Wednesday, July 30, 2014

Morning news: GDP, GDP, GDP, GDP, and the Ayn Rand Institute are assholes

OK, fine, here's your serious news:

New Deal Demoncrat - Q2 GDP at 4%. And he's not surprised because he saw a strong GDP print forming months ago in his weekly indicators.

FT Alphaville - Q2 GDP was even better than expected. I guess nobody else in the world reads New Deal Demoncrat's weekly indicators? Really, 4% was a slam-dunk; why were these clowns expecting 2.9%?

Calculated Risk - a few GDP graphs. State & local will continue to improve their contribution to GDP from this point forward, as the revenue shortfall disappears. And he notes, no matter what else you read in the lamestream media, residential investment really has nowhere to go but up.

Bespoke - industrials falling apart. Seems everyone's running to defensives. Is that a contrarian buy signal, the way it was the last few times? What is there to be defensive about out there? $VIX is crawling upwards too: what do you need to buy downside protection against right now? Interestingly, $INDU and $TRAN are both rolling over this week. I guess because the strong GDP print means the economy is collapsing, or something.

American Enterprise Institute - the Ayn Rand Institute is disappointed in Paul Ryan. That's what you get for tying your policy cart to a dystopian fantasy cult, Paul! Here's a quote from a nameless ARI randroid:
But of course that assumes we should have a welfare state. … The real question is not whether we should have a “safety net” or not. The question is whether we should have a coercive welfare state. What I find offensive about Ryan’s … whole approach is that it doesn’t regard the rights and well-being of those forced to pay for the welfare state as worthy of much, if any, consideration. Instead, it starts by observing that some people are in need and jumps immediately to the question of what welfare state programs would most help them.

But that’s immoral. Just because there are people out there suffering and Ryan wants to help them doesn’t give him the right to concoct schemes that treat you and me and everyone who pays his own way as a means to Ryan’s supposedly noble ends. What about my goals and priorities? What about my right to pursue happiness? What about yours?
And that's Ayn Rand right there. Has nobody else noticed, btw, the irony of the anti-welfare sentiments of a person whose writings were motivated entirely by bitter memories of how her privileged family lost their wealth in Russia's communist revolution? I mean, Randroids almost seem to want the peasants and proletariat to revolt, don't they? Why not try to avoid that?

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