The Mess That Greenspan Made

The Labor Department reported that U.S. employers added 209,000 jobs in July and prior months were revised slightly higher as the unemployment rate rose from 6.1 percent to 6.2 percent, due largely to people entering the labor force but not being able to find work.

In a separate report from the Institute for Supply Management, the broadest measure of the nation’s manufacturing sector showed strong growth last month as the Purchasing Managers Index rose from 55.3 in June to 57.1 in July, the highest level since April 2011.

The key new orders index jumped from 58.9 to 63.4, the best reading of the year, and the employment index rose from 52.8 to 58.2, the best reading in over two years.

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Friday Morning Links

Markets: Running out of steam – Economist
Dow Erases 2014 Gain Amid Global Selloff – Bloomberg
Wall Street Hounded By Multiple Concerns – Nasdaq
Volatility Index Hits Three-Month High – Barron’s
This is What Happens When the Fed Tightnes! – Comstock Funds
Today’s parallels with 1914 are very worrying – Telegraph
How Do You Spell “Inflation Hawks on the Warpath?” ECI Print – CEPR
Why Putin Has 2006 Flash Before His Eyes After Sanctions – Bloomberg
China’s factories spring to life as global trade reawakens – Reuters
History Suggests China Is on Verge of Banking Crisis – WSJ
Students and parents borrowing less to pay for college – CNN/Money
Behold, the 17,000% overdraft charge – MarketWatch

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Stocks fall further after big sell-off – USA Today
Why I am now shorting this market – CNBC
Why Stocks Could Fall by 50 Percent – Slate
Asia stocks sideswiped, but China motors on – Reuters
Why Wait? The Case for Selling Stocks Now – of two minds
Treasuries Are World’s Worst Performers Before Data – Bloomberg
Gold edges off 6-week low before U.S. jobs data – Reuters
Gold’s Strongest Months Are August, September, November, January – GoldCore
HSBC: Physical Gold Demand On Price Pullbacks May Stem Further Losses – Kitco
Chinese gold jewellery demand sees first quarterly drop in 8 years – Reuters
Gold Prices From 1971 To 2014 in 3 Waves – GoldSilverWorlds

GDP: Peeling Back More Layers – Alhambra Partners
Percentage who say economy’s ‘good’ on the rise – CNN
Employment Cost Index Finally Brings Wage Inflation – 24/7 Wall Street
Chicago PMI plunges in biggest one-month drop since Oct. 2008 – MarketWatch
BOJ’s Kuroda defends upbeat economic view despite soft data – Reuters
Asian Economy: Japan’s Weak Yen Woes – Bloomberg
5 things to know about Argentine debt crisis – USA Today
Argentina Unopposed to Bank Deal as Bonds Sink – Bloomberg
In San Francisco’s real estate market, $1M won’t buy much – NY Daily News
No-Exit Strategy May Be Fed Burden in Unwinding Stimulus – Bloomberg
Fed Hawks Shake the Stock Markets on Interest Rates – Fiscal Times
Plosser Says Fed ‘Well Behind’ on Rate Setting – WSJ


Former Federal Reserve Chairman (and, lest we forget, namesake of this blog) Alan Greenspan talks with Betty Liu and Tom Keene of Bloomberg about the near certainty of a stock market correction sometime in our collective, not-too-distant future.

According to this Reuters report (I could only get about three minutes into this 18 minute segment before feeling nauseous), Bubbleman states the obvious when concluding “you have to assume somewhere along the line we will get a significant correction”.


Thursday Morning Links

Argentina defaults for second time – BBC
As US economy accelerates, Fed remains cautious – AP
Moscow fights back after sanctions; battle rages near crash site – Reuters
Global QE ends as China opens second front in bond tapering – Telegraph
Fed Tunes Into Yellen Still Playing Labor-Market Blues – Bloomberg
The most important sentence to come out of the latest Fed meeting – Vox
Banco Espirito Santo Plunges After Posting 3.6 Billion-Euro Loss – Bloomberg
Marc Faber: Expect A Deflationary Bust In Asset Markets – GoldSilverWorlds
Bank of America ordered to pay $1.27 billion for ‘Hustle’ fraud – Reuters
California Health Insurance Rates Rise Up to 88% in ’14 – Bloomberg
Treasury Bond Yields Still Catching Bid – Advisor Perspectives
The Zero Interest Rate Decade – Pragmatic Capitalist
How menus trick you into spending more – MarketWatch

Stocks: 4 things to know before the open – CNN/Money
Greenspan says stocks to see ’significant correction’ – CNBC
Total Margin Debt Again Spikes Toward All-Time High – The Street
Putin Sows Doubt Among Stock Bears Burned by 29% Rebound – Bloomberg
Just Your Run-Of-The-Mill Blockbuster Returns – Forbes
One bond market veteran is now getting worried – MarketWatch
Treasuries Poised for 2nd Monthly Loss on Growth, Fed – Bloomberg
Gold below $1,300 on U.S. growth optimism, set for monthly loss – Reuters
Decent Employment Numbers Could Pressure Gold Friday – Kitco
Hold some gold. Better safe than sorry. – Mineweb
Goldcorp slashes costs 30% –

Figuring out the Inflation Vigilantes – Econospeak
Bouncing Back, Economy Grew 4% for Quarter – NY Times
Average Price of Electricity Climbs to All-Time Record – CNS News
Eurozone inflation slips further into the ‘danger zone’ – BBC
China Trade Numbers Still Don’t Add Up Post-Fake Exports – Bloomberg
China’s Risky Play in the U.S. Debt Market – Caixin Online
Interest rates rises could thwart G20 growth goal – CNA
IMF says China property sector poses near-term growth risks – China Daily
Bubble Watch: Top-Tier Home Prices Surge Past 2007 Levels – SF Curbed
Great Graphic: Dissents at the Federal Reserve – Marc to Market
Dissent From an Unexpected Fed Hawk – WSJ
FOMC Statement – Fed Watch

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