We are serfs

Screenshot_2020-07-15 iShares Core S P Small-Cap ETF (IJR) Stock Price, Quote, History News - Yahoo Finance

This year-to-date stock index performance chart exemplifies a key aspect to the illness in our country. IXIC is the NASDAQ which is primarily influenced by the household name big tech stocks. SPY is the S&P 500. IJR is a small-cap index. Year-to-date the NASDAQ is up 17 percent, the S&P 500 is flat, and small stocks are down 17%. That is a crazy gap.

The big tech stocks in the NASDAQ, like Amazon, Google, Apple and Microsoft are the mega corporations that are wrecking Main Street and its mom and pop retail, that are decimating newspapers and journalism, that are publishing the Russian bots and creating the echo chambers of hate and divide that brings the U.S. to the brink of civil war. It is their massive, mountainous, tectonic market capitalizations that give to the large techs corrupt Citizens United power with assets greater than most countries and our nation’s steering wheel to the oligarchs that own most of their stock.

In my investment management career (ending with the previous century) we talked about performance gaps in basis points. A hundred basis points is one percent. A performance gap of say 80 basis points was notable. No one ever talked about six month gaps of 3,700 basis points. Such a thing never happened. (Today is a good day for small-cap stocks. It was more like 4,000 basis points yesterday.)

If this gap doesn’t close we are all serfs. Ill informed serfs. Chained to our phones, mind numb, and poor. Serfs to un-democratic corporations. Mere zombie consumers to be played.

I post this as a reminder to myself to back off of social media, to buy local, to read print and support my local newspapers. To support Torrey House Press and the power of story to change culture. And vote Democratic like our soul depends on it.

1 thought on “We are serfs

  1. Pingback: IC 4601 in Ophiuchus | Thots and Shots

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