The Morning Call---FDIC screws the US taxpayer to help Jamie Dimon

 

The Morning Call

 

5/18/23

 

The Market

         

    Technical

 

Wednesday in the charts.

https://www.zerohedge.com/markets/banks-bounce-again-massive-short-squeeze-lifts-stocks-bonds-battered

 

Climbing the wall of worry.

https://www.zerohedge.com/the-market-ear/frustration-mania-we-climb-wall-worry

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                          Weekly initial jobless claims totaled 242,000 versus consensus of 254,000.

                          https://www.zerohedge.com/personal-finance/initial-jobless-claims-dipped-last-week-after-ma-fraud-fix

 

  The May Philadelphia Fed business conditions index came in at -10.3    versus expectations of -11.3.

                              

                        International

 

                        Other

 

                          At last, the US is prosecuting industrial espionage.

                         https://www.nytimes.com/2023/05/16/us/politics/sanctions-tech-espionage-china-russia.html

 

Inflation

 

  Inflation expectations are useless.

  https://ritholtz.com/2023/05/why-inflation-expectations-are-so-useless/

 

  Is a resurgence in inflation in the cards?

  https://www.zerohedge.com/markets/nows-time-get-ahead-inflation-resurgence

 

            Recession

 

              Business cycle indicators as of mid-May.

              https://econbrowser.com/archives/2023/05/business-cycle-indicators-at-mid-may

                     

              More evidence of no recession.

              https://www.capitalspectator.com/recession-forecasts-persist-as-us-economic-growth-muddles-on/

                     

              Atlanta Fed says no recession in Q2.

              https://www.atlantafed.org/cqer/research/gdpnow.aspx

 

              China’s recovery loses steam.

              https://www.wsj.com/articles/chinas-youth-unemployment-tops-20-amid-signs-of-stalling-recovery-cea320ef?mod=economy_lead_pos5

 

            Fiscal Policy

 

              The fallacy of ‘modern’ industrial policy.

              https://nypost.com/2023/05/15/bidenomics-a-new-word-for-the-bad-old-idea-that-government-can-see-the-future-better-than-markets/

 

            The Debt Ceiling

 

              Everything that you have heard about the debt limit is wrong (must read).                                   https://issuesinsights.com/2023/05/15/everything-youve-heard-about-the-debt-limit-is-wrong/

 

The Banking System

 

  Fed policy asymmetry worsens the banking crisis (another must read).

  https://www.theinstitutionalriskanalyst.com/post/fed-asymmetry-threatens-credit-crisis

 

  There is always the taxpayer to f**k over in favor of the big banks.

  https://www.zerohedge.com/political/taxpayers-fleeced-again-banks-push-new-fdic-re-funding-trick

 

Geopolitics

 

  US national security experts call for peace in Ukraine.

  https://www.nakedcapitalism.com/2023/05/some-us-national-security-experts-call-for-peace-in-ukraine.html

 

The coronavirus

 

  Marco Rubio’s coronavirus report.

  https://townhall.com/tipsheet/rebeccadowns/2023/05/17/covid-origins-report-n2623351

 

     Bottom line.

 

            Some investors are getting bulled up.

            https://www.zerohedge.com/markets/were-going-steve-cohen-turns-pretty-bullish-300-million-ai-driven-layoffs-send-profit

 

    News on Stocks in Our Portfolios

 

Cisco press release (NASDAQ:CSCO): Q3 Non-GAAP EPS of $1.00 beats by $0.03.

Revenue of $14.57B (+13.5% Y/Y) beats by $210M.

 

What I am reading today

 

            Quote of the day.

            https://cafehayek.com/2023/05/quotation-of-the-day-4269.html

           

 

 

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