Business

One week after Politico reported for the second time that Trump, and Treasury Secretary Steven Mnuchin, were leaning toward Fed governor Jerome "Jay" Powell for Fed Chair, Politico's Ben White and Josh Dawsey decided to triple down, and with minutes left until the close, Politico reported - for the third time in three weeks - that "Powell is the leading candidate to become the chair of the U.S. central bank after President Donald Trump concluded a series of meetings with five finalists Thursday, three administration officials said."

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— StockCats (@StockCats) October 19, 2017

"Saved..."

GE shares are languishing at more than four year lows (as the broader market soars to record highs) and GE credit risk stands at 8 month highs (almost dopuble the post-crisis lows hit in June). As Goldman analyst Joe Ritchie warns, a significant earnings per share/free cash flow reset looms and the prospect of a dividend cut is dragging the stocks lower.

Earlier this summer, Tezos smashed existing sales records in the white-hot IPO market after the company’s pitch to build a better blockchain for cryptocurrencies made it one of the buzziest ICOs in the world. As we noted at the time, the company capitalized on that buzz by courting VC firms and other institutional investors with a $50 million token pre-sale. After the company opened up selling to the broader public, demand soared as investors greedily bought up tokens in spite of glitches that threatened to derail the sale early on.

Authored by Charles Hugh Smith via OfTwoMinds blog,

Here's a chart of our fabulous always-higher GDP, adjusted for another bogus metric, official inflation.

The theme this week is The Rot Within.