Authored by David Stockman via Contra Corner blog,
The GOP has become so politically desperate that they might as well enact a two-word statute and be done with it. It would simply read: Tax Bill!
As excerpted from Fasanara Capital’s “Positive Feedback Loops and Financial Instability: the blind spot of policymakers.” The next time a Fed chair or macroprudential regulator argues that “there is no leverage in the market”, send them this.
Liberal politicians in Washington D.C. often complain about the federal tax code being too regressive and thus placing too large a burden on low-income families while allowing "millionaire, billionaire, private jet owners" to get a free pass (one must to be willing to ignore actual statistics to reach this conclusion but lets just take the word of Bernie Sanders at face value for the moment).
Update: Cryptocurrencies are widely bid tonight with Bitcoin over $10,150, Ether holding $475, and LiteCoin topping $100 for the first time...
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Bitcoin has now soared over 20% since Black Friday's close, topping $10,000 for the first time in history (rising from $9,000 in just 2 days)... now up over 950% year-to-date.
image courtesy of CoinTelegraph
It's been quite a year....
As Illinois muni debt continues to hover around all-time highs, the number of watchdog groups offering warnings about Chicago's deteriorating finances continues to grow. The latest such warning comes from Truth In Accounting which provided the Windy City an 'F' on their latest fiscal report card citing a staggering debt burden that amounts to $41,700 per Chicago resident. To put that figure in perspective, the median household income in Chicago is roughly $48,500.