Friday, March 17, 2017
Thursday, March 16, 2017
CBS News - "So I repeat again, the senator from Kentucky is now working for Vladimir Putin."
Well of course he is, Johnny boy.
Sen. John McCain accused fellow Republican Sen. Rand Paul of “working for Vladimir Putin” on Wednesday.
The fireworks came as McCain spoke in support of a Senate unanimous consent request in support of Montenegro’s bid to join NATO. The libertarian-leaning Paul, who has often advocated for a less interventionist foreign policy, opposes the resolution.
“You are achieving the objectives of Vladimir Putin...trying to dismember this small country which has already been the subject of an attempted coup,” McCain said, in an apparent reference to Paul.
Most of these goldbug libertopians are working for Putin. Rand Paul's daddy is on Russia's payroll, and the Ron Paul Institute has been publishing Russian propaganda for years.
Wednesday, March 15, 2017
So today, on a Fed announcement that was already baked into futures, so it should have surprised no-one, we saw
1) USD drop 1%
2) gold pop almost 2%
3) EEM pop 2.5% because of course they would when US interest rates rise
4) and oh yeah equities back threatening new highs.
Because everyone had sold all those things down thinking the completely anticipated and boring Fed announcement would make markets drop.
And yet they keep going up. So now everyone has to buy their positions back.
Fair cop btw the guy in the comments a while back who suggested buying EMs instead of DMs.
Algebra test today, no time to chat.
But as far as the market goes:
Sure, S&P and Nasdaq charts look fine, but $TRAN is giving a negative signal.
We'll have to see how the market responds to the Fed today.
And how it responds to that response on Thursday and Friday.
Frankly, I don't think 3 rate rises this year will be bad, for either stocks or the economy, since sentiment is positive. But all that matters is what the market decides to think.
PS came across a hilarious McGrattan & Prescott paper from fall 2000, where they thought the market was undervalued. Just goes to show you that economists don't know jack.
Tuesday, March 14, 2017
The Atlantic - a violent attack on free speech at Middlebury oh noes!
Sent my way by Bob Lefsetz, who is an alum and wrote about the story today.
Quote (not Bob):
Liberals must defend the right of conservative students to invite speakers of their choice, even if they find their views abhorrent.
Uh, fucking no.
If there's one thing politics of the past 30 years has taught us, it's that conservatives feel they have the right to scream down, threaten, intimidate and drive away anyone who disagrees with them.
You see it today where any remotely mainstream comment on a Youtube political video is met with a thousand clowns calling people "cuck" and "sjw".
And libby-libs today respond by being little fluffy pussies about it.
And that's why we're where we are today. The liberals have spent 30 years being gutless, so the white trash decides to vote populist because at least the populists seem willing to throw a punch for you.
As Bob says, good on Middlebury's liberals for finally growing a pair of fucking balls. Hope next time they wear steeltoes and start fighting, instead of just shouting and jumping on a car.
I'd add as an aside to Bob that the reason people used to fight it out at university in the 60s was because the working class was allowed in universities back then. Now it's all bourgeois rich kids, and they all think they have the right to speak because something something God something something Constitution something something rights. And the right-wing loons see they can get away with insulting people now, so that's what they do.
That's not the way it is in the real world. In the real world, sure: you have the right to speak. You also have the right to get fucked up by the people who you piss off when you speak - or at least that's the way it is outside the bourgeois intellectual world of the university.
If you don't like the rules of today's civil discourse, change them. But don't be some sort of pussy who thinks he can change anything by taking "the high road".
You can change the rules by demonstrating that there are consequences.
Civil discourse, believe it or not, requires the threat of violence.
As for Charles Murray? Well, ages ago he published a big fat book that said blacks are genetically inferior, so he's probably used to being shouted down by now. And he certainly wouldn't try giving a speech at Howard or Tuskegee, would he?
Me: "Isn't it ironic that Marxism degenerated into a bourgeois pastime?"
Prof: *goes ballistic*
Me: "I mean, haven't you noticed that the only Marxists left in North America are all making well over $100,000 a year?"
Prof: "head assplodes*
Monday, March 13, 2017
New Deal Demoncrat - weekly indicators.
IPEZone - pro-, anti-trade voices duke it out at the White House. Maybe Trump only has to send out a few anti-trade tweets to keep his voters happy?
NYT - Trump budget proposal reflects working-class resentment of the poor. Which is a real thing, but the lefties don't get it because they think there's a monolithic class that they can lead around the nose. Which is why the working class throughout the developed world has swung to populists, and not to the left.
Tim Taylor - secular stagnation vs financial cycle drag.
New Deal Demoncrat - for now the economy remains on autopilot. And no surprise, Republican consumer sentiment has skyrocketed. Don't underestimate the power of psychology!