Category Archives: Wall St.

Obama Wall Street Fat Cats Speech

fat cats

Barack is back. He will give a speech to the Wall Street firm Cantor Fitzgerald in September. HIs fee? $400,000. The same amount as his annual salary as president.

President Obama had harsh words (at no extra charge) for Wall Street bankers in 2009. He called them “fat cats who don’t get it.”

Elizabeth Warren isn’t happy.

 

American Health Care Act Repeal and Replace

american health care act

In a WSJ op-ed this morning, Speaker Paul Ryan calls he American Health Care Act “the boldest and most conservative health-care legislation to come before Congress in decades.” He plans to repeal and replace ObamaCare without “pulling the rug out” from under those who benefit from the new entitlement. President Trump is all in.

But House Freedom Caucus leaders say it’s not bold enough.

We’ll see. They vote today.

Trump’s Animal Spirits

161205animal spirits

James Fallows, in the October Atlantic, says Jane Goodall told him that Donald Trump reminds her of a chimp:

In many ways the performances of Donald Trump remind me of male chimpanzees and their dominance rituals,” Jane Goodall, the anthropologist, told me shortly before Trump won the GOP nomination. “In order to impress rivals, males seeking to rise in the dominance hierarchy perform spectacular displays: stamping, slapping the ground, dragging branches, throwing rocks. The more vigorous and imaginative the display, the faster the individual is likely to rise in the hierarchy, and the longer he is likely to maintain that position.”

Animal Spirits

The elite made a monkey of Trump before the election. But since then he’s released the stock market’s animal spirits. Oil and the dollar dig The Donald too.

Many 401-k investors are bullish because stocks have hit record highs. But Clinton Foundation investors – not so much.

Well, at least one Clinton supporter has done ok. Warren Buffett’s Berkshire Hathaway is up 8% since the election.

 

Tesla Autopilot Crashes

tesla

I got to drive a Tesla once. It was cool. Like driving one of the HO slot cars I had as a kid.

But I think I’d be queasy about letting the car drive itself. There are those who say it’s a great innovation. Like speed control on steroids. But the car can kill.

Tesla Autopilot Crashes

The WSJ reports Tesla is being investigated by the SEC for not informing shareholders of a fatal crash involving its autopilot system.

Update:

Daily Beast says Tesla is misleading about autopilot safety. If you don’t brake it’s your fault because your weren’t paying attention. If you do brake it’s your fault because you were driving.

Holman Jenkins says the autopilot feature has been around since 1995. It’s basically cruise control and the driver still has to pay attention.

 

British Independence Day

British Independence Day

It’s to the the “back of the queue” for the U.K., if President Obama is to be believed. The Brits ignored him and other experts and decided they’d had enough of the bureaucrats in Brussels.

EU commissions regulate everything from the bend of bananas to the curvature of cucumbers.

British Independence Day

Gerard Baker discussed Brexit in a WSJ front page analysis, Britain Fires a Shot Heard Round the World. He compared it to the populist movement that gave the Republican Party The Donald as presumptive nominee for president of the United States.

Tea Party Nation, a leading umbrella group, congratulated the British on their “Independence Day” and said in a statement “the land that gave us Magna Carta decided they wanted freedom and not a socialist dictatorship.”

Megan McArdle in Bloomberg had this to say about global elites and populist movements:

In many ways, members of the global professional class have started to identify more with each other than they have with the fellow residents of their own countries. Witness the emotional meltdown many American journalists have been having over Brexit.

Journalists aren’t the only one’s melting down over Brexit. The Dow and the British Pound celebrated “the freedom from socialist dictatorship” by plunging 600 points and 11% respectively.