Venezuela is undergoing the typical collapse of a country that has been subject to years of all kinds of political interventions. The fall in oil prices is the external shock that brings to light the embarrassing result of years of price controls, currency controls, nationalizations, uncontrolled monetary creation, and economic dirigisme.
Exactly one month after Trump was humiliated by his own party, when in the last moment the House failed to get the number of votes to pass a Republican healthcare bill due to holdouts from the conservative Freedom Caucus, the president's second attempt to repeal Obamacare before his first 100 days in office run out, appears on the edge of failure.
Since at its core, yesterday's 1-page "tax plan" was a Goldman creation, who better to explain what Trump offered than Goldman Sachs itself. Here is Goldman with an elaboration of the handful of bullet points contained on the much anticipated one page, extended to 6 pages.
Reporters without Borders just published its annual World Press Freedom Index rankings, and the results for both the U.S. and UK are not impressive. Both countries declined two spots from last year, with the UK at 41, and the greatest and most free nation on earth, America, down to 43.
In a bid to fend off criticism over a dearth of achievements in his first 100 days in office, President Trump plans to sign a flurry of executive orders this week. Among them is an executive order intended to open up new areas of offshore oil and gas drilling.
Groups from across the political spectrum (from Bikers-for-Trump to Antifa) gathered in various spots across Berkeley this afternoon to protest/discuss the now-canceled Ann Coulter event. While events are peaceful for now, two antifa protesters have been arrested and 100s of police are on the scene.
"Animal spirits matter in markets and despite the obstacles that the new administration will face in passing legislation, the overall pro-business environment is in sharp contrast to the last “you didn’t build it” administration’s attitude towards business, enterprise, and free markets."
Tens of thousands of Canadian clients of Shaw are suffering what appears to be a nationwide loss of internet, cable and phone services. According to the outage map below, the service interruption is widespread and has impacted most Canadian metropolitan centers.
Throughout history, financial bubbles have only been recognized in hindsight when their existence becomes “apparently obvious” to everyone. Of course, by that point is was far too late to be of any use to investors and the subsequent destruction of invested capital. This time will not be different. Only the catalyst, magnitude, and duration will be.
After two consecutive quarters of disappointing earnings reports (which however failed to keep the stock down), AMZN is back to its beating ways, reporting both revenue and EPS which blew away expectations, sending the stock to new all time highs.