EICKnotes for Oct 30, 2013
1. The Establishment is Now Warning of Bubbles
2. Is the Current Run is Getting Extended?
While weakness hasn’t yet materialized, many are starting to talk about how long and strong the current rally has been.
3. An illustrative example of all that is wrong in US politics…
President Obama nominated Tom Wheeler to take over as chairman of the Federal Communications Commission. He was previously a venture capitalist but also the head lobbyist for the cable and cellular industries which are the main industries that the FCC regulates. So is it credible to believe that he will always act in the public’s best interest after receiving millions in lobbyist fees over the years. But the story gets even better (worse), Ted Cruz the current front-man for the Tea Party and its claim to grassroots credibility delayed the confirmation vote by two weeks. You would think he did it because he wanted a more independent candidate to lead the FTC but it turns out that what he wanted was assurances that tougher disclosure requirements for the donors behind political TV ads are ‘not a priority’ for the FTC. (ARSTechnica)