Brent Nyitray
Fairlington Blade
Let the mutherfuker burn!
jnc4p
Kevin S. Willis
Michigoose
lmsinca
markinaustin
Memetrics
novahockey
quarterback
ScottC
yellojktVital Statistics:
| Last | Change | |
| S&P futures | 3438 | 16.6 |
| Oil (WTI) | 40.92 | 0.39 |
| 10 year government bond yield | 0.78% | |
| 30 year fixed rate mortgage | 2.87% |
Stocks are higher as third quarter earnings are turning out to be better than expected. Bonds and MBS are down.
Homebuilder sentiment reached a record in September, according to the NAHB Housing Market Index. Tight supply plus strong demand has created a perfect environment for the builders. Increasing input costs, especially lumber and labor do remain an issue, however lower rates are allowing them to pass on those added costs.
Housing starts increased 2% MOM and 11% YOY to come in at 1.42 million. Building Permits rose to 1.55 million.
Delinquencies are increasing, according to CoreLogic. In July, 6.6% of all loans were 30 days or more delinquent, which was up by 2.8 percentage points compared to a year ago. The 120 day rate rose to 1.4%, which is the highest in 21 years. Note that these are July numbers, and things have probably improved since then.
Market strategist Jim Bianco thinks inflation may be coming sooner than expected. The COVID-19 crisis has restricted supply of many goods, which is causing shortages, which lead to price hikes. “The Fed is like a post in the ground and the market is like a horse tied to that post,” he said. “When that horse gets spooked by something — call it inflation — it could tear the post right out of the ground and run wherever it wants. It will run, and the Fed might have no choice but to follow it.” FWIW, the Fed would be delighted to see a return of inflation, but the global bond markets are “markets” in name only. Central Bankers are in full control of them and the bond vigilantes will struggle to make a dent given the Fed’s daily purchases of Treasuries. Also, if you sell Treasuries, what do you invest in? Bunds at -61 basis points? Japanese government bonds at 2 basis points? Tesla? FWIW, I do see hints of early 70s inflation, where product sizes are shrinking while maintaining the same price, however inflation is more than just what you see at the supermarket.
Filed under: Economy, Morning Report |
All Things in Moderation 
@gbowden41: McWing, you got me addicted to this guy. You posted that first People’s Pundit video, didn’t you?
I try to share some of these with other people, especially who are taking the national polls at face value, and they blanch at the length of the shows. And I’m like, “Oh, no, you have to listen to about 20 hours of them or more . . . ”
Fascinating stuff, though.
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I did and I am addicted to their analysis. I think they’re being a little to optimistic in the white working class voter enthusiasm but it’s a legitimate counter point to the current political narrative.
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Got this yesterday. It’s UK centered, but is probably applicable to certain places in the US too.
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Finally watched the 2011 movie Contagion last night. Eerily prescient.
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In one case in Utah, where a police car was burned, federal prosecutors had to defend why they were bringing arson charges in federal court. They said it was appropriate because the patrol car was used in interstate commerce.
https://apnews.com/article/virus-outbreak-race-and-ethnicity-suburbs-health-racial-injustice-7edf9027af1878283f3818d96c54f748?utm_campaign=SocialFlow&utm_medium=AP&utm_source=Twitter
the ICC strikes again!
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In the leftist parallel universe, they are convinced that the riots are largely false flag operations by the proud boys
you won’t believe how many times i have heard my left-wing friends claim it is the right doing the rioting.
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Yup. It’s always the other side’s fault!
Over-identifying with a group based on perceived similarities tends to skew viewpoints.
One thinks, “Well, they want a UBI. I want a UBI! So obviously they aren’t looting and burning, those are those right-wingers who don’t want a UBI! It’s all a false flag operation, probably funded by the Koch brothers!” And then complain about crazy QAnon conspirac theories.
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Andy Ngo’s Twitter feed and reporting is key to debunking that. He posts all the mug shots and police info.
There were more riots in Portland for Columbus Day that destroyed a Teddy Roosevelt statue, a Lincoln statue and vandalized a history museum. Before heading over to trash the residential neighborhoods.
https://www.theguardian.com/us-news/2020/oct/12/portland-roosevelt-lincoln-statues-protest-columbus-day-indigenous-peoples-day-rage
https://www.oregonlive.com/portland/2020/10/protesters-topple-portland-statues-of-theodore-roosevelt-abraham-lincoln-in-day-of-rage.html
I’m surprised that none of the rioters/protesters using the lasers to try and blind people have been shot yet. I see a laser dot on me and I assume it’s a laser sight.
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So who does the left think they’re bailing out with their bail GoFundMe’s?
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“Peaceful Protesters”
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I look forward to the left’s strange new doubts of W v F!
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Direct Action doesn’t care about the law in the first place.
And the intellectual liberal fellow travelers are skipping Wickard and going straight after Marbury v. Madison and ultimately the Constitution itself.
https://newrepublic.com/article/159823/constitution-crisis-supreme-court
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Well then I may be a Fellow traveler on M v M
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jnc:
Give the author props for honesty, saying outright what progressives have long sought to do by stealth:
That said, the American left should work toward abolishing the Constitution someday—either for a new document or a new democratic order without a written constitution.
I think it would have been more accurate to include the words “continue to” after the word “should”.
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It’s been interesting watching this argument migrate from Jacobin to the more center-left publications.
What seems to have been the catalyst is the connection with critical theory, namely the argument that the Constitution established white supremacy.
Class struggle by itself was insufficient until the woke brigade came along.
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The left has always detested to Constitution, and the only time they ever pretend to care is when it is a useful tool to stymie the right.
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In that it is very Leninist.
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Worth noting:
“Mouthwashes, oral rinses may inactivate human coronaviruses”
https://news.psu.edu/story/635101/2020/10/19/research/mouthwashes-oral-rinses-may-inactivate-human-coronaviruses
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