Widespread Optimism that U.S. Government Will Re-Open on House Vote; U.S.S. Gerald R. Ford Heads to Venezuela; BlackRock Loans Gone Bad

There is widespread optimism that the U.S. government will resume normal operations, as members of the House of Representatives return to Washington, after nearly two months of loafing in their home districts or vacationing on the taxpayer's dime.

While that development may be encouraging, especially to the 42 million Americans waiting for their monthly stipend of food stamps to arrive. Payments have been stalled as the Agriculture Department first ran out of money, then discovered it had contingency funds but wasn't allowed ot use them. After that two separate district courts ordered the Trump administration to disperse the funds, which would ostensibly only cover about 65% of the normal allotment. Since then, last week, there's been no movement, as now, fully benefits are likely to be restored. Any day now.

While Wall Street focuses on the government re-opening story there's a few no so "feel-good" issues developing.

Bloomberg reports that China abruptly halted its promised buying of 12 million tons of soybeans this year, with farmers saying there haven't been any purchases since an initial rush of orders in October, following President Trump's "deal" with China for this year and 25 million tons each year for the next three years.

The U.S.S. Gerald R. Ford, the world's largest aircraft carrier, along with its entourage of battleships, destroyers, fighter jets and a nuclear sub, has entered Caribbean waters and is steaming toward the coast of Venezuela, the maneuver designed to frighten Presidente Maduro into resigning and/or give up vast reserves of its oil to American producers. Meanwhile, two Russian naval ships, the frigate Admiral Gorshkov and the oil tanker Akademik Pashin, recently docked in Venezuela's La Guaira port after conducting exercises in the Atlantic Ocean. Good thing the government is open. Those sailors and airmen like to get paid.

In finance land, BlackRock recently wrote down $150 million in lending by one of its affiliates on loans to failed companies, Broadband Telecom and Bridgevoice. Additionally, BlackRock zeroed out $150 million loan to home improvement firm, Renovo. The company has filed Charter 7 bankruptcy, liquidating its assets.

Hey, but, AI, right? Gonna save the world.

Plates are still spinning...

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