I think Chuck forgot about healthcare, food, rent, and education.

Well, some may think that only corporations and the already wealthy are smart enough to handle any extra cash. The rest can wait for the trickle down effect.

Stocks were in rally mode this morning, and there was the usual heavy-handed hit on the precious metals in late London trading and the opening of the Comex.

However, stocks did a rather impressive turnabout, closing flat to down by the end of trading.

Several reasons could be cited for this. Probably the most significant is the usual blundering destructiveness of the GOP Congress.

The Freedom Caucus in the House is throwing a monkey wrench into the work on a continuing budget resolution that would prevent a government shutdown. These freedom-lovers have demanded that Paul Ryan include no Democrats in any of the budget resolution discussions. The better to avoid a workable solution that might be contaminated by something less harsh and obtuse.

And of course there was the howler, pointed out to me yesterday by my Samoan attorney, that in their zeal to skin the people and please their masters, the Senate GOP accidentally retained the 25% AMT on that new breed of aubermenschen. the corporations. Some say this helped to throw a wet blanket on the big tech rebound on the Nasdaq.

And so the Congress is falling all over themselves to apologize, and to remove this insult to their corporate constituents. As for the regular people, well, they care not so much.They wouldn't know what to do with the extra money if they had it.They would probably blow it on things that would immediately boost GDP, and not on stock buybacks, dividends, and monopolization.

Non-Farm Payrolls on Friday.

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