Good morning. Balancing the books, Trump style

http://www.cbpp.org/research/federal-budget/gap-between-trump-cbo-predictions-on-economic-growth-the-largest-on-record

And here is some more: “Trump budget plan slashes food stamps, healthcare for poor”

http://www.reuters.com/article/us-usa-budget-idUSKBN18I26X

Some interesting research on the rise (and slowdown) of Fintech by the BIS

http://www.bis.org/publ/cgfs_fsb1.pdf

FDR is the employment champ

https://www.businessinsider.nl/unemployment-under-us-presidents-chart-and-implication-for-trump-2017-5/

FANG is still at it

https://www.bespokepremium.com/the-closer/the-closer-oh-reerly-de-fanging-the-market-and-operating-surpluses-52217/

Alphaville concludes that bitcoin is overvalued

https://ftalphaville.ft.com/2017/05/22/2189145/how-to-value-bitcoin-with-a-traditional-valuation-measure/

A big study by the IMF into state contingent debt. GDP bonds and coco’s for governments

http://www.imf.org/en/Publications/Policy-Papers/Issues/2017/05/19/pp032317state-contingent-debt-instruments-for-sovereigns

Earnings are leading the stock market higher

https://www.businessinsider.nl/earnings-revision-breadth-at-highest-rate-in-six-years-2017-5/

The US car sector is not what it used to be

http://www.economist.com/blogs/graphicdetail/2017/05/daily-chart-15

The lobster bubble, they mean!

https://www.bloomberg.com/view/articles/2017-05-18/maine-is-drowning-in-lobsters

Profitable short-impeachments are hard to find…

https://macromon.wordpress.com/2017/05/18/beware-shorting-impeachments/

This does raise the question how much advertising is worth…

http://ritholtz.com/2017/05/5-tech-giants-make-billions/

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