The Mess That Greenspan Made - Part 11

Another One Bites the Dust

It’s not clear which is more idiotic – that some motorcyclists tempt fate by riding between lanes on crowded freeways (a practice called “lane-splitting”) or the fact that some of them film their escapades and make the videos available online as shown below.

This brought back memories of a former life where driving on crowded freeways was a fairly common occurrence and came to my attention after spotting an LA Times story detailing the effort now underway in the California legislature to make this practice legal.

So long as they limit motorcycle riders to 15 mph above the flow of traffic, they should be fine … yeah, right. (Or, perhaps this is just a veiled attempt to kill off lane-splitters.)

Thursday Morning Links

MUST READS
Nasdaq index closes at a record – BBC
China stocks slump 6.5% on Thursday – China Daily
China Margin Lending Tightened Amid Bubble Concern – Bloomberg
No change in Greek debt talks after another day of spin – Reuters
Greece aims to get bailout deal by Sunday but creditors wary – AP
ECB Warns of Contagion Risk If Greece Deal Not Reached Fast – Bloomberg
Growing Obesity Rate Threatens America’s Poorest States – Fiscal Times
I’m a black ex-cop, and this is the real truth about race and policing – Vox
The Triumph (and Failure) of John Nash’s Game Theory – New Yorker
19 Things That Actually Happened in 1999 – Dividend Reference
Borrowing to Replenish Depleted Pensions – NY Times
Bernie Sanders’s Dark Age Economics – National Review

MARKETS/INVESTING
Global stocks down as Greece deadline looms – AP
Winter is Coming – Points and Figures
Byron Wien: The Stock Market’s Next Phase – Barron’s
The Tanker Market Is Sending a Big Warning to Oil Bulls – Bloomberg
Billionaire Hedge Fund Manager Paul Singer Reveals The “Bigger Short” – Zero Hedge
Gold edges higher as dollar and European shares retreat – Reuters
Texas Senate Passes Bill to Establish Bullion Depository – Tenth Amendment
Gold has two major hurdles to overcome – Mining.com
Something BIG Is About To Happen To Silver – SRSrocco Report
China To Create $16 Billion Gold Fund – Kitco

ECONOMY/WORLD/HOUSING/BANKING
How Healthcare Is Dooming the Economy – Of Two Minds
Financial Vulnerability Haunts U.S. Families After Crisis – Bloomberg
No Improvement in U.S. Economic Confidence Index, Now at -9 – Gallup
French consumers express more pessimism in May – xinhuanet
China May official factory PMI seen lackluster despite stimulus moves – Reuters
Trade deficit hammers UK growth in first quarter – Telegraph
Samsung’s Ruling Family Tightens Its Grip – Bloomberg
Want to Make a Cool $72,000? Buy a Home and Flip It! – Fiscal Times
Williams says rate rise likely this year, economy to bounce back – Reuters
Further Testing ‘They Don’t Know What They Are Doing’ – Alhambra Partners

 

A World Drowning in Debt

I don’t know the source of all the data presented in the chart below, recently stumbled upon in this item at the Confounded Interest blog, but nothing about it looks to be out of order. The only major shortfall would appear to be that China is not included and, after reading stories like this one, you have to wonder how they would stack up.

Everyone knows about Japan’s public debt, but the business and bank debt in the U.K. was a bit of a surprise to me. Also, it’s nice to see that our neighbors to the north have now caught up to the U.S. (or passed us – it’s hard to tell) as indebted spendthrifts.

Wednesday Morning Links

MUST READS
Greece Likely to Miss May Deal Deadline – Bloomberg
Greece Risk Timeline — Why July 20 Matters Most – Bloomberg
Lew fears miscalculation over Greece could spark new crisis – Reuters
Nine Charts Show Shenzhen Stock Market is Like No Other in the World – Bloomberg
Bernanke sees no risk of hard landing in China, bullish on U.S. economy – Reuters
Why China Is So Desperate To Blow The Most Epic Stock Bubble – Zero Hedge
China Goes on the Offensive in the South China Sea – Vice News
Japan, Philippines to deepen ties as China asserts sea claims – Bloomberg
Obama says Russia adopting ‘increasingly aggressive posture’ – AFP
Bernie Sanders’s populist, policy-heavy campaign kick-off speech – Vox
Self-Driving Volvo Tries To Run Some People Over – Jalopnik
A $12,480 per year ‘tax’ per full-time employee – AEI

MARKETS/INVESTING
Stocks turn higher in Europe despite Asian losses – AP
Boomers, It’s Time to Cash Out of This Bubble – Fiscal Times
Why Stocks Will Crash in Two Charts – The Burning Platform
The Golden Age of Asset Allocation – Wealth of Common Sense
Can your portfolio survive rising interest rates? – Fortune
Don’t expect short-term bond funds to keep up with inflation – MarketWatch
Gold steadies off two-week low as dollar rally loses steam – Reuters
Two Years Later: Gold Was Right About The ‘Dollar’ – Alhambra Partners
Russia’s central bank increasing gold reserves – Mineweb
Why Mining Stocks May Be Golden Again – The Street

ECONOMY/WORLD/HOUSING/BANKING
More seniors are going hungry – CNN/Money
How Does Your Experience of Inflation Differ from the Average? – WSJ
Unemployment is a big threat to eurozone economy – MarketWatch
German consumer confidence hits 13.5-year high – AFP
Three Do’s, One Don’t to Achieve 2% Japan Growth – WSJ
California’s Competitive Housing Market Persists, Bigger Premiums Paid – WPJ
California Dreaming: Record $500 Million Tag on L.A. Home – Bloomberg
Fed’s Yellen Plans to Skip This Year’s Jackson Hole Conference – WSJ
Fischer Says Fed May Slow Rate Rises If World Growth Falters – Bloomberg
Be Prepared to Pass the Test of Fed’s Moves – Caixin

 
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