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It’s a real pleasure to be heading into a week devoid of FOMC nonsense. Yes, I know the Fed talking heads will be yacking away on the speaking circuit, but what could they say to hurt us? “Yep, it’s still zero percent. Zero. Nada. Zip. You betcha. Any questions?” What a bunch of useless, feckless baboons.
So I’m simply looking for how low we could head. The indexes offer a mixed bag of answers, so there’s no clarity at this time. The Dow, I believe, is headed back to its 8/24 crash low, and it might not might it quite that far. I think a very close double-bottom is in the offing.
There’s much truth in the saying that one should never mention two things if he wants to avoid an argument: (1) religion (2) politics. Religion doesn’t come up here too much on Slope (except obliquely from those drawing conclusions regarding the members of the Federal Reserve Board), and politics even less. I suspect many Slopers tend to tilt rather Libertarian, as I do, but I wanted to voice my enthusiasm for Bernie Sanders, which surprises even me.
As a young man (that is, a teenager), my politics were described in one simple word: Reagan. He was President at the time, and the message he put across (whether actually true or not) resonated with me. During my college years, and early in my married life, I tilted more and more Libertarian, until I reached the conclusion that the vast majority of people are simply too blinkered to live with a government where personal responsibility and self-actualization were the norm. If we had a nation of Slopers, Libertarianism would be the way to go. Or, failing that, having Dutch as benevolent dictator.