The Fed “loses credibility every time they highlight the PCE instead of any other inflation gauge such as the CPI and tells us that low inflation is a problem and they need to get it higher.

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The Fed “loses credibility every time they highlight the PCE instead of any other inflation gauge such as the CPI and tells us that low inflation is a problem and they need to get it higher. Tell that to the person that is buying healthcare insurance and services ..” @pboockvar pic.twitter.com/J1L5cSHV9D — Carl Quintanilla (@carlquintanilla) … Read more

the 60-year-old investor believes that the next crisis will be more severe than the subprime meltdown — and it will be in corporate credit, where companies are holding record levels of debt on their books.

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".. the 60-year-old investor believes that the next crisis will be more severe than the subprime meltdown — and it will be in corporate credit, where companies are holding record levels of debt on their books. "You never have the same crisis twice," he said. https://t.co/eAb4SBxLLw — Carl Quintanilla (@carlquintanilla) December 11, 2019 https://twitter.com/GeorgeFreemen/status/1203169429602869249 https://twitter.com/GeorgeFreemen/status/1201567567040647168 … Read more

Rolling Stone: Steele Dossier a Joke

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Link to article in Rolling Stone. As a result, a “well-developed conspiracy” theory based on a report that Comey described as “salacious and unverified material that a responsible journalist wouldn’t report without corroborating,” became the driving news story in a superpower nation for two years. Even the New York Times, which published a lot of … Read more

Sin Taxes & Other Orwellian Methods of Compliance That Feed the Government’s Greed

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by John W. Whitehead “Of all tyrannies, a tyranny sincerely exercised for the good of its victim may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron’s cruelty may sometimes sleep, his cupidity may at some point be satiated, but those who torment us … Read more

Stand Clear: Headline-Reading Algos At Work!

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By David Stockman Surprise!! It turns out that China commenting that it believes/hopes that tariffs will be delayed next week is not enough for anything but headline-reading algos. White House Chief of Staff Mick Mulvaney just injected some reality by noting that next week’s tariff decision will depend on how the talks are going… and … Read more

EVERYTHING IS GOING SWIMMINGLY: Even 61% of Democrats don’t believe Trump will be removed…. Rand Paul: More Democrats to oppose impeachment, rips Schiff on phone logs.

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via washingtonexaminer: “The survey suggests that the Democratic drive to impeach the president on charges of abuse of power and obstruction hasn’t won over any new supporters despite two weeks of hearings and today’s announcement of articles of impeachment to be voted on as early as next week.” Plus: Rand Paul: More Democrats to oppose impeachment, rips … Read more

THEY TAKE CRITICISM . . . POORLY.

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The Clint Eastwood Film ‘Richard Jewel’ is an Indictment of the Media, and They are not Happy About It. The real-life dramatization of the Atlanta Olympic bombing and the central figure in that investigation — security guard Richard Jewell — is being strategically released this weekend, primed for the upcoming motion picture awards season. Yesterday … Read more

Inspector Horowitz admits that the warrant to spy on the Trump campaign was based “entirely” on information from the debunked Steele Dossier. You won’t see this on MSM.

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BOMBSHELL: Inspector Horowitz admits that the warrant to spy on the Trump campaign was based "entirely" on information from the debunked Steele Dossier. The media continues to deny this fact! pic.twitter.com/Crpn28dW1P — Trump War Room (@TrumpWarRoom) December 11, 2019 IG confirms the FISA application was based on falsified information which was paid for by the … Read more

Wall Street is predicting a 4.3% gain in the S&P 500 in 2020. It’s the 2nd most bearish prediction since 1998.

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by UPFINA The November Markit services PMI rose unlike the ISM services PMI. However, the ISM PMI is still higher. Broadly, the Markit reports make it confusing to determine what drove the 2019 slowdown. The ISM reports clearly show the manufacturing sector underperforming, similar to manufacturing production in the industrial production report. The ISM manufacturing PMI … Read more

Peloton plunges after investor says the stock is worth only $5

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https://www.cnn.com/2019/12/10/tech/peloton-stock-citron/index.html New York(CNN Business) Peloton may have bigger problems than the public relations fallout from the controversial ad that became a meme. Short-seller Citron Research said Tuesday it expects the stock to plunge nearly 85% to just $5 a share. Citron said in the report, titled “Investors Peddling Themselves into Frenzy,” that Peloton (PTON) is … Read more

Super-Rich Families Pour Into $787 Billion Private Debt Market

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by SpontaneousDisorder https://archive.ph/r4LEr Private credit has boomed globally as banks, under pressure from regulators since the global financial crisis to reduce risk, have pulled back from lending to smaller, potentially more vulnerable companies. The private credit market has expanded to $787.4 billion, from just $42.4 billion in 2000, according to London-based research firm Preqin. … … Read more

Riskier parts of the bond market are seeing heavy selling pressure while higher-rated bonds are being bid up to a record degree.

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via sentimentrader: More splits than a gymnast Different parts of the bond market are seeing vastly different treatment from investors. Riskier, lower-credit parts of the market are seeing low demand and heavy selling pressure while higher-rated bonds are being bid up to a record degree. There has been this wide of a disparity only 3 other … Read more

Storytime: Millionaire for a Day

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by yousuckatoptions Had a story I figured you all would enjoy about a client I worked with that that turned ~150k into a ~$1M over the course of 4 months and then proceeded to lose it all in 2 days. We’ll call this guy Mr. R. And like most of us he had terrible trading … Read more

Corporate taxes dropped to levels below Q4 2008

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by doubtitall     Due to the tax cuts corporate taxe receipts dropped to levels not seen since the worst times of the financial crisis. Meanwhile Mulvaney tells CEOs a new corporate tax cut is considered. The US will probably need to designate itself as a tax heaven.    

Netflix could lose four million U.S. subscribers in 2020: brokerage

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https://finance.yahoo.com/news/netflix-could-lose-four-million-121913655.html (Reuters) – Needham and Co was the fourth Wall Street brokerage in two months to cut its rating for Netflix Inc <NFLX.O> on Tuesday, arguing competition from new streaming services could lead to the loss of 4 million premium U.S. subscribers next year. Needham analyst Laura Martin, who downgraded the California-based tech giant to … Read more

The Repo crisis tells us a lot about current markets: Liquidity is much lower than estimated and leverage is much higher.

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CCC meltdown pic.twitter.com/D42GGPaijX — Win Smart, CFA (@WinfieldSmart) December 10, 2019 Corporate credit to GDP pic.twitter.com/gkISFXG2XE — Win Smart, CFA (@WinfieldSmart) December 10, 2019 Spot on again @dlacalle_IA and this game of liquidity wac-a-mole can only go on so far until it pops out for good exposing the fragilities of these new forms of inherent … Read more