Déjà vu "already seen" is the experience of feeling sure that one has already witnessed or experience a current situation, even though the exact circumstances of the prior encounter are uncertain and were imagined.

The stock market is beginning to act and feel like it did around this time last year and the year before. Of course that wouldn't fit the exact definition of déjà vu, but it would have the same creepy aura, as we all remember how tough the market was the last couple of summers. Yet, it's not just the stock market that gives this "already seen" feeling.

Turkey Shoot

Yesterday the market seemed to react to reports of increased cross border attacks by Syria in Turkey and Lebanon. There were rumors that Turkey requested aide from NATO to help it deal with its neighbor, so intent on killing its own citizens it would attack sovereign nations. Thousands of refugees have poured into Turkey and Lebanon, fleeing the bloodthirsty dictator Assad.

Apparently, there is more talk that America is inches away from going to war in Syria. I do find it interesting that Turkey would need help from NATO, although it could be a gambit of sorts to see how much the organization has its back, especially after Turkey played such a big role in the invasion of Libya. This situation isn't going to lead to a global conflict, but talk about feeling Déjà vu.

In September 1911, Italy declared war on the Ottoman Empire with an eye on grabbing several provinces in what is modern day Libya. According to Erik Sass, the Italians realized they would have to pressure the Ottoman Turks near their capital of Constantinople.

That meant hitting the Turkish Straits. On April 18, 1912, the Italian navy bombarded Turkish fortifications, inflicting serious damage despite the Krupp guns provided to Turkey for defense. In order to stop further penetration, the Turks stretched out huge steel chains across the water, created minefields, fired up torpedo boats and mobile artillery. The attack on such an important waterway pitted several parties against one another, and according to Sass, snowballed into the Great War.

One hundred years later, the region is still a hotbed and helped to torpedo the stock market yesterday.

Silver Spoons and Class Warfare

Yesterday on Varney & Co, we engaged in a conversation about silver spoons when Stuart Varney asked if I was born with one. I was surprised, as I've never been asked that before, but shot back: "no but I will damn sure try to die with one." Here are further thoughts on silver spoons and class warfare.

The origin of the term "born with a silver spoon" is debated with some saying the earliest citation in prints occurred in the United States: "It was a common proverb that few lawyers were born with silver spoons in their mouths." Perhaps it was once a testament but now it is a derogatory term meant to belittle the accomplishments of some or excuse boorish behavior of others. I think when it's used to belittle success achieved through hard work it is the person uttering the phrase that is boorish. Indeed, in an effort to appear more the common man, President Obama brought up that he and his wife were not born with silver spoons.

Despite being president of the United States, a lot of the Obama's background is sketchy but it would seem atypical as most Americans do not grow up attending private schools or have the privilege to go to Harvard. I say God bless him. The sad part of such talk, however, is it is yet another backhanded swipe at the American Dream. Some historians believe the term evolved from the habit of grandparents giving their grandchildren silver spoons rather than have them use wooden spoons or pieces of bark. That's a noble gesture and certainly worth pursuing.

Overwhelmingly, most successful and rich people in America attain their status through hard work and sacrifice, but we are all born with a special gift. Arriving into the world as an American is like having a silver, gold, and platinum spoon, fork and knife versus almost anywhere else on the planet. It should be a source of pride not shame. Sometimes, I wonder if President Obama will not be happy unless all grandchildren are relegated to begin life with wooden spoons. Would that represent some kind of cosmic justice? Would it change the plight of those not fully participating in the riches of this great country?

President Obama hinted that those without silver spoons are shut out of opportunities in America. The path is harder if you don't have the right connections, but that path actually makes the person better and stronger and sooner or later the person that got the job or break through family will lose it through merit. But that is not the issue. The issue is suggesting the only way to get a break is to allow the executive branch the power to snatch those silver spoons. Sort of like making everyone move their pieces back to "GO" in Monopoly with the same amount of money. That would deter a lot of grandparents from working hard for those silver spoons.
I wasn't born with a silver spoon in the derogatory sense, but I have been blessed to have seen many facets of life in America. Through the years, I have come to appreciate the lessons of being poor and the obligations of financial success. One of the greatest things anyone would be able to say about me when I've left this earth is he left all his grandchildren silver spoons.

Today's Session

Although the Dow shaved 50% off yesterday's session in the final minutes of trading, anxiety is still reflected in the 10 year bond yield, and rotation out of high Beta names into low Beta blue chip names took place. I like earnings results from Manpower as a possible proxy on the global jobs market, but let's remember that seven of the nine economic releases this week missed consensus. On one hand it might push the Fed to intervene, although they wouldn't want to look like slaves to the stock market, so they would let more damage ensue.

On that note the market is also resolved, still, to move higher. It needs catalysts.

Comments

Outstanding! I really like your comments on the silver spoon. My mind took your thoughts one step further. You wrote that just being born an American is tantamount to being born with a silver spoon. Mr. Obama brags that he was not born with one. Perhaps that is why he makes so many un-American comments to others deriding this country - wherever he was born, it was not as an American. He MAY have been born in Hawaii (although clean records don't exist), but his mother assured that he did not grow up American. Just like he may have a Harvard degree, but that does not mean he ever learned to reason clearly. Perhaps that demonstrates your other comment about those born with silver spoons who lose them because they never learn through adversity how to succeed. Bob G on 4/20/2012 9:48:43 AM

You ask why?? The man who is prez is a community organizer. Need I say more?? Mary A. Manson on 4/20/2012 10:08:49 AM

Very well stated. Also, your retort to Mr. Varney is priceless, and I will adopt it as my personal motto! The demonization of achievement in America is troubling. The values of achievement, production, and prosperity have been replaced. Unfortunately for so many today, it's become a badge of honor to say one is struggling and receiving handouts. jeffdotcooper on 4/20/2012 10:16:58 AM

The jobless numbers seem to be rigged, as do the new jobs numbers. Last year the initial releases were always revised in the less-good direction, this year continues the trend. Any good bean-counter will tell you if you're always wrong in the same direction, start tilting your numbers that way by at least half the difference so you don't look like quite such an idiot. But these days the political spin game seems to be taking over official reporting. Remember the President is in charge of administration - the current use of the presidency is "just a little" different than what the founding fathers had in mind. Mike on 4/20/2012 10:20:51 AM

well we all know the old definition of insanity and repeating something over and over again.We also know the state of mind most of our goverment people fall into. tim on 4/20/2012 10:25:13 AM

A brilliant interpretation of the Turkey/Syrian situation. But one factor is missing. Russia has a warm water port, thanks to Syria, it won't give that up easily.... .. Who did pay for Obama's education? thomas wayne on 4/20/2012 10:32:14 AM

It is the government... Why can't the USDA get the crop reports right. It seems that if the numbers are bad we can't take them in one dose we need little doses or maybe they think it makes it more palatable. Karen on 4/20/2012 11:06:44 AM

That is what happens when you use SMOKE AND MIRRORS did any one notice all the "distractions" from the real questions on the economy? They are in way over their heads..Just ask Tim G. the guy who could not even get HIS taxes straight. anne on 4/20/2012 11:07:52 AM

Misleading the general populace who never see the adjusted numbers. Thus having them believe the socialistic, envy the rich and wealth redistribution scheme is actually working. jason on 4/20/2012 11:17:18 AM

They don't want to get it right. Anything that hurts Obama getting re-elected is going to be tamped down. All economic and job figures since he took office have been constantly changed...after the fact. So much for that lie about transparency. Phil Ghioto on 4/20/2012 11:31:24 AM

Have you heard anything that comes out of Washington lately be close to the truth or with any reliable accuracy? I think not. The problem appears to be they would simply rather doctor the facts and present them in a way that would imply far greater positive impact than the actual truth. Spin-doctors at work. Now why does it take 14 attempts to overstate understated? I have no clue. The more I hear out of Washington these days the far less faith I have in our system. The American people have lost faith as well, unless you are totally dependent on the Government for their well being, then you love the spin and enjoy the taste of the Kool-aide. Robby Huttsell on 4/20/2012 3:07:23 PM

"Oh, we meant this, oh, it's really that . . . " As the credibility of those numbers diminishes, they become less powerful campaign weapons. Patricia Flynn on 4/20/2012 3:08:33 PM

The reason that those figures are constantly being updated is the "powers that be" know for a fact the true figures would be an unacceptable shock to the economy. And an admission of failure Jim on 4/21/2012 12:36:59 AM

Strategy baby! Never report bad news up front. The first impression is that things are getting better and then slip the bad news in afterward. Oh yeah! A good stratagist will also slip in 'better than we thought good news' to falsely give the impression that the numbers are fluid. The public then believes that all the numbers are legitimate and the reporting agency will be honest and sincere. Eddie on 4/22/2012 12:04:05 PM

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