Andrew Hoffman | March 27, 2017 - 9:54am
Yes, I know I’m on vacation. Not to mention, it’s still Saturday morning. However, with Diana having taken Sylvie to see Beauty and the Beast, I want to take a few moments to give you my take on yesterday’s events – and “trading.” Particularly, the Trump Administration’s epic political setback, in failing to convince “Freedom Caucus” Republicans to vote for the hideous Trump-Care bill. Who in essence, called the “art of the deal” architect on his “ultimatum” to either pass the bill, or stick with Obama-care until it inevitably explodes – just as I predicted from day one. Frankly, there is no way to sugar coat such an epic political failure – which for once, even the Wall Street Journal perfectly described.
In other words, on a day that started with as many PiMBEEB headlines as any I can remember – including miserable durable goods, PMI manufacturing, and PMI service readings; exploding U.S. rig counts and oil production – and further evidence that history’s largest crude glut is about to get a lot worse; and emergency closed-door meetings at the White House, regarding the likely-to-be-shortly-revealed Obama Administration wire-tapping of the Trump election campaign; Trump’s “political capital” was dramatically depleted, leaving America with the rapidly expanding Obamacare nightmare indefinitely, and dramatically reducing Trump’s bargaining leverage in the upcoming, sure-to-die-on-the-vine tax reform and fiscal stimulus package proposals. This, as the government is mere weeks from running out of cash; at which point, it may well shut down indefinitely – as the nation’s ugliest, most destructive “debt ceiling” crisis unfolds.