“For someone who has spent his life lapping up adulation, however fake, it was a harsh realization.”
Author: therealheisenberg
Ignorance By Design And The Social Costs Of Stupidity
“Within this universe, economic policies are designed primarily for political marketability; economic science exists largely to provide impressive diagrams and equations to sell them with. Phrases designed in think tanks and focus groups (e.g. free market, wealth creators, personal responsibility, shared sacrifice) are repeated like incantations until it all seems like such unthinking common sense that no one even asks what the resulting picture has to do with social reality.”
This Is The ‘Trickiest’ Thing For Today’s Macro Traders
As Bloomberg’s Cameron Crise notes, this is “a particularly acute issue for currency and bond traders,” but given the fact that the fate of the risk rally depends in no small part on whether policymakers exhibit an “appropriate” level of dovishness as they attempt to normalize, one could well argue that it’s even more “acute” for equity investors, especially considering the fact that the retail variety isn’t usually very informed and is thus subject to being unhedged and blindsided.
(Still) Hakuna Matata?
Perhaps the most amusing thing about it all is that it’s become so ubiquitous and reliable that it can now be summarized succinctly in the form of a bullet point (and apparently “bulletproof”) investment thesis…
‘They Bought It All – Literally’
To be sure, traders and investors were left to cope with conflicting signals in the
‘Real Question’ – Lindy West Blasts Ivanka In Truly Scathing NYT Op-Ed
“Ms. Trump’s self-professed commitment to corporate gender parity (about as milquetoast as feminism gets, but in Trump’s America, radicalism is relative) was trotted out incessantly during the campaign, especially as an antidote to her father’s self-professed commitment to nonconsensually sticking his hands on women’s genitals.”
Liquidation Event?
“…there is less apparent effect for the SPX, but taken together with the behavior of the level of rates and curve slope, the modest depression in SPX at roughly the same post-storm horizon could also be consistent with some asset liquidation.”
The Question Every Goldman Client Is Asking: ‘Is An Equity Correction Imminent?’
“The question every client asks: ‘Is an equity correction imminent?’ The impetus for the inquiry comes from several sources”…
History Will Judge ‘Donald Trump’s Fed’
“History’s verdict on presidents rests more than they might wish on the competence of the Fed during their time in the White House. When it comes to those other Fed appointments, the president would be smart to reflect on what made Fischer such a good choice and strive, for his own sake as well as everybody else’s, to choose as wisely.”Â
One Bank’s Advice: ‘Stay Long Gold’
Gold’s recent rally has of course reignited the eternal debate about the relative merits of owning largely useless pieces of metal as a “hedge” against the end times. But perhaps more important than the debate about whether it makes sense to own something that can’t be eaten or burned as protection against a scenario that leaves us all living in Cormac McCarthy’s The Road, is the question of where real rates are headed…
‘The Clocks Stopped At 1:17’…
Ok, get ready.
For now, the fiscal-chaos-can has been kicked, Harvey is behind us, and North Korea’s latest nuclear test has come and gone.
But dead ahead is Irma’s landfall in Florida, North Korea’s “founding day” (which by most accounts will be “celebrated” with an ICBM launch), and of course, more gridlock in D.C. We are, figuratively and literally, in the eye of the storm on Friday.
One Bank’s Stark Warning: King Dollar Is In Serious ‘Trouble’
Following last night’s bloodbath, you might be asking yourself if it’s time to call the
Trader: ‘There’s Only One Thing Standing Between This And A Full-Blown Panic’
“It grates on everything I believe, but this would be a good day to avoid putting yourself at the mercy of the algorithms. They don’t understand that while you can set a fire, arranging for a hurricane is another order of difficulty.”
‘Are Hurricanes Good Now?’
Listen, there’s considerable debate out there about what the impact from two catastrophic hurricanes is
Target Shares Dive To Lows As Blog Post Tips Price Cuts On ‘Thousands Of Items’
TARGET SAYS IT’S LOWERED PRICE ON THOUSANDS OF ITEMS: BLOG POST
Krugman: How Destroying DACA Puts The U.S. Economy On The Japan Track
“The truth is that letting the Dreamers work legally helps the U.S. economy; pushing them out or into the shadows is bad for everyone except racists. To understand why, you need to realize that America, like other advanced economies, is facing a double-barreled demographic challenge thanks to declining fertility.”
‘I Really Thought China Would Collapse. What Am I Doing With My Life?’
“None more so than the Chinese Yuan. Although most hedgies were all betting on a massive decline, the Yuan has been strengthening like Lance Armstrong after visiting his bio-chemist.”
Can You Imagine Monday? Treasury Yield Touches 2.0144%, Gold Rises Amid Sense Of Panic
Can you imagine what this is going to look like come Monday if things get dicey over the weekend?…
Wipeout: Dollar Crashes Across The Board
Dear lord: the pressure on the dollar is unrelenting.
It looks like no one wants to be the idiot that’s long USD headed into a weekend that could see a catastrophic hurricane strike on Florida and another ICBM launch for North Korea.Â
Key Calls (Friday): Upgrades, Downgrades & Initiations
You need an upgrade.
Yuan Heads For Best Week In More Than A Decade As China Trade Data Is Resilient
“The extremely bearish USD sentiment spilled over to the yuan market, and fixing failed to cool down bullish sentiment,” Ken Cheung, a senior currency strategist at Mizuho Bank in Hong Kong notes, adding that “heading to the weekend, risk-off sentiment due to the foundation day of North Korea also raised safe-haven demand for the yuan.”
Fed QE’s Dramatic Effect On Credit Markets In One Annotated Chart
Global central banks certainly haven’t succeeded in creating the type of robust recovery they ostensibly
‘Is He Trying To Elect Pelosi?’ WSJ Furious With ‘The Schumer-Trump Congress’
“Ah, dogs and cats living together”…
‘Street Fighter’ Steve Bannon Tells CBS That Gary Cohn Should Resign
“I’m talking – obviously, about Gary Cohn and some other people. That if you don’t like what he’s doing and you don’t agree with it, you have an obligation to resign.”
The Trump Eclipse Bottom
“I couldn’t agree more. I think Trump staring at the Solar eclipse was the bottom for his Presidency. After that, it’s all uphill. Seriously, there is so little expected of him, he is bound to outperform.”
Ok, So What Now?
Just one more day of this before the weekend, when we’ll all get to put up the plywood and hide in the basement as Irma turns Florida into Atlantis and Kim turns Tokyo into Dresden…
Trump’s Bizarre 48 Hours: DACA Flipflop, Debt Ceiling Deal, & New Bestie Schumer
And to the extent the fate of Harvey victims and markets were subjugated in his mind to his own approval ratings, the interests of his party were simply pushed aside altogether. Which apparently surprised a lot of Conservatives although I’m not sure why. Was anyone in the GOP really under the impression that Donald Trump cares one way or another about conservatism? Give me a break.Â
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