I wanted to start with Mr. Ratigan tonight. I will have a few comments below the video.
This is a must watch in my view. As I watch this country begin to rot I must admit that I have become increasingly frustrated with the whole political system that's been bought and paid for by Wall St.
It's great to see someone from the mainstream media that gets it. I am sure many of my readers would agree.
Dylan became increasingly frustrated in this video as his questions were repeatedly ignored by another "puppet" from Washington DC. My favorite line below is the response to Rep. Brady's comment that "you can't tax yourself into prosperity". Dylan's response?: "You can't steal yourself to prosperity either!".
I love it! Everyone of these clowns from DC on both sides of the aisle need to be voted out of office if they continue to let Wall St pillage the taxpayer.
This guy wouldn't answer ANY of Dylan's intelligently laid out questions. Why aren't the $145 billion in Wall St bonuses taxed at a 50-100% rate given the fact that they were earned by via fraud or speculation using the taxpayer's dollars?
When will someone ever answer these questions? As Dylan says below: How does this economy ever recover when the financial sector has a financial system that's setup to suck every dollar out of our pockets via taxes and personal debtloads?
Also: How do you intelligently invest in a casino that has totally been gamed via wild speculation by the banks at your cost?
Enjoy the video. A few comments will follow.
It was great to watch a politician squirm while being asked the tough questions that most reporters are too afraid to ask.
I have never been so disappointed in the media in my life when it come to covering the financial crisis. They have rolled over and played dead when it comes to getting to the bottom of why we are in this mess.
Why can't the media ask the White House the same questions that Dylan asked above?
When Tiger Woods is paying Elin more money for a divorce settlement than Goldman Sachs is paying in fines to the SEC for defrauding the taxpayer its time to start asking tough questions!
The press has become a joke! Should we be surprised that almost every newspaper in this country is practically bankrupt?
The NY Times is now filled with Paul Krugman op ed pieces demanding more and more stimulus. I want to vomit by the time I get to the second paragraph of this stuff
Should any of us be surprised that the public prefers to tweet on twitter instead of reading propaganda like this week after week in the media?
The citizens of this country have become increasingly aware that the media no longer cares about the facts anymore. Networks like NBC and FOX are too busy "spinning" the issues to the left and right respectively instead of getting to the bottom of how in the heck we got into this financial catastrophe.
The reality here is both parties got us here. It's both of their faults. Enough of the partisan reporting. Let's move on! Start focusing on the facts instead of blaming one side or the other. I am tired of looking at opinion polls that blame the other party.
Give me facts not political fiction!
The same thing goes when it comes to our politicians:
If the Republicans really want to cut the deficit like they say they do then why not go on the offensive and start giving us the real answers when hard questions are asked?
Why couldn't the republican clown in the video above answer the questions regarding Wall St honestly? Afterall: THEY ARE THE REASON WE HAVE THE DEFICITS!
Rather than facing the music: Rep. Brady chose to blab on and on about tax cuts and jobs when the real issue is a fraudulent banking system that rewards crooks instead of small businesses. The tax cuts won't do jack for the economy if small businesses no longer trust the political or financial system that supports them.
Brady decided to hit the ignore button on Dylan and regurgitate the Republican talking points instead of making some progress and discussing the real issues around how Wall St should be punished for their actions.
There will be no confidence in this system until we have done the right thing and punished the people who got us into this nightmare.
If we don't want to prosecute the criminals then we at least need to take down the companies that put them in a position to conduct such atrocities against the people of this nation.
By not doing so, the risk takers who create small businesses will continue to hide because they don't know if they can trust who they are doing business with.
The Bottom Line
Before I finish up: I apologize if you get tired of hearing me discuss this subject. I feel it's my duty to try and offer an alternative opinion to the mainstream media. Too many people are getting fleeced by the inaccuracy of the facts around this economy.
I have seen too many friends lose half of their life savings after getting sucked into this cesspool market by adviser's who are only looking for their next commission check instead of looking out for their clients.
The game is broken and it won't be fixed until the issues above are put to rest.
If I can wake just one person up about what's really going on out there per post then I will feel this place has been a success.
As for today's market all you need to look at was the ten year:
Why do yields continue to collapse despite the move higher in stocks? The bond market is saying "no thanks" to equities and sticking in bonds. This is never a good sign especially on a day where the market rallies.
We continue to sit in a trading range for now. The market is still telling us that it's still very sick.
Be careful trading this market. Trading accounts have a tendency to get whipsawed down to zero in directionless markets like this.
Until next time!