Sunday, December 10, 2017

DOW Breaks 24,000!

Last week was interesting. The stock market was rising and falling slowly. but in the general rising, then in the middle of the week everything took off, with one hundred, two hundred, and three hundred point days. It surged forward with a vibrancy of speculation that almost would lead one to think that a tax bill aimed at putting as much money into the hands of corporations was surging through government, with conservatives, who usually were concerned about increasing the national debt, cheering it on.

And yeah, this is exactly what's happening - the Republican-controlled Congress has gleefully abandoned its post, not only declaring that deficits don't matter, but running up the tab on the current one by 1.5 trillion bucks. The Senate voted on its version of the plundering of the treasury in the dead of night, after Friday, on a bill marked up with pen scrawls that they would not let anyone read. The same people who cringe in fright at anything like a minimum wage are gleefully shoving money down the pants of the wealthiest members of our society like a frat boy at his first strip club. 

This was such a heady feeling that even news that one of the President's men has turned state's evidence and making clear his dealings with the Russians could only knock off a few hundred points. And indeed, with the deed finally done, the wish list shoved through Congress, they really don't need him at all anymore.

There's a lot of turmoil on the horizon - even though the House and Senate bills are different, and the fact that in the past week they discovered they botched the job, there is enough pain for the bulk of Americans. The retail apocalypse is still hollowing out the malls, student loans threaten to be the next housing bubble, Medicare and Social Security are on the chopping block, the rich get richer, and the poor get ... children.

It feels all so precarious at the moment, and no amount of learned souls telling us how bad this is going to be seems to have any effect on the ruling party. Button up, buttercups, it's going to be a wild ride.

More later,