UMich consumer confidence declines to the lowest since before the election, hope vanishes. Chain restaurants a traffic and revenue decline, this is a disaster.Auto loan origination decline to the lowest since the financial crisis. Core retail sales implode as the industry continually crashes. Industrial production slows. JP Morgan leaves an important slide out of their earnings conference which shows credit cards charge offs are on the rise. New paper reveals the plan of the bankers to remove cash from the system. Jeff Session makes huge arrest in the health industry. The corporate media is continually pushing their agenda, the more they push the worse it is for them. Loretta Lynch was spying on meeting with Trump Jr. Trump’s new FBI director was asked if he woudl investigate Hillary Clinton, he said yes. Russia says time is running out they are ready to remove spies from their country. Trump admin in negotiations to hand back the compound to Russia. North Korea warns the US and UN about sanctions. Indonesia renames the South China Sea. Turkey will not allow German law makers on their base. The coalition reports that terrorists are not entering Syria or Iraq, they have been cutoff. Time is ticking down, the take down is about to begin, all the pieces are in place.
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Current News – 07.14.2017
- Following the biggest 2-week plunge in Bloomberg’s index of economic comfort in 6 years, UMich reports a big disappointment in the preliminary print for June. At 93.1 (below the 95.0 expectation), this is the weakest print since Oct 2016 – before the election.
- the recent data follow the same pattern repeatedly recorded around past cyclical peaks:
- Six quarters in a row of year-over-year declines.
- Foot traffic at chain restaurants fell 3% in June year-over-year. Same-store sales fell 1%, the 16th month in a row of year-over-year declines, completing the sixth quarter in a row of sales declines, the longest downturn since 2009.
- Food sales were down, alcohol sales were down. The only thing that was up was prices,
- this is being reporte by the Executive Director of Insights and Knowledge for TDn2K, whose Restaurant Industry Snapshot tracks sales at 27,000 restaurant units from 155 brands, generating about $67 billion in annual revenue.
- Sales rose in 45 markets and fell in 150 markets.
“The summer season should be solid as people have money to spend. which so far continue to be disappointing, no major acceleration in spending at restaurants should be expected.”
- Wells reported that auto loan originations crashed 45% Y/Y to only $4.5 billion, the lowest print since the bank started disclosing this item back in 2013.
- auto sector which is now facing not only surging delinquencies primarily among subprime borrowers, . It also means that auto sales in the coming quarters, already poor, are about to suffer an even sharper decline,
- Retail sales down -0.2%, Exp. +0.2% after falling 0.1% in May
- Retail ex-autos -0.2%, Exp. +0.2%
- Retail sales ex-autos and gas -0.1%, Exp. 0.4%
- You know the economics of your city are a bit distorted when a married couple earning roughly 3x the national median income can’t even afford to put a roof over their head. Oddly enough, that seems to be exactly the case in San Francisco where the Board of Supervisors has just approved a piece of legislation that would allow couples earning up to $138,000 a year to qualify for “affordable housing.” Per SFGate:
A family of at least two people who collectively earn $138,000 or less per year will likely soon qualify for one tier of San Francisco’s affordable housing
Based on the Mayor’s Office of Housing and Community Development median salary outlines, that means any family of at least two earning less than $138,400 qualifies.
- Following May’s disappointing MoM collapse in industrial production growth, economists had hoped for a modest 0.3% rebound and were pleasantly surprised with 0.4% gain in June (and upward revision for May).
- Factory production rose 0.2% in June after falling 0.4% in May
- However, year-over-year growth in industrial production slowed from +2.1% to +2.0% YoY – its first slowdown since January.
Industrial Production remains 1.4% below its Nov 2014 peak, but the Dow Jones “Industrial” Average is up 21% since then…
- While JPM was quick to provide all the favorable data in its earnings presentation (and not so favorable when it comes to the sharp drop in its markets sales and trading division) one thing was conspicuously missing: the slide on “Mortgage Banking And Card Services” which has traditionally been part of the bank’s earnings presentation and was certainly featured prominently last quarter.
- . It shows that JPM’s net credit card chargeoffs surpassed $1 billion as of June 30, and we the highest going back to March 2013.
- As a reminder, in his Q2 commentary while Jamie Dimon was quick to note that “the U.S. consumer remains healthy
The provision for credit losses was $1.4 billion, an increase of $193 million, driven by higher net charge-offs and a higher
- Credit Card defaults has surged the most since the financial crisis.” And incidentally, since then it’s only gotten worse with the latest data showing that as of May, the rate of defaults on credit cards have risen to 3.53%, up more than 13% from a year ago.
- Is it time to start worrying about the spending capacity of the US consumer?
- Jackson Hole as Backdrop to “War on Cash”
- Friday at the Fed Symposium a document was handed out in conjunction with a discussion.
- this document was not just a discussion on NIRP risk and how to assess if/when to use it. This was also an answer key on how to make it happen. And among those recommendations was to “Abolish Paper Currency”.
- Paper Excerpt: How to Kill Cash
- Earlier today U.S. Attorney General Jeff Sessions announced a national health care fraud takedown resulting in charges against over 412 individuals responsible for $1.3 Billion in fraud losses:
- Attorney General Jeff Sessions and Department of Health and Human Services (HHS) Secretary Tom Price, M.D., announced today the largest ever health care fraud enforcement action by the Medicare Fraud Strike Force, involving 412 charged defendants across 41 federal districts, including 115 doctors, nurses and other licensed medical professionals, for their alleged participation in health care fraud schemes involving approximately $1.3 billion in false billings. Of those charged, over 120 defendants, including doctors, were charged for their roles in prescribing and distributing opioids and other dangerous narcotics.
- The charges also involve individuals contributing to the opioid epidemic, with a particular focus on medical professionals involved in the unlawful distribution of opioids and other prescription narcotics, a particular focus for the Department.
- NBC News has just dropped a new “bombshell” detail that the heretofore unknown, and quite ‘mysterious’, third-party that attended that meeting with Veselnitskaya was none other than a Soviet-born counter intelligence officer.
- Of course, once you get past the ridiculous headline, the story may not be as much of a “bombshell” as NBC would undoubtedly like it to be. It seems this “former Soviet counter intelligence officer”, , emigrated to the U.S. some time ago, is an American lobbyist and holds dual citizenship in the United States.
The Russian lawyer who met with the Trump team after a promise of compromising material on Hillary Clinton was accompanied by a Russian-American lobbyist — a former Soviet counter intelligence officer who is suspected by some U.S. officials of having ongoing ties to Russian intelligence,
Lets think about this for a minute, bringing a ‘lobbyist’ to a meeting in which your intent is to ‘lobby’ for the overturn of the Magnitsky Act might just be something that makes sense rather than being part of a larger plot to rig an entire American presidential election. Because the laywer had no info, the lobbyist gave no info, hmmmm.
- the identity of this ‘mysterious’ person was actually revealed as Rinat Akhmetshin. And, guess what? He was part of a lobbying team put together by Veselnitskaya to overturn the Magnitsky Act and was actually the person who organized the showing of that anti-Magnitsky Act film at the Newseum,
- the man was a “friend of Emin [Agalarov]’s and maybe as a friend of Natalia [Veselnitskaya]’s.”
- Now we have come to learn that former Trump campaign manager Paul Manafort’s phone was tapped by former Attorney General Loretta Lynch during the now infamous meeting with Russian lawyer Natalia Veselnitskaya – who was let into the United States under “extraordinary circumstances” by Obama’s DOJ, headed by Lynch.
- The meeting included Donald Trump Jr., Manafort, Jared Kushner, Natalia Veselnitskaya, and Fusion GPS associate Rinat Akhmetshin – a Russian-American lobbyist who confirmed today that he was present during the June 2016 sit-down.v
- The meeting was arranged by another Fusion GPS associate, Rob Goldstone – in what is looking more and more like a deep-state setup to justify FISA wiretapping warrants. Of note, Veselnitskaya is publicly anti-Trump.
- Fusion GPS, the firm behind the discredited 35 page Trump-Russia ‘dossier,’ was co-founded by Glenn Simpson, who abruptly canceled his testimony before the Senate Judiciary Committee next week in light of recent events linking the democrat opposition research firm to a second attempt to take down the Trumps.
- So. Paul Manafort’s phone was being tapped during the meeting – it means Loretta Lynch’s surveillance of Manafort, an American, was done without a FISA warrant – as the first FISA request by the Obama administration came in July, the same month as the meeting in Trump Tower.
- This also calls into question the June 27th, 2016 “tarmac” meeting between Lynch and Bill Clinton, which would have come after the meeting at Trump Tower. Was Lynch reporting the results of the alleged surveillence to Clinton?
- FISA Timeline
1. June 2016: FISA request. The Obama administration files a request with the Foreign Intelligence Surveillance Court (FISA) to monitor communications involving Donald Trump and several advisers. The request, uncharacteristically, is denied.
2. July: Russia joke. Wikileaks releases emails from the Democratic National Committee that show an effort to prevent Sen. Bernie Sanders (I-VT) from winning the presidential nomination. In a press conference, Donald Trump refers to Hillary Clinton’s own missing emails, joking: “Russia, if you’re listening, I hope you’re able to find the 30,000 e-mails that are missing.” That remark becomes the basis for accusations by Clinton and the media that Trump invited further hacking.
3. October: Podesta emails. In October, Wikileaks releases the emails of Clinton campaign chair John Podesta, rolling out batches every day until the election, creating new mini-scandals. The Clinton campaign blames Trump and the Russians. which we know it was done locally, most likely seth rich
4. October: FISA request. The Obama administration submits a new, narrow request to the FISA court, now focused on a computer server in Trump Tower suspected of links to Russian banks. No evidence is found — but the wiretaps continue, ostensibly for national security reasons, The Obama administration is now monitoring an opposing presidential campaign using the high-tech surveillance powers of the federal intelligence services.
- Huge if true… completely illegal, broke who knows how many laws. Look how many players were needed to pull this off.
- during his confirmation hearing on Wednesday, Christopher Wray signaled a willingness to investigate allegations that the DNC worked with the Ukrainian government to impede Trump’s presidential campaign in 2016.
- “Will you look into this?” Graham asked Wray The nominee responded he would be “happy to dig into it.
- Russian diplomats said informally at the start of the week, the Russian foreign ministry said on Friday that “too many American spies operated in Moscow” under diplomatic cover and warned it might expel some of them to retaliate against Washington’s December 2016 expulsion of 35 Russian diplomats. The warning, delivered by Ministry spokeswoman Maria Zakharova,
- As a reminder, then-president Barack Obama ordered the expulsion of 35 Russians
- The US may hand two diplomatic compounds confiscated by the Obama administration back to Moscow if it sees “acts of good faith” from the Kremlin, similar to the recently brokered ceasefire in Syria, Sebastian Gorka, deputy assistant to President Trump, says.
- By considering a release of the Russian diplomatic compounds that have remained sealed since December, Washington wants to leave the door open for rapprochement with Russia,
- US President Donald Trump said that he would invite Russian President Vladimir Putin to the White House at “the right time,”
- “I don’t think that this is the right time, but the answer is yes, I would,”
- North Korea will take “subsequent steps”, if the UN Security Council adopts new sanctions against Pyongyang, according to official statement of North Korea’s Foreign Ministry.
- “If the UN Security Council adopts another sanction resolution, we will take subsequent steps and respond with fair measures,” t
- According to the statement, North Korea also urged the United States to think of Pyongyang’s strategic position, instead of exerting pressure and introducing sanctions against the country.
- Indonesia has renamed part of the South China Sea,The country renamed the northern reaches of its exclusive economic zone in the South China Sea on Friday, choosing instead to call it the North Natuna Sea.The Ministry of Maritime Affairs unveiled a map with the new name on Friday.
- The ceasefire was also praised in the armed opposition. However, according to Chief of Staff of the so-called ‘Free Syrian Army’ Ahmed Berri, Bashar al-Assad’s opponents seek a comprehensive truce not just in several areas but also across the whole country.
- Such a stance shows the opposition experiences quite a number of issues. And it’s not surprising as along with the pressure of the Syrian army, it is being affected by inner problems. Thus, on July 2, it was reported that Hayat Tahrir al-Sham group arrested more than 100 people in Idlib for participating in Euphrates Shield on the side of the Turkish army. On July 6, clashes between the fighters of the group and Jaish al-Islam took place in Eastern Ghouta. These are not the only recent conflicts between the terrorists.
- Obviously, as the SAA advances, there will be more and more such accidents. That is why Ahmed Berri wants a comprehensive ceasefire, to have a chance to preserve what’s left of unity.
- Foreign fighters for Daesh terror group can no longer enter Syria, Foreign fighters for Daesh terror group (banned in Russia) can no longer enter Syria, US presidential envoy Brett McGurk said on Thursday.
“The foreign fighters are not coming into Syria anymore, and those who are already in Iraq and Syria — we have been working very hard to make sure they can never get out,” McGurk told reporters in a briefing.
- Comment: Interesting that the foreign jihadist tap can be turned off just like that. Why wouldn’t the U.S. do it years ago?