Category Archives: Wall St.

Life Expectancy

life expectancy

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.

Life Expectancy

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.

Trump, Dow, Book Sales Soar, Bannon Crashes

Steve Bannon called Trump’s son “treasonous” and “unpatriotic”. The quotes appear in Michael Wolff’s new book Fire and Fury.

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.

 

 

 

Big Bitcoin Bounce

bit coin bounceIt’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.

 

Brian Ross News


Brian Ross reported on ABC that Trump ordered Flynn to contact Russians before  the election.

Apparently Wall Street investors believe what the see on on TV  and the Dow plunged 350 points.

But ABC says Ross got it wrong and suspended him for four weeks.

Then within a week CNN one upped Ross.

This wasn’t Brian’s first rodeo.

 

Update 12/10/17: The cartoonist carelessly wrote NBC instead of ABC on Ross’s mic. He has been suspended.

Two Headed Bureaucratic Monster

bureaucratic monster

Richard Cordray resigned as Director of the Consumer Financial Protection Bureau on Friday because he wants to run as a Democrat for governor of Ohio.

On his way out the CFPB door, Cordray appointed his chief of staff, Leandra English, deputy director. That spot had been vacant for two years. But the Deputy Director can serve as acting director in the absence of the director, according to the Dodd Frank Act, so it must have seemed like a good time to fill the vacancy.

Trump, however, countered that move by appointing OMB chief Mick Mulvaney acting director. The Federal Vacancies Reform Act gives him the authority to do so.

Two Headed Bureaucratic Monster

On Monday morning both “acting directors” showed up for work. CFPB’s own general counsel opined that the Vacancies Act trumps Dodd Frank. So she sided with Trump.