Top reads from the week that was… Read the rest of this entry »
Archive for the ‘Politics’ Category
I get a few comments and emails every week. Some are argumentative and some agreeable. That’s just what makes a market — we all buy our assets from sellers, and we sell to buyers. Fact of life that somebody will always be on the other side of your trade. Read the rest of this entry »
“Excuse me, let me tell you something… When America opened up the floodgates and let all us Italians in, what do you think they were doing it for? ‘Cause they were trying to save us from poverty? No, they did it because they needed us. They needed us to build their cities and dig their subways, and to make them richer.
As I write this, global capital markets are barely in the black after trading down anywhere from 1-2% yesterday on fears of Western governments declaring a “surgical strike” on Syria in response to the suspected use of chemical weapons. The blogosphere and MSM have lit-up with speculative commentary. In aggregate, they seem to be banging the drums of war, all agreeing that a three-day American-led strike is coming on Thursday.
The market has started tossing & turning here in the middle of earnings season, so I think it’s time for another edition of Bull v. Bear…
Beyond the 11th hour, the US House of Representatives passed the Senate’s draft of a fiscal cliff resolution last night, and President Barack Obama signed the bill in the early morning. The mini deal resolves the tax/revenue portion of negotiations, deferring the deadline for government spending sequestration and debt ceiling increases until late February or early March. Far lighter than Street expectations, the tax deal in isolation will only trim an estimated 1% from 2013 GDP vs. 2.75% worst case or 2% best case projections. It will also raise 20% less revenue than feared over 10 years.
The left side of the aisle wants to raise taxes more than they cut spending. The right side of the aisle wants to cut spending more than they raise taxes. If they do nothing, they’ll automatically raise taxes and cut spending—both more than in either party’s wildest dreams or desires. Splendid, a prisoner’s dilemma, wrapped in a paradox, folded into an oxymoron.
The morning of June 27th was clear and sunny, with the fresh warmth of a full-summer day; the flowers were blossoming profusely and the grass was richly green. The people of the village began to gather in the square, between the post office and the bank, around ten o’clock; in some towns there were so many people that the lottery took two days and had to be started on June 26th. but in this village, where there were only about three hundred people, the whole lottery took less than two hours, so it could begin at ten o’clock in the morning and still be through in time to allow the villagers to get home for noon dinner.
I’ve been quiet lately because I’m a bit tired of pounding the table. Everything is panning out as I suggested for the past year, so there’s not much more else for me to say without gloating or repeating myself. I have to record some thoughts about this Greek referendum though, because I’m starting to get infuriated.