Michael Snyder makes arguments appealing to both right and left against our free trade relationship with China. Some of these arguments are better than others, but as a whole, he makes good points on each side. - Ilene
There are very few things that the top politicians in both political parties agree on these days, but one of the things that that they do agree on is that free trade with China is a good thing. George W. Bush, Dick Cheney, John McCain, Barack Obama, Nancy Pelosi and Harry Reid have all fully supported our trade relationship with China. In this day and age, virtually anyone who even dares to question how fair our "free trade" is with China is immediately labeled as a "protectionist" and is dismissed as a loon. But when you sit down and really analyze it, there are a whole lot of very good reasons why both conservatives and liberals should be fundamentally against our unfair trade relationship with China. But you won’t hear these reasons being talked about on CNN, MSNBC or Fox News. You won’t hear many members of Congress get up and give speeches about how trade with China is bleeding our economy dry. Both major political parties have completely and totally bought into "the benefits" of globalism and free trade and there isn’t even much of a national debate about our trade policies anymore.
But there should be a national debate. Unfortunately, most conservatives are just going to accept whatever their leaders tell them to believe. Conservatives have been convinced that to be against unfair trade is to be "anti-business" and no conservative ever wants to be anti-business.
Similarly, most liberals blindly follow whatever Obama, Pelosi and Reid tell them to believe. Millions of hard working Democrat voters have lost their jobs due to our nightmarish trade relationship with China, but they are still convinced that Obama is their savior and that they must not ever say anything that he does is wrong.…
Dec. 16 (Bloomberg) — U.S. Senators John McCain and Maria Cantwell proposed reinstating the Depression-era Glass-Steagall Act that split commercial and investment banking to rein in Wall Street firms in response to the financial crisis.
“Under our proposal, too-big-to-fail banks would be forced to return to the business of conventional banking, leaving the task of risk taking or management to others,” McCain, an Arizona Republican, said at a Washington news conference. A former bank regulator said splitting up companies is “crazy.”
I will reiterate what I said back in the summer and fall of 2008: I am absolutely convinced that McCain’s endorsement of the TARP bailout bill, and his refusal to stand up and take a strong position in favor of the common man, is why he lost the election.
Reinstating Glass-Steagall would be a near-total reversal of his previous position. It would be recognition of the facts: Banks that are allowed to gamble in the financial markets inherently are gambling with the sovereign credit of The United States, and inevitably transfer their losses to the taxpayer while keeping ALL of the profits for their overpriced staff and executives.
This is often said to be of "benefit" to the public because these banks are public companies. This is a flat lie: Goldman typically bonuses out roughly half of their gross profits, with only a minuscule piece being paid in dividends to shareholders. Other banks have similar compensation policies.
There is no "free market" way to prevent such distribution. You can only prevent it by prohibiting lending and/or depository institutions from speculating in any form or fashion in the markets.
For those firms that wish to speculate they should be free to – with their own funds (that of their shareholders or bondholders) but they must be accountable to the last penny for each dollar at risk, and unable to transfer that risk to the taxpayer.
Wall Street will, of course, fight any such law tooth and nail, because speculating with other people’s money and being able to force the taxpayer to eat all risks of loss is the time-honored fashion by which these institutions steal hundreds of billions of dollars from…
Rep. Joe Wilson (R-SC) shouts as U.S. President Barack Obama addresses a joint session of the U.S. Congress on Sept. 9, 2009
Those words cut in politics. When directed at the President of the United States, during a prime time address to the nation no less, they cut deep.
So when Rep. Joe Wilson, a little known Republican and Army reserve veteran from South Carolina shouted them at the nation’s commander-in-chief on the night of Sept. 9, heads snapped. The House Chamber took a collective gasp. Nancy Pelosi, sitting behind Obama, tensed and scowled as if she had just witnessed a crime, her disgust unhidden.
Even Obama, who had just dismissed conservative claims that illegal immigrants would be able to take advantage of health-care reform, was taken aback. He looked to his left, adjusted his arm, part nervous twitch, part macho posturing, and shot back at Wilson, "That’s not true." And there, for a moment, the nation watched two men, elected to lead, call each other the worst thing in politics — dishonorable deceivers.
At the moment Wilson exploded, the outburst seemed like an assault on the President. Soon afterwards, it was clear that it had been a gift. Wilson had, in an emotional expression, proven Obama’s point: the summer of town halls had been less a discussion than a circus, a forum where misinformation was vindicated by passion, where disrespect was elevated as a virtue. Now the circus had come inside Congress.
The President’s seemingly simple statement, that "the reforms I am proposing would not apply to those who are here illegally," is not hard to check. In the Senate Finance Committee working framework for a health plan, which Obama’s speech seemed most to mimic, there is the line: "No illegal immigrants will benefit from the health care tax credits." Similarly, the major health care reform bill to pass out of committee in the House, H.R. 3200, contains a Section 246, which is called, "NO FEDERAL PAYMENT FOR UNDOCUMENTED ALIENS." Some Republicans have claimed that these protections are too weak, since they do not require stringent eligibility checks that would prevent illegal immigrants from gaming the system.
It did not take long for the condemnations to rain down on Wilson. Republican Sen. John McCain went on CNN to…
This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible. Feel free to contact me directly at email@example.com with any questions.
Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts. After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.) Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.
The National Security Agency is secretly providing data to nearly two dozen U.S. government agencies with a “Google-like” search engine built to share more than 850 billion records about phone calls, emails, cellphone locations, and internet chats, according to classified documents obtained by The Intercept.
The documents provide the first definitive evidence that the NSA has for years made massive amounts of surveillance data directly accessible to domestic law enforcement agencies. Planning document...
Given misinformation and outright lies by all involved, it's important to consider the both sides of the story.
Jane's Defense claims Ukrainian Military Moves to Endgame. Ukrainian troops have continued their offensive aimed at clearing pro-Russian rebels from the Donetsk and Lugansk regions despite strong resistance.
Both the Ukrainian and rebel forces are using tracked armour, heavy artillery, and rockets in the heaviest fighting seen in Europe since the Balkan conflicts of the 1990s.
The operation by Ukrainian troops, underway for more than a month, has pushed deep into rebel-held regions, with fighting now reported in the suburbs of the cities of Donetsk and Lugansk for several days. Repo...
There wasn't a whole lot of action in the indices today. The only index to come out with anything was the Russell 2000. I thought we would have seen today's gain yesterday, but it was welcome all the same. Today's gain for the Russell 2000 also resulted in a return of the net bullish technical picture.
Of the quiet action, the Semiconductor Index didn't follow through on the bearish engulfing pattern, although there wasn't a negation of it either. I suspect this is still a shorting opportunity for the near term and today's tight intraday range allows for a narrowing of the stop placement (to a few points above today's high).
Mt Gox may be long gone in the annals of bankruptcy, but its founder refuses to go gentle into that insolvent night. And, as CoinDesk reports, the disgraced former CEO of the one-time premier bitcoin trading platform has decided to give it a second try by launching new web hosting service called Forever.net and is registered under both Karpeles’ name and that of Tibanne, the parent company of Mt Gox.
Bulls are having their way as summer draws to a close. Indeed, U.S. stocks and bonds seem to be the best and safest place to invest in a global economy that is at once hopeful and cautious, with lots of available cash hunting for attractive returns. But now the S&P 500 must deal with the ominous 2,000 level.
In this weekly update, I give my view of the current market environment, offer a technical analysis of the S&P 500 chart, review our weekly fundamentals-based SectorCast rankings of the ten U.S. business sectors, and then offer up some actionable trading ideas, including a sector rotation strategy using ETFs and an enhanced version using top-ranked stocks from the top-ranked sectors.
Bullish investors continue to ride the way of improved...
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
Options volume on the provider of futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals and alternative investment products is well above average on Thursday morning, due in large part to a sizable put spread initiated in the 19Sep’14 expiry contracts. Shares in CME Group (Ticker: CME) are up slightly on the day, trading 0.25% higher at $74.34 as of the time of this writing.
The largest trade on CME today appears to be a bear put spread in which roughly 1,500 of the 19Sep’14 74.0 strike puts were purchased at a premium of $1.44 each against the sale of the same number of t...
Author Helen Davis Chaitman is a nationally recognized litigator with a diverse trial practice in the areas of lender liability, bankruptcy, bank fraud, RICO, professional malpractice, trusts and estates, and white collar defense. In 1995, Ms. Chaitman was named one of the nation's top ten litigators by the National Law Journal for a jury verdict she obtained in an accountants' malpractice case. Ms. Chaitman is the author of The Law of Lender Liability (Warren, Gorham & Lamont 1990)... Since early 2009, Ms. Chaitman has been an outspoken advocate for investors in Bernard L. Madoff Investment Securities LLC (more here).
Reminder: Pharmboy is available to chat with Members, comments are found below each post.
Well PSW Subscribers....I am still here, barely. From my last post a few months ago to now, nothing has changed much, but there are a few bargins out there that as investors, should be put on the watch list (again) and if so desired....buy a small amount.
First, the media is on a tear against biotechs/pharma, ripping companies for their drug prices. Gilead's HepC drug, Sovaldi, is priced at $84K for the 12-week treatment. Pundits were screaming bloody murder that it was a total rip off, but when one investigates the other drugs out there, and the consequences of not taking Sovaldi vs. another drug combinations, then things become clearer. For instance, Olysio (JNJ) is about $66,000 for a 12-week treatment, but is approved for fewer types of patients AND...
I just wanted to be sure you saw this. There’s a ‘live’ training webinar this Thursday, March 27th at Noon or 9:00 pm ET.
If GOOGLE, the NSA, and Steve Jobs all got together in a room with the task of building a tremendously accurate trading algorithm… it wouldn’t just be any ordinary system… it’d be the greatest trading algorithm in the world.
Well, I hate to break it to you though… they never got around to building it, but my friends at Market Tamer did.
Note: The material presented in this commentary is provided for
informational purposes only and is based upon information that is
considered to be reliable. However, neither MaddJack Enterprises, LLC
d/b/a PhilStockWorld (PSW) nor its affiliates
warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither PSW nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.
This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities or other financial instruments mentioned in this material are not suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only intended at the moment of their issue as conditions quickly change. The information contained herein does not constitute advice on the tax consequences of making any particular investment decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before investing, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.