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CNN must be having technical difficulties again today because thier stock market ticker isn't being displayed in the lower banner...I am confident they will be happy to inform thier viewers of market movement on large down days.

Consumer confidence hits highest level since December 2000
Consumer confidence hits highest level since December 2000.

Congrats to those with 31% gains in the QQQ's in the past 52 weeks ;).
 
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Parody

One often gets a laugh from late night TV show host's parodies of presidents, but this trailer for an upcoming Netflix documentary really crosses the boundary. Especially note worthy is the implication Ivanka will flip on her Dad. That should be off bounds since the Constitution forbids corruption of blood, although I must admit Freudians are often bemused by child/parent relationships of either sex. Is it possible the Russians are playing both ends against the middle, or some such perfidy?

Twitter
 
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... Difficult to dismiss influence of ads by Russians trying to influence 2016 election...

Turns out there was a Cyber War in 2016, and the USA lost.

And almost certainly there was another in early 2016 that Britain lost. France managed to stave off the attack. There is a pattern here that the West must organize against.
 
Russian Ads

Difficult to dismiss influence of ads by Russians trying to influence 2016 election.

Russian ads, now publicly released, show sophistication of influence campaign

Thanks for posting, Professor. Since you know I greatly appreciate you opinions on this board and in our conversations, I am respectfully sharing my concerns that the Russian story has run its course..........in particular that the $100,000 worth of ads that Russia purchased on Facebook could have changed the course of the election, but that the $100's of millions (maybe billions) of ads that the Clinton campaign purchased weren't enough to win? I view the entire Russia discussion as a 'hey, look over there' instead of at us for rigging and then losing the election. And while that has been a view that has been difficult to defend given the lather-rinse-repeat Russia message in the headlines, I feel that the wind is about to blow very hard in unexpected directions. The fact that Donna Brazil and Elizabeth Warren have publicly stated that they believed the democratic primary was rigged in the last couple days tells me that something is ready to explode just under the surface here. When senior members of any party begin to distance themselves publicly from their most senior leadership by throwing them under the bus - there are landmines afoot. This is Big.

Analysis | Elizabeth Warren and Donna Brazile both now agree the 2016 Democratic primary was rigged

And the fact that the Washington Post, CNN, and other Hillary-or-bust news sources are running these stories in all seriousness is even more telling that the wind is about to shift. I am not presenting this as an opinion of who is better - Hillary or Trump (you know I preferred neither personally). My point is that there may just be a whole lot of crow on the plates of journalists on both sides real soon, because the fuse is now lit. Will this be a market macro event................my initial thoughts say it probably won't be much of one. But it could very likely be the straw that broke the networks back at a time they were telling us not to believe any other news or social media sources that didn't carry headlines aligned with their messages.

I would be interested in your opinion of what might happen here. And I would thoroughly appreciate any history lessons you could share of similar events in the past.
Thanks
 
Thanks for posting, Professor. Since you know I greatly appreciate you opinions on this board and in our conversations, I am respectfully sharing my concerns that the Russian story has run its course..........in particular that the $100,000 worth of ads that Russia purchased on Facebook could have changed the course of the election, but that the $100's of millions (maybe billions) of ads that the Clinton campaign purchased weren't enough to win? I view the entire Russia discussion as a 'hey, look over there' instead of at us for rigging and then losing the election. And while that has been a view that has been difficult to defend given the lather-rinse-repeat Russia message in the headlines, I feel that the wind is about to blow very hard in unexpected directions. The fact that Donna Brazil and Elizabeth Warren have publicly stated that they believed the democratic primary was rigged in the last couple days tells me that something is ready to explode just under the surface here. When senior members of any party begin to distance themselves publicly from their most senior leadership by throwing them under the bus - there are landmines afoot. This is Big.

Analysis | Elizabeth Warren and Donna Brazile both now agree the 2016 Democratic primary was rigged

And the fact that the Washington Post, CNN, and other Hillary-or-bust news sources are running these stories in all seriousness is even more telling that the wind is about to shift. I am not presenting this as an opinion of who is better - Hillary or Trump (you know I preferred neither personally). My point is that there may just be a whole lot of crow on the plates of journalists on both sides real soon, because the fuse is now lit. Will this be a market macro event................my initial thoughts say it probably won't be much of one. But it could very likely be the straw that broke the networks back at a time they were telling us not to believe any other news or social media sources that didn't carry headlines aligned with their messages.

I would be interested in your opinion of what might happen here. And I would thoroughly appreciate any history lessons you could share of similar events in the past.
Thanks

Wow. Just read Brazile’s case and saw a bit of Warren’s interview. I don’t know what this will do re macros, but hopefully long term this will be a catalyst to shining a light on and responding to what’s been going on with money in politics at a core level. Of course it will never be perfect, but, we have a huge opening for improvements.
 
Thanks for posting, Professor. Since you know I greatly appreciate you opinions on this board and in our conversations, I am respectfully sharing my concerns that the Russian story has run its course..........in particular that the $100,000 worth of ads that Russia purchased on Facebook could have changed the course of the election, but that the $100's of millions (maybe billions) of ads that the Clinton campaign purchased weren't enough to win? I view the entire Russia discussion as a 'hey, look over there' instead of at us for rigging and then losing the election. And while that has been a view that has been difficult to defend given the lather-rinse-repeat Russia message in the headlines, I feel that the wind is about to blow very hard in unexpected directions. The fact that Donna Brazil and Elizabeth Warren have publicly stated that they believed the democratic primary was rigged in the last couple days tells me that something is ready to explode just under the surface here. When senior members of any party begin to distance themselves publicly from their most senior leadership by throwing them under the bus - there are landmines afoot. This is Big.

Analysis | Elizabeth Warren and Donna Brazile both now agree the 2016 Democratic primary was rigged

And the fact that the Washington Post, CNN, and other Hillary-or-bust news sources are running these stories in all seriousness is even more telling that the wind is about to shift. I am not presenting this as an opinion of who is better - Hillary or Trump (you know I preferred neither personally). My point is that there may just be a whole lot of crow on the plates of journalists on both sides real soon, because the fuse is now lit. Will this be a market macro event................my initial thoughts say it probably won't be much of one. But it could very likely be the straw that broke the networks back at a time they were telling us not to believe any other news or social media sources that didn't carry headlines aligned with their messages.

I would be interested in your opinion of what might happen here. And I would thoroughly appreciate any history lessons you could share of similar events in the past.
Thanks

I haven't time for a fuller analysis and must be repeating myself. Hard to tell when one is so vocal—even postal in both senses—at my age.

First, as it happened, the LA Times reported incidents of suppressing the vote for Bernie during the Democratic primary election. The method was enforced by registrars of voters who either would not supply Democratic ballots to Independent voters in our closed primary, or failed to notify them they were available by law and that such notification was also mandated by law. There may be other incidents and methods. I assumed the worst and think the first takeaway from the election is that both parties, Democratic and Republican, **sugared** up in a major way.

Further, as is well known the voting machines are a major vulnerability, not just from hacking whether domestic or foreign in origin. One tell is the lack of paper ballot evidence so an honest recount can be audited. Voting machines in Wisconsin, for example, were cheaper because they were California rejects because of the lack of a paper audit capability. In Ohio I have read, but cannot verify, the machines had a backup capability which was turned off. If so, why? And in all cases I know of the very same registrars of voters are responsible for the recount or audit leaving the system vulnerable to insider finagling in any case.

Finally, before turning to other concerns. There is a lot of evidence Republicans have for years been trying to suppress the black vote through stringent registration requirements, shortening the time for voting and the period for registration. Also, there have been outright examples of trickery in some states when people are misdirected to polling places, etc. There are a number of cases, some still pending, where parties have been caught red-handed in really outrageous redistricting efforts every ten years. I don't know whether the Dems are guilty of any of the above, except for the primary in California, but on gerrymandering the parties "all look alike to me."

As you may know and many of our foreign friends on this site do, there is a way around the gerrymandering issue: making elections multiple member districts with proportional representation at the state level. That is the technical term for having a party ballot choice on the ballot where you vote for one party list, not individual members from your part of the state. Party conventions determine the list of candidates to be elected. The total number of seats awarded is in proportion to the actual vote with a starting point at the top of the party list. The advantage of this system is smaller parties can get more representation. Libertarians, for example, often get ten percent of the vote in California but never get a chance to have ten percent of the California Assembly and Senate. This system can be much more democratic; in some countries there are so many parties coalitions have to be formed and the results can be catestrophic. In one case, and this will get me into trouble with some readers, Israel's system requires the most extreme right wing religious factions to join with any prime minister for a working system. Thus Netanyahu's hawkishness is even more extreme than it might be in a single-member district system like ours. Also, governments can be unstable for years and issues both cannot be addressed and one after another election fails to solve the problem. Italy after WWII is the best example. The French had a word for it: "immobilisme (sp.?)."

I'm not fully acquainted with this field but the majority of texts in comparative government courses tout the German mix of electoral systems probably the best compromise. Unfortunately, it is complicated and hard to understand. A lot of German voters don't understand, either.

From a historical standpoint we are much like Germany in the twenties and thirties, though the causes of our societal dilemma are different and less extreme. We had a chance to vote for a candidate who had a social and, if I may add a Christian approach to government, with concern for the poor, all of our needs, a respectful approach to the economy and other external concerns, or a candidate who would appeal to the concerns of the disaffected by stoking fear of others. It is no wonder the white supremacists' chants at Charlottesville were "I am not a Jew." We missed that choice due to the Democratic Party machine, such as it is, and Trump knows full well who his real friends are so it continues.

I haven't much more than a foggy, maybe old fogy, idea how cultural change occurs. But thanks to one of my critics here, I do have a word for it, hopium. Sometime take a look at Robert N. Bellah, and others, Habits of the Heart, Individualism and Commitment in American Life. There is a similar and more readable translation somewhere--perhaps The Good Society, I don't remember. Bellah is a religious scholar, though he was forced to flee to Canada during the McCarthy era and was persecuted by Harvard. (MIT did the same to my graduate math teacher, Dirk Struik, who eventually won reappointment as did Bellah at Harvard for many years.) My sociology colleagues tell me Habits really had a massive effect on their discipline, resurrecting concern for ethics in social inquiry. Though not a Marxist, I am fully competent in recognizing the ism. Bellah's approach is not Marxist. It is marred by the style of writing associated with Talcott Parsons. One of my students hated it so much he lodged a disciplinary complaint with a faculty board for using the book, poor fool. I also used a wonderful digest by a Sociology colleague which we quoted in a book I coauthored with another political scientist part of which I can share with you but I've already missed the news and this is too long, soooo unusual for me.

The takeaway: Americans have to wake up. They need to pay attention or someone else will vote and steal the store, the banks, their homes, and tamper with their souls. I take it your beef with the press is they are, as usual, distracted. I differ slightly. Analysis of what Russia and the Republicans are about will awaken a sleeping giant, public opinion. But it might turn very violent indeed, when the oppressed who voted for Trump finally see he is not their savior. The Democrats have a chance for change, but then there's the famous quotation from Will Rogers.
 
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@Paracelsus Here is grist for your whatever:

Sanders would've beat Trump in 2016 — just ask Trump pollsters

Thomas Piketty, the famous historian of economic inequality would agree but the candidate would have to be younger and more handsome. The French! So cruel but stylish.:)

Of course he would have beat Trump. He won the states from Hillary that Trump won. Those states cared about jobs, not about Russia or Pussygate.

If the Democrats ever hope to win in 2018 or 2020, they will have to clean house of the Clintonistas and admit she was a failed candidate. Blaming Russia is not going to stick.
 
Agreed. There may well have been some minuscule influence on the campaign, but it was anti-Hillary and a bad thing. What scares me most is the sophistication of Putin's media campaign and I'm very concerned Cambridge Analytica had a good measure of responsibility for that.

The Clinton campaign with the connivence of the DNC ran a classic, lawyer-like approach to voters which was totally without soul. She was, after all, one of the highest paid female business lawyers in the country. How many times did we hear, for example, I have posted "my" detailed economic plan, and then failed to talk about the actual policies and their impact in a meaningful way? It was almost like George HW Bush's mocking the "vision thing." Those without vision will not see what is happening let alone the road ahead. It's killing Trump now, and the Reeps in spades. That said, the last thing the Dems should do is to take the challenges lightly and count on Trump to destroy himself. A consistent messaging to grow the middle class by lifting the poor up, along with wages, while financing subsidies through sensible tax and environmental policy is key. Civility must be restored by messaging the importance of human rights as well. Bringing income inequality down should win. Even some of the super rich should also be concerned. Pitchforks can be blunted by sane fiscal and monetary policies. Meanwhile the Republican tax and budget will assuredly have a negative impact on the economy which should concern all investors. BFO.

Bellah talks about Americans speaking two languages, one of individualism, "what's good for me," and in a lessening way the language of civic republican and biblical traditions. "I think about what I can give to my family and to my community and society," as a sociology colleague of mine said in interpreting Bellah, and he goes on: "I feel I have a moral duty to help others." "We have to try to reach out and work together; success is not status attainment, but rather the experience of community togetherness." "The successful life is based on commitment to something beyond the self." And he goes on. These civilized aspirations seem to be the core message of the major religions and Buddhism.
 
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Wow. Just read Brazile’s case and saw a bit of Warren’s interview. I don’t know what this will do re macros, but hopefully long term this will be a catalyst to shining a light on and responding to what’s been going on with money in politics at a core level. Of course it will never be perfect, but, we have a huge opening for improvements.
If anyone was hoping to learn about what Hillary did to Bernie by tuning into the major networks last nite all 3 must have run out of time conveniently.
Network newscasts don't mention Brazile Clinton-DNC revelations
 
...............I take it your beef with the press is they are, as usual, distracted. I differ slightly. Analysis of what Russia and the Republicans are about will awaken a sleeping giant, public opinion. But it might turn very violent indeed, when the oppressed who voted for Trump finally see he is not their savior. The Democrats have a chance for change, but then there's the famous quotation from Will Rogers.

Thank you for another very informative and fun read, Professor. Always appreciated. To clarify, my concerns are not that the 'press is distracted' with news stories that help take our focus off what is right in front of us, but rather that they are 'directed' to release and repeat misleading news stories until we no longer look at what is right in front of us. We are socially conditioned by these stories until we can no longer see straight. Why is it that we can see the obvious agenda of the ridiculous FUD links from major publications that are referenced daily on TMC yet we bite on the 'look over there, it was Russia's fault' stories. Another point of emphasis is of course the point @Lump just made.

The real bombshell in the Brazile book 'revelation' is not just that the election was rigged. It was that the Hillary Victory Fund took money away from the DNC efforts at the State and Local levels to give it to the Hillary for President campaign. Recall that the Dems lost across the board at the National, State, and Local levels. This was not due to the the landslide of superior Republican candidates at all levels. This was due to the funding reallocation 'mistakes' made by the DNC that Brazile eludes to. In an effort to rig the primary, the DNC didn't just lose the presidential election by running the most un-electable candidate of all time (a title reserved only for those that could actually lose to Trump), their attempts to game the system cost them seats across the nation at all levels. And when they start to draw the attention they deserve after getting washed out at all levels their only response is "it was Russia's fault"? (Deep breathes needed here for me).

Please consider watching a very good summary of the Brazile/Warren comments from a source that both @SteveG3 and I have come to admire here (caution - some adult language in this 'news cast'):


And I very much enjoyed your reference to Will Rogers, although we might agree to disagree on what might be the most contemporary quote from him at this point in time. Here is my vote in reference to this subject:

79ffe5961227b492a5ce8f42f9d83a1c--poetry-quotes-good-quotes.jpg
 
@Paracelsus Here is grist for your whatever:

Sanders would've beat Trump in 2016 — just ask Trump pollsters

Thomas Piketty, the famous historian of economic inequality would agree but the candidate would have to be younger and more handsome. The French! So cruel but stylish.:)

And yet didn't Justin Trudeau win in Canada for similar reasons - he was considered handsome and approachable enough by so many demographics that even those that embraced environmental issues voted for him and thus further empowered the fracking and tar-sand efforts of Alberta - to include the new pipelines he approved across BC to deliver those products to Vancouver? Wait..........didn't we have a similar situation with the Dakota Access Pipeline and Keystone XL under the previous administration? It is all running together. Is there really any compelling differences left between the two established parties anymore?
 
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More ridiculousness from Hillary & her stooge Wasserman Schultz’s, after learning the DNC servers were hacked they didn't notify the FBI or thier own DNC officers for 30 days instead some DC Law firm, to date the DNC hasn't allowed access to the servers for investigation by the FBI instead they concocked the fake Russian hacking story out of thin air.

DWS, Perkins Coie May Have Engaged CrowdStrike Instead Of FBI Without Consulting DNC Officers - The Daily Caller

The law firm coincidentally turns out to be Perkins Coie..

Perkins Coie is the same law firm that paid for the Trump dossier using the DNC’s funds. DNC officials including Wasserman Schultz claim they had no idea that their organization had indirectly funded the infamous document.


Oh yea, congrats to those invested correctly & didn't listen to the doom & gloom crowd since we hit more records again today.
 
More ridiculousness from Hillary & her stooge Wasserman Schultz’s, after learning the DNC servers were hacked they didn't notify the FBI or thier own DNC officers for 30 days instead some DC Law firm, to date the DNC hasn't allowed access to the servers for investigation by the FBI instead they concocked the fake Russian hacking story out of thin air.

DWS, Perkins Coie May Have Engaged CrowdStrike Instead Of FBI Without Consulting DNC Officers - The Daily Caller

The law firm coincidentally turns out to be Perkins Coie..

Perkins Coie is the same law firm that paid for the Trump dossier using the DNC’s funds. DNC officials including Wasserman Schultz claim they had no idea that their organization had indirectly funded the infamous document.


Oh yea, congrats to those invested correctly & didn't listen to the doom & gloom crowd since we hit more records again today.
Lump. I’m not getting what your points are here and they seem to be consistent over many posts.
-Are you concerned about the corruption within the DNC (Long established) effecting future election profiles to the detriment of risk? None of these people have any power today

-you seem particularly concerned people are under invested or under diversified in the market due to doom & gloom in some way. I know I’ve been pretty clear about being fully invested but not leveraged given the risks of those who are actually in power today to create risk we haven’t been exposed to. I assume you disagree with that assessment, but otherwise is there some other specific point here. It sounds like you believe there is a ‘correct way’ to be invested different than...? Something?

Just not getting it. Lack of brain power on my part no doubt
 
Basically the Bond market is saying they have little confidence the tax cuts will be implemented or will not be expansive

Note : Yield curve now flattest in 10 years. Moved a healthy notch flatter today on Powell. I don’t think the Fed can raise rates another 3 Times 2018 as indicated without risking continued growth. Hey will likely raise December; my guess is after that we have to stay put for a while. Reiterating full Long core holds but in common or DITM LEAPS that can survive increase risk and volatility 2018.

Here’s an updated primer of same
Bond market sends a warning as Powell gets ready to take over at Fed

Current against historic
B7A39BA7-1910-4FF7-B019-7DD6707B59D1.jpeg
 
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