Corporate tax reform has been a key policy initiative of Trump's as he has called for slashing the corporate tax rate from 35% down to 15%.  While this is welcome news for most companies, it would result in some fairly staggering writedowns for Wall Street's largest banks that amassed substantial net operating losses in 2008 and 2009.

According to Bloomberg, Citibank would be hardest hit with writedowns that could hit earnings for up to $12 billion or more. 

Following the overwhelming interest in the newly formed group "Veterans Stand for Standing Rock", Reuters reports more than 2,000 U.S. military veterans plan to form a human shield to protect protesters of a pipeline project near a Native American reservation in North Dakota, organizers said, just ahead of a federal deadline for activists to leave the camp they have been occupying.

Submitted by Shaun Bradley via TheAntiMedia.org,

On Thursday, December 1, a vital Supreme Court order is set to go into effect that dramatically expands the surveillance power of federal agents. The impending alteration to Rule 41 of the Federal Rules of Criminal Procedure softens the legal requirements for obtaining search and seizure warrants that grant the government remote access to individual’s computers and phones.

In the world of Krugmanites, there is only one thing better for the economy than digging a hole and filling it back in.. and that is doing it twice. Just days after repairing a giant sinkhole, in the Japanese city of Fukuoka, in record time (and proudly telling the world), the sinkhole has collapsed once again (offering hope for Q4 GDP).