FYI: With all due respect to the office of the President, I can’t think of many other bigger wastes of my time than watching the State of the Union address.I honestly can’t remember the last time I watched more than 10 minutes of one as nothing ever is new. It ends up being a combination of pats on the back and promises on everything with applauses every 5 minutes from about one half of the hall.
Unfortunately I’m going to have to torture myself and watch Tuesday night in search of some comments on tax reform. Will there be details? Will he mention the words border adjustment tax? Unlikely as Steve Mnuchin on Fox yesterday said “There are certain aspects that the President likes about the concept of a border adjusted tax, there are certain aspects that he’s very concerned about.” Or will we just get vague comments that something big league is coming? Likely still.
Regards,
Ted
http://ritholtz.com/2017/02/do-i-really-have-to-watch-this/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+TheBigPicture+(The+Big+Picture)
Comments
I refuse. Hell, I'd much rather wait for spring. I'll get the replay tomorrow morning on Morning Joe.
Most of our investment strategy during these times is pretty, and at times, painfully obvious.
and so it goes,
peace,
rono
IF, you plan on commenting on it.
IF, you want to see how the actual speech compares with the main stream media's comments on it.
@Dan - I look forward to reading your summary of the speech. I hope filling the potholes in Michigan is high on his list of infrastructure projects.
However, I did vote absentee ... to no avail.
https://www.washingtonpost.com/opinions/america-first-really-means-americans-last/2017/02/27/93bc597c-fd30-11e6-8ebe-6e0dbe4f2bca_story.html
https://www.nytimes.com/2017/02/27/opinion/mischaracterizations-misrepresentations-and-lies.html
https://www.washingtonpost.com/news/politics/wp/2017/02/27/can-you-make-president-trumps-budget-proposal-work/
clown talk this all is:
https://twitter.com/paulkrugman/status/836293905079488514/photo/1
I fear a significant market slump ahead and am not sure what to do about / how to prepare for it.
Yeah - Curious ain't it. However, I like when he's cantankerous like he's been lately. Means he's feeling better & getting back to normal.
"Trump Proposes 37% Cut to State Department Budget"
"The Trump administration is proposing to cut spending by 37% for the State Department and U.S. Agency for International Development budget, according to a person familiar with the budget deliberations."
"“That is definitely dead on arrival,” Sen. Lindsey Graham (R., S.C.) told reporters "
However, there's so much uncertainty right now as others note. His talk is highly inflationary. But the R-controlled Congress is intent on cutting with an axe. That's potentially deflationary. It's anybody's guess how it will all play out. And there's other possibilities not pretty, either. (Interesting editorial in The New Yorker this week. I'd start a fire-storm if I linked or mentioned it. So I won't.)
http://thehill.com/policy/transportation/321418-transit-agencies-push-back-against-trumps-falling-tiles-claim
Earlier stories said that he was favorably inclined to fund the full build-out of the Second Avenue Subway in Manhattan (which would pass three blocks from his home). As I read the figures, that would cost about the same amount as the Mexican wall. Maybe we can get Mexico to fund the subway, too. After all, it will go to Spanish Harlem.
https://www.dnainfo.com/new-york/20170126/upper-east-side/second-avenue-subway-east-harlem-midtown-federal-priority-list-funding
http://www.walkingaround.com/spanish_harlem_mexican.html
Let's hope if the money is spent; the US at least gets the RR. Obama had 8 billion in the stimulus package - nothing much happened - maybe they couldn't find a shove ready?
@msf: Hey! We ride the subway here all of the time. Watch it!!
https://www.nytimes.com/2014/02/23/opinion/sunday/what-the-stimulus-accomplished.html
I didn't know Yale used "bigly" and "bad dudes" and recommended ending each sentence with "believe me". I always knew my education was overrated, this is just more confirmation.
I've stopped reading your posts and links awhile ago. Neither adds value.
not to you, it's true
Were there 2 different Sequesters?
It was always my understanding that sequester applied across both defense and non-defense expenditures. That was the basis of the compromise - that everyone share equally in the pain. No? Something in tonight's speech about ending a defense sequester. What am I missing?
1) I believe that there was only the one sequester, which did extend to both defense and non-defense spending. Perhaps an attempt will now be made to lift the defense side, but if so, that's going to be quite a fight.
2) I did lighten up on bonds earlier today. If the great wall of Trump does proceed, CAT would probably benefit to some degree, but I'm not sure that it would be enough to offset their current international sales problems. At this point South America would probably buy anything other than a CAT.
The media spin seems to be it was his best speech, good tone but same things he said previously. I don't know what they wanted him to say new.
I really didn't want to watch it - but they interrupted my evening business programming with it. Dang!
I just poured through the Sebastian Page article I posted this morning. He's the top dog on TRP's allocation strategy team. A somewhat lengthy heavy read - but a lot of insight into their view of various markets and potential threats to the economy. Plan to read it again tomorrow.
Take care.