Federal Government

For those who thought that the world's biggest company losing over $40 billion in market cap in an instant on disappointing Apple earnings, would have been sufficient to put a dent in US equity futures, we have some disappointing news: with just over 7 hours until the FOMC reveals its April statement, futures are practically unchanged, even though the Nasdaq appears set for an early bruising in the aftermath of what is becoming a disturbing quarter for tech companies. "It’s pretty disappointing,” Angus Nicholson, an analyst at IG Ltd., told Bloomberg.

Ahead of two key central banks events this week, the Fed announcement on Wednesday - in which Yellen is expected to do nothing and most likely will continue the dovish relent first seen a month ago - and then the BOJ on Thursday (which also mark the anniversary of the second longest and most artificial bull market in history) where Kuroda is increasingly expected to shock with something even more ridiculous, global shares have fallen modestly around the world as oil declined on signs a global surplus of crude is likely to persist.

If asking traders where stocks and oil would be trading one day after a weekend in which the Doha OPEC meeting resulted in a spectacular failure, few if any would have said the S&P would be over 2,100, WTI would be back over $40 and the VIX would be about to drop to 12 and yet that is precisely where the the S&P500 is set to open today, hitting Goldman's year end target 8 months early, and oblivious of the latest batch of poor earnings news, this time from Intel and Netflix, both of which are sharply down overnight.

Via AntoniusAquinas.com,

The Oppressed U.S. Taxpayer

This year, Americans’ day of tribute to their federal overlords falls on April 18.  As calculated by the Tax Foundation, the average American will work from January 1 to April 24 (Tax Freedom Day) to pay his share of taxes to all levels of government with some $3.3 trillion to be forked over to the federal government and $1.6 trillion to state and local jurisdictions.

Submitted by John Whitehead via The Rutherford Institute,

“The Founding Fathers never intended a nation where citizens would pay nearly half of everything they earn to the government.” ? Ron Paul

If there is an absolute maxim by which the federal government seems to operate, it is that the American taxpayer always gets ripped off.