Thursday, April 19, 2018

Joe Mellor — Watch - New process contributing to sea level rise and climate change discovered

Melting of glaciers from beneath.

The London Economic
Watch - New process contributing to sea level rise and climate change discovered
Joe Mellor

Chris Dillow — Facts vs hand-waving in economics

On Twitter this morning Jason Smith asked a good question. Is this, he asked, an “anonymous blog comment from a simpleton? ... Or analysis from a prominent financial economics professor?”...
Stumbling and Mumbling
Facts vs hand-waving in economics
Chris Dillow | Investors Chronicle

Wednesday, April 18, 2018

Not a bad day in Trumpland....

18 holes at your club in the morning...

Followed by a nice light gourmet business lunch, perhaps some cracked stone crab cocktail,  negotiating some bilateral trade agreements...

Meanwhile back in DC your allies in Congress send criminal referrals over to Dept. of Justice jail for all of your enemies....

Dinner then back at the club with your new business partner...

After dinner some relaxing with your model wife....

WINNING!!!!  Double trigger fingers day!!!!

Inder Comar — Four Lessons From the Strike on Syria

The lessons from last weekend’s strike on Syria by the United States of America and two of its allies do not bode well for the future of democracy or the future of peace, says Inder Comar. 
More warnings than lessons. "It can't happen here."
Inder Comar


Are most Americans "good Americans" like the "good Germans" that not only did not oppose Hitler but elected him and stood by him when he later made war illegally and aggressively for idealistic reasons?
The fact that this poll did not show close to 100% contempt by the American people regarding what the U.S. government and its two allies, UK and France, had just done, indicates not only that the American people are astoundingly ignorant that the U.S. and its allies are international outlaws and warmongers (which makes sense for a nation that invaded and destroyed Iraq 2003, Libya 2011 and has been trying to do it since 2011 in Syria), but that they are also astoundingly misinformed as to which side in this war is guilty, and which side is not.
Nothing new though. Ronald Reagan invaded Grenada, G. W. H. Bush invaded Panama, Bill Clinton bombed Serbia, G. W. Bush invaded Iraq, Barack Obama inserted ISIS into Syria and put US forces there, and now Donald Trump has doubled down. Hardly anything heard in protest from the people of the United States.

Washington's Blog
Poll Shows Americans Support the Invasion of Syria
Eric Zuese

Nature — How to retool our concept of value – Mariana Mazzucato

Must-read in full. It's short and to the point.

The meaning of "value" is one of the most pertinent questions in economics and political economy. Michael Hudson has been emphasizing this for some time, as have Marxists and Marxian. Consideration of value of other than as price revealed in competitive markets is ruled out in conventional economics by methodological assumptions.
What we value and how we value it is one of the most contested, misunderstood and important ideas in economics. Economist Mariana Mazzucato’s comprehensive The Value of Everything explores how ideas about what value is, where it comes from and how it should be distributed have changed in the past 400 years, and why value matters now more than ever. Mazzucato emphasizes the need to reopen debate to make economies more productive, equitable and sustainable. The 2008 financial crisis was just a taste of looming problems — climate disruption, massive biodiversity and ecosystem-services decline, even the possible collapse of Western civilization — unless we learn to value what really matters.
Early economists focused on the production of value from land (Fran├žois Quesnay and the ‘physiocrats’), labour (Adam Smith to Karl Marx) and capital. In this view, value determines price (Four decades ago, I described this in terms of embodied energy: see R. Costanza Science 210, 1219–1224; 1980). By contrast, the current mainstream ‘marginalist’ concept bases value on market exchanges: price, as revealed by the interaction of supply and demand in markets, determines value, and the only things that have value are those that fetch a price.
This has major implications for ideas about the distinction between value creation and value extraction, the nature of unearned income (‘rent’) and how value should be distributed....
How to retool our concept of value — Mariana Mazzucato
Robert Costanza

Colin Todhunter— Behind Theresa May’s ‘Humanitarian Hysterics’: The Ideology of Empire and Conquest

Once Britain lost its empire, it managed to secure a degree of global influence by throwing in its lot with the US as a junior partner in Washington’s quest for global hegemony. And if the 21st century tells us anything so far, it is that the centuries’ old colonialist mentality of the British state has not gone away: the mindset of Empire, conquest and duplicity persists.…
British elite trying to remain relevant on the world stage and in the great game.

Colin Todhunter delivers a blistering smackdown, citing evidence.

Counter Currents
Behind Theresa May’s ‘Humanitarian Hysterics’: The Ideology of Empire and Conquest
Colin Todhunter

Jimmy Dore - Bombshell: Professor Stuns MSNBC Panel On Syria

And this is very is even better. Boy, listen to this Professor Jeffrey Sachs talk, no messing here, he says the CIA and Saudi Arabia went into Syria to destabilise the country to get rid of Assad. That's the US messing in another countries politics to change a leader - that's serious.

Bombshell: Professor Stuns MSNBC Panel On Syria

Jimmy Dore - The Real Reason We're in Syria.

Jimmy Dore is so good, and this video excellent. I wrote in the comments under another another Jimmy Dore video that he is one of the most important people on the left right now. He can put serious politics across in a very entertaining way. 

This video below goes over the same ground. 

Michele Lastella explains how, why and what is really happening behind the war in Syria. Mass media is hiding the truth about most of the main news.

James Russell — The Strike Warfare Chimera

The reality is that strike warfare—long range strikes by planes and missiles—has rarely achieved its advertised strategic consequence. Yet it remains a dangerous, drug-like chimera to states desperately searching for some sort of easy, low-cost fix in the search for influence in the chaotic international system. Like all drugs, the initial rush feels great, but the long-range addiction is, in the end, far more destructive, dangerous, and difficult (if not impossible) to kick.…
Yet despite these uncertain results and even colossal failures, we remain addicted to strike warfare, telling ourselves that we can police the politics on the ground by dropping bombs from on high. The reality is, of course, different. Those fighting the wars on the ground are fighting for political objectives, and it is on the ground that the fight will be determined—not by the missiles and airplanes flying around above it. This fact is not lost on Assad. His response to the strikes? He reportedly stepped up attacks against his enemies on the ground.
Therein lies the strategic dilemma for the West, which has invested billions in the strike, information, surveillance, and reconnaissance complexes that are designed to blow things up with little collateral damage. The revolution in military affairs (and billions of taxpayer dollars) indeed delivered the complex—much to the delight of political leaders, who saw in it a low-cost substitute for sending armies to the four corners of the globe to police political disputes.
Yet the foreign policy establishment in the United States desperately clings to the myths they helped create that the strike complex would mean that these wars would be short, low cost and that we could control the bad behavior of our enemies by bombing them.
Our enemies must surely back down in the fact of such might. Right?
Substituting a tactic and wishful thinking for a strategy. Vietnam, and the experience of France there before the US, should have taught a lesson. It did not. The US keeps on making the same mistake and is unleashing carnage. People like John Bolton don't think the US has unleashed enough of it and the solution is to double down.

The Strike Warfare Chimera
James A. Russell | Associate Professor in the Department of National Security Affairs at the Naval Postgraduate School in Monterey, CA

Adam Johnson — Out of 26 Major Editorials on Trump’s Syria Strikes, Zero Opposed

A survey by FAIR of the top 100 papers in the US by circulation found not a single editorial board opposed to Trump’s April 13 airstrikes on Syria. Twenty supported the strikes, while six were ambiguous as to whether or not the bombing was advisable. The remaining 74 issued no opinion about Trump’s latest escalation of the Syrian war.
This is fairly consistent with editorial support for Trump’s April 2017 airstrikes against the Syrian government, which saw only one editorial out of 47 oppose the bombing (, 4/11/17). The single paper of dissent from last year, the Houston Chronicle, didn’t publish an editorial on last week’s bombing….

World Economic Forum — The world's biggest economies in 2018

The emerging world is catching up fast.

World Economic Forum
The world's biggest economies in 2018
Rob Smith

Gareth Porter — An Alternative Explanation to the Skripal Mystery

"Compounding factors."
For weeks, British Prime Minister Theresa May and Foreign Secretary Boris Johnson have insisted that there is “no alternative explanation” to Russian government responsibility for the poisoning of former double agent Sergei Skripal and his daughter Yulia in Salisbury last month.
But in fact the British government is well aware that such an alternative explanation does exist. It is based on the well-documented fact that the “Novichok” nerve agent synthesized by Soviet scientist in the 1980s had been sold by the scientist–who led the development of the nerve agent– to individuals linked to Russian criminal organizations as long ago as 1994 and was used to kill a Russian banker in 1995.

The connection between the Novichok nerve agent and a previous murder linked to the murky Russian criminal underworld would account for the facts of the Salisbury poisoning far better than the official line that it was a Russian government assassination attempt.

But in fact the British government is well aware that such an alternative explanation does exist. It is based on the well-documented fact that the “Novichok” nerve agent synthesized by Soviet scientist in the 1980s had been sold by the scientist–who led the development of the nerve agent– to individuals linked to Russian criminal organizations as long ago as 1994 and was used to kill a Russian banker in 1995.

The connection between the Novichok nerve agent and a previous murder linked to the murky Russian criminal underworld would account for the facts of the Salisbury poisoning far better than the official line that it was a Russian government assassination attempt....
Gareth Porter

Lars P. Syll — Sometimes we do not know because we cannot know

Knight’s uncertainty concept has an epistemological founding and Keynes’ definitely an ontological founding. Of course, this also has repercussions on the issue of ergodicity in a strict methodological and mathematical-statistical sense. I think Keynes’ view is the most warranted of the two.
The most interesting and far-reaching difference between the epistemological and the ontological view is that if one subscribes to the former, Knightian view – as Taleb, Haldane & Nelson and “black swan” theorists basically do – you open up for the mistaken belief that with better information and greater computer-power we somehow should always be able to calculate probabilities and describe the world as an ergodic universe. As Keynes convincingly argued, that is ontologically just not possible....

To Keynes, the source of uncertainty was in the nature of the real — nonergodic — world. It had to do, not only — or primarily — with the epistemological fact of us not knowing the things that today are unknown, but rather with the much deeper and far-reaching ontological fact that there often is no firm basis on which we can form quantifiable probabilities and expectations at all....
The difference between unknown unknowns and unknowable unknowns.

Some unknown unknowns are knowable in principle and this may point toward the need for research. But, Keynes claimed, some are not. The trick is distinguishing them.

Research pursues unknown unknowns, but must avoid pursuing the unknowable as wasteful. How to distinguish them?

Lars P. Syll’s Blog
Sometimes we do not know because we cannot know
Lars P. Syll | Professor, Malmo University

Tazra Mitchell — Some House Leaders Ignore Evidence, Cite Flawed Reports to Justify Taking Basic Assistance Away From Needy Individuals

Some Republican policymakers continue to propose basing eligibility for assistance programs on participants’ ability to meet strict work requirements — most recently with House Agriculture Committee Chairman Michael Conaway’s proposal to reauthorize SNAP (formerly food stamps)[1] — despite a lack of credible evidence that the requirements would work as intended.[2]

To build support for work requirements that take away assistance from adults who cannot work a set number of hours per month, conservative policymakers are pointing to three methodologically flawed studies touting the policy’s alleged success in Kansas’s and Maine’s cash and food assistance programs. The three studies misrepresent or omit key findings, and in many instances, make inappropriate claims about the impact of work requirements on work and earnings that the facts do not support.
Our analysis of the same data sharply contradicts the studies’ findings. We found that many adults in these programs already worked or would likely work soon anyway, but many of them found it difficult to find steady work and had earnings far below the poverty line or would have otherwise still qualified for assistance after their exits from the program....
The studies have at least four key flaws....
Center on Budget And Plicy Priorities
Some House Leaders Ignore Evidence, Cite Flawed Reports to Justify Taking Basic Assistance Away From Needy Individuals
Tazra Mitchell

Joseph Thomas — Vietnam Locks Up US-Funded Agitators

There is a growing understanding of US regime change strategies and tactics. It used to be that the CIA would work covertly to build opposition movements that would remove governments that did not cooperate with the United States and its corporate interests. This still occurs but many of those functions have been buttressed by the US Agency for International Development and the National Endowment for Democracy. Countries are catching on to this. The article below describes how Vietnam is responding to US funded and trained regime change activists.
Popular Resistance
Vietnam Locks Up US-Funded Agitators
Joseph Thomas,

Brian Romanchuk — Forecastability And Economic Modelling

When most people think about macroeconomics, what they want is the ability to forecast economic outcomes. However, economists' (of all stripes) reputation as forecasters is not particularly high. My view is that this is not too surprising: what we want forecasters to accomplish is probably impossible. (I am hardly the first person to note this, as variants of this idea go back at least to Keynes; I could not hope to offer a history of this idea.) However, I think if we want to approach macro theory formally, we need to formalise the notion that outcomes cannot be forecast, which means we need to define non-forecastability formally.
This article gives one potential definition of forecastability, and then applies the concept to a simple stock-flow consistent (SFC) model. It should be noted that these are my preliminary thoughts, and I believe that the definition will need to be refined.…
This is one of the key questions in philosophy of economics, as well as philosophy of science and philosophy of social science.

The purpose of science is to provide as general an explanation of data ("data" means "the given.") The data set is determined by the nature, scope and scale of the subject matter being explained. This is accomplished through modeling, both conceptual and mathematical.

Prediction comes in with respect to testing outcomes of theoretical models, using hypothesis the theory generates and carefully designing testing apparatus.

The difference between philosophical speculation based on reasoning and science is that scientific reasoning can be tested by subjecting hypotheses to disconfirmation, since a general statement (theory) is contradicted by a single false instance.

No amount of true instances can definitely confirm a general statement that is not a tautology and therefore empty of content about how things stand in the world. This is the case logically, even though we call theoretical assumptions that are well confirmed by hypothesis testing "scientific laws."

Science is always tentative on the next outcome unless it is established that all the factors involved are known to be true based on observation. A logical argument is sound if and only if the logical from is valid and the premises are true. Then the conclusion necessarily follows.

This implies that a great deal of that which is considered scientific is speculative. That is to say, it is not science but philosophy.

There is nothing wrong with philosophy. Not everything is explained by scientific reasoning. The questions involving key fundamentals of life and reality have not been answered using scientific reasoning. They are "the enduring questions" that are the domain of philosophy. When methods are developed to answer such questions using scientific reasoning, then they become the subject matter of science.

I don't wish to give the impression that fundamental issues in philosophical method are resolved. They are not for the simple logical reason of lack of criteria that are universally agreed up. But the above more or less summarizes what is generally accepted practice based on logic., even though there are issues in the foundations of logic, too.

Hopefully, Brian's post will contribute to getting economists thinking more  about the foundations of their field and doing this more carefully.

Bond Economics
Forecastability And Economic Modelling
Brian Romanchuk

See also
My point is merely that forecasting is not the same as modelling, nor the same as telling a good story.
Stumbling and Mumbling
On thin predictions
Chris Dillow | Investors Chronicle

See also
There are many arguments for the use of models in economics, including notions of rigor and transparency, or that models can help you to see relationships you otherwise might not have expected. I don’t wish to gainsay those, but I thought of another argument yesterday. Models are a way of indexing your thoughts. A model can tell you which are the core features of your argument and force you to give them names. You then can use those names to find what others have written about your topic and your mechanisms. In essence, you are expanding the division of labor in science more effectively by using models.
Austrian economists of typically better at examining the foundations of economics, probably since Mises and Hayek were philosophers. Austrian economists have also written at great about the foundations of liberalism as a social and political theory.

Marginal Revolution
Models as indexing, and the value of GoogleTyler Cowen | Holbert C. Harris Chair of Economics at George Mason University and serves as chairman and general director of the Mercatus Center

Tuesday, April 17, 2018

Scholar Explains Macron's Involvement in Syria — Sputnik interviews Dr. Binoy Kampmark

Sputnik spoke to Dr. Binoy Kampmark, a Senior Lecturer at RMIT University, Melbourne and former Commonwealth Scholar at Selywn College, Cambridge University; who is also a contributing editor to CounterPunch to find out more about the France's role in Syrian conflict as well as about the recent Emmanuel Macron's statements on the topic.
Nails it here.
Macron is playing what has been termed a more ‘reserved’ game to his predecessors Sarkozy and Hollande, who both felt that French power should be projected militarily in Africa and the Middle East.…
France is pursuing its role as a revived colonial power, of sorts. It has treasured a role in interfering in Middle Eastern states since its days of empire, and has been aggressively seeking an overthrow of the Assad regime, sponsoring a range of anti-Assad forces.…
The parties of the left and right of Europe disagree with the strikes on ideological grounds (there is, certainly in France, an admiration for the Russian cause in Syria), but they also see little gained in continued involvement on the part of France and European powers in what essentially looks like a revived colonial theatre of conflict....
Sputnik International
Scholar Explains Macron's Involvement in Syria
Sputnik interviews Dr. Binoy Kampmark

Asia Times — New US sanctions threaten to cripple Chinese tech giant ZTE

Long-time pundit of Chinese politics, Bill Bishop, whose newsletter is well-read among Washington China policy circles, wrote on Tuesday:
“The ability of the US government to decimate a major Chinese tech firm by cutting off access to US components is another reminder to China, as the Snowden revelations were, that China cannot ensure information security until it completely de-Americanizes its information technology infrastructure and replaces it with indigenous products.”
Asia Times
New US sanctions threaten to cripple Chinese tech giant ZTE

Bloomberg — Trump Says South Korea Has His 'Blessing' for North Korea Peace Deal

Trump suggested he was responsible not only for the negotiations on a formal peace treaty ending the war but also the success of this year’s winter Olympics in South Korea.
“They’ve been very generous that without us and without me in particular, I guess, they wouldn’t be discussing anything and the Olympics would have been a failure,” Trump said. “As you know North Korea participated in the Olympics and it was really quite an Olympics. It was quite a success. That would not have happened.”...
The art of the deal.

Trump Says South Korea Has His 'Blessing' for North Korea Peace Deal
Toluse Olorunnipa and Margaret Talev

The Guardian — Syrian medics 'subjected to extreme intimidation' after Douma attack

Dueling stories.
Doctors say those who treated patients after attack have been told they and their families will be targeted if they speak out,
You knew this would happen. There are no facts anymore, not that facts matter in ideological disputes anyway. Today, it's all gaslighting.

Note that the reporters of this story are not on the ground in Syria but rather relying on "sources."
Martin Chulov in Beirut and Kareem Shaheen in Istanbul — Syria Newslinks 17 April 2018

Lots of links.
Syria Newslinks 17 April 2018

Dirk Ehnts — John Maynard Keynes: “I could create, I could afford” (Public Service Employment)

Here is a quote from John Maynard Keynes, writing in 1933:

If I had the power today I should surely set out to endow our capital cities with all the appurtenances of art and civilisation on the highest standards of which the citizens of each were individually capable, convinced that what I could create, I could afford – and believing that money thus spent would not only be better than any dole, but would make unnecessary any dole. For with what we have spent on the dole in England since the War we could have made our cities the greatest works of man in the world.
econoblog 101
John Maynard Keynes: “I could create, I could afford” (Public Service Employment)
Dirk Ehnts | Lecturer at Bard College Berlin

The quote is from National self-sufficiency (Yale Review, 1933).  See the whole of Section IV. It's brilliant.

L. Randall Wray et al — Public Service Employment: A Path to Full Employment

Despite reports of a healthy US labor market, millions of Americans remain unemployed and underemployed, or have simply given up looking for work. It is a problem that plagues our economy in good times and in bad—there are never enough jobs available for all who want to work. L. Randall Wray, Flavia Dantas, Scott Fullwiler, Pavlina R. Tcherneva, and Stephanie A. Kelton examine the impact of a new “job guarantee” proposal that would seek to eliminate involuntary unemployment by directly creating jobs in the communities where they are needed.
The authors propose the creation of a Public Service Employment (PSE) program that would offer a job at a living wage to all who are ready and willing to work. Federally funded but with a decentralized administration, the PSE program would pay $15 per hour and offer a basic package of benefits. This report simulates the economic impact over a ten-year period of implementing the PSE program beginning in 2018Q1.
Unemployment, hidden and official, with all of its attendant social harms, is a policy choice. The results in this report lend more weight to the argument that it is a policy choice we need no longer tolerate. True full employment is both achievable and sustainable....
Levy Institute
Public Service Employment: A Path to Full Employment
L. Randall Wray, Flavia Dantas, Scott Fullwiler, Pavlina R. Tcherneva, Stephanie A. Kelton

Molly Fosco — This Economist Wants to Change the Meaning of Money

Imagine an end to Washington spending wars that leave filibustering senators blue in the face. Economist Stephanie Kelton does. She sees a world where the federal government can build a big, beautiful social safety net, strengthen the military and, for good measure, cut taxes on the rich. The government, in her eyes, can spend as much as it wants on anything without the bill coming due. Welcome to Modern Monetary Theory — a bizarro world that might not be as far-fetched as it sounds.
The quick-witted, passionate professor of economics at Stony Brook University in New York has done more than almost anyone to popularize the theory known as MMT, bursting onto the national scene as Bernie Sanders’ chief economist during the 2016 presidential campaign. Now she’s beating the drum at a time when government shutdown brinkmanship is the norm because of spending fights. With the activist left increasingly driving Democratic politics in the age of Donald Trump, Kelton’s ideas will become increasingly relevant as the midterms heat up and the 2020 presidential race takes shape. And Kelton insists there’s a lot for populist conservatives to love here too....
This Economist Wants to Change the Meaning of Money
Molly Fosco

Sputnik International — Russia Has Answers to Possible SWIFT Cutoff, Debt Sale Ban by US

Calling the bluff.

See also

This is not just a trade war from the US side. It is an economic war to deny China access to technology. China knows this.

Zero Hedge
China Slaps 179% Tariff On US Sorghum Hours After US Bans Exports To China's ZTE
Tyler Durden

William Craddick — The Southwestern Hemisphere Is Sliding Towards Its Own “Arab Spring”

William Craddick, attorney, investigative journalist, and founder of Disobedient Media

Christian Today — Syrian church leaders blast 'brutal' and 'unjustified' airstrikes

Western airstrikes against President Assad were 'unjustified aggression' and a 'clear violation of the international laws', Syrian Church leaders have said.
In a joint statement the heads of three major churches said they 'condemn and denounce the brutal aggression' and denied the Syrian army either owned or had used chemical weapons....
Christian Today (UK)
Syrian church leaders blast 'brutal' and 'unjustified' airstrikes
Harry Farley

Craig Murray — Living in Goebbels Land

So a tiny independent radio station in Ireland managed to interview Robert Fisk on the ground in Douma, but none of the British mainstream broadcast media today has him on, despite the political fallout from our Syria bombing attacks being the main news story everywhere? Meantime MSM propagandists including Richard Hall (BBC), Dan Hodges (Mail) and Brian Whitaker (Guardian) and many more queue up to denounce Fisk on twitter from their cosy armchairs.
It bears repeating that the information on the alleged gas attacks – which raises great doubt but which Fisk himself does not claim as definitive – is not the most important part of Fisk’s article. The Hell of rule under the jihadists that we in the West are arming, funding, training, “military advising” and giving air support, alongside Saudi Arabia and Israel, is the indisputable and much more important element of Fisk’s report, as is the clear evidence he provides that the White Helmets are part of the jihadist factions.
Institutional censorship.

Under fascism, corporations and government are entangled. Nuremberg established that precedent, too.

The bastions of liberalism — the US, UK, and France — have fallen.

So much for "Western values." Trashed.

Craig Murray Blog
Living in Goebbels Land
Craig Murray, formerly British ambassador to Uzbekistan and Rector of the University of Dundee

See also
As James Madison once said "war powers is the surest way to tyranny" and tyranny will prevail if people remain apathetic says Col. Larry Wilkerson
Col. Larry Wilkerson on Syria: War Powers is the "Surest Way to Tyranny"

See also

Sic Semper Tyrannis
Real Reporting on Syria
Publius Tacitus

See also

SouthFront (banned from FaceBook)
Video: Syrian Troops Found Underground Fortress Under Douma National Hospital

See also

Sputnik International
Russian Military Finds Chemical Weapons Warehouse in Syrian Douma - Reports

John Quiggin — For socialism and democracy

So, I’ve changed the description of this blog’s perspective to socialist. I haven’t however, adopted the formulation “democratic socialist” which was used, in the 20th century, to emphasise a rejection of the Stalinist claim to have produced “actually existing socialism” in the Soviet Union and elsewhere. That’s no longer necessary.
As has been true for most of the history of the modern world, the only serious threat to democracy is now coming from the right. So, it’s important to defend democracy as well as advancing the case for socialism.
John Quiggin's Blog
For socialism and democracy
John Quiggin | Professor and an Australian Research Council Laureate Fellow at the University of Queensland, and a member of the Board of the Climate Change Authority of the Australian Government

Goldman Sachs Profit Jump 26%

Now Goldman has killed it....

First-quarter revenue at the Wall Street firm rose 25% from a year ago to $10.04 billion. Profits of $2.83 billion, or $6.95 a share, were up 26%. Both figures beat analyst expectations.
The $2.83B gets back already over half of the $5B hit they took due to the Jan 1 tax law changes... in just this one quarter.  They should get it all back and then some by end of June at this rate.

That Jan 1 markdown was probably over $30B system wide but we have seen this quarter JPM report $6B, BAC about $8B, Citi about $5B, WFC about $5B so that is about $25B+ back from C, GS, BAC, JPM, and WFC so that is about it... its taken them just 1Q to get almost all of it back.

Things should start to pick up again here shortly if no WW3.