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T-Minus

Equities attempted to coast out of what felt like a frustratingly long week on a mostly positive note, despite a lack of clarity on... well, on anything, really. The data was decent, on balance, with a big beat on retail sales grabbing headlines and helping to push a decidedly poor set of industrial production numbers to the background. Similarly, a headline beat on University of Michigan sentiment masked a deterioration in consumers' assessment of current conditions amid maddeningly laborious stimulus talks and slowing labor market momentum. As of Friday afternoon, many of the same roadblocks to a comprehensive virus relief bill in the US remained. Although a deal between Steve Mnuchin and Nancy Pelosi on testing appeared done, a variety of disagreements stood in the way of a final compromise. Larry Kudlow told Fox that "if Pelosi wanted a deal I think we could round up enough Senate Republicans" to get it done, but he admitted that "even if you made a deal it would be almost impossible to execute" by election day. Again, one cannot help but wonder if Mitch McConnell is "in on it," so to speak. Not in a true conspiratorial sense (I abhor conspiracy theories), but it's hard to
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3 comments on “T-Minus

  1. runamok says:

    When I read the title “T-Minus,” I thought it was about the decline of growth and the emergence of value, and this switch over occurring in the next downturn…to soon.

    But, rather, the reference that saddens me is the fate of the grandchildren of my 19-year old nephew. (Referring to his generation, whether they thinks it’s wise or not to have children at this point, whether they can afford it, I’ll leave to him.) There’s nothing I can say to the the future grandchildren that changes anything. “Yeah, we siphoned off the natural wealth and pissed it away. People knew this was happening. Read Tainter. It was inevitable. Sorry.” I don’t know.

  2. I do not know if young people are Generation X, Y, or Z but I do know they are generation screwed. That we are screwing the offspring of our offspring makes for non-complimentary assessment of human morals.

  3. MC says:

    Let’s just hope the long lines at the polls and massive early voting indicate folks are considering their grandchildren.

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