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June 1, 2017 | Wall Street Jumps for Joy as Climatistas Mourn

Rick Ackerman

Rick Ackerman is the editor of Rick’s Picks, an online service geared to traders of stocks, options, index futures and commodities. His detailed trading strategies have appeared since the early 1990s in Black Box Forecasts, a newsletter he founded that originally was geared to professional option traders. Barron’s once labeled him an “intrepid trader” in a headline that alluded to his key role in solving a notorious pill-tampering case. He received a $200,000 reward when a conviction resulted, and the story was retold on TV’s FBI: The Untold Story. His professional background includes 12 years as a market maker in the pits of the Pacific Coast Exchange, three as an investigator with renowned San Francisco private eye Hal Lipset, seven as a reporter and newspaper editor, three as a columnist for the Sunday San Francisco Examiner, and two decades as a contributor to publications ranging from Barron’s to The Antiquarian Bookman to Fleet Street Letter and Utne Reader.

The headline out on Fox at the moment is  ‘A SAD DAY’: World reacts to US pullout from climate agreement. On Wall Street it was a very different story — one of jubilation that culminated in a 135-point rally in the Dow Industrials. In some circles this is the sort of behavior that gives capitalism a bad name, especially in Europe and among those who don’t understand that true capitalism hasn’t existed in the U.S. in more than a century. It was replaced one incentive at a time by a system in which Big Government and Big Business collude to produce the best possible outcome — most particularly an absence of competition and free markets — for both. Hayek’s classic economic work The Road to Serfdom explains what happened to the rest of us. Does anyone actually believe that if taxpayers were to fork over $50 trillion dollars tomorrow so that the Guvmint could ‘deal with the  problem,’ odds of their quote unquote experts producing a ‘favorable’ change in temperatures over the next hundred years would be about 1000-to-1 against? Trouble is, $50 trillion dollars is probably underestimates the sum Big Government and its friends have in mind. In the meantime, we’re about to find out whether Trump’s decision to walk away from the climate accord is an impeachable offense. Al Gore still wields a lot of power in some circles, and his ability to . Who knows what he’s capable of with the financial backing of George Soros.

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June 1st, 2017

Posted In: Rick's Picks

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