First of all, listen to this cornball:
BREAKING: House passes GOP tax cut bill by vote of 227-203 pic.twitter.com/4Q4MZx1MPj
— MSNBC (@MSNBC) December 19, 2017
Here’s another angle…
Here’s a screengrab for posterity…
And here’s what this means for everyone who isn’t rich…
WHITE HOUSE REACTS TO HOUSE PASSING TAX BILL. pic.twitter.com/Rb1BuvWp7N
— Ivan the K™ (@IvanTheK) December 19, 2017
“Congress is standing at the doorstep of an historic opportunity,” Mitch McConnell lied said. The Senate will begin debate on the bill and vote on it this evening,
You can read the full breakdown on what this means for the middle class and for low-income families here, but suffice to say that by 2027… well … “screwed you’re”:
Stocks sold the news with small-caps ironically underperforming:
Yields jumped on Tuesday and the bond selloff translated into a second day of bear steepening.
10Y yields rose above 2.47%:
The dollar fell for a second day, as “sell the news” seems to be the mantra:
10Y yields in Germany surged to their highest levels since December 1:
And the euro jumped against all of its G-10 peers but couldn’t quite get to its post-FOMC peak:
The euro strength weighed on European shares, which gave back some of the gains they logged on Monday when the VStoxx hit a record intraday low.
Over in cryptoland, Gemini had a problem today. “Deposits and withdrawals are temporarily unavailable due to an extreme delay in block mining on the Bitcoin Network,” the exchange said in a statement out around 11:30. That was fixed about 30 minutes later.
The CBOE asked the SEC for permission to list and trade shares of a pair of Bitcoin ETFs, testing the regulator’s patience for this crazy bullshit on a day when it suspended trading in bra maker-turned blockchain adopter Crypto Company (more here).
Just to give you an idea of how comically absurd this has become, have a look at this chart which shows you the YTD performance of stocks that have managed to identify themselves with this mania:
Bitcoin itself has fallen more than $2,000 since its Sunday highs:
That’s about all we have the patience for to close out this day.
But we will leave you with a moment of zen courtesy of Sarah Huckabee Sanders:
Reporter: Why does Trump think the tax bill will “cost him a fortune”?
Press Sec. Sarah Sanders: “We expect that it likely will, certainly on the personal side, could cost the president a lot of money” pic.twitter.com/HUwR0bXBIN— MSNBC (@MSNBC) December 19, 2017
another crock of shit from our gov. there is no end to there criminal activity.