"Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other" - Oscar Ameringer
House: 435 Seats, 43 Undecided, Results: Republicans 235 - 157 Democrats (Dem -8, Rep +10)
Senate: 100 Seats, 4 Undecided, Results: Republicans 52 - 45 Democrats/Independents (Dem -7, Rep +7) REID CONGRATULATES MCCONNELL ON REPUBLICAN SENATE WIN
And here are 5 things to watch for the day after the election...
"Whichever side emerges victorious, both Republicans and Democrats should face up to a much bigger truth: Neither party as currently constituted has a real future." On this, another election day sham, it is key to not get discouraged. Things are changing at the grassroots for the better. The battle of decentralization vs. centralization, networks vs. hierarchies, will not be easily won, but it will be won. Keep fighting.
The Millennials (one of the biggest generations in US history) are just not getting with the status quo program. As we detailed previously, with lower credit scores, less disposable income, and a soaring number of people living with their parents; so it should be no surprise that The National Association of Realtors (NAR) today admitted that first-time homebuyers plunged to the lowest level in 27 years. The blame - of course - rather than low/no-growth fiscal policies, student debt servitude, and inequality-driving cheap-funding monetary policy, is price comnpettion from 'investors' and too "stringent credit standards," perfectly mirroring FHFA's Mel Watt's Einsteinian insanity desire to dramatically ease lending standards and slash minimum down-payments (as we noted previously). Perhaps NAR accidentally stumbles on the biggest reason no one is buying in their profiling: the typical first-time buyer was 31-years-old, while the typical repeat buyer was 53 - smack in the middle of the Millennial collapse.
- To salvage his presidency, Obama faces pressure to reboot - but will he? (Reuters)
- Pro-Russian separatist Zakharchenko wins Ukraine rebel vote (Reuters)
- Russia's Recognition of Ukrainian Separatist Election Is 'Incomprehensible,' Germany Says (Moscow Times)
- Man Running World’s Biggest Wealth Fund Tackles China Riddle (BBG)
- Russian Supply Underpins Global Oil Glut (WSJ)
- Argentina accuses Procter & Gamble of tax fraud, says suspends operations (Reuters)
- ECB Skips Fireworks for Day One of New Role as Supervisor (BBG)
- HSBC Hit by $1.7 Billion of Provisions (WSJ)
The Federal Reserve is saying one thing, but is actually doing the complete opposite...
Second Spaceship Crash In One Week: Virgin Galactic's SpaceShipTwo Suffers "In-Flight Anomaly" - Live FeedSubmitted by Tyler Durden on 10/31/2014 13:25 -0500
Bwuahahahaha... Nikkei futures halted limit up - over 1100 points post-BoJ (+1400 post-FOMC) as USDJPY tops 112 (up 4 handles post-FOMC) to its highest since Jan 2008.
- Futures rally after BOJ ramps up stimulus (Reuters), Japan's central bank shocks markets with more easing as inflation slows (Reuters)
- Kuroda Jolts Markets With Assault on Deflation Mindset (BBG)
- Japan Mega-Pension Shifts to Stocks (WSJ)
- Russia Raises Interest Rates (WSJ)
- Oil-Price Drop Has Saudi Officials Divided (WSJ)
- Not anymore, the BOJ is here: Fed Exit Could Spark Slump in All Markets, ATP CEO Says (BBG)
- Wal-Mart Weighs Matching Online Prices from Amazon (WSJ)
- Euro-Area Inflation Picks Up From Five-Year Low on Stimulus (BBG)
- Big Banks Brace for Penalties in Probes (WSJ)
- Ex-UBS Trader Defense Could Be Threat to U.S. Forex Cases (BBG)
To 'prove' that the end of QE3 is not a negative for stocks and to 'confirm' the Fed's narrative that the economy is surging (despite all the unsustainable one-offs in the GDP print), algos are tearing stocks higher, targeting the crucial 2,000 S&P level... thanks to 2-week old headlines from Japan, a broken options market, and the NYSE unable to report trades... As Nanex notes "this is a bigger event than the 2013 market blackout."
Shinzo Abe has lost his magical touch as Japan's economy is nose-diving again...
"Steady as she goes" was expected... having kept the "considerable time" dream alive last month, the FOMC ended QE3 on schedule but remained 'data-dependent' on reviving it... (even as Kocherlakota dissented)
- *FED ENDS THIRD ROUND OF QUANTITATIVE EASING AS PLANNED
- *FED SEES `SOLID JOB GAINS' WITH LOWER UNEMPLOYMENT
- *FED REPEATS RATES TO STAY LOW FOR `CONSIDERABLE TIME'
And so now the "flow" has stopped; given that "bond buying" did not work, we are reminded of Alan Greenspan's warning that "I don’t think it’s possible" for the Fed to end its easy-money policies in a trouble-free manner. Full redline below.
Could we have imagined anything more far-fetched and unlikely as this practice by the SEC itself? We’ll answer this question. No.
Just 7 short weeks ago, no lesser guru of gains than CNBC's Jim Cramer proclaimed for all retail-stock-investing moms-and-pops that "through the end of the year, I am pegging Twitter, GoPro, Tesla and Netflix as the four stocks that investors will find irresistible." Things are not going well...