The Market Bull – April 8, 2019
The major averages finished the day about even on little real news though the on again off again trade war settlement is apparently off this week.
Factory orders fell again in February down .5% on weakness in Durable goods orders. The proxy for business spending non-defense capital goods ex-aircraft slipped .1%.
One of the things that always amazed me in the post crisis period was how the banksters managed to stay in business despite an endless parade of bad behavior, frauds, scandals, and criminal indictments just for starters. Also surprising was the relatively free pass granted by the lamestream media for their malfeasance as an industry whose business model is literally based on lie, cheat and steal, but is apparently not news worthy. Or maybe its selectively news worthy as the following piece from Wall Street on Parade shows. Bloomberg apparently has run over 80 negative articles on Wells Fargo since March of last year. While I’m not surprised at this figure in the slightest given Wells Fargo’s well documented pattern of criminality even though it rarely if ever has to admit to such. Bloomberg’s singling out of Wells Fargo whilst simultaneously lauding JP Morgan Chase a bank with 3 felony convictions and questionable record of accomplishment on a par with Wells Fargo smacks of selective and frankly biased reporting. While we are at it, Citibank and Bank of America should also be included in this bunch as well based on their behavior since the Great Financial Crisis, as it is equally questionable to say the least. Now of course no one ever goes to jail, nor does bankster behavior show any signs of reform despite 10’s of billions in fines, legal fees and other costs related to their malfeasance. Now of course American banks aren’t the only ones up to their necks in criminality Germanys Deutsche Bank is one of many foreign institutions equally corrupt and with a real penchant for money laundering for terrorist organizations, drug cartels and equally unsavory characters along with sanctioned countries like Iran, Syria, Libya, Burma and Sudan to name a few. But what is particularly galling about all of this is that the banks themselves knew their behavior was criminal, and yet did it anyway for fun and profit as it is quite clear from their behavior that the profits gained far outweigh the penalties incurred along the way as it is the only way to explain their behavior. Well, you can be quite sure that the next crisis will feature a parade of banksters wringing their hands whilst exclaiming their innocence and ignorance of that which has been going on under their very noses for well over a decade. A shame will all end up having to pay for it.
Standard and Poors 500 Index closed at: 2,895.77 up 3.03
NASDAQ finished the day: 7,953.88 up 15.19
Gold ended trading at: $1,301.60 up $6.00