the dark shadows of the #cronymedia on its coverage of Obamacare.
I guess this is the “soul searching” phase of getting hammered in an election. The Dems just can’t believe how hard they got clocked. They can’t believe how lame the lame duck president is perceived. What happened to HOPE? What happened to CHANGE?
As a young broker an older quite successful broker told me the same thing. He also said that there was no reason to watch CNBC after 9:30 (the opening market bell) because anything of value for the day which actually found its way onto TV happened before the markets got rolling.
I have found both bits of advice to be right.
Jake Novak at CNBC does get one thing right in this very strange and I would say ill informed op-ed. Even though he says from the outset that he is actually for legalization he explains why legal pot will nonetheless contribute to income inequality. I think his concerns for the most part are not really concerns. At least not on a societal level.
Piketty rose out of nowhere like a rocket, propelled by the Obama administration and an #oldmedia which loved the narrative the French professor was selling.
In the last couple of weeks however, as people have read the book, the gravity of peer review has started to bring the rocket down nearly as fast as it went up.
The truth is people just don’t care so long as their 401ks and IRAs keep generally going up in “value.” The best friend Obama ever had and will ever have is the Fed which recklessly printed and inflated the stock market. Can you imagine where Obama would be today if the Dow was still hanging around 8000 or so? He probably wouldn’t be president, one way or another.
Like it or not Bitcoin is changing the world. A year ago very few people outside of wonky libertarian financial circles even knew what Bitcoin was. Now it is known by everyone, including and especially governments and central banks. They for the most part are not keen on the crypto-currency. And one can understand why. The central planners have no control over Bitcoin and that scares them to death. How are they supposed to manipulate monetary policy if everyone is using blockchain based virtual currencies?
“Have I become an instrument in some billionaire’s investment campaign?” he said, adding that he now regrets sending the letter. “I don’t want to be an unwitting pawn, and that is how I am feeling right now.”
This is some truly disgusting crony capitalism.
Government work can be very lucrative. But this is nothing. I’d love to see what one of Putin’s many palaces look like.
The “fairy dust” has kept things going for a long time. Will it continue to work? How long? It won’t work forever. Did it just stop working?
Next week will be fun.