from the cheap seats
market vibes
"If I could make an arrangement where I had a stand-in, a front man or front woman, and they had an earpiece in, I’d be fine with that.” President Obama, December 2020, on "The Late Show with Stephen Colbert."
On Friday, July 18, Tulsi Gabbard, Director of National Intelligence, sent declassified documents and a criminal referral to the Department of Justice regarding allegations of a "treasonous conspiracy" by former President Barack Obama, former CIA Director John Brennan, former Director of National Intelligence James Clapper, former FBI Director James Comey, and others.
The allegations center on claims that these officials "manufactured and politicized intelligence" to create a false narrative of Russian interference in the 2016 U.S. presidential election to undermine Donald Trump’s victory over Hillary Clinton. In Gabbard’s words, they “[cooked up this coup] to subvert the will of the American people,” arguing their actions constituted acts of treason.
The declassified documents, including a December 8, 2016, President’s Daily Brief and communications from a December 9, 2016, meeting, reportedly show that the Obama administration suppressed intelligence indicating Russia did not impact the election outcome through cyberattacks and instead pushed a contradictory narrative, based on the infamous Steele dossier. Gabbard’s referral urges the DOJ to investigate and potentially prosecute those involved.
What does it mean for the markets? And how will it play out, in my opinion? The known knowns have been in the public space for seven years, but the pervasive extent of the conspiracy, if in fact the DOJ and the courts so rule, is yet to be told. These are not wrist-slapping accusations. Let’s assess what we know and take it from there.
