Tribune

Chicago Is Pushing For A Massive Bailout Of Its Public School System

Perhaps riding high on the small victory of a slight reprieve in the amount of money the city would have to contribute to fund the liabilities over the next few years, Rahm Emanuel is now quietly asking the city to change investment rules that would allow Chicago to purchase debt from sister agencies such as the Chicago Public School system - said differently, Rahm Emanuel wants to bail out the Chicago Public School system.

Futures Levitate To Session Highs As ECB Enters The Bond Market; Crude Hits $51

In an overnight session dominated by the latest political developments out of the US where Hillary Clinton officially claimed the democratic nomination, the financial newsflow focused on China's trade data, where exports fell 4.1% from a year earlier, in line with expectations, but imports dropped 0.4% from a year earlier, the smallest decline since they turned negative in November 2014, driven entire by soaring "imports" from Hong Kong - aka capital outflows - which soared by 243% y/y.  The other main news was the official launch of the ECB's corporate bond buying, which helped drive government bonds yields in German to new record lows, and the average yields on investment-grade corporate debt below 1%.

Venezuelan Woman Shot In The Face After 500 Looters Storm Food Warehouse

A Venezuelan woman died on Monday after being shot in the face when looters raided state food warehouses in the latest unrest in Venezuela. When security forces chased some of the crowd after they broke in, "they jumped down a bank to protect themselves, and a policeman who was pursuing them shot her. They shot her in the face."

Frontrunning: June 3

  • World stocks edge toward one-month high; U.S. jobs data eyed for Fed clues (Reuters)
  • Commodities Stand on Brink of Bull Market After Oil’s Recovery (BBG)
  • Brent crude oil holds above $50 on signs of rebalance (Reuters)
  • Clinton attacks Trump's foreign policy as a threat to U.S. safety (Reuters)
  • Trump strikes back at Clinton's 'phony' speech (Hill)
  • "We want food!', Venezuelans cry at protest near presidency (Reuters)

Chicago Suffers Deadliest May In 21 Years

A seemingly delusional Chicago police superintendent told reporters that "we've seen a steady downtrend in violence since the beginning of the year. It's not success, but it is some progress, and it does give us room for encouragement." Johnson skirted the fact that Chicago ranks as one of the strictest gun control cities in the nation, and instead directed blame to weak gun laws in neighboring states, an endemic gang culture that ensnares children at younger ages, and a "broken and overwhelmed" judicial system that releases violent offenders too soon. Anything other than the dismal economy of course.

Largest US Health Insurer Exits California, Illinois Obamacare Markets

Earlier today, UnitedHealthcare continued sounding the deathknell for Obamacare , when it first announced that it would stop offering Affordable Care Act plans in Illinois in 2017 followed promptly by news the company was also abandoning California at the end of the year as well.

Over 40 Shot As Violence Erupts In Chicago During Memorial Day Weekend

Less than a week ago, after reporting that shootings in Chicago were up an astonishing 50% from the same time in 2015, Chicago's police superintendent Eddie Johnson proclaimed "as we look toward the summer months, violence will not be tolerated." Johnson didn't give any further details around what the plan was actually going to be to stem the violence other than volunteers would be asked to work overtime during the Memorial Day Weekend. Sadly, as the Chicago Tribune reports, whatever plan Johnson had didn't work and violence in Chicago has erupted once again. So far this Memorial Day weekend, there have been 40 people shot (4 killed, 36 wounded)

Frontrunning: May 24

  • Asian stocks near 11-week lows, dollar bounces on Fed rate view (Reuters)
  • Poll Finds Lack of Enthusiasm for Clinton and Trump (WSJ)
  • Oil falls for fifth day as focus returns to growing exports (Reuters)
  • The Hedge Fund That Couldn't Stay Open Long Enough for a Big Payday (BBG)
  • French police break up refinery blockade in anti-reform showdown (Reuters)

Frontrunning: May 23

  • Global stocks see-saw, yields slip as investors get week off to cautious start (Reuters)
  • Bayer defies critics with $62 billion Monsanto offer (Reuters)
  • Iran has no plans to freeze oil exports, official says ahead of OPEC meeting (Reuters)
  • U.S. lifts arms ban on old foe Vietnam as regional tensions simmer (Reuters)
  • Anthem, Cigna Privately Bicker as They Seek Merger Approval (WSJ)

Portland School Board Bans Literature Denying Climate Change

There will be no more discussion as to whether or not humans are contributing to climate change in the Portland, Oregan public school system, as the school board plans to ban all material that denies the existence of man-made climate change. Although the topic is still being heavily debated within the scientific community, young and impressionable students will now only receive the politically correct side of the issue. ‘Man is causing climate change, no questions asked.’

Trump Closing Gap On Clinton With Double-Digit Lead In Utah

Hillary Clinton's lead over Donald Trump is the lowest in two months as a number of the most recent polls show trump neck-and-neck with the establishment's mouthpiece-of-choice. From a Clinton lead of over 11pts in March, Rasmussen recently reported Trump leading 2pts, Gravis showed him lagging by just 2pts in the last two weeks, and NBC reports Clinton's lead dropping from 5pts to just 3 pts in the last week alone. And, ironically given our earlier comments, Mitt Romney's 'safe space' Utah is now being dominated by Trump...

Is Homeland Security Creating Travel Havoc To Force People Into Precheck Programs?

The TSA and Homeland must have known that wait times would soar if more rigorous screening was implemented. They did it anyway. As AP reports, in the past three years, the TSA and Congress cut the number of front-line screeners by 4,622 — or about 10 percent — on expectations that an expedited screening program called PreCheck would speed up the lines. However, not enough people enrolled for TSA to realize the anticipated efficiencies. In other words, PreCheck has been in a failure. Not enough Americans have been willing to make themselves “known” to FedGov and Homeland Security. The way to fix it is to make people so miserable that they join.

Are Chip Readers A 'Clever' Way For Visa And MasterCard To Increase Revenue?

Ever since merchants changed out payment terminals last October in order to comply with new rules and accept chip cards, merchants are seeing expenses relating to debit transaction fees increasing, in some cases as much as 20%. The reason stems from transaction terminals being set up to steer transactions in such a way that will generate the most revenue for the data processing company...