Actionable news
All posts from Actionable news
Actionable news in WFC: WELLS FARGO & CO.,

Life Comes At You Fast

Podcast: Play in new window | Download (Duration: 13:15 — 7.6MB)

DOW + 33 = 21,830
SPX – 3 = 2472
NAS – 7 = 6374
RUT – 4 = 1429
10 Y – .02 – 2.29%
OIL + .63 = 49.67
GOLD + 10.50 = 1270.10
BITCOIN – 2.16% = 2744.59 USD
ETHEREUM – 2.92% = 187.70

Real gross domestic product increased at an annual rate of 2.6 percent in the second quarter of 2017; that’s up from a revised 1.2 percent rate in the first quarter, but short of expectations. In recent years, the U.S. economy has often started off slowly, improved in the middle of the year, only to sag again toward the end.

The economy grew 3.5 percent in the third quarter of 2016 before slowing down. It grew at 5 percent in the third quarter of 2014 before sputtering out. The result each year has been a return to what some economists call the “new normal” of plodding annual growth of about 2 percent. Friday was the first estimate of second quarter GDP growth – other estimates will follow and it is typical to see downward revision.

You should never read too much into any one quarter’s GDP data, especially the first estimate. The GDP report showed balanced economic growth with increases in personal consumption, nonresidential fixed investment, exports and federal government spending.

These were offset by negative contributions from private residential fixed investment, private inventory investment and state and local government spending.

Imports, which subtract from GDP, also increased.

You have probably heard that efforts to repeal Obamacare have failed. It happened late last night. Three GOP senators – Susan Collins of Maine, Lisa Murkowski of Alaska, and John McCain of Arizona – voted against the skinny repeal and the final vote was 49-51 against.

Senator Lindsey Graham of South Carolina called the skinny repeal a fraud but he voted for it anyway. McCain argued in a statement today that the bill would not lower costs, increase competition or improve care for Americans.

So, repeal and replace failed. Repeal only failed. And last night, skinny repeal failed. So, the fight is over. Not so fast. Trump responded with a tweet – “Let Obamacare implode. Then deal.” Meaning the administration should continue undermining the law, to force Democrats to the table to … well, it’s not clear what he wants from them.

There is no actual Trumpcare plan, just anti-Obamacare rhetoric. There are plenty of tools that the administration can employ to keep sabotaging the individual markets and the ACA. The administration can do too little to promote enrollment or scale back enforcement of the mandate or give states more leeway to experiment with Medicaid in...