Trump represents uncharted territory for investors. But scrappy analysts can still do some useful charting.
This one's for you, Gary Cohn.
Most individuals working on Wall Street are good, honest people. But, as with every industry, you will always have your bad seeds. And should you perhaps wake up one morning to find the Feds outside your door, because your best friend sold you out by recording your explicit instructions re: how to dispose of evidence you committed securities fraud, or you were (allegedly) part of a "criminal club" that met regularly to share material non-public information with each other, or you bribed people with lobsters to do your bidding for you, and prison life is not the life for you and you need to come up with a hiding place they'll never find you, STAT, sand and a cardboard box are a good place to start.
Wait 'til you see Oprah's 2018 tax return.
"The only way to finance a big European-style state is to have it paid for by massive taxation of everyone, mostly the middle class. Right now, we are avoiding honest debate on this fact...The first truth is that the current tax rates cannot support the promises made to middle-class Americans. The most unaffordable items in fiscal projections are Social Security for everyone and government-sponsored health care for the middle class. You cannot preserve these even with Draconian slashing of military, infrastructure, welfare, education, and other expenditures. The second truth is that you cannot pay for the Life of Julia, or any vision of a cradle-to-grave welfare state, without massive and increasingly regressive middle-class taxes. The poor don't have the money to pay for a European-style welfare state, and the rich, rich as they are, don't have anywhere near enough. Not only that, it's easy to tax middle-class assets and transactions — things like payrolls, sales, and real estate — but soaking the rich means taxing investments. Investments are complicated and can be restructured to minimize taxes. Also, investments are the lifeblood of economic growth. Raising significantly more taxes from the rich also requires higher marginal tax rates — and their rates are already quite high. High marginal rates distort the economy and yield less revenue than anticipated because they increase the rewards for legal and illegal tax avoidance...to achieve anything like the European-style entitlement state they advocate, we need to tax everyone a lot more, not just the 1 percent. Despite all the drum circles protesting the inequitable distribution of resources, the wealthy just don’t have enough. The middle class and even the poor must step up to carry more of the burden if this is our desired endgame. [The American, related]
The bond manager apparently has a transcendent shower and if anyone thinks he's gonna give that up because of a little drought in California, they oughta think again!