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The Coming Fiscal Derailment – Stockman Explains Why FY 2019 Will Sink The Casino

Authored by David Stockman via Contra Corner blog, Since last November 8th the Russell 2000 has risen by 30% and the net Federal debt has expanded by an astounding $1.0 trillion dollars. In a rational world operating with honest financial markets those two results would not be found in even remotely the same zip code; and especially not in month #102 of […]


In Major Victory For Trump, Senate Passes “Sweeping” Tax Bill Which Nobody Read: Here’s What’s In It

Shortly before 2am on Saturday, the Senate passed “the most sweeping rewrite of the U.S. tax code in three decades, slashing the corporate tax rate and providing temporary tax-rate cuts for most Americans” handing Republicans a badly needed legislative and political victory. Senators voted across party lines in a 51-49 vote, ending days of debate […]


Corporate Tax Cuts: “The Seen & The Unseen”

Authored by 720Global's Michael Lebowitz via RealInvestmentAdvice.com, Since Donald Trump was elected President, the S&P 500 has rallied over 21% or nearly 500 points. In our opinion, a good portion of the gain is attributable to his promise, as well as congressional efforts, to reform the tax code. In particular, the proposed sharp reduction in […]


In Critical Test Of Tax Reform Bill, Senate Narrowly Approves Motion To Start Debate With 52-48 Vote

Update (5:55PM EST): After a full day of debating the GOP tax reform bill, the Senate has now approved a motion to…drum roll please…debate the GOP tax reform bill.  As we detailed below, this was the first big test for the GOP’s tax bill before the entire Senate and it narrowly passed with a vote […]


GOP “Lovefest” Or McCain Mayhem: McConnell Says Crucial Procedural Vote On Tax Bill Coming Later Today

Just yesterday a 12-11 party-line vote in favor of the tax reform bill by the Senate budget committee allowed Mitch McConnell to breathe a temporary sigh of relief after earlier objections by GOP members left many wondering whether the bill would even make it out of committee.  Now, the controversial legislation is set for its […]


GOP “Lovefest” Or McCain Mayhem: Crucial Procedural Vote On Senate Tax Bill Expected Later Today

Update (3:15PM EST): Senator Lisa Murkowski (R-AK), who was a key swing vote against several Obamacare repeal and replace bills earlier this year, has confirmed that she will vote in favor on the Senate’s tax bill. Alaska’s Sen. @lisamurkowski will vote YES on the GOP tax bill, her office tells me. — Garrett Haake (@GarrettHaake) […]


David Stockman Slams The GOP Tax Bill: “Fuggedaboutit!!”

Authored by David Stockman via Contra Corner blog, The GOP has become so politically desperate that they might as well enact a two-word statute and be done with it. It would simply read: Tax Bill! Actually, that's not far from where they are in the great scheme of things. The Senate Finance Committee's bill is a dog's breakfast […]


Biggest Bubble Ever? 2017 Recapped In 15 Bullet Points

Yesterday we presented readers with one of the most pessimistic, if not outright apocalyptic, 2018 year previews, courtesy of BofA’s chief investment, Michael Hartnett who warned that in addition to the bursting of the bond bubble in the first half of the year, the stock market could see a 1987-like flash crash, potentially followed by […]


The Republican Tax Plan Is Very Swampy

Authored by Mike Krieger via Liberty Blitzkrieg blog, Unsurprisingly, the Republican tax plan moving forward in the U.S. Congress and championed by Donald “Drain the Swamp” Trump, is very swampy. Today’s post will highlight a few examples. First, let’s hear some of what billionaire fund manager Jeffrey Gundlach had to say. Via Bloomberg: Jeffrey Gundlach, […]


What President Trump & The West Can Learn From China

Authored by Antonius Aquinas via Acting-Man.com, Expensive Politics Instead of a demonstration of its overwhelming military might intended to intimidate tiny North Korea and pressure China to lean on its defiant communist neighbor, President Trump and the West should try to learn a few things from China. President Trump meets President Xi. The POTUS reportedly […]


Weekend Reading: It’s The Debt, Stupid

Authored by Lance Roberts via RealInvestmentAdvice.com, As I noted last Friday, the recently approved budget was an anathema to any fiscally conservative policy. As the Committee for a Responsible Federal Budget stated: “Republicans in Congress laid out two visions in two budgets for our fiscal future, and today, they choose the path of gimmicks, debt, […]


Futures Slide On Report Corporate Tax Cuts To Be Temporary, Phase Out After A Decade

When the NAR won the battle over keeping State and Local Tax deductions “as is”, in the process denying the proposed GOP tax reform more than a trillion in revenue over the next ten years, it effectively doomed the most important provision of the republican tax bill set to be unveiled tomorrow: the reduction in […]


Global Stocks Jump Among Earnings Bonanza; Nikkei Closes Above 22,000 For First Time In 21 Years

US equity futures are higher, boosted by a bevy of better than expected earnings out of tech giants Amazon, Intel and Microsoft as Asian stocks and European shares climb amid the dovish sentiment unleashed from Thursday’s ECB update. Asian equities rose as investors bid stocks following strong corporate results from India to Japan. The MSCI […]


Tax Reform Moves Forward As House Adopts Senate’s $4 Trillion Budget Resolution (20 Reps Vote ‘No’)

Update: President Trump is pleased… Big news – Budget just passed! — Donald J. Trump (@realDonaldTrump) October 26, 2017 But not everyone is… *TAX REFORM WON'T ADVANCE W/O STATE,LOCAL DEAL: GOP'S MACARTHUR *MACARTHUR SAYS CONFIDENT GOP CAN REACH STATE, LOCAL TAX DEAL *KING: NO EVIDENCE OF GOOD FAITH YET ON STATE, LOCAL TX DEAL *KING: […]


Trump “Angry” After Learning What State And Local Tax Repeal Really Means

In what may be the final nail in President Trump’s tax reform proposal, months after the White House proposed ending a tax break for people in high-tax states – which would suggest Trump had more than enough time familiarize himself with how it all works –  Trump reportedly “grew angry” when he learned that the […]