Updates
September 29, 2017: yesterday, below, I posted a snarky comment about the credibility of GOP congressional leaders. Today in The Hill: distrust of US Senate grows, which led with a picture of Susan Collins and John McCain. No more needs to be said, except, the president's tax plan has no chance of passing. The good news: it's not "tax reform" and it's not needed. The bad news: if GOP can't pass this bill, the GOP is pretty much done for the rest of this term.
Active rigs:
| $52.73↑↑ | 9/28/2017 | 09/28/2016 | 09/28/2015 | 09/28/2014 | 09/28/2013 |
|---|---|---|---|---|---|
| Active Rigs | 58 | 32 | 70 | 190 | 184 |
RBN Energy: how renewables are displacing natural gas from the West Coast -- part 2 of a continuing series.
Tesla: has burned through $10 billion in cash over its public lifetime and the ramp up in production has just begun.
Hugh Hefner dead at 91 years of age.
Disclaimer: this is not an investment site. Do not make any investment, financial, travel, job, or relationship decisions based on what you read here or think you may have read here.
Jobs: link here --
- new claims, prior: 259K
- forecast for new claims: 275K -- an increase of 17K after a huge drop last week (a drop of 23K last week); range: 260K to 300K
- actual: 272 -- 3,000 less than what consensus was; so up 12,000 from previous week;
- actual, 4-week average, rose 9,000 to 277,750, the highest level since February, 2016 (think hurricanes)
- when the Fed (aka Janet Yellen) raises rates in December, folks in Texas, Florida, and Puerto Rico will still be struggling with after-effects of three huge hurricanes
- political leadership is not there (Trump, McConnell, Ryan)
- after the healthcare debacle, is anyone even paying attention to McConnell or Ryan any more? I know I switch stations when Ryan shows up for an interview (or at least hit the "mute" button -- all hat, no cattle)
- "never Trumpers" and Dems will never pass "tax reform" initiated by President Trump -- that's simply a fact; some GOP senators have already said clearly they will not vote for this
- 42% of Americans do not want to see tax cuts (previously posted)
- any middle income investor paying attention knows that raising the marginal rate from 10% to 12% means taxes on investment gains will increase (as I understand it; could be wrong) -- that may be offset by doubling the standard deduction
- there is no urgency to get this done
- equity markets at all-time highs
- US economy plugging along at an "okay" rate; no headlines that US in dire straits
- the big pole in the tent dragging down US economy: cost of healthcare and that issue has not only NOT been addressed, but is actually getting worse
- cost of housing might be the second issue but trails healthcare costs as an issue for the middle class
- college education may be the third issue but that affects a segment of the population that is hard to define and seems to be a niche issue
- corporations (where most of the impetus lies for tax reform) have learned to deal with the tax code and seem to be doing just fine, thank you, regardless of what some say
- no urgency, and we've run out of time this year anyway
- perception that, with some exceptions, tax reform not needed; there is a perception that under current political environment, greater chance of "shenanigans" than "real" tax reform
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