1/26/2015
By Charles Payne, CEO & Principal Analyst

"I do not mind lying, but I hate inaccuracy."

-Samuel Butler

In 1863, Samuel Butler wrote a series called "Darwin among the Machines" which prophesized that machines would eventually surpass mankind in supremacy making us inferior.

I bring this up not only out of my robot paranoia, but the quote perfectly sums up where we are with respect to our political leaders and maybe the second class status of mankind. According to Cringely.com, IBM is preparing to lay off 100,000 people under a reorganization called Project Chrome.

So, upon further review, which statement says more about the economy: cherry picked stats used in the State of the Union and, really, by politicians in general, or one of the mightiest companies in America laying off 26% of their workforce?

Of course, the irony is, maybe this is all inevitable.

Oxford has already written a great white paper noting almost 50% of current jobs will be replaced by software and robots, but it's not supposed to happen this month. There's a greater current issue of the economy and the uneven recovery that's plaguing the middle class and holding poor people back. Of course it's easier to be held back if we accept the blue pill of goodies. IBM is open in the model portfolio, although we are not asking new subscribers to buy yet, or older subscribers to add (it's not bold on the Portfolio Approach- for more on information on how it works, contact your rep or research@wstreet.com), but this is the kind of news Wall Street loves.

It's also the kind of news that reinforces the notion that our elected leaders have no trouble lying as long as it's accurate.

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Charles Payne
Wall Street Strategies

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