Mortgage applications plunge and so do refi apps, as interest rates rise it pushes more and more individuals out the housing market. More and more of the older generation needs to work because they do not have enough to survive on. Seattle raised the minimum wage and it back fired now they want to raise taxes on the wealthy. Canada begins to raise rates. Investors are dumping emerging market debt at a record pace. Yellen says that there might not be a need to raise rates, the take down is complete, there is no need to raise rates at this time. Rand Paul says the Senate bill looks exactly like Obamacare. The Russian collusion push against Donald Trump Jr. has taken a turn, the lawyer involved has connection to the DNC, to Comey and to Obama. This entire story looks like a setup. US makes deal with Romania to sell the Patriot Missile system. The deep state now has troops in Raqqa. The deep state has setup bases all through out Syria to break it off. Plan B is in motion.
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Current News – 07.12.2017
- Who could have seen this coming? US mortage applications tumbled 7.4% in the prior week – the biggest drop since 2016
- The big driver was refis which fell 13% WoW and a stunning 57% year-over-year – the biggest plunge since the taper tantrum.
- this is the normalization – high home prices, stagnant wages, and soaring rates will help underpin our ‘strong’ recovery.
- more and more Americans are spending their golden years on the job.
- Almost 19 percent of people 65 or older were working at least part-time in the second quarter of 2017, according to the U.S. jobs report released on Friday. The age group’s employment/population ratio hasn’t been higher in 55 years, before American retirees won better health care and Social Security benefits starting in the late 1960s.
- Older Americans are working more even as those under 65 are working less, a trend that the Bureau of Labor Statistics expects to continue. By 2024, 36 percent of 65- to 69-year-olds will be active participants in the labor market, the BLS says. That’s up from just 22 percent in 1994.
- A number of factors are keeping older Americans in the workforce.
- they need the money
- The share of older people in the workforce is higher than at any point since before the creation of Medicare.
- After passing a $15 minimum wage intended to help low-income workers in Seattle, economists at the University of Washington produced a rather extensive research report a few weeks ago highlighting how the legislation was actually doing the exact opposite as companies were simply choosing to automate menial tasks, move businesses out of Seattle in search of more attractive wages rates or simply cutting back on employees to offset increased labor costs (we covered the study here: Seattle Min Wage Hikes Crushing The Poor: 6,700 Jobs Lost, Annual Wages Down $1,500 – UofW Study).
- the Seattle City Council decided to pursue a more direct form of income redistribution: a massive income tax on the rich.
- As The Seattle Times points out, a measure passed by the Seattle City Council applies a 2.25% tax on total income above $250,000 for individuals and above $500,000 for married couples filing their taxes together. The city estimates the tax would raise about $140 million a year and cost $10 million to $13 million to set up, plus $5 million to $6 million per year to manage and enforce.
- Under the legislation sponsored by Councilmembers Lisa Herbold and Kshama Sawant, money from the tax could be used by the city to lower property taxes and other regressive taxes; address homelessness; provide affordable housing, education and transit; replace federal funding lost through budget cuts; create green jobs and meet carbon-reduction goals; and administer the tax.
- According to U.S. Census Bureau data there are about 11,000 individuals in Seattle with earned annual incomes of at least $250,000 that would be impacted by the new tax.
- The Bank of Canada raised interest rates for the first time since 2010, citing a recent acceleration of growth that it predicts will eliminate fully the economy’s economic slack by the end of this year. i
- the largest EM Debt ETF (from JPMorgan) just suffered its largest outflows in history…
- As a reminder, in the run-up to this dumping of EM assets, expected uncertainty in Emerging Market Equities has never been lower…
What was even more stunning than investors’ tolerance for these risky issuers is how little compensation they’re demanding in return. Emerging Market bonds were pricing in the least ‘risk’ since Dec 2007…
“I’m guessing the alarm bells are ringing, and in many ways it feels like 2007,” said Anders Faergemann, a senior fund manager in London
- Fed Chair Janet Yellen urged Congress to take into account the growth trajectory of the federal debt when making decisions about spending and taxation.
- She said lawmakers need to work toward achieving “sustainability of this debt path over time,” …
“Let me state in the strongest possible terms that I agree” the U.S. federal debt trend is unsustainable, may hurt productivity, and living standards of Americans.
- Of course she is correct, but we do not remember her being so forthright during the last few years of President Obama’s reign as he doubled the national debt?
The CBO’s troubling conclusion:
Greater Chance of a Fiscal Crisis. A large and continuously growing federal debt would increase the chance of a fiscal crisis in the United States. Specifically, investors might become less willing to finance federal borrowing unless they were compensated with high returns. If so, interest rates on federal debt would rise abruptly, dramatically increasing the cost of government borrowing. That increase would reduce the market value of outstanding government securities, and investors could lose money. The resulting losses for mutual funds, pension funds, insurance companies, banks, and other holders of government debt might be large enough to cause some financial institutions to fail, creating a fiscal crisis.
it is impossible for anyone to accurately predict whether or when such a fiscal crisis might occur in the United States.
If a fiscal crisis occurred in the United States, policymakers would have only limited—and unattractive—options for responding. The government would need to undertake some combination of three approaches: restructure the debt (that is, seek to modify the contractual terms of existing obligations), use monetary policy to raise inflation above expectations, or adopt large and abrupt spending cuts or tax increases.
- Also, we find it just a little confusing why the CBO never warned of an imminent “fiscal crisis” over the past 8 years when total US debt doubled, increasing by $10 trillion under the previous administration.
- A publicists PR friend from the UK emailed Trump Jr. to say his client had damaging information about an opponent.
- This makes Donald Trump Jr., guilty of treason?
- If so, then that would mean all of Washington DC and the entire US lobbyist establishment is guilty of treason. It would mean that Hillary Clinton is guilty of treason 100 times over. Let’s not forget that the HRC campaign and the DNC did collude with Ukraine to smear Trump the candidate.
- What was the damaging information supposedly offered by this Russian lawyer about Hillary Clinton in the email from the UK PR rep.?
“Official documents and information that would incriminate Hillary and her dealings with Russia and would be very useful to your father.”
- The Russian lawyer is in record saying that the ONLY question Trump Jr., asked her was…
“Whether the DNC had received illegal funding from Russia.”
- The Trump campaign thought the Hillary campaign was working with Russia. Meanwhile the Hillary campaign was crafting their Trump-Russia collusion plan B.
- Trump and Putin were working so closely together to derail Hillary that some sort of treasonous collusion occurred, yet the only way the Trump campaign could come into contact with the Kremlin is through a lawyer who has no connection to the Kremlin, all via a UK based entertainment publicist.
- Following Kremlin denials that the ‘Russian lawyer’ that met with Trump Jr. was ‘Kremlin-related’, Russian Foreign Minister Sergei Lavrov said on Wednesday it was preposterous that U.S. President Donald Trump’s eldest son was blamed for the meeting.
- Lavrov dismissed the media interest in the email release, saying:
“It’s amazing that serious people are making a mountain out of a molehill.”
- Now this…
Natalia Veselnitskaya was sitting with Obama’s Ambassador to Russia Michael McFaul during a Foreign Affairs Committee hearing, 8 days after cold-contacting Trump Jr. in Trump Tower.
- So why was Veselnitskaya hanging out with Obama officials just days after her meeting with Donald Trump Jr.?
- And why was Veselnitskaya given a privileged seat up front during the Congressional hearing?
- Russian lawyer Natalia Veselnitskaya who met with Donald Trump Jr., Paul Manafort, and Jared Kushner is openly anti-Trump. Her Facebook page is littered with anti-Trump posts, and she either attended or at least posted a picture from an anti-Trump rally on January 22nd, 2017.
- Mark Corallo, a spokesman for the president’s lawyer said that Veselnitskaya misrepresented who she was.
- Veselnitskaya has made anti-Trump postings to her Facebook page, and posted a picture taken by someone else in John McCain’s office in 2015.
- Rob Goldstone – the man who arranged the meeting – is associated with Fusion GPS, the firm which created the debunked ‘pissgate’ dossier.
- Veselnitskaya also has ties to Fusion GPS founder Glenn Simpson, who helped lobby against the same case.
- The meeting with Trump Jr. is suspected to be the basis for the FISA request to surveil (and unmask) the Trump team.
- Less than a week after news broke of Donald Trump Jr’s meeting with Russian attorney Natalia Veselnitskaya – the delayed “Boom” to deep state cheerleader and James Comey friend Benjamin Wittes’s cryptic “Tick, Tick, Tick” tweet, Ms. Vesselnitskaya has been revealed as an anti-Trump shill whose meeting with Trump Jr. appears to be a deep-state setup used to justify the FISA warrant which the Obama administration used to spy on the Trump team via ‘unmasking‘ – which was accidentally revealed by former Obama admin official Evelyn Farkas on live TV.
- Furthermore, Veselnitskaya posted a picture taken in John McCain’s office in December of 2015, 6 months before the meeting in Trump Tower.
- FISA TimelineRecall that the Dept. of Justice drew up the original FISA application to surveil the team, which was rejected outright by the court. The second application – written more narrowly, was denied in July. Finally – three weeks before the election on October 15th, the order was finally granted for three of Trump’s associates – ostensibly the three who were in the meeting with Natalia Veselnitskaya – Trump Jr., Trump advisor Jared Kushner, and former campaign manager Paul Manafort.Here’s the plot:
- Natalia Veselnitskaya was denied an entry visa into the United States in 2016, only to be overruled by a NY Court so she could participate in an lawsuit opposite fired US Attorney Preet Bharara, which the U.S. District Court of New York later granted on appeal. Why was her entry initially denied?
Why would a Russian attorney who hates Donald Trump and has ties to the ‘pissgate’ dossier firm – Fusion GPS, agree to provide Trump Jr. with opposition research on Hillary Clinton unless it was a setup?
- One month after Texas Democratic Rep. Al Green grandstanded on the floor “I do not do this for political purposes,” a second Democrat has now formally introduced his own article of impeachment against Trump. California Rep Brad Sherman follows the same path as Green, accusing the president of obstructing justice during the federal investigation of Russia’s 2016 election interference.
- As a reminder, Green’s criticisms in June focused on Trump’s firing of former FBI Director James Comey, who was leading the administration’s probe into Russia’s meddling in the 2016 elections.
“The facts are simple and indisputable. The President fired the FBI Director because the director was investigating the President’s campaign connections to Russian interference in the Presidential Election,” Green said Tuesday evening in a statement.
“This is obstruction of justice.”
That’s actually not true. The facts suggest that Trump did nothing wrong.
- Even Minority Leader Nancy Pelosi agreed that nobody has provided a smoking gun to justify an impeachment on the grounds of obstruction. “The only thing that matters are the facts – the facts and the law.” And right now, there’s absolutely no evidence that the Trump campaign colluded with the Russians, or that Trump obstructed justice.
- On Tuesday the State Department approved the sale of $3.9 billion in patriot missile systems to NATO-member Romania after prior Russia warnings that such actions could be met with severe reprisals.
- The announcement, issued through the Pentagon’s Defense Security Cooperation Agency, is sure to be a huge shot across the bow following on the heels of Russian President Vladimir Putin’s
te within Romania’s borders.
- The proposal now moves forward for Congressional as well as Romanian parliamentary approval, . News of the Patriot missile deal was released the same day a massive Patriot missile deployment drill kicked off in Lithuania involving troops from the US, UK, Latvia, and Poland.
- U.S. Bases In Syria Set The Borders For A Federalized Country
- The United States is currently, by stealth, setting up a situation in which it is firmly entrenched in its illegal occupation of Syrian territory. The American bases in Syria which have now reached a count of eight, possibly even nine according to some sources, follow along a distinct line of what will be the formation of the borders of a fractured Syria and the creation of a Kurdistan. Combined with Israel’s illegal occupation of the Golan Heights, the United States has set up a number of bases that traverse Kurdish held territory both in the North near Ayn al-Arab (Kobane) and all along the Turkish border as well as throughout the southeast of the country in territory taken by the Syria Democratic Forces, a brigade of fighters made up of Kurdish extremists and Islamic terrorists.
- The U.S. knows that the Syrian military cannot withstand a direct confrontation with the U.S. military and it is becoming abundantly clear that Russia is not willing to risk a direct confrontation with the U.S. over the questions of Syrian border integrity, particularly in the southeastern desert regions. It seem as long as Syria retains a government friendly to Russia and Russian interests, Moscow will be content to see a smaller Syria where a larger one previously existed.
- With this in mind, it is easy to see the borders of a Kurdistan slowly coming into view.
- Federalization – America’s Plan B
- Such a plan is reminiscent of the Zbigniew Brzezinski method of “microstates and ministates.” In other words, the construction of a weak, impotent state based upon ethnicity, religion, and other identity politics but without the ability to resist the will of larger nations, coalitions, and banking/industrial corporations.
, it seems that the United States is insisting upon at least fractionalizing Syria so that the Syrian government is drastically weakened. A Kurdish state would have both strategic and economic reverberations for Syria as well as for Hezbollah and Iran whose land supply lines would be effectively cut. A Kurdish state would also serve to inhibit an Iranian pipeline.
- The wild card, however, is whether Syrians will be able to live with the creation of such a large cutout rump state carved out of their own territory.