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To conclude, this article is primarily written for all my readers who are either Trump supporters, or who reluctantly voted for him. My message to you is that we need to hold this man’s feet to the fire. The election is over, and you got your desired outcome. Now is not the time to be a cheerleader. Now is not the time to behave exactly like Obama zombies did after he became an obvious betrayal. What allowed Obama to do all the bad things he did, was the fact that his supporters made endless excuses for him. Don’t make excuses for Trump. If you do, your life will get a lot worse and this country will decay far more into an authoritarian oligarchy than it already has. It is up to you to make sure he doesn’t become the Wall Street puppet I always feared he would be.
Donald Trump hasn’t yet made the move from Trump Tower to America’s most expensive public housing, but he was able to come through with one campaign promise this week by announcing a deal with Indiana-based Carrier Air Conditioning that will keep almost 1,000 jobs in the state. As reported, the deal seems largely focused on the State of Indiana offering millions in tax breaks and an understanding that the Trump administration will push for regulatory and corporate tax relief at the Federal level.
While the jobs Carrier will be keeping in the US only makes up about a third of the jobs the company had planned to move to Mexico, the underlying deal seems to reflect a larger commitment to addressing the corporate tax and regulatory burdens that have long held back the American economy. While some have described Trump’s approach as crony capitalism, if the terms of the deal really are limited to tax relief, such claims are baseless. While it is true that tax breaks for specific companies are less ideal than across-the-board cuts (or outright abolishment) of business taxes, they should not be confused with taxpayer subsidies.
Decades ago, economists like Mises and Rothbard were already arguing that tax breaks are not economically or ethically equivalent to receiving subsidies. Simply put, being permitted to keep your income is not the same as taking it from competitors. Exemptions and loopholes do not forcibly redistribute wealth; taxes and subsidies do, thereby benefiting some producers at the expense of others.
Coming off the the “Thank Your Tour” that got started yesterday with stops in Indiana and Ohio, Vice President-Elect Mike Pence sat down with the Wall Street Journal to discuss the new administration’s aggressive plans for the first 100 days in office. Pence said the new team plans for a “burst of activity” right out of the gate and said “the only thing that will surprise them is that Washington, D.C., is going to get an awful lot done in a short period of time.”
Vice President-elect Mike Pence said Thursday that the incoming Trump administration is planning a burst of activity that would take aim at the gridlock in Washington, pressing forward with its goals to overhaul the tax code, health care and immigration laws.
In an interview with The Wall Street Journal, Mr. Pence said President-elect Donald Trump is preparing ambitious 100-day and 200-day plans aimed at fulfilling core campaign promises and jump-starting economic growth.
Asked what might surprise voters about the Trump White House, Mr. Pence said: “I think the only thing that will surprise them is that Washington, D.C., is going to get an awful lot done in a short period of time.”
The priorities of the first 100 days laid out by Pence are not terribly surprising and include reforming immigration, repealing and replacing Obamacare, filling the vacant Supreme Court seat and overhauling the tax code. While several reforms can be accomplished by simply undoing Obama’s many executive orders, others, like tax reform, will require Congressional approval and will stretch into the spring.
mishtalk.com / Mike “Mish” Shedlock / December 2, 2016 2:22:49
Keith Jurow, a real estate analyst and author of the Capital Preservation Real Estate Report, pinged me a few days ago with his belief that the widely-followed Case-Shiller national real estate index is off on the high side.
Jurow supplied detailed, repeat-sale statistics of the top 125 metro regions in the US in an Excel spreadsheet from RealtyTrac.
My independent analysis of the data including a huge skew caused by California follows.
Over the last 7.5 years, the Case-Shiller national home price index has increased 24.9% on a cumulative basis. But I have argued in numerous articles that that figure is grossly overstated. A new RealtyTrac report supports my claim, and shows the actual number is only 16%. Let’s take a good look at this report to find out what has really occurred in major housing markets around the country.
(NaturalNews) Dear Donald Trump: As long as we’re draining the swamp, let’s also drain the lying leftist media swamp with all the other swamp scum.
It’s time to banish the lying mainstream media from the White House press corps. Why give these hateful, anti-American propaganda rags direct access to you, your travel plans and your administration? They aren’t going to play nice, you know. They’re only going to use their access to you to continue fabricating false, defamatory stories about you and your administrationwhile deliberately attempting to destroy you.
Here’s how to turn all this around and Make America’s Free Press Great Again…
How to instantly make the entire lying mainstream media irrelevant…
All you have to do is blockade the liars in the mainstream media, and make all your announcements directly to the independent media and the American people.
DENY the mainstream media access to you and your administration. Instead, distribute a list of “approved independent media” contacts to the members of your administration. That list should be made entirely of independent “free press” publishers and news organizations… you know, the ones that helped you win the election!
Over 30 years after a botched test at the Soviet nuclear plant sent clouds of smoldering nuclear material across large swathes of Europe, the world’s largest land-based moving structure has been slid over the Chernobyl nuclear disaster site to prevent deadly radiation spewing from the stricken reactor for the next 100 years.
Rising 360 feet into the air with a span of 850 feet and length of 540 feet, the shield is tall enough to cover the Statue of Liberty and longer than two Boeing 777 jets placed end to end.
ericpetersautos.com / Eric Peters / December 2, 2016
I wrote the other day about stepping off the debt escalator. About the freedom that comes with not having to make payments. Car payments in particular. For every dollar you pay, you acquire perhaps (optimistically) 50 cents in fungible value – i.e., what the car will be worth to someone else once you’ve paid it off.
This is not a good deal.
There are better deals available. But you have to be willing to do some unusual things – which is why most people do not usually do them. And so end up getting 50 cents on the dollar for their “investment” . . . if they’re lucky.
armstrongeconomics.com / by Martin Armstrong / Dec 2, 2016
While the left continues to bash Trump as a racist for his stand against migrants, the Obama Administration argued before the Supreme Court yesterday for the same result. The Obama Administration was at the Supreme Court on Wednesday, urging the justices to strike down a court decision granting regular hearings to many migrants jailed on immigration grounds.
If anyone is cheering the news of an OPEC deal it is U.S. shale producers. The OPEC agreement sent oil prices shooting up this week, with WTI and Brent quickly surging above $50 per barrel.
Saudi Arabia has agreed to swallow the pain by lowering its oil production, reducing the global surplus to the benefit of everyone else. But it also managed to convince some of its intractable peers to chip in some production cuts, including Iraq, which had previously resisted any cuts. OPEC was even able to bring Russia on board for 300,000 barrels per day in reductions, even though Russia is not an OPEC member.
The result is significant by any measure. OPEC is planning to cut 1.2 million barrels per day beginning in January and non-OPEC producers could add another 600,000 barrels per day in reductions. The global supply-demand balance will likely flip from surplus to deficit when the deal is implemented, and Goldman Sachs sees oil prices rising to $60 per barrel in the first half of next year.
Surely there were champagne corks being popped in Texas as OPEC announced its decision. The share prices of more than 50 U.S. oil and gas companies shot up by more than 10 percent on Wednesday. The S&P 500 Energy Sector Index gained 5 percent, rising to its highest level since mid-2015.
news.goldseek.com / By Craig Hemke / Friday, 2 December 2016
By Craig Hemke
Last weekend, the Washington Post reported a new, McCarthy-type black list of “fake” political news sites. The mainstream reporting of the the current economic news is now so pathetic and biased that there will no doubt soon be a similar list of “fake” economic news sites. The “reporting” of today’s disastrous employment report is just the most example.
Politico, MSNBC, Wall Street Journal, Washington Post, Yahoo and many other fake news organizations are now claiming that Trump will inherit a strong economy. WikiLeaks showed us in the last election cycle that many of these organizations are colluding with the Washington elite. So, you must ask yourself: what narrative are they trying to peddle now?
The economy is anything but strong.
The unemployment rate had a decent number today, but that is because the Labor Force Participation Rate continued it’s downtrend last month.
jessescrossroadscafe.blogspot.com / Jesse / 02 DECEMBER 2016
The Non-Farm Payrolls report was a mixed bag this morning.
I doubt it will deter the Fed from raising rates 25 to 50 bp. This has been their the imperative of their internal needs for using rates as a tool for some time. They wanted badly to get off the zero bound, ahead of the next recession.
Only fear of the weak recovery and macro events have held them back, largely from a reputational perspective. Never underestimate the craven motives of a seasoned bureaucrat.
Stocks caught a bit of a bounce, primarily as a technical matter into a weekend overshadowed by the vote in Italy and continuing ‘populism’ in Europe.
lewrockwell.com / By Jack Perry / December 2, 2016
Hey, was everyone impressed with the USS Zumwalt which just broke down in the Panama Canal on its maiden voyage? Right, what is it, a $1.4 billion dollar (that we know of) ship and it breaks down on the test drive? Has anyone got the receipt? Can we take this back for a refund? And do we have the 100,000 miles extended the warranty, or is that one more thing the defense contractor screwed us on? “Ahoy! Can you call us a tugboat? We dropped a driveline and the local shops don’t service this make and model!”
Now, the USS Zumwalt might as well be known as the P.O.S. Zumwalt since I have also heard they cannot get sufficient ammo for this boat. Not that it would matter since, for the ammo to be used, the boat would need to arrive at the target destination, to begin with. In fact, after all, the hoopla about this “21st-century naval vessel” and the rather pathetically laughable reality of it, we really ought to call it the USS Obamacare. Don’t laugh, because there will probably be an aircraft carrier named the USS Barak Obama about ten years into the future. It’ll probably be the first aircraft carrier in history that will blame attacks upon it on the aircraft carrier itself.
Whatever “enemies” the United States government has deceived itself into believing it has, the USS Zumwalt will not frighten them in the least. They now know that whatever crisis occurs, the USS Zumwalt will be sitting in the Panama Canal, jumper cables in hand, trying to signal a Liberian-flagged tramp steamer to help it limp to a gas station. And the name itself conjures up no fearsomeness. I’m sorry, but “Zumwalt” sounds more like small citrus fruits such as kumquats and loquats. “Have you tried the Zumwalt marmalade on your English muffin? It’s rather expensive, but it’s the newest thing!”
A furious Iran threatened to retaliate early Friday against a U.S. Senate vote to extend the Iran Sanctions Act (ISA) for 10 years, saying it violated last year’s deal with six major powers that curbed its nuclear program. The ISA was first adopted in 1996 to punish investments in Iran’s energy industry and deter its alleged pursuit of nuclear weapons; it was due to expire on Dec. 31. Lawmakers said the extension would make it easier for sanctions to be reimposed if Iran violated the nuclear settlement. The extension was passed unanimously on Thursday.
While US officials said the ISA’s renewal would not infringe on Obama’s landmark nuclear agreement (which may or may not be voided by Trump), and under which Iran agreed to limit its sensitive atomic activity in return for the lifting of international financial sanctions that harmed its oil-based economy, senior Iranian officials took odds with that view. Iran’s nuclear energy chief, Ali Akbar Salehi, who played a central role in reaching the nuclear deal, described the extension as a “clear violation” if implemented.
“We are closely monitoring developments,” state TV quoted Salehi as saying. “If they implement the ISA, Iran will take action accordingly.”
Iran’s most powerful authority, the Supreme Leader Ayatollah Ali Khamenei, warned in November that an extension of U.S. sanction would be viewed in Tehran as a violation of the nuclear accord.
“Iran has shown its commitment to its international agreements, but we are also prepared for any possible scenario. We are ready to firmly protect the nation’s rights under any circumstances,” Foreign Ministry spokesman Bahram Ghasemi said in comments reported by state news agency IRNA.
Unfortunately, the Drudge headlines are simply helping to perpetuate simplistic ideas of how wealth is built, and forwards the idea that free trade and free movement of capital somehow make most Americans poorer.
Indeed, it seems that most pundits and news organizations are treating it as a given that keeping auto production or air conditioning production within the borders of the United States is an automatic “win.”
Most of the criticism of the Trump Carrier deal has focused on the politics and legality of the deal. Some have even claimed that Carrier was essentially bought off with “subsidies” from the State of Indiana, and possibly the federal government as well.
Earlier this morning we reported that Trump’s attorneys had filed an objection to Jill Stein’s recount petition with the election commission of Michigan. Per the Michigan Secretary of State, those objections have just been rejected and a recount has now been cleared to begin early next week barring any new legal actions over the weekend.
No one knows who is behind the newly created PropOrNot website that came up with the list of 200 “Russian agents,” but it is as likely as not the State Department funded National Endowment for Democracy, which has been peddling propaganda as fake news since its inception. Indeed, it was created for the purpose of destabilizing the Soviet Union. Of course the CIA could be involved, or Israel, or George Soros, or some neoconservative group, or some new government funded organization as a tool of the propaganda war that the Obama regime has vowed to fight.
zerohedge.com / by Tyler Durden / Dec 2, 2016 1:16 PM
Update: The market was modestly spooked as Transport Minister Delrio appeared to confirm Renzi’s resignation will occur on a ‘no’ vote…
While the post-Trump euphoria in US stocks has been the perfect distraction from the ugly realities elsewhere, this weekend’s Italian Referendum could well be the biggest ‘revolt’ yet, topping Brexit and Trump. Should Italy vote “no”, as polls forecast, PM Renzi may quit, leaving the Italian bank recapitalization would then be in jeopardy and, as Bloomberg’s Mark Cranfield warns “we could be looking at a Greece-like market reaction on steroids.”
Italy’s referendum on Sunday is the biggest risk for markets going into year-end, according to a poll of Citigroup clients, and several risk indicators suggest investors’ concern is growing…
The junior gold miners’ and explorers’ stocks have been crushed in recent months, collateral damage from enormous gold-futures selling. That’s naturally left investors and speculators extremely bearish on gold juniors. But lost in all this technical and sentimental tumult are important fundamentals from the juniors’ recently-reported third-quarter financial and operational results, which proved quite strong and bullish.
The junior gold stocks are rightfully considered the Wild West of the gold sector. Most of the hundreds and hundreds of these small companies won’t prove successful. They won’t be able to secure funding to explore sufficiently, won’t be fortunate enough to find an economic deposit of gold to mine, or won’t be able to make the herculean leap from explorer to miner. The odds are stacked heavily against the gold juniors.
Nevertheless, the elite small gold explorers and miners able to overcome and grow their businesses to larger scales will see truly-enormous stock-price gains. The gold juniors are exceedingly important for the entire gold-mining industry, since they feed the critical gold-supply pipeline with new deposits and mines to offset the inexorable industry-wide depletion of current operations. Success here is radically rewarded.
"Anyone who claims to stand for free markets, free trade, and limited government but who attempts to defend the existence or importance of the Federal Reserve or central banking is a liar. Either you support free markets and freedom of pricing or you support central bank price-fixing and creeping socialism. There is no third way or middle road — socialism and the free market are mutually incompatible. A little bit of socialism in the form of price-fixing is like a little bit of gangrene, if left unchecked it will eventually infect and kill the whole." - Paul-Martin Foss via The Mises Institute