Doubt and fear remain absent from Wall Street despite the specter of numerous potentially adverse economic, interest rate, inflationary, political, geopolitical and market outcomes.
Exaggerating the uptrend is the underappreciated and more dominant role of passive investing strategies (ETFs, risk parity and volatility trending) that, when combined with the global short volatility bubble, is distortive to the markets and limits price discovery.
Every day seems to bring a new high in the S&P Index and every late in the day seems to bring a collapse in the VIX.
Opposition to the primary trend…

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Carriers were tested by Cyber Monday, the busiest online shopping day in U.S. history. And retailers are encouraging shoppers to pick up shipments at their stores.

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The acceptance of money as a medium of exchange has been central to our economic evolution. No longer do people need to be self-sufficient, growing their own food, making their own clothes, building their own furniture. No longer must people barter, trading fruit for fish and chairs for canoes. People can specialize in what they do well and use the money they are paid to buy the things they want.
It hardly matters what is accepted as moneyseashells, whale teeth, woodpecker scalps have all been used. The people of Yap used stones canoed in from hundreds of miles away, even a large stone…

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Referring to the fact that productivity growth slowed in the 1970s and 1980s even while information technology developed rapidly, economist Robert Solow once quipped: “You can see the impact of IT everywhere but in the productivity statistics. Today, one can see the so-called job-destroying impact of robotics everywhere but the employment statistics.
Last month, the U.S. economy created over 220,000 net jobs. On average, it has created 174,000 jobs a month this year, relatively tepid but nonetheless steady job growth (just below last years 187,000 jobs a month). With a 4.1 percent…

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The GOP tax package is anti-growth in at least one respect: It’s likely to cut public spending devoted to investing in the future. The bills passed by the House and Senate eliminate or sharply curtail the federal income tax deduction for state and local income and property taxes. In addition, both plans would cut some current tax preferences that make college and graduate school more affordable. Under the House tax plan, for example, the favorable treatment of graduate tuition waivers would be eliminated, forcing graduate students to pay federal income taxes on the tuition waivers they…

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WASHINGTON (AP) Congressional Republicans on Tuesday were speeding toward an agreement on a massive tax package that would ease the hit on Americans living in high-tax states and appease corporations that could have lost precious tax breaks.
Negotiators were working to expand a deduction for state and local taxes to allow individuals to deduct income taxes as well as property taxes, said two congressional aides. Negotiators were also working to eliminate the alternative minimum tax for corporations.
Negotiators agreed to let homeowners deduct interest on the first $750,000 of a new…

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<p>Virtual currency bitcoin hit another all-time peak Tuesday, two days after the launch of the first bitcoin futures on a U.S. exchange and ahead of the start of another futures contract next week, as investors grew optimistic that the $20,000 mark is within reach.</p>

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Unlike past investment manias, such as last decade's housing boom, a cryptocurrency collapse wouldn't hurt too bad

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Cutting taxes is mostly an exercise in slicing the economic pie a different way, not making it bigger, with gains for a few offset by losses for many.

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General Electric recently conducted an internal review into the flying of a spare business jet to accompany former CEO Jeff Immelt, as it seeks to understand an unusual practice that went on for years and surprised investors when they learned of it in October.

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17 Tax Breaks You Won't Believe Are Real

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Cutting taxes is mostly an exercise in slicing the economic pie a different way, not making it bigger, with gains for a few offset by losses for many.

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Several proposed tax cuts hurt grad students. Scientific research will suffer too.

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Bitcoin futures just became a reality on Wall Street, but Sweden has been offering derivatives on the cryptocurrency for years.

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Like it or loathe it, the digital currency bitcoin is certainly causing a stir.

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