And now for some news from the consumer led economy. Here is a direct link.
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Cory’s Chart Corner
Load MoreMany will focus the blame of market drawdowns on the tariffs and ignore the fact the SP500 (only a few weeks ago) was trading at 4 std devs above its historical mean…valuation also matters.
BREAKING: The European Union is preparing further counter measures against newly announced US tariffs of 20%, per CNBC.
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I am not surprised:
– Taxes for the rich have gone up. It was the platform Obama campaigned on. (And Congress spent this money, it was supposed to bring in, in the first 4 weeks of this year. I agree with Kyle Bass & Jim Puplava: “Washington doesn’t have a taxation problem, it has a spending problem”).
– Payroll taxes are back up to their 2009 (2010 ?) level.
– US citizens are now paying the “Obama care” taxes, starting January 1st.
– A significant amount of taxdeductions have been eliminated for the FY 2013. And there’s more to come in the next year(s).