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.
Confirming reports from earlier this week that the Senate GOP tax plan would delay the corporate tax cut for (at least) one year, a move that would strip the proposed tax reform of its most potent benefit, moments ago the Wapo reported that in a few hours, Senate Republicans will propose delaying a cut in the corporate tax rate from 35 percent to 20 percent until 2019.