It is the 22nd of September 2017

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Toys "R" Us To File Bankruptcy Any Minute; Bonds Crash

Over the weekend, we reported that vendors to iconic toy retailer Toys "R" Us had halted shipments over payment concerns and/or getting their receivables crammed down alongside other unsecured claims ahead of what appeared to be an imminent bankruptcy. Well, they were right, and according to Bloomberg a Chapter 11 filing by Toys "R" Us is to be expected as soon as tonight.

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CalPERS Slashes Pension Payments To Retirees In Two More California Towns By Up To 90%

While we've yet to experience any large municipal pension failures, which is just a matter of 'when' rather than 'if', the small pension failures sprinkled across the state of California are starting to pile up.  As The Sacremento Bee points out today, public workers in Trinity and Imperial counties are just the latest to have their pensions slashed by up to 90% as their cities admit what most of us have known for some time, namely that they're running ponzi schemes which simply don't have the funding required to payout the benefits they've promised. 

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Republicans Furious As Trump Sides With Democrats On Debt Limit Extension

It appears President Trump has found a new ally in Congress: the Democrats whose plan - derided earlier by Paul Ryan - to keep any 'fix' for the debt-ceiling, short-term; was approved over the Republicans' howls of objection. As The Hill reports, President Trump agreed with top congressional Democrats at a White House meeting to fund the government and raise the debt ceiling through Dec. 15. despite objections from virtually all GOP leaders. 

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House To Vote On Harvey Aid Bill Wednesday, Senate To Combine With Debt Limit Extension

Appending to an earlier announcement by House Majority Leader Kevin McCarthy, according to whom the House would not add Harvey disaster funds to any debt ceiling bill, Dow Jones reports that Republican lawmakers are set to vote on the Harvey aid bill on Wednesday, and instead of raising the debt ceiling, they - or rather the Senate - will suspend it, likely kicking the can until some time in December when the whole farce would repeat itself again, although the exact length of the extension remains under discussion.

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In Early Concession, Trump Plans Meeting With GOP, Democrat Leaders

In what appears to be the first major concession to Congressional Republican (and Democrat) leaders from the confrontational, "post-Phoenix rally" Trump, whose vow to "build that Wall" even if it means shutting down the government has spooked markets and sent Oct 12 T-Bill yields surging, Politico reports that the president is quietly organizing a meeting with McConnell and Ryan as well as Senate Minority Leader Chuck Schumer and House Minority Leader Nancy Pelosi shortly after the August recess ends. The key topics of conversation will be avoiding a federal default and a government shutdown.

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