October 8, 2020
PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia said today that even though the markets had a very good day on Wednesday, he points toward a growing concerns he’s seeing develop on Wall Street.
“U.S. stocks climbed Wednesday after President Trump appeared to re-shape his position on a stimulus package for American households, airlines, and small businesses,” said Celia. “He just wants what we all want, to do what is necessary for the economy, and leave the pork and the unnecessary spending out of the bill.
“On that note yesterday, The Dow Jones Industrial Average rose 1.9%, the S&P 500 gained 1.7%, and the Nasdaq Composite gained 1.9%—overall, a very good day. Some are saying that is due to the likelihood that we will not see a sell-off in the markets because Wall Street is factoring in a Biden win and believing, with that in mind, that his administration will create an enormous amount of stimulus to drive markets higher. If that is true, and it’s not, it would mean that market makers, great analyst, hedge fund managers, institutional investors, venture capitalists and very savvy industrialists on Wall Street are all morons, to put it mildly.
“The media is saying that Wall Street actually believes that all they need for a healthy market is lots of government money pouring in, lots of giveaway, and bailout programs. The notion that Wall Street believes that is, at best, a terrible miscalculation, or, at worst, an irrational, illogical, and naive notion to everything that has driven the markets over the last 130 years. I hate to say this to financial reporters, analysts and some liberal economists, but ‘it’s about the economy stupid’—NOT about money flowing into markets without productivity and without growth in the economy, and not about the kind of money that the liberal ideology is talking about. That is not money that is going to create economic productivity; it is money that is going to create power for the ruling class.
“How did Wall Street get to a place where it believes it is healthy for markets to use this global health crisis to fulfill every spending desire and need of the liberals, in order to gain the utmost in social control and dominance over the American people? The reality is that I refuse to believe that Wall Street has gotten to that place. In fact. I know they haven’t. I thought radical fascism and the hatred of individualism, ingenuity, and innovativeness for the sake of the fascist-controlled economic system died with Mussolini. But apparently liberals in the media want to resurrect it. I am reasonably certain that the media and Democratic Party are hoping that Wall Street will get to that place, and if they write about it enough—continuing to say that the markets have gotten to this place—they will eventually believe it.
“In spite of the brilliant comments from that incredible economist, Nancy Pelosi, who stated that unemployment benefits were good for the American economy, I still believe what I said during the Obama Administration, and I’ll say it again—we all just need keep our heads about us and understand that it is not possible to spend our way into prosperity. It has never worked, and it will not work now, even for a great country like America. We better vote if we are to save our country.”
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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