Archive For: September 2017

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September 29: Daily Contrarian Reads

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Why The Donald's Tax Plan Is DOA----It Betrays Main Street, Stupid!

That didn't take long. The bailing wire that held together Trump's unpaid for $6 trillion tax cut was the $1.3 trillion potential savings from eliminating the state and local tax deduction. It was the only loophole the White House even dared to name, but with 80,000 units of local government yelling "unfair tax on a tax" we ventured the opinion yesterday that it would soon be gone. Lo and behold it is, and with it's demise any prospect of a big tax cut bill has vanished, too. This deduction was literally the pin in the grenade.

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Chart of the Day: What Recovery? Nine Years of Flat Is Not "Growth"

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September 28: Daily Contrarian Reads

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Memo To Steve Mnuchin And Gary Cohn: You're Fired!

The Donald's strong point admittedly does not lie in his grasp of policy detail. But, boy, did he get taken to the cleaners by his so-called economic policy team of Mnuchin & Cohn. No wonder Trump apparently balked at the last minute Monday night. The nine page bare-bones outline released yesterday is nothing more than an aspirational air ball that punts on virtually every policy detail needed to assess its impact and to price-out its cost. It promises to shrink the code to three rates (12%, 25%, 35%), for example, but doesn't say boo about where the brackets begin and end compared to current law.

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September 27: Daily Contrarian Reads

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McConnell Bites The Dust-----What It Means

The chickens are coming home to roost. Indeed, if such domestic fowl could fly Washington's skies would soon be dark with them. That's because the events of the past week have extinguished the illusion that there is a functioning Republican government that can reverse the nation's slide towards fiscal catastrophe.

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Chart of the Day: Population-Adjusted New Home Sales At 54-Year Lows

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September 26: Daily Contrarian Reads

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Seven Reasons Why The Casino Is A Clear And Present Danger To Homegamers

You have to hand it to MarketWatch. It never fails to dig up the very stupidest ideas being peddled by Wall Street when the latter is trying to unload wildly over-priced merchandize on gullible homegamers. But today's post under the headline "7 reasons to stay bullish....amid all these worrisome headlines" was an outright gem. If these are the threadbare canards that the brokerage houses are using to justify today's bubblicious stock prices, you should be selling what they are peddling. Anybody paying half attention can see through this tommyrot in an instant.

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