June 24, 2021
PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia discusses the latest economic numbers, results and concerns, including news pertaining to NASDAQ, the S&P 500, a recent ruling from the U.S. Supreme Court, Amazon Prime Day, and the hunker down mentality.
“As we get to midweek and finish up Wednesday, everything ended in positive territory,” said Celia. “The NASDAQ hit a new record high. This is number 16 this year so far, and we’re looking at a two-day win streak. Pretty good, considering last week’s high for the S&P 500. Also, oil was in positive territory, settling in at 73.26.
“In some other news, here comes Biden replacing the leader of Fannie Mae and Freddie Mac after the Supreme Court bolstered presidential power over the Housing Finance Agency. The Supreme Court no sooner passed the ruling, and the leader of Fannie Mae and Freddie Mac was replaced. I would suspect that the government has big plans for Fannie Mae and Freddie Mac; not a good sign. It’s not something that too many people, other than the far Left puppeteers that are controlling the administration, like very much.
“Here’s another interesting note—Amazon Prime Day results are in, and they were far more muted than usual this year. Even though people may say ‘It’s one day, not a big deal’—no, it’s a very big deal. And it’s something we ought to be thinking about. This is coming on the same day, Wednesday, when we see the service sector move down pretty significantly; it (service sector, the largest sector of our economy) was expected to go up a bit.
“Now I just want to remind everybody what I talked about four or five months ago, including the concern that I have about coming out of the pandemic and consumers starting to hunker down a bit. I indicated my concern because of what happened in 2008. Late in 2008 and 2009, it was the hunker down mentality that the Federal Reserve could do nothing about. They tried and threw everything they possibly could at stimulating the economy and got nothing.
“I would suspect, as I said a couple of weeks ago, that the hunker down mentality is going to begin to set in—and under it a pro-bigger government, pro-social control, pro-regulation, pro-higher taxes, and pro-government employment (not private sector employment). This could be a huge problem. And best-case scenario is we could be headed toward a time of stagnation, only with higher inflation this time than we saw after the last financial crisis. It’s something we need to keep in the forefront of our minds, and it’s something we need to be concerned about as we make an attempt to move this economy forward.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
Read more about Celia, FISM and “Financial Issues” or visit the FISM website, its Facebook page, on YouTube at Financial Issues with Dan Celia or on Twitter @financialissues; download the FISM app here.
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