The Mess That Greenspan Made

Things will be wrapping up here sometime before the 1st of December.

Along with the investment website (which has been closed to new subscribers for well over a year now), this blog will soon go the way of the dodo bird.

It’s been a fun 11+ years (can’t believe this all started way back in March 2005) and I thank anyone still around for reading, but it’s kind of time to move on…

Truth be told, ahead of this ski season, I’ve been hobbling around on crutches (between pain pills) for the last week or so after surgery on my ankle and I go in for knee surgery in a couple weeks, so, at this point, I don’t expect anything more to appear here.

I’ve not decided yet, but I may continue to post links or somesuch over at the old blog which still appears to operational. We’ll see…

Thursday Morning Links

MUST READS
State of emergency in Charlotte – CNN
The Fed: Just Plain Pathetic – Contra Corner
Central Bank Tools Are Losing Their Edge – WSJ
Dove-Turned-Hawk Rosengren Leads Triple Dissent – Bloomberg
Yellen downplays dissent as Fed holds key interest rate steady – LA Times
The contradiction in Yellen’s ‘Whites-of-eyes’ comment – MarketWatch
Japan’s Central Bank Experiments at the Wrong Time – Bloomberg
The latest from the Bank of Japan – Ben Bernanke’s Blog
Hillary Clinton: My Plan for Helping America’s Poor – NY Times
Monday’s debate: the Donald Trump Show, starring Hillary Clinton – Bloomberg
Stop-and-Frisk: Trump’s Bad Idea for Fighting Crime – Atlantic
How Trump Can Win the First Debate – Fiscal Times
Brangelina matters – The Week

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
Dollar adds to losses as Fed’s credibility questioned – MarketWatch
Indian Summer Comes to Emerging Markets as Fed Spurs Fresh Gains – Bloomberg
Hedge-fund manager warns of biggest market correction since 2008 – MarketWatch
The Retirement Blunder That 65% Of Americans Make – IBD
This is no time for speculators to stay on the sidelines – MarketWatch
Gold down as December U.S. rate hike seen more likely – Reuters
Federal Reserve gives gold a reason to rise – MarketWatch
Gold Could Touch $1900 by Year End- Robert McEwen – Market Slant

ECONOMY/WORLD/HOUSING/BANKING
How to Protect Workers From Job-Stealing Robots – Atlantic
OECD warns of financial distortions and slow global growth – OECD
Antibiotic-resistant superbugs are the biggest global health threat, UN says – Vice News
World’s saddest polar bear one of many “wild” animals living in malls in China – Quartz
Why US and Russia don’t want to give up on Syrian cease-fire yet – CSM
Divorce rates go up and down with home prices in China’s big cities – Quartz
Bay Area Housing Market Appears To Be Cooling Off – CBS SF Bay Area
Is the American Dream dead to the Millennial generation? – OC Housing News
Fed Monetary Policy Is Being Held Hostage by Wall Street Banks – Wall Street on Parade
No, the Fed Doesn’t Have a Plan. Yes, the Fed Really is Monetizing Government Debt – Mises

 

Warren: “Gutless Leadership” at Wells Fargo

We’ve had accounts at Wells Fargo over the years, in large part because they have safe deposit boxes and, years ago, we moved so often that changing local banks every time we did became quite inconvenient. But, when they instituted their punitive fee schedule a few years back (e.g., free checking only after a minimum balance of like $10,000) we switched back to a local bank. Here’s another reason not to like them:

Warren is on a roll here and this is fun to watch, though it’s a little less fun knowing that it’s all true. It’s also worth pointing out that, as in so many other things financial, banks take advantage of the fact that many people are either unable or unwilling to closely monitor their money, allowing Wells Fargo to abscond with it in small amounts over time.

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Wednesday Morning Links

MUST READS
Fed faces a credibility problem – CNN/Money
The Fed Should Be Clear and Raise Rates – Bloomberg
Fed’s dot plot may signal dark economic times – MarketWatch
Bank of Japan alters monetary policy to spur growth – BBC
BOJ reboots policy to target interest rates, steps up inflation drive – Reuters
OECD: Negative rates threaten global financial stability – MarketWatch
Warren to Wells Fargo CEO: resign, give back earnings, submit to inquiry – Guardian
Clinton weighs in on ‘deeply disturbing’ Wells Fargo scandal – Housing Wire
EU Parliament President: ‘Trump Is a Problem for the Whole World’ – Spiegel
AP FACT CHECK: Trump’s bogus birtherism claim about Clinton – AP
The US has ‘evidence’ that Russian airstrikes hit an aid convoy in Syria – Vice News
The Dangers of the Putin-Trump Relationship – The Atlantic

MARKETS/INVESTING
Japan lifts markets; Fed up next; oil prices rise – CNN/Money
Investors can beat the Fed at its own game: Here’s how – USA Today
Yen pares losses after Bank of Japan decision; Fed outcome awaits – Bloomberg
“The Big Short’s” Steve Eisman Reveals What The Next Big Short Is – Zero Hedge
Fed Rate Increase: What Financial Advisors Should Tell Their Clients – Bloomberg
Chart Of The Day: Are The Financial Markets Rigged Or What? – Contra Corner
These Securities Could Get Crushed If Fed Raises Rates – Forbes
Get ready for the mother of all stock market corrections – Telegraph
Gold ticks higher after BOJ, awaits Fed decision – Reuters
Gold Seen Entering a Long-Term Bull Cycle – Bloomberg

ECONOMY/WORLD/HOUSING/BANKING
Household Net Worth: The “Real” Story – Advisor Perspectives
Low unemployment could spur inflation — but when? – USA Today
America is finally back on its feet but the poor are being left behind – Guardian
Brexit vote has had ‘no major effect’ on the UK economy so far – BBC
How Bad Off Is Oil-Rich Venezuela? It’s Buying U.S. Oil – NY Times
Down and Out? How Merkel Could Win Re-Election Next Year – Spiegel
Why Canadians Are Being Offered Cash to Abandon Their Homes – Bloomberg
Prime London property prices to fall 9% this year, says Savills – Guardian
3 Major Headwinds For The Housing Market & Housing Stocks – Forbes
What economists would ask Yellen if they attended the press conference – MarketWatch

 

Art Bubble Bursts?

Well, it looks like the art bubble has gone kaput, at least according to this Bloomberg report that begins by detailing the hoped-for only-80 percent haircut expected by one Niels Kantor on a $100,000 abstract canvas by Hugh Scott-Douglas shown below.

Kantor opines: “I feel like it can go to zero.” Well put.

Tulips anyone?

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