Morgan Stanley Warns of Something Worse
Than a ‘Normal Recession’
Posted By: earlybird, 9/27/2022 11:00:38 AM
Morgan Stanley’s Chief U.S. Equity Strategist Michael Wilson said that he’s convinced a corporate earnings recession is coming—and that it could be worse than a “normal” recession. (snip) is looking closely at the U.S. business earnings story and the impact of corporate profits on equities, which have been on a wild ride in recent months. “We think it’s unavoidable … to avoid an earnings recession and that’s what matters for stocks,” Wilson said, with his remarks coming on the same day that the so-called Wall Street fear gauge soared to its highest level since mid-June when U.S. equities last hit a bear market bottom. The CBOE Volatility Index,
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earlybird"
Is The Fed About To Destroy America?
6 replies
Today The Fed is holding an emergency meeting under "expedited procedures."
The actions to be considered are the discount and advance rate -- in other words, interest rates.
The rumored reason is that Credit Suisse may be in trouble -- specifically due to writing interest rate swaps, along with a number of other institutions which happens to include pension funds both in the UK and US, none of whom should ever be playing with levered instruments for the simple reason that leverage is everywhere and always speculative.
But of course they are because nobody has ever gone to prison for using leverage as a means to evade requiring the underlying organization to fund
I am going to start the Day 4 update with the golden words from dear Sharon, who eloquently writes:
“…..the holding pattern for tens of thousands…..”
“That’s just one thread in the word pictures presented by Sundance–a thread that is sort of a knothole in the fence…. and looking through it, there are details to be seen….confusion, uncertainty, counting the cash in one’s pocket (again), checking (again) for any possible cell phone coverage, (snip)Day 4, is exactly like all day fours I have experienced before this one. The autonomic response starts to give way to adrenalin exhaustion and human batteries need to be recharged.
PITTSBURGH, Pennsylvania — A couple hundred die-hard supporters of John Fetterman’s campaign stood in the pouring rain Saturday morning in a Pittsburgh parking lot, a scene reminiscent of the former President Donald Trump supporters who stood in the rain for his rally in Greensburg in May. They were all waiting to hear him spell out the reasons why he should be the next senator from Pennsylvania. (snip)Fetterman then took the stage to the Styx 1979 hit song "Renegade," waving a Steelers' Terrible Towel. He started making his pitch to his faithful followers. “I'm overwhelmed," he said. "I'm overwhelmed. ... Franco Harris? That's pretty Western Pennsylvania, right? What's the opposite of
Former NSA Staffer Charged With Espionage
After Trying to Sell Information to Undercover
FBI Agent 5 replies
After Trying to Sell Information to Undercover
FBI Agent 5 replies
A former employee of the National Security Agency (NSA) was charged with espionage for allegedly trying to sell classified national defense information to an undercover agent he believed to be working for a foreign government, the U.S. Department of Justice (DOJ) said.
Jareh Sebastian Dalke, a 30-year-old Army veteran of Colorado Springs, Colorado, worked at the NSA as an information systems security designer from June 6 to July 1, 2022. According to the DOJ, Dalke used an encrypted email account to transmit excerpts of three classified documents he had obtained during his employment to an undercover FBI agent disguised as a representative of a foreign government.
Dalke was arrested on Sept. 28,
LONDON — King Charles III has decided not to attend the international climate change summit in Egypt next month, fueling speculation that the new monarch will have to rein in his environmental activism now that he has ascended the throne.
The Sunday Times newspaper reported that the decision came after Conservative Prime Minister Liz Truss objected to Charles attending the conference, known as COP27, when she met with the king last month at Buckingham Palace.
But a member of Truss' Cabinet said the government and palace were in agreement about the decision.
Remember Blinken’s initial, reflexive, response to the US sabotage of the Nordstream pipelines? It was to gaslight: Nobody benefits from this. Get it? It was all a big mystery, so don’t bother asking, Cui bono? There’s no point. Of course, as economist Michael Hudson pointed out, that bit of gaslighting wasn’t going to have much of a shelf life—If nobody benefited from the sabotage, how do you explain the incontrovertible fact that somebody did do it? This wasn’t some teen prank.
Rep. Gregory Steube (R-Fla.) and other U.S. lawmakers are asserting that the Food and Drug Administration’s (FDA) refusal to provide records to The Epoch Times is illegal.
The Freedom of Information Act (FOIA) states that, with exceptions, agencies that receive satisfactory records requests “shall make the records promptly available” to the requester. But the FDA recently refused to provide results of COVID-19 vaccine safety monitoring analysis to The Epoch Times, claiming that it could not separate the results from inter-agency and intra-agency communications, which are allowed to be withheld.
FORT MYERS, Fla. — Rescuers evacuated stunned survivors on a large barrier island cut off by Hurricane Ian and Florida’s death toll climbed sharply, as hundreds of thousands of people were still sweltering without power days after the monster storm rampaged from the state’s southwestern coast up to the Carolinas.
Florida, with nearly four dozen reported dead, was hit hardest by the Category 4 hurricane, one of the strongest to make landfall in the United States. Flooded roadways and washed-out bridges to barrier islands left many people isolated, amid limited cellphone service and a lack of basic amenities such as water, electricity and the internet.
Republicans abandon Obamacare repeal
22 replies
WASHINGTON — Republicans are abandoning their long crusade to repeal the Affordable Care Act, making the 2022 election the first in more than a decade that won’t be fought over whether to protect or undo President Barack Obama’s signature achievement.
The diminished appetite for repeal means the law — which has extended health care coverage to millions of people and survived numerous near-death experiences in Congress and the courts — now appears safer than ever.
With slightly more than a month before the next election, Republicans in Congress and on the campaign trail aren’t making an issue of Obamacare.
DeSantis passed the hurricane test
9 replies
A 500-year hurricane wiped out most of Florida this week. The Tampa Bay Times described the devastation.
The newspaper said, "It wasn’t just the coastline, though it took most of the blow.(snip)The cleanup will take months. Recovery will take years. Even for a state that deals with hurricanes every year, this one could be too much.
But 4 years ago, Floridians elected the right Florida Man to run the state government. He didn't wind up in a motel room drunk and stoned with male hookers. DeSantis knew what to do and is doing it. (snip)DeSantis passed the test. Problems crop up and he is on it.
It's not just heating that could be missing across Europe this winter: cell phones may be the next to go. That's because if power cuts or energy rationing knocks out parts of the mobile networks across the region, mobile phones could go dark around Europe this winter according to the latest doomsday reporting from Reuters.While everyone knows by now that Europe's chances of rationing and power shortages have exploded ever since Moscow suspended gas supplies, in France, the situation is even worse as several nuclear power plants are shutting down for maintenance. And the cherry on top: telecom industry officials told Reuters they fear a severe winter will put Europe's
A federal judge on Friday threw out a lawsuit filed by Stacey Abrams challenging Georgia’s election system after she lost the 2018 gubernatorial race to Republican Gov. Brian Kemp.
The lawsuit, which sought to change how the state administers elections, was filed around four years ago by Fair Fight Georgia, a political action committee established by Abrams after her election defeat. Earlier this year, the judge pared down the lawsuit by dismissing many of its original complaints.
Abrams alleged “misconduct, fraud or irregularities” in the voting process. She took legal action to stop counties from throwing out some rejected provisional and absentee ballots when updated vote totals affirmed Kemp was the likely
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Rep. Mark Pocan, a Wisconsin Democrat, is pushing legislation that would establish a national museum of American LGBTQ+ History and Culture in the nation’s capital. The lawmaker has filed bills that would establish a commission to study the potential creation of the museum and house it within the Smithsonian Institution. The eight-member commission would have 18 months to study the viability of creating and constructing the museum in Washington. Mr. Pocan, who is gay, said the LGBT community must be able to tell its stories.
“As our community faces unprecedented attacks and attempts to erase our history, we must preserve and protect our stories for future generations,”
Given the current political realities in the United States and Canada, this report should surprise no sane person paying a modicum of attention to the attack on personal freedom in both countries. Still, it’s chilling as hell that Communist China continues to compromise territorial integrity around the world.
As reported by The New York Post, China has opened dozens of “overseas police service stations” around the world to monitor its citizens living abroad, including one location in New York City and three in Toronto. Never-learning Europe is home to most of the police stations, including locations in London, Amsterdam, Prague, Budapest, Paris, Madrid, and Frankfurt.
Gov. Gavin Newsom (D) signed a law Friday that will decriminalize jaywalking across California, ending the familiar practice of police handing out tickets to pedestrians on the argument that the law is enforced more often against minorities than other people. The new law, AB 2147, known as the “Freedom to Walk Act,” could bring an end to a cultural difference that has marked otherwise libertine Californians as being uniquely deferential to laws governing pedestrian traffic. The difference between Californians, who ostensibly tend to obey “don’t walk” signals, and urban dwellers elsewhere in the country, who are notoriously defiant when it comes to crossing against traffic signals, was lampooned
Just before leaving office, former President Barack Obama told reporters in private remarks he was concerned about a breakdown of democratic norms over a "sustained period" should Donald Trump serve more than one term as president.
Obama gave an off-the-record interview to reporters on Jan. 17, 2021, to discuss several topics, including the election of Trump over former Secretary of State Hillary Clinton, according to documents obtained by Bloomberg and released by the Justice Department as part of a Freedom of Information Act request.
After the election, Obama said he was most worried about preserving the democratic process so that if people are dissatisfied
The Weekly Whodunnit
24 replies
There’s always some mystery in the news that provides a blank page for fantasy thinking. This week’s mystery has initiated a storm of speculation: What happened to cause leaks in Russia’s Nord Stream 1 and 2, designed to send gas to Germany? The speculation runs from rational to delusional.
A good example of more rational speculation is by Jed Babbin at the Spectator: He thinks Russia is the most likely suspect:
Germany, Sweden, the United States, and other NATO nations would not have attacked the pipelines. There has been some speculation among U.S. conservatives that we were responsible for the pipeline attacks.
Sen. Rick Scott on Trump attack against
McConnell’s wife: ‘It’s never, ever
OK to be a racist’ 23 replies
McConnell’s wife: ‘It’s never, ever
OK to be a racist’ 23 replies
Sen. Rick Scott on Sunday responded with reluctant criticism of former President Donald Trump‘s verbal jab at Senate Minority Leader Mitch McConnell and his wife, Elaine Chao. Mr. Trump on Friday lambasted Mr. McConnell as having a “DEATH WISH” for helping pass a stopgap funding bill to avoid a government shutdown and mocked Ms. Chao, who had served as his Transportation secretary.
“Must immediately seek help and advise from his China loving wife, Coco Chow!” Mr. Trump posted on his social media site Truth Social.
Mr. Scott of Florida, chairman of Senate Republicans’ campaign arm, initially dodged a question about whether such rhetoric was appropriate before he condemned it.
The National Archives and Records Administration (NARA) is still missing Trump administration records that it sought after the former president's term ended, the agency said in a letter on Friday. 'The National Archives has confirmed to the Oversight Committee that they still have not received all presidential records from the Trump White House,' Acting Archivist Debra Steidel Wall said. Wall said the Department of Justice (DOJ) would be consulted about whether 'to initiate an action for the recovery of records unlawfully removed' by White House officials. Further information about what action could be taken remains unclear, but the DoJ's warning raises the specter of another potential raid
Republicans abandon Obamacare repeal
22 replies
WASHINGTON — Republicans are abandoning their long crusade to repeal the Affordable Care Act, making the 2022 election the first in more than a decade that won’t be fought over whether to protect or undo President Barack Obama’s signature achievement.
The diminished appetite for repeal means the law — which has extended health care coverage to millions of people and survived numerous near-death experiences in Congress and the courts — now appears safer than ever.
With slightly more than a month before the next election, Republicans in Congress and on the campaign trail aren’t making an issue of Obamacare.
A top FBI official accused Trump-hating former agent Peter Strzok of doing long-term damage to the bureau’s reputation with a “sustained pattern of bad judgment” and “selfishness” in the newly released draft of the 2018 letter firing him.
David Bowdich, who was deputy director of the bureau when he penned the brutally harsh draft of the dismissal letter, told Strzok the damage he caused to the bureau would last for years. He referred specifically to Strzok’s use of “an FBI device,” an apparent reference to the shocking text messages sent on bureau cell phones between Strzok and his paramour, Lisa Page,
After nearly four years and millions of wasted taxpayer funds, U.S District Judge Steve C. Jones ruled on Friday that Georgia’s election practices had violated neither the Constitution nor the Voting Rights Act (VRA) during the 2018 gubernatorial election. Shortly after losing that election to Republican Brian Kemp, Democratic candidate Stacey Abrams famously blamed her loss on voter suppression and filed a federal lawsuit against Georgia’s Secretary of State and Election Board via her advocacy group, Fair Fight Action, Inc. Judge Jones finally put the Peach State out of its misery by ruling in favor of Georgia on all counts.
This is the tale of two laptops, one tale definitely damaging to the Democrats, one potentially so. What they have in common is that the FBI did its damnedest to bury both.
For all the hubbub about the Hunter Biden laptop, there has been little talk about the laptop owned by DNC data analyst Seth Rich. In the way of brief summary, the 27-year-old Rich was beaten and then shot by unknown assailants on a Washington, D.C. street in the early morning hours of July 10, 2016. His attackers appear to have taken nothing—not his wallet, not his phone, not his watch.
German Federal Economy Minister Robert Habeck expressed concern over the looming energy crisis this winter, telling German media that the situation was extremely tense and there is a possibility that Germany may run out of gas. Habeck spoke on Friday, appealing to Germans to reduce their consumption of natural gas ahead of this winter a day after the German government launched a new price break programme to help Germans with the rising costs of energy. The new price break policy will cover 80 per cent of regular consumption in a bid to try and get Germans to use less gas and make the scenario of shortages less likely.