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uncledad

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Member since: Tue May 13, 2014, 06:50 PM
Number of posts: 6,356

Journal Archives

DOW 28538 for 12-31-19

Previous close 28462. 52 wk high 28701. 52 wk low 22638. Today's low 28376. High 28547.

NASDAQ : 8972 ▲

S&P : 3230 ▲

Oil WTI : 61.17 ▼

Soybeans : 9.44 ▲


DOW closed at 23062 12-31-2018. Happy New Year.



Business Got Big Tax Cut; Lobbyists Made It Bigger

The overhaul of the federal tax law in 2017 was the signature legislative achievement of Donald J. Trump’s presidency.

The biggest change to the tax code in three decades, the law slashed taxes for big companies, part of an effort to coax them to invest more in the United States and to discourage them from stashing profits in overseas tax havens.

One consequence is that the federal government may collect hundreds of billions of dollars less over the coming decade than previously projected. The budget deficit has jumped more than 50 percent since Mr. Trump took office and is expected to top $1 trillion in 2020, partly as a result of the tax law.

https://www.chicagotribune.com/nation-world/ct-nw-trump-tax-cuts-20191230-7ksl7b5j4vdyxmgxeplmnlkbpi-story.html

https://www.mcall.com/news/nation-world/ct-nw-trump-tax-cuts-20191230-7ksl7b5j4vdyxmgxeplmnlkbpi-story.html

The Organization for International Investment — a powerful trade group for foreign multinationals like the Swiss food company Nestlé and the Dutch chemical maker LyondellBasell — objected to a Treasury proposal that would have prevented companies from using a complex currency-accounting maneuver to avoid the BEAT.

This month, the Treasury issued the final version of some of the BEAT regulations. The Organization for International Investment got what it wanted.

Late last year, Mr. Harter went to Treasury Secretary Steven Mnuchin and told him about the plan to give the banks a break. Mr. Mnuchin — a longtime banking executive before joining the Trump administration — signed off on the new exemptions, according to a person familiar with the matter.

Companies continue to shift hundreds of billions of dollars to overseas tax havens, ensuring that huge sums of corporate profits remain out of reach of the United States government.

This month, the Organization for Economic Cooperation and Development calculated that the United States in 2018 experienced the largest drop in tax revenue of any of the group’s 36 member countries. The United States also had by far the largest budget deficit of any of those countries.

+++++++++++++The swamp keeps winning...


DOW 28462

Previous close 28645. 52 wk high 28775. 52 wk low 22638. Today's low 28428. High 28664.

NASDAQ : 8945 ▼

S&P : 3221 ▼

Oil WTI : 61.62▼

Soybeans : 9.39 ▲

Dallas Fed Contracts For 3rd Straight Month, Confirming Regional Survey Slump

Against expectations of a rebound to 0.0, The Dallas Fed Manufacturing Outlook survey disappointed in December, sliding from -1.3 to -3.2 - in contraction for the 3rd straight month...

The Dallas Fed survey has been in contraction for 7 months this year...

https://www.zerohedge.com/economics/dallas-fed-contracts-3rd-straight-month-confirming-regional-survey-slump

Under the hood was just as unimpressive with New Orders Growth rate contracting and Finished goods contracting along with the six-month outlook dropping further.

Dallas joins, Philadelphia, Kansas, Chicago, and Richmond in their regional weakness in December...

DOW 28645

Previous close 28621. 52 wk high 28701. 52 wk low 21712. Today's low 28608. High 28701. new high

NASDAQ : 9006 ▼

S&P : 3240 +/-

Oil WTI : 61.68 +/-

Soybeans : 9.30 ▼

DOW 28621

Previous close 28515. 52 wk high 28624. 52 wk low 21712. Today's low 28535. High 28596.

NASDAQ : 9022 ▲

S&P : 3239 ▲

Oil WTI : 61.70 ▲

Soybeans : 9.38 ▲

Up and up and up....

DOW 28515

Previous close 28551. 52 wk high 28608. 52 wk low 21712. Today's low 28503. High 28576.

NASDAQ : 8952 ▲

S&P : 3223 ▼

Oil WTI : 61.11 ▲

Soybeans : 9.37 ▲

A Legislator Rose in the G.O.P. While Preparing for a Civil War

SPOKANE, Wash. — Matt Shea was 34 years old when he ran for the State Legislature in eastern Washington, but he had already established credentials that made him a promising Republican candidate.

A lawyer trained at Gonzaga University who had served a tour in Iraq with Washington’s Army National Guard, Mr. Shea pitched voters in 2008 on a platform of limiting taxes and punishing criminals, opposing same-sex marriage and supporting gun rights. He went on to win with nearly 60 percent of the vote, then moved up the ranks in the Legislature, reaching the powerful position of chair of his party’s caucus in 2017.

https://nyti.ms/34M4XSs

But back in his home district, Mr. Shea also began attracting the attention of law enforcement for his growing embrace of fringe ideologies and conspiracy theories. He networked with local militia groups, talked about plans to create a 51st state called Liberty and distributed to his closest followers a “Biblical Basis for War” document that calls for the “surrender” of those who favor abortion rights, same-sex marriage, “idolatry” and communism. “If they do not yield — kill all males,” it said.

Last week, a report commissioned by the State Legislature asserted that Mr. Shea had engaged in domestic terrorism in his support of the armed takeover of Oregon’s Malheur National Wildlife Refuge by militant ranchers and their supporters in 2016 — part of a protest over federal ownership of public lands in the West.

In response to the report, J.T. Wilcox, the leader of Republicans in the State House, said Mr. Shea had been suspended from any role in the caucus. He also urged Mr. Shea to resign.

DOW 28551

Previous close 28455. 52 wk high 28608. 52 wk low 21712. Today's low 28491. High 28608.

NASDAQ : 8945 ▲

S&P : 3224 ▲

Oil WTI : 60.73 ▲

Soybeans : 9.33 ▲

New highs...

A Funny Thing Happened As The Fed Cut Rates: Credit Card Rates Hit All Time Highs

Something "odd" happened as the Fed prematurely ended its rate hike cycle and cut rates 3 times starting this summer: while banks were quick to trim the interest they pay on deposits to match the Fed's cuts (and in the case of some "retail banks" like Goldman, even cut ahead of the Fed) they pushed the rates they charge on credit cards to all time highs.

nd while we are confident such stalwart defenders of Fed policy as supportive of US consumers (instead of, say, US banks) as Neel Kashkari will be quick to explain how it is that rate cuts have resulted in higher credit card interest rates, and why the Fed is doing nothing to reverse this latest handout from consumers to banks, here are some more charts from Deutsche Bank showing that after carrying the US economy for the past year (as we reported on Friday, consumption account for more than 100% of the GDP growth in Q3), this may soon be ending.

First, it's not just credit card rates that are surging - so are auto loan interest rates, and while they have yet to hit all time highs, they have risen by a material 2% in 2018 and also are showing no signs of reversing.

https://www.zerohedge.com/markets/funny-thing-happened-fed-cut-rates-credit-card-rates-hit-all-time-high
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