On the positive side of things, the Fed meeting kicks off this morning and we don’t expect them to lower rates for a month or two. If that’s in the cards, we don’t expect it until the July meeting, or later – like in the fall. We may really need it, then.
And Dow futures qwere up 145 on the good Housing report (in a sec, be patient!)…
That’s because the markets may be in the process of making their final run to new all-time highs over the summer right now. IF that’s the case, the grand all-time high could be in around the last week of August, just ahead of the September 2 Labor Day this year.
None of this is cast in stone, but if you step back far enough from the charts, that’s one way to “read the tea leaves.” More on this in the Peoplenomics ChartPack tomorrow.
Pushing Markets Today
Couple of things: El Trump will be having ICE begin a nationwide round-up and return of illegal aliens to from whence they came, starting next week.
Already, the NY Times has lined up “Landlords Oppose Trump Plan to Evict Undocumented Immigrants.” Apparently, following the laws of the land is optional for liberals. Especially if they are profiteering in real estate with artificial demand held high by illegal aliens. Economics over ethics by which party, was that again?
Those unfamiliar with the history of such mass deportation efforts would be well-advised to read the history of previous such efforts including president Eisenhower’s Operation Wetback which Wikipedia summarizes as follows:
“Operation Wetback was an immigration law enforcement initiative created by Joseph Swing, the Director of the United States Immigration and Naturalization Service (INS), in cooperation with the Mexican government. The program was implemented in May 1954 by U.S. Attorney General Herbert Brownell and utilized special tactics to deal with illegal border crossings into the United States by Mexican nationals. The program became a contentious issue in Mexico–United States relations, even though it originated from a request by the Mexican government to stop the illegal entry of Mexican laborers into the United States. Legal entry of Mexican workers for employment was at the time controlled by the Bracero program, established during World War II by an agreement between the U.S. and Mexican governments. Operation Wetback was primarily a response to pressure from a broad coalition of farmers and business interests concerned with the effects of Mexican immigrants living in the United States without legal permission..”
DJT is finding himself in increasingly “warm water” because the lefties are picking up not only a lot of headlines, but also oodles of cash from simple-minded liberals who don’t see the grand chess game that George Soros and others have engaged in to bring about their special brand of corporate socialism (CorpGov) with a heavy side order of “social justice” guilt-sellers which is mainly lib-speak for Reverse Discrimination.
YOU cross a border illegally? “Jail bubba.” THEY? “Oh, sorry for the inconvenience, come back to this address in a few years and we’ll work something out.” I don’t see any “equality” in that, but some as more equal than others…and we ain’t them.
Side “equality” note: House Hearing on Slavery Reparations Scheduled for Juneteenth. Fix one kind of discrimination in the past by loading a fresh batch on people not involved? Oh boy…
With some reports that Bernie was closing fast, and the tribal Warrenites rolling in the dough, Trump needs to “run on his record.”
With liberals stonewalling in Congress, continuing to piss-away time and resource son the non-issue of Russian collusion, Trump has been thwarted from getting much Wall built.
Meantime, a cadre of Obama appointees legislate from the federal court benches which are, in turn, being “shopped” by liberal cause groups who are still promoting Sanctuary Cities which holds the potential of turning the border states into and American liberal dream-rhyme of the Gaza Strip.
Trump needs to do something actual, decisive, and get film and data or one of his major campaign promises will have been scuttled by the Deep State which has aligned with the Globalists who are orchestrating their take-down of a once “free” country.
Congress is 535 House and Senators. Of these, 456 fit into what we call the Political Hacks class (lawyers and politicians moving up the political food chain.) To our way of thinking, that’s 85.23% politicians which explains by we can read books like “Three Felonies A Day: How the Feds Target the Innocent.”
On the economic front, Trump has to keep his fingers crossed about a Fed rate reduction, even in July. Because over across the pond, the EU – sensing a pause in the US economy – is already making plans to blast ahead. As POTUS tweeted this morning:
“Mario Draghi just announced more stimulus could come, which immediately dropped the Euro against the Dollar, making it unfairly easier for them to compete against the USA. They have been getting away with this for years, along with China and others.”
It’s how long to the election? Already the “product differentiation plan” is well-advanced.
A Crypto for “Zuckers”
Since we figured out how Bitcoin will likely collapse when the mining stops (or they will need to have internal fees that will be a pseudo-tax) we’ve been on the lookout for the corporate hijack of the blockchain “honest money” idea.
Well, it’s here and being rolled out in a NY Times story “Facebook Plans Global Financial System Based on Cryptocurrency.”
As pretty rabid environmentalists, we’re clear on the notion that any crypto that has a “bigger carbon footprint” than paper with serial numbers, ought to be globally illegal as a waste of precious resources since depletion never sleeps.
Ah, but people do. And so a “Zucker born every minute?”
The new coin will be called a “Libra.” Look for a Ford crypto to come called a “Taurus?” Perhaps a medical crypto called
The Creator has pulled the curtain up (and the pants down) on the heights of human folly. And we’re only part-way there. Just freakin amazing….
Being at the tail-end of an 11-year cycle which started up from the market lows in 2009, we should see lots of housing market activity since bubbles tend to repeat. But, do they? Here’s the fresh data set just out from Census this morning:
“Building Permits Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,294,000. This is 0.3 percent (±1.3 percent)* above the revised April rate of 1,290,000, but is 0.5 percent (±1.4 percent)* below the May 2018 rate of 1,301,000. Single?family authorizations in May were at a rate of 815,000; this is 3.7 percent (±1.2 percent) above the revised April figure of 786,000. Authorizations of units in buildings with five units or more were at a rate of 442,000 in May.
Housing Starts Privately?owned housing starts in May were at a seasonally adjusted annual rate of 1,269,000. This is 0.9 percent (±12.9 percent)* below the revised April estimate of 1,281,000 and is 4.7 percent (±8.9 percent)* below the May 2018 rate of 1,332,000. Single-family housing starts in May were at a rate of 820,000; this is 6.4 percent (±9.5percent)* below the revised April figure of 876,000. The May rate for units in buildings with five units or more was 436,000.
Housing Completions Privately?owned housing completions in May were at a seasonally adjusted annual rate of 1,213,000. This is 9.5 percent (±13.7 percent)* below the revised April estimate of 1,340,000 and is 2.8 percent (±9.1 percent)* below the May 2018 rate of 1,248,000. Single?family housing completions in May were at a rate of 890,000; this is 5.0 percent (±12.7 percent)* below the revised April rate of 937,000. The May rate for units in buildings with five units or more was 319,000.
Next Tuesday the Case-Shiller Housing report will be out and you can compare their numbers…
Hits and Misses
And still selling “climate”? Boaty McBoatface makes significant climate change discovery on first mission.
Is this our keyword “ammonia” showing up in headlines which we precognitively mentioned last week?
Latest concept from “over there in the Realms” is airplane flight, delays computers and power involved in flights from the US to So. and Central America shortly. Not sure how that will arrive, but the overnight weird look ahead had plane changes and ticketing issues, plus takeover aspects, all rolled into one…so we shall see.
Moron the morrow…