from Styxhexenhammer666
Counting the Chickens Twice
by John P. Hussman, Ph.D.
Hussman Funds
In the latter stage of the bull market culminating in 1929, the public acquired a completely different attitude to the investment merits of common stocks. Why did the investing public turn its attention from dividends, from asset values, and from average earnings, to transfer it almost exclusively to the earnings trend, i.e. to the changes in earnings expected in the future? The answer was, first, that the records of the past were proving an undependable guide to investment; and, second, that the rewards of offered by the future had become irresistibly alluring. – Benjamin Graham & David L. Dodd, Security Analysis, 1934
There’s an old bit of advice that one shouldn’t count one’s chickens before they’re hatched. Much of the efforts of Wall Street are directed at ignoring that advice. That’s fine in the sense that prices can and often do move in advance of changes in economic activity and earnings.
Of course, Wall Street can also take its chicken-counting to extremes. Indeed, every speculative episode is based, in part, on extrapolating the addition and multiplication of chickens into the indefinite future. One of the most striking examples of excessive chicken-counting here is the way that Wall Street analysts and financial television anchors are equating the very reasonably expected post-pandemic “recovery” of private income and employment with an equally inevitable boom in real GDP, corporate earnings, and stock prices.
Paycheck Protection Program Has Run Out of Money for Most Borrowers. What You Need to Know
by Carmen Reinicke
CNBC.com
Going forward, the program will only accept new applications from Community Financial Institutions, which typically serve minority borrowers, as about $8 billion in funding was set aside for such businesses.
The SBA will continue to fund outstanding approved PPP applications from other lenders but won’t accept any new applicants.
The exhaustion of funds comes just weeks after the PPP was extended through the end of May to allow borrowers more time to apply for the forgivable loans.
Vice President Kamala Harris Kisses Husband While Both Are Wearing Masks
by Ryan Saavedra
Daily Wire
Vice President Kamala Harris kissed second gentleman Doug Emhoff on Tuesday morning — while both wore masks — before boarding Air Force Two at Andrews Air Force Base in Maryland.
The moment happened shortly before Harris departed the base on her way to Rhode Island with U.S. Commerce Secretary Gina Raimondo.
Both Harris and Emhoff have been fully vaccinated against the coronavirus for months.
[…] “Harris and Raimondo are set to participate in a roundtable discussion with the owners of women-led small businesses to talk about the impacts of the pandemic,” The Providence Journal reported. “Harris is expected to talk about the value of high-speed internet, a piece of President Joe Biden’s infrastructure package he has tasked the vice president with leading. Harris will be joined by Gov. Dan McKee, Sens. Jack Reed and Sheldon Whitehouse; and Reps. Jim Langevin and Davis Cicilline at various stops on her Providence travels.”
Facebook is Keeping Trump Off Its Platform
by Andrew Trunsky
DailyCaller.com
Facebook’s oversight board upheld the company’s decision to ban former President Donald Trump Wednesday morning.
“The Board found that, in maintaining an unfounded narrative of electoral fraud and persistent calls to action, Mr. Trump created an environment where a serious risk of violence was possible,” the board said in a statement.
It also found, however, that a permanent ban was inappropriate, and requested that Facebook reach a “proportionate response that is consistent with the rules that are applied to other users of the platform.”
“Within six months of this decision, Facebook must reexamine the arbitrary penalty it imposed on January 7 and decide the appropriate penalty,” the social media platform said.
Miami-Dade County Mayor Rejects DeSantis Orders, Keeps ‘Key’ Restrictions in Place
[Ed. Note: There’s something interesting about watching three different levels of government argue about who has the right to put a boot on your neck.]
by Hannah Bleau
Breitbart.com
Miami-Dade County Mayor Daniella Levine Cava (D) opposes Florida Gov. Ron DeSantis’s (R) efforts to roll back coronavirus orders and insists that “key” coronavirus requirements, including masking and distancing, will remain in place across all county spaces.
DeSantis on Monday effectively suspended all local coronavirus emergency orders — another step in prioritizing the freedom of Florida residents.
However, the Miami-Dade County mayor is not having it, stating that the county will “continue to require key COVID [coronavirus] safety precautions including masking, distancing, and disinfecting at all County spaces, including libraries, County parks, and County buildings.”
While she recognized DeSantis’s action allows businesses to forgo mask requirements, she is urging business owners to keep those rules in place anyway:
Is This Our 1914 Moment?
by Joakim Book
The American Institute for Economic Research
A friend recently asked me how I can be so positive about the world’s progress yet so desperately pessimistic about the long-lasting horrors that will come from last year’s authoritarian power grab.
And it’s true: it’s a dissonance I often struggle with – the joy at the flourishing wonders of the world, coupled with the desperate fear of decline. I can go from pondering last year’s permanent loss of freedom to idealistically proclaim a century of liberty and an age of patronage prospering outside the rotten institutions of government.
Is this the mark of a schizophrenic mind or is there a deeper method at work? Is it possible to hold two thoughts in our heads at once?
I have no doubt that the 2020 government invasions of every aspect of life – monetary, fiscal, regulatory, medical, or whether you may leave your country, your state, or even your house – won’t (fully) roll back. Temporary government policies never do; this is the new normal.
Your Investment Strategy Depends On One Factor
by Kris Sayce
Casey Research
Wall Street thinks it knows what type of investor you are.
That’s why it creates all those investor labels.
Growth… Conservative… Balanced… Income… Defensive.
The list goes on.
The problem is, those labels don’t mean anything…
And today, we’ll show you why there are only two that matter.
Whether you’re new to the Dispatch or you’re a long-time reader, thank you for reading today’s edition.
In the Dispatch, our goal is two-fold:
Biden’s Vaccine Push: Some “Need More Convincing”
by Mac Slavo
SHTF Plan
Joe Biden is making a desperate push to get people to take the experimental gene therapy. He says 70% of the country will be fully”vaccinated” by July 4th and that some people just “need more convincing.”
Since the rulers are running out of people willing to take this concoction, it makes you wonder how they will cross that 70% mark.
New Poll: U.S. Is Running Out Of Adults “Willing To Be Vaccinated”
Perhaps the next step is an attempt to force this thing into people, or the “punishment” for refusing.
Medical Journal: Get The COVID-19 Vaccine, Or Be Punished HARSHLY
With his administration meeting its goal of administering 200 million doses of coronavirus vaccines in its first 100 days, Biden set a new target on Tuesday: to have 70% of the adult population covered with a first dose, and 160 million people fully vaccinated by Independence Day. As of Tuesday, 105 million people in the US were fully vaccinated against the coronavirus, according to a report by RT. When the masters are in a desperate attempt to get people willingly “vaccinated,” it’s time to ask questions.
50 Cent Flees New York for Texas After Complaining About Covid Restrictions, High Taxes
Joins wave of Americans, both rich and middle class, leaving coastal cities.
by Paul Joseph Watson
Info Wars
Rapper Curtis ’50 Cent’ Jackson has joined the wave of Americans fleeing New York, announcing that he had moved to Texas after complaining about draconian COVID-19 restrictions and high taxes.
“I love New York, but I live in Houston now,” 50 Cent told his social media followers. “I’ll explain later.”
[…] However, the hip hop star had already made it clear why he was planning to leave the Big Apple in March by responding to Texas Governor Greg Abbott’s vow to lift mask mandates and other lockdown restrictions with the remark, “I’m headed to Texas fuck this.”
[…] The actor and producer is also notorious for flouting COVID rules, having hosted a huge party in an aircraft hangar in St. Petersburg, Florida back in February, putting himself at risk of a massive fine.
Look at What is Happening to U.S. Household Incomes
from King World News
Look at what is happening to US household incomes.
May 5 (King World News) – Gerald Celente: In March, U.S. household income shot up 21.1 percent from February, the U.S. Commerce Department reported, setting a record one-month jump and fueling first-quarter economic growth of 6.4 percent.
The windfall, which included $1,400 in federal payouts to most U.S. adults, sent consumer spending up 4.2 percent and personal consumption spending 10.7 percent higher in March, the biggest monthly gains since June 2020.
The stimulus payments accounted for $3.948 trillion of the month’s extra $4.213 trillion in household income, according to the Wall Street Journal…
Withdraw Your Consent with Dr. Elaina George
from Kerry Lutz's Financial Survival Network
Dr. Elaina George returns… Are we really giving informed consent in an era when a doctor visit lasts little more than 7 minutes. Has technology really helped the practice of medicine? Conveyor belt medicine doesn’t work. Hands-on medicine is still works best and is crucial for the patient’s well-being. Telemedicine isn’t medicine. It’s a prescription factory. They’re too busy writing a script to be concerned with your underlying health and getting to the real root of the problem. Follow the money. We’re starting to find out the truth about the Covid measures that were taken. Believe it or not. the vaccines have not been FDA approved. What does that tell you?
Click Here to Listen to the Audio
Sign up (on the right side) for the free weekly newsletter.
The Gods/Markets Must Be Crazy with Nick Santiago (Ep #260)
from Daily Market Wisdom with Nick Santiago
For more than 20 years, Master Trader Nick Santiago has been beating the markets. He’s made some incredible calls along the way and now he’s looking to spread the word. There’s no reason that the average trader should be coming up short. So now we’ve started a daily show to bring you up to date on the latest market developments. Nick will be sharing trades and concepts and discussing current trends.
Click Here to Listen to the Audio
Sign up (on the right side) for the free weekly newsletter.
Covid Has Triggered the Next Great Financial Crisis
by Charles Hugh Smith
Of Two Minds
What’s left are the ‘fatal synergies’ of soaring debt and leverage, diminishing returns on stimulus, the substitution of credit for savings and the coming deflationary tsunami that pops all the speculative bubbles.
Imagine a once modest but sturdy home built near a cliff to maximize the vistas. Over the decades, the foundation slowly degraded and the house moved imperceptably closer to the unstable edge of the cliff. Those who observed the slippage and the potential for eventual disaster were either derided as alarmists or ignored.
Given the enviable location and views, the home rose in value and a series of increasingly gaudy additions were added, completely obscuring the once-modest exterior with cheap imitations of long-lasting, time-tested materials (plastic trim and brittle fake-marble veneers). The foundations of these ostentatious additions were slapdash, shallow and poorly made, as the goal was not durability but appearance.
The low-quality additions accelerated the slide to the unstable cliff edge, and in 2019 the viewing deck broke away and crashed into the canyon below. The repairs were hasty and the residents were assured all was well–in fact, better than ever.
Absolute Interference Documentary by Mike Lindell
by Greg Hunter
USA Watchdog
Nobody is doing more to reveal and draw attention to the massive election fraud of 2020 than My Pillow CEO Mike Lindell. His second documentary on this profound national security disaster is brought out in “Absolute Interference.” If you want to be informed, this is a must watch video. This is a free download that I am running to help draw attention to an issue that affects all Americans here on USAWatchdog.com. This is a 2 hour documentary packed with information about how the 2020 Election was hacked by foreign players.
Most people do not know of the special report that Director of National Intelligence (DNI) John Ratcliffe dropped just a few days before the end of the Trump Administration. One headline reads: “Bombshell Report: China Interfered In the 2020 Federal Elections.” Lindell is on solid ground, and a government report comprised of information from 17 of America’s intel agencies backs up Lindell’s “Absolute Interference.” There are many experts featured in this 2 hour documentary including Lt. General Michael Flynn, former head of the Defense Intelligence Agency (DIA) at the Pentagon.
Federal Regulators Require Rent Collectors to Lie About the CDC’s Illegal Eviction Moratorium
The Consumer Financial Protection Bureau claims to be enforcing a law that prohibits “false or misleading representations.”
by Jacob Sullum
Reason.com
A federal rule that took effect yesterday requires that anyone attempting to collect unpaid rent tell tenants they may be protected by the residential eviction moratorium that the Centers for Disease Control and Prevention (CDC) imposed in September. Yet federal courts have repeatedly held that the moratorium, which the CDC recently extended through June 30, is invalid because it exceeds the agency’s legal authority.
The New Civil Liberties Alliance (NCLA), which yesterday sued the CFPB on behalf of residential property managers and Louisiana real estate attorney Gordon Schoeffler, argues that the rule, which the Consumer Financial Protection Bureau (CFPB) issued under a statute that forbids “false or misleading representations,” requires debt collectors to lie. The NCLA’s complaint, which it filed in the U.S. District Court for the Middle District of Tennessee, says the CFPB’s rule violates the Administrative Procedure Act because it is not authorized by the Fair Debt Collection Practices Act.
