iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
15,580 Blog Posts

You’re Finished Trumpsters: McConnell Just Threw Your Tax Reform Fantasies into His Garbage

According to the OECD, the United Steaks has the highest tax rates of any developed nation on earth. After all, how else do you expect to pay for our $700b per year defense budget, welfare, and Obamacare?

One of the key tenets of President Trump’s campaign pledges was to introduce lower taxes, in order to remove the moat around big businesses that is effecting monopolies and scorning small businesses. To do that, he needs the help of the shills controlling the GOP in both the house and senate.

Senate Majority leader, Mitch McConnell, just told Trump and Sec. Mnuchin, to fuck off — throwing said tax reform ideas into his garbage pail. He isn’t interested in lower taxes.

Source: The Hill

“I think finishing on tax reform will take longer,” McConnell said during a Playbook Live interview.

Treasury Secretary Steven Mnuchin said late last month that the administration wants to wrap up a long-held GOP goal of overhauling the tax code before lawmakers leave for a month long break.

“So we are committed to pass tax reform,” he told CNBC. “We want to get this done by the August recess.”

The Senate is tentatively scheduled to leave town by July 31st and return during the first week of September.

Pressed about when he thought lawmakers would be able to complete tax reform, the Senate’s top Republican demurred.

“It is complicated. All of those discussions are already under way,” McConnell said. “How do you craft it?”

Markets aren’t happy with that news and have pressed the lows of the day, with most of the weakness found in Trump inspired infrastructure stocks.

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A Crude Reality: This Market Now Stinks

I’ll be traveling throughout the day and don’t feel like posting much in your current disposition. I’ve noticed the tech scores in Exodus have been very weak, but not weak enough to warrant an overall oversold signal.

Crude is knifing lower again — off by another 2%, leading commodities to the downside. There is a palpable fear out there now and you should be concerned. The ark is flooded, rates are now going higher on a daily basis. Equities are very weak and complacency is high.

I’ll stay 100% cash, sitting on +6% gains for the year, until the commodity picture improves. Bear in mind, this isn’t your homosexual Obama tech trade. That is dead. The Trump trade is predicated on industrial might, a certitude that America will be great again, bringing with it commodity and construction stocks.

If you’re not seeing this, you’re simply pretending, masquerading about the streets, engulfed in ignorance.

My plan for today is coffee and some reading. I’ve been reading all of F Scott’s works, including his essays and short stories. Beautiful work.

All that aside, I’m sure there are some stocks doing well, nearly half of stocks are higher today — but they’re not central to my thesis, so I don’t feel comfortable with it.

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OBAMA’S DOJ UNDER FIRE FOR NOT PROSECUTING IRAQI INSURGENT IN U.S.,VIA REFUGEE PROGRAM, WEEKS BEFORE ELECTION

It’s going to happen lads. Obama is going to beat Hillary again, only this time to jail.

Fox News is reporting that an Iraqi man, who was identified as an insurgent who took part in attacks against American soldiers — entered the US under false premises via Obama’s refugee program. Officials wanted to prosecute him but met resistance by local enforcement and Obama’s DOJ. The man’s real name is unknown and he is still at large. Hahahah. We’re all fucked.

Sen. Johnson, head of them Joint Terrorism Task Force (JTTF), Sen. Ron Johnson (R) wrote a letter to AG Sessions asking for an immediate investigation into the matter.

They’re spinning this as Obama attempting to conceal this incident in order to avoid giving Trump momentum heading into the elections. If true, Loretta Lynch should go directly to prison.

Some late night Fox News rookie has some reporting below.

Source: Fox News

DOJ, White House react to reports of missing Iraqi insurgent

Federal lawmakers are investigating how a former Iraqi insurgent fighter was able to lie about his identity and still get through America’s ‘extreme’ vetting process.

The Senate Homeland Security and Governmental Affairs Committee has asked Attorney General Jeff Sessions to find out why the terror suspect’s pending arrest was allegedly spiked just over a week before the election. Trump had run on a tough-on-terror platform and had been critical of President Obama’s refugee policy.

“When [Joint Terrorism Task Force] and the U.S. Attorney’s office for the Western District of Texas sought to prosecute this refugee, the local law enforcement and prosecutors allegedly ‘met resistance’ from officials within the National Security Division’s Counter Terrorism section in Washington DC,” Committee chairman Ron Johnson, R-Wis., said in a March 6 letter to U.S. Attorney General Jeff Sessions.

” … local law enforcement and prosecutors allegedly ‘met resistance’ from officials within the National Security Division’s Counter Terrorism section in Washington DC.”

Sen. Ron Johnson, R-Wis., in letter to DOJ
“The ‘resistance’ allegedly occurred a few weeks before the 2016 election, and local authorities believed the lack of progress in this case was handled inadequately,” Johnson wrote.

The suspect is an Iraqi man who had entered the U.S. under a false name. His real name was not released.

Fox News has learned the JTTF confirmed through U.S. Special Forces who encountered the suspect during operations that he claimed to have participated in attacks against American troops as an insurgent.

At some point, the Iraqi entered the U.S. through the refugee program. His activities in the U.S. triggered an investigation by JTTF members, who planned to charge him with visa fraud while they investigated possible further charges.

Sources say the case demonstrates the challenge of vetting people with little documented history in countries where there’s no paper trail.

Officials from the U.S. Department of Justice, the U.S. attorney’s office in Western Texas and the Joint Terrorism Task Force refused comment.

Iraq is not included in the most recent travel ban instituted by President Trump because the Iraqi government has assured the U.S. that information will be provided to properly vet refugees.

Two things come to mind here.

1. Why didn’t this come out earlier?
2. What sort of fuckery is going on here?

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Madame Almost President Snapchats to ‘Stand Up and Resist’, Plus Tucker vs Feminist Debate

Hillary Clinton came out looking sharp this evening — donning a devil’s red toga and new bobbed haircut — telling her fellow sisters to ‘stand up and resist’ for planned parenthood and jobs etc.

During tonight’s show with Tucker Carlson, he debated a young lady who was leading the ‘Day Without a Woman’ movement — which called for women to boycott WHITE MALE BUSINESSES ONLY. I know that sounds absurd, right? After all, if this is a women’s movement, why the fuck do chinese and black men get a pass on their boycotts? If this were a reasonable feminist movement, they’d say ‘fuck all men, equally’ (pun not intended) — instead of just the white ones. I will tell you now, this is NOT NICE! SAD!

Regarding the stats she quoted, they’re based on stats provided by the World Economic Forum, which derives a score parsing through data regarding economic participation and opportunity, educational attainment, health and survival and political empowerment. I do not pretend to be an expert on this subject matter. More importantly, I am not under the disillusionment like many of my male peers out there that America is a beacon of equality amongst races and gender. This country is fucked 10 ways ’till Sunday. Based on the stats provided by the World Economic Forum, the United States is ranked #45.

We are ranked #1 in education for females, but when it comes to political empowerment, we’re on par with shitholes like Kazakhstan, Vietnam, China and UAE.

The top 5 ranked nations are Iceland, Finland, Norway, Sweden, and Ireland. The rankings actually say Rwanda, but I’ve used my editorial powers to reject that horseshit — considering their educational attainment is ranked 110.

The bottom 5 ranked nations are islamic hell holes, naturally: Yemen, Pakistan, Syria, Saudi Arabia, and Chad.

Moral of the story? As advanced westerners, we should help spread the proliferation of women’s rights by IMPORTING REFUGEES FROM ALL OF THE WORST OFFENDING NATIONS IN THE WORLD, when it comes to women’s rights.

(drops mic)

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NBC Reporter “Fact Checks” Trump’s Job Creation Claims and Destroys You in the Process

Jane Timm from NBC was working very diligently today, on International Women’s Day of all days, in order to set the record straight for you Trumpsters out there who believe that he’s done anything at all on the jobs front (note: ADP said 298k new jobs were created in America for the month of February, far exceeding the forecast of 190k).

Here’s a brief summary of some of the high profile announcements President Trump made, regarding new job creations, versus the actual reality (thank you Jane Timm).

Exxon led until recently by President Donald Trump’s secretary of state, announced a $20 billion, 47,000 jobs investment in America with a press release a little after 3 p.m. Monday afternoon.

Less than an hour later, Trump applauded the oil giant with effusive tweets and a White House press release remarkably similar to Exxon’s own. He also claimed credit for the announcement in a video released on social media.

“This is something that was done to a large extent because of our policies and the policies of this new administration,” Trump said in the video. “I said we’re bringing back jobs. This is one big example of it.”

But the investment isn’t new. At least some of the spending on that $20 billion investment began in 2013, Exxon’s press release reveals, and is expected to continue through 2022. One project the company touted has already been completed. Still, Exxon’s new CEO specifically praised Trump’s administration.

This isn’t the first time Trump has claimed credit for job creation and corporate spending that was initiated sometimes years before his presidential run — or that a company has repackaged old news to seem fresh.

“Since my election, Ford, Fiat-Chrysler, General Motors, Sprint, Softbank, Lockheed, Intel, Walmart and many others, have announced that they will invest billions of dollars in the United States and will create tens of thousands of new American jobs,” Trump said during his joint address to Congress.

Here, we fact check the various announcements Trump has sought to take credit for.

GET READY TO BE DESTROYED TRUMPSTERS. Jane Timm is going to fact check Trump’s record on jobs for the past month and sixteen days — without ever mentioning official jobs numbers or economic statistics. BEHOLD.

Carrier

Just weeks after his election, Trump bragged that he struck a deal with the state of Indiana and Carrier to preserve more than 1,100 jobs that would have otherwise been sent to Mexico. (United Technologies, Carrier’s parent company, had previously said 2,100 total jobs would go to Mexico from two different facilities — the Carrier plant, and a United Technologies Electronics Controls facility.)

The company received $7 million in tax incentives over a decade, and credited Trump for his job-saving prowess.

But the numbers tell a different story. Trump’s deal saved 800 jobs or fewer, according to union officials, and around 350 of those jobs had not been slated to leave. Amid the fanfare, Carrier announced that they’d send other jobs — 600, by one estimate — to Mexico. Another 700 jobs from the UTEC facility will also be outsourced.

Did Trump help save or create jobs?Yes, but not the more than 1,000 he claimed.

(Timm sharpens blade and sticks it into your heart, causing your heart to explode)

Ford

In November, Trump boasted that he had “worked hard” to keep Ford’s Lincoln plant in Kentucky, but the plant wasn’t going anywhere.

Ford had been investing in the plant for years, and while the company had considered moving production of a single model of Lincoln to an existing Mexican plant to make room for production of another car, the company says it wouldn’t have had an impact on jobs in either country. They did say their decision not to shift car production did have something to do with Trump, however.

In January, the company ditched plans for a new $1.6 billion Ford Focus plant in Mexico, saying it would keep the car’s production at an existing Mexican plant. It also announced a $700 million investment in an existing Michigan plant to build more electric vehicles, creating 700 more jobs in the United States. The company stressed that it didn’t cut a deal with the president, and that its decisions were rooted in business priorities rather than politics. However, Ford did say that the decision meant a “vote of confidence” in Trump’s pro-business policy plans.

Did Trump help save or create jobs? When it comes to jobs in the Lincoln plant, no. Trump may have had a hand in Ford’s decision to invest more dollars in the U.S., but the carmaker has refuted the notion that it was a direct result of his presidency.

(Timm removes knife, cleans off the blood with a pink cloth and then sticks it into your eye socket, twisting it until your eye is removed)

Fiat Chrysler

Fiat Chrysler announced in early January that they’d invest $1 billion in plants in Warren, Ohio and Toledo, Ohio, adding 2,000 jobs. Trump took credit for the announcement in his joint address, but Fiat Chrysler said the deal arose from talks with United Auto Workers and that the plans predated then President-elect Trump to decisions made in 2015.

“I wish I could give him credit for this,” Fiat Chrysler CEO Sergio Marchionne told reporters recently. “But the thinking was in place beforehand.”

Marchionne did say that the company would need clarity from the president before making any production decisions about Mexico.

Did Trump help save or create jobs?Not yet, according to the company’s CEO.

(Timm removes blade and then opens up your stomach with it, removing your small intestines, playing with it like silly string)

General Motors

General Motors announced a $1 billion investment in January alongside the creation or retention of 1,500 manufacturing jobs, the return of 450 jobs from Mexico, and the addition of 5,000 jobs “over the next few years” in finance and technology.

GM officials stressed that the decision dates back as early as 2014, long before Trump got involved and threatened a “big border tax” for the company because it imports several thousand hatchbacks to the U.S. from Mexico. GM CEO Mary Barra, who is on Trump’s economic advisory council, said the firm had no plans to alter their manufacturing plans to please the president.

Did Trump help save or create jobs? Nope.

(Timm cuts off your right leg with one fell swoop)

Sprint/OneWeb/SoftBank

Trump took credit for Sprint’s plant to bring 5,000 jobs back to the United States — “because of me they are doing 5,000 jobs in this country,” he said — as well as the 3,000 jobs OneWeb said they’d add, and the $50 billion investment by SoftBank that fueled both firms’ job growth. Trump met with SoftBank CEO Masayoshi Son in December.

Sprint and OneWeb confirmed later that the job growth had been previously announced, and SoftBank said the investment had been in the works since October as part of SoftBank’s promised 50,000 new jobs. There is some indication that SoftBank’s CEO increased the size of the investment in OneWeb and the number of new hires, however.

Did Trump help save or create jobs? Possibly. It’s clear that the investment was already happening, though Trump may have helped boost it.

(Timm, now rabid with blood thirst, cuts jugular vein and begins drinking your blood)

Lockheed Martin

Lockheed announced 1,800 new jobs before Trump even took office, as part of a deal they were working out with the Pentagon for fighter jets. The government contractor later credited Trump for the deal, as well as the cost-cutting measures Trump gave himself credit for, but experts say both things had been in the works for awhile. No matter the favor they may be trying to curry with the new president, taxpayer savings and new jobs aren’t his doing completely.

Did Trump help save or create jobs? Trump’s administration inked the deal a few weeks into his term and Lockheed did credit him, but Trump didn’t sew this deal together himself.

(Timm removes your left arm from your torso with small ax)

Intel

After meeting with Trump in February, Intel pledged to commit $7 billion to build a new factory in Arizona, hiring at least 3,000 employees. Intel’s CEO credited Trump with the move, despite the fact that Intel’s domestic investment had been in the works for years; construction on a factory began in 2011, though it was delayed when demand decreased.

Did Trump help save or create jobs? Intel says he helped create jobs, but their investment had been in the works (though delayed) since 2011.

(Timm saws off your left leg with rusty hacksaw)

Walmart

In January, Walmart said they’d add 10,000 jobs. Trump thanked them in a tweet, but the jobs had been previously announced in October as part of a $6.8 billion capital-spending plan.

Did Trump help save or create jobs? There’s no evidence that he had any impact here.

(Timm castrates you and begins to cook your testicles in a wok with organic avocado oil)

Alibaba

The Chinese e-commerce giant’s founder, Jack Ma, met with Trump in January, announcing that Alibaba helped create 1 million jobs in the United States. Trump said the group wasn’t considering doing that before he got elected, but the company’s founder has been talking about it for years.

Asked if he and Trump had talked about that investment, Ma said “no.” The Washington Post reported that the numbers don’t add up: it’s unlikely that the tech giant with just 35,000 employees can grow so quickly in the U.S.

Did Trump help save or create jobs? Trump is taking credit for jobs that appear to have been in the works before that he didn’t specifically discuss with the group’s founder while experts doubt the reality of such investment. We’ll have to wait and see on this one.

(Timm sits down to eat your testicles, washing it down with a warm cup of non-organic herbal tea)

How will you ever recover?

Pro tip: you won’t.

BONUS: A quick take on CNBC’s unbiased reporting.

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Are You Still Degenerating Yourselves With Leveraged ETFs?

Are any of you still bluepilled on Leveraged ETNs? Are river boat gambling out there, cigar in mouth puffing furiously, with sweaty burrowed brows — waiting for the next 90% 3 day move?

I remember once playing weekly options on a leveraged ETN and thinking I’d have a heart attack watching the fucker, crash and splash higher — meandering the market stupidly without purpose.

Here are today’s gamble crap shot winners in the Exodus ETF database. I’m interested to know if you’re still blowing your little accounts up in these death knells.

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CRUDE DIES; RATE SENSITIVE STOCKS HAMMERED

Do you sense the shift in the timeline (extra Mandela effect)? Be careful buying today’s milquetoast rally, for there is a rapid deterioration underway in both commodity related names and rate sensitive issues.

With Fed hikes looming, anything associated with inflation or loose money policy is getting dismantled. The whole construct of gold and utes as a hedge against a weakening dollar has been cracked asunder to the new narrative: arrogant and intrusive federal reserve policy, literally geared at derailing the economy.

I’ll say it again, for effect. The Federal Reserve is intent on derailing the economy to foment a new crisis, which will then provide shroud their cult with an air of relevancy.

Oil prices are getting hammered, off by more than 4% on the day.

Anything in basic resources, sans uranium stocks, are getting hammered, particularly oil, REITs and utilities.

From my vantage point, this market is to be avoided in the interim. There are too many disturbances in the matrix. Wait in cash for better prices.

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Happy International Women’s Day From $NKE

Tell your sons if they’re waiting for an international men’s day, it isn’t coming. If they want to be celebrated for their gender, they’re just gonna have to switch over to the pink team (extra Deniro) and go transgender. It’s all the rage these days, anyway.

Learn about eugenics.

Yesterday, the good folks from $NKE announced, ahead of international women’s day, they were entering the progressive line of hijabs — you know, to celebrate women’s lack of rights.

Rumor has it they’ll be entering the lucrative burka market next, especially since gypsie vendors are weak and could be easily picked off by Nike’s marketing prowess. Here’s a leaked image of their prototype.

Happy international women’s day to the readers of iBC. Now go buy yourselves a pair of addidas sneakers.

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Bond Rout Deepens, Gold Hammered, Fed Hike Chances Hits 100%

Bonds are on their worst losing streak since 2012. David Tepper says, regarding the 10yr, ‘wake me up when it’s 4%, bucko.’ Today’s ADP job numbers we’re outrageously good, in spite of the fact that ADP job numbers are absolutely meaningless.

As such, CME futures are now indicating a 100% chance of a rare hike in March. Subsequently, the price of gold is swooning again — taking an inverse position to yields.

German yields have doubled, as of late.

What does it all mean? Nothing at all.

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David Tepper Reveals He’s Short Bonds, Long Stocks, in Pedantic CNBC Interview

Gazillionaire from the Short Hills shopping mall got real kitschy this morning in an absurd CNBC interview (I’ll get the vid up later), revealing that he’s short bonds (hey oh, fughetiboutit) and long stocks (fargin’ A-hole, mamma mia).

Amongst the things he sees happening, he thinks the Trump admin will be soft on trade with China, ‘watered down’ immigration stance, and Le Pen loss in France (that chick don’t gots the motts). It’s worth mentioning, he’s long European equities too — because ‘dos valuations are cheap, ya know wud I mean?’


‘Any of yoos see my bank receipt? I’ve seem to have misplaced it, know what I mean?’

In what appeared to be a Tony Soprano impersonation, regular guy David, worth $10 billion, tried his best to talk to the little people like they’re used to be spoken to, with cute play on words, near curses, and idiotic syntax.

He was critical of Draghi’s incessant bearish tone and didn’t know why $TEVA was on his books on certain days, given its underperformance. Overall, he’s just a happy fucking guy playing with the stock markets — regular Joeing it for the rest of us out here.

For lunch, I’m sure David will be grabbing a bagel filled with tuna fish out of his hard case construction worker lunch box today — washed down with a fucking NYC deli cup of joe. You know, like all regular guys out here.

Fuck off.

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