The Mess That Greenspan Made - Part 10

Timing is Everything Pretty Important

The combination of sharp increases in the cost of higher education (and the corresponding crushing debt load for many), the long-lasting effects of the Great Recession, and the reality that an undergraduate degree is the new high school diploma has made things surprisingly difficult for Millennials and, as noted in this report from the New York Fed, one of their responses is to live at home while in their twenties in rapidly rising numbers.

Yes, I’m a sucker for a good .gif, but this one is pretty illustrative of how policy makers in the U.S. and elsewhere are affecting an entire generation. When it becomes the rule, not the exception, for twenty-somethings to spend an inordinate amount of time living at home for financial reasons, then something has gone terribly wrong in the world.

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Thursday Morning Links

MUST READS
European Central Bank toughens its stance on Greece – BBC
ECB tightens screws on Greece, aims to cut bank funding – Telegraph
The ECB Nixes Greek Bonds Possibly Triggering The Run To Grexit – Forbes
Wall St. Pays Bankers to Work in Government, Doesn’t Want Anyone to Know – New Republic
Seabreeze Partners’ Kass: Confidence in Fed May Now ‘Disintegrate’ – MoneyNews
Singer: “The Consequences Of Monetary Manipulation Are Unknowable” – Zero Hedge
September 11 conspirator Moussaoui says Saudi royals backed al Qaeda – Reuters
NBC Anchor Brian Williams Cops to Fibbing About Iraq War Story – reason.com
Joe Biden Visits VICE Media’s Brooklyn Headquarters – Vice News
Argentina’s president mocks Chinese accent – MarketWatch
The Folly of 1845: Texas and the Evils of Annexation – Mises

MARKETS/INVESTING
Stocks: 4 things to know before the open – CNN/Money
Japan stocks retreat as Greek concerns mount – MarketWatch
Oil Plunges, Inventories Soar to Record, Glut Gets Worse – Wolf Street
The Great PE Multiple Expansion: Why The Market Must Crater – Contra Corner
Treasuries Drop on Speculation Rates Don’t Reflect U.S. Strength – Bloomberg
Gold falls on Greek uncertainty, U.S. data eyed – Reuters
In a world of negative interest rates even gold starts to make sense – Telegraph
Central Banks can’t stimulate demand and will ruin their currencies trying – GMM
How junior mining companies hit the reset button – Mining.com
Thinking of switching from gold to gold miners? – Mineweb

ECONOMY/WORLD/HOUSING/BANKING
Full Employment – Bloomberg
Does a Trio of Gloomy Readings Portend a Weak Jobs Number? – Barron’s
Piketty Diagnoses Japan’s Sick Economy – Bloomberg
China’s Total Debt Load Equals 282% of GDP, Raising Economic Risks – WSJ
Devaluation by China is the next great risk for a deflationary world – Telegraph
What You Need To Know About China’s Growth Moves – WSJ
Don’t Put Millennials in a Housing Market Box – Voice of San Diego
Overseer of GSEs Takes Cautious Steps to Strengthen Housing Market – NY Times
Fed’s Rosengren: Weak Inflation Is Key Challenge for Central Banks – WSJ
Fed optimism could cost the economy dearly – MoneyWatch
Bank of England keeps interest rates steady – AP

 

Why Warren Will Run

From this item at The Hill comes a pretty interesting take on the 2016 Presidential election cycle in general and a potential Elizabeth Warren (D-MA) run in particular…

Why Warren will run against Clinton in 2016

By John LeBoutillier, contributor

State of the 2016 Race
A weekly column for The Hill analyzing the current state of the 2016 presidential race.

The Democratic race: Why Sen. Elizabeth Warren (D-Mass.) will run in 2016 against former Secretary of State Hillary Clinton.

1. Warren is the only national politician today from either party who conveys a sense of outrage over our current — deteriorating — national situation. Her passion is her signature calling card in a time when all the other candidates for president seem to have passion only for themselves and their candidacies.

2. At a recent 12-person in-depth focus group in Denver conducted by Peter Hart and reported in The Washington Post by Dan Balz, the only national politician who was viewed favorably was Warren — even by some of the Republican voters in the focus group.

3. Why? Because she is the only politician who is even talking about the powerlessness of the average person — and the seemingly too powerful corporate and Wall Street entities.

4. This issue cuts across all political lines. It is the issue that catapulted President Teddy Roosevelt into the political hall of fame. His trust busting led to today’s anti-trust regulations and the belief that the federal government’s role is to act as a neutral referee to ensure a fair playing field. But no one today believes the feds are neutral — or fair. Instead, big government is seen as corrupt and as “rigged” as big business.

5. Indeed, there isn’t that much that separates Occupy Wall Street from the Tea Party. One blames big business while the other blames big government for our problems. But more and more, people see the two as in bed with each other in a cynical game to line their own pockets and to preserve their power — all at the expense of the average American.

6. This underlying fear is the hidden issue in the 2016 race — and so far, only Warren is even talking about it.

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Wednesday Morning Links

MUST READS
China moves to boost lending, reverse slowdown – AP
Oil falls, cuts short four day rally as U.S. stocks build – Reuters
Careful what you wish for: Oil-price recovery may sting – MarketWatch
CNOOC eyes $5B writedown after announcing major investment cuts – FP
Standard & Poor’s Is Sorry About That Credit Crisis – Bloomberg
Money issues are still really stressing Americans out – CNN/Money
Retired Baby Boomers face emotional adjustments – USA Today
The Surprising Reasons Baby Boomers Retire – Fiscal Times
Avoid 5 Alluring Tax Mistakes That Are Costly, Even Criminal – Forbes
Why Warren will run against Clinton in 2016 – The Hill
Christie’s Measles Madness Explained – Bloomberg View
An Unconventional Truth – Project Syndicate
Where Rich Feels Less Fortunate – Bloomberg

MARKETS/INVESTING
Asia stocks up on energy bounce, Europe drifts lower – AP
Mr. Market is about to take your money on a wild ride – MarketWatch
Billionaire Paul Singer Says It’s ‘Quite Nutty’ to Hold Government Debt – Bloomberg
Bond Market Volatility Surges as Oil Damps Stimulus Euphoria – Bloomberg
Gold rises on lower shares, China’s central bank monetary move – Reuters
Gold In A ‘Sweet Spot’ As Central Banks Pursue Aggressive Easing – Kitco
BofA: Brace for gold ’singularity’ if Fed doesn’t tighten – Mining.com
Investors’ desire for precious metals rise – Mineweb

ECONOMY/WORLD/HOUSING/BANKING
Doubting Economics – Alhambra Partners
The ECB Fears Deflation, But You Should Not – Mises
Is the Declining Unemployment Rate a Big Lie? – PragCap
Survey finds eurozone began 2015 stronger than thought – AP
U.K.’s Half-Hearted Currency Probe – Bloomberg
It’s almost as if central banks are intentionally inflating their housing bubbles – Quartz
Stage Is Set For A Massive Housing Market Correction in Canada’s Oilpatch – Zero Hedge
The illusion of monetary policy independence under flexible exchange rates – voxeu
Fedcoin: On the Desirability of a Government Cryptocurrency – MacroMania
Beware of central bankers bearing surprise ‘gifts’ – MarketWatch
Markets Trump the Fed’s Forecast – Manhattan Institute

 
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