Up we go again.
Of course, we're up today because Europe and Asia are up and they are up because we were up 2.5% on Friday and they are just catching up but that doesn't stop our pre-market traders from seeing a rally in Europe and trying to catch up to that – even though their rally was a reaction to our rally and yes – it's all total BS but that's the way the market works, so don't whine about it…
Despite the record-high markets (or maybe the record-high markets are because of them?), Congress is still talking about another stimulus package on top of the $3Tn they've already doled out plus the $4Tn the Fed has been tossing around. House Democrats already passed the HEROES Act in mid-May, which would provide a one-time payment of up to $6,000 to households and come with a mammoth $3 trillion price tag which, so far, the Republicans have shut down because this money would actually go to people, not Corporations – so they've been pushing their own bills but stimulus is stimulus – more or less.
The extra $600/week unemployment benefits for our 25M unemployed citizens runs out on July 31st at which point this party could come screeching to a halt as that's $2,400/month x 25M = $60Bn/month of stimulus that could be taken away – then who's going to order take-out?
This economy is fake, Fake, FAKE yet we have many many people in willfull disbelief (Jerry) who would much rather go on as if everything was great than face the truth – that the Government (Elaine) is just putting on a big show to make the voters feel better and is generally lying about the economy's "performance." To George (skeptics), it just doesn't seem likely that things could be going so well – given the actual evidence he sees of economic performance yet even he WANTS to believe all the "breathing, the panting, the moaning, the screaming" is all for real and, unlike Elaine – you're not going to have a moment of truth with this Government – so enjoy your fantasy!