This is absolutely outrageous. What kind of democracy and due process is this?
Senator Elizabeth Warren spoke on the Senate floor on May 21, 2015 about the bill she introduced with Senator Joe Manchin (D-W.V.) that would require the text of the Trans-Pacific Partnership (TPP) trade deal to be made public before Congress votes on Fast Track authority. Here is a direct video link.
David Stockman offers a good risk overview and summary in this clip. When will reality reprice financial markets? That is the multi-trillion dollar question. All policy efforts have been focused to date on temporary extend and pretend ideas, none so far, on the cures.
The global economy is in a downward spiral. Former OMB director David Stockman on the economy, stocks & the Fed. Here is a direct video link.
As renewable energy technologies accelerate and the world shifts towards them, status quo energy producers have increasingly been taken by surprise. A couple of years back, Saudi ministers were publicly asking at climate change summits: “what about us? how will we make money?” It seems they are finally wising up. Evolve or die. Places like Canada need to do likewise. See Saudi Arabia sees day when nation exports gigawatts:
Saudi Arabia’s oil minister predicted an eventual end to the nation’s fossil fuel exports, anticipating instead the day the world’s largest crude exporter will sell solar power.
“In Saudi Arabia we recognize that eventually, one of these days, we’re not going to need fossil fuels,” Ali Al-Naimi said at a climate conference in Paris on Thursday. “I don’t know when — 2040, 2050 or thereafter. So we have embarked on a program to develop solar energy.
Given the accelerating speed of change in this area today, I think most are dramatically underestimating how quickly the world is evolving away from fossil fuels. Not for the environmental and health benefits so much (although those are huge) but for the enormous economic savings involved. The need to waste less and save more demands greater efficiencies.
Cory’s Chart Corner
Great chart from @crescatkevin on growing delta between CCCs and BBBs. Carry-on as if everything is normal!
The second indicator is widening CCC vs. BBB credit spreads.
Credit markets are generally quicker to pick up on deteriorating corporate cash flows than equity markets. While the S&P 500 Index has been hitting new all-time highs over the past six months, US triple-C credit
