Trump says Sprint will bring back 5,000 U.S. jobs
President-elect Donald Trump says Sprint will bring back 5,000 jobs to the U.S. and startup OneWeb will create 3,000. …read more
Source: Trump says Sprint will bring back 5,000 U.S. jobs
Archive for the ‘Uncategorized’ Category
How Government Regulation Makes Us Poorer
By Tyler Durden
Submitted by Per Bylund via The Mises Institute,
This year, Mises Institute Associated Scholar Per Bylund released The Seen, the Unseen, and The Unrealized: How Regulations Affect Our Everyday Lives. We recently spoke with Professor Bylund about his book and how the effects of government regulation are more far-reaching and more damaging than many people realize.
MISES INSTITUTE: Why is the concept of the “unseen” so important to understanding the effects of regulation?
PER BYLUND: It is essential for understanding regulation, but the “unseen” is actually fundamental for economic understanding and analysis in general. What’s “unseen” is the proper benchmark. We need to consider both what didn’t happen but would have happened.
Oftentimes people, including so-called experts, compare apples and oranges by looking at data “before” and “after” an event, for instance, when discussing the effects of raising the minimum wage. So they might say that employment before was similar to after the hike, and then conclude that the change had no effect. But this is wrong, because there are plenty of changes in the economy that took place between the before and after — not only the minimum wage. So in order to figure out the effect of the minimum wage specifically, we must compare the “after” situation with what would have been had there been no minimum wage hike — the unseen.
This of course applies to any change in the economy, and not only regulation. Bastiat, in his classic essay on the broken window fallacy, discusses the effects as a boy smashes a window. But in modern state-planned economies, regulation is by far the most common and most destructive change, so that’s where we also find most analysis. As economic analysis is used to assess the effects of regulations before they’re implemented, it’s important to use the proper comparisons — the seen and the unseen, not the seen at different times (before and after).
MI: You also employ the concept of “the unrealized.”
PB: The unrealized is really my own extension to Bastiat’s famous analysis, and it is intended to redirect our attention from the macro level of the economy to how changes affect individuals — and especially what options they’re presented with. The point of the book is to show that regulating one part of the economy will have effects throughout the economic system, and that this type of artificial restriction will lead to some people being stripped of the choices they otherwise would have.
I exemplify this with the sweatshop, which is often argued against using only “the seen.” The working conditions are terrible in a sweatshop, especially compared to our cushy jobs in the West. Ben Powell and others have done great work pointing out that there’s also the unseen in the sense that without the sweatshop those workers would be in even worse shape. In fact, they are very eager to get jobs in the sweatshop because they’re so much better than all other options they have.
With the “unrealized,” however, I think we get a …read more
Source: How Government Regulation Makes Us Poorer
Rebalance Rout: Stocks Slump Most Since October As Bonds, Bullion Bounce
By Tyler Durden
Who could have seen this coming?
This just about sums things up…
And Bob Pisani is not happy…
Stocks midday: classic low-volume drift lower. Bids have evaporated, buyers acting like done for year. < 1% from historic high on $SPY.
— Bob Pisani (@BobPisani) December 28, 2016
As The S&P tumbled most since Oct 11th…
Trannies and Small Caps were worst today…
Futures show the difference as yesterday's US open was a buying panic and today's a selling panic…
VIX topped 13 briefly today as The Dow dropped 150 points from opening highs…
Sectors red across the board post-Xmas… Financials were hit but oddly Utes also sold (despite lower yields)…
The long bond is now best post-Fed – holding unchanged as stocks and gold slide…
High- and Low-Beta stocks in the S&P 500 have become entirely uncorrelated for the first time since the peak of the dotcom crash…
Bonds had their best day since August today – amid record indirects at the 5Y auction – with yields down 4 to 6bps across the complex) – 30Y yields dropped to 3-week lows…
It seems S&P dividend yields capped the 5Y yield advance…
The USD Index rose again on weakness across all majors overnight, then faded during the US day session…
Copper sank on the day as China fears continue as gold & silver gained…
Silver jumped above $16 again…
Gold up 4 days in a row – longest streak since before election…
Bitcoin was whacked early on but recovered its losses…
Source: Rebalance Rout: Stocks Slump Most Since October As Bonds, Bullion Bounce
Federal Appeals Court Revives Hillary Email Case Leaving Key Decision To Trump’s Attorney General
By Tyler Durden
A federal appeals court for the District of Columbia has breathed new life into the Hillary email-gate scandal which will be music to the ears of Trump’s “lock her up” supporters. The case was filed by watchdog groups Judicial Watch and Cause of Action seeking to force the State Department to instruct the Department of Justice to file a federal records suit to recover Hillary’s missing emails. A lower court had previously ruled that the State Department’s efforts to recover Hillary’s emails were sufficient and threw the cases out. But D.C. Circuit Judge Stephen Williams, a Ronald Reagan appointee, had a different view. Per The Hill:
U.S. District Court Judge James Boasberg had previously ruled that state’s efforts to recover the documents — tens of thousands of which Clinton turned over voluntarily in 2014 — were sufficient and threw out the cases.
But the three-judge appeals court panel on Tuesday said that State had not done enough.
“Even though those efforts bore some fruit, the Department has not explained why shaking the tree harder — e.g., by following the statutory mandate to seek action by the Attorney General — might not bear more still,” D.C. Circuit Judge Stephen Williams, a Ronald Reagan appointee, wrote in the court’s opinion. “It is therefore abundantly clear that, in terms of assuring government recovery of emails, appellants have not ‘been given everything [they] asked for.”
“Absent a showing that the requested enforcement action could not shake loose a few more emails, the case is not moot.”
While the new opinion acknowledges that DOJ involvement would be rendered moot if the defendants could provide definitive proof that additional efforts wouldn’t result in the recovery of additional emails, it also highlights that no such “factual support” has been presented to date.
Tuesday’s ruling does not order the State Department to make the referral to the DOJ — nor does it obligate DOJ to sue Clinton if presented with a referral.
But the language of the ruling does appear to suggest that the court considers the possibility that the DOJ’s involvement could uncover more emails.
“While the case might well also be moot if a referral were pointless (e.g., because no imaginable enforcement action by the Attorney General could lead to recovery of the missing emails), the record here provides no factual support for finding mootness on that basis,” Williams wrote.
Judicial Watch president Tom Fitton praised the ruling saying that it is now up to the Trump administration to determine whether they would like to “finally enforce the rule of law and try to retrieve all the emails Clinton and her aides unlawfully took with them when they left the State Department.”
“The courts seem to be fed up with the Obama administration’s refusal to enforce the rule of law on the Clinton emails,” Judicial Watch president Tom Fitton said in a statement.
“This ruling means that the Trump Justice Department will have to decide if it wants to finally enforce the rule of law …read more
Source: Federal Appeals Court Revives Hillary Email Case Leaving Key Decision To Trump’s Attorney General
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Here Are Some Headwinds to Worry About in 2017
By The_Real_Fly
Markets are trading off a bit here, as Dow 20,000 proves to be wonderfully elusive. Since everyone expected we’d reach 20k by New Year’s, we’ll probably never reach it at all.
Heading into 2017, it’s important to formulate a gameplan and prepare for any headwinds that might pose a problem for the stability of markets — else you’re just shooting in the dark — like morons.
Here are some things to pay attention to in 2017.
Trump’s anti-China rhetoric may start yielding some poisonous berries. Pay close attention to the USD/CNH and USD/CNY crosses. The FX markets will tell you all you need to know about China. Should you see their FX reserves shrink at the same time their currency drops, you know there is a flight of capital from China — which is bound to dry up liquidity and cause market dislocations. Remember, unlike our markets, the Chinese market is still traded and owned by ordinary people, traditionally weak hands. Plus, they’re so overleveraged, the slightest hiccup will literally destroy them.
The yuan is a constant downtick, which helps their exporters and pisses off Trump.
The US dollar index is at 14 year highs and continues to surge. Bad, bad, bad for US exporters.
American borrowing costs are surging at the same time that optimism for Trump fiscal stimulus projects buoy markets. This is counter-intuitive. Higher borrowing costs places a strain on our balance sheet and also makes it harder for Trump to enact stimulus, the whole basis of the recent 10% rally.
Crazy Grandma Yellen wants to hike 3 times in 2017, while the dollar is at 14 year highs, inflation is non-existent and has openly stated she’d hedge any fiscal stimulus by Trump with monetary tightening in order to stave off inflation — since we’re at ‘full employment.’
<img src="http://ibankcoin.com/flyblog/files/2016/10/IMG_5245.jpg" alt=""
Last but not least, French elections will be held on April 23rd, 2017. If Le Pen gets elected, she will remove France from both the EU and NATO — something that only a deranged lunatic would liken to being bullish for stocks. This is a major event in a major EU nation, which might and quite literally lead the way towards the total collapse of the union.
Content originally generated at iBankCoin.com
Source: Here Are Some Headwinds to Worry About in 2017
Here They Come: Record Foreign Demand, Soaring Bit To Cover In Blockbuster 5 Year Auction
By Tyler Durden
One didn’t have to be a rocket surgeon to predict that today’s 5Y auction would be strong, simply by looking at the 5Y trading super special in repo this morning, as low as a record -2.00% as shown in the chart below.
However, it wasn’t just the technicals: moments ago the Treasury sold $34 billion in 5 Year Notes (Cusip U81) in what can only be described as a blockbuster auction.
The High Yield printed at 2.057%, stropping through the When Issued by a whopping 1.2bps, the most since February 2016. The Bid to Cover was just as impressive, and at 2.72, this was the highest since November 2014.
But the most remarkable feature of today’s auction was the foreign demand: at 71.4% for Indirect Bidders (with 24.5% for Dealers and 4.1% for Directs), this was the highest foreign central bank and official buyer take down on record, and confirms what we reported on Friday when looking at the Fed’s custody holdings of Treasuries…
… namely that foreign buyers are finally back, and back with a vengeance. This was just confirmed at least when it comes to paper located in “No Man’s Land.”
For definitive proof that foreigners are now rushing into Treasuries, however, wait for tomorrow’s 7 Year “Belly” auction. If Indirects just can’t get enough, those record Treasury shorts are about to get very nervous.
Source: Here They Come: Record Foreign Demand, Soaring Bit To Cover In Blockbuster 5 Year Auction
Russia "Tired Of Obama Lies About Hackers", Vows Response To Any New Sanctions
By Tyler Durden
As Washington prepares to unleash new sanctions on Russia, it appears Putin won't take this laying down. If U.S. adopts new sanctions against Russia, govt in Moscow will resort to counter-measures, Foreign Ministry spokeswoman Maria Zakharova warns in a website statement.
As we detailed previously, the delay in sanctions against Russia have come from Obama's inability to take unilateral actions under current laws. While Obama previously signed an executive order that would allow him to freeze the assets in the United States of people overseas who have engaged in cyber acts, it only applies to actions that have threatened U.S. national security or financial stability. Further, per a “senior administration official,” use of the existing law would require (1) actual election infrastructure to be designated as 'critical infrastructure' and (2) the administration to prove that such infrastructure was actually “harmed,” conditions which the National Security Council say have not been met.
And Russia has pre-emptively warned of retaliation…
The outgoing US administration still hopes to finally have time to do something else for bad relations with Russia, and so she brought down. With clearly inspired leaks in the American media have once again trying to scare the extension of anti-Russian sanctions measures “diplomatic” and even sabotage against our computer systems. And this last “Christmas greetings” from the Obama team, already preparing for eviction from the White House cynically want to present as a reaction to certain “cyber attack from Moscow.”
Frankly, we are tired of the lies about the “Russian hackers”, which continues to flow into the United States from the very top. The Obama administration has launched six months ago, this misinformation in an attempt to play up the desired for himself a candidate in the November presidential election, and not achieving the desired, looking for an excuse for their own failure, and with a vengeance is played on Russian-American relations.
But the truth of the provocation orchestrated by the White House, sooner or later will still come out. Yes, it's already happening. How else to December 8 reported the US media, the State of Georgia State Secretary Brian Kemp he said that the authorities in the region followed where came hacker attack on its electronic system of vote counting shortly after the election. Footprints led to the computer at the US Department of Homeland Security. This information quickly tried to cover up the stream of new anti-Russian charges that do not contain a single proof.
It only remains to add that if Washington really takes new hostile steps, it will get the answer. This also applies to any action against Russian diplomatic missions in the United States, which immediately ricocheted on US diplomats in Russia. Perhaps the Obama administration is quite indifferent to what will happen to the bilateral relations, but the story is unlikely to forgive her behavior on the principle of “after us the deluge.”
In other words, Europe is about to get screwed again.
Live Cattle, Feeder Cattle, Lean Hogs, Class III Milk (Video)
By EconMatters
By EconMatters
We delve into the agriculture space, specifically the Cattle Industry looking at how the technicals are shaping up for the sector in this video. There are still some Meat eaters left in this world.
© EconMatters All Rights Reserved | Facebook | Twitter | YouTube | Email Digest | Kindle
Source: Live Cattle, Feeder Cattle, Lean Hogs, Class III Milk (Video)
Pending Home Sales Tumble As Surging Mortgage Rates Paralyze Housing Market
By Tyler Durden
One month ago, even before the recent surge in mortgage rates to the highest level since April 2014…
… we noted that pending home sales had stalled, rising a barely positive 0.2%,, and well below expected, a number which we predicted was set for much more pain in the months ago.
Moments ago this prediction was confirmed when the NAR reported that November pending home sales plunged to their lowest level in nearly a year, sliding 2.5% in the month well below the 0.5% consensus forecast (and below the lowest -1.5% estimate), “as the brisk upswing in mortgage rates and not enough inventory dispirited some would-be buyers.”
On a year over year basis, the annual drop was the worst since August 2014.
Only the Northeast saw monthly and annual pending sales gains last month.
The details:
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, declined 2.5 percent to 107.3 in November from 110.0 in October. After last month’s decrease in activity, the index is now 0.4 percent below last November (107.7) and is at its lowest reading since January (105.4).
According to the NAR’s perpetually cheerful chief economist, Lawrence Yun, the ongoing supply shortages and the surge in mortgage rates took a small bite out of pending sales in November. “The budget of many prospective buyers last month was dealt an abrupt hit by the quick ascension of rates immediately after the election,” he said. “Already faced with climbing home prices and minimal listings in the affordable price range, fewer home shoppers in most of the country were successfully able to sign a contract.”
It gets worse: with 2017 at the doorstep, Yun says higher borrowing costs somewhat cloud the outlook for the housing market. This was evident in NAR’s most recent HOME survey, which found that confidence amongst renters about now being a good time to buy has diminished since the beginning of the year1. The good news, according to Yun, is that the impact of higher rates will be partly neutralized by stronger wage growth as a result of the 2 million net new job additions expected next year.
“Healthy local job markets amidst tight supply means many areas will remain competitive with prices on the rise. Those rushing to lock in a rate before they advance even higher will probably have few listings to choose from,” said Yun. “Some buyers will have to expand the area of their home search or be forced to delay in order to save a little more money for their down payment.”
Existing sales are still expected to close out 2016 at a pace of around 5.42 million, which will eclipse 2015 (5.25 million) as the highest since 2006 (6.48 million). In 2017, sales are forecast to grow roughly 2 percent to around 5.52 million. The national median existing-home price is expected to increase to around 5 percent this year and 4 percent in 2017.
“Much more robust new home construction is needed to relieve inventory shortages …read more
Source: Pending Home Sales Tumble As Surging Mortgage Rates Paralyze Housing Market
Another PR Fiasco For Obama: Russia, Turkey Agree On Syria Ceasefire Plan, Snub Washington
By Tyler Durden
In the latest snub of president Obama and the US State Department, on Wednesday Turkey and Russia reached an agreement for a ceasefire in Syria, Turkey’s foreign minister said, and according to Anadolu News Agency, will aim to put it into effect by midnight. Anadolu, citing sources, said the two countries have reached a consensus that will be presented to participants in the conflict on expanding the ceasefire that was established in Aleppo earlier this month.
There may be a hurdle however: Ankara would not budge on its opposition to President Bashar al-Assad staying in power. The comments by Mevlut Cavusoglu on Wednesday appeared to signal a tentative advance in talks aimed at reaching a truce, but the insistence that Assad must go will do little to smooth negotiations with Russia, his biggest backer.
Not content with isolating the US, Russia, Iran and Turkey also made a mockery of the UN when they said last week they were ready to help broker a peace deal after holding talks in Moscow where they adopted a declaration setting out the principles any agreement should adhere to. Arrangements for the talks, which would not include the United States and be distinct from separate intermittent U.N.-brokered negotiations, remain hazy, but Moscow has said they would take place in Kazakhstan, a close ally.
“There are two texts ready on a solution in Syria. One is about a political resolution and the other is about a ceasefire. They can be implemented any time,” Cavusoglu told reporters on the sidelines of an awards ceremony at the presidential palace in Ankara.
While Turkey’s insistence has been that Assad must go, perhaps in legacy support of US and NATO positions, with Cavusoglu saing that “the whole world knows it is not possible for there to be a political transition with Assad, and we also all know that it is impossible for these people to unite around Assad”, Turkey’s position appears not set in stone, and last week, Russia’s foreign minister said Russia, Iran and Turkey had agreed that the priority in Syria was to fight terrorism and not to remove Assad’s government.
Turkey’s state-run Anadolu Agency said earlier on Wednesday Moscow and Ankara had agreed on a proposal toward a general ceasefire. The Kremlin said it could not comment on the report.
Cited by Reuters, a Syrian rebel official said meetings between Ankara and rebel forces were expected to continue this week, but could not confirm whether a final ceasefire agreement had been reached.
As Reuters also adds, a major sticking point in negotiations between rebel groups and Turkey was that Russia wanted to exclude the Damascus countryside from the ceasefire, but the rebels refused to do so. A second rebel official told Reuters there was no agreement yet from the side of the rebel factions.
“The details of the ceasefire deal have yet to be officially presented to the factions, and there is no agreement so far,” the second official said.
Russia’s foreign minister said on Tuesday the Syrian …read more
Source: Another PR Fiasco For Obama: Russia, Turkey Agree On Syria Ceasefire Plan, Snub Washington
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