The S&P 500 fell 151.23 points, or 3.9%, to 3749.63. The Dow Jones Industrial Average dropped 876.05 points, or 2.8%, to 30516.74. The tech-heavy Nasdaq Composite declined 530.80 points, or 4.7%, to 10809.23 (33% lower that the November record).

CNBC – […] U.S. stocks on Monday entered a bear market because the S&P 500 closed more than 21% below its all-time record close reached as recently as last January, S&P Global Dow Jones Indices senior index analyst Howard Silverblatt wrote.

Stocks had been flirting with a bear market for the past several weeks on an intraday basis, but had never actually closed below 3837, the level S&P Global needed to see in order to officially declare one.

S&P Global says a 20% decline in the S&P 500 on a closing basis from its previous peak is all it takes to define a bear market. Which means that this bear market is already more than five months old, since the S&P 500 all-time high came on January 3. (read more)

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They might even hold hearings on it….

Mohamed El-Erian is generally more correct than most, but the insufferable coded language he is required to use makes it difficult for the ordinary person to see exactly what he is saying.   For this CBS segment, we will apply the decipher. [Transcript Here]

Notice this key phrase in the beginning of his discussion of inflation. “Of course, we know about the Ukraine war, we know about the energy transition, also the Federal Reserve mischaracterize inflation and fell behind.”  No, Mohamed, most Americans do not know about the forced energy transition and how that has created this unavoidable inflation spiral.  How about dropping the code and saying it directly?  Joe Biden initiating the Green New Deal means much higher prices are permanent.

El-Erian speaks about supply side inflation, but doesn’t want to talk about the next phase, demand and service side inflation.  The three month inflation data is higher than the year-over-year inflation data. That means inflation is growing.  There is no way for inflation to drop when the most recent price increases are significantly higher than the previous price increases.  Inflation is now detached from any intervention. WATCH:

Consumer demand for non critical goods are contracting at the same time prices continue rising (that’s stagflation).  Demand side contraction, what El Erian calls “demand destruction,” means lost jobs (that’s recession).  Food, fuel and energy prices all continue rising.  The field costs are higher than current fork costs, and that (30%+) wave of inflation coming in from over the horizon is going to blow the doors off any economic growth.  The process is unavoidable now.

The credit markets will feel the impact before the end of the year as consumers will no longer be able to make payments for loans, and still eat.  Mortgage defaults will increase, vehicle repossessions will increase, credit card debt and bankruptcies will increase. The credit markets will get drowned in a tsunami of default.  That’s the direct language El Erian will not use, but it is present inside the coded-language he does use.

If you did not purchase a house this year, you are ahead financially.  Equity and values are plummeting.

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An independent journalist named Savanah Hernandez took to the streets in Dallas, Texas, to ask ordinary people what they think about Joe Biden’s economy and his continued claims that everything is ok.  She shares her findings in a short video segment. {Direct Rumble Link}

“Biden keeps touting America’s “strongest, fastest, economic recovery” & that “Americans feel more financially comfortable”. So, I went out on the streets of Dallas to ask real Americans if this was true”…  WATCH:

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In the background of these interviews, it is worth emphasizing that no other political candidate -from either side of the aisle- has the ability to reach such a broad segment of the U.S. population as Donald J Trump.  The Trump coalition is the largest and most diverse assembly of the American electorate that cuts through all categorized special interest groups.  It has been this way from the outset.

The broad support for the economic nationalist, America-First, commonsense agenda and platform created by Donald Trump, is the exact reason why DC democrats and republicans need to try and take him out of the arena.  Trump represents the majority sentiment, and the basic framework of his policy positions appeal to every spectrum of the American working class.

With Donald Trump in the picture the democrats are left with a very small, fragmented political support system consisting primarily of uppity white liberals, left-wing racists and toxic democrat-Marxists.

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Despite every single media outlet, broadcast and cable, promoting the J6 committee hearings which aired on every channel during prime-time viewership, the total Neilsen audience was around 20 million.  According to media tracker Joe Concha that’s about half an ordinary viewership for the regular broadcast networks.

Given the amount of attention the corporate media pushed in advance, the results are a major failure for the J6 effort.  As noted by Just The News, the ratings were “dismal.”

Tucker Carlson opened his show tonight talking about the media fiasco, and Tucker is also the only broadcast to cover the new Biden ethanol mandate.  WATCH:

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Mohamed El-Erian, Allianz and Gramercy advisor, is one of the least dishonest people amid the Wall Street propaganda crowd.  Although due to peer pressure, he still tends to couch his economic analysis behind the CNBC screen of pretending not to know things.   [On a personal level, I bet this guy is 80% cash right now.]

This interview is generally not that impressive.  However, at the very end of this segment talking about inflation, what El-Erian says about the first 10 days of June is 100% and he’s the first person to say it. But he won’t repeat it.  WATCH (Prompted):

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He’s looking at the same data set we are.  Watch closely when the May Producer Price Index (PPI) is released (origination, intermediate and final demand to wholesalers), we will see how the inflation costs are continuing to accumulate in the supply chain for all goods and leaking over into the vulnerable service sector now.

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It’s worth paying attention to where and when Joe Biden is standing when he makes his ridiculous economic claims today about Russia being the cause of the energy policy from the White House.

Do not let it go unnoticed that it’s June, the last month of the second quarter for economic data.  Do not let it pass your reference that Joe Biden is speaking from the Port of Los Angeles (POLA) as he spins his nonsense about the inflation, he alone is responsible for.  And do not overlook the attendee mentioned in this subtle statement, “And, John, I can’t thank you.  You’re — you’re the real deal.  Anybody — well, I won’t get into — get you in trouble, but thanks for sticking up for me.”

“John” is the White House Port Envoy John D Porcari. A severely partisan former Obama official who was selected by Joe Biden to lead the fraudulent effort to improve supply chains when the White House was under assault in the fall of 2021.  Porcari was the person who designed “operation hide the ships” to give the illusion of port efficiency improvement, and it is almost a certainty that it was Porcari who leveraged his influence with the POLA to hold back the December 2021 import data in order to try and improve the GDP statistics.  {GO DEEP}

A recession is defined as two consecutive quarters with negative GDP growth.  The first quarter of 2022 was -1.5% as detailed by the Bureau of Economic Analysis.  That means if April, May and June 2022 are also negative GDP then we are factually in an economic recession.   That makes this month, June 2022, critical for Joe Biden.  The White House will do anything to avoid that label appearing on their economic policy when the reporting is released at the end of July.

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The Express.UK has a poll released today [DATA HERE] showing U.S. sentiment toward the Ukraine crisis.  “More Americans believe that it would be better for them for Biden to be removed (56 percent) than Putin (43 percent).” Also, “Russia is also only seen as the fourth biggest international threat (14 percent) compared to China (45 percent), Iran (20 percent) and North Korea (17 percent).”

The entire poll is devastating for the Biden administration – SEE MORE HERE

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It looks like the Biden administration has quit pretending about their energy policy. Joe Biden’s Commence Secretary Gina Raimondo and Treasury Secretary Janet Yellen both threw in the towel on gas prices today saying, “there isn’t very much more to be done.”

The high gas prices are an intended feature of the climate change ideologues controlling U.S. energy policy. WATCH (44 secs):

Janet Yellen soundbite below.

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Surprisingly this NBC report admits the obvious.  The national price of a gallon of unleaded regular gasoline is projected to hit $6.00/gal by Labor Day.  Some states like California are already exceeding that amount, with reports that some CA gas stations are near $10/gal.  WATCH (1:08 sec):

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