Stocks are up this morning on no real news. Bonds and MBS are up small.
We have a holiday shortened week, with markets closing early on Thursday. We do get some important data with the final revision to Q3 GDP, Existing Home Sales, New Home Sales, the FHFA House Price Index, personal spending and income, and inflation. Basically a week’s worth of data crammed into 3 days.
Oil continues to fall, hitting $34.23 a barrel for WTI.
The Chicago Fed National Activity Index fell to -.3 from – .17.
Goldman is predicting a March rate hike – a “fairly easy path.” They anticipate growth will remain above trend and employment growth to be well above breakeven. Inflation will pick up as the the big swoon in oil from $100 to $50 will be a year old and won’t be pushing down the inflation numbers.
What deleveraging? Household debt rose to $14.1 trillion in Q3, according to the NY Fed. This is just off the high of $14.3 trillion in the third quarter of 2008. Auto debt and mortgages drove the increase.
Filed under: Morning Report |
My comment is . . . FRRRIIIIISSSSSTTTTT!
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Are there really inflation fears? It’s not showing up in commodity prices or wages. They are taking away the punch bowl before anybody even shows up.
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I am talking about inflation going from 2% to something like 3%. Nothing major..
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Democrats looooove Paul Ryan. And who can blame them?
http://www.breitbart.com/big-government/2015/12/18/democrat-leaders-dance-gloat-declare-speaker-paul-ryan-gave-away-store/
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Tend to agree, I don’t see inflation as being a major risk. What’s going to drive up prices, outside of increases in the cost of energy?
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Sargent is funny today:
“Everyone agrees that Trump is engaged in full-blown demagoguery and bigotry against Muslims and immigrants. ”
Well, except for Trump voters.
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Well, except for Trump voters.
Trump voters just see that as a feature, not a bug.
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No, they make the distinction between illegal immigrants and legal ones, etc that progressives disdain as racism.
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What percentage of Trump supporters see that as a “feature, not a bug.”?
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Still one of the best pieces for understanding Trump’s appeal:
“He’s able to consistently evoke issues in a way that makes people feel anger, rather than fear. (Some of his opponents use fear; for example, at the Conservative Political Action Conference, Ted Cruz told the crowd that the IRS “would start going after Christian schools, Christian charities, and…Christian churches.”)
And though Trump frequently raises issues that could elicit fear—terrorism, crime, economic collapse—he does so with indignation, which suggests that the audience should feel that way, too.
He’s angry, but not fearful.”
https://newrepublic.com/article/122807/why-donald-trump-so-compelling-two-advertising-experts-explain
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jnc:
Still one of the best pieces for understanding Trump’s appeal:
I don't think many people on the left are all that interested in understanding Trump's appeal. I think most of them are content to frame it as confirmation of their own caricatured understanding of the right more generally.
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What happens to the left when people get wise to the concept of shaming?
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Which is also why they can’t actually fathom his being able to win. I have a sneaking suspicion that the stealth Democratic debate strategy coupled with a reliance on the “coalition of the ascendant” will come back to bite them.
Trump is one recession or one successful domestic terrorist attack away from being competitive, if not favored, in the general election.
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Scottc1: “I don’t think many people on the left are all that interested in understanding Trump’s appeal.”
And if we do get a president Trump, that will be why. They don’t understand why Trump saying whatever comes to his mind and having an angle on things that is odds with typical DC politicians is appealing.
It’s all racism! And fascism. And none of those people have to be treated as real people, so let’s write them all off and expect demographics and identity politics to sweep us to victory.
… which it might. But I’m thinking it could be closer than it needs to be. I legitimately think The Donald is the only Republican actually likely to win pitted against Hillary or Bernie (that is, based on what has happened thus far).
” I think most of them are content to frame it as confirmation of their own caricatured understanding of the right more generally.”
And it helps them sleep easier at night, to know that there are so many people in the country they are morally superior to. 😉
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KW:
I legitimately think The Donald is the only Republican actually likely to win pitted against Hillary or Bernie (that is, based on what has happened thus far).
I think almost any R candidate could beat Sanders. And I wonder how invincible Hillary really is, even against the rest of the R’s. I think a lot of D/I voters would sit on the sidelines rather than vote for her. A lot of people really hate her, and they are not all on the right.
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Marco Rubio seems to have pissed off some people on his climb to the top as well.
Although I think it’s tough to beat Calgary Ted Cruz as the most despised elected fellow politician within his own party. (“elected” used as a disclaimer to exclude Donald Trump)
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Can anyone explain to me what is so bad about Ted Cruz? I routinely hear about how he is not a viable choice (as in “Surely Trump won’t win, but what’s the alternative, Ted Cruz?!?!”) but whenever I ask what exactly Cruz has said or done that makes him such a bad choice, I get baffled looks and no answer. It is clear that all right thinking people are supposed to hate Ted Cruz, but I still don’t know why, and he strikes me as a pretty bright guy.
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Being bad and being hated are two different things. Here is a recent WaPo article about the enemies he has made:
But stories of his unpopularity go back further.
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yello:
Being bad and being hated are two different things.
True. The sense I am getting from your links is that he is personally unpopular among fellow politicians, which is different from having unpopular or crazy policy views.
Personally, how well-liked he is among his colleagues isn’t that important to me.
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Matt Yglesias says it better than I ever could:
However, the Associate Juiceboxer says that Cruz is actually a good candidate for the GOP:
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“but I still don’t know why, and he strikes me as a pretty bright guy.”
he is a social conservative, which is icky
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My complements NoVA:
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Rich people stole that money from
crepulent, power-hungry politiciansthe people!LikeLike
@jnc4p: “Trump is one recession or one successful domestic terrorist attack away from being competitive, if not favored, in the general election.”
I think he can get there without that. Given enough anti-gun and anti-God rhetoric from the left and enough calling obvious terrorism “not terrorism” because the people who did it were Muslim, while having no problem calling domestic terrorism “terrorism” because it’s generally caucasians who are likely nominal Christians doing it, and give Donald enough opportunity to demonstrate the size of his big brass balls . . . doesn’t require a seminal event. Might require a little defying of the polls, but I think that’s a definite possibility. I think The Donald might bring out some “non-likely voters”.
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@mcwing: “What happens to the left when people get wise to the concept of shaming?”
They’d have to find a new strategy. But I think it’s a big leap to assume people will get wise to the shaming strategy. Human beings have been doing it for a long time. It’s the mechanism by which most organized religions operate!
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But I think it’s a big leap to assume people will get wise to the shaming strategy. Human beings have been doing it for a long time. It’s the mechanism by which most organized religions operate!
Are we sure they aren’t getting wise?
https://en.wikipedia.org/wiki/Historical_religious_demographics_of_the_United_States
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Could be. But I think the new religions are ostensibly secular, and still prone to shaming. Ergo, The First Church of Climate Change and Our Blessed Transgendered Mother of Identity Politics.
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This is good:
“The Wrong Side of ‘the Right Side of History’
President Obama espouses a facile faith in history bending toward perfection and morality—against evidence and reason.
David A. Graham 6:07 AM ET ”
http://www.theatlantic.com/politics/archive/2015/12/obama-right-side-of-history/420462/
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@Scottc1: “I think almost any R candidate could beat Sanders.”
It’s early, but I remain dubious. I would have thought McCain would take Obama in 2008 though, so what do I know?
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Also, no matter who gets the nomination, I’m expecting it to be a reasonably tight election. Though anything can change between now and November.
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Looks like a little doubt is starting to hit some progressive pundits:
“Democrats should fear the depths of Donald Trump’s support
By Jonathan Capehart
December 21 at 4:56 PM”
https://www.washingtonpost.com/blogs/post-partisan/wp/2015/12/21/democrats-should-fear-the-depths-of-donald-trumps-support/
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Not coincidentally, HRC and others have started up with the “Donald Trump isn’t funny anymore”, implying that his clownish buffoonery was amusing at first, but now it’s not because . . . well, not because it’s changed in any way, so one assumes it’s because their own internal polling suggests he has a real shot at both the nomination and the presidency.
Everything is a talking-point meme these days:
http://www.usnews.com/opinion/blogs/robert-schlesinger/2015/11/20/donald-trumps-anti-muslim-fascist-flirtation-means-hes-not-funny-anymore
http://www.thedailybeast.com/articles/2015/08/27/okay-this-trump-thing-isn-t-funny-anymore.html
http://www.economist.com/blogs/prospero/2015/12/political-satire
http://www.rollingstone.com/politics/news/donald-trump-just-stopped-being-funny-20150821
http://www.cnbc.com/2015/10/20/trumps-presidential-run-isnt-funny-anymore-commentary.html
http://elitedaily.com/life/donald-trump-not-funny-anymore/1312321/
Etc., etc., ad nauseum.
“Attention citizen! The Ruling Class has decreed Donald Trump No Longer Funny! You will be repelled by and frightened of him! Obey! Obey!”
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“Donald Trump isn’t funny anymore”
Seeing as some of those links date back to August, I’d surmise that The Donald hasn’t been funny for quite some time. The current rash of Democratic attacks on him could be a brier patch strategy. Maybe their polling shows that he would be the easiest to beat and they want to pump him up some.
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Yello, you must have missed my question from yesterday, what percentage of Trump supporters are bigots do you think? Thanks!
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you must have missed my question from yesterday
Didn’t realize I was your dancing monkey.
what percentage of Trump supporters are bigots do you think?
The much better question is what percentage of bigots are Trump supporters.
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Didn’t realize I was your dancing monkey.
Is there a reason questions make you so butt-hurt?
The much better question is what percentage of bigots are Trump supporters
Why is that a better question?
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“I’d surmise that The Donald hasn’t been funny for quite some time.”
The point is it’s pretty much consistently the same meme. “He’s not funny anymore. He was, but now he’s not.” And it’s never like, “He hasn’t been funny for the past 6 months”, it’s always put forward as a reasonably new assertion: “He’s not funny anymore” now. I’m sure there are plenty of people who have never found him funny. I suspect Ivana Trump hasn’t found him particularly amusing for decades, at this point.
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@yellojkt: “The much better question is what percentage of bigots are Trump supporters
Why is that a better question?”
I second that question, and I’m not trying to be clever. Why is the percentage of bigots who are Trump supporters a better question than what the percentage of Trump supporters that are bigots?
In any case, I have an answer. To somebody (and probably more than one somebody out there), all of them! To other people, none of them, he’s just a hard-talking practical dude saying that needs to be said and advocating for hard decisions for the safety of hard working Americans. By some quasi-objective metric, probably 10%, should such a thing be possible. By the traditional leftwing metric, I would expect 90% of them would be considered bigots, and the rest of them apologists for the bigots.
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