America

Submitted by David Stockman via Contra Corner blog,

It’s all over except the shouting. That is, the primary election season effectively ended last night and now the actual shouting match between Hillary and The Donald begins.

This will surely be the most entertaining election in US history, and probably the most pointless, too. After all, Hillary wants to use government to make Government Great Again. And Trump promises to use government to make America Great Again.

It's official: as of today the bull market that has been mocked as fake, doomed and history’s most-hated just earned a new title: the second-longest ever. And it only took $14 trillion in central bank liquidity, a global, coordinated central bank "put", central banks purchases of Treasuries, MBS, ETFs and corporate bonds,  and nearly 700 rate cuts in the past 7 years to achieve it.

• Markets Get the Worst Kind of Kuroda Surprise as BOJ Stands Pat (BBG)
• Bank of Japan brushes aside calls for more easing despite price falls (WSJ)
• Ford Profit Surges to Record as Sales of SUVs, F-150 Gain Speed (BBG)
• Valeant Pharmaceuticals to Make Sweeping Changes to Board (WSJ)
• Trump breaks taboos, attacks Clinton on gender issue (Reuters)
• Donald Trump Mocks Cruz: ‘What’s He Doing Picking Vice Presidents? (WSJ)
• Wealthy, educated voters fuel Trump's East Coast sweep (Reuters)

Some of you have been sending me evidence for the Democrats: The Party Of The Rich file. Check this out:

1. Phillips Andover Academy, the posh New England prep school that once educated the children of the Republican elites, has now flipped: 

Andover Academy has changed, reflecting national political trends. Instead of the children of the nation’s GOP corporate leaders, the school now educates the children of a professional, and largely Democratic, elite.

Today I received in the mail the State of California Primary Voter's Guide, which the Secretary of State prints up by the millions and sends to every blessed citizen. I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.