On Wire

Breaking news, updates, and reports on current events.

Everything Old Is New Again

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Journalist: Biden campaign physically blocking press. A freelance journalist said Wednesday he and several reporters have had negative interactions with Joe Biden’s 2020 campaign staff in recent days. Marcus DiPaola described via Twitter several instances in which he said reporters had been physically blocked from covering the former vice president while the 2020 presidential hopeful is in … Read more

Construction Spending Heading South—Housing Down 11% Since April 2018 Peak… Mortgage Refis In Biggest Crash Since 2013

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By David Stockman   Total residential construction spending dropped 8.4% from a year ago, the sixth month in a row of year-over-year declines, to a seasonally adjusted annual rate of $507 billion, according to the Census Bureau this morning. This was down 11% from the peak in April 2018.   https://wolfstreet.com/2019/05/01/construction-spending-at-risk-housing-retail-sag/   The party’s over. Despite a reversal … Read more

The Crash In US Economic Fundamentals Is Accelerating

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by Brandon Smith When looking at the health of an economic system it is impossible to gauge growth or stability by only taking two or three indicators into account. The problem is, this is exactly what central banks and governments tend to do. In fact, governments and central banks wildly and deliberately promote certain indicators as … Read more

Dee Carter – Is Government the Biggest Economic Threat?

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from Financial Survival Network Financial advisor Dee Carter returns… Forty-four percent of Americans say the political environment in Washington is the biggest threat to the U.S. economy over the next six months, according to a new Bankrate.com report. This is more than three times the amount who cite terrorism or political/economic developments overseas, the next most popular choices … Read more

The Monetary Experiment Starts to Unravel (SDN)

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https://media.blubrry.com/silverdoctors/s/content.blubrry.com/silverdoctors/The_Monetary_Experiment_Starts_to_Unravel_SDN_.mp3 Podcast: Play in new window | Download Subscribe: Apple Podcasts | Android | Email | Stitcher | RSS It only took one word from Fed Chair Jerome Powell on inflation to send the markets reeling, and that word was “transitory.” The markets have been pricing in a Fed rate cut, and Powell’s comments suggest the Fed is not considering a cut at this point. It looks like the monetary … Read more

Hillary Clinton: Russia Is CLEARLY Backing Republicans, Why Don’t We Ask China To Back Us?

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via silverdoctors: Oh yeah, and China, “our media would richly reward you” if you steal Trump’s tax returns… Three-ring. Circus side-show. And Hillary Clinton has the mic: Oh, yeah, and China, “Our media would richly reward you”. So to recap: The 2020 US Presidential Election. Not just Republicans versus Democrats. It’s now also Russia versus China. We … Read more

Firing On All Cylinders? The Government’s Latest Shallow Economic Growth Data Vs. Reality

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by Brian Maher of Daily Reckoning The Latest Government Myth “Deep down, he’s shallow,” said critic Peter DeVries of one author, famously revered. Today we submit the case that Friday’s GDP report — grand, gaudy and garish — is deeply shallow beneath the scintillated surface. That is, the deeper numbers tell a tale 180 degrees out … Read more

Democrats are Obstructing Justice by Defaming Barr, Demanding his Resignation, & in Seeking Trump’s Impeachment

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By Doug “Uncola” Lynn via TheBurningPlatform.com During Attorney General William Barr’s testimony yesterday on live TV, we witnessed Congressional Democrats obstructing justice by demanding Barr’s resignation in spite of his admitted investigation into FISA-abuse and Hillary Clinton’s dirty dossier. It’s clear the only option the Democrats have now is to discredit Barr.  Communications between Special Counsel Robert Mueller … Read more

ICE starting 90-minute DNA tests on immigrant families at border

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Federal immigration officers working on the U.S.-Mexico border will start “as early as next week” carrying out rapid DNA tests on immigrants in custody who claim to be related, a Department of Homeland Security official told the Washington Examiner on Wednesday evening. The official said Immigration and Customs Enforcement will start a trial with the … Read more

Trend Breaks

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by northmantrader Pay attention here, we just witnessed trend breaks on some index charts and these breaks are coming at a key time and could spell more trouble to come. Speaking of key time, who says twitter trolls are good for nothing. If anything, they sometime can serve as contrarian sentiment checks. I sensed markets were … Read more

Car sales, Euro area PMI’s

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by WARREN MOSLER Continues to decelerate: Highlights Jerome Powell may have cited March auto sales as an economic plus in yesterday’s FOMC press conference, but April sales couldn’t keep up the pace. Unit vehicle sales managed only a 16.4 million annual rate in April which was far below March’s 17.5 million rate and well below … Read more

Bloomberg: U.S. Banks’ Bad-Debt Pile Creeps Higher With Credit-Card Losses

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https://www.bloomberg.com/news/articles/2019-05-01/u-s-banks-bad-debt-pile-creeps-higher-with-credit-card-losses?srnd=premium For now, there’s no cause for panic. The strong U.S. economy and low unemployment means most consumers are able to stay current on debt payments — new foreclosures and bankruptcies fell to the lowest level in at least 15 years in 2018. Yet the uptick in card losses is unmistakable. Credit-reporting company Experian Plc … Read more

Warren Buffett heads into Berkshire’s big weekend with stock underperforming over long term

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https://www.cnbc.com/2019/05/02/warren-buffett-heads-into-berkshires-big-weekend-with-stock-underperforming-over-long-term.html Berkshire Hathaway shares are trailing the S&P 500 over the last one, five, 10 and 15 years. One Berkshire Hathaway stakeholder says they’re growing more uncomfortable with their position, given the company’s reluctance to flex its cash hoard. Berkshire Hathaway’s annual meeting, where 30,000 shareholders and Buffett fans gather in Omaha, Nebraska, is Saturday.

Global Foreign Direct Investment Flows Collapse

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More and more companies either choose not to invest in other countries or are prevented from doing so. By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. Global foreign direct investment flows plunged by another 27% in 2018 — after having already plunged 16% in 2017 — to just $1.1 trillion, the equivalent of 1.3% … Read more

This is going to drain liquidity from the Nasdaq….

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The red-hot initial-public-offering market continues, with 16 companies set to go public by May 10. These companies include mega-“unicorn” Uber, thought to be the largest IPO of the year. IPOs have performed well this year – with the exception of Lyft. Get ready for an initial public offering bonanza. The next 9 days are set to … Read more

This is a total smoke and mirrors #Fed discussion with #inflation as the distraction.

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This is a total smoke and mirrors #Fed discussion with #inflation as the distraction. Use any measure you want but the US has not experienced deflation since the 1930s depression. The hyperventilating about inflation is a ruse for the Fed to do whatever they want. #Criminal pic.twitter.com/HOZcSIDJ2J — Jack (@JackPScott) May 1, 2019 #Fed's Powell … Read more

VIX shorts could be the tail that wags the market dog in weeks ahead, as we get closer to details on China trade deal + a ‘sell the news’ type event.

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via @MI_Investments: Any trade deal we reach with China/EU/NAFTA hurts them; benefits to US likely muted by blowback of world going into recession Markets now going to try to front run the China trade deal news…..insiders will get the first look at what’s included. ‘Sell the news” of the deal setting up. Behind China are tariffs … Read more