The looniness keeps out-loonying itself with every passing day. The $900 billion “stimulus” bill, the latest battleship full of free money, breezed through Congress and landed on the President’s desk. To everyone’s surprise, he didn’t sign it, but instead said that the life-changing $600 stipend that each citizen was going to get, he said it should be over three times that much. The market sold off quickly (red arrow). As you can see, the selling didn’t last.
And why would that be? Well, it looks like Congress is ready to fold like a pizza left in the rain.
It’s honestly astonishing. The vast majority (and I’m talking way over 90%) of the country has had, over the course of the last few decades, a $100 bill stolen from their back pocket while being mesmerizing by the shiny dime being sparked in front of their eyeballs. And happy as they were to get that dime, it has now been replacing by an even shiner quarter, and Joe and Jane Public are ecstatic at the prospect of this free “gift” so they can buy the latest 80-inch tee-vee down at the Costco.
It’s working, though. Just look at the /RTY over the past few days. Every selloff, smothered in its crib.
n a separate note, I completely by chance noticed that Nikola – – the veritable Theranos of the electric car industry – – finally gave up its battle with its final support line. Evidently, their one meaningful customer – – a trash company, fittingly enough – – said, meh, no thanks, we changed our mind.
And thus the swan song has commenced. The fact that Trevor Milton is rich and scurrying around totally free on his massive ranch in Utah is bewildering. Let’s see how long that lasts.