The Mess That Greenspan Made - Part 11

Credit Crunch for Shale Drillers

Bloomberg reports on the long-awaited (yet still painfully slow) comeuppance for shale oil companies and the big U.S. banks who have lent to them. Of course, freakishly low interest rates that were too low for too long are in no way related to any of this.

This seems to be the new normal (that is, unless we get a huge rebound in oil prices):

Chesapeake Energy Corp., the deeply indebted shale producer, said that it can hang on to its $4 billion bank line as long as it posts just about everything it owns as collateral.

Wednesday Morning Links

Coal giant Peabody files for bankruptcy – BBC
Oil Drillers Feel the Pain as Banks Slash Their Credit Lines – Bloomberg
Just Released: Introducing the FRBNY Nowcast – New York Fed
‘GDPNow’ Got You Down? Meet the NY Fed’s New ‘Nowcast’ – Barron’s
Italy’s “Last Resort” Bank Bailout Fails to Calm Investors’ Fears – Fortune
International Monetary Fund lowers forecast for global economy – Washington Post
No room for mistakes if the global economy is as bad as the IMF thinks – Telegraph
News About Obamacare Has Been Bad Lately. How Bad? – NY Times
Most investors in the U.S. are happy with their 401(k) – Gallup
New Credit Cards a Headache at Stores Across America – Bloomberg
The Spiritual Crisis of America’s White Working Class – National Review
Donald Trump’s Role Model Is an Ayn Rand Character – New York Magazine

Stocks: 5 things to know before the open – CNN/Money
Oil prices fall on producer meeting doubts, stronger dollar – Reuters
When the oil recovery comes, it won’t look like anything we’ve seen before – FP
Oil surges to 2016 highs on reported Saudi-Russian deal – Channel News Asia
Funds shy from Europe, Japan amid fear of ‘quantitative failure’ – CNBC
JPMorgan Profit Beats Estimates on Pay Cuts, Trading Results – Bloomberg
Here’s why investors are losing sleep over banks this earnings season – MarketWatch
Gold slips as equities rise, dollar rebounds – Reuters
Buy Gold ! – HSBC – GoldCore
Glittering – Macro Man

U.S. Economic Confidence Index Dips to -14 – Gallup
World Recession: History’s about to repeat itself – CNBC
China March exports rise 11.5% on-year, log first increase since Jun 2015 – CNA
‘Good start’ for Chinese economy in Q1: economic planner – China Daily
Shanghai: People Who Fail to Visit Parents Will Have Credit Scores Lowered – Caixin
‘We thought we were over all that’: angry Icelanders feel like it’s 2008 again – Guardian
Housing Market Primed For Massive Spring Season – Mortgage Reports
Homebuyers finally fuel mortgage volume, applications up 10% – CNBC
Regulators: 5 big banks get failing grades for crisis plans – AP
Fed Reform Should Focus on the Economy – Bloomberg


Outlooks, Education, and Income

From a recent item at Pew Research via this Wall Street Journal story today come the two related charts below that go a long way in explaining the rise of presidential candidate Donald Trump who, not long ago, proclaimed “I love the poorly educated”.

One would think that if you factor in the gargantuan student loan debt that now comes along with many of those college degrees and income gains shown above for the millennial set, those blue and gray curves would adjusted downward, probably by a lot.

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Tuesday Morning Links

China to post worst quarterly growth in 7 years – CNN/Money
Saudi Rating Cut for First Time at Fitch on Lower Oil Prices – Bloomberg
The 28 Classified Pages About Saudi Arabia and 9/11 That Obama Might Release – Slate
What tools does the Fed have left? Part 3: Helicopter money – Ben Bernanke’s Blog
BlackRock: This is the hidden danger in negative rates – MarketWatch
Former Fed Adviser, Activists Lay Out a Plan for Change at the Fed – WSJ
Olivier Blanchard eyes ugly ‘end game’ for Japan on debt spiral – Telegraph
Strengthening Yen Leaves Kuroda Facing More Radical Options – Bloomberg
Goldman Sachs to Pay Billions in Fines, but Nobody’s Going to Jail – Vice News
Hillary Clinton has a hilarious new 404 error page – The Week
Sanders and the Snapchat Liberals – Real Clear Politics
Trump’s support deeper than it looks – Politico
How Trump would change the Fed – MarketWatch

Stocks: 4 things to know before the open – CNN/Money
Gloomy start to results season hits shares – Reuters
Goldman warns of earnings triple whammy – USA Today
Chinese Stocks Decline as Premier Li Flags Pressures on Economy – Bloomberg
Accounting Magic 101: This Is How Alcoa Just “Beat” Consensus EPS -Zero Hedge
What the Military Can Teach Us About Investing – Fortune Financial
Hedge Funds Abandoning Dollar’s Biggest Bull Run in a Generation – Bloomberg
Gold climbs as dollar sinks to near 8-month low – Reuters
Silver Bullion Surges 8% In 6 Days To Over $16 Per Ounce – GoldCore
Monday mad rush for gold stocks –

Income inequality is chipping away at Americans’ life expectancy – Vox
The Global Economy Didn’t Change Last Year, Views of QE Did – Alhambra Partners
Soaring air fares nudge inflation away from near-zero levels – Telegraph
Puerto Rico Aims to Appease Congress With New Debt Proposal – NY Times
China’s growth to decline to 6.7% this year: World Bank – CNBC
Brazil congressional committee recommends impeaching Rousseff – Reuters
Can Ottawa do anything to cool down the housing market? – CTV News
China steps up crackdown on underground banks – regulator – Reuters
Obama Is ‘Pleased’ With Yellen as Economy Shows Signs of Slowing – Bloomberg


Fun with Hillary

Saturday Night Live lampoons Democratic front-runner for president Hillary Clinton…

I don’t know about you, but I’m not looking forward to four years of comedic takes on any of the current presidential candidates, though, if you had to rank the prospects strictly by their entertainment value, it would probably go Trump, Cruz, Clinton, and Sanders.

As any Daily Show fan could attest, Trump is the gift to comedians that just keeps on giving (though, admittedly, the idea of President Trump isn’t as funny as it was nine months ago), whereas the other three are more challenging (and not nearly as funny).

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