Category Archives: Wall St.
The economy’s too good. The beer’s too cold. The stock market is suffering whiplash.
Thanks to tax reform and deregulation the economy is booming and the stock markets are soaring. Apple is returning billions to the U.S. And other companies are offering pay raises and bonuses.
So Trump celebrated by slapping 30% tariffs on imported solar panels and washing machines.
New Davos Man
On Friday he speaks to the global ruling class in Davos Switzerland. Maybe I should have had the new Davos Man blowing “America First.” Or “Trade War.”
The Dow hit another record high yesterday. Unemployment is at a record low. Though The Hill says the 4.1% rate is more like 8% when you include the underemployed. At any rate over half of those polled by CNBC rated the economy as “good” or “excellent.
Yet life expectancy declined in the U.S. from 76.3 to 76.1 years for men. The rate for women held steady at 81.1 years. The Washington Post reported that 63,632 people died of overdoses in 2016 and 42,000 of those were from opioids.
National Review’s David French notes that more people died from overdoses last year than in the entire Vietnam war.
This didn’t sit well with President Trump. Trump tweeted that Bannon “lost his mind” when he fired him. The Avenging Donald then sicced his lawyers on Wolff – guaranteeing best seller status for the book .
CNN’s Brian Stetler claims Wolff’s book “suggests Trump is unstable and raises alarms about his fitness for office.”
But CNN also reports that Secretary of State Tillerson, once accused of calling Trump a moron, never questioned the president’s mental health. And the White House deputy press secretary called Wolff a fake news, crackpot fantasy fiction writer.
Wolff agrees! A note in the front of his book says some of his sources definitely lied to him.
Dow Up Bannon Down
Whatever. If it’s stability you want, the Dow steadily rose above the 25,000 mark.
Stock analyst Paul Gambles is terrified about that too.
It’s been a wild ride for bitcoin. According to Cointelegraph.com the crypto coin lost 40% of its value last week. It dropped from $20,078 to $11,833. But was it just a buying opportunity? Bitcoin bounced to $15,147 yesterday. Big Bitcoin Heists
Leonid Bershidsky writes in Bloomberg View that your money is safer in a bank.
And don’t forget your bitcoin pin.