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As Good As It Gets?

Authored by Sven Henrich via NorthmanTrader.com, So they got their tax cut done. In the middle of the night again no less, despite the vast majority of the American people not wanting it. The reason may simply be that the American public is not believing the false narratives that are being sold to them. And […]


Why Monetary Policy Will Cancel Out Fiscal Policy

Authored by MN Gordon via EconomicPrism.com, Good cheer has arrived at precisely the perfect moment.  You can really see it.  Record stock prices, stout economic growth, and a GOP tax reform bill to boot.  Has there ever been a more flawless week leading up to Christmas? We can’t think of one off hand.  And if […]


3-(Mis)Statements About Tax Reform

Authored by Lance Roberts via RealInvestmentAdvice.com, With the passage of the Tax Cut And Jobs Act on Wednesday, I wanted to address a few of the questions and misinformation currently circulating about the impact of tax cuts on the U.S. economy. Over the last couple of months, I have been repeatedly asked why I am […]


Final Q3 GDP Revised To 3.2%, Highest Since Q1 2015

In the third and final estimate of Q3 GDP, the US economy eased back fractionally from last month’s “hot” 3.3% print, and as a result of a modest decline in Personal Consumption from 1.60% to 1.49% (in the GDP calculation) as well as net trade, the final GDP print came in at 3.2%, down slightly […]


Is The GOP Tax Cut Finally Priced In? Here’s What Wall Street Thinks

Having passed the Senate, and – moments ago, for the second time – the House, the Republican Tax Cuts and Jobs Act, aka the Trump Tax Cuts is officially a done deal, just waiting for the President’s signature, at which point the longest “rumor” of 2017 will become the news. But does that mean that […]


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 […]


SocGen: “Every Bit Of Good News – Including Tax Reform – Is Now Priced In”

The global stock market is just a few days from entering the history books, largely thanks to the constantly priced in tax reform. As SocGen calculates, and barring any end of year sell-off, the MSCI World index is set to record it first ever year of posting a positive total return in every single month […]


Weekend Reading: Ignorance Is No Excuse

Authored by Lance Roberts via RealInvestmentAdvice.com, The “tax bill cometh.” According to the press, this is going to be the single biggest factor to jump-starting economic growth since the invention of the wheel. Interestingly, even the Fed’s economic projections are suggesting that economic growth will pick up over the next two years from the impact of […]


Tax Cut! Yardeni Research Calculates Effective Corporate Tax Rate Already Fallen To 13%

In March 2017, The Institution on Taxation and Economic Policy (ITEP) released its latest report examining the corporate tax filings for Fortune 500 companies. It looked at 258 of the companies which had been "consistently profitable" from 2008 to 2015. The report concluded that these companies were collectively paying far less than the statutory 35% […]


Tax-Reform Opponents Blast Treasury Report As “Nothing More Than One Page Of Fake Math”

Yesterday, we highlighted a one-page report prepared by the Treasury Department which claimed that – in what was perhaps one of the most unrealistically optimistic budget projections to ever be produced by the US government agency – the Senate’s version of the Republican tax plan would, somehow, bolster GDP to a 2.9% real growth rate […]


Treasury Forecasts Tax Reform Will Lead To Longest Period Without Recession In History

One week ago, in its latest assessment of the current state of tax reform in the aftermath of the Senate’s passage of the tax bill, Goldman analysts calculated that while growth impact from tax reform had increased fractionally to around 0.3% in 2018 and 2019 “reflecting the slightly larger amount of tax cuts in the […]


Weekend Reading: Recession Risk Hidden In Tax Bill

Authored by Lance Roberts via RealInvestmentAdvice.com, Since the election, equity bulls have been pinning their hopes on “tax cuts” as the needed injection to support currently elevated stock prices. Stocks have advanced sharply since the election on these expectations, and while earnings have recovered, primarily due to the rise in oil prices, whatever economic growth […]


The Spurious Math Of A Tax-Cut Rally

Authored by 720Global's Michael Lebowitz via RealInvestmentAdvice.com, The term “priced in” is a phrase used frequently by Wall Street and the financial media. This expression is used to describe how much the price of stock or a market has accounted for an anticipated event. For example, consider a pharmaceutical stock that has risen 50% over […]


Paul Craig Roberts Exposes “Plunder Capitalism”

Authored by Paul Craig Roberts, I deplore the tax cut that has passed Congress. It is not an economic policy tax cut, and it has nothing whatsoever to do with supply-side economics. The entire purpose is to raise equity prices by providing equity owners with more capital gains and dividends. In other words, it is […]


“For The First Time In Modern History” US Government Debt Will Surpass Household Debt

Last week, rating agency DBRS raised a red flag when it calculated that in the past decade average US wages have risen by only 5.7%, while consumer debt over the same period rose 60% more, or 9.3%. However, while the US household’s reliance on debt to fill in the income gaps is hardly news, on […]