STOCK MARKET WATCH -- Wednesday, 7 December 2022

[Tansy_Gold]

STOCK MARKET WATCH, Wednesday, 7 December 2022

Previous SMW:
SMW for 6 December 2022




AT THE CLOSING BELL ON 6 December 2022


Dow Jones 33,596.34 -350.76 (1.03%)
S&P 500 3,941.26 -57.58 (1.44%)
Nasdaq 11,014.89 -225.05 (2.00%)

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Market Conditions During Trading Hours:

Google Finance
MarketWatch
Bloomberg
Stocktwits

(click on links for latest updates)

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Currencies:













Gold & Silver:






Petroleum:

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DU Economics Group Contributor Megathreads:

Progree's Economic Statistics (with links!)
mahatmakanejeeves' Rail Safety Megathread
mahatmakanejeeves' Oil Train Safety Megathread

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Quote for the Day:

Whether the U.S government and the Republican and Democratic parties can remedy the debt- and oil-related transformations of the last two or three decades is dubious enough. Far more worrisome is the possibility that neither Washington nor Wall Street is willing to confront the deeper problem – the ascendancy of finance in national policymaking (as well as in the gross domestic product), and the complicity of politicians who really don't want to talk about it.

Kevin Phillips. Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism. Viking/Penguin. (c) 2008.

This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

[Warpy]

1. Another good quote

and as I often point out, the country has been here before, although it seems to get worse every time it happens and no one in power has ever seemed able to catch a clue while their own cash flow is positive.

Reforms have only really happened when the whole thing has collapsed, otherwise they're the window dressing reforms that happened after a partial collapse like the one in 2008--half assed, half hearted, and overturned at the earliest possible moment.

[Tansy_Gold]

3. I wasn't planning to use this quote

I bought the book when it came out in 2008, so it was obviously written before the big financial collapse, and before Obama was elected. It happened to be on the shelf next to the book I was going to use -- which I can use some other day! -- and so I grabbed this instead. The quote is actually the third paragraph of the Preface! Phillips wrote an "Update" published in 2009, which I didn't know about until today, and I am seriously considering making it an early holiday gift to myself.

From the Kindle sample of the update:

Letting the merger and acquisitions process run wild and create mega-firms beyond effective national regulation but disposed to experiment and speculate hither and yon was disastrous. Allowing the financial sector to metastasize using $15 trillion of borrowed money over a quarter of a century was calamitous. So was permitting the derivatives and securitization business to create its $11 trillion of this and $53 trillion of that with the most incestuous and uncontrolled webs of distribution and counter-party relationships. And turning the core of the American dream, home ownership, into a trap for the rest of that dream staggers belief.

Kevin Phillips. Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism . Penguin Publishing Group.

[DemReadingDU]

5. So true!

I may need to get this update myself for Christmas

[DemReadingDU]

2. Way too much money in politics

The wealthy donate to ensure their politicians pass laws to benefit them. I don't know how much longer this can continue, but I fear some kind of collapse is coming.

[Tansy_Gold]

4. We've been waiting -- and watching -- for that collapse . . .

. . . .almost as long as I've been on DU.

It's scary. Very scary.