Business

Having identified virtually every single asset bubble of the current cycle (as well as a few extra), SocGen's cranky strategist Albert Edwards has found yet another place where there is irrational exuberance: vacations, and ever the optimist, Edwards has a message for Americans: enjoy it while you can, because it won't last.  In a note titled "Who needs wage inflation when even vacations have become a bubble" , the SocGen strategist observes that "more Americans plan to take a holiday in the next six months than ever before (see chart below)" and complains

By Chris at www.CapitalistExploits.at

These folks were probably worth more than Justin Bieber.

And this guy was still alive... and even though dressed like a peacock, amazingly popular.

1989 was also the year the Japanese stock market topped out.

Background

As the House tax bill hits the wires, leaked details of the Senate's tax bill are coming out...

There will be 7 tax brackets - considerably more complex than the 3 brackets in the House bill

Senate tax legislation will keep seven tax brackets but alter the rates, GOP Sen. John Hoeven tells reporters.

 

Hoeven says the brackets will be set at 7%, 12%, 22.5%, 25%, 32.5%, 35%, and 38.5% (lower than the current top tax rate of 39.6%)

After a mediocre 3Y, and a strong 10Y auction in the last two days, the Treasury concluded its refunding on the right foot - if with some blemishes - selling $15 billion in 30Y bonds at a 2.801% yield, stopping through the WI 2.802% by the smallest possible margin, and below last month's 2.870%.

Less than a week after Venezuela shocked the world by announcing it would proceed to restructure its massive external debt, even as it was within the grace period on hundreds of millions in unpaid interest expense, on Thursday the socialist nation confirmed it has never been closer to an official default after Reuters reported that Venezuela's state oil-firm company, PDVSA, has not made a debt payments to India’s top oil producer ONGC for six months, and has previously used a Russian state-owned bank and another Indian energy company as intermediaries to make payments.