The Mess That Greenspan Made

More Retirees at Risk

Via this Marketwatch story detailing the latest U.S. retirement survey data comes the chart below depicting how less than half of U.S. retirees will be able to maintain their standard of living after they pick up their golden watch and their last paycheck.

Of course, one easy solution to this worsening problem is to lower your standard of living (i.e., spend less) while you’re working so that the transition into your golden years is much easier, but that’s kind of an un-American thing to do.

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Thursday Morning Links

MUST READS
Fed Will Be ‘Patient’ on Interest Rate Timing – NY Times
Fed calls time on $5.7 trillion of EM dollar debt – Telegraph
Oil prices carry on rebounding after the Fed – MarketWatch
Putin accuses West of trying to sideline Russia – AP
Putin seeks to ease fears over Russian economic crisis – BBC
Russia may seek China help to deal with crisis – SCMP
Switzerland surprises with negative interest rate – Reuters
Obama opens relations with Cuba, easing half-century standoff – McClatchy
Wall Street Salivating Over Further Destruction of Financial Reform – Mother Jones
How Inside Traders Are Rigging America – Robert Reich
The American Revolution Was Not a Party – Mises
12 Great Gifts for the Super Rich – Fiscal Times

MARKETS/INVESTING
Fed rate wording boosts world stock markets – AP
Don’t wait for the Santa Claus Rally – Financial Post
The Secular Extinction Of Stock Market Bears – Zero Hedge
I’m Not Buying the Wall Street Rip, Nor the Keynesian Rap – Contra Corner
Treasuries Drop as Stocks Gain After Fed Rates Pledge – Bloomberg
Gold rises 2 pct as Fed takes patient stance on rate hike – Reuters
U.S. Gold Exports Jump 70% In September – SRSrocco Report
Mining stocks rally across the board – Mining.com
Grandmaster Putin’s Golden Trap – Gold Eagle
Money, trust and gold – Gold Chat

ECONOMY/WORLD/HOUSING/BANKING
Public-Sector Workers Are Well Paid And Hard To Fire – IBD
Teen Jobs and the Dog that Didn’t Bark – Political Calculations
German business more bullish as euro weakens – MarketWatch
Greek Markets Suggest Government May Fall – Bloomberg
A Glimpse Into How Chinese Smartphone Maker Xiaomi Works – WSJ
Russians Quit London Luxury Homes as Only Super-Rich Stay – Bloomberg
Least Expensive Homes Languish Underwater Even As Equity Rises – WSJ
How the Fed has Wall Street addicted to cheap credit – NY Post
Fed’s Most Interesting Man Exits – Bloomberg
The Fed and the best of all worlds – Economist

 

A Dovish Fed? The Same, Just Different

I’m still catching up on what happened today at the Fed meeting that resulted in stocks turning in their best day of the year. Apparently, stock traders liked what they said.

After looking at the photo above from this Marketwatch story, clearly, a lot of people have placed a lot of trust in a lot of white-haired economists at the Fed.

UPDATE: OK, I’ve read a bit about what went on today and this WSJ item does a good job of detailing the tortured semantics that necessitated a title change above.

Wednesday Morning Links

MUST READS
Russia Is So Screwed – Slate
Russia’s rouble crisis: Going over the edge – Economist
Ruble rebounds on report Russia is selling foreign currency – MarketWatch
Rouble turmoil leads to Apple halting online sales in Russia – Bloomberg
Wrecking Russia’s economy could be a disaster for the west – Guardian
Putin vs. FOREX Markets: What to Know About the Ruble’s Collapse – Washington Post
Fed likely to signal rate hike on track despite global woes – Reuters
Hilsenrath: A ‘Strong Possibility’ Fed Will Drop ‘Considerable Time’ – WSJ
Great Unwind of Oil-and-Gas Junk Bonds to Defund Fracking? – Wolf Street
Humans May Be Causing the Sixth Great Extinction in Half a Billion Years – Vice News
New York Mag says ‘we were duped’ by $72 million teen trader – CNN/Money
How We Got Here – Alhambra Partners

MARKETS/INVESTING
Stock futures higher; focus on inflation, Fed – MarketWatch
Oil holds below $60 as OPEC, Russia keep pumping – Reuters
Eight Things I Wish for Wall Street – Lewis, Bloomberg
What Wall Street’s big-money managers predict for 2015 – MarketWatch
Treasuries Decline Before Inflation Data as Fed’s Decision Looms – Bloomberg
Gold edges back above $1,200 ahead of Fed statement – Reuters
Traders Betting Russia’s Next Move Will Be to Sell Gold – Bloomberg
Opposing Forces At Play In The Precious Metals Complex – GoldSilverWorlds
Europeans want their gold back, and why that’s bad for the euro – MarketWatch
This Is What Gold Does In a Currency Crisis – Dollar Collapse

ECONOMY/WORLD/HOUSING/BANKING
Yes, Japan Lost a Decade. So Did U.S. – Bloomberg
Oil, Employment, and Growth – Mauldin Economics
Saving America’s malls from the brink of death – CNN/Money
As China’s Economy Slows, So Too Does Growth in Workers’ Wages – WSJ
Mortgage Rates Back to Pre-Taper-Tantrum Levels – Mortgage News Daily
Bay Area housing market throttles back but San Francisco still red-hot – LA Times
Yellen’s Fed Cavalry Low on Ammo as Global Concerns Spread – Bloomberg
Now it’s the Fed’s turn to pour grease on the market fire – Marketwatch
Fed’s Forward Guidance Amounts to a “Considerable (Waste of) Time” – e21
What is China’s Banking System Telling Us? – Capitalist Exploits

 
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