As Stocks Soar, Data Shows The Real Economy Is Mired In Historic Crash

10-06-20 07:15:00,

Authored by Michael Snyder via TheMostImportantNews.com,

Have you been watching the madness that has been unfolding on Wall Street?  Even though we are in the middle of the worst global pandemic in 100 years, and even though rioters and looters have been turning our major cities into war zones, stock prices have been going up day after day.  In fact, the Nasdaq closed at an all-time record high on Monday.  Sometimes people ask me to explain this rationally, and I can’t, because the Federal Reserve has transformed our “financial markets” into a total mockery at this point.  The real economy is literally collapsing all around us, but thanks to Fed intervention stock investors are doing just fine. 

It has been absolutely disgusting to watch, and if Adam Smith could see what was happening he would be rolling over in his grave.  Unfortunately, thanks to our rapidly declining system of education most Americans don’t even know who Adam Smith is anymore.

I can’t recall another time in modern U.S. history when stock prices skyrocketed as the U.S. economy plunged into a recession.  What we have been witnessing has truly been extremely bizarre, and it will be fascinating to see how long it can last.

Meanwhile, the real economy is a giant mess.  On Monday, the National Bureau of Economic Research finally got around to letting us know that a recession has officially begun

It’s official: The United States is in a recession.

The National Bureau of Economic Research said Monday the U.S. economy peaked in February, ending the longest expansion in U.S. history at 128 months, or about 10½ years.

In truth, the announcement codifies the painfully obvious. States began shutting down nonessential businesses in mid-March to contain the spread of the coronavirus, halting about 30% of economic activity and putting tens of millions of Americans out of work.

And in other news, the sky is blue and the moon is not made out of cheese.

Anyone with half a brain can see that the economy is falling apart.  For example, we just learned that U.S. factory orders were down 22.3 percent in April compared to a year earlier…

Having collapsed by a record 10.4% MoM in March,

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US Senators Dump Stocks with COVID-19 “Inside Information” – Global Research

22-03-20 04:19:00,

Following a closed-door briefing on the threat of spreading COVID-19 infections — before markets began crashing — at least five US senators cashed in based on inside information unavailable to the public.

The quintet includes Senate Intelligence Committee chairman Richard Byrd, James Inhofe, Kelly Loeffler, Ron Johnson, and Diane Feinstein.

Most likely, other insiders in Washington and elsewhere sold equity holdings before public information about spreading COVID-19 infections caused financial, commodity, and other market turmoil.

Loeffler’s husband is chairman and CEO of the New York Stock Exchange — both co-owners of stocks they dumped, reportedly up to $3.1 million in late January and early February.

Reportedly with a net worth of around $500 million, Loeffler is the wealthiest US senator, a body known as a millionaires club.

In early March, she publicly lied claiming “the consumer is strong. The economy is strong, (and) jobs are growing, which puts us in the best economic position to tackle” COVID-19.

A February 27 audiotape of Burr’s address at a Capitol Hill Club luncheon included the following remark:

“There’s one thing that I can tell you about this: It is much more aggressive in its transmission than anything that we have seen in recent history. It’s probably more akin to the 1918 pandemic.”

A week before his large-scale stock dump (reportedly between $628,000 and $1.72 million), two weeks after his above private remarks, he said the following in a Fox News op-ed:

“(T)he United States today is better prepared than ever before to face emerging public health threats, like the coronavirus” — a Big Lie.

On March 20, he falsely said the following:

“I relied solely on public news reports to guide my decision regarding the sale of stocks on February 13.”

“I followed CNBC’s daily health and science reporting out of its Asia bureaus at the time.”

“Understanding the assumption many could make in hindsight…I spoke this morning with the chairman of the Senate Ethics Committee and asked hi to open a complete review of the matter with full transparency.”

On February 12, one day before Burr’s stock dump, US financial markets reached an all-time high.

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