Thanks to a blistering GDP report, which showed the US economy roared ahead by 2.1% for the fourth quarter, compared to the estimated 1.9%, bank stocks have exploded to the upside — causing many C-level executives to dance inside of their offices, whilst puffing on big fat cigars and gargling on some single malt scotch neat.
Courtesy of Exodus:
Regional Pacific +3.55%
Regional Southeast +3.5%
Regional Southwest +3.4%
Regional Midwest +2.9%
Regional Midatlantic +2.8%
In addition to a roaring economy, and I say this to you in my best midatlantic accent, the parties inside of our beloved C-levels executives offices are about to become more perverse, more grandiose — as the odious blight that is Dodd-Frank gets rolled the fuck back.
Guardian reports:
Donald Trump moved to roll back the financial regulations brought in after the last financial crisis on Friday, directing a review of the Dodd-Frank Act, which was enacted to ensure there would never be another 2008-style meltdown.
The US president said his latest executive order was necessary because the regulations were too onerous on business and hurting the economy. But the move was largely symbolic – only Congress can rewrite the legislation.
A second directive is expected to halt the implementation of an Obama-era rule that would have required brokers to act in a client’s best interest when providing retirement advice, rather than seek the highest profits for themselves.
“We desperately need to overhaul how we approach financial regulation,” said the White House press secretary, Sean Spicer. He said Dodd-Frank was a “disastrous policy” that was “crippling” the US economy.
The treasury secretary has 120 days to consult with the Financial Stability Oversight Council, established by the Dodd-Frank Act to look out for excessive risks to the US financial system, and report back on whether it was meeting Trump’s “core principles” for financial regulation. These include preventing taxpayer-funded bailouts; fostering economic growth; enabling US companies to be competitive with foreign firms in domestic and foreign markets; and advancing American interests in international financial regulatory negotiations and meetings.
Before signing the order, Trump met with his business advisory panel, which includes 18 executives from large US companies including GE, Citigroup, General Motors, Tesla and Disney.
“We expect to be cutting a lot out of Dodd-Frank, because frankly I have so many people, friends of mine, that have nice businesses and they can’t borrow money … They just can’t get any money because the banks just won’t let them borrow because of the rules and regulations in Dodd-Frank. So we’ll be talking about that in terms of the banking industry,” Trump said.
The president was backed by Gary Cohn, director of the national economic council and a former Goldman Sachs banker. “Americans are going to have better choices and Americans are going to have better products because we’re not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year,” Cohn said in an interview with the Wall Street Journal.
It’s not normal to see banks up 3.5% on any given day. 2-10 year treasury spreads widened a bit today to 113bps.
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Fly- don’t know if you saw, there’s a new 3x leveraged oil ETF out, OILU and OILD both destined to burn down the shantys of the debauched who own them.
Can’t wait to blow myself up in those.
$XOM and $COP …..getting some lovin’ today
Oil has bottomed
Not sure that oil has bottomed with the rig count up 74% from last year, sir!
Rig count is up… care to elaborate your thesis
at the Turns the majority necessarily must hold the opposite view. they are the fuel that starts the move in earnest
Good comments from the sister site earlier this week:
these are the 20th or 30th time these have come up in the last 4 or so years, they have the established weight of legitimacy, in other words
“…the facts, This market is totally broken. No trades make sense. Everything is backwards. If a company reports earnings losses and lower future earnings guidance, their stock rises. Someone keeps buying CAT.”
“The maniopulation of the markets by some very dark powerful force is unbelievable. Who is feeding this monster? Is this all new money pouring in?”
“Beginning to see how clearly the market is a policy tool, nothing more.”
“…concerned when the authorities need to both break the market and CRASH the VIX to keep market from a HEALTHY CORRECTION. By ALL valuation measures, the entire financial system is in unchartered territory which is appearing to be the new normal.”
“Why is anyone guessing? The Pensions, the 401k”s the GDP, the Income Tax Base REQUIRES that this DOW keep inflating.”
“Real metrics mean nothing in a hypothecation world”
“Fed has pockets so deep they can hear Satan singin. Don’t you think they have backdoors to all of the electronic trading going on?
“More manipulations … they have to keep a dead horse looking fit!”
“Can we get something on the tick for tick connect between USDJPY VIX and SPX … “
I’m so glad you’re still alive, seriously thought you had harmed yourself after the last run up
I’m a truthteller.
Unceasingly.
The runups are blatantly more and more contrived, each time.
Feb 16 – summer
Brexit – august
November – postinauguration
March 27 – March 30
Nice fake concern, But you know I know each leg up manipulation is “brewed”
Still not making any money, huh?
you can tell truth , or you can be right, or you can make money….if you are a trader the first two are not important
Why have massive regulations been imposed on the banks? Oh, now I remember: because they came close to destroying the U.S. economy and had to be bailed out with taxpayer money to prevent a far worse catastrophe. Bet that will never happen again.
LOL get me some $XLF.
Problem is, of the roughly 6,700 banks in the US, only the big boys were bad and caused the disaster. Under Dodd-Fag, everyone suffers.
^^^^THIS!!!
Exactly. Indeud!!!!
Banksters rejoice because Trump did NOT re-instate the Glass-Steagall legislation as he should have if he meant business. That’s all.
The irony is the “Bolshevik Jew” Bernie would definitely have done so!
…and even the larger irony is that the zionist Jew Soros got the pro-zionist Crooked Hitlery with the help of Podesta Molesta to sabotage Bernie’s campaign. Go figure!
Soros is an atheist. Shits on Israel plenty of times. The only thing different about Soros and other billionaires meddling ni politics is his ethnicity.
Dodd-Frank sucks. And Barney Frank can go suck a dick with his historic regulatory bullshit law. But I’m stating the obvious.