Yesterday, in the event that anyone ever doubted it or was unaware of it, the mainstream media here in the US, led on by ABC News, broke a “huge story” which sent the markets into convulsions obliterating hundreds of thousands of positions, all over a false story by a reporter from that network.
If you were not watching the action from ringside, you missed seeing your quote screens light up and going spastic with the US equity markets tanking, bonds soaring, the Dollar falling apart and on and on and on.
With breathless reporting as if they finally had their “GOTCHA” moment, ABC news broke the story that General Flynn had agreed to plead guilty to one count of lying to the FBI and that he was now going to cooperate with the infamous Fisherman, Mueller, after telling us that Flynn would testify that CANDIDATE TRUMP had instructed him to reach out to the Russians.
The fake media here in the US were wetting their collective pants in delight because they finally got him, that is, President Trump, or so they thought. The news spread like wildfire and of course, the impact on the markets was such that they were terrified that this was going to bring down the Trump Presidency and usher in a Constitutional crisis.
Guess what? Turns out is was another load of Leftist BS from these utterly useless and corrupt media outlets who are so intent on getting their scalp that they long ago abandoned all objectivity and honesty. It now turns out that is was NOT CANDIDATE TRUMP who instructed Flynn to reach out to the Russians but rather PRESIDENT-ELECT TRUMP who did so. There is nothing the least bit illegal or even unethical about that because Trump’s stated reason was an effort to repair relations with Russia, which the Obama administration had devastated through its ineptness.
Every single President elect in modern times has the right and is expected to form his transition team and institute processes by which he can move forward on his agenda once he is sworn into office. To NOT DO SO would be negligence of the highest order.
Guess what the Bogus ABC news report, of which the reporter who initially “broke” the story had to do a complete reversal by issuing a “clarification” ( which in US media terms means – We lied”) also managed to accomplish yesterday? It completely removed the more important fact that the Republican leadership in the Senate had announced they had the votes to move the Tax Reform package out of the Senate and get it ready to go to Conference with the House’s version. In other words, it is going to pass and Trump will sign it into law.
The hope is that they will be able to swiftly reconcile the differences between this Senate Bill and the House Bill and get it to the President’s Desk before the Christmas holiday break. That would be a huge thing for the markets.
I do not generally make predictions but come Sunday night on the opening of trade here in the US ( Morning in Asia), it would not surprise me to see a complete reversal of the price action from Friday as cooler heads take over and many traders take up a new profession of cursing ABC News and their dishonest reporters. I cannot even try to put a number on the amount of losses that people suffered in their accounts as a result of this fiasco.
One thing I do know, is that Mueller’s only reason for existence was to investigate possible collusion between the Trump campaign and the Russians to steal or influence the election. This thing with Flynn is after the election was already over and I think it safe to say that a newly elected US President reaching out to the leaders of another important nation in an attempt to get off to a good start with relations hardly qualifies as evidence of some sort of huge collusion effort.
The left in this country simply cannot get over the fact that they ran a candidate who was despised, whose entire political life is one of privilege and special treatment, who is dishonest based on every single poll that we saw ahead of that election, and who could not relate to “flyover country” as the liberals love to team the heart of the country and that she was rejected and lost. They thought that there was no way that anyone could lose to someone like Donald Trump and the truth that we have been seeing for the last year is that they still cannot accept the fact that she did.