Debt Ceiling

Stockman: Orange Is The New Black (Swan)

"Black swans are supposedly unexpected, stealthy and come of a sudden. But not this one — it is bright orange, and in your face day and night... I refer to the Donald, of course, and the fact that he is truly the Great Disrupter."

Goldman: The Fed Will Hike But Here Are "The Two Most Interesting Questions"

While conceding that a hike is guaranteed, Goldman notes that two issues should make this week's FOMC meeting particularly interesting. First, will Fed officials alter their policy views in response to the increasingly different signals that both sides of the mandate are sending about the urgency of further tightening? Second, will the press conference provide some clarity on what the next tightening step following the June hike will be?

State Corporate Tax Receipts Just Crashed The Most Since The Recession

After flatlining for the past year, US income tax receipts  have been disappointing, and have posted a sharp drop since the start of the year, which is "sounding an alarm about the health of the US economy." More concering, corporate income tax receipts at the state level fell a sharp $7bn in 1Q, the biggest drop since the recession 

Stockman Shrugs Off Comey "Nothing-Burger", Warns "There's Nothing Rational About This Market"

"This is a huge nothingburger but you don’t take comfort from that, you should get worried. Because the system is determined to unseat Donald Trump. In that environment if you think there’s going to be tax reform, infrastructure, stimulus or even a functioning government and not a shut down I don’t know what Wall Street is smoking... that means we’re in big trouble."

The Final Show Of The Greatest Country On Earth

Yesterday, the Greatest Show on Earth held its final performance in Uniondale, New York, after 146-years in the business. A century ago this would have seemed impossible... And just like how people viewed Ringling Brothers 100-years ago, it’s difficult for anyone to imagine a world in which the US isn’t the dominant superpower...