However it is what happens after this blow off top phase that is more interesting: that is the moment the “Icarus” trade becomes the “Humpty Dumpty” trade. According to bank of America, “the “great fall” in risk assets comes when hawkish Fed & weaker EPS combine.” That particular fusion will take place in H2, which is when Harnett says it will be time to get out…
I frame this discussion satirically because at this point what else can you do? How much more evidence do economists need to demonstrate once and for all they have no idea? That’s where the parody comes in, for there is actually no amount of evidence that will ever convince them they are wrong. Economics is not a science, and Japan is the very place where that indictment is proven five hundred trillion times over….The rest of the world is frustratingly following along in behind Japan’s trailblazing stupidity, however.
It used to be that the American left, or at least substantial portions of it, were reliable allies in the war against the warmongers. No more. What we are witnessing today is a complete turnaround of the American left’s historic foreign policy stance. The glory days of the 1950s and Sixties, when liberals and leftists stood together in the fight against the cold war hysteria that led to government persecution of alleged “Communists” and “fellow travelers” are long gone. Today we are subjected to the spectacle of “liberal” Democratic party politicians and their media amen corner demanding an “investigation” of the President of the United States and his associates on the grounds that they are Russian agents and “useful idiots.”
But the clearest sign of the loftiness of our current atmosphere hit me that afternoon in the form of a video, which in just seven seconds, perfectly encapsulates a microcosm of the millennial-driven unicorn zeitgeist. Posted on Twitter by the CEO of a Los Angeles startup, the brief clip features the entrepreneur in the back of an Uber. And the Uber driver tells the CEO he just bought one share of Snap for $25—on his phone, while he was driving!
Boeing Co. is shrinking its Seattle-area workforce by at least 1,800 jobs this year as the company streamlines operations in a brutally competitive commercial-aircraft market……The Chicago-based manufacturer has been winnowing employment in the Puget Sound area, its largest industrial base, over the past year as sales slowed for the jetliners, which accounted for 69 percent of total revenue last year. Boeing has trimmed its Washington state workforce by 9.2 percent to 71,036 since the start of last year even as Chief Executive Officer Dennis Muilenburg has emerged in meetings with President Donald Trump as an advocate for U.S. manufacturing…..
This culture is so screwed up that we have lost all sense of appropriate behavior and decorum. A situation like that customarily calls for a minute of silence, not a round of applause. Don’t we know that?…..Speaking of comportment and messaging, what was with those Democratic congresswomen all gotten up in white costumes? The LA Times ventured that the this was the emblematic color for suffragettes back in the day. Maybe the congresswomen haven’t heard, but that battle is over. Many women actually voted in the recent election, some even for these female office-holders. The same paper also suggested they might be emulating the sacred white pants-suit that their fallen heroine, Hillary, wore for the occasion of her demi-apotheosis at the convention last summer. Isn’t dressing alike something generally reserved for junior high school or KKK rallies?
You can thank the little guy for Dow 20,000. That’s the takeaway from data tracking money flows into and out of stocks, according to an analysis by JPMorgan Chase & Co. The telltale sign retail investors are behind the longest string of U.S. stock highs in decades? An $83 billion surge of cash into passive strategies so far this year amid a $15 billion withdrawal from actively managed funds. That’s on top of evidence that institutional traders have backed away, the bank says.
The art and science of spending other people’s money is not an occupation suited to just anyone. Rather, it’s a skill reserved for the professional world-improver. To be successful, one must act with a zealous devotion to uplifting the down and out, no matter the cost.
The Pension Benefit Guarantee Corporation (PBGC), an entity created to “guarantee” pensions of private corporations, is on the verge of bankruptcy. Teamsters and other unions are poised to take huge pension hits. Previously, airline employees have taken a hit.
Many agree that Donald Trump came across as presidential during last night’s speech to a joint session of Congress. He even came across as somewhat coherent. But if being presidential and coherent means raking up more debt, being a nationalist protectionist who believes in destructive “Made in America” and import-bashing policies, and railing against immigrants as if they were responsible for all of the crimes and welfare spending in the country, then it’s hard to see any value whatsoever in being presidential and coherent.