Registered Investment Adviser Caleb Lawrence
The major averages enter the final hour with modest gains on little real news, though the saber rattling continues in Korea, and Trump stokes the fire in the Middle East. Bitcoin looks hard at $20,000, while another Bitcoin hack sees 60 million go missing.
Despite the record post bust run for real estate that has seen a new and improved even bigger bubble than last time, the location, location, location mantra holds true as CoreLogic reports that 2.5 million homes remained underwater at the end of the 3rd quarter, a decline of 9%, on an average equity gain of 11.8% in the last year.
A Volkswagen executive gets a 7-year prison sentence, the maximum incidentally, for his role in the emissions cheating scandal, and rightly so. A few items to note, this was Volkswagens 1st offense, while it had been going on for some time and the crime spawned collateral damage for both the environment and the citizenry. This punishment stands in stark contrast to the banksters that have demonstrated serial criminogenic behavior, particularly in the last 10 or so years and yet almost no one went to jail save a few low-level mortgage execs at Taylor, Bean, and Whittaker, that got 3-5 years if memory serves. Despite considerable collateral damage in the form of a devastated global economy and untold human suffering from the resultant bankruptcies, foreclosures, and unemployment just for starters. Once again, the double standard is on parade, making a mockery of justice and the rule of law in the process.