The “bond shock” story bubbles away in the background. And with the next 50-75bps rise in yields (due to perhaps expectations of trade wars or Chinese repatriation, or even further gains in inflation), the risk of a financial “event” is likely to jump. 2016 started with pessimism and ended with optimism; 2017 starts with optimism…
To our complete lack of surprise, lawmakers in the State of Illinois are considering following in the footsteps of Philadelphia by imposing a 1 cent per ounce "soda tax" on all sugary beverages...and just like in Philly, it's sure to piss off a lot of people.
The rise of populism isn’t the politics of rejecting experts, it is the rejection of these “experts” – who quite frankly deserve more than voter disdain. Credentials have come to be seen by a very large and growing proportion of the global population to declare incompetence, having nothing at all to do with intellectual capacity apart from objectivity. It isn’t the denial of reasoned argument but rather the logical end of it.
Over six years after Dodd-Frank was signed into law, it is clear that the only ones who benefited from the Durbin Amendment have been big box chains like Wal-Mart and Home Depot. It cost consumers, on the other hand, literally billions of dollars a year. With Donald Trump taking office this month, and with all signs pointing to Dodd-Frank changes on the horizon, eliminating the Durbin Amendment should be a top priority.
"You don't get into restaurants for the money because THERE IS NO FUCKING MONEY. But you need to survive to continue your art and the deck is being stacked higher and higher against the average restaurant every year."
"The level of disrespect I see for police now, I've never seen it like this in 28 years. The willingness of the bad guy to engage a police officer, I've never, it's just different...Before, they didn't engage the police like they do now."
Donald Trump in the White House and Theresa May in 10 Downing Street. They will open the door to more nuclear spending, no doubt. But, despite all the post-election industry euphoria, should we anticipate a full renaissance for U.S. commercial nuclear power?
"Markets don’t have a purpose any more - they just reflect whatever central planners want them to. Why wouldn’t it lead to the biggest collapse? My strategy doesn’t require that I’m right about the likelihood of that scenario. Logic dictates to me that it’s inevitable..."
A few weeks ago we asked whether CalPERS would rely on sound financial judgement and math to set their rate of return expectations going forward or whether they would cave to political pressure to maintain artificially high return hurdles that they'll never meet but help to maintain their ponzi scheme a little longer...Well, the Board has now voted and: Ponzi scheme it is.