Archives for May 2015

Greece Says Creditor Agreement Deal Close, Senior Eurozone Official Says “I Wish it Were True”

Courtesy of Mish. The curious story of the day is back-to-back reports, minutes apart, by the same news agency, saying different things. Greece Says has Begun Drawing Up Agreement with Creditors Here is Reuters headline number one: Greece Says has Begun Drawing Up Agreement with Creditors Greece and its creditors are starting to draft a […]

Today’s News

Courtesy of Phil’s Stock World Financial Markets and Economy Regional Fed Manufacturing Surveys for May and the ISM Index (Calculated Risk) Earlier today the last two regional Fed surveys for May were released. As expected, the Dallas Fed was especially weak due primarily to weakness in the oil sector. Fischer: Fed Rate Hikes May Trigger […]

Snapchat CEO Warns “Easy Money Policy” Has Created The Tech Bubble, “Matter Of Time Til It Bursts”

Courtesy of ZeroHedge. View original post here. A month ago 24-year-old Snapchat CEO Evan Spiegel gave global sheeple investors a glimpse at the reality in Silicon Valley's and how the second tech bubble will burst (via his comments from 2013). Overnight he stepped up the rhetoric, as ReCode reports – itself in the midst of a […]

Bad News For China: Bernanke Says It’s Okay

Courtesy of John Rubino. Former Fed chairman Ben Bernanke will be remembered by future generations as the guy who didn’t see a housing bubble while he was creating it. That is, unless he says something even dumber, like this: Bernanke: No risk of hard landing in China (CNBC) – Former Federal Reserve Chairman Ben Bernanke […]

Robo-Journalism Will Produce 1 Billion Web Stories in 2015 (This Isn’t One of Them); McJournalism Coming Up

I'm supplementing Mish's article on journalists being replaced by robots with an incomplete Pro/Con list: Pros: 1. Greater number of articles in circulation.  2. Decreased variability in quality. Automatically generated articles will be basically well-written. Higher numbers of computer-generated articles will dilute out poorly written, human-generated articles.  3. Increased competition. The market for original, investigative jouralists will firm up as the market […]

Daily News

Courtesy of Phil’s Stock World Financial Markets and Economy The dollar is going crazy right now (Business Insider) Traders are piling in to the dollar after long weekends in both the US and the UK. The dollar index rate, which measures the currency against most major peers, is up over 1% today. Euro Tumbles to One-Month […]

$500 Million LA Home – Built on Spec

Courtesy of Mish. To highlight the enormous and growing income inequality issue, please consider California Dreaming: Record $500 Million Tag on L.A. Home. Nile Niami, a film producer and speculative residential developer, is pouring concrete in L.A.’s Bel Air neighborhood for a compound with a 74,000-square-foot (6,900-square-meter) main residence and three smaller homes, according to […]

Yesterday’s Tomorrowland

  Yesterday’s Tomorrowland Courtesy of James Kunstler America takes pause on a big holiday weekend requiring little in the way of real devotions beyond the barbeque deck with two profoundly stupid movie entertainments that epitomize our estrangement from the troubles of the present day. First there’s Mad Max: Fury Road, which depicts the collapse of civilization as […]

PIMCO and Stocks: The Slow Motion Train Wreck

  PIMCO and Stocks: The Slow Motion Train Wreck Courtesy of Wade of Investing Cafe I believe it was Bill Clinton who said, “If you don’t toot your horn, it usually stays untooted.” Good advice, but keeping his horn concealed may have helped his political and personal career in a few instances too. In sticking with […]

Regional Manufacturing Comparative Wrap-Up: Empire State, Philly, Kansas City, Richmond, Dallas

Courtesy of Mish. Two more regional manufacturing reports came out today, from Dallas and Richmond. The Dallas region was the weakest in six years thanks to oil. For details, please see Dallas Fed Manufacturing Index Collapses: Lowest Production Reading in 6 Years, Orders Contract 7th Month, New Orders 5th Month. Reports May 05: Empire State […]

Dallas Fed Manufacturing Index Collapses: Lowest Production Reading in 6 Years, Orders Contract 7th Month, New Orders 5th Month

Courtesy of Mish. Dallas Fed Manufacturing Index Plunges Below Any Economist’s Estimate Fed manufacturing surveys remain weak at best. Today the Dallas Fed Business Activity Index fell to negative 20.8, well below the bottom end of any Bloomberg  Estimate. Contraction in the energy sector continues to pull the Dallas Fed report into deeply negative ground, […]

Surplus Repression And The Self-Defeating Deep State

Courtesy of Charles Hugh-Smith of OfTwoMinds If you type Deep State into the custom search window in the right sidebar [on OFM's website], the search results fill 10 pages. I think it is fair to say I have long had a deep interest in the Deep State.   The Deep State is generally assumed to be monolithic: of one mind, […]

New Home Sales Bounce From Dismal April Numbers

Courtesy of Mish. New Home Sales Rebound Last month, new home sales fell a very steep 11.4 percent to a 481,000 annual rate. Given the volatile nature of this series one might have expected a bounce in May and sure enough we got one, albeit not enough to wipe out April's dismal performance. May new […]

Daily Happenings

Courtesy of Phil’s Stock World Financial Markets and Economy Iraq About to Flood Oil Market in New Front of OPEC Price War (Bloomberg) Iraq is taking OPEC’s strategy to defend its share of the global oil market to a new level. The nation plans to boost crude exports by about 26 percent to a record […]

JPMorgan Chase Writes Arrogant Letter to Its Swindled Forex Customers

Courtesy of Pam Martens. Troy Rohrbaugh, Head of Foreign Exchange Trading at JPMorgan Chase, Chairs the New York Fed’s Best Practices Group for Foreign Exchange Trading. JPMorgan Chase Just Pleaded Guilty to a Felony for Conspiring to Rig Foreign Exchange Trading. As the U.S. Department of Labor deliberates giving JPMorgan Chase a waiver to continue […]

Daily News

Courtesy of Phil’s Stock World [Click on this link to try Phil’s Stock World FREE!] Financial Markets and Economy What the Supreme Court’s fixes for retirement savings may do to your 401(k) (Market Watch) There’s no denying the effect that fees have on investments. While the difference between a fee of 0.5% and 0.25% looks […]

Polish Voters Elect Eurosceptic President; Disenchantment with Brussels Spreads

Courtesy of Mish. Andrzej Duda outed president Bronis?aw Komorowski, the the pro-Brussels incumbent centrist Civic Platform party president, in an election over the weekend. Komorowski was expected to win. The Duda Victory Sent Shockwaves Through Polish Politics, and no doubt Brussels as well. The win for the socially conservative, nationalist, eurosceptic party, which saw Mr […]

Debating Hillary for President: Robert Reich v. Nomi Prins

Courtesy of Pam Martens. Robert Reich Explains How to Tame Wall Street In New MoveOn Video Robert Reich, former Labor Secretary in Bill Clinton’s administration and currently Professor of Public Policy at the University of California at Berkeley, is an important voice for tackling income inequality in America by bringing back the Glass-Steagall Act, busting […]

Whatever Happened to Antitrust?

  Whatever Happened to Antitrust? Courtesy of Robert Reich Last week’s settlement between the Justice Department and five giant banks reveals the appalling weakness of modern antitrust.  The banks had engaged in the biggest price-fixing conspiracy in modern history. Their self-described “cartel” used an exclusive electronic chat room and coded language to manipulate the $5.3 trillion-a-day […]

Angry Voters Hand Spain’s Ruling Party Heavy Regional Losses; Podemos Scores Upset Victories in Barcelona, Madrid

Courtesy of Mish. The Spanish economy will supposedly grow at three percent. The bad news is Spanish employment is well over 20 percent and is also expected to stay that way. Angry voters unhappy with that setup took it out big time on PP, the party of prime minister Mariano Rajoy. Please consider PP Suffers […]

Canaries In The Coal Mine, Part 2: Three Chinese Stocks Lose $40 Billion In One Week

Courtesy of John Rubino. The Chinese stock market’s spectacular run is turning into a stagger: Two more Hong Kong stocks collapse after Hanergy crash (AFP) — Two of Hong Kong’s best-performing stocks plunged more than 40 percent Thursday, a day after a mysterious crash of almost 50 percent in Chinese solar firm Hanergy that saw […]

Greece Will Default on June IMF Repayment Says Interior Minister

  View image | Greece Will Default on June IMF Repayment Says Interior Minister; Greek Choice Same As It's Always Been Courtesy of Mish. One way or another the crisis in Greece is highly likely to come to a head in June. Greek finances are in such sorry shape it needs a third bailout […]

Three and a half years since the last 10% correction

If the S&P 500 does not have a 5% correction this year, it will be the first time in 20 years. And it's been 3.6 years since the last 10% correction. And trailing and forward PEs are relatively high. In the low interest rate environment, higher-than-normal stock prices are the new normal, but how much higher? And […]

Psychology more Important than Data in the Week Ahead

Courtesy of Marc to Market The US dollar's recovery last week may not get the kind of fundamental support that medium and long-term investors would like to see to raise the confidence that the two-month correction has run its course.   Owing to a greater deterioration of net exports and a smaller than expected inventory build, […]