The NYT reports, that the blame for the legislative failure has fallen on Priebus, who was in charge of coordinating an initial plan on ObamaCare repeal with Speaker Paul Ryan, who for now appears to hve avoided Trump's direct wrath. Health and Human Services Secretary Tom Price was also blamed for the failure
"There are naturally several avenues to policy error. The first and most prescient at the moment is failure to pass key elements of the Trump administration's economic policy agenda.... Then there is the Fed. Aggressive hikes will push real yields and the dollar higher, both of which would be negative for commodities, breakevens, and risk more broadly."
In what may be a copycat terrorist assault to last week's deadly car attack on Westminster Bridge which left 5 people (including the assailant) dead and dozens injured, moments ago reports hit that a car has rammed into pedestrians on Essex Road in the Islington area of London which is reportedly on lockdown.
Rescue workers rushed to Langham Place (a bustling shopping mall in Mong Kok, Hong Kong) after the one of longest indoor escalators in the city stopped and reversed at high speed on Saturday afternoon.
Barclays has created the following chart which lays out what "coordinated global renormalization" would look like. It can serve as a benchmark to those keeping tabs on where various central banks are in the current attempt to restore monetary normalcy.
Forget the deplorables; ignore the hollowing out of America's middle-class; dismiss the non-recovery in the nation's labor force; because 'everything must be awesome' in the United States - they're drinking the most champagne since the market top in 2007.
The three key stakeholders in this argument, governments, businesses and consumers, all have varied benefits from shifting away from cash... although the advantages of moving away from cash are perhaps the most pronounced for governments.
"Contributing to... euphoria... is the extreme brevity of the financial memory... There can be few fields of human endeavor in which history counts for so little as in the world of finance. Past experience, to the extent that it is part of memory at all, is dismissed as the primitive refuge of those who do not have the insight to appreciate the incredible wonders of the present."
While it's inevitably a slow process, over the long term, business models that no longer make sense, like paying billions in fees for returns that rarely exceed index returns (which could be accomplished for almost nothing), eventually die off...it looks like hedge funds just entered Phase 3 (a.k.a. "Bargaining") of a 7-step process.
After the recent deluge of videos showing police abusing and sometimes flat-out murdering more-or-less innocent citizens, the willingness of a growing number of cities to equip officers with video cameras has been hailed as a victory by civil libertarians. But what if those cameras also extend the surveillance network exponentially?
"The boost to S&P 500 earnings from a lower corporate tax rate is likely to be smaller and to occur later than investors originally expected. Our Washington economist expects the tax rate will be cut less than proposed to roughly 25%."
One of the largest illegal migrant groups in the US is from India. In this modern era, India’s crisis will not stay limited to India. As is the case with those from other eastern religions and societies, once they arrive, Indians vote to mirror what they left behind in their home country, often unknowingly — as the virus of totalitarianism is deeply ingrained in the culture of irrationality. A wall might not be the answer, but Trump isn’t all that wrong.
Mass panic struck the Bellagio early this morning as three pig-masked, armed robbers decided to try to knock off the Rolex store just as a bunch of drunk guests were stumbling home from their night of general debauchery. Luckily, the dulled senses of these plastered guests allowed them the courage to film the whole scene rather than duck for cover...
Today in Rome, the EU celebrates its 60th anniversary. The celebration comes at a strange time: four days earlier, Theresa May delivered an unprecedented blow to the bloc's growth by filing Britain's formal exit papers. The impending Brexit and tens of thousands of protesters gathering beyond the tight police cordon around the Campidoglio palace offered a more sober reminder of the challenges of holding the 27 nations to a common course.
"It was just after 8 p.m. when my iPhone buzzed with a text message from a number I didn’t recognize. “I’ll meet you tomorrow but I need to be certain I can trust you,” the text read. “This goes much much higher than me and a lot of what I know even the DOJ is in the dark.” The message was from a terrified, and very sober, Tom Hayes."