The stock market – where shares in profit-making companies are exchanged – went up again on Friday. Does this mean the outlook for making money is improving? Does this presage higher dividends for the stockholders? What, exactly, do investors expect?

Partisan politics is for the most part a distraction, maintaining the illusion of choice for the public. Illustration by Ana Vlajcevic

More of the same, is our guess. Hillary in her Heaven. Yellen on her throne. And now, Fed Governor Lael Brainard is said to have the inside track for the top job at the Department of the Treasury. Wait a minute…

DJIA, daily. Recently the stock market has been stuck in a trading range, but last week the market went up on three days, including Friday. There seems to be a lot of complacency, which seems not exactly warranted – click to enlarge.

The Fed is supposed to be non-political. Yet here is a Fed governor angling for a job in the next Democratic administration. In the run-up to the presidential election, mightn't she be inclined to keep stock prices high and interest rates low?

Mightn't she be tempted to want to give her next boss a little boost? What steel strengthens her backbone, lest she bend to pick up the lure? What wax fills her ears, lest she hear the sirens' call?

Bloomberg reports an exchange on the subject between Republican Congressman Scott Garret and Ms. Yellen. "Yellen cornered by lawmaker in heated exchange over Fed politics," reads the headline.

The press focuses on the "politics" between Democrats and Republicans and the potential conflict of interest involved: The Fed can cause a boom or a bust, thereby favoring one candidate or the other.

But there's a far deeper conflict of interest that the press has missed: Democrats and Republicans share the same bias. It is the Fed's bias, too – an abiding prejudice towards the Deep State.