- China Lowers Growth Target to About 7% (WSJ)
- Obesity Is Hurting the U.S. Economy in Surprising Ways (BBG)
- Embattled Hillary Clinton urges State Department to release emails (Reuters)
- Washington Strips New York Fed’s Power (WSJ)
- U.S. Supreme Court split over Obamacare challenge (Reuters)
- Citigroup Loses $800 Million as It Exits Turkey’s Akbank (BBG)
- Justice Who Once Tried to Kill Obamacare Now Potential Savior (BBG)
- Buyers of Espírito Santo Debt Face Financial Uncertainty (WSJ)
"There’s Going To Be Chaos" - What Is The Worst-Case Outcome Of Today's Supreme Court Obamacare HearingSubmitted by Tyler Durden on 03/04/2015 20:18 -0500
Today, for the second time since 2012, the fate of Obamacare lies in the hands of the Supreme Court, and like last time, it will likely be all about Justice John Roberts ' decision. Later today, the US Supreme Court will hear oral arguments in the case of King v. Burwell, the latest challenge to Obamacare, and one that could potentially leave it gutted from an unexpected direction. As a result, nearly eight million Americans could lose their health insurance depending on how the Supreme Court interprets four words in the "Affordable" Care Act.
The BLS put out their monthly CPI lie last week. They issued the proclamation that inflation is dead. Did you know your costs are 0.1% lower than they were one year ago. They then used these deflation numbers to proclaim your real wages soared last month. It’s all good. The American consumer is so flush with cash, they decided to spend less money for the second month in a row. The Wall Street shysters are so happy with declining consumer spending, declining corporate profits, and a global recession, they pushed the NASDAQ up to 5,000 for the first time in 15 years.
- RBS to cut up to 14,000 jobs in investment banking unit (FT)
- Doctors, patients scramble ahead of high court Obamacare decision (Reuters)
- Rajan Cuts India Rates After Modi Agrees to Inflation Target (BBG)
- Russia’s Putin Makes First Public Comments on Killing of Boris Nemtsov (WSJ)
- House breaks impasse, passes security funding without provisions (Reuters)
- How a 25-Year-Old Investor Spurred Lumber Liquidators’ Plunge (BBG)
- Jeff Immelt’s Overhaul of GE Impeded by Falling Oil Prices (WSJ)
- Sahara India Defaults on Luxury Hotel Loans From Bank of China (BBG)
- Hilsenrath: Fed Ushering in New Era of Uncertainty on Rates (WSJ)
- Is Supreme Court's chief justice ready to take down ObamaCare? (The Hill)
- Netanyahu arrives in U.S., signs of easing of tensions over Iran speech (Reuters)
- Nemtsov Murder Fuels Suspicion, Fails to Spur Russia Selloff (BBG)
- ECB uncomfortable with leading role in Greek funding drama (Reuters)
- Video shows Los Angeles police shooting homeless man dead (Reuters)
- Iraq Military Begins Campaign to Reclaim Tikrit (WSJ)
- How Billionaires in London Use Secret Luxury Homes to Hide Assets (BBG)
With key economic data either behind us (with the downward revised GDP), or ahead of us (the February payrolls on deck), and the Greek situation currently shelved if only for a few days/weeks until the IMF payment comes due and the farce begins anew, stocks are focuing on the widely telegraphed 25 bps Chinese rate cut over the weekend, which however has so far failed to inspire a broad based rally either in Asia (where the SHCOMP closed up 0.8% after first dipping in the red) or across developed markets. In fact, as of this moment futures are hugging the unchanged line as the USDJPY attempted another breakout of 120.000 but with numerous option barrier expiration stop at that level, it has since retracted all the overnight gains and is back to the Sundey lows, even as the EURUSD has seen a powerful breakout from overnight lows and is currently at the highest level since the US GDP print, following the release of the final European February PMI data, as a result of USD weakness since the European open.
The average American benefited in no way from the government/banker bailout. Their wages have deteriorated, their daily living expenses have risen, Obamacare has resulted in higher healthcare premiums, higher co-pays, more part-time jobs, less full-time jobs, and less healthcare choices for the working class, while Wall Street generates billions in risk free profits, bankers and corporate executives reap massive million dollar bonuses, and the .1% parties like its 1999. Rising wealth inequality has been systematically programmed into our economic system by bankers and their bought off puppet politicians in Washington D.C. – Corporate fascism at its finest.
The math is clear - the next time anyone asks you what Americans spent their so-called "gas savings" on in Q4, and why retail sales in the end of 2014 (and the start of 2015) were so weak, show them this chart.
There was much hope that when Q3 GDP soared to 5%, primarily on the back of Obamacare spending recalendarization and a massive consumption/personal saving data revision, that the US economy would finally enter lift-off mode. Those hopes were reduced by about 60% when moments ago the BEA announced that Q4 GDP was revised from the original 2.64% print to only 2.18%, which while better than expected, was the lowest economic growth rate since the "polar vortex."
When the system is set up to encourage maximizing self-interest, accountability for the whole is lost. And once accountability for the effectiveness and health of the whole system is lost, the system will degrade and eventually collapse, for the same reason that unrestricted grazing by individuals eventually destroys the commons.
After Cutting US Growth Due To Snow, Goldman Now Warns West Coast Port Congestion Will "Drag On GDP"Submitted by Tyler Durden on 02/25/2015 09:09 -0500
Last week, when with much amusement we observed that the first of many Q1 GDP cuts due to snow... in the winter... had taken place, we warned that next up on the GDP-trimming agenda would be "the West Coast port strike to take place in 2-4 weeks." We were wrong: it wasn't 2-4 weeks. It was 4 days, because overnight first Goldman (and soon all the other penguins) released a report titled "The Fallout from West Coast Port Disruptions" and sure enough, Goldman's conclusion is that "On balance, we think the net impact on Q1 GDP is probably a modest drag, although the estimated effect is highly uncertain at this point in the quarter."
"We think that negative snowstorm effects could potentially subtract as much as half a percentage point from Q1 growth compared with a neutral baseline, although there is still plenty of time for activity to bounce back within the quarter. In light of our analysis, we reduced our Q1 GDP tracking estimate by two-tenths to +2.8%."
- Goldman Sachs
- Greece Should Not Give In to Germany’s Bullying (FP)
- Greece Can Pay Its Debts in Full, but It Won’t (WSJ)
- Early Friday humor: Euro Region Economy Strengthens Amid Wrangling on Greece (BBG)
- Euro zone may need extra summit to clinch Greek deal (Reuters)
- Oil-Drop Pain Spreads to Saudi Arabia’s Energy Behemoth (WSJ)
- Yellen Confronts Economists’ Ignorance (BBG) - where does one even start with this one
- ECB Plans to Push Greek Banks to Shed State Debt If Talks Fail (BBG)
As America continues to drift toward totalitarianism, it is only a matter of time before political speech on the Internet is regulated. It is already happening in other countries all around the globe, and control freak politicians in the US have begun a renewed push to regulate independent news websites. People are hungry for the truth, and an increasing number of Americans are waking up to the fact that they are not getting the truth from the corporate-controlled media. But as the alternative media has grown, it was only going to be a matter of time before the establishment started cracking down on it.