The Market Ticker
Commentary on The Capital Markets
Logging in or registering will improve your experience here
Main Navigation
MUST-READ Selection(s):
So What About Kavanaugh?

Display list of topics

Sarah's Resources You Should See
Sarah's Blog Buy Sarah's Pictures
Full-Text Search & Archives
Legal Disclaimer

The content on this site is provided without any warranty, express or implied. All opinions expressed on this site are those of the author and may contain errors or omissions.


The author may have a position in any company or security mentioned herein. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

Market charts, when present, used with permission of TD Ameritrade/ThinkOrSwim Inc. Neither TD Ameritrade or ThinkOrSwim have reviewed, approved or disapproved any content herein.

The Market Ticker content may be sent unmodified to lawmakers via print or electronic means or excerpted online for non-commercial purposes provided full attribution is given and the original article source is linked to. Please contact Karl Denninger for reprint permission in other media, to republish full articles, or for any commercial use (which includes any site where advertising is displayed.)

Submissions or tips on matters of economic or political interest may be sent "over the transom" to The Editor at any time. To be considered for publication your submission must include full and correct contact information and be related to an economic or political matter of the day. All submissions become the property of The Market Ticker.

Considering sending spam? Read this first.

2018-07-15 07:50 by Karl Denninger
in Editorial , 256 references
[Comments enabled]  

Elon Musk and Tesla have been the essence of cult behavior.

Elon claims to be a socialist.  But he's in the rarified 0.001% of the population and has done exactly nothing for the 99.999% below him.  Indeed, his primary "contribution" these days is to sell $100,000 cars to very rich people, who are the only ones that can afford them.  His much-claimed "$30,000" vehicle, allegedly intended to be "available" to anyone, has not shipped one single unit configured that way -- instead they're all nearly double that price as he has intentionally refused to ship anything "ordinary" people can afford.

How much of his wealth has he given to the poor?  Statistically-speaking -- zero.  Ditto for the fancy house and all the other things he enjoys.  Does he let the refugees come in and have some A/C on his dime, a place to crash and a beer from the fridge?  Oh hell no.

Then there's the fact that the company has never made a single penny in profit, but has stolen billions from taxpayers.  "Stolen" is the right word too -- I certainly didn't consent to having the tax money taken from me, but it was -- and from you.  Elon of course justifies this as "combating a global evil" ("global warming") which is predicated on utter garbage "science", never mind that his claim of "helping" is a bald lie -- all he has done is moved where the pollution takes place, never mind the lithium mining necessary to build those cars -- nearly all of which consumes a huge amount of fossil fuel and is done overseas on purpose so the toxic wastes produced can be emitted into the air and water with impunity.

His latest stunt was especially galling -- he showed up with a "mini sub" -- sort of -- for the kids stuck in the cave. When rebuffed and told to get out and stop grandstanding he tried to call the people actually doing it unqualified.  Well Elon, said "unqualified" people got all the kids and their coach out alive, and furthermore they were there, knew the environment and clearly did have it figured out where you didn't -- and they rightly told you to stick your toy sub and self-aggrandizing garbage where it hurts.  Good for them and **** you sideways with your 5-alarm bull****.

That wasn't enough.  Musk doubled-down and called one of the subject-matter experts (who actually did it) a pedophile in a since-deleted tweet.  It appears that someone might be a bit mentally unstable, eh?

Cults often have very wealthy leaders for one simple reason -- they con everyone else out of money and claim to be doing "God's work" in some fashion in the process.  Elon is no different than the megachurch pastor, other than being more financially successful at it.  And the wreckage he has left behind in the process, including a woman who fell for his bull**** and was nothing more than a trophy to him, along with the children she bore, is so cliche' that it barely bears mentioning.  Oh, then there was #2, and, well, who knows what has and will follow other than a bunch of cock-holsters who, I'm sure, are not at all attracted to his ability to summon up a carbon-emitting private jet to take them wherever he wants -- when he wants, not when SHE wants.

But heh, he's good for the planet even though he has a personal carbon footprint that likely looks something like that of a small city, right?


The problem is that all these shibboleths are from the far left side of the aisle -- especially the "save the planet" garbage.  And now Musk has been caught giving money to..... surprise surprise -- Republicans.


He "defends" this as saying it's for access, which is even worse!  Now the King of allegedly "good" behavior to "save the planet" is admitting to political bribery, in public.

That ought to go over well with the Social Justice types, even though it might be accurate.

You have to wonder if this is the time he finally blew his own brains out by shooting off his mouth.  The latest has engendered plenty of people talking about canceling Tesla car orders or even attempting to return delivered vehicles.  Of course it's easy to run your yap on social media but the problem with cult leaders, especially those who are indebted up to their eyeballs as Musk is as he's insane enough to buy his own firm's stock with loans, essentially taking a margin loan on himself and the company, resides in the fact that their continued high-flying lifestyle and ego are both dependent on continuing to fill up the pews on Sunday -- or asses to fill the seats of overpriced cars built in tents that come with their own crematorium built in -- just add a random car accident to push the button.

I'm looking forward to the day Elon hears two little words: Margin call

View this entry with comments (opens new window)

2018-07-15 07:00 by Karl Denninger
in Editorial , 178 references
[Comments enabled]  

Read this and see if you can find the idiocy in it:

Former FBI lawyer Lisa Page’s action shows that the deliberate destruction of congressional subpoena power is complete and reveals the impotence of Congress to compel evidence. As a result, the ability of Congress to perform substantive oversight is compromised. Only when she was threatened with contempt of Congress proceedings did Page agree to voluntarily appear for a private interview on Friday, Rep. Bob Goodlatte, R-Va., said Thursday.

Page may yet testify at a public hearing before Congress. But why does she or any other government witnesses get to dictate the terms and timing of their own testimony?  How many of us who are not federal employees would dare refuse a subpoena from Congress? How many of us would even get away with it?  

As I explain in my forthcoming book, “The Deep State,” Attorney General Jeff Sessions’ inexplicable failure to prosecute subversions of congressional authority played no small role in my decision to resign from Congress and the House Oversight Committee last year. I knew what harm the attorney general’s wrong decision would cost Congress and the public.

"Wrong decision"?

May I remind the Congressman that there is a remedy available in the Constitution for this sort of thing?  In fact there are two remedies -- one more drastic than the other, but both are equally available.

First, Congress can impeach Sessions.  Yes, that might fail in the Senate to get a conviction (although I don't know I'd bet on that -- you'd probably get most of the Democrats to go along with it!) but the mere act of doing it would destroy his credibility.  Further, it's the correct remedy for a rogue member of the US Executive; impeachment is clearly indicated here.

Second, Congress has absolute power of the purse.  It can refuse to fund the department Sessions heads specifically in its budget and there is nothing the President (or anyone else) can do about it.  That powers rests in a plenary form in the House; neither the Senate or anyone else can do a damn thing about it.  That's a "nuclear option", of course, in that it cannot be directed at a person, but it can be directed at a department or division of a given department.

Since when does the DOJ get to choose which crimes it prosecutes and which it does not?  Contempt of Congress is a criminal act.  Criminal contempt is punishable by jail until you comply, provided you're able to comply (you cannot be jailed on criminal contempt for refusing to do that which is impossible.)  In this case Pagliano is clearly able to comply but has refused.  He can, and should be, jailed for this.

Now everyone can snub Congress, because Jeff Sessions refused to see the bigger picture. He can’t say he didn’t know. I applied heavy pressure. I told him exactly what was at stake. He made the wrong choice. Now America will pay for it. Getting to the truth just got harder.

No, you'e a pussy Mr. Chaffetz and have absolutely no business being a commentator on any network.

You had a duty to the Constitution to bring articles of impeachment against Jeff Sessions and you, along with the rest of Congress, have intentionally refused to do so and those remaining continue to refuse each and every day.

Your anger is not appropriately directed at Sessions alone and I note clearly that you have expressed no anger toward Paul Ryan, Mark Meadows or anyone else in the Republican Leadership or, for that matter, The Democrats in The House who could also craft such an impeachment petition and seek others to join them.  If the House Leadership tries to prevent that House procedure permits a discharge petition, and if a Bill of Impeachment is to succeed then so should the discharge petition.

Rather than take the very appropriate and available actions to solve the problem you instead quit and now whine about one man when the redress for Jeff Sessions criminal malfeasance of office was entirely within the US House of Representatives' ability to remedy.

View this entry with comments (opens new window)

2018-07-14 07:00 by Karl Denninger
in Corruption , 248 references
[Comments enabled]  

Mueller indicted a bunch of GRU dudes?

For violating the US Computer Fraud and Abuse Act?

Are you kidding me?

Actually, no.

He really did.

Under exactly what rubric is the GRU (Russian Nationals, in Russia) subject to US jurisdiction?

I'm sure that Putin and the alleged parties involved are all telling Mueller the same thing: Go **** yourself.

As well they should.

Does anyone really think our meddling in the Ukraine, or for that matter the dozens of other nations in which we've done equally bad or worse over the last 20, 30 or 40 years, is a lesser offense?

Oh please.

Never mind the myriad times that US firms and individuals were violated -- or attempted to be -- by Russians, Chinese and every other manner of hacker, and there has been exactly ZERO interest within the FBI to indict ANY of them.  Ever.  I can document dozens of such attempts daily against my own personal equipment alone.

View this entry with comments (opens new window)

2018-07-13 17:06 by Karl Denninger
in Musings , 89 references
[Comments enabled]  

Three pieces down by at least $20 each for the next three days.....

Come and get 'em while the getting is good!  Email now to buy one or all; see her link here.

View this entry with comments (opens new window)