Stephen Colbert

Speculation Of Bannon's Demise Floods The Media, Again

Bannon's imminent demise has been predicted by the media on so many different occassions since Trump moved into the White House that we've lost count.  Here's another prediction from the New York Times.

Kristin Tate: Kathy Griffin Is Just The Tip Of The Liberal Violence Iceberg

One of the pillars of democracy erodes before our eyes. The ability to disagree with the politically different disintegrates under red and black flags, and hooded rioters obscuring their faces. It’s not Donald Trump’s secret police. It’s not something out of a dystopian novel. It’s the very real culture of permissive violence exploding from today’s left.

Frontrunning: May 24

  • Trump Meets With Pope Francis After Policy Clashes (WSJ)
  • Fed Minutes to Offer Clues on Debate Over Path of Rate Increases (WSJ)
  • Manchester bomber had 'proven' links to Islamic State (Reuters)
  • U.K. Chides U.S. for Leaking Manchester Bombing Probe Details (BBG)
  • China Handed First Moody's Downgrade Since 1989 on Debt Risk (BBG)

Frontrunning: May 22

  • Trump Arrives in Israel, May Show His Cards on the Peace Process (BBG)
  • Taxes, Budget Are Focus for White House Despite Probes (WSJ)
  • Paul Manafort’s Lucrative Ukraine Years Are Central to the Russia Probe (BBG)
  • Ford set to fire CEO Mark Fields as shares founder (Reuters)
  • Producers Set to Extend Cuts as Rally Stalls: OPEC Reality Check (BBG)

A Refugee Crisis Made In America

We Americans are in something approaching complete denial about how truly horrible our nation’s recent impact on the rest of the world has been. We are universally hated, even by those who have their hands out to receive their Danegeld, and the world is undoubtedly shaking its head as it listens to the bile coming out of the mouths of our presidential candidates. Shakespeare observed that the “evil that men do lives after them,” but he had no experience of the United States.

The #1 Reason Why Donald Trump Is What America Needs (And Deserves)

Just a few weeks ago, US talk show host Stephen Colbert was asked if he thought that Donald Trump had a chance of becoming President of the United States. Colbert responded sincerely. “Honestly, he could. And that’s not an opinion of Trump. That’s my opinion of our nation.” He’s right. The Land of the Free may very well be ready for something completely different. And Trump certainly seems able to deliver.

The Hard Truth: For Retail Investors, The NYSE Is Always Out Of Service

The real reason why retail investors weren't impacted by the NYSE's halt is a hard truth... to retail investors, the NYSE is always dark

Where Do Retail Investor Orders Go? The simple answer: to the highest contracted bidder. Stock "wholesalers" or internalizers like Citadel or Knight pay retail brokers lots of cash to execute retail trades, essentially creating a "third market". Why? Because in a high frequency trading world, where stock prices have never been more fuzzy to the end user, but crystal clear to those that spend enormous sums on colocation and PhD employees, it's never been easier to print money (not unlike Bernie Madoff's scheme in the 90's). But that is the subject of a much, much longer story. Someone should write a book.

"The People" Vs. Piketty

We have rich people, poor people, right-wing economists, left-wing economists and even revolutionaries, all contesting Piketty’s argument. It seems we the People do have a point against him. But will it prevail? We’re not optimistic on this one. It is far more likely that Piketty's ideas will gain traction rather than fade away. Why? Because it gives politicians and their Keynesian consorts yet another framework and justification as to why the state should be the key allocator of resources in society.

The 'Golden Age Of The Central Banker' Has Reached "The Cult Phase"

We are observing the emergence of a new phase in The Golden Age of the Central Banker – the cult phase – to use the sociological lingo. Joseph Heller’s brilliant book provides the starting point, not only by calling attention to the prevalence and power of Catch-22’s in the investment world today, but also in the creation of a self-regulated, faith-based system of social behavior. A Catch-22 world is not a happy world, but it is a very stable world, at least on its own terms. Change is very unlikely to come from within, and internal market risk indicators are all quite benign. But external market risk indicators are all screaming red, as the global environment has rarely been this worrisome for political shocks, trade/forex shocks, and supply shocks with the scope and power to challenge the Central Banking gods.