Registered Investment Adviser Caleb Lawrence
The major averages struggled to begin the week on generally disappointing data entering the final hour mixed. Existing home sales missed expectations in June falling 1.8% to 5.52 million units annualized, all regions declined except for the Midwest. The median price increased to $263,800, 6.5% higher than a year ago. Month’s supply gained for a 3rd month to 4.3, considerably higher than the 3.5 month’s supply set in January, but that didn’t stop the lamestream media from blaming a lack of supply for the sales miss.
Us financial regulators once again prove themselves toothless when it comes to criminally prosecuting bankster fraud after the Justice Department dropped criminal charges against former JP Morgan Chase traders Javier Martin-Artajo and Julien Grout of London Whale Trade fame, despite the bank paying over 1-billion in fines. The reason apparently is because the defendants refused to go to New York voluntarily to face the music and because attempts at extradition had failed despite the US having an extradition treaty with Spain where the defendants currently live. Criminal prosecution was swift along with arrests of key executives related to the Audi emissions cheating scandal and rightly so. Yet if you’re a bankster your untouchable despite nuking the global economy following the 2007-2009 financial crisis that led to 10’s of millions of bankruptcies and foreclosures worldwide, record unemployment and considerable human suffering. Worse they got bailed out with our tax Dollars, and yet I can count the number of banksters that went to jail in the USA on one hand with fingers left over, and I believe the same is true for Great Britain.