Given Sorkin credit for a stupid idea

New York Times writer Andrew Ross Sorkin proposed one of the worse solutions to curbing automatic rifle sales this week.

Sorkin, who also co-hosts a show on CNBC, suggested that the large credit card companies and banks stop allowing their customers to use credit cards to  purchase firearms.

The bastions of our society, the same institutions that nearly bankrupt the country a decade ago, will now have super constitutional rights to stop Americans from purchasing firearms.

Of all the craziest schemes I have heard over 30 years in the newspaper business, this one comes out on top.

Allowing bank and credit card executives to be stalwarts of the American gun laws is foolish at first blush and deeply scary upon further reflection.

Jamie Dimon having more power than the Supreme Court of The US goes against everything the Bill Of Rights were drawn upon. Remember the first ten amendments restrict what government can do to us, not the other way around.

These executives, who it was discovered after the fact, tossed hard-working Americans on the street while illegally foreclosing on their homes — since they did not have the right due to fraudulent paperwork — will now have the right to squash the Bill of Rights is scary.

Who is to say that banks will not allow you to pay your subscription to a magazine it deems as unsavory? There’s goes your 1st Amendment rights.

This slope is even more slicker than any Olympic luge run.

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Markets will have to sustain another scary revelation

While the stock market is reacting to dollar strength on Tuesday, there will be another force hitting the economy later this year.

You are beginning to see this force in the large numbers of resignations in business and politics. Continue reading

Gold, bitcoin loving the sturm und drang of markets

Before you could figure out how the market would react this morning to flat retail sales for the holiday quarter, Dow futures were up bigly on Wednesday.

Then before you could look up the definition of inflation this morning, the market was down “bigerly” on the Consumer Price Index report. Continue reading

Stocks, bitcoin moving higher as volatility is quelled

Please excuse the sporadic posting, still in great pain as a result of my spinal surgery.

Stock markets around the world are back to rally mode with the exception of Japan.

The Olympic euphoria has even creeped into the cryptos with bitcoin up 10% for the day. Continue reading

Dow volatility may soon rival bitcoin’s price moves

SPECIAL SATURDAY POSTING

What the hell is going on in the stock market this week?

The Dow Jones index had a 1,000 point or 3% ride on Friday before settling up 330 points up 1.4%. over the course of the 5 days of trading there was a 6% range from highs to lows. Continue reading