San Francisco has SOLVED their Homeless problem in 1 DAY!!! .. And, Guess What?? Despite having one of the highest crime rates in the Country they got rid of ALL of their Convicted Felons and Drug Addicts !!! ZERO CONVICTED FELONS live in San Francisco, now!!!.. In the words of ELF, "CONGRATULATIONS!!!!!" .. How did they do it? SIMPLE: The City Council passed a resolution!!.. EASY PEASY LEMON SQUEEZY!!!.. Now, "Convicted Felon" is too mean, we will call them, "Justice Involved Person" and when they are out of prison for raping and murdering, they are called, "returning residents"!!.. No "abusers or Addicts" either!!! They are now "people with history of substance abuse". Homeless? EFF THAT!!! "Shelter Challenged" ... AHHHAHAHA.... What a bunch of LOSERS you people have running the City of San Francisco. Don't FIX anything.. just put lipstick on the pig... paint over the rotting wood.. and PRETEND!!! Is Willy Wonka coming next???
In the REAL World...You can put Pico de Gallo BACK on your Labor Day Menu!!.. The Tomato Wars are OVER!!! .. Trump had slapped tariffs on Mexican Tomatoes because Florida Farmers long complained that Mexico unfairly subsidized their farmers and dumped tomatoes on the US Market. An Agreement is reached, Florida Farmers are happy, and your tomatoes just got 17% cheaper!!! .
Not much new or exciting in World news.. so.. TO THE SWAMP!!!
In the Swamp, The Congressional Budget Office released Deficit projections for this fiscal year, $960 Billion, and next year we hit, (Wait for it)... $1 Trillion Dolllllllarrrsss... that's 1,000,000,000,000. HOLY CRAP!!! . We haven't hit that since 2012. .. The difference THEN was Democrats ran the White House and the Senate. Today we SUPPOSEDLY have a Republican White House. WTF happened?? Aren't the Republicans supposed to be the Adults in the room when it comes to spending? .... and... The DHS has caught 475,000 Family Members at the border this year and that's THREE TIMES any Full year on record. Trump initiated new rules that will allow Border Patrol to keep Families together in detention facilities while awaiting hearings WAY longer than the Current 20 days (which was quasi-established as the "Rule" under the Flores Settlement Agreement in 1997). The DHS and White House are trying to discourage the rash of migrants from Central America. This will certainly be met with Court Challenges and Speaker Pelosi claims that, "Trump just codified Child Abuse" and called it "appalling, Inhumane Family Incarceration" ... Uh.. WAIT.. WHAT?? Didn't Pelosi and the Loser media spend almost a year saying Trump was inhumane for "Separating Families and Tearing kids away from their parents"?? So, now if they stay together while awaiting asylum and immigration hearings THAT is Bad, too? Any ANSWERS Nancy? Or just Whining?? .. and.. Jay Inslee is OUT . (Again, no.. he did NOT announce he was Gay). Inslee is OUT of the race for President. He announced he is ending his Campaign. Ill bet 99% of you didn't know he was IN the race and couldn't pick him out of a Police Line-Up!! ... and...
If you haven't already seen it.. The Department of Energy and the EPA released a report and they suggest you keep your Thermostat set to 78 Degrees and to 82 when sleeping. The reactions have been less than approving. One comment I read was, "I think the misspelled 72 and 68"... My girlfriend just laughed and screamed "DON'T EVEN THINK ABOUT IT" !!!!!
SPORTS: MLB: Detroit Wins 2-1 over the Astros. Why is that "Rant-worthy" news? It is the BIGGEST regular season upset in the History of Baseball!!! Well, according to the sports books, that is.. The last place Tigers faced the First Place Astros with their Ace Justin Verlander on the mound. Detroit was +435 (for you NON-betters that means bet 100 win $435) and the Astros were -600 (You have to bet $600 to win $100). Verlander struck out 11, walked NO one, and gave up only 2 earned runs.. but that DIDN'T get it done.. .. The Tour Championship Starts today ..and...I gotta ask.. is that "Sports Illustrated Curse" still a thing? Because, Brooks Koepka is going to be in the "Body Issue" of Sports Illustrated ( HERE is one for you Lady Readers.. and Gay Men Readers.. ) .. Does this mean he is Jinxed? Should I cancel my bets on him? ... and Happy Birthday Sister Jean. Do you all remember the "Lucky Charm" of the Loyola Chicago Basketball team from the Tournament two years ago. She was EVERYWHERE.. Now, she is 100 Years Old !!! HERE Happy Birthday !!!
CELEBRIDIOTS: Victoria Secret was a BIG drag on the earnings of its parent company "L Brands". You think it has anything with me telling their models they need to eat a pizza or a hamburger?? Or maybe because the Founder was buddies with Pedo Epstein? Whatever it is, they cancelled the annual show.. and people aren't buying their stuff. One thing is almost for SURE: The CEO will blame TRUMP!!! ... Liam Hemsworth officially filed for divorce from Miley Skankrus citing, "Irreconcilable Differences"..which is boring. Why is that the excuse 99% of the time. Why can't there be a box that says, "She is sleeping with Chicks now and that is NOT cool with me" .. in a related story, Skankrus and her girlfriend Kaitlynn Carter sent a present to Carter's ex, Brody Jenner for his birthday: A box of assorted Pot .. Can someone help me with this? First, who sends their EX a birthday present??...and is there some secret "Gag-Joke" or "CODE" I am missing with the "Box of Pot" as a gift? ... Vampire Angelina Jolie dropped her son off at college... in SOUTH KOREA. Is she trying to get as FAR AWAY from the "I Bribed USC to admit my kid" scandal as possible?? South Korea??? Does she think she is the Anti-Auntie Becky? (By the way, the Press has calmed down but Lori Loughlin is SOOOOO going to Prison ..probably before Christmas) ... and.. I want to ask if ANYONE.. ANY of you.. the few thousand people reading.. do ANY of you believe this next one???. Im betting 0.00%... Ready? Jamie Foxx broke up with Katy Holmes and is with singer Sela Vave. Vave has moved into Jamie's house in California. Jamie posted a video about how "he ain't one of those.. blah blah blah.." and that he is just "Helping her career. Like I did for Ed Sheeran. He slept on my couch for six weeks.. and Nick Cannon.. I helped him.. he lived here for a while when he was 13 years old. Why is there a double standard when its a female?".. Uhh.. because there IS!!!! .... So, I ask all of you.. Jamie is 51 ...and HERE is 21 year old Sela ... Tell me: Are they just, "Making Music" ???????
Futures wavered between slight gains and losses overnight with investors largely attuned to the Fed's symposium in Jackson Hole, Wyoming, over the next two days. Philly Fed President Patrick Harker and Dallas Fed President Robert Kaplan will kick off the festivities today, commenting on the world's largest economy, before Fed Chair Jerome Powell takes the stage tomorrow. The ECB is also scheduled to release minutes of its July policy meeting, at which it raised the possibility of further rate cuts, money printing and a reprieve from its penalty charge on bank deposits.
The widely watched 2-year/10-year U.S. yield curve flattened and then briefly inverted on Wednesday after the release of the Fed's meeting minutes. Officials cut rates as insurance against low inflation or a deeper decline in business investment driven by the trade war, reasons that look even sharper as the central bank moves toward its meeting in September. While policymakers were deeply divided over whether to cut interest rates, they were united in wanting to signal the Fed was not on a "pre-set course" for more easing. Go deeper: Mark Grant comments on the negative yield rabbit hole.
A day after President Trump said he was looking at a payroll tax cut or indexing capital gains to inflation, he is no longer thinking of such moves. "I'm not looking at a tax cut now. We don't need it. We have a strong economy," he told reporters on the White House lawn. "I've studied indexing for a long time and I think it will be perceived - if I do it - as somewhat elitist. I don't want to do that."
The federal government will rack up $12.2T in deficits through 2029, according to a new projection from the Congressional Budget Office, an $809B increase from its last projection in May. That will boost debt held by the public to 95% of gross domestic product, its highest since just after World War II. Fueling the increase from May’s projection is the bipartisan deal to raise spending caps, which would add $1.7T to the deficit over the course of the next decade.
Farmers have been infuriated at the Trump administration's decision to grant waivers exempting 31 oil refineries from rules requiring them to blend corn-based ethanol into gasoline. As a result, national and state trade groups have delivered letters to the White House over the past 48 hours detailing the damage the agreements have caused the biofuel industry. Farmers, who are seeing crop prices hit hard by the trade war, have also complained that the recent government crop report did not reflect damage from historic flooding this spring. Go deeper: Check out related ETFs like CORN and FUE.
Four dominant e-cigarette manufacturers are facing a probe from the U.S. House Energy and Commerce Committee. Chairman Frank Pallone has contacted the CEOs of Juul Labs (JUUL), Fontem Ventures (OTCQX:IMBBY), Japan Tobacco (OTCPK:JAPAF) and Reynolds American (NYSE:BTI) requesting information by Sept. 20 about the health impact of their vaping products, as well as their marketing practices related to use by children. On Wednesday, the CDC additionally said it was investigating 153 possible cases of severe lung illness associated with e-cig use. Go deeper: Altria (NYSE:MO) holds a 35% stake in Juul.
The prospect of a no-deal Brexit is growing after Germany's Angela Merkel gave Boris Johnson 30 days to solve "backstop" disagreements, while the reaction was harsher in France. Ahead of a meeting today with Johnson, French President Emmanuel Macron bluntly ruled out any further talks on the divorce deal. He sees no reason to grant another Brexit delay unless there was a "significant political change" in Britain and warned that the U.K. risked being subordinated by the U.S if it crashed out of the EU. Go deeper: Breakdown on sterling vs. its peers.
Negative yields may be taking their toll on investor demand, as the world's first 30-year bond offering a zero coupon struggled to find buyers. Germany sold only €824M of the notes maturing 2050, falling far short of its €2B target. A zero-coupon, 0% long-term bond is not without precedent - with the country selling 10-year, 0% paper in April 2015. Signals that the global bond rally may now be sputtering given that more than $16T of securities around the world have negative yields.
This weekend's G7 summit is set to end without a joint communique for the first time since the gatherings began in 1975, after French President Emmanuel Macron decided to abandon the tradition due to "a very deep crisis of democracy." He cited the U.S. decision to withdraw from Paris climate accords as one example of why it would be difficult to display a united front. Alongside environment and trade, analysts expect Brexit, inequality, the possible reinstatement of Russia to the "G8" and tech giant taxation to dominate the meeting.
What else is happening...
Wednesday's Key Earnings
Nordstrom (NYSE:JWN) +12.7% AH delivering strong profits. L Brands (NYSE:LB) -0.5% AH dragged down by Victoria's Secret. Lowe's (NYSE:LOW) +10.4% smashing earnings estimates. Target (NYSE:TGT) +20.4% after a blowout quarter.
In Asia, Japan +0.1%. Hong Kong -0.8%. China -0.1%. India -1.6%. In Europe, at midday, London -0.6%. Paris -0.4%. Frankfurt -0.1%. Futures at 6:20, Dow -0.2%. S&P -0.3%. Nasdaq -0.4%. Crude +0.7% to $56.07. Gold -0.5% to $1507.60. Ten-year Treasury Yield flat at 1.57%
Today's Economic Calendar
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