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.


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

Las Vegas shooter’s autopsy controversy

I stumbled across a story by Thomas Michael on Monday speaking about the Las Vegas shooting at Mandalay Bay hotel.

The shooter Stephen Paddock’s autopsy results were released by the local authorities on Friday February 9, 2018, late in the afternoon. As I have written in the past, Friday afternoons are the best time to release information you do not wish to have wide news coverage.

The autopsy stated that Paddock died at noon the day after the shooting. The noon time of death goes against all the narratives given by law officers of the shooting.

The latest timeline of the shooting by County Sheriff Joseph Lombardo had local police taking Paddock down moments after the shooting stopped. The crime photos allegedly showed him dead in the hotel room with spent shells around the body in a pool of blood.

Here’s where it gets strange. The Associated Press released a story that Friday evening with the PDF of the autopsy attached to the story. Shortly after it hit the wires (to use an old newspaperman’s parlance) the PDF link was stripped off the story.

So when the media picked up the story the only angle they had to go with was the toxicology report which stated that he had anti-anxiety drugs in his system.

Thomas has an image of the first page of the autopsy with the time of death highlighted, however a link in the story to the entire report is dead and goes nowhere.

I have a message into Thomas to send me the report but that has gone unanswered at this time.

Markets soared Monday as the Dow posted a 410-point rally as the futures yesterday greased the rails to take stocks higher and bond yields lower.

At 4am New York time, Dow futures were down 300 points, at 8am NY the e-minis had improved to minus 100 points and moving higher.

The VIX is creeping higher but still below the 30 point level as the US dollar is weaker, setting up a positive track for US indices despite European sell off.