Stock Market Plunges 6% As Seattle Loses Control Of The City

The stock market plunged 6% as Seattle loses control of the city.

Seattle Loses Control Of The City
(King World News) – Bill Fleckenstein:  The SPOOs tanked overnight and opened nearly 3% lower, then tried to rally, but that didn’t last long and by mid-morning the Dow and S& P were about 3.5% lower, with the Nasdaq, perversely, holding up a little better. I say perversely because that’s where all the real lunacy has taken place (outside of the speculation in bankrupt entities).

Out of the Woods and Into the Fire
As I noted on Tuesday, I don’t try to pick tops. However, as I also said, both in the Rap and in Ask Fleck, this is the single most speculative moment that I’ve ever seen. By that I mean not just valuations, but all the behavior (which I mentioned) versus economic reality.

Not only are we in a depression (although the worst of it is over, for now), there are epic-size revenue issues at the city, county, and state level across the country, and of course the budget deficit nationally continues to explode. I live in a city that has been overrun by extreme radical liberalism, where our “leaders” have now lost control of a police precinct (as well as a seven-block area around it), city hall (temporarily), and any moral authority they might have had. This development has caused increased economic hardships to businesses on top of what they had already endured due to the lockdown…….more here

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