Charles Schumer

Yellen To Wall St: It's Christmas In September So Buy, Buy, Buy!

"I’m now firmly in the camp that not only will the Fed not raise this year – they may not raise again for years. For they are not only “painted into a corner” via their own misdoings – they are chained there by Wall Street. They’ve missed the window..."

Kim Kardashian Disappointed After Senate Votes Down Four Gun-Control Proposals In One Day

In the wake of the Orlando shootings, there has been a renewed push by lawmakers to show their constituents that they are actually working on strengthening gun control measures - now if only anyone could agree on anything. On the same day that the Supreme Court turned away two separate appeals challenging assault weapon bans in New York and Connecticut, the Senate rejected a total of four proposals centered around gun control... and Kim Kardashian is not amused.

Too Orange To Jail? US Government Drops Suit Against Countrywide's Mozilo

U.S. prosecutors have abandoned their case against Angelo Mozilo, the over-tanned character at the center of the risky subprime mortgages that fueled the financial crisis, after a two-year quest to bring a civil suit against him. As Bloomberg resports, The Justice Department has decided not to sue Mozilo, according to people familiar with the matter, ending a decade-long hunt for someone, anyone to jail over what happened.

US Senate Passes Legislation Allowing 9/11 Victims To Sue Saudi Arabia As '28-Pages' Leaks Appear

On Tuesday, the US Senate passed the Justice Against Sponsors of Terrorism Act. 'Coincidentally', on the same day, the New York Times revealed a document published by the National Archives that appears to offer a glimpse into potentially damning information contained in the so-called ‘missing’ 28 pages concerning the attacks on September 11, 2001. Pushing back on the criticisms that the bill was only passed to specifically target Saudi Arabia (which it was of course), Schumer stated "Look, if the Saudis did not participate in this terrorism, they have nothing to fear about going to court."

Is Homeland Security Creating Travel Havoc To Force People Into Precheck Programs?

The TSA and Homeland must have known that wait times would soar if more rigorous screening was implemented. They did it anyway. As AP reports, in the past three years, the TSA and Congress cut the number of front-line screeners by 4,622 — or about 10 percent — on expectations that an expedited screening program called PreCheck would speed up the lines. However, not enough people enrolled for TSA to realize the anticipated efficiencies. In other words, PreCheck has been in a failure. Not enough Americans have been willing to make themselves “known” to FedGov and Homeland Security. The way to fix it is to make people so miserable that they join.

In "Unprecedented, Historic" Move, Senate GOP Will Deny Obama Supreme Court Nominee Hearings

This afternoon Senate Republicans went "all in" on a Supreme Court gamble, in which they vowed to deny holding confirmation hearings for any nominee from President Obama.  The unprecedented decision, made before the president has named a nominee, marks a new chapter in Washington’s war over judicial nominations according to The Hill. In a battle of superlatives, CNN adds that the "historic move outraged Democrats and injected Supreme Court politics into the center of an already tense battle for the White House."

Cuomo, Schumer Unveil Cunning "No Guns For Dangerous Terrorists" Plan

In what is possibly the most inane political statement ever, U.S. Senator Charles Schumer and Governor Andrew M. Cuomo today announced a push to prevent known or suspected terrorists from purchasing guns in New York State. Schumer and Cuomo areasking the federal government to officially add the U.S. Terror Watch List to the criteria it uses for federal background checks in New York State, exclaiming "we need to move to close the Terror Gap once and for all."

Offshoring The Economy: Why The US Is On The Road To The Third World

On January 6, 2004, Senator Charles Schumer and I challenged the erroneous idea that jobs offshoring was free trade in a New York Times op-ed. Our article so astounded economists that within a few days Schumer and I were summoned to a Brookings Institution conference in Washington, DC, to explain our heresy. In the nationally televised conference, I declared that the consequence of jobs offshoring would be that the US would be a Third World country in 20 years. That was 11 years ago, and the US is on course to descend to Third World status before the remaining 9 years of my prediction have expired. The evidence is everywhere.

Carl Icahn Launches Super PAC To Promote "No Brainer" Tax Reform, Combat Tax Inversions

We expect the ultimate outcome of Carl Icahn's Super PAC will be to make it easier for activists to pressure management teams into buying back even more of their shares - perhaps by granting them a tax amnesty on repatriating some of the $2 trillion in offshore cash if used for shareholder friendly activity - but then again we tend to be cynical.

Ex-Im Bank Bites The Dust Today - Good Riddance To A Crony Capitalist Heist

The Export-Import Bank died last night when its charter expired. After 81 years, what is commonly known as Boeing’s Bank is headed toward Washington’s trash bin. When Congress returns it could revive Ex-Im, which primarily subsidizes big business exports. But a proper burial for what Barack Obama once called “corporate welfare” would save Americans money, reduce economic injustice, and promote economic growth. Ex-Im’s closure is a very rare victory for the good guys in Washington. Crony capitalism is running rampant in America, undermining confidence in a market economy.

Putting The 'Great' In Great Depression, Stephen Roach Warns On TPP's Currency Rules

History has not been kind to major trade blunders. Just as the Smoot-Hawley Tariff Act of 1930 sparked a global trade war that may well have put the “great” in the Great Depression, Congressional enactment of enforceable currency rules today could spark retaliatory actions that might devastate the free flow of trade that a sluggish global economy desperately needs.

Senate Passes Obama's TPP Fast-Track Trade Proposal

Two days ago there was some rejoicing and much surprise when the "Warren-faction" of Senate liberals turned against Obama, and failed to vote for a fast-track approval of the TPP. That surprise lasted for about 48 hours when moments ago, in a 65-33 vote, the Senate finally advanced a measure allowing Obama to expedite approval of trade agreements, a bill with bipartisan support in that chamber which however according to Bloomberg may run into strong opposition from House Democrats.

"Failed" Bund Auction At Record Low Yield And All Other Key Overnight Events

While there has been no global economic outlook cut today, or no further pre-revision hints of "decoupling" by the appartchiks at the US Bureau of Economic Analysis,  both European and US equities are pointing at a higher open, because - you guessed it - there were more "suggestions" of "imminent" QE by a central bank, in this case it was again ECB's Constancio dropping further hints over a potential ECB QE programme, something the ECB has become the undisputed world champion in. The constant ECB jawboning, and relentless central bank interventions over the past 6 years, led to this:

  • GERMANY SELLS 10-YEAR BUNDS AT RECORD-LOW YIELD OF 0.74%

The punchline: this was another technically "failed" auction as it was uncovered, the 10th of the year, as there was not enough investor demand at this low yield, and so the Buba had to retain a whopping 18.8% - the most since May - with just €3.250Bn of the €4Bn target sold, after receiving €3.67Bn in bids.