When the financial and general press get around to giving the departing Obama Administration – now just days away from happening – all the credit for the booming economy to be inherited by Donald Trump, let’s hope they don’t neglect to mention some of the messes Obama has left for the next president to clean up. Besides opening up the jails and Guantanamo, Obama will be leaving Trump with a bunch of other fiascos he created that will take years to fix and billions of taxpayer dollars to remedy.
And no, I’m not talking about Obamacare or the federal debt.
I’m referring to the burgeoning student loan crisis that has yet to reach the implosion point but that will likely happen sooner rather than later. And since it hasn’t yet reached the flash point at which time it must be addressed, that means the bubble will continue to grow until it eventually splatters onto other seemingly unrelated areas, spreading the mess farther and wider beyond anyone’s current expectations.
In his six years in office, President Obama has stressed his support for strict environmental regulation. He has expanded powers for the Environmental Protection Agency and has repeatedly deferred approval for the Keystone XL Pipeline System.
One key stat: The number of oil and gas leases approved during the first three years fell by more than 40%, compared to the final three years of President Bush’s administration. Drilling permit approvals on federal lands fell by a similar amount.
In addition to the regulatory headwind, falling oil prices are also impeding drilling permit activity. Against this one-two punch, some analysts are questioning the emergent theme of U.S. energy independence and shale production.
By: Marin Katusa, Chief Energy Investment Strategist
One of the most striking things about the Colder War—as I explore in my new book of the same name—has been the contrast between the peevish tone of the West’s leaders compared to the more grown-up and statesmanlike approach that Putin is taking in international affairs.
Western leaders and their unquestioning media propagandists appear to believe that diplomatic relations are some kind of reward for good behavior. But it’s actually more important to establish a constructive dialogue with your enemies or rivals than your friends, because that’s where you need to find common ground. Indeed, it’s been the basis for diplomacy since time immemorial.
Reassuringly, despite having been the target of the Ukraine crisis rather than the instigator, Putin still sees the West as a potential partner, not an enemy. Nor does, he says, Russia have any interest in building an empire of its own. In theory, if Putin is sincere, there should be plenty of room for cooperation, especially in the fight against terrorism.
As Putin said in his speech at the Valdai International Discussion Club in Sochi in October—whose theme was “The World Order: New Rules or a Game without Rules”—he hasn’t given up on working with the West on shared risks and common goals, provided it’s based on mutual respect and an agreement not to interfere in one another’s domestic affairs.
Putin has, of course, already shown that he can rise above the fray. By negotiating the destruction of Assad’s chemical weapons arsenal under international supervision, he did Obama a big favor and got him off the hook in Syria. Continue reading "Where Have All the Statesmen Gone?"→
I feel this is the most important poll that we have ever taken on our website. The reason I say that is that we have never faced uncertain times quite like this. Some of you are going to say, "Adam this is a political posting and not market related." I'm going to respectfully disagree with you as it has everything to do with the markets. What is affecting the minds of investors and the market has, in a large degree, everything to do with Ebola and ISIS. You only have to look at what has happened to the markets in the past two or three weeks. There is not a person I've spoken with in the past two weeks who isn’t concerned about Ebola and what's going on in this country. Forget politics, Ebola doesn’t care if you are a Republican, a Democrat, or an independent. Ebola has no political agenda.Continue reading "Our Most Important Poll Ever - We Need Your Input"→