Sunday, February 26, 2017

February 26, 2017 Bob Brinker's Moneytalk: Stocks, Bonds, Interest Rates, Economy

February 26, 2017....Bob Brinker hosted Moneytalk live today....(comments welcome)

FAMOUS COMMUNIQUE......Bob Brinker did not do the usual current events opening monologue today. Instead he read another "communique" from a listener who had over $2 Million and had reached The Land of Critical Mass - he and his wife are in their early 50's.....  Thanks to dRahme, you can listen to Brinker read it in this short audio clip. 

STOCK MARKET....BB comments: Investors are "falling all over each other to buy stocks" because they are anticipating some good things ahead - like tax cuts and less heavy-handed regulation.  He told callers today that he is still for dollar-cost-averaging.....and recommends a 50-50 split between stocks and fixed income asset portfolio asset allocation for those retirees.

STOCK MARKET HISTORY.....BB comments:  The S&P 500 Index is at an all-time-historic-high of 2367....Dow at 20, 821...an 8 year bull market run....The S&P has risen 1700 points since the bottom of 667 in 2009 = a 255% increase. If cash dividends are added it goes up to 270% total return.

Honey EC: It took several years for Brinker's Marketimer model portfolios to get back to even in this long bull market because they and those who follow Brinker, rode that megabear down to that 667 S&P bottom! What a shame that Brinker got caught in that bear.   He never sells into "weakness," and he kept thinking it had bottomed, so he kept issuing all-in buy-signals all the way down.  Thanks to dRahme, here is a clip of Brinker's stock market history lesson.

BOND MARKET.....No change in Brinker's recommendation to avoid longer-term bond funds and stick with short-term bond funds only. He said he is still willing to take credit risk in his bond fund holdings, but not interest rate risk.

TAKE TIME OFF AND SPEND MORE....Brinker told caller Chris from Alabama, who was a 47 year-old Federal employee with extra money beyond Critical Mass, to spend more and  to take "more time off."

Honey EC: Now in this case, we all know for a fact that Brinker "eats his own cooking." He has his  own "time off" down to where he works at most, three days a month - that's three 3-hour weeks per month. 

NEXT WEEK'S ECONOMICS - GDP, JOBLESS, FOMC: .....BB comments: GDP first revision coming out Tuesday....estimate is 4th quarter revised 2.1% annual, up from 1.9%. Thanks to dRahme, short clip of expected reports.

FRANKJ'S MONEYTALK GUEST-AUTHOR SUMMARY

Bob’s guest on February 26, 2017 was Sheelah Kolhatkar, author of the recently published book,  Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street.” Ms. Kolhatkar’s short bio says she is a former hedge fund analyst, and is now a staff writer at The New Yorker, where she writes about Wall Street, Silicon Valley and politics.

Who was the Most Wanted Man on Wall Street? Steven Cohen. He was the operator of SAC Capital Advisors, a hedge fund that averaged annual returns of almost 30% over two decades. Cohen isn’t managing the hedge fund anymore. It shut down in 2013 after pleading guilty to insider trading and paying a $1.8 billion dollar fine. Hedge funds charge investors between 1 and 2% and collect 20% of any profits. Cohen was sitting on about $12 billion in personal wealth when he paid the fine.

And what is “the Black Edge?” It is Wall Street slang for inside information – things that would only be known to officers and the board of directors of a company.

The guest got interested in this story when a former employee of Cohen’s was arrested. This was Matthew Martoma who was later found guilty of insider trading. He was sentenced to 9 years in prison. The federal investigators hoped he would give them information that would lead to an indictment of Cohen. He never cooperated with authorities, however.

Bob asked the guest if she thought justice was done. She said that most average people would say no.

Bob made the point that given Modern Portfolio Theory, it would be nearly impossible for a hedge fund (or nearly any investor) to compile the record Cohen built over the years. This conforms with comments Bob has made over the past couple of years on hedge funds in general. He has implied that there must be SOME level of insider information coming their way in order for them to do so well. (Not all are profitable.)

Ms. Kolhatkar seemed to agree with Bob. She referred to Cohen as “a tape reader,” and an event trader.

There were two callers. One of them was “Angry Keith” from Rochester. He has gotten through a number of times and always goes on a rant in a very loud voice. Hey Ravi, quit letting this guy through, he adds nothing to the discussion! The guest had said that Cohen did not appear to help Martoma’s family out financially while he is in the clink. This prompted Keith to point out that the Mafia helps out its people when they do a stretch. Bob cut him off.

The next caller was Ken from Illinois who said he spent 4 years in the legal system as a whistleblower against a big bank. He asked if the legal system is abused as a weapon or is it a system of justice. The guest said the legal system treats people differently according to their financial resources. Those with few resources get steam rolled. Those with vast resources make out much better. Cohen had a very effective and high priced legal team.

If you want to read the recent Wall Street Journal review of this book, you can find it by searching “Wall Street Journal review of Black Edge.” The review was written by David McClintick. It may be behind the WSJs pay wall.

Honey here: Thank you, FrankJ. I have never heard Brinker rave about a book as much as he did this one. He said he had trouble putting it down. He also said he had read half of it and did not want to have the ending ruined for him. She must be a great author. I am going to buy the audio version tomorrow. 

JEFFCHRISTIE'S MONEYTALK FINAL EXAM QUESTION

Who did Bob Brinker say was in the land of critical mass and then some.

A. Bill Gates.
B. Michael Bloomberg.
C. Warren Buffet.
D. Ted Turner.


Honey here: Thanks Jeffchristie. Calling that man's fortune "critical mass and then some" is rather funny. Wonder what Brinker thinks would simply be critical mass, leaving off the "then some."  :) 

This lovely picture was taken by dRahme: 



Radio Stations:


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KION 1460  Monterey

82 comments:

MikeE said...

He may be live right now but I don't know about later.

Chris in ATL said...

HB, are you sure Bob's live? I know he gave out the 800-number, but I that I have heard his opening "communique" story before.

DougD said...

How can you tell he's live? Haven't herd him mention anything yet tied to TODAY.

DougD said...
This comment has been removed by a blog administrator.
Anonymous said...

rasputin here - He did give out the phone number.

patjcin said...

Toll free number broadcast.

DougD said...

Thanks Honeybee, I really appreciate you maintaining this site and summarizing the weekend shows as you do. I'm a subscriber to Bobs newsletter and certainly have followed some of his calls. Thanks again for your valuable service.

Honeybee said...

.
Chris in ATL....While I agree that the program sound suspicious, he has been giving out his phone number.

However, I have opined before that he is fully aware that is how WE know he is not live and that someday, he would go full tilt into lying by giving out the phone number when it's recorded.

Is that what's happening? We shall know in the fullness of time.

Mad as HELL! said...
This comment has been removed by a blog administrator.
patjcin said...

Chris in ATL:
Bob has told a very similar story before but I believe this was a different "land of critical mass" success tale.

Honeybee said...


.
I agree with patjcin....There have been other communiques, but I did not recognize this one.

They all pretty much tell the same story and sound similar.

Bluce said...

Wow, all the boot-licking multi-millionaire callers today -- makes me feel like a pauper.

Mad as HELL! said...

"Mad as HELL! said...
Congratulations Gabe on the ever expanding win total!"


Uh...no I did NOT say that...

And I am Mad as HELL that a little squinty-eyed loose-in-the-loafers, wind-up d-bag PUTZ MORON is impersonating me.

Go play with yourself, not with other posters on this blog.

Honeybee said...

.
Mad as Hell! Ghastly to know those (UGH) eyes are locked on here 24/7.....

Last night I watched a program on CBS about stalkers - there are a lot of them out there. Nuff said.....

Jim said...

I don't understand the lady that had $500K who said she subscribes to Marketimer,then had a bank manage her money instead, and had a low risk tolerance. It sounds like she wasn't following a bit of advice in Marketimer. The Marketimer investment letter is for DIY investors willing to take a moderate amount of risk. If she doesn't want to follow that advice she's wasting $185 per year.

Anonymous said...

BB mentioned in 1st hour that S&P500 closed Friday at 2,367, ne thinks. Pretty current info.

HB ... I think I caught the last 10 mins of the show, where the guy keeps getting out of Mental Hospitals after 72 hr holds. Creepy!

Show was running pretty fast today with calls, hmmmm!

bfc

Jerrod Clarkson said...



Bluce said...
Wow, all the boot-licking multi-millionaire callers today -- makes me feel like a pauper.


I have never understood that phenomena. Why would anyone with a lot of green call a radio show where (at most) they might get 3-5 minutes worth of guidance. Moreover, (and this is not necessarily a slam at BB), but I would think that they should consider the Quality of the 3-5 minutes of "guidance" they receive.

Personally, I have found the folks at Schwab and Fidelity very beneficial in responding to investment questions. And they respond to those questions daily - not as a once or twice a month "hobby". (That WAS a slam at BB).

frankj said...

Jerrod, these are what I call the "Calls of Fame." There were a couple today. They keep us inspired. I don't know what they expect to get out of a few minutes on the phone with Bob either.

Unknown said...

I doubt the millionaires really want advice. It's always seemed to me mostly bragging.

Jerrod Clarkson said...

Honeybee / All:

The Snowflake Awards are on tonight at 8:00 EST:

http://www.theblaze.com/snowflake-awards-2017/

Anonymous said...

rasputin here again - Everyone has stalkers but me. Anyway, I was interested in the call from the guy who retired early even though he loved his job. He figured he wasn't going to live so long and that's why he retired. but he lived longer then he thought. It didn't sound like a m thing, he just loved his job and regretted retiring.

Then the call recommending the guy spend more.

I think I need to take heed of both pieces of advice.

Anonymous said...

ras again - Sorry for the typos. "than" not "then".

And "money thing" not "m thing".

Pig said...

rasputin said... ... Then the call recommending the guy spend more..... I think I need to take heed of both pieces of advice.

Ras, If you need any help spending that money, I'm available to assist you. 24/7.

Honeybee said...

.
Ras....Not surprisingly, Pig beat me to it. I was also going to offer to assist in spending any extra money you need spent. :)

Bluce said...

Ras: A big "thank you" for correcting the "then - than" thing. Among the uncountable language errors we see nowadays by the young, that particular one annoys me more than any other. They, of course, have no clue which one they should use.

The second most-annoying one is this trend I see lately of misplacing the dollar sign, as in "I spent 100$." Where are they learning this? Must be the government schools.

Topdaddy4 said...

I agree, great site and so promptly updated after the broadcast. Thank you Honeybee

Kilgore Trout said...

Prison Stocks up +146% since November. Lock em up baby! How high can it go?

Anonymous said...

rasputin here again- Gabe you gave a sell recommendation on February 14.

What is is your stock/bond allocation?

Should we sell international stocks also?

gabe said...

Rasputin: Essentially, I was trimming back my domestic equity allocation because of two reasons. Firstly, I believe that the market if overbought. More importantly. my equity allocation... domestic holdings had grown too high leaving me uncomfortable. So... I sold and exchanged around 25% into my international holdings and pocketing the rest into my money market account for later use.

I am 70/30 which is high for a retiree but I am Ok with it for now. I am not selling international equities......considering buying
international bond funds.

Thanks,

Gabe

MK said...

Midway, I doubt the millionaires really want advice. It's always seemed to me mostly bragging.

I think many of them want to sort of "thank" BB for getting them headed down the right path when they wake up at the end of their life and realize their investing actually worked.

I first heard BB when I was in my 20s and he triggered me to start saving and "investing" (Treasury Direct, in my case). And as much as I find BB to have poor motives, poor judgment, and poor advice in general, I still feel a strange urge to "thank" him for his contribution to my life (I hit CM not even using BB methods). It's just human nature. So I think many, even most, of the caller's motives are genuinely pure.

Now regarding BB motives? I'm less sure. But I could be wrong :-).

Anonymous said...

18 times forward earning 2017, 16 times 2018. The market is fairly valued


http://us.spindices.com/search/?query=earning+estimate&Search=GO&Search=GO

Charlie Horse 47 said...

As an aside, I loved that photo of the bald eagle. Hard to believe when I was a kid in the 60s they had almost been DDT'd to extinction.

Charlie Horse 47 said...

As an aside to the BB conversation, I loved that photo of the Bald Eagle. Hard to believe that when I was a kid in the 1960s it was almost DDT'd to extinction.

birdbrain said...

Good to hear Warren Buffett on CNBC this morning proclaiming his common sense approach to long term investing. Over the next thirty years the S&P 500 index will outperform the Treasury 30 yr bond return, as it has historically. Next year, five years out, who knows?

That is the attitude I have told the grandkids. Invest monthly over the years in an index fund (SPY) or (VTSMX) and don't be discouraged with market declines. Use them as opportunities to buy more if possible to take advantage of lower prices. When you get to your 40s switch to an 80/20 portfolio if cautious. At 50ish increase your bond allocation to 30-40%. Near retirement, depending on the market level and personal comfort, go 50/50 or even 40 stock/60 bond portfolio.

I believe that someone who followed this simple advice would do just as well if not outperform those poor souls chasing the hot guru or paying fees to advisors for the opportunity to invest in high cost lower return funds.

kenp11 said...

I am sure SOME of the millionaires either inherited it or had nothing to do with the accumulation of wealth. Looking for advice or braggingh

Jerrod Clarkson said...

I see that The Fed will now be including "fan charts" for displaying potential interest rate moves.

Wow! I suppose that this will at least offer better clarity as to how completely clueless and inept this rubber-chicken staffed department is.

I say we should abolish the Fed. Then, hire a dozen gifted kids - you know - the ones who are 10-12 years old and working on their Masters or Doctorate. Give them a base salary of $150K per year. aHave them compile detailed yearly projections. Then, give them bonuses based on the accuracy of their forecasts.

I think this approach would shine a bright spotlight on how inefficient, ineffective and completely useless the Fed is.

http://www.marketwatch.com/story/heres-where-interest-rates-could-be-in-three-years-2017-02-27?siteid=rss&rss=1

http://www.marketwatch.com/story/heres-the-reason-the-fed-will-start-using-fan-charts-2017-02-22


JC

gabe said...

Bonds got hit!

Gabe

frankj said...

RSP is the symbol for Guggenheim's equal weight SP 500 index fund. Each holding is weighted equally. In the normal cap-weighted index fund, the very largest companies in the index are the most heavily weighted and they contribute the most to upside. A company way down toward the bottom may be going gangbusters but because of its small weighting it doesn't contribute that much to the return.

RSP trades more to stay balanced and it has a higher expense ratio at 0.40% vs. the SPY ETF. But, it has a better total return record.

gabe said...

JC: "Don't fight The Fed"!

Gabe

Honeybee said...

.
Note to poster "Bob":

I don't understand why you have a problem with the Fed being referred to as "rubber chicken."

Bob Brinker has been doing that for many years.

Why not write a "communique" to him and tell him what you think about it - and please let us know what he says. I'd really like to know.....

Kilgore Trout said...

After 30 years fully invested, I went to 50% recently.
Waiting for the next gift horse oppprtunity. The correction is long over due. What will cause it? A dirty bomb? Impeachment? War? Something will trigger the next crash. Hang onto your hats folks.

gabe said...

Kilgore Trout: And, your suspenders!

Gabe

gabe said...

Well, the market is in the dumpster so far this AM. Hopefully, the start of a 5 to 7% correction.

Gabe

frankj said...

I think BB's irreverent references to the Fed are funny. The "rubber chicken" circuit refers to meetings around the country which must include lunches and dinners. Is chicken served? Who knows but it is an easy entrée to buy and prepare for a large group, that's for sure. Overcooked and a little "rubbery," maybe that's where the reference comes from.

Funnier, I think, is when he refers to the two day meetings as "pajama parties" or "sleepovers."

Presidential speech tonight before Congress. The market will move tomorrow is my guess, more likely up than down. Your results may vary.

Jerrod Clarkson said...

Great News!

I had a feeling this Fidelity move was going to happen.

However, I didn't think it would take this long for Fidelity to counter Schwab's initial commission decrease, nor did I anticipate Schwab's response.

Maybe they will both shift to "negative commissions" in the near future? ;-)


Fidelity, Charles Schwab Slash Online Trading Commissions

http://news.morningstar.com/all/dow-jones/us-markets/201702288911/fidelity-charles-schwab-slash-online-trading-commissions.aspx

~ or ~

https://goo.gl/kIaPR7


JC

gabe said...

1.9% is weak!.....Will Fed raise?

Gabe

Bluce said...

Jeff Christie: I clicked your "Answer" link on the front page, fully expecting the answer to be "all of them." (FWIW, Warren is 86, not 83.)

It seems to me that "critical mass" is a subjective, fluid definition. I believe Bobby always says something to the effect of having enough "to maintain your lifestyle" without working. The quoted part is the important part.

If someone has a $10 million dollar house, several expensive sports/luxury cars, a yacht, full-time maids and gardeners, a few million-dollar vacation homes, with a net worth of $50 million, the number that gives him "critical mass" would be quite different from mine.

Yet someone else with a net worth also of $50 million, who never spent most of it on material goods, would have a "critical mass" number much lower than the first guy.

Mad as HELL! said...

Watching President Trump's address...

Did someone sneak in and put crazy glue on all of the Democrats' seats?

Honeybee said...

.
It was an amazing speech! Here are some things you can conclude from the Democrats staying in their seats:

They do not want to put America first.

They do not want to enforce immigration laws.

They do not Americans to have freedom to chose their own schools, health care or anything else.

They do not want criminal illegals deported.

They do not want tax cuts - even for the middle-class.

They do not want fair trade.

Anonymous said...

Actually, "rubber chicken" refers to undercooked chicken dinners served at large banquet-style gatherings such as business conventions. The harried kitchen staff inevitably undercooks the chicken quarters resulting in the famous rubber chicken. If you've ever been to a large-scale banquet dinner (or even a large wedding) you've experienced it. Always pray for (or select, if given the choice) the beef or fish. But that's not my beef now.

BB is a paranoid little weasel. In Sunday's second hour (25:01) "Susan from Castle Rock" called to ask BB for advice on how to invest her life savings, currently in cash, and he immediately begins to lambast her for being "out of the market that has risen 270% in the last 8 years". I gotta believe he assumed it was a set-up call (seminar caller, as Rush would say) because he really ripped into the 75-year-old girl with antagonistic questions and incredulous responses to her answers. Maybe the "Castle Rock" 10-20 got his dander up. Gosh, he has such thin skin.

Fritzie, Oxnard

Bluce said...

LOL @ Mad!

Good list, Honey.

Anonymous said...

don't be ridiculous HB

smile

frankj said...

Fritzie, undercooked or overcooked, I never order the chicken in those types of banquets. Nor the fish. Always the beef.

Yes, he beat up on that caller. He seems to use calls like that as an object lesson for others.

Jerrod Clarkson said...

Yesterday my intuition told me to add to existing positions by "buying the dip". I developed a case of "cold feet".

Note to self:

Next time listen to your intuition, dummy!


JC

Bluce said...

Smile: I don't think HB is being ridiculous. The Democrats clearly don't support anything on her list, and they apparently have no problem with the war zones and abject poverty within our inner cities either.

gabe said...
This comment has been removed by a blog administrator.
Mad as HELL! said...

I drive on this street daily. Very glad I stayed home this morning.

http://www.foxla.com/live

Police had to clear out all the looky-loos and selfie-morons.

SWAT just arrived as I post.

Honeybee said...

.
Smile....You already made your rebuttal comments to my opinion of President Trump's speech to Congress last night.....

Anonymous said...

short covering rally yippee... but still holding on bigly eyeing spxs and sell point

smile


Kilgore Trout said...

My S&P chart shows a 246% gain in the last 8 years. It's been a rocket ship on rails. Too much uncertainty right now.
Will the S&P revisit territory below 2,000? I think so.
Time to dollar cost average out of the market.
Confucius says, cash is king.

Jerrod Clarkson said...


$7.50 to cross the Golden Gate bridge?

It seems to me that Hertz and San Francisco are both gouging consumers.:

Hertz sued, accused of gouging tourists crossing Golden Gate Bridge

http://www.marketwatch.com/story/hertz-sued-accused-of-gouging-tourists-crossing-golden-gate-bridge-2017-03-01?siteid=rss&rss=1

~ or ~

https://goo.gl/Y9sWAq

Honeybee said...

.
Smile...I am going to politely ask you one more time to STOP sending your hate-Trump comments.

Otherwise ALL of your comments will be blocked from now on.

Jerrod Clarkson said...


SNAP

Currently trading at +43.5% above its IPO price. I dare say there will be some bag holders on this one.


JC

frankj said...

Jerrod, who is trading this on the first day? The underwriters and/or their favored clients?

gabe said...

I was hoping that the market would begin in earnest to move toward a correction of 7 to 10%. It would be healthy for the market to do so.

Gabe

CARL said...

MARKETTIMER IS OUT

Tom from Vallejo said...

just for the fun of it !

http://circa.com/politics/accountability/minority-leader-nancy-pelosi-met-with-former-russian-president-dmitry-medvedev-in-2010


Tom from Vallejo

Kilgore Trout said...

Gabe,

The budget news out of Washington is disturbing.
The proposed $700 billion tax break and increased deficit spending translate to runaway national debt.
Gold should be the safe place in this scenario.
Of course, if Congress doesn't approve the Presidents proposal, lookout for a recession.
This market is long in the tooth. Caution going forward. Time to reevaluate your assets allocation.

Jerrod Clarkson said...



frankj asked...
Jerrod, who is trading this on the first day? The underwriters and/or their favored clients?


frankj,

Shares were open to purchase by anyone, but are "Non-Voting" shares. The stock spiked up again today by 10.66%.

In my opinion an excellent example of "greater fool theory" stock euphoria.

I suppose that I am biased. I abhor the fact that kids (and many alleged "adults") are all-consumed by this moronic snap crap for hours at a time. The fact that their parents allow and indeed encourage this behavior is even more abhorrent.

How about reading a good book? Are those still available?

We are becoming a nation of illiterate, self-entitled, thumb-sucking play-babies.

Meanwhile...

http://www.marketwatch.com/story/nobody-thinks-snap-stock-is-worth-the-price-2017-03-03

~ OR ~

https://goo.gl/WS8Tyz


JC

Honeybee said...

.
Kilgore...."...runaway national debt."

Gee, If I searched through this blog over the past 8 years, would I find a post by you talking about the fact that the national debt doubled?

Give me a break!

Kilgore Trout said...

The current budget deficit is below the 40 year average. In 2008 the deficit was $1.4 trillion, in 2015 the deficit was -$450 billion. Now in appears to be going to -$1.2 trillion with the $700 billion tax cut and the infrastructure proposal. Rand Paul says the new budget never balances and will add $9.7 Trillion to the current debt. I suggest going to cash and begin loading up on gold.
Over to you.

Honeybee said...

.
Kilgore....Deficit? You were sounding an alarm about a possible "runaway national debt."

I guess you don't know the difference.

You don't know what kind of growth we will get under President Trump and we are not going to speculate with a bunch of hypotheticals - I simply wanted to point out your hypocrisy in being worried about the doubled-in-eight-years national debt NOW.

frankj said...

Jerrod: Thanks. Like you I am skeptical about the "value" of these types of Internet-based companies whose "product" is something out of the periphery of traditional economic/business activity. I suppose they expect to make money via advertising revenue, or, knowing information about their users and marketing it.

As a learned friend said, "remember with Google, you're not the customer, you're the product." Example: today I looked at high end toilets ($3000 plus) after a friend telling us about a "Japanese toilet" these other friends installed in their condo. I won't go into all it does other than to say it is "hands free." Part of their attraction was the prospect of saving trees by not using toilet paper. Whatever. Trees are going to get cut down regardless, for lumber. The parts of the trees unsuited for lumber get made into paper of all sorts including TP.

If they really wanted to save trees they would not have remodeled their condo!

So having looked at a website for these toilets I fully expect to be saddled with toilet pop up ads for a while.

My wife has an acquaintance in her book club whose son in his late 20's works for Snapchat, from the outset, so maybe he became very rich today ... on paper.

gabe said...

The March issue is out! Brinker agrees that a short term correction would be healthy for the market and so do I.

Gabe

Bluce said...

Frank: I've never understood these tree-huggers -- don't they realize that trees are a crop, and they grow back? (I'm not talking about the "old growth" forests)

It's the same crowd that hasn't figured out yet that electric cars will consume electric power that has to be produced SOMEHOW, typically by oil, natural gas, coal, or nukes.

They are the "low information" crowd of useful idiots.

Phil said...

Jon Najarian believes the stock market will keep rising under Pres. Trump.

He's very down on snapchat.

3/2/17 hour 1@ 18:10 http://www.wlsam.com/category/sirott-and-murciano-podcast/

Anonymous said...

Don't worry except for the stock market Kilgore. The Republicans will never garner 51 votes in Senate reconciliation to pass a budget which calls for more spending without cost reductions to offset, and less tax revenue on the hope of > 3.5% GDP. Republican and Independent constituents will pitch a hissy fit.

This will get ugly on the stock market side, in the meantime enjoy the ride while the stock market whistles past the grave yard.


smile

Bluce said...

Bluce's maxim: "Half of the market forecasters are wrong half the time."

Pavlov's Cat said...

Any wagers on whether our man Bob will warm the catbird seat tomorrow? I say no.

Bob (not THAT Bob!) said...


Close to 100% probability of some combination of:

- Golf cart seat
- Bar stool seat(s)

(not necessarily in the above order)

Bluce said...

Bob (not THAT Bob): I see that Walmart's has a big sale on catbird seats. Will this have any effect on what we'll hear this afternoon?

Anonymous said...

Pavlov's Cat - we will know in the fullness of time!