http://www.zerohedge.com/fullrss2.xml/component/option%2Ccom_docman/itemid%2C200023/gid%2C397/boombustblog/boombustblog/boombustblog/boombustblog/565501 en Mike Flynn Tells FBI He Will Testify In Exchange For Immunity http://www.zerohedge.com/news/2017-03-30/mike-flynn-offers-testify-exchange-immunity <p>In a dramatic development involving Mike Flynn, President Trump’s former national security adviser who resigned just a few weeks into his tenure over allegations surrounding his Russian connections, <a href="https://www.wsj.com/articles/mike-flynn-offers-to-testify-in-exchange-for-immunity-1490912959">the WSJ reports </a>that he has told the FBI and congressional officials investigating the Trump campaign’s potential ties to Russia that he is willing to testify and be interviewed in exchange for immunity from prosecution, "according to officials with knowledge of the matter."</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/03/27/flynn%202.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/03/27/flynn%202_0.jpg" width="500" height="326" /></a></p> <p>As the WSJ adds, "as an adviser to Mr. Trump’s presidential campaign, and later one of Mr. Trump’s top aides in the White House, Mr. Flynn was privy to some of the most sensitive foreign-policy deliberations of the new administration and was directly involved in discussions about the possible lifting of sanctions on Russia imposed by the Obama administration."</p> <p>He has made the offer to the FBI and the House and Senate intelligence committees though his lawyer but so far officials have not accepted his deal. </p> <p>It was not immediately clear why Flynn would need immunity from prosecution, or whether the offer was made after coordination with the Trump administration.&nbsp; </p> <p>As the WSJ adds, "it wasn’t clear if Mr. Flynn had offered to talk about specific aspects of his time working for Mr. Trump, but the fact that he was seeking immunity suggested Mr. Flynn feels he may be in legal jeopardy following his brief stint as the national security adviser, one official said. </p> <p>As a reminder, Flynn was forced to resign after acknowledging that he misled White House officials about the nature of his phone conversations with the Russian ambassador to the U.S. during the presidential transition.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Flynn’s communications with the Russian ambassador, Sergei Kislyak, have been scrutinized by the FBI, which is examining whether Trump campaign personnel colluded with Russian officials who are alleged to have interfered with the presidential election, according to current and former U.S. officials. Russia has denied the allegations. Flynn also was paid tens of thousands of dollars by three Russian companies, including the state-sponsored media network RT, for speeches he made shortly before he became a formal adviser to Mr. Trump’s campaign, according to documents obtained by a congressional oversight committee.</p> </blockquote> <p>As the WSJ adds, Democratic lawmakers have requested a copy of the security-clearance form that Mr. Flynn was required to file before joining Mr. Trump in the White House, to see if he disclosed sources of foreign income.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="1242" height="685" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/flynn%20teaser_2.jpg?1490913792" /> </div> </div> </div> http://www.zerohedge.com/news/2017-03-30/mike-flynn-offers-testify-exchange-immunity#comments American people of German descent Climate change skepticism and denial Donald Trump Draft:Timeline of the Trump-Russia Scandal FBI Federal Bureau of Investigation Law national security Obama Administration Obama administration Politics Politics Politics of the United States Russian interference in the 2016 United States elections Senate Sergey Kislyak The Apprentice Trump Administration United States White House White House WWE Hall of Fame Thu, 30 Mar 2017 22:47:50 +0000 Tyler Durden 592080 at http://www.zerohedge.com EU Chief Threatens Trump For Supporting Brexit; Vows To "Promote" Break Up Of U.S. http://www.zerohedge.com/news/2017-03-30/eu-chief-threatens-trump-supporting-brexit-vows-promote-break-us <p>European Union Chief&nbsp; Jean-Claude Juncker is apparently not thrilled with Trump's support of the Brexit referendum and, in speaking at the centre-right European People Party’s (EPP) annual conference today, has vowed to <strong>"promote the independence of Ohio and Austin, Texas in the United States of America"</strong> if he <strong>"goes on like that."</strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>"A lot of people would like it that way.&nbsp; Even people on another continent where the newly elected U.S. President was happy that the Brexit was taking place and has asked other countries to do the same.&nbsp; <strong>And, if he goes on like that, I am going to promote the indenpendence of Ohio and Austin, Texas in the United States of America."</strong></p> </blockquote> <p><iframe src="https://www.youtube.com/embed/1RsjZBlON88?ecver=2" width="600" height="337" frameborder="0"></iframe></p> <p>&nbsp;</p> <p>Of course, 'there is truth in jest' and behind the humor, there’s real anger among EU chiefs that President Trump stoked the Brexit fire and, with it, egged on other countries to follow the U.K.’s lead.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>Mr Juncker's comments came in the middle of an angry speech in which he railed against critics of the EU Commission.</strong></p> <p>&nbsp;</p> <p>They will be seen as totally inexplicable at a time when EU-US relations appeared to be on the mend, with Vice-President Mike Pence having completed a largely successful trip to Brussels and the commander-in-chief himself significantly softening his tone towards the EU project. </p> <p>&nbsp;</p> <p>Mr Juncker did not criticise Britain at all during his speech, and only made reference to Brexit in relation to Mr Trump and the opportunities it presents for Europe to reform itself. </p> </blockquote> <p>As <a href="http://linkis.com/www.express.co.uk/ne/cB2SN#t=6s">Express</a> points out, Juncker's comments are<strong> "diplomatic dynamite,"</strong> particularly after Trump recently passed Merkel her <a href="http://www.zerohedge.com/news/2017-03-26/trump-handed-merkel-375-billion-invoice-nato-defenses-during-recent-visit">$375 billion 'NATO invoice.'</a></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>The remarks are diplomatic dynamite at a time when relations between Washington and Brussels are already strained over Europe’s meagre contributions to NATO</strong> and the US leader’s open preference for dealing with national governments.</p> <p>&nbsp;</p> <p>They are by far the most outspoken intervention any senior EU figure has made about Mr Trump and are likely to dismay some European leaders who were hoping to seek a policy of rapprochement with their most important ally. </p> </blockquote> <p><strong>Of course, if Juncker is really serious about his threats, we would kindly suggest that he start by promoting <a href="http://www.zerohedge.com/news/2017-01-24/calexit-record-number-californians-support-secession-new-poll-finds">CalExit</a>.</strong></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="748" height="389" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017.03.29%20-%20Juncker.JPG?1490882047" /> </div> </div> </div> http://www.zerohedge.com/news/2017-03-30/eu-chief-threatens-trump-supporting-brexit-vows-promote-break-us#comments Alt-right American people of German descent Brexit Chivalry Climate change skepticism and denial Donald Trump EU Commission European People Party European Union European Union European Union Government Jean-Claude Juncker Juncker North Atlantic Treaty Organization Ohio Politics Politics Politics of the United States The Apprentice Trump United Kingdom European Union membership referendum United States–European Union relations WWE Hall of Fame Thu, 30 Mar 2017 22:35:54 +0000 Tyler Durden 592048 at http://www.zerohedge.com CBO Warns Of Fiscal Catastrophe As A Result Of Exponential Debt Growth In The U.S. http://www.zerohedge.com/news/2017-03-30/cbo-warns-coming-fiscal-crisis-result-exponential-us-debt-growth <p>In a just <a href="https://www.cbo.gov/system/files/115th-congress-2017-2018/reports/52480-ltbo.pdf">released report from the CBO </a>looking at the long-term US budget outlook, the budget office forecasts that both government debt and deficits are expected to soar in the coming 30 years, with debt/GDP expected to hit 150% by 2047 if the current government spending picture remains unchanged.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/03/27/CBO%20forecast.jpg"><img height="251" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/03/27/CBO%20forecast_0.jpg" width="500" /></a></p> <p>The CBO&#39;s revision from the last, 2016 projection, shows a marked deterioration in both total debt and budget deficits, with the former increasing by 5% to 146%, while the latter rising by almost 1% from 8.8% of GDP to 9.6% by 2017.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/03/27/CBO%20comp.jpg"><img height="430" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/03/27/CBO%20comp_0.jpg" width="500" /></a></p> <p>According to the CBO, &quot;<em>at 77 percent of gross domestic product (GDP), federal debt held by the public is now at its highest level since shortly after World War II. If current laws generally remained unchanged, the Congressional Budget Office projects, growing budget deficits would boost that debt sharply over the next 30 years; <strong>it would reach 150 percent of GDP in 2047.</strong>&quot;</em></p> <p>In addition to the booming debts, the office expects the deficit to more than triple from the projected 2.9% of GDP in 2017 to 9.8% in 2047. The deficit at the end of fiscal year 2016 stood at $587 billion.</p> <p>A comaprison of government spending and revenues in 2017 vs 2047 shows the following picture:</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/03/27/cbo%20deficit.jpg"><img height="367" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/03/27/cbo%20deficit_0.jpg" width="500" /></a></p> <p>The CBO also mentions rising rates as another key reason for the increasing debt burden. The Federal Reserve has kept rates low since the financial crisis but is on track to gradually hike rates in the coming year.</p> <p>On the growth side, the CBO expects 2% or less GDP growth over the next three decades, far below the number proposed by the Trump administration.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/03/27/GDP%20growth%20CBO.jpg"><img height="306" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/03/27/GDP%20growth%20CBO_0.jpg" width="500" /></a></p> <p>The budget office breaks down the primary causes of projected growth in US spending as follows: not surprisingly, it is all about unsustainable social security and health care program outlays.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/03/27/causes%20of%20spending.jpg"><img height="331" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/03/27/causes%20of%20spending_0.jpg" width="500" /></a></p> <p>The CBO&#39;s troubling conclusion:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>Greater Chance of a Fiscal Crisis. </strong>A large and continuously growing federal debt would increase the chance of a fiscal crisis in the United States. Specifically, investors might become less willing to finance federal borrowing unless they were compensated with high returns. <strong>If so, interest rates on federal debt would rise abruptly, dramatically increasing the cost of government borrowing.</strong> That increase would reduce the market value of outstanding government securities, and investors could lose money. <span style="text-decoration: underline;"><strong>The resulting losses for mutual funds, pension funds, insurance companies, banks, and other holders of government debt might be large enough to cause some financial institutions to fail, creating a fiscal crisis</strong></span>. An additional result would be a higher cost for private-sector borrowing because uncertainty about the government&rsquo;s responses could reduce confidence in the viability of private-sector enterprises.</p> <p>&nbsp;</p> <p><strong>It is impossible for anyone to accurately predict whether or when such a fiscal crisis might occur in the United States. </strong>In particular, the debt-to-GDP ratio has no identifiable tipping point to indicate that a crisis is likely or imminent. All else being equal, however, the larger a government&rsquo;s debt, the greater the risk of a fiscal crisis.</p> <p>&nbsp;</p> <p><strong>The likelihood of such a crisis also depends on conditions in the economy. </strong>If investors expect continued growth, they are generally less concerned about the government&rsquo;s debt burden. Conversely, substantial debt can reinforce more generalized concern about an economy. Thus, fiscal crises around the world often have begun during recessions and, in turn, have exacerbated them.</p> <p>&nbsp;</p> <p><strong>If a fiscal crisis occurred in the United States, policymakers would have only limited&mdash;and unattractive&mdash;options for responding. </strong>The government would need to undertake some combination of three approaches: <strong>restructure the debt (that is, seek to modify the contractual terms of existing obligations), use monetary policy to raise inflation above expectations, or adopt large and abrupt spending cuts or tax increases.</strong></p> </blockquote> <p>Then again, as the past 8 years have shown, only debt cures more debt, so expect nothing to change.</p> <p>Also, we find it just a little confusing why the CBO never warned of an imminent &quot;fiscal crisis&quot; over the past 8 years when total US debt doubled, increasing by $10 trillion under the previous administration.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="794" height="399" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/CBO%20forecast.jpg?1490883949" /> </div> </div> </div> http://www.zerohedge.com/news/2017-03-30/cbo-warns-coming-fiscal-crisis-result-exponential-us-debt-growth#comments Business Congressional Budget Office Congressional Budget Office Deficit reduction in the United States Economy Fail Federal Reserve Fiscal policy Government budget balance Government debt Gross Domestic Product Insurance Companies Macroeconomics Monetary Policy National debt of the United States Political debates about the United States federal budget Politics Presidency of Barack Obama Trump Administration United States United States federal budget United States fiscal cliff US Federal Reserve Thu, 30 Mar 2017 22:20:34 +0000 Tyler Durden 592050 at http://www.zerohedge.com How America’s Most Prestigious Universities Bilk the U.S. Taxpayer http://www.zerohedge.com/news/2017-03-30/how-america%E2%80%99s-most-prestigious-universities-bilk-us-taxpayer <p><em><a href="https://libertyblitzkrieg.com/2017/03/30/ivy-league-inc-how-americas-most-prestigious-universities-bilk-the-u-s-taxpayer/">Authored by Mike Krieger via Liberty Blitzkrieg,</a></em></p> <p><a href="http://www.openthebooks.com" target="_blank">Open the Books</a> is back in the spotlight today with another deep-dive report, this time&nbsp;looking into U.S. taxpayer subsidies, tax breaks and federal payments into Ivy League colleges.</p> <p>Below are a few key findings from the report, titled: <strong><a href="https://www.openthebooks.com/assets/1/7/Oversight_IvyLeagueInc_FINAL.pdf">Ivy League, Inc</a>.</strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><em><strong>1. Ivy League payments and entitlements cost taxpayers $41.59 billion over a six-year period (FY2010-FY2015).</strong>&nbsp;This is equivalent to $120,000 in government monies, subsidies, &amp; special tax treatment per undergraduate student, or $6.93 billion per year.</em><br /><em>&nbsp;</em><br /><em>2. The Ivy League was the recipient of $25.73 billion worth of federal payments during this period: contracts ($1.37&nbsp;billion), grants ($23.9 billion) and direct payments – student assistance ($460 million).</em><br /><em>&nbsp;</em><br /><em>3. In monetary terms, the ‘government contracting’ business of the Ivy League ($25.27 billion – federal contracts and&nbsp;grants) exceeded their educational mission ($22 billion in student tuition) FY2010-FY2015.</em></p> <p><strong><em>&nbsp;</em><em>4. The eight colleges of the Ivy League received more money ($4.31 billion) – on average – annually from the federal&nbsp;government than sixteen states: see report.</em></strong><br /><em>&nbsp;</em><br /><em>5. The Ivy League endowment funds (2015) exceeded $119 billion, which is equivalent to nearly $2 million per&nbsp;undergraduate student.</em></p> <p>&nbsp;</p> <p><em><strong>6. As a non-profit, educational institution, the Ivy League pays no tax on investment gains.</strong> Between FY2011-FY2015,&nbsp;the Ivy League schools received a $9.6 billion tax break on the $27.3 billion growth of their endowment funds. In FY2014, the tax-free subsidy on endowment gains amounted to $3.4 billion, or nearly $60,000 per student.</em></p> <p>&nbsp;</p> <p><strong><em>7. With continued gifts at present rates, the $119 billion endowment fund provides free tuition to the entire&nbsp;student body in perpetuity. Without new gifts, the endowment is equivalent to a full-ride scholarship for all Ivy League undergraduate students for 51-years, or until 2068.</em></strong></p> <p>&nbsp;</p> <p><em>8. In FY2014, the balance sheet for all Ivy League colleges showed $194,332,115,120 in accumulated gross assets.&nbsp;This is equivalent to $3.35 million per undergraduate student.</em><br /><em>&nbsp;</em><br /><em><strong>9. The Ivy League employs 47 administrators who each earn more than $1 million per year.</strong> Two executives&nbsp;each earned $20 million between 2010-2014. Ivy League employees earned $62 billion in compensation.</em><br /><em>&nbsp;</em><br /><strong><em>10. In a five-year period (2010-2014) the Ivy League spent $17.8 million on lobbying, which included issues mostly&nbsp;related to their endowment, federal contracting, immigration and student aid. </em></strong></p> </blockquote> <p>Nice gig if you can get it.</p> <p>Read the entire report <a href="http://www.openthebooks.com/subscriber_special_-_ivy_league_inc_-_our_openthebooks_investigation/" target="_blank">here</a>.</p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/03/30/2017.03.29%20-%20Ivy2_0.JPG" style="width: 450px; height: 239px;" /></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="731" height="424" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017.03.29%20-%20Ivy.JPG?1490908575" /> </div> </div> </div> http://www.zerohedge.com/news/2017-03-30/how-america%E2%80%99s-most-prestigious-universities-bilk-us-taxpayer#comments Business Education federal government Ivy League V-12 Navy College Training Program Thu, 30 Mar 2017 22:10:59 +0000 Tyler Durden 592073 at http://www.zerohedge.com Senate Intel Committee Throws Hail Mary - Trots Out "1000 Russian Trolls" That Influenced Swing States With Fake News! http://www.zerohedge.com/news/2017-03-30/senate-intel-committee-throws-hail-mary-trots-out-1000-russian-trolls-influenced-swi <p>Now that the&nbsp;<em>CrowdStrike</em> DNC election hacking report is looking <a href="https://twitter.com/mtracey/status/846768473640394752" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">more and more</span></span></a> like a <a href="https://theintercept.com/2016/12/14/heres-the-public-evidence-russia-hacked-the-dnc-its-not-enough/" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">ham-handed</span></span></a>&nbsp;scheme&nbsp;orchestrated by&nbsp;anti-Russia, anti-Trump&nbsp;factions - which include Atlantic Council co-chairs <a href="http://web.archive.org/web/20170329085652/http://www.atlanticcouncil.org/about/experts/list/evelyn-farkas" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">Evelyn Farkas</span></span></a> and&nbsp;CrowdStrike's <a href="https://web.archive.org/web/20170308083625/http://www.atlanticcouncil.org/about/experts/list/dmitri-alperovitch" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">Dmitri Alperovitch</span></span></a>, it appears&nbsp;the&nbsp;"Muh Russia" contingency is just haphazardly throwing their remaining&nbsp;cards on the table. The men in wood paneled rooms have apparently let the lunatics run the asylum.</p> <p>While the House Intelligence Committee is hard at work sifting through revelations that the Obama administration spied on Trump and his&nbsp;team, <em>Senate</em> Intelligence Committee chair Mark Werner (D-VA) has&nbsp;dribbled forth completely&nbsp;unsupported&nbsp;claims that&nbsp;Russia influenced the election by employing a ShareBlue-esque army of "Internet Trolls" to post Fake News stories in swing states!</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Mr Warner said: “We know about the hacking, and selective leaks, but what really concerns me as a former tech guy is at least some reports – and we’ve got to get to the bottom of this – that there were <strong>upwards of a thousand internet trolls working out of a facility in Russia</strong>, in effect taking over a series of computers which are then called botnets, that can then generate news down to specific areas. <em>-<a href="https://www.independent.co.uk/news/world/americas/us-politics/russian-trolls-hilary-clinton-fake-news-election-democrat-mark-warner-intelligence-committee-a7657641.html" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">Independent.co.uk</span></span></a></em></p> </blockquote> <p>I'll give you a second to recover...</p> <p>What's "<a href="https://ibankcoin.com/zeropointnow/files/2017/03/nerd.png" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">Nerd Virgin</span></span></a>" in Russian?</p> <p>Sorry folks from Wisconsin, Michigan, and Pennsylvania - you've been had! Victimized! Fake News'd by the Russians! Your puny brains were no match for neckbearded Putin puppets who used the latest in <a href="https://ibankcoin.com/zeropointnow/files/2017/03/il_340x270.836652860_t2ib.jpg"><span style="text-decoration: underline;"><span style="color: #0066cc;">mind control</span></span></a>&nbsp;to rock the voteski. </p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>“It’s been reported to me, and we’ve got to find this out, whether <strong>they were able to affect specific areas in Wisconsin, Michigan, Pennsylvania</strong>, where you would not have been receiving off of whoever your vendor might have been, Trump versus Clinton, during the waning days of the election, but instead, ‘Clinton is sick’, or ‘<strong>Clinton is taking money from whoever for some source’</strong> … <strong>fake news</strong></p> </blockquote> <p>Funny enough, the United States does <a href="https://en.wikipedia.org/wiki/Operation_Earnest_Voice" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">exactly this</span></span></a>. It's called SOCKPUPPETING! Very original Werner...</p> <p><a href="https://ibankcoin.com/zeropointnow/files/2017/03/1490894802739.png" target="_blank"><img src="https://ibankcoin.com/zeropointnow/files/2017/03/1490894802739.png" width="1180" height="602" style="margin-right: auto; margin-left: auto; display: block;" class="aligncenter size-full wp-image-7529" /></a></p> <p>Perhaps the Senate Intel Committee is afraid to release specific&nbsp;examples of alleged "Russian Trolling" because they know 4chan and Reddit's "The_Donald" community - the other groups <a href="https://motherboard.vice.com/en_us/article/trolling-scholars-debunk-the-idea-that-the-alt-rights-trolls-have-magic-powers" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">they tried to blame</span></span></a> for Hillary's loss - will tear it to shreds within hours?</p> <p>Give it up Neocons. You ran an out of touch&nbsp;candidate who cheated against Bernie Sanders - a guy who may have actually&nbsp;beaten Trump, and white hats within US Intelligence community&nbsp;<strong><a href="http://ibankcoin.com/zeropointnow/2016/11/01/ex-kissinger-state-dept-official-you-are-witnessing-a-counter-coup-assisted-by-julian-assange/" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">gave the emails</span></span></a></strong> to Julian Assange in order to reveal how corrupt she is. She also fainted on 9/11/2016 and was chucked into a van like a <a href="https://www.google.com/search?q=side+of+beef&amp;rlz=1C1CHBF_enUS733US733&amp;source=lnms&amp;tbm=isch&amp;sa=X&amp;ved=0ahUKEwjOyryLnP_SAhVGOSYKHYafB1EQ_AUICCgB&amp;biw=1476&amp;bih=803" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">side of beef</span></span></a>, which couldn't have helped.</p> <p style="text-align: center;"><span style="box-sizing: border-box; border-color: currentcolor; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 13px; line-height: inherit; font-family: lucida_granderegular, Verdana, sans-serif; text-align: center;">Content originally generated at&nbsp;</span><strong style="box-sizing: border-box; border-color: currentcolor; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: inherit; font-family: lucida_granderegular, Verdana, sans-serif; text-align: center;"><a href="https://ibankcoin.com/" target="_blank" style="box-sizing: border-box; border-color: currentcolor; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.2; font-family: inherit; word-wrap: break-word; color: #1e439a;"><span style="box-sizing: border-box; border-color: currentcolor; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; text-decoration: underline;">iBankCoin.com</span></a><span style="box-sizing: border-box; border-color: currentcolor; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;">&nbsp;</span></strong><span style="box-sizing: border-box; border-color: currentcolor; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 13px; line-height: inherit; font-family: lucida_granderegular, Verdana, sans-serif; text-align: center; color: #ff6600;"><strong style="box-sizing: border-box; border-color: currentcolor; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;">*</strong></span><span style="box-sizing: border-box; border-color: currentcolor; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 13px; line-height: inherit; font-family: lucida_granderegular, Verdana, sans-serif; text-align: center;">&nbsp;Follow on Twitter&nbsp;</span><strong style="box-sizing: border-box; border-color: currentcolor; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: inherit; font-family: lucida_granderegular, Verdana, sans-serif; text-align: center;"><span style="box-sizing: border-box; border-color: currentcolor; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; color: #1e439a; text-decoration: underline;"><a href="https://twitter.com/ZeroPointNow" target="_blank" style="box-sizing: border-box; border-color: currentcolor; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.2; font-family: inherit; word-wrap: break-word; color: #1e439a;">@ZeroPointNow</a></span></strong></p> http://www.zerohedge.com/news/2017-03-30/senate-intel-committee-throws-hail-mary-trots-out-1000-russian-trolls-influenced-swi#comments Alt-right Atlantic Council Behavior Bernie Sanders Business CrowdStrike Deception Dmitri Alperovitch Donald Trump Fake news website House Intelligence Committee Internet fraud Internet troll Media manipulation Michigan Neocons Obama Administration Obama administration Politics Propaganda in Russia Senate Intel Committee Senate Intelligence Committee Twitter Twitter U.S. intelligence Thu, 30 Mar 2017 22:06:52 +0000 ZeroPointNow 592077 at http://www.zerohedge.com James Comey's Secret Twitter Account Has Been Exposed http://www.zerohedge.com/news/2017-03-30/james-comeys-secret-twitter-account-reveals-he-likes-main-stream-media-shills <p>Gizmodo <a href="http://gizmodo.com/this-is-almost-certainly-james-comey-s-twitter-account-1793843641">did some digging</a> into comments by James Comey, who said he had secret Instagram and Twitter accounts, with great success.<br /> The writer, Ashley Feinberg, surmised that his Twitter account had to be <a href="https://twitter.com/projectexile7? lang=en">@projectexile7</a>. </p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Project Exile happens to be a federal program that James Comey helped develop when he was a U.S. attorney living in Richmond. And then, of course, there are the follows.<br /> &nbsp;<br /> ProjectExile7 follows 27 other accounts, the majority of which are either reporters, news outlets, or official government and law enforcement accounts. The New York Times’ Adam Goldman and David Sanger and the Washington Post’s Ellen Nakashima and David Ignatius, all of whom have been aggressively covering the FBI investigation into Trump’s contacts with Russian agents, made the list, as did Wittes and former Bush Administration colleague Jack Goldsmith. Donald Trump is on there, too, but @projectexile7 seems to have begun following him relatively recently (its first follow was @nytimes).<br /> &nbsp;<br /> There are two outliers: William &amp; Mary News (where Comey attended undergrad) and our colleagues at The Onion (everyone deserves to have fun).</p></blockquote> <p> &nbsp;<br /> Let's assume Ms. Feinberg nailed Comey and his secret Twitter account. What can we learn from his activity? He hasn't tweeted, so there's nothing to judge there. His list of follows, as mentioned above, includes both media and political accounts. He follows a sundry of law enforcement accounts, such as the CIA, NYPD Counter-terrorism, Office of the DNI, FBI NY, &nbsp;elitist publication The Atlantic, and main stream publications like Washpo, NY Times and Politico.</p> <p>Of the 39 articles he 'liked', 8 were about him.&nbsp;Here are some other noteworthy ones.</p> <p><strong>Pedo-related</strong></p> <p><img src="https://ibankcoin.com/flyblog/files/2017/03/PEDO.png" width="468" height="209" class="alignnone size-full wp-image-66369" /></p> <p><strong>Republican Scott Walker attacking MUH college professors</strong></p> <p><img src="https://ibankcoin.com/flyblog/files/2017/03/Walker.png" width="468" height="392" class="alignnone size-full wp-image-66370" /></p> <p><strong>Pro-Kasich article</strong></p> <p><img src="https://ibankcoin.com/flyblog/files/2017/03/Kasich.png" width="471" height="394" class="alignnone size-full wp-image-66371" /></p> <p><strong>He doesn't follow Breitbart, but liked this anyway. Perhaps he was amused by it?</strong></p> <p><img src="https://ibankcoin.com/flyblog/files/2017/03/hillary.png" width="474" height="213" class="alignnone size-full wp-image-66372" /></p> <p><strong>He liked a marxist&nbsp;propaganda piece by Washpo.</strong></p> <p><img src="https://ibankcoin.com/flyblog/files/2017/03/Trumpadmin.png" width="474" height="403" class="alignnone size-full wp-image-66373" /></p> <p><strong>EPA shilling.</strong></p> <p><img src="https://ibankcoin.com/flyblog/files/2017/03/EPA.png" width="470" height="397" class="alignnone size-full wp-image-66374" /></p> <p><strong>Russian conspiracies.</strong></p> <p><img src="https://ibankcoin.com/flyblog/files/2017/03/Flynn.png" width="478" height="396" class="alignnone size-full wp-image-66375" /></p> <p>Our FBI director gets all of his news from main stream media fake news outlets and seems to favor a lot of liberal shilling in his twitter feed. Is it something? Probably not. But it's interesting to see how self-absorbed he is with the way media perceives him -- with 20% of his 'likes' being articles that talked about him.</p> <p> <strong>Content originally generated at <a href="https://ibankcoin.com/">iBankCoin.com</a></strong></p> http://www.zerohedge.com/news/2017-03-30/james-comeys-secret-twitter-account-reveals-he-likes-main-stream-media-shills#comments Alt-right Breitbart News Bush Administration Central Intelligence Agency Comey Dismissal of United States Attorneys controversy Donald Trump Donald Trump Environmental Protection Agency FBI Federal Bureau of Investigation Federal Bureau of Investigation James Comey office of the DNI Politics Politics of the United States Software The Onion Twitter Twitter Twitter United States Thu, 30 Mar 2017 21:44:41 +0000 The_Real_Fly 592076 at http://www.zerohedge.com Trump Goes Personal: Calls Out Freedom Caucus Members By Name http://www.zerohedge.com/news/2017-03-30/trump-goes-personal-calls-out-freedom-caucus-members-name <p>This morning we noted that a civil war within the Republican party looked all but inevitable after Trump threatened to fight Freedom Caucus members in the 2018 mid-term elections for holding up his healthcare legislation in the House.&nbsp; Apparently they took offense to the threat as several conservative members of the House, including Idaho Congressman Raul Labrador and former Chairman of the House Freedom Caucus Jim Jordan, quickly followed up with return fire over twitter and Fox News.</p> <p>Now, it appears as though Trump is prepared to go nuclear against members of his own party with his latest tweet calling out individual congressmen by name.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>"If <a href="https://twitter.com/RepMarkMeadows">@RepMarkMeadows</a>, <a href="https://twitter.com/Jim_Jordan">@Jim_Jordan</a> and <a href="https://twitter.com/Raul_Labrador">@Raul_Labrador</a> would get on board we would have both great healthcare and massive tax cuts &amp; reform."</strong></p> </blockquote> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">If <a href="https://twitter.com/RepMarkMeadows">@RepMarkMeadows</a>, <a href="https://twitter.com/Jim_Jordan">@Jim_Jordan</a> and <a href="https://twitter.com/Raul_Labrador">@Raul_Labrador</a> would get on board we would have both great healthcare and massive tax cuts &amp; reform.</p> <p>— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/847559239149158401">March 30, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>&nbsp;</p> <p>Something tells us that those continued healthcare discussions aren't going as well as certain members of the House would like for us to believe.</p> <p>* * * </p> <p>For those who missed it, below is our coverage of the twitter war that started this morning and has developed throughout the day.</p> <p><span style="text-decoration: underline;"><strong>Update</strong></span>: Idaho Congressman Raul Labrador has just chimed in with his own tweet advising Trump to<strong> "remember who your real friends are...we're trying to help you succeed."</strong></p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en"><a href="https://twitter.com/realDonaldTrump">@realDonaldTrump</a> Freedom Caucus stood with u when others ran. Remember who your real friends are. We're trying to help u succeed.</p> <p>— Raúl R. Labrador (@Raul_Labrador) <a href="https://twitter.com/Raul_Labrador/status/847515746481713152">March 30, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>* * * </p> <p>After Trump drew 'first blood' this morning with a tweet threatening to fight Freedom Caucus members in the 2018 mid-term elections, a pair of House representatives have fired back with aggressive tweets of their own implying that Trump's healthcare plan was evidence that he had "succumb to the D.C. Establishment."</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>"It didn't take long for the swamp to drain <a href="https://twitter.com/realDonaldTrump">@realDonaldTrump</a>. No shame, Mr. President. Almost everyone succumbs to the D.C. Establishment."</strong></p> <p>&nbsp;</p> <p><strong>".<a href="https://twitter.com/realDonaldTrump">@realDonaldTrump</a> it's a swamp not a hot tub. We both came here to drain it. <a href="https://twitter.com/hashtag/SwampCare?src=hash">#SwampCare</a> polls 17%. Sad!"</strong></p> </blockquote> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">It didn't take long for the swamp to drain <a href="https://twitter.com/realDonaldTrump">@realDonaldTrump</a>. No shame, Mr. President. Almost everyone succumbs to the D.C. Establishment. <a href="https://t.co/9bDo8yzH7I">https://t.co/9bDo8yzH7I</a></p> <p>— Justin Amash (@justinamash) <a href="https://twitter.com/justinamash/status/847448570081005568">March 30, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><blockquote class="twitter-tweet"> <p dir="ltr" lang="en">.<a href="https://twitter.com/realDonaldTrump">@realDonaldTrump</a> it's a swamp not a hot tub. We both came here to drain it. <a href="https://twitter.com/hashtag/SwampCare?src=hash">#SwampCare</a> polls 17%. Sad! <a href="https://t.co/4kjygV2tdS">https://t.co/4kjygV2tdS</a></p> <p>— Thomas Massie (@RepThomasMassie) <a href="https://twitter.com/RepThomasMassie/status/847448896708108290">March 30, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>&nbsp;</p> <p>Ohio Representative Jim Jordan, the former chairman of the House Freedom Caucus, also defended conservative lawmakers earlier today on Fox News.&nbsp; Per<a href="http://thehill.com/homenews/house/326487-former-chairman-defends-freedom-caucus"> The Hill</a>:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>"The Freedom Caucus is trying to change Washington, this bill keeps Washington the same, plain and simple,"</strong> Jordan said Thursday on Fox News' "America's Newsroom."</p> <p>&nbsp;</p> <p><strong>"We appreciate the president, we are trying to help the president. But the fact is, you have to look at the legislation. It doesn't do what we told the voters we were going to do, and the American people understand that. That's why only 17 percent of the population supports this legislation."</strong></p> <p>&nbsp;</p> <p>Jordan wouldn't comment on the threat regarding the 2018 midterms, instead characterizing the scuttled healthcare vote as just a "postponement" and arguing that Republicans will succeed if they deliver on their promises to voters. </p><p>&nbsp;</p> <p><strong>"Lets forget the blame and what may happen in the future, lets just do what we said. That's what the Freedom Caucus and what Republicans are committed to," </strong>he said. </p> </blockquote> <p>Of course these latest tweets come after Trump took to twitter earlier this morning, saying "<strong>The Freedom Caucus will hurt the entire Republican agenda if they don't get on the team, &amp; fast. We must fight them, &amp; Dems, in 2018!</strong>"</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">The Freedom Caucus will hurt the entire Republican agenda if they don't get on the team, &amp; fast. We must fight them, &amp; Dems, in 2018!</p> <p>— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/847435163143454723">March 30, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script><p>So, Republican civil war it is...Ultimate winner:&nbsp; Democrats.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="4272" height="3204" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/Trump_15.jpg?1490909446" /> </div> </div> </div> http://www.zerohedge.com/news/2017-03-30/trump-goes-personal-calls-out-freedom-caucus-members-name#comments Alt-right American people of German descent Climate change skepticism and denial Donald Trump Fox News Freedom Caucus Ohio Politics Politics Politics of the United States Republican Party The Apprentice Twitter Twitter United States WWE Hall of Fame Thu, 30 Mar 2017 21:44:32 +0000 Tyler Durden 592075 at http://www.zerohedge.com South Africa President Zuma Has Fired Finance Minister Gordhan http://www.zerohedge.com/news/2017-03-30/south-africa-president-zuma-has-fired-finance-minister-gordhan <p>The drama <a href="http://www.zerohedge.com/news/2017-03-28/rand-tumbles-second-day-after-zuma-says-hell-fire-gordhan">surrounding South Africa's finance minister </a>appear to be over, and as many had expected, it concluded with president Jacob Zuma firing his finance minister.</p> <p>As The <a href="https://mg.co.za/article/2017-03-30-report-president-jacob-zuma-has-fired-finance-minister-pravin-gordhan">Mail &amp; Guardian reports</a>, Zuma is set to announce a major reshuffle of his cabinet. The president has contacted affected cabinet ministers individually ahead of the formal announcement. Several reports indicate that nine ministers, including Finance Minister Pravin Gordhan, and six deputy ministers will be affected. On Thursday evening, Zuma called a special meeting of the ANC’s top six officials Cyril Ramaphosa‚ Baleka Mbete‚ Gwede Mantashe‚ Jessie Duarte and Zweli Mkhize, at his the presidential home, Mahlambandlopfu.</p> <p>Besides the key finance ministry, he is expected to announce changes to several ministerial positions. </p> <p>Earlier on Thursday, the SACP confirmed that Zuma had told its members that he planned to replace Finance Minister Pravin Gordhan and his deputy Mcebisi Jonas in a Cabinet reshuffle. Gordhan will reportedly be replacted by Malusi Gigaba, the South African minister of public enterprises.</p> <p>He is expected to announce changes to several ministerial positions. </p> <p>“The SACP wish to state that as the norm, the president informed us of his intention to effect a Cabinet reshuffle,&nbsp; replacing both the minister and the deputy minister of finance,” SACP deputy secretary general Solly Mapaila said.</p> <p>Zuma, however, is expected to experience severe backlash to any changes to the cabinet. In this week’s M&amp;G, the president’s detractors in the party warned that they would make Zuma’s life “unbearable” going as far as forcing him to step down if his plan to remove Finance Minister Pravin Gordhan from his position comes to pass.</p> <p>The anti-Zuma faction has also warned they would join forces with opposition parties in Parliament and vote for a motion of no confidence against him. This comes as the Economic Freedom Fighters and the Democratic Alliance on Thursday announced their plans to have Zuma removed as president.</p> <p>In other words, South Africa may be facing a full blown political crisis in the coming days, something increasingly reflected in the ongoing drop in the South African rand, which for now is merely concerned about a potential downgrade in the country's sovereign rating to junk: recall that all three rating agencies have said that further political infighting in the country would likely prompt downgrades.</p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/03/27/usdzar%202_0.jpg" width="500" height="223" /></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="1280" height="720" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/download%20%2815%29.jpg?1490908872" /> </div> </div> </div> http://www.zerohedge.com/news/2017-03-30/south-africa-president-zuma-has-fired-finance-minister-gordhan#comments African National Congress Democratic Alliance Government Gupta family Jacob Zuma Malusi Gigaba Minister of Finance Politics Pravin Gordhan Rating Agencies Second Cabinet of Jacob Zuma South Africa Zulu people Zuma Thu, 30 Mar 2017 21:27:09 +0000 Tyler Durden 592074 at http://www.zerohedge.com Margin Debt Hits New Record High But Analysts Say "Don’t Worry" http://www.zerohedge.com/news/2017-03-30/margin-debt-hits-new-record-high-analysts-say-%E2%80%9Cdon%E2%80%99t-worry%E2%80%9D <p><em><a href="https://mishtalk.com/2017/03/30/margin-debt-hits-record-high-coinciding-with-extreme-consumer-confidence-analysts-say-dont-worry/">Authored by Mike Shedlock via Mish Talk,</a></em></p> <p>The Wall Street Journal reports <a href="http://www.marketwatch.com/story/margin-debt-hit-all-time-high-in-february-bullish-indicator-or-warning-2017-03-30" target="_blank">Margin Debt Hit an All-Time High in February</a>. Given that Margin debt has a history of peaking right before financial collapses this seems like a warning to me but analysts say it’s different this time.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>Margin debt climbed to a record high in February,</strong> a fresh sign of bullishness for flummoxed investors trying to navigate the political and economic crosscurrents driving markets.</p> <p>&nbsp;</p> <p><strong>The amount investors borrowed against their brokerage accounts climbed to $528.2 billion in February,</strong> according to the most recent data available from the New York Stock Exchange, released Wednesday. That is up 2.9% from $513.3 billion in January, which had been the first margin debt record in nearly two years.</p> <p>&nbsp;</p> <p>Before January, the previous record high for margin debt was $505 billion in the spring of 2015. Margin debt then started falling, months ahead of a summer swoon that sent major indexes down more than 10%.</p> </blockquote> <p><strong>Analysts Say Don’t Worry</strong></p> <p>MarketWatch reports <a href="http://www.marketwatch.com/story/record-margin-debt-may-be-a-red-flag-but-analysts-say-dont-worry-2017-03-16" target="_blank">Record Margin Debt May Be a Red Flag, but Analysts Say Don’t Worry</a>.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>The latest warning sign — following underperformance by small-cap stocks, record inflows into exchange-traded funds and high levels of political uncertainty — is margin debt, which is seen as a measure of speculation and just broke a record that has stood for nearly two years.</p> <p>&nbsp;</p> <p>Don’t worry.</p> <p>&nbsp;</p> <p>According to the most recent data available from NYSE, margin debt hit a record of $513.28 billion at the end of January, topping a previous record of $507.15 billion that had held since April 2015. Margin debt refers to the money that investors borrow to buy stocks, and high levels of it, in periods of market volatility, and can lead to sharper declines. Records preceded both the dot-com market crash and the financial crisis.</p> <p>&nbsp;</p> <p>However, expecting a similar correction because debt is at a record now would be “naïve,” said Jeff Mortimer, director of investment strategy for BNY Mellon Wealth Management.</p> <p>&nbsp;</p> <p><strong>“This isn’t a signal to me that markets are reaching an exuberant level like they did in the 1920s or 1990s, when speculation was rampant,</strong>” he said. “What our clients are doing is <strong>borrowing against the portfolios because interest rates are so low.</strong> They’re not leveraging up because they see the market exploding to the upside; they’re using leverage because they can pay it off at any time.”</p> </blockquote> <p><strong>Borrowing Against Portfolios</strong></p> <p>Don’t worry, clients are <em>just</em> borrowing against their portfolios because rates are low. Allegedly, they can pay this back anytime.</p> <p><strong>Excuse me for asking, but what if they spent the money?</strong></p> <p><strong>Consumer Confidence a Leading Indicator of Market Tops?</strong></p> <p>In response to Consumer Confidence Strongest Since December 2000: A Strong Contrarian Indicator? I received an interesting chart from Doug Short at <a href="https://www.advisorperspectives.com/" target="_blank">Advisor Perspectives</a>.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/03/30/2017.03.29%20-%20Mish%201.JPG"><img src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/03/30/2017.03.29%20-%20Mish%201_0.JPG" style="width: 600px; height: 434px;" /></a></p> <p>&nbsp;</p> <p>Once again, here is a chart from John Hussman to which I added vertical bars.</p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017/03/30/2017.03.29%20-%20Mish%202_0.JPG" style="width: 500px; height: 446px;" /></p> <p>&nbsp;</p> <p>For now, I am sticking with consumer sentiment as a coincident, not leading indicator unless the markets make a fresh set of highs.</p> <p>Hussman <a href="https://twitter.com/hussmanjp/status/839856035334610945" target="_blank">Tweeted</a>, and I strongly agree, <strong>“<em>Multi-year highs in consumer confidence are less a sign of forthcoming consumer spending as a sign of forthcoming investor losses</em>.”</strong></p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">Here is margin debt in real terms for those who wanted it. <a href="https://t.co/DCz0Q3pwZ4">pic.twitter.com/DCz0Q3pwZ4</a></p> <p>— Jonathan Tepper (@jtepper2) <a href="https://twitter.com/jtepper2/status/847330901071544321">March 30, 2017</a></p></blockquote> <script src="//platform.twitter.com/widgets.js"></script> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="490" height="256" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/2017.03.29%20-%20Mish%20Tease.JPG?1490904020" /> </div> </div> </div> http://www.zerohedge.com/news/2017-03-30/margin-debt-hits-new-record-high-analysts-say-%E2%80%9Cdon%E2%80%99t-worry%E2%80%9D#comments Business Consumer Confidence Consumer Sentiment Economic history Economic history of the Dutch Republic Economy Financial crisis of 2007–2008 Financial history of the Dutch Republic Financial markets Great Recession John Hussman Market Crash New York Stock Exchange Short Stock market crashes Twitter Twitter Volatility Wall Street Journal Thu, 30 Mar 2017 21:18:59 +0000 Tyler Durden 592070 at http://www.zerohedge.com Fed's Dudley: "I Don’t Think We Are Removing The Punch Bowl Yet" http://www.zerohedge.com/news/2017-03-30/feds-dudley-fed-shouldnt-overreact-every-market-wiggle <p>In case there was <em>still </em>any doubt as to what the "data-dependent" Federal Reserve reacts to, it was once again removed today when speaking in <a href="https://www.newyorkfed.org/newsevents/speeches/2017/dud170330">remarks at the University of South Florida in Sarasota</a>, Florida, NY Fed president Bill Dudley said that <strong>"it is important not to overreact to every short-term wiggle in financial markets</strong>." Which confirms that the Fed has traditionally overreacted to every short-term wiggle in financial markets, and which contradicts what both <a href="http://www.zerohedge.com/news/2017-03-29/two-fed-presidents-warn-markets-getting-frothy-valuations-may-come-down">Kocherlakota and what Rosengren </a>said previously, namely that the market is "not a driving force" for the Fed's outlook. </p> <p>Of course, we appreciate Dudley's wry humor in stating that the Fed should not <em>unleash the Bullard </em>every time there is an even 5% S&amp;P correction with threats of QE4, although with the elections now far in the past, we can see why the Federal Reserve would not mind a "modest correction" something both Evans and Rosengren warned yesterday could happen as the market is <a href="http://www.zerohedge.com/news/2017-03-29/two-fed-presidents-warn-markets-getting-frothy-valuations-may-come-down">now clearly "frothy</a>."</p> <p>That said, don't assume the Fed will allow a full blown crash: because as Dudley also said in his speech,while the Fed is "<strong>not removing the punch bowl yet" - his words - it is "just adding a bit more fruit juice." To wit:</strong></p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>"prior to the March FOMC meeting, financial conditions were generally easing rather than becoming tighter, even as the FOMC raised its policy rate in December and market participants increasingly expected further policy tightening in the coming year.&nbsp; Between the December and March FOMC meetings, U.S. equity prices rose by about 4 percent, and credit spreads, such as those for high-yield bonds, narrowed.&nbsp; Long-term yields and the trade-weighted dollar were little changed over this period. </p> <p>&nbsp;</p> <p>William McChesney Martin, the ninth chair of the FOMC, once famously opined that the Federal Reserve is “in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up<strong>.”&nbsp; I don’t think we are removing the punch bowl, yet.&nbsp; We’re just adding a bit more fruit juice.&nbsp; </strong></p> </blockquote> <p>Maybe not removing the punch bowl <strong>yet</strong>, but by stating clearly that it is being diluted, Dudley confirmed what Goldman said two weeks ago, when the bank warned that the market has misread the Fed's recent hike, which was not dovish, but was meant to be a hawkish, if modest, tightening of financial conditions. </p> <p>* * *</p> <p>In addition to the above comments, Dudley also said that tapering of the Fed's balance-sheet reinvestments may be “a better course” than an earlier, abrupt end. </p> <p>Among his other statements:</p> <ul> <li>Any announcement of changes to reinvestment policy is likely to tighten financial conditions, push up long-term rates.</li> <li>Fed will need to take into account the impact of any changes to reinvestment policy in its rate decisions</li> <li>Reducing balance sheet and raising short-term rates are “two different, yet related, ways of removing” accommodation</li> <li>Fed funds target range of 0.75%-1% is still unusually low; seems appropriate to scale back accommodation gradually</li> <li>Risks for growth, inflation may be shifting to upside; seems likely that fiscal policy will become more stimulative</li> <li>Economic outlook abroad appears to have brightened; risks from overseas seem significantly lower than a year ago; Now more confident that inflation will stabilize ~2% in medium term</li> <li>“Financial conditions need to be carefully considered” in conduct of monetary policy’’</li> <li>“What we care about is not financial conditions themselves, but rather their influence on economic activity”</li> <li>No simple answer to when FOMC should take changes in financial conditions into consideration in its decisions</li> <li>While financial conditions influence economic outlook, “so do many other factors”</li> </ul> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="418" height="256" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/dudley%20teaser_0.jpg?1490908170" /> </div> </div> </div> http://www.zerohedge.com/news/2017-03-30/feds-dudley-fed-shouldnt-overreact-every-market-wiggle#comments Bill Dudley Business Committees Economy of the United States Federal funds probability Federal Open Market Committee Federal Reserve Federal Reserve Bank of New York Federal Reserve System Finance Financial services Florida James B. Bullard March FOMC NY Fed South Florida University of South Florida US Federal Reserve William McChesney Martin Thu, 30 Mar 2017 21:10:57 +0000 Tyler Durden 592072 at http://www.zerohedge.com