Economic data released today on the Chicago PMI (Purchasing Manager’s Index) shows how much the U.S. economy is urgently in need of fiscal stimulation.
With barely a whimper above the 50 expansion level, the health of its economy is set to drop into contraction territory soon (as it did in 2009 following the depressed signals forecast by similar low numbers produced in 2007/08), unless Congress begins to cooperate and focus on real issues that support its claims of being number one in the world arena when it comes to economic (and military) might, instead of playing economically dangerous political games in unnecessarily obstructing the advancement of the new Trump administration, cabinet confirmations, and economic and security agendas.
Then (January 19, 2008)…which was the beginning of the financial crisis, culminating in a catastrophic drop of the S&P 500 Index, along with other U.S. and foreign stock markets, to the lows of March 2009 (which was stemmed by U.S. government bailouts of the financial system)…
It may seem hard to believe, but this is going to be the last full week of Obama’s presidency. After eight years (long, horrible years for the bearish set), Obama’s tenure in the White House is nearing an end. His excellency President Twitter will be sworn in (placing his hand, I suppose, on The Art of the Deal) in just a couple of Fridays. There are very few guarantees in life, but I’m pretty sure of this: this is going to be a verrrrrrrry interesting administration.
Anyway, since Trump’s inauguration is coming up, I thought I’d reflect a bit on what happened in the equity markets when Obama came into office. It’s kind of interesting (I’ve also featured two images of Obama, showing how much these two terms have aged the man).
Make no mistake, the real loser of the 2016 U.S. presidential election was not Hillary Clinton. No, it was nearly the entire Western mainstream media which up to final moment last night clung to a political fairytale it tried so very hard to convince its readers over the past two years. No matter whether you are a Hillary or a Trump supporter and no matter how you feel about the 45th president of the the United States himself, this is something that should deeply upset and worry you long after your current euphoria or depression has subsided and given way to your daily routine. (more…)
Slope has never…………EVER………..had so many comments. Most financial blogs, including the big ones, garner a few dozen comments for a post. Tonight we’ve got something like FIVE THOUSAND. This is truly the greatest financial blog out there.
This upcoming Monday, September 26th, will be the first (of three) presidential debate. I have been looking forward to this day for literally months. It’s not too soon to get the popcorn popping, the soft drinks chilling, and the air horns waiting.
I have written about this astonishing election off and on during the course of the year. Like most of the country, I am not a fan of either candidate. It seems to me most of the interest in either candidate is simply based on despising the other one. My view is this: if Hillary Clinton is elected, it will be for a similar reason for Obama winning the Nobel Peace Prize. He did it by not being George Bush, and she’ll do it by not being Donald Trump.