October 14: Daily Contrarian Reads

The Beer Goggles Stock Market

So companies have thrown over $7 trillion into buybacks since 2004, aggressively reducing share count in the process, and we’re supposed to disregard the effect of this massive booster shot on reported earnings per share? Does that sit right with you?  In the event buybacks have yet to get under your skin, in August J.P. Morgan reported that 39 percent of buybacks thus far this year were funded by issuing new debt, nearly double the 22 percent in the same period in 2015.

The Myth of 15 Million New Jobs And Obama’s Phony Victory Lap

This is where the employment measures get a lot more obscured. As stated, out of the total population of 254,091,000 working-age individuals (16 and over) more than 94-million are not counted as part of the labor force currently. In other words, 37% of the working-age population is excluded from the employment statistics.

Mind The Faltering Red Ponzi:   September Exports Down 10% Y/Y

China’s September exports fell 10 percent from a year earlier, far worse than expected, while imports unexpectedly shrank after picking up in August, suggesting signs of steadying in the world’s second-largest economy may be short-livedThe disappointing trade figures pointed to weaker demand both at home and aboard, and deepened concerns over the latest depreciation in China’s yuan currency CNY=CFXS, which hit a fresh six-year low against a firming U.S. dollar on Thursday.

Dismayed And Disgusted——FBI Agents In Open Revolt Against Comey’s  Pre-Pardon Of Hillary

The source, who spoke to FoxNews.com on the condition of anonymity, said FBI Director James Comey’s dramatic July 5 announcement that he would not recommend to the Attorney General’s office that the former secretary of state be charged left members of the investigative team dismayed and disgusted. More than 100 FBI agents and analysts worked around the clock with six attorneys from the DOJ’s National Security Division, Counter Espionage Section, to investigate the case…….“No trial level attorney agreed, no agent working the case agreed, with the decision not to prosecute — it was a top-down decision,” said the source, whose identity and role in the case has been verified by FoxNews.com.

What Production Cuts? OPEC September Production Hits Record High

Following yesterday’s latest IEA report which showed that OPEC production had hit an all time high, this morning OPEC released its own estimate of production by OPEC member nations for September and, not surprisingly, the latest report showed that in the month OPEC was supposed to be set on “cutting” production, the 14-nation group produced a whopping 33.39 million b/d crude in Sept., up 220k b/d from August.

RED ALERT — Get Ready for a ‘Severe Fall’ in the Stock Market, HSBC Says

In a note to clients released Wednesday, Murray Gunn, the head of technical analysis for HSBC, said he had become on “RED ALERT” for an imminent sell-off in stocks given the price action over the past few weeks.

Police Arrest More People for Marijuana use than for all Violent Crimes — Combined

On any given day in the United States, at least 137,000 people sit behind bars on simple drug-possession charges, according to a report released Wednesday by the American Civil Liberties Union and Human Rights Watch….In fact, police make more arrests for marijuana possession alone than for all violent crimes combined.

War Crimes: John Kerry’s Really Got Some Kind of Nerve

US Secretary of State John Kerry opined (in an October 7 appearance with French Foreign Minister Jean-Marc Ayrault) that Russian military actions in Syria “beg for an appropriate investigation of war crimes.” French President Francois Hollande echoed the sentiment……..Kerry might want to keep the fate of his German predecessor, Joachim von Ribbentrop, in mind when making such statements. Ribbentrop, Hitler’s Foreign Minister, was hanged after trial at Nuremberg

Executive Orders, The Imperial Presidency And The Rise Of The Deep State

The Constitution invests the President with very specific, limited powers. In recent years, however, American presidents have anointed themselves with the power to wage war, unilaterally kill Americans, torture prisoners, strip citizens of their rights, arrest and detain citizens indefinitely, carry out warrantless spying on Americans, and erect their own secretive, shadow government…..These are the powers that will be inherited by the next heir to the throne, and it won’t make a difference whether it’s a President Trump or a President Clinton occupying the Oval Office.

In The Democratic Echo Chamber, Inconvenient Truths Become Putin Plots

…..the tactics the Democrats are now embracing will endure past the election, making them worthy of scrutiny. Those tactics now most prominently include dismissing away any facts or documents that reflect negatively on their leaders as fake, and strongly insinuating that anyone who questions or opposes those leaders is a stooge or agent of the Kremlin, tasked with a subversive and dangerously un-American mission on behalf of hostile actors in Moscow.