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Bank Of America Sets A Date For The Market's "Great Fall"

However it is what happens after this blow off top phase that is more interesting: that is the moment the "Icarus" trade becomes the "Humpty Dumpty" trade.According to bank of America, "the “great fall” in risk assets comes when hawkish Fed & weaker EPS combine." That particular fusion will take place in H2, which is when Harnett says it will be time to get out...

 The

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Press

How the Press Serves the Deep State

Exclusive: Mainstream U.S. media is proud to be the Deep State’s tip of the spear pinning President Trump to the wall over unproven allegations about Russia and his calls for detente, a rare point where he makes sense, notes Daniel Lazare. 

As reporters Glenn Thrush and Michael M. Grynbaum put it: “This New York-iest of politicians, now an idiosyncratic, write-your-own-rules president, has stumbled into the most conventional of Washington traps: believing he can master an entrenched political press corps with far deeper connections to the permanent government of federal law enforcement and executive department officials than he has.”

If the Washington Post and the Times do not agree that bogus assertions about unauthorized contacts with Russia are not poisoning the atmosphere, they should explain very clearly why not. They should also explain what they hope to accomplish with a showdown with Russia and why it will not be a step toward World War III. 

But they won’t, of course. The media (with encouragement from parts of the U.S. government) are working themselves into a fit of outrage against Vladimir Putin just as, in past years, they did against Daniel Ortega, Manuel Noriega, Saddam Hussein, Slobodan Milosevic, Saddam Hussein (again), Muammar Gaddafi, Bashar al-Assad, and Viktor Yanukovych. In each instance, the outcome has been war, and so far the present episode shows all signs of heading in the same direction as well. 

Reporters may be clueless, but working-class Americans aren’t. 

They don’t want a war because they’re the ones who would have to fight it.  

So they’re not unsympathetic to Trump and all the more inclined to give the yapping media short shrift.

DYI