Social Issues

A few weeks ago, we expressed some level of astonishment that the rating agencies, in their infinite wisdom, decided to bestow an investment grade rating upon a new $3 billion bond issuance by the City of Chicago.  Of course, this wouldn't be such a big deal but for the fact that the state of Illinois is a financial disaster that will undoubtedly be forced into bankruptcy at some point in the future courtesy of a staggering ~$150 billion funding gap on its public pensions, a mountain of debt and $16.4 billion in accrued AP because they can't even afford to pay their bills on a timely basis.

Two months ago, in Europe's latest shocking, anti-establishment outcome, Austria's 31-year-old Sebastian Kurz became the world's youngest leader after his conservative People's Party won the Austrian National Council elections, making him Austria's youngest Chancellor in history, while the establishment Social Democrat party suffered its "worst result since Hitler rule."

Sebastian Kurz and his girlfriend Susanne Thier

Presented without comment...

DailyCaller's Grace Carr reports that an entire family in Arizona says every member now identifies as transgender.

“It feels like you’re getting to live for the first time,” said Daniel Harrott, who lived most of her life as a woman and is now transitioning to male, according to KJZZ.

 

Here are the full policy highlights of the Republicans' Tax Cuts & Jobs Act...

Policy Highlights

The Tax Cuts and Jobs Act (H.R. 1) overhauls America’s tax code to deliver historic tax relief for workers, families and job creators, and revitalize our nation’s economy. By lowering taxes across the board, eliminating costly special-interest tax breaks, and modernizing our international tax system, the Tax Cuts and Jobs Act will help create more jobs, increase paychecks, and make the tax code simpler and fairer for Americans of all walks of life. 

Well - for now - that was an anti-climax...

• *RUBIO IS SAID TO BACK TAX BILL AFTER CHILD CREDIT TWEAKS: CNBC
• *BRADY SAYS HE HAS ALL SIGNATURES HE NEEDS, "IT'S DONE"

But the market seems unimpresed by the 'news'

And even "high tax" names are underperforming...