What Kinda System Is This?

From the start of this pandemic I have been saying that this system is rigged and sick and needs to change for the good of the people of this nation…

Again we have 2.1 million new unemployment claims and 100,000 deaths from this virus and yet the markets rise above 25,000…..what makes the market so excited?

The trading floor of the New York Stock Exchange was reopened on Tuesday morning for the first time since March 23. Among those present to celebrate the ringing of the opening bell was New York Governor Andrew Cuomo, who abandoned the somber demeanor of his daily coronavirus updates and shared elbow bumps with Wall Street investors. For the next six-and-a-half hours, the financial community continued its celebration of the pandemic’s bull market.

When the trading floor was closed down in March, the Dow Jones Industrial Average was down to 18,000. It has since risen approximately 40 percent. Flush with trillions of dollars of bailout money provided by the CARES Act, the Dow Jones Industrial Average rose yet another 530 points, an increase of 2.2 percent over its close last Friday.

https://www.wsws.org/en/articles/2020/05/27/pers-m27.html

Is it the deaths (100,000+) that makes the markets optimistic?  Maybe it is the unemployed (40 million)…..or maybe the markets know that they are well protected…..(my bet is on the later)……

It is time to re-think this bullshit system for one that is good for everyone….one that gives all a fair chance to succeed.

And also when Congress can profit through insider trading the system is rigged in favor of those with the cash…..

The Justice Department has closed insider trading investigations into three senators who sold off stocks following early briefings on the coronavirus, aides told NBC News.

A spokesman for Sen. Kelly Loeffler, R-Ga., confirmed that she had been informed that the Justice Department had dropped an inquiry into her trades and called the allegations “politically motivated.”

“Today’s clear exoneration by the Department of Justice affirms what Senator Loeffler has said all along — she did nothing wrong. This was a politically-motivated attack shamelessly promoted by the fake news media and her political opponents. Senator Loeffler will continue to focus her full attention on delivering results for Georgians,” said the spokesman, Stephen Lawson.

https://www.nbcnews.com/politics/congress/justice-department-drops-insider-trading-probes-three-senators-n1215196

I was hoping but I knew deep down the Barr and the DoJ would let this ride and protect the spineless slugs in Congress from prosecution….if you are part of the GOP and Trump’s minions you can do as you like with no retribution for bad acting…..

I Read, I Write, You Know

“lego ergo scribo”

2 thoughts on “What Kinda System Is This?

  1. Share Markets get excited by that ‘dream’ combination of deaths, and high unemployment. Less social security and pensions paid to those who have died, and the job market flooded with people who will grab at any job for minimum wage. They must be in capitalist heaven right now.
    Best wishes, Pete.

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