Registered Investment Adviser Caleb Lawrence
The major averages early rally failed late sending them into the final hour with small losses for the holiday shortened week. Since Monday the Standard and Poors 500 Index is down 19 points or a little less than 1%, while the NASDAQ has given up 59 points or just over 1%.
The March PPI or Producer Price Index slipped for the first time in 7-months down .1% on declining energy costs. On a year ago basis prices advanced 2.3% a second consecutive month above the Fed desired 2% target.
The LIBOR or London Interbank Offered Rate scandal of a few years ago showed the world once again that the bankster business model was literally based on lie, cheat and steal. Despite the very public prosecution of a Barclays trader, who actually went to jail. Artificially suppressing this rate helped the banks to earn more as it lowered their cost of capital in turn making them look financially stronger than they really were, essentially another exercise in putting lipstick on a pig. This backdoor bankster bailout was orchestrated but none other than the British equivalent of the Federal Reserve, The Bank of England. In addition to the trader that went to jail over this the Barclays CEO at the time lost his job in the resulting investigation. While not shedding any tears, essentially, they became the fall guys for the LIBOR directives issued by the Bank of England. Once again, we see that there is no honor among thieves aka the banksters as it’s all about expediency and generating the most profit, never mind who or what gets screwed in the process or what laws are broken. It’s worth remembering that bankster lawless greed and recklessness got them into, and was instrumental in creating, the 2007-2009 financial crisis that ultimately led to the taxpayer funded bailouts putting an exclamation mark on the end of western capitalism.