It is the 27th of April 2017

News

S&P Confirms That NJ Plan To Pay 50% Of Required Pension Contributions Is Bad; Maintains Negative Outlook

Standard and Poor's credit rating analysts for the state of New Jersey, David Hitchcock and John Sugden, apparently think that funding only half of your state's annual actuarially determined contributions is a bad thing...who knew?  So, just to make sure we achieve crystal clarity here, S&P believes that adding to NJ's $66 billion pension underfunded liability, which would be much higher but for a ridiculous assumption the state makes in setting its return on assets at an artificially high rate of 7.65%, each and every year by contributing less to the fund than what is paid out in benefits, is a bad thing?

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Goldman Downgrades Stocks One Day Before The Fed: "Asymmetry For Equities Is Getting Worse"

After numerous warnings from Goldman strategist David Kostin that stocks are expensive, most recently over the weekend when he wrote that  "investors will soon capitulate on their expectation of upside to 2017 EPS forecasts as they face the reality that the accretive impact from tax reform will not occur until 2018" and that "revisions to consensus EPS forecasts during the past few months have been negative for both 2017 and 2018" moments ago Goldman officially downagred equities.

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