Patriotic Millionaires Want to Raise Taxes On "The Rich"

Posted on November 21, 2011 by Kevin S. Willis

But none of them is willing to make even a token gesture in order to demonstrate the sincerity of their position.

I hope the video embed works. Behind the firewall, I can’t check it:

If not, view it at The Daily Caller, where they say:

Two dozen “patriotic millionaires” traveled to the Capitol on Wednesday to demand that Congress raise taxes on wealthy Americans. 

The Daily Caller attended their press conference with an iPad, which displayed the Treasury Department’s donation page, to find out if any of the “patriotic millionaires” were willing to put their money where their mouth is.

Hot Air also covers the video, where they say :

So what’s the lesson here? True patriots won’t volunteer, but insist on being drafted before coming to this nation’s service? That’s certainly a unique view of “patriotism,” isn’t it? That’s because “patriotism” isn’t what drives this message — it’s ideology. It would be equally “patriotic” to demand that the federal government return to a level of spending that we had just a few years ago, when the federal government spent one out of every five dollars rather than one out of every four in the American economy.

Listening to it, I don’t think these people are very serious about their cause, or they are all remarkably tone deaf. If they are super rich, they couldn’t be bothered to toss off a grand or two (at least while the cameras were rolling) in order to make a show of putting their money where their mouth is? I can’t listen to it now, but I recall one of them saying that everybody needs to pitch in, including the middle class (that will go over well) and another excusing themselves from making any sort of donation because they do “significant” private charity. Uh-huh.

Didn’t hear anything about what they were proposing. We’re they proposing pumping up capital gains, or personal income tax? And I’d be curious how hard any of these folks, who couldn’t even toss of some pocket change just to set a good example toward their cause, actually be impacted by the increased taxes. If they were arguing for increased income taxes, while they themselves profit mostly from capital gains, they could have all been entirely full of shiznits.

While I understand the argument that a correct policy prescription is collective, and that to make a difference the effort needs to be collective, as a layperson with no axe to grind against the super-wealty, all these rich guys come off (perhaps it’s the video editing, but it does not feel like that) as completely full of crap, and out to swindle regular old working joes like me, busy living the American dream of just getting by.

Whether the arguments themselves are inherently hypocritical, the unwillingness, to a man, for any of them to part with what would, quite honestly, be for them the equivalent of pocket change for you or me, just to make a point—that’s speaks volumes to me. And what it says is that this isn’t what they claim, that these people are full of crap, and this so-called tax on the rich is going to leave them largely untouched while funneling cash out of the pockets of the Kevins, Marks, Scotts, QBs, and lmsincas and even yellojkts of the world.

My sense of just their reactions in the video, and I can’t imagine how additional context would help, is that these folks are being dishonest or duplicitous. The most charitable interpretation I can imagine is that they are simply not serious, and posing for fun and for a war story to take back to their friends at the next cocktail party.

Patriotic millionaires. Hmmph.

Filed under: Uncategorized | 58 Comments »

Morning Report

Posted on November 21, 2011 by Brent Nyitray

Vital Statistics:

Last Change Percent
S&P Futures 1195.9 -18 -1.48%
Eurostoxx Index 2180 -56.650 -2.53%
Oil (WTI) 96.42 -1.250 -1.28%
US Dollar Index (DXY) 78.465 0.442 0.57%
10 Year Govt Bond Yield 1.96% -0.06%

US futures are down on the failure of the super committee to reach a deal. FWIW, I am surprised at the reaction – I don’t think anyone expected much anyway. Euro sovereigns are relatively stable this morning. Merger Monday is back, with a $10 billion deal in the pharma space and a deal in the insurance space. Corporations are sitting on a mountain of cash and valuations are low. We should be seeing a lot more of this.

So was Jon Corzine a crook, or just someone who made a bad trade? It seems some of the biggest distressed investors are betting the latter. Of course all assets are good investments at a price, and MF Global bonds are trading at 36 cents on the the dollar, and the bank debt is around 50 cents. These investors are betting that the missing 600 million of customer funds is out there, and will be found. If that is the case, you can make a case that the equity is actually worth something. Which means a full recovery on the bonds and a double or triple as the case may be.

Filed under: Uncategorized | 13 Comments »

Nov. 21st.- The Day the Super Committee Died

Posted on November 21, 2011 by lmsinca

In order to vote on any proposal of the Super Committee by Wed. Nov. 23rd. the proposal needs to come before the committee members by tonight at midnight.  Apparently, the Sunday shows were full of committee members and other members of Congress discussing it’s failure but more importantly pointing fingers at the other side for the inability to reach a compromise.  Do they think the American people ever believed they would reach some decision regarding the future budget of the country?  Congressional approval hovers at 9%, that should tell you all you need to know.

Here’s a little from the WaPo regarding Super Committee failure:

“If the supercommittee fails, I think there will be a stark realization by every member of the U.S. Senate that we’re at the end of the year and these complex challenges have not been dealt with,” Sessions said. “It’s likely to be a really difficult period.”

The policy battle comes as the parties are gearing up for a high-stakes election season dominated by economic concerns, with both the White House and Congress in play. The political pressure that has helped keep the 12-member supercommittee from compromising on hot-button issues such as taxes is sure to grow more intense.

If the supercommittee does not finish on time, it would lose special procedural powers to push a tax-and-spending plan through a bitterly divided House and Senate, leaving congressional leaders without an easy path to compromise on the expiring provisions — and a potentially nasty holiday-season fight on their hands.
“We don’t have the answers,” Sen. Richard J. Durbin (Ill.), the No. 2 Democrat in the Senate, conceded recently as it became evident that the panel’s effort had stalled. “The supercommittee was put in place” to develop “a strategy to take us through the election” by resolving the toughest outstanding budget problems, he said. “If they don’t succeed, then we have to address these issues.”

David Dayen suggests burial for the super committee.

This does raise a set of key issues going forward as we reach the end of the year, however. The Super Committee is a dead letter. They are exceedingly likely not to recommend anything at all. Jon Kyl talked about the committee in the past tense on the morning shows today. It’s all over except for the finger-pointing, which will be as meaningless as it is intense.

But there are all these loose ends out there, and all of them would actually increase the deficit, just to show you what a joke fiscal responsibility has always been. First, there are the aforementioned payroll tax cut and unemployment benefits extension. Those expire at the end of the year. So do two other notable measures: the patch that avoids a cut to Medicare reimbursement for providers by over 20%, colloquially known as the “doc fix,” and the adjustment to the alternative minimum tax that helps the upper middle class avoid the additional levy. Then there are a host of other expiring tax breaks, many for businesses, that usually get lumped in and called “tax extenders.” The thumbnail cost for extending every single one of the above-mentioned items is $300 billion. By the same token, that’s the amount you would take out of the economy if you failed to extend any of these measures. And that would, as noted above, be a significant fiscal drag on the economy.

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Sunday Funnies

Posted on November 20, 2011 by lmsinca

Here’s an interesting story in the LA Times this morning.  Oh yay, another confusing tax increase/decrease coming to a ballot initiative near you.  We’ll see how this one pans out as details are pretty sketchy at this point.


The Think Long Committee, which includes Google Chairman Eric Schmidt, former governors Gray DavisEli Broad, says its proposal would provide $5 billion more for public schools every year and billions for public universities and local governments. and Arnold Schwarzenegger and Los Angeles philanthropist


Although the group has prepared a report outlining its proposals, it has not taken the preliminary steps needed to place the ideas before voters. Members have not filed any potential initiatives with the state attorney general’s office or created a campaign committee to finance such an effort. A spokesman for Think Long said those moves would come in the next couple of weeks.


The group’s plan is based on a reshuffling of California’s tax system. It would lower the state’s personal income and sales tax rates and create a new levy of more than 5% on services that are not currently taxed, such as legal work or accounting.


Think Long spokesman Nathan Gardels said members want to “maintain California’s progressive tax system.” Under their proposal, families earning up to $45,000 a year would pay no state income tax, while those making up to $95,000 annually would pay 2%. This would lower some taxpayers’ obligations significantly.


The group also wants to double the current exemption for homeowners and renters on their state income tax and eliminate most other California income tax credits.

Filed under: Uncategorized | 19 Comments »

Bits & Pieces (Saturday Night Review)

Posted on November 19, 2011 by Kevin S. Willis

Cops open up the Natalie Wood case. Robert Wagner may have done her in, after all.

Is innovation in Silicon Valley to blame for killing jobs while enriching the already hyper wealthy?

If that sign is any indication of what your resume looks like, I’m thinking I might know why you’re having trouble with your job search. Also, nothing against propellor hats, but . . . 
Cell Phones in 1922? Now, that’s Steam Punk!
Mitt Romney wiped emails from his term as governor, and aids purchased their hard-drives from the state, presumably taking any related data with them. The Romney campaign accuses current Massachusetts governor, Deval Patrick, and tattling and acting as a opposition research arm of the Obama re-election campaign. 
Ashton Kutcher and Demi Moore are getting a divorce. Apparently they had an open marriage. Still didn’t work out, somehow. 
IPPC says “get ready for extreme weather”. Also, “give us your money”.
Wanna listen to something fun? James Lilek’s has an eccentric, nostalgic podcast called “The Diner”.
Have a great weekend! — KW

Filed under: Uncategorized | 31 Comments »

Pre-Thanksgiving Bites

Posted on November 19, 2011 by Michigoose

Everyone has their favorite way of doing their bird for the Big Day (and, really, it’s kind of too close to the holiday to think about changing turkey recipes at this point. . . but if you ask very, very nicely I’ll let you in on the secret of how the world’s Best Damn Turkey gets fixed at Chez Michigoose most years) but side dishes are something that we can play around with–or, to be grammatically correct, something with which we can play around.

Have I mentioned that my mother was an English teacher?

At any rate, here is my twist on one of the classics:

Better Than Campbell’s Green Bean Casserole


1         cup        Italian bread crumbs
3         cups       Fried onions (about a 6 oz can)
2         lb           Green beans, trimmed and halved
3         T            Unsalted butter
1         lb            Button mushrooms, cleaned, trimmed and broken into pieces
3         cloves     Garlic, minced
3         T            All-purpose flour
1 1/2 cups        Chicken stock
1 1/2   cups Heavy cream

Toss the bread crumbs and fried onions together in a bowl, set aside.

Preheat oven to 425 degrees.  Fill a large bowl with ice water.  Bring a large pot of salted water to a boil and add the beans.  Cook beans about 6 minutes until just barely tender; plunge beans into the ice water for a minute or two, then spread them on some paper towels to drain.

Place butter in a saute pan and melt over medium heat; add muchrooms, garlic, and some salt and pepper and cook for 6 minutes (mushrooms should release their moisture and the liquid should evaporate).  Add the flour and cook, stirring constantly, for 1 minute.  Stir in the chicken stock and bring to a simmer, stirring constantly.  Add the cream, reduce the heat to medium, and simmer until sauce is thickened and reduced to about 3 1/2 cups (about 12 minutes).  Taste and season with salt and pepper.

Add the green beans to the sauce and stir to coat; arrange in a baking dish and sprinkle with the bread crumb/onion topping.  Bake for 15 minutes and serve.

And I really, really don’t like sweet Sweet Potatoes–those things with little marshmallows in them were the bane of my existence as a kid at Thanksgiving.  So I was very happy to find this recipe in Gourmet magazine’s cook book one year:

Sweet Potatoes with Chipotle Peppers


4 – 5 Sweet potatoes
1 T Chipotle peppers in adobo sauce (processed)
3 T Unsalted butter

Process the chipotle peppers in their sauce in a food processor to make a paste.  The leftover processed peppers last several months in the refrigerator (mine don’t last that long, but only because I love cooking with them and use them in just about everything except ice cream)

Preheat the oven to 450 degrees.  Wash the sweet potatoes and prick the skins with a fork.  Roast for 1 – 2 hours until very soft and set aside to cool.  Lower oven to 350 degrees.

Scrape the meat out of the potatoes and add the chipotles and butter; beat with a mixer until smooth and fluffy.  Add salt and pepper to taste.  Place the potatoes in a baking dish and dot with more butter if desired; bake until warmed through.

Another take on green beans from okie:

Green Bean Bacon Wraps


Ingredients
2-3     lbs            whole green beans (fresh or frozen)
1         lb or less   bacon
1         C              brown sugar
1         C              butter
½         t               garlic salt
2         T               soy sauce

Preparation
If using fresh green beans, blanch in boiling water for 1minute and drain.  Thaw if using frozengreen beans.  Cut bacon into short enoughpieces to wrap bundles of 5-7 green beans each (about ¾ slice each).  Secure with toothpicks and place in a glassbaking dish.  Mix brown sugar, meltedbutter, garlic salt and soy sauce in a bowl. Pour the mixture over the green bean wraps and refrigerate overnight.  Cook at 350 degrees for 40 minutes.

Apple, Cranberry, Currant Pie from MarkInAustin

Mike, Brian, BB, and Dave! I know y’all have seen this from me twice, so I apologize to you in advance.

PREP AND COOK TIME: About 1 1/2 hours, plus at least 1 hour to cool
MAKES: 8 [adult male or teenager] servings

1/4     cup            Gran Marnier [or brandy, if you are short on the good stuff]
1/4     cup            currants [look like tiny raisins – you could use raisins in a pinch but they are not the same]
1        cup            fresh [or thawed frozen] cranberries [I find fresh make a tarter pie – I am OK with tart]
About 3/4 cup     granulated FRUCTOSE  [a lot of apple pie recipes call for a cup or more of sugar – fructose is sweeter and way lower on the glycemic index]
1/2     cup            tapioca flour [I never use cornstarch in a fruit pie]
1/2     tsp             ground nutmeg
1/2     tsp             ground cinnamon
1/4     tsp             salt
2        oz              1/2+1/2
6        cups          sliced/chopped Granny Smith apples [about 2 1/4 lb].  I like the skin on for this pie – it’s more “rustic”.  Think of Pilgrims and Indians.
2×9-inch pie pastry shells  – I either make my own or buy really great shells at Central Market.  When I make my own they are in no way unusual.

1. In a small bowl, combine Gran Marnier and currants. Cover and let stand until currants are plump, at least 1 hour.  [Sometimes I cheat and do not soak this long.  No biggie.  The plumpness of currants is mainly a texture deal]

2.  Chop/slice apples, skin on, using a mix of techniques for slices and chunks.  If there will be a delay between prep and oven, put the 6 cups of apples in a big bowl and add a little OJ to keep them from browning.  LATER YOU MUST THOROUGHLY DRAIN AND PAT DRY THE APPLES!  My grandmother taught me the OJ instead of lemon juice trick about 55 years ago.

3. Sort cranberries and discard any that are bruised or decayed. Rinse and drain berries.

4. In a large bowl, mix fructose, tapioca flour, nutmeg, and salt. With a slotted spoon, lift currants from Gran Marnier; reserve Gran Marnier. Add currants, cranberries, and chopped apples to fructose mixture and mix well. Taste and add more fructose if desired. Pour filling into unbaked pie pastry in pan.  Cut hole pattern in top crust.  Mix 1/2+1/2 with reserved Gran Marnier and cinnamon and brush liberally on pie crust.  Carefully braid foil around pie’s edge to keep pie from from crisping-burning on crust edge that overlaps the pan during baking.  [Later, pass off the tiny pieces of foil that some guest finds in the crust edge as “healthy mineral”. 🙂]  

5. Bake on the bottom rack of a 375° oven until juices bubble around edges and through top holes, 55 to 65 minutes. If pie browns too quickly – check after 30 minutes – cover loosely with foil.

6. Set pie, uncovered, on a rack until cool to touch, at least 1 hour.

Personal note:  I think most apple based recipes use way too much cinnamon, to the point that some people confuse the cinnamon with the apples.  Using the cinnamon on the crust, only, permits the fruit flavors to dominate, but the smell of the pie out of the oven has the familiar cinnamon scent.

Lulu’s mashed potatoes au gratin


8 – 10 potatoes peeled and cut in half, then boiled until tender

Mash potatoes with butter, milk, 2 cloves garlic, salt and pepper

While potatoes are boiling saute 2-3 onions (sliced) until really really carmelized, I do this over medium heat so they don’t burn

Put potatoes into baking dish, dot with butter and bake until heated through

Add onion to top and cover with either Gruyere or Havarti cheese and broil until cheese is nice and bubbly and golden

FABULOUS PUMPKIN BREAD
from MsJS


Makes three loaves.

Ingredients:
15 oz. pumpkin puree
4 eggs
1 cup vegetable oil, preferably canola
2/3 cup water
3 cups sugar

3.5 cups flour
2 teaspoons baking soda
1.5 teaspoons salt
1 teaspoon cinnamon
1 teaspoon nutmeg
1/2 teaspoon ground gloves
1/2 teaspoon ground ginger

Preheat oven to 350 degrees.  Grease and flour three 8x3x2  loaf pans.

In a large bowl, mix together the first five ingredients until blended.  In a separate bowl, sift together everything else.  Mix the dry ingredients into the first bowl until just blended.  Don’t overmix.

Pour into the prepared loaf pans and bake 50-55 minutes or until a toothpick inserted into the center comes out clean.  Cool completely before removing from the pans and slicing.

Turkey Enchiladas
by Victoria Topham, owner and chef, Piñon Market and Cafe (and friend of Michigoose’s)

1 ea onion, roughly chopped
2 cloves garlic, chopped
1 can roasted green chilis, peeled
2 cups chicken stock

Sauté the onion and garlic.  Add the chilis and stock, cook down and puree.  Add salt if needed.

2 lb Turkey, cooked and shredded
2 cups Sour cream
1+ cup Pepper jack cheese, shredded (or salsa jack, if you can find it)
1+ cup Cheddar cheese, shredded
1 tsp Red pepper flakes
1 T Cilantro, chopped
1 T Scallion, chopped

Flour tortillas
Tomatillo salsa, for serving

Combine the enchilada filling ingredients together in a mixing bowl; mix well. Place about 1/2 cup of filling into a tortilla and roll up.  Place the enchilada in a baking dish and repeat until dish is full.

Pour the green chili sauce over the top, cover with more cheese and chopped tomatoes.

Bake at 350 degrees for about 20 minutes.

Serve with tomatillo salsa on the side.

NOTE: this is a very free-form recipe, as Vic adapted it for me from the amounts that she uses in her restaurant.  The most important thing is to use plenty of green chili sauce, so that the enchiladas don’t dry out while cooking. . . so supplement if needed–either with more sauce or more tomatillo salsa–and have fun!  I usually use more green onion than Vic does, and half the red pepper flakes since I use Penzey’s “very hot” ones.

Who’s next??

Filed under: food, recipes, Thanksgiving | 29 Comments »

The real face of OWS?

Posted on November 19, 2011 by ScottC

Occupy San Diego holds a moment of silence “in solidarity” with the man who shot at the White House and has been charged with the attempted assassination of the President.

Wholly apart from the, er, questionable judgement, if this is the quality of intellect leading this “movement”, it is clearly not long for this world.

(BTW…is it really that cold in San Diego, necessitating scarves and gloves and winter coats? Global warming strikes again, perhaps.)

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Bits and Pieces (Jumping in on Kevin’s Turf on a Friday Night)

Posted on November 18, 2011 by Michigoose

I have no idea if this is actually a true story, but this ones for Mr Troll McWingnut:

Two Texas Highway Patrol Officers were conducting speeding enforcement on Hwy 77, just south of  Kingsville, TX. One of the officers was using a hand held radar device to check speeding vehicles approaching the town of Kingsville.  The officers were suddenly surprised when the radar gun began reading 300 miles per hour and climbing. The officer attempted to reset the radar gun, but it would not reset and then it suddenly turned off.        

Just then a deafening roar over the mesquite treetops on Hwy 77 revealed that the radar had in fact locked on to a USMC F/A-18 Hornet which was engaged in a low flying exercise near its Naval Air home base location in Kingsville Tx.

Back at the Texas Highway Patrol Headquarters in Corpus Christi the Patrol Captain fired off a complaint to the US Naval Base Commander in Kingsville for shutting down his radar equipment.

The reply came back in true USMC style:

Thank you for your letter …

You may be interested to know that the tactical computer in the Hornet had detected the presence of, and subsequently locked on to, your hostile radar equipment and automatically sent a jamming signal back to it, which is why it shut down.   Furthermore, an Air-to-Ground missile aboard the fully armed aircraft had also automatically locked on to your equipment’s location.   Fortunately, the Marine pilot flying the Hornet recognized the situation for what it was, quickly responded to the missile system alert status and was able to override the automated defence system before the missile was launched to destroy the hostile radar position on the side of Hwy 77 So. of Kingsville.

The pilot suggests you cover your mouths when cussing at them, since the video systems on these jets are very high tech.  And, Sergeant Johnson, the officer holding the radar gun, should get his dentist to check his left rear molar.   It appears the filling is loose.  Also, the snap is broken on his holster.

Semper Fi!

I couldn’t get the link to format correctly, but ashotinthedark wanted to make sure that everyone knew about this:


More Vegetables Evolving Chocolate-Sauce-Filled Centers As Evolutionary Imperative
NOVEMBER 18, 2011 | ISSUE 47•46

AMES, IA—Leading agriculturalists reported Wednesday that many vegetables, including carrots, eggplants, and zucchini are evolving rich, creamy chocolate centers in order to ensure their survival as a species. “A crop must adapt to changes in the food-consumption environment and develop traits that encourage the plant’s cultivation and consumption,” said Professor Gavin Tibald of Iowa State University, showing off a recently discovered variety of beet that releases carbonated sugar water when its skin is pierced. “If a species doesn’t entice farmers and consumers with an ooey, gooey goodness, it will die off and be replaced by a plant that does.” A similar phenomenon was observed last year when Danish fishermen discovered a species of scallop that appeared to have perpetuated itself by growing a thick layer of bacon around its body.


Best wishes to you and Mrs. Ashot for a quick and easy delivery of the newest ashot this weekend!

— Michigoose

Filed under: Bits and Pieces, joke | Tagged: | 10 Comments »

Michigan Miscellanea….Illiteration is Lame

Posted on November 18, 2011 by ashot

This item is a week or so old, but Michigan’s Senate recently passed an Anti-Bullying law that requires schools to pass rules and policies to protect students from bullying….well most bullying at least.

Democrats have been trying to pass an anti-bullying bill for years but were always thwarted by Republicans, leaving Michigan as one of 3 states without such a laws. Why would Michigan Republicans oppose such a bill? Government intrusion perhaps? Nope, it was fear of the big, bad homosexual agenda that fueled opposition. In the decade Republicans have opposed the anti-bullying bill, at least 10 homosexual students committed suicide.

The controversial portion of the bill is the following: “This section does not prohibit a statement of a sincerely held religious belief or moral conviction of a school employee, school volunteer, pupil, or a pupil & parent or guardian.”

I suppose one could argue that the exception created by this language was aimed at making sure the bill complied with the First Amendment, but if that was the reason for the exclusion I would think political belief would have been added rather than just addressing religious beliefs and moral convictions.

The bill has been heavily criticized by the media and Democrats in Michigan. Stephen Colbert had a pretty funny and on point take on the bill, too.
By the way, keep an eye on Gretchen Whitmer who appears in the video in the second link. She is the Senate Minority Leader here in Michigan and will probaby be making a run at Governor or Congress in the next few years. She was also named one of the World’s Hottest Politicians a few years ago by Maxim.

The other big controversy in Michigan surrounds a bill which would change Michigan’s No Fault Car insurance law. To summarize, the bill would put a cap on how much insurance companies could end up paying at which point payment would come from Medicaid, Medicare or private insurance. I had also heard that the reimbursement amounts paid by insurers would also become tied to Medicaid amounts, but I can’t find a good article discussing that aspect of the bill at the moment. Anyway, assuming that is part of the bill, it would reduce revenue for hospitals and physicians while increasing profits for insurance companies. If catastrophically injured payments exceeded the cap, the government would likely end up on the hook for the medical care through Medicare or Medicaid.

One of the problems with the proposed reform (which has stalled) is that insurers are already protected from having to pay millions of dollars in medical benefits to injured victims since after $500,000, benefits are paid by a catastrophic claims fund. The money for that fund comes from, at least in part, assessments on consumers. If the insurers also contribute to that fund, then I can see how the cap would save them money, if not I don’t see where their costs are reduced. Obviously, their profits would be increased if they continued to charge the assessment. I also wonder what would happen with the $12.9 billion dollar fund if this law passes? Would I get a check?

Aligning payment with Medicaid payment would definitely save the insurers. This brings us to people’s biggest problem with the bill. There is no guarantee the insruance companies would pass this savings on to consumers nor is their a guarantee that they would end the assessment that has thus far funded the catastophic injury fund. Absent such a promise, this would simply be a giant giveaway to the insurance company while pushing costs to the Medicare and Medicaid and further reducing income to hospitals and doctors. Elections matter, people.

Filed under: Uncategorized | 28 Comments »

Morning Report

Posted on November 18, 2011 by Brent Nyitray

Vital Statistics:

Last Change Percent
S&P Futures 1222.8 8 0.66%
Eurostoxx Index 2250.2 7.420 0.33%
Oil (WTI) 99.87 1.050 1.06%
US Dollar Index (DXY) 77.748 -0.533 -0.68%
10 Year Govt Bond Yield 2.01% 0.05%

Markets are rebounding after the pummeling of the last two days. Italian and Spanish sovereign yields are slightly tighter this morning, and a number of banks are raising their 4Q GDP estimates. This has been the underlying story – the US economy is on the mend, but European headlines dominate the markets. If the US banks are taking up their GDP estimates, then analysts will be taking up their earnings estimates. The S&P 500 is trading at 11.8x forward earnings, which is a multiple last seen in the early 80s. Right before the bull market of a generation. I am not saying the secular bear market which began in 2000 is over, but it is getting long in the tooth, and the pieces are setting up for a new secular bull market, probably in the next few years.

Apologies for no report yesterday – was in the city all day yesterday.

Edit: Update 10:00 am – Leading Economic Indicators came in at .9%, higher than the .6% expected and close to the 2011 highs in March.

Filed under: Uncategorized | 79 Comments »

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