By Jack Kelly
Stocks rose nearly 1,000 points today, which is about 4%. The sharp higher spike was due to reports of more states reopening for business and Federal Reserve chair Jerome Powell saying on 60 Minutes Sunday night that he’ll do whatever it takes to prop up the stock market.
If you’re wondering how the hell stocks are so high when the world is falling apart and about 40 million Americans are unemployed, it’s simple: Powell said that there’s “no limit” to what he can do, including “digitally” printing trillions of dollars and dumping them into the economy.
What he didn’t say is whether or not dropping trillions of dollars from helicopters would eventually cause massive inflation and be ruinous for all of us years down the road. Powell and Trump are kind of old, so maybe they don’t care too much about the long term, since they won’t be around that long. I’m not being mean, but what are the odds that 70-plus year olds will be here in 30 years’ time. Also, here’s a more important question—if we’re able to print money anytime we want, why are we paying f’n taxes??!!
Speaking of trillions of dollars, while many businesses struggle to survive under the global lockdown, the big tech giants are killing it. The MAGA stocks—Microsoft, Amazon, Google and Apple—are leading the surge in stock prices, as their respective businesses are benefiting during the pandemic. I suppose it’s easy to do well when all of your competition is told to close down.
It’s nice that these companies are doing amazingly; however, it comes at a high price. The way things are playing out is that the tech giants will become even gianter. They’ll be Godzillas stomping on all of their puny little rivals. The big tech companies will soon all hold near-monopolies in their respective spaces. Midsize, small companies and startups will have no chances at all, they’ll be squashed like ants or bought out by the big behemoths.
A positive sign is that some, but very few, companies are starting to take a closer look at the exorbitant compensation lavished on their already-filthy-rich CEOs and top executives. Board of Directors and critics are pointing out the glaring hypocrisy of executives earning fortunes during the pandemic while millions of workers are fired and others are paid poorly. My bet is that nothing will change and the fat cat CEO will continue to plump up.
The really good news is that Apple announced it will reopen 25 stores across the United States and 12 shops in our little northern brother, Canada. About 100 global locations have reopened. Apple is one of the most respected leaders in the corporate community. If they’re comfortable opening, albeit with strict provisions, other corporations will soon follow their lead.
It must be a real mindf**k to the longtime followers and admirers of Elon Musk. He epitomizes the feel-good movement and liberal attitude of environmentally friendly advocates by building Tesla—the coolest electric vehicle that doesn’t make you look like a wimp driving a Prius.
Musk whole-heartedly embraced corporate socialism, as he gladly lobbied for and received billions in aid from public officials to entice him to open manufacturing plants in their states. Now that he’s subject to some pushback from the tyrannical officials in California telling him to close down production, Musk threatened to pick up his cars and leave the state.
He’s called his opponents “fascists” and decreed that Americans have been stripped of their liberties, as they’re forced to remain home. He believes that the politicians and medical professionals are feeding us BS and over-exaggerating the Covid-19 situation. Musk, on Twitter, said that he’s taken the “red pill.”
This is a hat tip to the movie The Matrix. In a pivotal scene, the main character was offered a red or blue pill. The red pill allowed you to see reality as it really is, whereas the blue pill left you mindlessly oblivious. It’s also a catchphrase for conservatives to bring people over to their political persuasion. Ivanka Trump tweeted back that she’s taken the red pill. One of the filmmakers of the movie, Lilly Wachowski, who transitioned to a woman and is transgendered activist, tweeted back to both Ivanka Trump and Elon Musk, writing,
Fuck both of you
— Lilly Wachowski (@lilly_wachowski) May 17, 2020
We are certainly living in interesting times…