Federal Deficit

Corporate Tax Cuts: "The Seen & The Unseen"

"Given the historical evidence, we would argue that a market rally based on corporate tax cuts is incoherent, and the market should be discounting prices and valuations due to the tax cuts not inflating them..."

David Stockman Slams The GOP Tax Bill: "Fuggedaboutit!!"

"So what you have is a sharply downward sloping taper of tax cuts and revenue losses, which makes the bill a classic Keynesian deficit stimulus through the tax code, not a supply side incentive driver; and one so tangled up in the nation's fiscal strait-jacket that it ends up in political la la land."

The Republican Tax Plan Is Very Swampy

Unsurprisingly, the Republican tax plan moving forward in the U.S. Congress and championed by Donald “Drain the Swamp” Trump, is very swampy...

What President Trump & The West Can Learn From China

Instead of a demonstration of its overwhelming military might intended to intimidate tiny North Korea and pressure China to lean on its defiant communist neighbor, President Trump and the West should try to learn a few things from China.

GOP To Unveil Tax Plan (With Permanent Corporate Tax Cuts) At 11:15am: Here's What We Know

Ahead of today's unveiling of the GOP tax plan by the House of Representatives at 11:15 ET, a key issue is whether corporate tax cuts to 20% will be temporary, either phased in or out, or permanent. And according to a Bloomberg report this morning, Republican leaders have decided to cut the corporate tax rate to 20 percent and leave it there permanently, abandoning an earlier plan to phase out the rate cut over time.

Frontrunning: October 25

  • Rift Widens Within GOP in Battle for Control of Party (WSJ)
  • Trump Courted a GOP Rebellion. Now He’s Got One (BBG)
  • Xi Jinping Is Alone at the Top and Collective Leadership ‘Is Dead’ (WSJ)
  • Dollar hits 3-1/2-month high vs. yen, boosted by Fed chair talk (Reuters)
  • Congress Votes to Overturn CFPB Arbitration Rule (WSJ)

Flatliners - Dead Market Walking

"...all risk has been flat-lined in this grand central bank experiment...  but any trader staring at the tape knows that we find ourselves in the most compressed price environment in history. This is not normal, there’s no heartbeat..."