Futures are higher this morning, but we never know what that means. Let’s see if today’s bounce has any staying power or not. Oh, and, morning train reads:
• Shiller Spotted the Last Two Bubbles—Here’s What He Says About the Bond Boom (Money) see also Soaring Bond Prices May Sound an Economic Warning (Dealbook)
• The (Real) Bank of America (Politico)
• Value Managers Root for More Market Turmoil (Bloomberg)
• The inflation chicken littles were so wrong: The dollar is on a tear (Washington Post)
• House Republicans Change Rules on Calculating Economic Impact of Bills (NYT) see also White House Budget Director Blasts GOP ‘Dynamic Scoring’ Plans (Real Time Economics)
Hey BBG headline writers, can we stop calling 4% below all-time highs after a 200% diagonal up gain in 5 years “market turmoil”?
Oh how the last five years of central bank sheltered “markets” have seemingly warped so many “investors” perspective.
It is pretty stunning to see the US $ index rise 15% over the past 6 months, double the rate of the S&P 500, and occurring while long-term interest rates are declining.
Equity-like moves in major currencies are unusual.
“Bitcoin Jesus” is surprised when he discovers that giving up his American citizenship means he isn’t American anymore and gets treated like a foreigner. He has been told that he can’t get a visa to visit the US because they are concerned he could become an undocumented alien.
BTW – apparently this has cost him speaking engagements. I assume that this means he would have been paid for them and would have been taking work away from American citizens and legal residents.
Amazingly enough, it is possible for decisions to have consequences.
Apple has lost the functional high ground (Marco.org)
Heads-up technology puts data on car windshields at CES (WaPo)
How $50 Oil Changes Almost Everything (Bloomberg)
Obama: If I were Lions fan I’d be ‘aggravated’
”…Obama said if he were a Lions fan, he would be ‘pretty aggravated’ over a reversed pass interference call … in … the Detroit Lions-Dallas Cowboys playoff game. … Obama watched the … game and [said] he couldn’t ‘remember a circumstance in which a good call by one of the refs is argued about by an opposing player of the other team with his helmet off on the field, which in and of itself is supposed to be a penalty. The call is announced and then reversed without explanation. I haven’t seen that before.”
Chris Christie part of Dallas Cowboys’ ‘mojo,’ Jerry Jones says
Christie Faces Scrutiny Over Gifts From Cowboys Owner
”…[Rep. Governor and Presidential hopeful Chris Christie] has roamed the sidelines of a University of Notre Dame football game and stayed overnight at the Hamptons mansion of rocker Jon Bon Jovi….”
OBAMA: ‘I Spend Most Of My Time Watching ESPN In The Morning’
Obama is interfering with the private sector again.
Leap second: French time lords add one second to 2015
American MUST stand firm and NOT follow these Socialists! Let THEM be a second off!
This is what you get with Obama! The Time Change Hoax!!!
Obama denies patriotic US citizen travel rights!
Well… ex-US citizen, who renounced his citizenship for tax reasons and split.
CYA buddy, don’t let the TSA frisk you on the way out.
The drillers are under siege by Obama and his Muslim Brother allies, and their OPEC masters in Saudi Arabia.
All this talk about earthquakes in the heart of red states is another Liberal-Democratic lie: the Earth Crust Gutters Hoax.
Defund the earthquake checkers! Use static scoring models if you have to just stop taking jobs away from. Give earthquake checking to the states!
Dynamically score the Richter Scale!
More deepwater US oil will come on line over the next few years. I assume that is another reason why it would be only fair for the Saudis to cut back on production so that American oil companies can make more money.
Doubt this will be successful.
And speaking of hearing the full music spectrum (or “my art” as NY puts it), given that NY is 69 YO, it is doubtful that he can hear sounds much over 10-12 kHz. So he can’t even hear the full spectrum of his own music when he is making it! [lol]
Neil Young’s high-quality Pono music player goes on sale Monday for $399
* By Jacob Kastrenakes
* on January 6, 2015 08:16 pm
Neil Young’s high-quality music player, the Pono, is finally going on sale. After completing a successful Kickstarter campaign last year, the Pono is heading into retail stores on Monday. It’s a niche product, so it won’t be everywhere — just 80 locations — but you will be able to find it at a number of Fry’s stores across the US. It’ll sell for $399.
“”What other music players are out there? I think we have a chance.””
Young says that Pono is here largely because he wanted it and it turned out that so did a lot of other music lovers who showed up on Kickstarter. “I’m a musician. I want people to hear my art. A lot of people feel the same way,” Young said. “In my mind, this is a success already because it lives.”
Going Dry: The Benefits Of A Month Without Booze
January 06, 2015
Resolving to abstain from alcohol this month? Even a short-term break from imbibing may impart measurable health rewards.
One thing that the Republican rule changes on budget scoring may be able to do is to highlight the economic benefit of infrastructure spending as long as it is done on fundamental economic drivers, like transportation, electrical grid, water and sewage, communications etc. Fancy buildings to house politicians with politicians’ names on the buildings usually have less economic impact.
It will be interesting to see if they score a construction job paid for by the government as equivalent benefit to a tax cut.
So after the GOP takes power what is their #1 item to get done?
Well pay-back to the Koch brothers off course. The most important thing they can imagine to use their newfound powers on is to allow a project that will pipe oil down to the gulf so it can be exported elsewhere. That will ensure that we in America will have increased prices and the Koch brothers and their ilk can harvest fat profits. The big environmental bills will be covered by Uncle Sam as the shell companies declare bankruptcy when the disaster cleanup bills come due.
Will they move to dynamic vote-counting so they can overcome the Presidential veto. The philosophy seem to be that if you cannot jump that high you just lower the bar.
Its a bit more complex than that. Many of the refineries in the gulf were configured to process Venezuela heavy crude, that is similar to Canadian oil sands crude. Venezuela’s oil industry has tanked and production has dropped. So one of the reasons to push for Keystone is to provide Canadian oil sands oil as a replacement for Venezuela’s at those refineries.
They may export some of it, but probably quite a bit will be processed.
“Strong performance also helped Vanguard attract more flows, with more than $9 billion going to the Vanguard Total International Bond Index. Launched in 2013, the fund tracks a benchmark index that buys international bonds and makes bets designed to protect against its exposure to foreign currencies. In 2014, it was able to benefit from a strong U.S. dollar.”
I hope they don’t presume to make bets against currencies: I am trying to hedge my exposure to the US dollar?