Posts Tagged ‘Jamie Dimon’

DoGS FiGHT aT DaVoS

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Jamie Dimon

 

Sark

 

DOGS FIGHT AT DAVOS

REUTERS--Jamie Dimon, credited with having steered JP Morgan through financial turmoil in 2007-08, had earlier in the day lashed out at persistent bank bashing nearly three years after the global credit crisis began, saying it was "unproductive and unfair".

But when he rose at a later session of the World Economic Forum to ask Sarkozy to get the G20 to avoid overregulation of banks, the French president launched into a broadside accusing financiers of behaviour that he said had caused the crisis. "The world has paid with tens of millions of unemployed, who were in no way to blame and who paid for everything," Sarkozy said to Dimon. "It caused a lot of anger."

The French leader also renewed his call for a financial transaction tax to fund development but acknowledged that many G20 countries opposed such a levy. He suggested a small pioneer group of states might go ahead with a tiny levy or some other form of innovative financing to lead the way.

Dimon praised governments for intervening to save the financial system in 2008. But he said the G20 group of major economies, which Sarkozy chairs this year, should take a deep breath before imposing more regulation. "Too much is too much," he said. The outspoken Dimon had earlier told a separate panel not all lenders made the same mistakes in the run-up to the crisis. "Not all banks are the same and I just think that this constant refrain ‘bankers, bankers, bankers’ is just unproductive and unfair. People should just stop doing that." He echoed comments by Barclays CEO Bob Diamond, who told a UK parliamentary committee this month that "the period of remorse and apologies for banks" needed to be over. MARKET OR MADHOUSE"

Sarkozy was having none of it. "The world was stupefied to see one of five biggest U.S. banks collapse like a house of cards," he told a plenary session of the Davos Forum. "We saw that for the last 10 years, major institutions in which we thought we could trust had done things which had nothing to do with simple common sense. That’s what happened."

The United States government spent hundred of billions of dollars of public money to bail out financial institutions, after the dramatic failure of…
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Simon Johnson: Jamie Dimon Has Found The Massive Loophole In Financial Reform

Simon Johnson: Jamie Dimon Has Found The Massive Loophole In Financial Reform

Courtesy of Joe Weisenthal of The Business Insider 

There’s definitely something to Simon Johnson’s new theory that it’s no longer about "Too Big To Fail" but rather "Too Global 

In a big piece at The New Republic, the former IMF economist and professor argues that the key to escaping the Dodd-Frank resolution authority is to become so big internationally that governments around the world see the need to ensure your survival.

This June, Dimon returned from a two-week visit to China, India, and Russia, and announced an even more aggressive expansion. Senior executives were ordered to look beyond Western Europe—where most of JP Morgan’s foreign investment banking is focused—and seek opportunities in emerging markets. In addition to Brazil, Russia, India, and China—the emerging powerhouses known as the BRIC countries—JP Morgan is looking at Southeast Asian nations, such as Vietnam and Indonesia, the Middle East, and parts of Africa. The bank plans to triple its private banking assets in Asia over the next five years and hopes to make Asia the source of half its non-domestic business. “We are going to get the whole company behind [the international strategy],” Dimon told The New York Times.

If Dimon is successful, he will create a bank that is not just too big to fail, but too global to fail. There is no conspiracy here: JP Morgan is simply responding to the available incentives. This international push is terrific corporate strategy and completely legal under our reformed financial system. But it also happens to be very dangerous for the rest of us.

It’s not just JPMorgan, he reckons. All the big banks will begin pursuing the strategy of getting so global that a US-only wind-down isn’t a reasonable end, come a crisis.


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FDIC Authorizes $1 Billion Lawsuits Against Failed-Bank Executives; Token Search for Low-Profile Scapegoats

FDIC Authorizes $1 Billion Lawsuits Against Failed-Bank Executives; Token Search for Low-Profile Scapegoats

Courtesy of Mish 

The FDIC has only brought one case to date against executives of failed banks. Supposedly more charges are coming.

Bloomberg reports FDIC May Seek $1 Billion From Failed-Bank Executives

The Federal Deposit Insurance Corp. has authorized lawsuits against more than 50 officers and directors of failed banks as the agency aims to recoup more than $1 billion in losses stemming from the credit crisis.

The lawsuits were authorized during closed sessions of the FDIC board and haven’t been made public. The agency, which has shuttered 294 lenders since the start of 2008, has held off court action while conducting settlement talks with executives whose actions may have led to bank collapses, Richard Osterman, the FDIC’s acting general counsel, said in an interview.

“We’re ready to go,” Osterman said. “We could walk into court tomorrow and file the lawsuits.”

The FDIC, which reviews losses for every bank failure, has brought only one case against officers or directors tied to recent collapses — a suit filed in July seeking $300 million in damages from four executives of IndyMac Bancorp Inc.

The FDIC “brings suits only where they are believed to be sound on the merits and likely to be cost-effective,” according to an agency policy statement that dates from the savings-and- loan crisis of the 1980s. That requires considerations of whether an individual, if sued, has the means to pay or an insurance policy to cover all or part of the claim.

“It doesn’t make sense to file a lawsuit if at the end of the day you have a low chance of recovery,” Osterman said.

“It’s in both our interest and theirs to try and settle this matter before it gets into the court and we get into expensive litigation,” he said.

Political Stunt to Placate the Public

I see this as little more than a political stunt to placate the public. These cases are unlikely to go to trial, on purpose, and not for the reason the FDIC says.

The FDIC does not want to rattle the banking system, so they won’t. Instead they will settle most if not all of these cases for peanuts.

To make it look legit, the FDIC might pursue a couple of scapegoat cases, IndyMac being one of them, but don’t expect anything more.

Criminal
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Dick Bove Says Chance Of Double Dip Is Now 40-60%, Butchers JPM Earnings & Jamie Dimon

Dick Bove Says Chance Of Double Dip Is Now 40-60%, Butchers JPM Earnings And Jamie Dimon

Courtesy of Tyler Durden

Something is rotten in the state of Rochdale. One of the most bullish banking analysts ever, Dick Bove, just crucified not only JP Morgan’s earnings report, but also said Jamie Dimon "missed it completely on housing", and lastly, has turned extremely bearish on the overall economy, saying there is a 40-60% chance for a double dip, which at last check is probably more bearish than David Rosenberg. Bove throws up all over JPM "good" results, stating it is all a function of loan loss reductions, which the bank is in no way entitled to take at this point, when there is so much negative macro data piling up. As NPLs are likely to continue deteriorating in the future, should the economy weaken further, JPM would have to not only replenish existing accounting gimmicks such as boosting Net Income via balance sheet trickery, but to put even more cash to preserve a viable capitalization ratio. As Bove is the quintessential contrarian indicator, we are preparing for a month long sabbatical to a Buddhist monastery in Tibet to thoroughly reevaluate our perspectives on the universe.

Bove asks: "if the economy is going to expand, how is it going to expand when the money supply is shrinking. If you can’t come away with a strong feeling that this economy can plough right through a decline in money supply and continue to grow, then you better not be reducing reserves by $1.5Bn in a particular quarter." On the economy: "There is a "40-60% shot we are going to double dip. If they can’t get money supply to turn around and go up there is a very high probability we double dip." The reason: "The Fed has lost total control of money supply and it’s in the hand of the banks. The banks make money supply going up by lending money. If you want to force the banks to increase their capital ratios, they can’t increase their loans. If they don’t increase their loans, you don’t get an increase in the money supply. If you don’t get an increase in the money supply, it is very difficult to see how the economy can be robust going forward." And some shockingly harsh words on Jamie Dimon: "I would say Jamie Dimon missed it completely…
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PwC Might Have to Pay for Those JP Morgan “Oversights”…

PwC Might Have to Pay for Those JP Morgan "Oversights"…

Courtesy of Jr. Deputy Accountant 

Play with rats, get the Black Plague. That’s all I’m saying. It’s about damn time someone ask the question "What the f*#k were the auditors THINKING?!"

The Times (UK):

PricewaterhouseCoopers is facing an inquiry by accounting regulators into its failure to notice that JP Morgan was paying up to £16 billion of clients’ money into the wrong bank accounts.

Last week the Financial Services Authority fined the investment bank £33.3 million — the largest penalty that the City regulator has imposed — for breaches of client money rules under which customers’ funds became mixed with the bank’s own cash over a seven-year period.

PwC, JP Morgan’s auditor, is now likely to be drawn into another inquiry by the two professional bodies that oversee accountants, the Financial Reporting Council and the Institute of Chartered Accountants in England and Wales.

In addition to serving as principal auditor, PwC was retained by JP Morgan to produce an annual client asset returns report — a yearly certification to prove that customers’ funds were being effectively ring-fenced and therefore protected in the event of the bank’s collapse. But PwC signed off the client report even though JP Morgan was in breach of the rules.

If you recall, JP Morgan likes to play with client money. Illegally.

Remind me why we even have auditors again? 

 


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Wall Street CEOs Are Nuts

Wall Street CEOs Are Nuts

Courtesy of James Kwak at Baseline Scenario 

“Geithner’s team spent much of its time during the debate over the Senate bill helping Senate Banking Committee chair Chris Dodd kill off or modify amendments being offered by more-progressive Democrats. A good example was Bernie Sanders’s measure to audit the Fed, which the administration played a key role in getting the senator from Vermont to tone down. Another was the Brown-Kaufman Amendment, which became a cause célèbre among lefty reformers such as former IMF economist Simon Johnson. ‘If enacted, Brown-Kaufman would have broken up the six biggest banks in America,’ says the senior Treasury official. ‘If we’d been for it, it probably would have happened. But we weren’t, so it didn’t.’”

Oh, well.

That’s one passage from John Heileman’s juicy article in New York Magazine. It provides a lot of background support for what many of us have been thinking for a while: the administration is happy with the financial reform bill roughly as it turned out, and it got there by taking up an anti-Wall Street tone (e.g., the Volcker Rule), riding a wave of populist anger to the point where the bill was sure of passing, and then quietly pruning back its most far-reaching components. If anything, that’s a testament to the political skill of the White House and, yes, Tim Geithner as well.

There are two other things in the article I thought worth commenting on. Here’s one:

Cupid holding heart box of Valentine candy

“Obama could be forgiven for expecting greater reciprocity from the bankers—something more than the equivalent of a Hallmark card and a box of penny candy. He had, after all, done more than saved their lives directly by continuing the bailout policies formulated by Paulson and Geithner. He and his team could credibly claim to have kept the world economy from falling off a cliff. Yet with the unemployment rate still near double digits, Obama had (and still has) received scant credit from the public for what was arguably his signal accomplishment. At the same time, the one thing that almost every slice of the electorate would have applauded wildly—the sight of the president landing a few haymakers on Wall Street’s collective jaw—was an opportunity that the president had largely forsworn.”

This is a theme you hear a lot these days — the idea that Obama (or Geithner)…
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Why Jamie Dimon is Afraid of Elizabeth Warren

Why Jamie Dimon is Afraid of Elizabeth Warren

By STEPHEN GANDEL at Curious Capitalist, courtesy of TIME

There are a lot of reasons to like the idea of a consumer financial protection agency. My colleagues Barbara Kiviat and Michael Grunwald have made the more substantive ones herehere and here. But I think I have stumbled across possibly the most telling data point yet on why the CFPA is likely a good idea: Jamie Dimon is scared of debating Elizabeth Warren on the topic. It’s not because Dimon is not passionate about the topic. Privately, Dimon and other JP Morgan exeuctives have been strongly making their case in Washington against starting a new agency, even one housed at the Fed, to monitor consumer protection in the banking business.

But when White House Chief of Staff Rahm Emanuel called a top J.P. Morgan executive to ask for the bank’s support in creating a new consumer-protection agency, the executive—former Commerce Secretary William Daley—said no, according to people familiar with the conversation. His boss believed that sufficient consumer safeguards were already on the books.

Nonetheless, I have put some phone calls in and Dimon is unwilling to take Warren on in person and debate the topic. Dimon is a smart guy. So the fact that he is scared to debate Warren on the topic means that he knows he can’t win. Here’s why:

First a recap. Elizabeth Warren is a Harvard law professor that also heads up the Congressional Oversight Panel, which has monitored the TARP program with hearings and studies. A few years ago, after studying a number of abusive lending practices regularly engaged in by the nation’s largest banks, she came up with the idea of launching a Consumer Financial Protection Agency. In Warren’s vision, it would be federally funded and separate from other regulators. It’s only job would be to assess whether the loans and other products sold by banks are fair and safe for consumers. Much like the FDA does for drugs. Obama loves the idea. And so it has been batted around as part of the reform effort, and is included, in a weaker form, in Dodd’s reform bill. Here’s what FDIC chief Sheila Bair had to say about Warren and her proposal in the TIME 100 this week:

Elizabeth


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The Economic Elite Vs. The People of the United States of America (I – III)

Full Report: The Economic Elite Vs. The People of the United States of America (Parts I-III)

Courtesy of David DeGraw, AmpedStatus Report

This report was originally released as a six-part series. The first part was published on February 15, 2010. The last part was published on February 27, 2010.  

 

“The American oligarchy spares no pains in promoting the belief that it does not exist,
but the success of its disappearing act depends on equally strenuous efforts
on the part of an American public anxious to believe in egalitarian fictions
and unwilling to see what is hidden in plain sight.”
– Michael Lind, To Have and to Have Not

 

The Economic Elite Vs. The People of the United States of America

 

It’s time for 99% of Americans to mobilize and aggressively move on common sense political reforms.

Yes, of course, we all have very strong differences of opinion on many issues. However, like our Founding Fathers before us, we must put aside our differences and unite to fight a common enemy.

It has now become evident to a…
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The Most Dangerous Man in America: Jamie Dimon

The Most Dangerous Man in America: Jamie Dimon

Courtesy of Simon Johnson at Baseline Scenario 

Financial Crisis Inquiry Commission Holds First Public Hearing

There are two kinds of bankers to fear.  The first is incompetent and runs a big bank.  This includes such people as Chuck Prince (formerly of Citigroup) and Ken Lewis (Bank of America).  These people run their banks onto the rocks – and end up costing the taxpayer a great deal of money.  But, on the other hand, you can see them coming and, if we ever get the politics of bank regulation straightened out again, work hard to contain the problems they present.

The second type of banker is much more dangerous.  This person understands how to control risk within a massive organization, manage political relationships across the political spectrum, and generate the right kind of public relations.  When all is said and done, this banker runs a big bank and – here’s the danger – makes it even bigger.

Jamie Dimon is by far the most dangerous American banker of this or any other recent generation.

Not only did Mr. Dimon keep JP Morgan Chase from taking on as much risk [as] its competitors, he also navigated through the shoals of 2008-09 with acuity, ending up with the ultimate accolade of “savvy businessman” from the president himself.  His letter to shareholders, which appeared this week, is a tour de force – if Machiavelli were a banker alive today, he could not have done better.   (You can access the full letter through the link at the end of the fourth paragraph in this WSJ blog post; for another assessment, see Zach Carter’s piece.)

Dimon fully understands – although he can’t concede in public – the private advantages (i.e., to him and his colleagues) of a big bank getting bigger.  Being too big to fail – and having cheaper access to funding as a result – may seem unfair, unreasonable, and dangerous to you and me.  But to Jamie Dimon, it’s a business model – and he is only doing his job, which is to make money for his shareholders (and for himself and his colleagues).

Dimon represents the heavy political firepower and intellectual heft of the banking system.  He runs some of the most effective – and tough – lobbyists on Capitol Hill.  He has the very best relationships with Treasury and the White House.  And…
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Jamie Dimon Whines About New Credit Card Rules Hurting His Bottom Line

Sorry Jamie, don’t look to Jr. Deputy Accountant for sympathy. – Ilene 

Jamie Dimon Whines About New Credit Card Rules Hurting His Bottom Line

Courtesy of Jr. Deputy Accountant

 Pic credit: LOLFed

What a cry baby. In last year’s letter, Dimon whined that the company only made a paltry $6 billion in 2008 when they should have made more like $15 billion and would have were it not for that meddling financial crisis and what-have-you. Cry cry cry.

WaPo:

J.P. Morgan Chase cut consumer access to credit and canceled credit cards in response to legislation signed into law by President Obama last year, the bank’s chief executive Jamie Dimon said. The credit card reform act, which went into effect in February, could cost the bank up to $750 million in annual profits, he added.

Despite the losses, "we believe that many, but not all, of the changes made were completely appropriate," Dimon said in his annual letter to shareholders, which was released late Wednesday.

Dimon said enacting the bill in the middle of a recession reduced access to credit for some consumers. The act prevents credit card companies from raising interest rates arbitrarily and charging certain fees. It also mandates that all of a cardholder’s payments be applied to the balance carrying the highest interest rate.

J.P. Morgan is expected to take a hit of $500 million to $750 million from the new rules, according to Dimon, who added that the bank will no longer offer cards to 15 percent of its customers because they pose too much of a risk in light of the regulations. The bank has reduced credit lines, canceled cards that had not been used for a long time, and substantially reduced offers for introductory rates and promotional balance transfers.

Dimon is also feeling some bankster remorse for using the FDIC’s guarantee program to issue some $40 billion in unsecured debt, claiming that JPM never needed it and shouldn’t have touched it because of the stigma associated with bailed out banks.

Cry. Me. a F*&king. River. You. Whiny. Asshat.


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Zero Hedge

DNC Lawsuit Exposes Corruption, Data Breaches, Raises Questions About Death Of Shawn Lucas

Courtesy of ZeroHedge. View original post here.

Via Disobedient Media

In June of last year, attorneys Jared Beck and Elizabeth Beck of law firm Beck and Lee filed a class action law suit against the DNC and ...



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Phil's Favorites

Huge Artificial Increase in Credit Scores: Economic Ripple Effect?

Courtesy of Mish.

More than six million U.S. adults will have personal bankruptcies disappear over the next five years as bankruptcy data and defaults roll off credit scores.

As a result, credit scores have surged.

Fair Isaac Corp, the inventor of credit scoring algorithms, reports Credit Scores Hit Record High.

Credit scores for U.S. consumers reached a record high this spring while the share of Americans deemed to be some of the riskiest borrowers hit a record low—a potential boon for lending and economic activity.

Consumers’ improving fortunes reflect falling un...



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Market News

Market Moving News

 

Financial Markets and Economy

U.S. stock futures inch higher ahead of packed data week (Market Watch)

U.S. stock futures posted mild gains in holiday-thinned trade on Monday, ahead of a heavy week on the data front including consumer-confidence and nonfarm-payrolls numbers.

China's Industrial Profits Rise 14% as Global Trade Improves (Bloomberg)

Industrial profits climbed to 572.8 billion yuan ($83.6 billion) last month, the National Bureau of Statistics ...



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ValueWalk

2017 List Of The Best Investing Blogs On The Planet

By The Acquirer's Multiple. Originally published at ValueWalk.

Every year Tobias and I sit down to pick out fifty of the best investing blogs on the planet. This list is by no means complete and is certainly not in any particular order. If you’re an investor take some time to read through the great blogs on this list, they’ll provide you with an awesome starting point for your investing education.

If you think we’ve missed a great investing blog, stick it in the comments section below.

Here’s 50 of the best investing blogs on the planet for 2017, plus a couple more:

]]> Get The Timeless Reading eBook in PDF

Get the entire 10-part series on Timeless Reading in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

We...



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Chart School

Wyckoff Bitcoin target $5,000

Courtesy of Read the Ticker.

The bitcoin rally is not occurring because every thing is awesome! Bitcoin is on a scream to $5000 USD because every thing is not awesome, and it can be said that this event is the dawn of change for world fiat currency system.

More from RTT Tv

Point and Figure charts are excellent for price forecast from phases of accumulation (and distribution), the forecasts are not a point were price stops, the forecasts are zone were to watch out for a change of character in price action to be aware that supply (or demand) may enter the chart.





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Digital Currencies

One Professional Investor's Take On Bitcoin

Courtesy of Zero Hedge

By Kevin Muir via The Macro Tourist blog

We all know Dirty Harry’s viewpoint about opinions, but I wonder what Detective Callahan would think about today’s bitcoin mania. It seems like every Tom, Dick and Harry feels obliged to weigh in about the manic action of the their favourite virtual currency, yet I am curious how many of these crack pundits have ever even transacted in bitcoin.

I am by no means an expert, but have at least owned bitcoins, mined th...



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Members' Corner

Robert Sapolsky: The biology of our best and worst selves

Interesting discussion of what affects our behavior. 

Description: "How can humans be so compassionate and altruistic — and also so brutal and violent? To understand why we do what we do, neuroscientist Robert Sapolsky looks at extreme context, examining actions on timescales from seconds to millions of years before they occurred. In this fascinating talk, he shares his cutting edge research into the biology that drives our worst and best behaviors."

Robert Sapolsky: The biology of our best and worst selves

Filmed April 2017 at TED 2017

 

p.s. Roger (on Facebook) saw this talk and recommends the book ...



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OpTrader

Swing trading portfolio - week of May 22nd, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Biotech

Beyond just promise, CRISPR is delivering in the lab today

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Beyond just promise, CRISPR is delivering in the lab today

Courtesy of Ian HaydonUniversity of Washington

Precision editing DNA allows for some amazing applications. Ian Haydon, CC BY-ND

There’s a revolution happening in biology, and its name is CRISPR.

CRISPR (pronounced “crisper”) is a powerful technique for editing DNA. It has received an enormous amount of attention in the scientific and popular press, largely based on the promise of what this powerful gene e...



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Kimble Charting Solutions

Brazil; Waterfall in prices starting? Impact U.S.?

Courtesy of Chris Kimble.

Below looks at the Brazil ETF (EWZ) over the last decade. The rally over the past year has it facing a critical level, from a Power of the Pattern perspective.

CLICK ON CHART TO ENLARGE

EWZ is facing dual resistance at (1), while in a 9-year down trend of lower highs and lower lows. The counter trend rally over the past 17-months has it testing key falling resistance. Did the counter trend reflation rally just end at dual resistance???

If EWZ b...



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Mapping The Market

Bombing - Right or Wrong?

Courtesy of Jean-Luc

I am telling you Angel – makes no sense… BTW:

Republicans Love Bombing, But Only When a Republican Does It

By Kevin Drum, Mother Jones

A few days ago I noted that Republican views of the economy changed dramatically when Donald Trump was elected, but Democratic views stayed pretty stable. Apparently Republicans view the economy through a partisan lens but Democrats don't.

Are there other examples of this? Yes indeed. Jeff Stein points to polling data about air strikes against Syria:

Democr...



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All About Trends

Mid-Day Update

Reminder: Harlan is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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