Fire sale for Trump Tower condos

A story hit the wires Monday suggesting that residential prices at Trump Tower has plummeted 30% since 2015.

The residential skyscraper, which is home to is home to 238 condominiums located between 56th and 57th Streets, was developed by Donald Trump in 1983. Continue reading


FBI used Trump Tower blaze to snoop on Trump: WH source

The FBI raids on President Trump’s lawyer Michael Cohen took the legs out of the market on Monday. As news broke at about 3:10PM, the Dow dropped 310 points into the close.

However the talk around the White House pointed to the coincidence of a fire at Trump Tower over the weekend just prior to this take down of Trump’s lawyer. Continue reading

Markets shrug off Comey’s firing

I am only mildly surprised with the market reaction to President Trump’s firing on Tuesday of FBI chief James Comey after the trading closed.

I don’t want to make the Comey sacking seem to be a Constitutional crisis, however markets generally despise unexpected events and can whipsaw on the rumor, nevermind the surprise event.

On Tuesday night stocks futures opened 20 minutes after the firing and were down only marginally at 30 Dow e-mini points. The raw emotion of the event — even for algos — should have had a more dramatic reaction, in my opinion. Hell, the 10-year bond saw strong buying overnight.

My only explanation for this action (or lack thereof) is to amend an old surfing adage: You don’t want to be goofy-footed when a big tax cut is on the horizon.

An update on bitcoin. The digital currency traded above $1,700 after a sell off from $1,750 range overnight. It too had a sell off when the Comey news broke. This morning at 7am EDT its at 1,724.

Speaking of on the horizon, Thursday is a big day for earnings. Department stores come out with their Feb-May quarterly earnings. I don’t expect much good news, but analysts have reduced expectations so much that some may record a beat.

I’ll take a look at them a parse the underlining take away.

A NYC metro area nuke exercise on tap for Tuesday

As if commuters coming into New York City don’t have enough of a hassle getting to work, but this Tuesday they could be caught up in a simulated nuke terrorist attack.

A multi-state exercise is scheduled to begin at 8:00 am Tuesday to respond to  a 10,000 kiloton nuclear bomb detonated over the Hudson, according to  US Department of Energy documents.

The response teams participation will include:

  •  US Department of Energy (DOE)
  • US Department of Defense (DOD)
  •  US Domestic Nuclear Detection Office (DNDO)
  • US Federal Bureau of Investigation (FBI)
  •  Federal Emergency Management Agency (FEMA)
  • US Northern Command (NORTHCOM)
  • State of New Jersey Office of Emergency Management
  • State of New York Office of Emergency Management
  • City of New York Office of Emergency Management

The exercise dubbed Operation Gotham Shield, will use MetLife Stadium as one triage center, according to a local professional helicopter association, informing members that their help will be needed during the operation. The operation was also listed on a northern New Jersey medical association’s web site to alert its members.

None of the agencies above would comment on the exercise, nor would they confirm or deny it was being held.

The timing is curious as North Korean leader Kim Jong-un has been threatening to use nuclear weapons against US Navy ships and Japan after arresting an US citizen over the weekend.

The bigger question is how will this impact the NY metro area. We have seen in the past government training exercises go real-world during the operation. I’m not for a second suggesting a nuke being detonated, but something less devastating could occur.

So be on the look out in the metro NYC on Tuesday, for power outages and snarled traffic at the very least, while this emergency operation is scheduled to take place.

Un-American activities election

Donald Trump wins debate, loses the election. That appears to be the sentiment of the news media.

I’m a bit lost over the brouhaha over the comment that Trump said he would let us know if he accepted the election results.

It’s un-American, appears to be the sentiment on Trump’s comment.

Yet neither side accepted the 2000 election until January 2001 and no one labeled that as un-American.

Given the information we have of how the Democratic Party and Hillary Clinton’s campaign conspired to defame and defeat Bernie Sanders, how could you not think there could be something amiss going into this general election.

The thought of being un-American seems to be the unifying meme of this election.

Clinton and and her campaign’s thoughts being published by Wikileaks tells us how the campaign will usurp and rule of law to get to the White House. Trump’s treatment of woman — whether the Clinton campaign brought them to light or not — has been labeled as brutish.

I believe the comment of the night was Trump saying the election is rigged because this woman is allowed to run for president, despite all the charges she faced including lying to the FBI.

As I wrote yesterday, well before the Trump comment, I do not believe this election will be decided or conceded in early November.

I was disappointed with the economic answers. We will grow ourselves out of the problems, is not an answer to our debt levels and oppressive obligations to Social Security and Medicare.

I do not believe our growing employment numbers of waiters and waitresses, bartenders and home health-care workers are not the jobs to bring 3% GDP growth.

Minimum wage workers do not have the ability to spur the growth needed.

Well let’s see what the polls say in the next few days to see which un-American ideas Americans hold dear.