“Wall Street did not accidentally run a barge aground and leave a small oil slick on the Hudson River. Wall Street did not accidentally release tainted lettuce that sickened a few dozen people.
What Wall Street did was intentional and criminal: it financially engineered a toxic subprime house of cards which it knew from its own internal reviews was going to collapse; it then molded the toxic product into inscrutable bundles; it sold the bundles to unsuspecting investors around the globe while making side bets that it would all come crashing down.
Then, after causing the greatest financial collapse in the United States since the Great Depression, Wall Street’s unrepentant scoundrels paid themselves billions of dollars in bonuses with taxpayer bailout funds.”
Pam and Russ Martens, Wall Street On Parade
There will be a stock options expiration for October on this Friday.
The touts are talking up stocks this week. I’ll take that as a good sign to take profits out of equities if you have them. We are nearing what is likely to be at least a short term top.
The bullish argument is that the Fed will keep supplying easy money to Wall Street, and they and their minions will keep piling into stocks because they have no other choice. That is sounding a bit tired at this point.
This post was published at Jesses Crossroads Cafe on 18 OCTOBER 2017.