B+

To believe this isn’t a bubble is to believe that all of the hot momo money from insti’s, high/biotech, flipper, flappers, fraudsters, and foreigners buying houses is fundamental and here to stay, which is exactly what everybody thought in 2006. Or, to believe that interest rates will keep falling 1% per year going forward, which would lend an element of support to prices.

Having disappointed an expectant market by voting overwhelmingly (8-1) to leave monetary policy unchanged, the initial plunge in USDJPY and Japanese stocks has found a mysterious (and massive) JPY seller and Nikkei 225 buyer. USDJPY is now 100 pips and Nikkei 225 500 points above post-BOJ dip lows... because hawkish is the new bullish...

Once more in this new normal in which we 'live', the necessary creative destruction of capitalism is eschewed in favor of saving a zombie company that the CEO admitted was "overwhelmed." The good news for American taxpayers is that it is Canadian taxpayers - via a generous $1.3 billion 'investment' by the Quebec government - that are bailing out private-jet-maker Bombardier. Following aircraft projects plagued by overruns, missed deadlines, and scant interest from airlines, Bombardier posted a $4.9billion loss in Q3. Well never mind that, Quebec taxpayers now own 49.5% of the challenged CSeries program.

Stop-running algos are panic-buying WTI crude this morning as a slightly disappointing GDP print must have triggered the "bad news is good news" function to horde oil with both hands and feet...

There are few political hacks in Washington more deserving of everlasting ignominy than retiring speaker John Boehner. So here’s a vehement good riddance to the man who has single-handedly destroyed whatever pathetic semblance of fiscal responsibility that remained in Washington.

In order put an end to the "Greek outrage" that Yanis Varoufakis may be doing what Hillary and Bill Clinton have been so good at, namely engaging in a "self-enrichment drive" and profiting from speeches made after his political departure (which in the Clintons' case was merely a tacit way of purchasing influence and future favors, i.e., bribing), and laid out all his public speeches and the associated fees since August 2015.

If you still haven’t heard of the psychotic violence perpetrated on a high school girl by Senior Deputy Ben Fields, it’s time to get up to speed (before he is fired this afternoon). If you want a gauge as to how far this society has fallen, this is all you need to see.

If there's no risk of a systemic event, why are regulators moving to implement rules that would make it so firms and funds can freeze your money in the event of a crisis?

If you haven’t already, now’s the time to get out your party hats to celebrate the 14th anniversary of the USA PATRIOT Act. You know about the law, I’m sure; passed barely six weeks after the 9/11 attacks, the USA PATRIOT Act is one of the most sweeping, liberty-destroying pieces of legislation in American history.

Moments ago, the BB- rated Valeant debt "story" went from bad to worse, when S&P just revised its outlook to negative citing "Risks To Growth" adding that its "negative rating outlook reflects risks to our base case expectation that Valeant can sustainably grow revenue and EBITDA, given the potential reputational, legal, and regulatory risks the company is facing."

Following the first ever congressional hearing on “Stingray” cellphone surveillance, new details reveal the Secret Service and the Internal Revenue Service are also using the controversial spying devices.

"We can look forward... not precisely to a 1929-type depression, but to an inflationary depression of massive proportions."

Watch out for a snowball-effect in the Treasury market...

Yes, the United States is one of the greatest places in the world... to be a consumer. If you want to shop, spend, and consume, the US is pretty damn near #1 in the world. But if you want to build. If you want to create. If you want to be a producer in the United States... it’s a whole different story.