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US Consumers Tap Out: Personal Savings Rate Plunges To 10 Year Low While Americans Splurge

The latest confirmation that the US consumer is now effectively tapped out came moments ago when the Dept of Commerce reported that in November, Personal Income rose by a lower than expected 0.3% (exp. 0.4%), while US consumers continued to splurge at an accelerated rate, with personal spending rising 0.6%, above the 0.5% expected, as […]


“This is Groundhog Day”: Spanish Stocks Battered By Catalan Vote, Bitcoin Crashes

Spanish stocks and the euro fell, while Spanish government bond yields hit their highest levels in over a month after Catalan secessionists delivered an unexpected blow to the government of Spanish PM Rajoy by winning the Catalan regional election. Meanwhile across the Atlantic, U.S. equity futures and the dollar rose on the last trading session […]


The Depression Of The 1930s Was An Energy Crisis

Authored by Gail Tverberg via Our Finite World blog, Economists, including Ben Bernanke, give all kinds of reasons for the Great Depression of the 1930s. But what if the real reason for the Great Depression was an energy crisis? When I put together a chart of per capita energy consumption since 1820 for a post […]


Global Stocks Roar To Record Highs As Tax Reform Is “Priced In” All Over Again

Global stocks and US equity futures roared upward to new record highs to start the second-to-last week of the year, boosted by optimism over a Republican agreement on the shape of U.S. tax cuts aimed at lifting growth; incidentally this is the 6th consecutive day that the “tax bill” has been priced in by the […]


Never Mind Tea Leaves, Here’s A Strong Signal from the Economic Dashboard

Authored by Daniel Nevins via FFWiley.com, We’ve been seeing more and more commentaries discussing bad stuff that can happen when the Fed tightens policy and, as a result, the yield curve flattens. (See, for example, this piece from Citi Research and ZeroHedge.) No doubt, the Fed’s rate hikes will lead to mishaps as they usually […]


Moody’s Considers Municipal Ratings Changes That Could Push Illinois Into Junk Territory

A few weeks ago, we expressed some level of astonishment that the rating agencies, in their infinite wisdom, decided to bestow an investment grade rating upon a new $3 billion bond issuance by the City of Chicago.  Of course, this wouldn’t be such a big deal but for the fact that the state of Illinois […]


2 Charts That Might Define The Fed’s Jerome Powell Era

Authored by Daniel Nevins via FFWiley.com, In September, we proposed a theory of the Fed and suggested that the FOMC will soon worry mostly about financial imbalances without much concern for recession risks. We reached that conclusion by simply weighing the reputational pitfalls faced by the economists on the committee, but now we’ll add more […]


California Residents Increasingly Ditching Their Massive Tax Bills And Unaffordable Housing For Las Vegas

Los Angeles residents have apparently had just about enough of their city’s excessive home prices, unaffordable rents, crushing personal and corporate tax rates, overly burdensome regulations, polluted air, etc. and are increasingly leaving for a better life in Sin City.  As Los Angeles Times columnist Steve Lopez puts it, “the rent steals so much of […]


Trump Tax Plan Greatest Gift Establishment Ever Got

The following article by David Haggith was published on The Great Recession Blog: As soon as President Trump put his Goldman boys, Gary Cohn and Steven Mnuchin, in charge of his tax plan, I knew Trump’s tax plan would never fulfill his and his henchmen’s promises of helping the middle class and of not giving additional […]


America’s Military-Industrial Addiction

Authored by JP Sottile via ConsortiumNews.com, Polls show that Americans are tired of endless wars in faraway lands, but many cheer President Trump’s showering money on the Pentagon and its contractors, a paradox that President Eisenhower foresaw… The Military-Industrial Complex has loomed over America ever since President Dwight D. Eisenhower warned of its growing influence […]


Stockman: Debt, Taxes, Growth, And The GOP Con Job

Authored by David Stockman via Contra Corner blog, During more than four decades in Washington and on Wall Street it is quite possible that we never picked up any useful skills. But along the way we did unavoidably acquire what amounts to a survival tool in those fair precincts – namely, a nose for the con job. And what a […]


Global Stocks, US Futures Slide As Tax Bill Chaos Erupts In The Senate

Markets were thrown for a loop in the past 24 hours, with the Dow first soaring nearly 400 points on Thursday on expectations that tax reform was a done deal, when drama emerged just after the close when the Senate tax bill came this close to falling apart when the proposed “Trigger” was ruled as […]


Dow Hits Record 24,000, Europe Jumps As Euphoria Returns After Tech Rout

Despite a Wednesday dive in high-flying U.S. tech stocks on worries their boom may have peaked following a MS downgrade, which presured Asian stocks leading to a slide in Hong Kong and South Korean share, on Thursday morning the dip buyers have emerged and both European stocks and US equity futures are once again solidly […]


Could Trump’s Tax Bill Trigger A Mass Exodus From Manhattan? Goldman Seems To Think So…

New York’s billionaire hedge fund managers have blazed the trail south in recent years with the likes of David Tepper, Paul Tudor Jones and Eddie Lampert all ditching the Empire State for Florida…a state which brings not only pristine beaches and year-round golf weather but also the added benefit of a 0% personal income tax […]


“A Critical-Thinking Person Might Ask…”

Authored by Jim Quinn via The Burning Platform blog, I know some people don’t like charts, but I think they tell stories. The two charts below tell a story the mainstream media, Trump, Wall Street, and the Deep State don’t want revealed. The first chart shows the year over year percentage change in personal income […]