Today's NYSE Dive. What I have to say here will no doubt upset a few folks, but I really don't care. During my 75 years I've known quite a few Wall Street types and at the risk of gross generalization I have found most to be little more than hand-wringing wimps who rarely think past the next day's impending crisis. As my dad used to say, for many of these folks, long-range planning is no more than "What do we do after lunch?" Toss a scare at them and watch them panic.
Today is a beautiful example. The Dow plummeted more than 1,000 points this morning, although I expect it will rise somewhat before the day's end. And it's all because of the virus out of a China, or so they tell us. Personally, I think they're also panicked about commie Bernie's surge in the polls. Many of these wimps are the same never-Trumpers who for three years have done everything in their power to make things difficult for the President. Now they might well have to choose between Bernie and Trump, which even for these cowards is really no choice. And so, two nasty little bugs have apparently got them all running scared.
Interestingly, the companies most affected are those who decided long ago that they didn't mind dealing with a nation run by totalitarian murderers. I can recall several CEOs telling me that by "doing business" with the Chinese, American firms would show the communists the benefits of a democratic, free-market economy. I thought they were fools then, and I still think so today. One would assume that a CEO, who likely has at least a passing affinity for power, would realize that for totalitarians power is the only thing that matters. The communist leaders of China aren't "in business" to create a wonderful life for their people; far from it. Indeed their early and continued mismanagement of the virus as a public health crisis typifies their love for the people of the People's Republic."
China's communist leaders realized that a planned economy couldn't compete outside it borders, so they allowed "private" companies to form and compete in the global marketplace. This and the theft of technology are the primary means the communists have used to finance their expanding military and their growing international influence. But every single Chinese company is under the communist thumb; make no mistake about it. China has actually evolved from the communism of Mao to what is really just another form of fascism in which the government "manages" the nation's private industry for its own purposes.
The Iowa Democrat Caucuses. How unfortunate for the Democrat Party. The party's national and state leadership used an app designed and managed by folks who are politically connected with the Clintons, Obamas, and other Democrats. This, of course, is exactly what corrupt governments do. Corrupt governments don't spend taxpayer money on the most competent, cost-effective providers of products and services. Instead, they give business to those who are "connected", those who funnel money and other goodies into their political campaigns. The result? Too often, incompetence and sheer chaos. It reminds me of Vice President Biden and the millions his son reaped from the Ukraine and China for expertise Hunter Biden completely lacked. And have you forgotten the famous Obama healthcare app, the one that cost billions to develop? It turned out to be littered with bugs and plagued by access problems, despite being the most expensive app in history. Should the Democrats win in November, this is just the sort of incompetence and corruption we can expect.
CNN and Diversity. Did you notice how upset a CNN anchor was because the team the president put together to address the coronavirus problem did not meet his standards of diversity? This, of course, is just another example of the Iowa Caucus syndrome. Instead of examining the competencies of those assigned to the task force, CNN looks only at their sex and race.
Forgotten Warriors. We've all watched the commercials and many Americans are making monthly contributions to organizations such as Wounded Warriors and Tunnel2Towers. These and similar organizations were established to provide assistance and family aid to military personnel and first responders who have been wounded or have sacrificed their lives in defense of our freedom and our society. I cannot comment on the efficacy of these organizations because I have little first-hand knowledge, other than what I have heard from others and seen in the commercials. But their work, which I can only assume has helped many deserving people, is not my concern here. What bothers me is the very fact that these organizations must exist. Our governments -- federal, state, and local -- send military personnel, law enforcement officers, firefighters, and others into harms way every day. And yet, as a people we abandon them and their families when they suffer horrendous wounds or lose their lives in our defense. Congress established a multi-billion dollar fund to compensate the innocent victims of the 911 terrorist attacks, a fund that paid out an average of $2 million to each affected family. I have no problem whatsoever with that, but just compare it to what the family of a service member can expect if he or she is killed in action:
- $250,000 from Servicemen's Group Life Insurance, premiums paid for by the serviceman, unless declined.
- Death gratuity of $6,000
- Up to $6,900 for burial expenses
- Family rent-free government housing for 180 days
- Payment of member's unused leave (vacation)
- Dependency and indemnity compensation of $948 monthly for the un-remarried spouse, plus $247 for each child
- Other benefits include temporary healthcare coverage and commissary and exchange access.
That's enough. I have to prepare a homily for a committal service tomorrow, for the widow of a Korean War veteran.
