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Morning Market Briefing – Thursday- 10/03/2013

Yesterday, investors started to price in the government shutdown! The day started with broad based sell pressure across all sectors.  Only gold stocks performed well in the morning with strong gains as gold prices rocketed higher.  However, the gold stocks loss all of their gains by the end of the day even though gold prices did not drop.

Not much had changed from Tuesday to Wednesday. The crippled angry shit flinging monkeys in Washington are still frozen in place slinging feces at each other.  The US market is still near all times high, because everyone knows you cannot fight the Fed.  And Tesla, both the company and the car, are burning up.

This Morning, the public was reminded of everything that is wrong with our country.  Hank Paulson, X Goldman CEO who took a part time gig as US Treasure from July 10, 2006 to January 20, 2009 was on Squawk Box.  When asked what the biggest issues with our country were, he had three things to say.  Controlling how the public receives information, tax reforms, and social security.  In regards to how the public obtains information, he made it pretty clear that he believes information should be controlled “only his opinion should be given to the public?”.  In regards to tax reform, he made no mention on what type, increasing or decreasing taxes on the rich or the corporation.  But if you go with his track record of exploiting tax loop holes where he avoided paying over 250 million dollars in taxes when cashing out for the secretary job, one can assume he is not about paying taxes. In regards to social security, one would hope that he wouldn’t want to reduce it.  Many of our elders are already eating Beneful and FancyFeast.

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