The Mess That Greenspan Made - Part 11

Global Inequality Grows

Not having watched more than the first ten minute of the Democratic Presidential debate last night, I’m not sure how big an issue wealth/income inequality was (I’m sure Bernie Sanders talked about it a lot), but one thing seems clear, the situation isn’t getting any better, at least according to a  new Credit Suisse survey as detailed in this Guardian story.

Of course, the big headline from this survey (and the actual headline of the Guardian story) was that the top one percent own half of the world assets, but, for us ‘Mericans, an equally important takeaway is how much we, as individuals, move up in charts such as this one when all the poor people of the world are included.

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Wednesday Morning Links

China to post worst growth since 2009 – CNN/Money
Fed governor warns against raising rates this yearn – Washington Examiner
Brainard, Tarullo reject Phillips Curve and, in doing so, Yellen, Fischer – MarketWatch
Putin Says Some States Have ‘Oatmeal in Their Heads’ Over Syria – Bloomberg
An open letter to tormented young bankers everywhere: Stop whining – Quartz
Half of world’s wealth now in hands of 1% of population – Guardian
Hillary Clinton and Bernie Sanders finally face off – CNN
Biden needed Hillary to stumble — instead she finally shined – NY Post
Wall Street has made Hillary Clinton a millionaire – CNN/Money
Insiders: A runaway victory for Clinton – Politico
How CNN Shapes Political Debate – Consortium News
How to Beat Hillary Clinton – New Yorker

Global stocks extend losses on China concerns – AP
Why the stock market has to go down – Reformed Broker
VIX Charts Show How Unsettled the U.S. Stock Market Still Is – Bloomberg
As Some Hedge Funds Sink, the Challenge Buoys Others – NY Times
Fed‘s ‘maddening’ policy statements are just confusing markets: Plosser – MarketWatch
The Real Reason Global Stocks Are Flashing Red this Morning – Wall St. On Parade
Global Growth Worries Whet Appetite For US Treasuries – Capital Spectator
Gold hits 3-1/2 month high on talk of delay to Fed rate hike – Reuters
Gold Stays Near 3-Month High as China Data Suggest Rates to Hold – Bloomberg
Gold May Head Higher; Charts Imply Bottom Is In – Barron’s

Fed Consumer Spending Survey Plunges To Record Low – Zero Hedge
2015’s Nobel prize-winning economist has practical punch – CBS MoneyWatch
UK unemployment rate falls to seven-year low of 5.4% – BBC
Oil workers in Canada find there’s no free lunch as perks end – Mineweb
China inflation cooler than expected, producer prices extend slump – Reuters
Brazil’s Next Big Crisis Is Scaring Bankers and Wiping Out Jobs – Bloomberg
As Home Prices Soar in Shanghai, Gov’t Halts Land Auction – Caixin Online
U.S. Housing Policy’s Two Basic Ideas Pull Cities in Opposite Directions – Atlantic
Global Dovishness – Krugman, NY Times


More evidence that the giant student loan bubble will someday wreak havoc on the U.S. economy in one enormous delayed reaction comes from two charts that go a long way in explaining why and how the labor force participation rate is so low.

First, it’s not retirees that are causing more people to not work or look for work – the 16-24 age group accounts for all of the net decline in participation rate per the St. Louis Fed.

What are these 16-24 year-olds doing if they’re not working or looking for work?


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Tuesday Morning Links

China imports in sharp decline – BBC
Cracks Emerge in the Bond Market – WSJ
Schaeuble warns against addiction to low rates – Reuters
Dumbfounded Central Bankers Brace For “Rolling Series Of Crises” – Zero Hedge
The golden age of central banks is at an end – is it time for tax and spend? – Guardian
Russia’s Superpower Play: Putin Bets Big on Aggressive Syria Policy – Spiegel
Oil Sands Boom Dries Up in Alberta, Taking Thousands of Jobs With it – NY Times
Hillary Clinton, Bernie Sanders to face off in first Democratic debate – The Week
The Get-Rich-Quick Schemers Who Love the GOP – Slate
Where Fantasy Sports Meets Stock Market Scams – New Republic
Playboy magazine to end publishing fully nude female photos – AP
UK ‘hoverboard’ crackdown: all you need to know – Guardian

Global shares fall as Chinese data dims economic outlook – Reuters
Why it may be time to cut your losses on the S&P 500 – MarketWatch
Citi dials down risky block trading amid market turmoil – Reuters
What Volatility? Plunging VIX On Pace For Record 10th Straight Slide – Barron’s
Oil Surplus to Persist in 2016 as IEA Sees Demand Growth Slowing – Bloomberg
Switzerland Said to Impose 5% Leverage Ratio on Big Banks – Bloomberg
These stocks went from worst to first, prompting a Wall St. debate – MarketWatch
Chinese investors put $400 million into U.S. startups – CNN/Money
Gold drops from 3-month high on profit taking – Reuters
Do China Gold Imports Still Correlate to SGE Withdrawals? – BullionStar

Nobel Economist Showed We’re Helping the Wrong People – Bloomberg
Angus Deaton: A Skeptical Optimist Wins the Economics Nobel – New Yorker
German investor confidence down as VW adds to worries – AP
Britain falls back into deflation as tumbling fuel prices take effect – Telegraph
China to put growth before reform ambitions amid slowdown fear – Reuters
China imports slump 20% amid falling commodity prices and weak demand – Guardian
House prices for first-time buyers rise to record high as supply dwindles – Telegraph
NYC Housing So Bleak People Would Happily Live in a Bar Bathroom – Jezebel
In South Florida housing market, food-service workers flounder – Palm Beach Post
Where’s the Courage to Act on Banks? – Bloomberg


John Oliver Does North Dakota

This Last Week Tonight piece on North Dakota covers a lot of ground – from Midwestern culture vs. New York manners to the unintentionally comic Blood & Oil TV series and, of course, the shale oil boom that is, for the moment at least, transforming the area.

Don’t forget, season two of Fargo debuts tonight! Ted Danson?!? Murder at a Waffle Hut?!?

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