With one of the world’s major oil facilities in flames, heavily damaged by Iranian cruise missiles, Wall Street barely flinched. Stocks recouped about half of Sunday night’s sharp losses and looked ready to fly on Tuesday. Only inches separate the Dow and the S&Ps from new record highs that seem very likely to be achieved. We’ll be on our guard no matter what, since it is September after all — one heckuva time for shares to be trading at such lofty heights.
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That is because the United States economy has gone from a focus on Producing quality goods in the 100 tears (sic) from about 1870 to 1970, to Wealth Re- Distribution since 1970 to today.
Think about it.
Manufacturing was moved offshore starting with television sets first, back around 1970.
1965- Open Borders starts- cheap wages and votes for the 1%
1966- B of A comes out with Master Card- debt starts to replace earned income.
You know the progression.
Here is a quick reference article I did not vet:
https://tinyurl.com/y24z8hb9
All this happened with the rise of casino gambling, State lotteries, massive pay and benefits increases for .Gov workers, Class Action lawsuits, etc.
All non productive, all Wealth re-distribution.
Long Story Short- Wall Street has very little to do with Producing goods and Middle Class type jobs.
It is now strictly a Wealth re-distribution mechanism.
And if you can’t beat them, join them!
LOL!
Tell me about it! All weekend long, you couldn’t scroll down any news site page without tripping over at least half a dozen articles about the attack. Come Monday though, it was like it never happened!