The year of living dangerously

.

DOUG  By Guest Blogger Doug Rowat

Buckle up.

Don’t look now, but we’re down to only a little more than one year remaining before the next US presidential election. Three hundred and eighty-one days to be exact (but who’s counting).

And we’re likely heading into what will be one of the wildest rides in US political history. Joe Biden, who at one point seemed like a lock to take the Democratic nomination, is now basically tied in a head-to-head slugfest with Elizabeth Warren. The sitting president meanwhile is the subject of a US House impeachment inquiry and seems hell-bent on creating as many controversial distractions as possible even if it means losing the support of the GOP and, gasp, Fox News. I wouldn’t want to be a Kurdish fighter right now, but, hey, that’s politics.

And, here’s what influential Republican senator Lindsey Graham—who earlier this year warned Republican politicians to “stand behind this president [or] we’re not going to stand behind you”—had to say last week about Trump’s northern Syria decision:

Source: Twitter

Up is down and down is up. And we haven’t even gotten to the presidential debates yet. Close your eyes for a moment and picture the surreal scene of Warren in a debate with Trump—Pocahontas versus Cheeto Jesus, winner take all. Their two visions of America couldn’t be more diametrically opposed and the debate rhetoric on both sides is likely to take viewers deep into the Twilight Zone. As Morgan Freeman helpfully advised Brad Pitt in “Seven” as the two prepared to confront the diabolical Kevin Spacey: “If John Doe’s head should split open and a UFO fly out, I want you to have expected it.” So, you’ve been warned.

However, as I’ve noted several times on this blog, people like to think that they’re special and living in the most consequential and turbulent times in history. Sure, this coming political year will probably be pretty crazy, but will it be more tumultuous and significant than the elections and election campaigns held during and after World War II, after the Kennedy assassination, during the 1970s energy crisis or during the heart of the 2008 financial crisis with the US mired in its worst recession since the Great Depression with massive US financial institutions routinely going bankrupt? Probably not. However, we’re all basically hard-wired to feel self-important and assume that OUR time—and only OUR time—is historic. But it’s probably not, at least not any more historic and important than other key periods in US history.

For the record, below are the US equity market performance numbers in the year prior to every single presidential election going back to 1940. As you can see, the split between Democratic and Republican presidential winners has been dead even—10 each—and markets have traded higher almost every year, typically generating strong, double-digit returns. Regardless of who’s in power or more likely to win, markets go about their business. Political campaigns create noise and occasional market volatility, but they’re generally ignored by investors. Markets focus far more on corporate profitability, economic strength, consumer health, central bank policy and so on. And, in our view, most of these factors remain favourable for equities.

Three down, one to go. Here’s how the market historically performs the year before US presidential elections.

Source: Bloomberg, Turner Investments

So, it’s no doubt going to be a noisy political year, one filled with mind-bending controversy, wacky debates and back-and-forth lead changes in the polls.

But, politics be damned, history tell us that markets will probably do what they most often do ahead of a presidential election—move higher.

Doug Rowat, FCSI® is Portfolio Manager with Turner Investments and Senior Vice President, Private Client Group, Raymond James Ltd.

 

50 comments ↓

#1 Blacksheep on 10.19.19 at 2:01 pm

Steven # 37,

“Sovereign debt is considered risk-free. It is backed by the power to tax. – Garth”
————————————-
There….straight from a former Cabinet Minister in charge of Canada Revenue Agency’s keyboard….

And some people wonder why Gold is still, sub 2K?

Risk-free government debt is not a political fact, but a financial one. Canada or the US will never default. – Garth

#2 Mr Cee on 10.19.19 at 2:27 pm

Wait, I thought Turkey was our Ally in NATO?

#3 Impeachment 2020 on 10.19.19 at 2:28 pm

#12 Steve French on 10.18.19 at 4:54 pm
French here.

What’s the word from down in freedumb loving Californiiiyae there Smoking Man?

Did you cast your ballot?

My guess is you voted for Mad Max?
—————-

He picked Scheer then JT and then Scheer then JT.
Helps him to always says he picked the winner.

Classic No Risk smoking man.

#4 Nobody on 10.19.19 at 3:01 pm

>I thought Turkey was our Ally in NATO?
So was Canada but the USA still needed to tax Canadian Al and steel for “national security”

#5 leebow on 10.19.19 at 3:01 pm

Trump doesn’t have any vision. He is just an opportunist with no positive agenda. His playbook is a bizarre collection of clips from Fox, Breitbart and Alex Jones. That’s all he got.

The momentum is turning against him. I wouldn’t be too surprised if we see polkovnik Trump frogmarched through the door before Christmas.

Melania should start learning how to play the Fairwell of Slavianka on her harp.

And before 2024 we’ll probably see all of BoJo, Putin, Xi and Erdogan gone as well.

#6 Caught in the forest on 10.19.19 at 3:16 pm

People are so caught up in the main stream media hatred for Trump. Most don’t even know the platform and what has been achieved. Why wouldn’t any country want secure borders, jobs at home, a good economy and more. What’s the alternative? Let crime in and send jobs to the others. How ridiculous. It’s time we took our heads out of our you know whats and aimed for the same. Gender neutral bathrooms will only get us so far. Trump may not have the complete style, but he has done what he said he would do and what the American public elected him to do.

#7 Linda on 10.19.19 at 4:10 pm

I like the ‘keep calm & carry on’ of today’s post, Doug:) I also like the concept ‘the Donald’s’ head – or at the very least, his toupee – will split open to emit a UFO. In his case, UFO can stand for ‘Utter Falsehoods Only’, ‘Unilateral Full Obfuscation’ or any variation on the theme.

#8 Albertaguy in AB on 10.19.19 at 4:35 pm

Jason Kenney debates motion to

“…denounce all federal political parties that would enable a provincial government to unilaterally prevent the construction of interprovincial infrastructure projects of national importance, including natural resource pipelines.

https://www.youtube.com/watch?v=JCAx11tq74Q

#9 Doug Rowat on 10.19.19 at 4:39 pm

#6 Caught in the forest on 10.19.19 at 3:16 pm

People are so caught up in the main stream media hatred for Trump. Most don’t even know the platform and what has been achieved.

I gave him full credit in my last blog post (https://www.greaterfool.ca/2019/10/05/olympus-hasnt-fallen/).

He might be dirtier than Michael Corleone, but the economic and market numbers don’t lie.

–Doug

#10 Ex Kelowna on 10.19.19 at 4:40 pm

Great article and perspective Doug but I think it is foolish to diminish or ignore the size of the impact that China may have on the economy. A trade war of the current magnitude has not happened before – maybe it really is different this time??

#11 Rexx Rock on 10.19.19 at 4:41 pm

The USA and Canada will never default.So true,the taxpayer will pay dearly to service the debt.You have bad goverments to thank.Working and saving more will be the only way to fight the higher inflation coming.

#12 Yukon Elvis on 10.19.19 at 4:45 pm

Risk-free government debt is not a political fact, but a financial one. Canada or the US will never default. – Garth
…………………….

Correct. And they will avoid default by taxing the Bejeesus out of us. We should a expect a new round of tax hikes in the next two years to pay for all the “free”goodies coming our way.

#13 Mike on 10.19.19 at 4:51 pm

DELETED

#14 Tannhäuser Gatekeeper on 10.19.19 at 5:27 pm

So the average in the final year of Democratic administrations is 14.1%, with a standard deviation of 10.8.

Under Republicans, it’s 7.6%, with a standard deviation of 16.4.

Buckle up and enjoy the ride, and please remember to keep your cancelled ticket with you at all times. No refunds, and no pass-out privileges.

#15 Stan Brooks on 10.19.19 at 5:37 pm

Risk-free government debt is not a political fact, but a financial one. Canada or the US will never default. – Garth

Absolutely.
Creditors will get their ‘money’ back.
The problem is what will it be worth in terms of real value/goods.

Some digits on nearly worthless paper won’t fill the fridge/stomach.

Some call it return free risk.

Soon 2 max CPP+OAS pensions won’t be enough for the rent of a single bedroom apartment in GTA.

Oh, I forgot, that ‘pension’ is really ‘gas money’.

Good luck in funding the food/rent part.

Cheers,

#16 Tony on 10.19.19 at 5:47 pm

So the hundred or so Americans on the ground made that big a difference?

ISIS is an effort to establish a Sunni caliphate. If a Sunni Muslim personally believes a caliphate is being established he has a religious obligation to support it and even die for it.

The Kurds are an entirely different issue. Most are Sunni and many of them supported the ISIS led caliphate.

Does anyone in the west really want to die to help either group?

Trump again is right.

What is happening with Turkey was widely predicted by people like me when they became part of NATO. They were the caliphate for a very long time, we called their empire Ottoman. WWI created that problem when the Brits backed the House of Saud, and gave them Mecca and Medina.

#17 BS on 10.19.19 at 5:58 pm

More important is finger gate and how the media reported it. Hilarious.

https://freebeacon.com/politics/a-tale-of-two-fingers/

#18 BS on 10.19.19 at 6:08 pm

“I wouldn’t want to be a Kurdish fighter right now, but, hey, that’s politics.”

More like it sucks for the warmongers of both parties we actually have a president who keeps his promises to end the “endless wars”.

Yes it is such a terrible situation ABC News had to use a fake video to get the point across. They could have shown a real video from just across the Mexican border where innocent people are being slaughtered by the drug cartels in order for them to continue the flow of drugs which kills more people than all the middle east wars combined but that didn’t fit the narrative.

https://gizmodo.com/abc-news-broadcasts-fake-syria-bombing-video-thats-actu-1839028685

#19 oh bouy on 10.19.19 at 6:19 pm

@#6 Caught in the forest on 10.19.19 at 3:16 pm

_______________________________

LOL, are you just being wilfully ignorant?

#20 NoName on 10.19.19 at 6:22 pm

I’ve been thinking, never good thing that negative interest rates are just another tax in diskyze? Taping strait in to deferred tax account what was off limits before…

And also I am wondering if I buy negative yield foreign bond why do I pay their “taxes”, why is my country fine with that? We would prohibit negative yield foreign bond ownership unless that country/s reimburis my country spread is my country have positive yield.

Does anyone have any answer on my today’s pressing question on my mind.

Stop laughing!!!

#21 TurnerNation on 10.19.19 at 6:33 pm

The world is ruled by war – always has been so.
You get to vote…for the person which will raise your taxes to pay for said war-making.
Next week is of little relevance, it will be a UN-fed stooge flowing the global agenda.

#22 TrumpNation on 10.19.19 at 6:53 pm

hah
https://ibb.co/2YmcV32

#23 Frustrated Kiwi on 10.19.19 at 7:18 pm

50/50 whether Trump agrees to debate. Might just declare them rigged and refuse to do any. Certainly not the most “unthinkable” smashing of tradition he’s done.

#24 Shawn Allen on 10.19.19 at 7:32 pm

Who Invented negative interest rate bonds?

Would you believe it was Warren Buffett? He issued negative interest bonds in 2002 that carried with them warrants to buy Berkshire stock at a fixed price.

http://www.berkshirehathaway.com/news/may2202.html

The extent of the massive intellect of Warren Buffett is under appreciated.

#25 TurnerNation on 10.19.19 at 7:42 pm

People might not realize, the next global war has begun and on our soil. They’re in plain clothes, immensely funded and trained.
We are in their sights. They’re the ones shutting down rush hour traffic all over this country with extinction and vegan protests.

Control over our food supply and de industrialization is their goal. This force also helped 45,000 people -per CTV report – walk across into this country in past two years . That vaulted military we pay for in taxation is told to stand down or sent overseas.
It’s happening now and we are the enemy. They hate our freedoms and way of life.
Everything else is but distraction.

#26 BobC on 10.19.19 at 7:43 pm

It’s hard to keep up sometimes. The world hates the US because we bomb, kill and force our values on other countries. Now we’re hated because we say it’s not our fight so we’ll stay home.

#27 Nonplused on 10.19.19 at 8:24 pm

Rule #1: All of politics is theater.

Rule #2: Anything you see on TV is theater.

Rule #3: Most of what you read in the newspaper is theater, with the exception of some local news. But they make theater of that too.

Rule #4: Theaters exist to make money via entertainment, not to dispense truth.

Here is the latest example: Hilary Clinton just made headlines by calling either Tulsi Gabbard or Jill Stein, or both, Russian assets. What in God’s green acre would inspire her to do that? Or anybody to report on such a silly “grandma” moment? She is clearly under the influence of her medications. For cheese’s sake, Tulsi Gabbard is a veteran who served in Iraq! Where’d Clinton serve? Who had the secret server? Who managed to raise billions of dollars for some dubious “foundation”, partly funded by Russians? Hint: It wasn’t Tulsi Gabbard or Jill Stein.

Or let’s look at this withdrawal from Syria. Not only does it align with the president’s campaign promise to end the forever war, but he really had no choice. Erdogan was going to invade either way, and Turkey is our NATO ally, not the Kurds. What was Trump supposed to do, start a war with a NATO ally??? But yet the house voted overwhelmingly to condemn his very wise decision to pull the US “advisers” out of harms way across the border into Iraq. They were there in the first place, illegally it should be noted if they started firing weapons, to assist the Kurds in fighting ISIS as “advisers”, or so we are told. Noble enough. But there is no way there was any talk of assisting them against all foes they choose to engage including our NATO ally Turkey. That is absurd. But to watch the news you would think Trump abandoned our allies the Kurds, when they never were our allies in the first place but Turkey is. Trump of course is communicating all of this at a grade 9 language level, but that is appropriate because most people couldn’t understand it if he used grade 10 language.

Here is an interesting question to twist you anti-Trumper’s into complete cognitive dissonance: If the US and Turkey got into a shooting war, on which side should Canada fight? Remember, we are NATO allies with both.

And what happens to the 50 or so nuclear weapons the US has stationed in Turkey if the US and turkey go to war? Yikes!

Trump had no choice. Anyone who thinks otherwise is part of the 50% of the population that is below average IQ.

Trump is one of the great communicators of all time. Why? Because he understands his audience. He knows what to say so that the average person can understand it. “Build the wall!!!!” he says. Everyone knows a wall or a fence is only a deterrent, but the real message is “stop illegal immigration”. That’s too complicated of a message because it involves a bunch of other things that ICE is tasked with doing. Plus it has a powerful psychological affect on would-be illegal migrants. Why would you walk 2000 miles through the desert when they aren’t going to let you in?

But facts do not get ratings. Impeaching the President does get ratings. Ratings lead to advertising revenue, and money rules. So, since there isn’t any other real news right now, impeachment leads. It doesn’t just lead, it is the whole program. This is despite the fact that no impeachable offense has surfaced to date. But that doesn’t matter, what matters is selling ads.

So I agree with Doug. The theater doesn’t matter. This whole impeachment thing is a media created circus design to sell ads since the Russia-gate thing turned out to be a nothing burger. They sold us ads on that for 2 years though, so for the media it was a big win. That is what they are doing again. They are manufacturing a story when no story is there. They did it before, they got away with it, and they made a lot of money. Rinse and repeat.

And believe me they (the MSM) are not stupid. They employ a lot of psychologists. If you are a psychologist, there are really only 3 ways to make money: 1. Private practice helping people who can’t actually pay you, 2. In academia, and 3. doing propaganda for the news networks or the CIA. They have this all planned out.

After Trump the “impeached” wins in another electoral collage landslide, CNN will have all the material they need to sell adds for another 4 years. Expect Russia and Ukraine to factor in heavily. A draw-down in Iraq as well. Perhaps more impeachment. Maybe more 30 year old sex scandals the victims can’t really remember and video tapes that haven’t been found.

So for those of you that need a lesson on US politics, the electoral college was was established to prevent majority rule, as the founders knew that would be a disaster. Hilary won the popular vote, but really only in New York and California. The electoral college was established to give the other states a say, and it was a condition of them joining the federation. They can’t go back on it now, or Texas would succeed. And Montana. And probably others.

And that is a big problem with the Canadian electoral system as well. Our Prime Minister should not have a riding, and he should be voted directly, as is a US President, with each province getting equal weight. And that office should have separate powers. The way we do it now, the vote is over when the polls close in Ontario.

Vote smart Ontario. Nothing is more expensive than something that is free.

#28 Millennial Realist on 10.19.19 at 9:17 pm

Paleo Boomers become irrelevant in:

3 Days and Counting………..

#29 oh bouy on 10.19.19 at 9:59 pm

@#25 TurnerNation on 10.19.19 at 7:42 pm
People might not realize, the next global war has begun and on our soil. They’re in plain clothes, immensely funded and trained.
We are in their sights. They’re the ones shutting down rush hour traffic all over this country with extinction and vegan protests.

Control over our food supply and de industrialization is their goal. This force also helped 45,000 people -per CTV report – walk across into this country in past two years . That vaulted military we pay for in taxation is told to stand down or sent overseas.
It’s happening now and we are the enemy. They hate our freedoms and way of life.
Everything else is but distraction.
_____________________________

LMAO

#30 Ace Goodheart on 10.19.19 at 10:07 pm

RE: “Risk-free government debt is not a political fact, but a financial one. Canada or the US will never default. – Garth”

The USA has actually defaulted on its debt four times, with the most recent default occurring in 1979.

Canada, to date, has never defaulted on its debt.

And the political weirdness gets weirder.

Greta, who many people in Alberta hope might perish at sea if her sail boat gets hit by an oil tanker, apparently has frightened Premier Kenny into hiding.

This grade nine high school drop out, who is probably autistic, carries more political weight currently than the premier of a major Canadian province, and also our Prime Minister. People line up to hear her speak. She has not completed grade nine.

Back in Ottawa, where we are about to learn who is our next Prime Minister, there is talk about what happens if a majority government cannot be formed.

What people don’t seem to realize, is that when Stephen Harper got very angry about the recent House of Lords decision on prorogation of a Parliament which came down in the UK, he had a good reason.

Likely, Harpo-man’s prorogation of Parliament was actually illegal. At least, the British House of Lords seems to think so. And the Canadian Supreme Court kind of reacts to the House of Lords in the same way that your little sister reacts to the new Rihanna album – just dances to the tune. They will likely follow the British high court’s decision, meaning that Prorogation has just become basically illegal in the commonwealth (yup, that includes us).

So, in a world where Autistic high school drop outs rule, and US Presidents run from armed conflict, where a lady who is for all intents and purposes a communist is about to take control of the US Democratic party, what do we do?

Maybe pull an Elon Musk and start planning that one way trip to Mars?

The next ten years will be interesting……

Apparently Greta graduated secondary school with high marks. As for a US debt default, it has never happened. No payments have ever been missed. I expected better research from you. – Garth

#31 Rargary on 10.19.19 at 10:25 pm

leebow on 10.19.19 at 3:01 pm

Trump doesn’t have any vision. He is just an opportunist with no positive agenda. His playbook is a bizarre collection of clips from Fox, Breitbart and Alex Jones. That’s all he got……..
So why then do people, honest PhD professionals turn up dead with questionable suicide “notes” wind up dead under Killary? Who was Trump’s only competition? Prove Trump is THAT bad please?

#32 Billy on 10.19.19 at 11:06 pm

Interesting article about traditional 60-40 philosophy. https://www.marketwatch.com/story/bank-of-america-declares-the-end-of-the-60-40-standard-portfolio-2019-10-15?siteid=yhoof2&yptr=yahoo

#33 Nonplused on 10.19.19 at 11:17 pm

“Apparently Greta graduated secondary school with high marks. As for a US debt default, it has never happened. No payments have ever been missed. I expected better research from you. – Garth”

Well, there was the Confederate dollar, the gold confiscation and subsequent revaluation, and closing the gold window in 1971. That’s only 3 I suppose but everyone considers each of them a default.

Remember, a default doesn’t mean zero. It just means a lot less than you had agreed upon because the borrower can’t pay. If you’d like to learn how it works default on your car payments for fun. You might not have to make any more payments, but you also won’t have a car. Default is never zero. I’ve been through this in corporate defaults. Believe it or not a bankrupt company does have to pay employees to keep the operation going and lawyers to deal with the mess, but all that happens in the end is the lenders end up owning the assets and the shareholders get screwed.

When Nixon closed the gold window, it was the biggest default in all of recent history. Nixon closed the gold window because the US could no longer pay at a fixed rate. Thus now comes our current system where gold goes for $1500 an ounce and not $41. Nixon had no choice because the US government was running what were at that time considered huge deficits but they weren’t going to off-shore the gold. Nothing has changed.

And as for Greta, she, along with most of us, probably never would have been born if not for the miracle of fossil fuels. You can’t even charge your Tesla without them. She’s a fool, all anger and no solutions. Solutions would be nice, if we could find some, I think we all agree on that. And the right people are working on it, but just being angry is not the same thing.

Greta is an absolute disaster. Her basic argument is that I am an insult to her because I heat my house and have lights. And a computer to read Greater Fool and comment. How about this instead? I will continue to heat my house with my new 96% efficiency furnace and have LED lights and Greta can go to hell.

PS I saw the photos of the 2 buses she needed to get to Edmonton. You can’t even protest the fossil fuel industry without using a lot of fossil fuels. Without fossil fuels, nobody would know who you were, where you are at, or what you were saying.

Greta’s visit was election interference by a foreign entity. Simple as that.

#34 Lost...but not leased on 10.19.19 at 11:49 pm

So far..
…..no crowdedflatulence

Good time to invest wisely !!!!

#35 NoName on 10.20.19 at 12:15 am

#24 Shawn Allen on 10.19.19 at 7:32 pm
Who Invented negative interest rate bonds?

Would you believe it was Warren Buffett? He issued negative interest bonds in 2002 that carried with them warrants to buy Berkshire stock at a fixed price.

http://www.berkshirehathaway.com/news/may2202.html

The extent of the massive intellect of Warren Buffett is under appreciated

Funt thing you posted that. Who ever bought that thing from bufet and gs at least had an option to buy/convert holdings in brk or brkb at primium.

At 2002-ish brk was trading around 64k. So at least you could get options to buy some ownership in decent company in return for primium. Now traded @ 300k

Now imagine pension fund that is mandated to hold diversified portfolio of bonds that holds negative yields bonds. What pensioners gets in return with foreign negative yield Bond fund? Nothing, they get to finance someone forign country programs, and future cuts to retirement income.

Might be over simply ing buy in a nut shell, it is tax on tax deferred savings by another country.

#36 will on 10.20.19 at 1:35 am

#27 Nonplused

I’m with you brother.

#37 BillyBob on 10.20.19 at 1:45 am

#30 Ace Goodheart on 10.19.19 at 10:07 pm

What people don’t seem to realize, is that when Stephen Harper got very angry about the recent House of Lords decision on prorogation of a Parliament which came down in the UK, he had a good reason.

Likely, Harpo-man’s prorogation of Parliament was actually illegal. At least, the British House of Lords seems to think so. And the Canadian Supreme Court kind of reacts to the House of Lords in the same way that your little sister reacts to the new Rihanna album – just dances to the tune. They will likely follow the British high court’s decision, meaning that Prorogation has just become basically illegal in the commonwealth (yup, that includes us).

====================================================

Good grief. Bizarrely wrong in pretty much every way.

The UK court decision on prorogation had nothing to do with the House of Lords. The House of Lords is one of two Houses in the UK Parliament, the other being the House of Commons. This is pretty basic stuff.

– It was the UK Supreme Court that ruled Boris Johnson’s prorogation was unlawful, designed solely to thwart debate in Parliament during the Brexit crisis. This was ruled unanimously after an emergency three-day hearing. They did not rule that prorogation is in itself illegal, only that in this instance it had been abused and that Boris Johnson had misled the Queen.

– Canada’s judiciary does not follow UK law slavishly as you state, it is nonsensical to assert that “prorogation has just basically become illegal”.

– You do realize Stephen Harper is not currently the Prime Minister, has not been since 2015, and is not currently running for the position?

Greetings from London, UK where the Brexit circus is definitely in town.

#38 Steve French on 10.20.19 at 2:51 am

Smoking Man from yesterday:

——
Risk vs Reward.

You can aspire to be the best Starbucks coffee bitch. No risk.

Or you can be drug lord. Lots of risk and big money.

Making loot requires risk. If you little shits think you are going to conficate the loot via the state. I made my loot taking huge risks. You have no idea of the character of your enimy.

Thrives and tax collectors always lose.

https://youtu.be/xvaEJzoaYZk

—–

Nice try to incorporate the legendary Steve Earle into your warped Trumpian dystopic vision there, Smoking Man.

Do you even know who Steve Earle is? Do you know what he would make of your political views?

“I don’t see how he does it,” the outspoken singer-songwriter tells Rolling Stone Country. “Although it’s hard to predict what this guy’s gonna do. We’ve never had an orangutan in the White House before. There’s a lot of ‘What does this button do?’ going on. It’s scary. He really is a fascist. Whether he intended to be or not, he’s a real live fascist.”

https://www.rollingstone.com/music/music-country/steve-earle-talks-outlaws-guy-clark-and-fascist-trump-194374/

—-

Bwwwahahahahaha…

You lose again, Mr. Dyslexic Smoking Man!

What’s the problem? Reading comprehension not your forte?

Try put down the bottle for a while and head back to Grade 5…Smokey!

Lol..

Steve-O

#39 Steve French on 10.20.19 at 3:06 am

Here’s the real story Smoking Man:

Steve Earle is a true American patriot. A progressive hero. A giant of a man. Someone who speaks for the common man and woman.

He’s got more talent and insight in his little fingernail, then you ever will ever encounter in your entire life.

Smoking Man, on the other hand, bows down and worships at the feet of Trump the Fascist. He eggs on gun violence in America, promotes hate, disparages anything Canadian, while spending his life drunk and smoking cancer sticks at different casinos. He writes childish, immature books about carrying on a conversation with his own penis.

Only the Dear Lord can imagine how his long suffering wife puts up with it all.

Here’s a hint Smokey- you’re not worthy to even lick the bootlaces of Steve Earle.

And that’s the truth.

#40 earthboundmisfit on 10.20.19 at 7:09 am

@27 Nonplused …. Clearly a Whackjob

#41 Doug Rowat on 10.20.19 at 8:51 am

#33 Nonplused on 10.19.19 at 11:17 pm

And as for Greta…

Greta is an absolute disaster…

Greta can go to hell…

Hey Jan Brady,

Greta or Marsha?

–Doug

#42 Gravy Train on 10.20.19 at 9:16 am

#33 Nonplused on 10.19.19 at 11:17 pm
“[…] Her basic argument is that I am an insult to her because I heat my house and have lights [without using solar panels or wind turbines].” Now your assertion is correct.

My solar panels have produced 6,725 kWh of clean energy over the past 207 days, which has offset the same amount of CO2 as the planting of 121 trees.

On my last two-month power bill, all I was billed was $22.75 which is the basic charge that everyone has to pay. My net purchases of power came to 0 kWh, and I sold 767 kWh of clean power back to the power company.

My after-tax rate of return on my solar panels is 12.81%, and while the payback is 8.5 years, the panels are guaranteed by the manufacturer for 25 years. A risk-free investment. Get it? No? I give up! :)

#27 Nonplused on 10.19.19 at 8:24 pm
“[…] Trump of course is communicating all of this at a grade 9 language level, but that is appropriate because most people couldn’t understand it if he used grade 10 language.” Trump communicates at a mid-fourth grade level (Flesch-Kincaid scale), the lowest of the last 15 presidents. He does so because that’s just the best he can do. :)

“[…] Trump had no choice. Anyone who thinks otherwise is part of the 50% of the population that is below average IQ.” You’re suffering the Dunning-Kruger effect. Fess up! You never got good school grades, did you? :)

“[…] This is despite the fact that no impeachable offense has surfaced to date.” You’ve got to read more than just Trump’s Twitter feed. :)

“[…] They can’t go back on it now, or Texas would [secede].” I don’t even know where to begin in correcting your philippic. Spoiler alert: Donald J. Trump is Individual-1. :)

#40 earthboundmisfit on 10.20.19 at 7:09 am
“@27 Nonplused …. Clearly a Whackjob.” You’re being too kind. :)

#43 Tannhäuser Gatekeeper on 10.20.19 at 9:36 am

“For cheese’s sake, Tulsi Gabbard is a veteran who served in Iraq!”

What’s that prove? Nicholas Brody served bravely overseas, and HE came back to the US to do the bidding of a foreign power. So it’s happened before.

#44 Dharma Bum on 10.20.19 at 9:53 am

But, politics be damned, history tell us that markets will probably do what they most often do ahead of a presidential election—move higher. – Doug
——————————————————————–

…or not.

#45 VicPaul on 10.20.19 at 10:44 am

#19 oh bouy on 10.19.19 at 6:19 pm
@#6 Caught in the forest on 10.19.19 at 3:16 pm

_______________________________

LOL, are you just being wilfully ignorant?

****************
No, he thinks critically about what he sees getting done…not a sychophantic regurgitator of CNN/NBC/ABC et al who are the obvious obfuscators of truth….Russian collusion…oh, no collusion…well, what about this…Geez, ev-er-y single day since elected a relentless (well-funded Bezos $) smear campaign – It’s amazing the US government has gotten ANYthing done.

************

#46 jess on 10.20.19 at 10:50 am

The world is ruled by war ?

What are jubilees?
https://www.youtube.com/watch?v=3ctGLtB1wz0

=========

immutable

…”There are other holes in bitcoin’s ability to maintain anonymity. In the US, virtual currency exchanges — the platforms where people can buy and sell bitcoin for real money — are required by law to verify their customers’ real world identities. Developed countries are increasingly adopting those measures.
This all means that bitcoin isn’t really anonymous — it’s pseudonymous. For law enforcement agents, the difficulty isn’t seeing the transactions — it’s linking the bitcoin account with the real world person behind them, said Lim.
============

co-operation

“Through the sophisticated tracing of bitcoin transactions, IRS-CI special agents were able to determine the location of the Darknet server, identify the administrator of the website and ultimately track down the website server’s physical location in South Korea,” said IRS-CI Chief Don Fort.

Wednesday, October 16, 2019
South Korean National and Hundreds of Others Charged Worldwide in the Takedown of the Largest Darknet Child Pornography Website, Which was Funded by Bitcoin
Dozens of Minor Victims Who Were Being Actively Abused by the Users of the Site Rescued

https://www.justice.gov/opa/pr/south-korean-national-and-hundreds-others-charged-worldwide-takedown-largest-darknet-child

#47 jess on 10.20.19 at 11:16 am

Climate change can chip away at a city’s creditworthiness

..”Moody’s Vice President Michael Wertz said that while climate change is rarely the main reason behind a credit downgrade, a city could struggle to pay back its bonds if it is dependent on one source of tax revenues, such as beach tourism, that could be disrupted by climate change. Cities may have similar trouble if a large number of its residents and businesses decide not to rebuild or relocate after repeated disasters blamed on climate change.

Given Moody’s Corp.’s increasing focus on climate issues, the firm recently bought a majority stake in climate-risk data provider Four Twenty Seven Inc.”..

https://www.spglobal.com/marketintelligence/en/news-insights/trending/RWo0pSwwO9FNsQSC_iShPA2

#48 PastThePeak on 10.20.19 at 11:29 am

#12 Yukon Elvis on 10.19.19 at 4:45 pm
Risk-free government debt is not a political fact, but a financial one. Canada or the US will never default. – Garth
…………………….

Correct. And they will avoid default by taxing the Bejeesus out of us. We should a expect a new round of tax hikes in the next two years to pay for all the “free”goodies coming our way.
+++++++++++++++++++++++++++++++++++++

Unlikely tax increases can address the debt situation. First, current Western governments and media no longer even talk about the issue (so solutions are not being considered), and the situation is about to get significantly worse (re: demographics).

Debt defaults by highly indebted sovereigns is avoided through money printing to meet said bond obligation. Not rocket science, but that leads to currency debasement and so your bond is paid back in devalued dollars. But it is “not a default”, that is true.

From “risk-free return” to “return-free risk”…

#49 Shawn Allen on 10.20.19 at 12:50 pm

Inflation, Bonds paying in debased dollars

There is some truth to that. But as someone who lived through the actual official double digit inflation of the 1970’s it is a bit strange to see people complaining bitterly about 2% inflation. You call that debasement?

#50 AGuyInVancouver on 10.20.19 at 12:53 pm

#8 Albertaguy in AB on 10.19.19 at 4:35 pm
Jason Kenney debates motion to

“…denounce all federal political parties that would enable a provincial government to unilaterally prevent the construction of interprovincial infrastructure projects of national importance, including natural resource pipelines.

https://www.youtube.com/watch?v=JCAx11tq74Q
_ _ _
Jason Kenney is certainly a Master Debater.