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The disintegration of legitimacy in western democracies
Today's daily post is going to be more of a theme post, largely because the news flow warrants it. I have at least three articles in mind, which were published over the last 24 hours that touch on the theme of a building illegitimacy in…
Lyft subscription plan is the future of ride hailing
If one thinks of it as a car-replacement service, Lyft could now work as an effective replacement for driving to work or as a replacement for a park and ride commute for many people.
Trump’s amoral stance on Saudi, Sears’ potential liquidation and a bearish fund manager…
1 - Saudi
It looks as if US President Trump is trying to support the narrative that the Khashoggi assassination was a rogue interrogation gone wrong, allowing the Saudi government to escape sanction. But condemnation is so widespread, it's…
Watch Congress on Saudi not Trump, and look at China as the key to climate change
1 - Saudi
The foreign policy crisis around Saudi Arabia's alleged assassination in Turkey of a dissident US-resident journalist is dominating headlines. As is often true, it's not clear where Trump stands on the issue. And given the…
The post-Kavanaugh midterm narrative is wrong
The narrative that emerged after the nomination battle over Brett Kavanaugh was dominated by claims that the Republican base had been energized by disgust at the so-called liberal mob that protested Kavanaugh's nomination. But I believe…
Key takeaways from yesterday’s election in Bavaria
The end result of yesterday's election in Bavaria is German chancellor Angela Merkel's sister party, the CSU, losing its absolute majority and being forced to govern in a coalition government after the party's worst showing since 1950.…
A quick note on the Sears bankruptcy
The iconic department store, Sears, has filed for protection under Chapter 11 of the US bankruptcy code. Retail has changed a lot in recent years. And for Sears specifically, this bankruptcy has been coming for a long time. It was signalled…
More on Trump’s accomplishments and the gender divide in voting for him
Donald Trump may not always say things the way most presidents before him said them. But what does it matter? Here's my answer.
$200 oil as a black swan
$200 oil was not on any list of probable outcomes I've seen or considered recently. I think it's fair to say that $200 oil - if it were to happen - would be a black swan event. And it would usher in a massive global economic contraction…
More on bank earnings, the threat to democracy and playing with authoritarian ideology
On banks, I am in Jamie Dimon's camp, thinking that this expansion has legs. So I see the sell-off as purely technical in nature and not a portent of recession.
On politics, the macro view is one where authoritarianism is being touted and…