Lloyd Blankfein

Goldman Will Clear Bitcoin Futures

Despite all the risk/margin worries, and volatility fearmongering, and fraud allegations, Bloomberg reports that, according to a person familiar, Goldman Sachs plans to clear bitcoin futures contracts when they go live next week.

Frontrunning: November 16

  • Senate Panel Approves Tax Plan as GOP Leaders Gird for Fight (BBG)
  • U.S. towns, cities fear taxpayer revolt if Republicans kill deduction (Reuters)
  • After House Victory, Tax-Overhaul Fight Now Goes to Senate (WSJ)
  • Analysts flee Wall Street with gallows humor as research changes loom (Reuters)
  • Tesla Unveils ‘World’s Fastest Production Car’ and Electric Big Rig (BBG)

Goldman On Tax Reform: "Now Comes The Hard Part"

There are a number of ways that the effort could run off the rails. First, tax reform is much harder than tax cuts. Second, a few lawmakers have expressed some hesitation regarding the tax legislation itself. Third, there are good arguments against a large net tax cut at the moment, including a high debt-to-GDP ratio, growing fiscal imbalances projected over the coming decade, and an economy with little remaining slack.

How To Survive The Winter

"...this is a gigantic problem that won't magically go away... the Potemkin village of inflated stock and real estate prices cannot continue indefinitely."

Frontrunning: October 31

  • Mueller’s Moves Signal Broad Scope (WSJ)
  • Spain awaits next move by ousted Catalan leader from Belgium (Reuters)
  • China, South Korea agree to mend ties after THAAD standoff (Reuters)
  • For Manafort, Questionable Airbnb Sublets Became a Family Affair (BBG)
  • U.S. business group worries Trump unprepared for commercial talks with China (Reuters)