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If the Chumph Wins – Will Wall Street Crash?

Apparently Wall Street has been running scared since the Comey memo. The thought of a Chumph starting trade wars is just part of it. The dollar would go down, based on the expectation of economic instability, Second, the insurance rate for international business transactions would minimally triple making project funding difficult if not impossible. Lastly is the social and Civil turmoil issue…

My advice in the event of a Chumph win…Sell.

The impact of this morning’s retraction of the “email scandal” non-scandal by FBI’s Comey?

Wall Street shot up 300 points!

Image result for wall street crash

Trump terrifies Wall Street: Professional investors are panicking — should you?

Election jitters sent the S&P on the longest losing streak since the Great Recession — expect worse if Trump wins

It’s been a wild ride for markets this week, thanks in part to FBI Director James Comey’s surprise announcement last week about the discovery of new emails related to Hillary Clinton’s email server controversy, which, if polls are any indication, improved Republican Donald Trump’s chances to win the White House on Tuesday. Investors are bracing for what could be the most volatile post-election trading day ever.

According to a Credit Suisse analysis of index options (financial derivatives that allow investors to bet on the future value of a market index), the benchmark S&P 500 index of America’s biggest companies could rise or fall by 3.3 percent on Wednesday in reaction to the election results. Such an election-related swing in the market would be unprecedented, well above the average 1.1 percent move that follows a normal presidential race. Other estimates are less sanguine: Citi analysts warn of an immediate 5 percent drop should Trump win the election. Others suggest the decline could be even greater.

As Election Day approaches, anxieties are running high, leading to one of the longest selloffs of stocks in the S&P 500 index since the financial crisis eight years ago. Friday’s upbeat monthly U.S. jobs report, which showed robust gains in both hiring and wage growth, helped to lift U.S. markets during intraday trading, but the S&P 500 ended Friday down a slight 0.17 percent, its ninth consecutive decline and the longest losing streak since 1980.

The U.S. election jitters aren’t limited to the U.S.: Asian and European stock markets fell Friday, too, while the benchmark Euro Stoxx 600 shed 3.5 percent this week, touching its lowest level since July. This scramble sent the VIX, a widely watched index that rises when market volatility is high, above 22 points on Friday, up from 13 over the past five weeks, its highest point since Britain voted in June to leave the European Union.

Safe-haven bets — low-yield, highly stable investments — have risen, too. U.S. Treasury funds gained $2.3 billion in five days, the largest influx of cash since the first week of July following the Brexit vote, as investors fled volatile markets to the safety of low-yield U.S. government debt. On Friday, the price of a troy ounce of gold was up about $30 from Monday (gold prices tend to rise when investors are on edge).

All of this is classic “risk-off“ behavior, where investors flee riskier bets like low-rated corporate or high-yield municipal bonds. Clearly, the investment professionals are spooked — but what does this mean for average investors?

“It think it’s good to close your ears,” said Bill Stone, chief investment officer at PNC Financial Services Group. “Politics bring in a lot of emotion and bringing those emotions into investment decisions is not likely to help you, frankly.”

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Posted by on November 7, 2016 in Chumph Butt Kicking

 

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Bernie Sanders – Time to Reform Wall Street and Bust the Big Banks!

Bernie unloads in this speech he gave 2 days ago, and outlines what he will do if he becomes president. He is right. Since about 2000, Wall Street became increasingly disconnected from the economic engine of the country, investing in more and more obscure financial instruments resulting in the meltdown of 2008. when the wall between banks and Wall Street was erased with the repeal of Glass-Steagall, the recipe for financial disaster was almost assured.

I have small hope at this point enough people will wake up to make Bernie President. But…You never know.

Here is a breakdown of the Key points, from TYT

 
 

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The Story of Jeremiah Hamilton – The First Black Wall Street Millionaire

Great tidbit of previously unknown or forgotten history here…

The Story of Wall Street’s First Black Millionaire

Jeremiah Hamilton made white clients do his bidding. He bought insurance policies on ships he purposely destroyed. And in 1875, he died the richest black American.

No one will ever erect a statue honoring Jeremiah G. Hamilton. As an African American broker in the mid-1800s, Hamilton was part of no one’s usable past: Wall Street in that time was completely white, and New York’s black leaders disdained him for his brashness. But his death, in 1875, attracted national attention, and scores of newspapers reported that Hamilton was the richest non-white man in the country and that his estate was worth about $2 million, or about $250 million today.

Hamilton worked in and around Wall Street for 40 years. Far from being some novice feeling his way around the economy’s periphery, he was a skilled and innovative financial manipulator. Unlike later black success stories such as that of Madam C. J. Walker—the early 20th-century manufacturer of beauty products, often assumed to be the first African-American millionaire—who would make their fortunes selling goods to black consumers, Hamilton cut a swath through the thoroughly white New York business world in the middle decades of the 19th century.

He may have been successful, but he was not well-liked. “The notorious colored capitalist long identified with commercial enterprises in this city,” one obituary spat, “is dead and buried.” Rumors of counterfeiting and scams against insurance companies dogged him until he died. Not that the ethics or business practices of many of his antebellum contemporaries could bear too much scrutiny, but Wall Street was never going to be a level playing field for a trailblazing African American. His forays soon earned him the nickname of “The Prince of Darkness.” Others, with even less affection, simply called him “Nigger Hamilton.”

Yet for all that, brokers and merchants generally were more interested in the color of the man’s money than his skin. Not that Hamilton gave a damn one way or the other. In general, he simply carried on amassing his fortune whenever an obstacle arose.

Born in 1807, either in the Caribbean or in Richmond, Virginia (his story of where he came from depended very much on whom he was talking to), Hamilton first made his mark on the historical record in 1828. In that year, the 20-year-old ran a cargo of counterfeit Haitian coin to Port-au-Prince for a consortium of New York merchants. When the Haitian authorities uncovered the criminal enterprise, Hamilton fled.

After news of the abortive expedition broke in New York, the newspapers condemned him. Most notably, the editor of Freedom’s Journal, the first African-American newspaper, cursed Hamilton for what he viewed as his disgraceful role in undermining the existence of the world’s first and only black republic. Under considerable pressure to name names, the African-American entrepreneur kept his silence and the identities of the New York merchants who had bankrolled the counterfeiting expedition were never revealed. Although still young, Hamilton apparently had learned the ways of Wall Street.
Five years later, he had shifted his focus permanently to New York, where he quickly acquired a reputation for over-insuring vessels and then arranging for them to be scuttled, which proved quite lucrative (for him, at least). Indeed, it was businessmen such as Hamilton who drove the nascent marine-insurance industry to organize itself. By 1835 all of the New York marine-insurance companies made no secret that they had collectively agreed never to insure any voyage involving Hamilton.

In the mid-1830s, the United States was in the throes of a real-estate boom, and Hamilton jumped headlong into the frenzy. He bought 47 lots of land in what is present-day Astoria. Even more impressively, he invested heavily in property in Poughkeepsie, buying several tracts of land in the town, an iconic local mansion, and a 400-foot-long wharf. In all, he gambled more than $10 million in today’s money that the boom would continue. Following the herd turned out to be the worst business decision of Hamilton’s life. He had bought at the top of the market, only weeks before what became known as the Panic of 1837. Hamilton dodged his creditors for several years, but, taking adroit advantage of new federal legislation, declared bankruptcy in 1842.

Although Hamilton had bought and sold some stocks in the 1830s, the second act of his New York business career, beginning after 1842, was defined by his Wall Street speculations. His bets did not always pay off, but they most definitely were distinguished by wile and creativity. For instance, in the mid-1840s, he dragged the Poughkeepsie Silk Company into court so that the struggling firm could be legally dissolved, leaving the cash realized from the sale to individual shareholders, including himself.

Perhaps more impressive to modern eyes, Hamilton, by the 1860s, if not earlier, ran what was termed a “pool,” which resembled a hedge fund. It worked like this: Investors pooled their money, depositing it for Hamilton to invest on their behalf. The benefit of such an arrangement was that the pool’s contents were used as an assurance that would let Hamilton borrow more money, so that a much larger sum was available to play the market. It was entirely up to Hamilton to decide which stocks were purchased, but the point of a pool, as with a hedge fund, was to take aggressive and therefore more hazardous positions in the market. In effect, Hamilton was risking other people’s savings in order to speculate.

What may be even more startling today was that white New Yorkers, eager to join Hamilton’s pool, were driven to giving him gifts to gain his favor. In the mid-1860s, Hamilton advised one to “send him a basket of champagne and a box of segars.” Furthermore, Hamilton made it absolutely clear that when it came to such offerings, “he did not want any but the very best.”

Consider the greater historical context of such a statement: In the middle of a war of almost unimaginable carnage over the existence of slavery, less than 12 months after the Draft Riots—New York’s own cataclysm, in which the mutilated bodies of African Americans were hanged from lampposts—an unapologetic wealthy black man let it be known that he was willing to receive cigars and champagne (mind you, only “the very best”) as acknowledgment of his benevolence. In order to gain privileged access to this African American’s wisdom about the market prospects of listed corporations—modern entities beyond most Americans’ understanding that were laying thousands of miles of railroad track and steaming huge iron vessels across oceans—some white New Yorkers were willing to grovel….Read the Rest Here, including Hamilton’s toe to toe battle with Cornelius Vanderbuilt

 
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Posted by on October 23, 2015 in Black History, Giant Negros

 

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Song for Birmingham…

The bankruptcy of America continues. One question though… If you foreclose on a city…

Does everybody have to leave? Joking aside, this has to be frustrating as hell for the folks of Jefferson County.

Alabama county files biggest municipal bankruptcy

Alabama’s Jefferson County filed for bankruptcy court protection on Wednesday in the biggest municipal bankruptcy in U.S. history.

Commissioners for the county, which is home to Birmingham, the state’s biggest city and economic powerhouse, voted 4-1 to declare bankruptcy after meeting behind closed doors for two days in a last ditch-attempt to restructure its debt out of court.

A tentative deal reached with creditors in September to settle $3.14 billion in red ink had been widely expected to avert bankruptcy. But the deal fell apart over what the commission described as creditors’ refusal to meet the terms of previously agreed economic concessions.

There was also frustration over the fact that the estimated savings from the September agreement had shrunk by about $140 million, commission sources said.

“In September 2011, the commission and receiver entered into a comprehensive term sheet setting forth a framework for the resolution of the sewer system crisis,” the commission said in a press release announcing the bankruptcy filing.

“Creditors ultimately were unwilling to make the economic concessions contemplated in the term sheet and the receiver made additional demands inconsistent with the term sheet that the commission was unwilling to accept.”

The commissioners, who are elected and not political appointees, are the final arbiters over much of the county’s business and day-to-day municipal affairs.

The bankruptcy filing by the southern U.S. county will add to concerns about the risks in the $3.7 trillion U.S. municipal bond market, which was hit recently by the high-profile debt crisis in Pennsylvania’s capital of Harrisburg.

In addition to Harrisburg, which filed for bankruptcy last month, just two other cities — Vallejo, California and tiny Central Falls, Rhode Island — have declared bankruptcy in recent years since the onset of the U.S. financial crisis.

 

 
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Posted by on November 10, 2011 in American Genocide

 

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The Black Women of Occupy Wall Street

Yes there are black folks in the Occupy Movement – including Occupy Wall Street, despite the disparagement by conservatives that the movement is made up of privileged white kids. This video alone has more black folks than the entire Glenn Beck Tea Bagger rally on the mall last year on MLK’s Birthday.

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Posted by on November 4, 2011 in Occupy Wall Street, The Post-Racial Life

 

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What Occupy Wall Street is About

These a re pretty much core issues right now with a lot of folks…

 
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Posted by on October 9, 2011 in Occupy Wall Street

 

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Like a snowball rolling down a hill…It’s growing…

 
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Posted by on October 8, 2011 in The Post-Racial Life

 

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