Previous SMW:
SMW for 19 October 2023



AT THE CLOSING BELL ON 19 October 2023


Dow Jones 33,414.17 -250.91 (0.75%)
S&P 500 4,278.00 -36.60 (0.85%)
Nasdaq 13,186.18 -128.13 (0.96%)

Market Conditions During Trading Hours:

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Currencies:













Gold & Silver:






Petroleum:

DU Economics Group Contributor Megathreads:

Progree's Economic Statistics (with links!)
mahatmakanejeeves' Rail Safety Megathread
mahatmakanejeeves' Oil Train Safety Megathread

Quote for the Day:

In 1996, as that decade's bull market began to paw and snort, a Latin American specialist, Professor John C. Edmunds, published an article that built a brassy trumpet into its very title: "Securities: The New World Wealth Machine." Widely discussed, the article's underlying theme was that wealthy could be increased without creating or manufacturing anything save for paper that rearranged and added value and marketability to new and existing loan agreements. There was a deeper social and legal logic in Peru or Bangladesh, but in the English-speaking nations, "securitization" tapped an established penchant for paper entrepreneurialism. Edmunds never made another such splash, but the securitization of assets, just getting started, spread like wildfire, especially in the United States.

Kevin Phillips. Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism. Viking Press. © 2008.