Jul

22

The mare and capture

July 22, 2023 |

the gentlemen don't like the old gray mare's resilience but it is bullish:

Election Betting Odds

you have to hand it to the old gray mare and the market. July seems to be what Martie Riesmann would call a key month. it's been up 12 times since 1996 and down 12 times. of the 12 times it was up, 11 of 12 advanced to end of year. approximate rise 150 big S&P points.

on qualitative basis, consider July's move extraordinarily bullish. the old gray mare was subject to the most withering evidence of corruption imaginable. but he maintained his win prob of 33%. reg capture joy from the powers that be is at a max. the three letter agencies, etc.

Let’s Not Forget George Stigler’s Lessons about Regulatory Capture

George Stigler’s theory of economic regulation opened our eyes to the rent-seeking that undermines the public interest. Yet many in positions to influence policy today do not appreciate the beneficial innovation and increased consumer choice that economic deregulation and competition brought.

as evidence of the lackadaisical response to the corruption news, Fox leads off with an article on backlash against NYC congestion pricing.

sign of our times: the old grey lady has not one single article or mention of the revelations and developments of the old grey mare in its Saturday July 26 edition. how bullish can you get?

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