The Mess That Greenspan Made - Part 12

Thursday Morning Links

Fed: Prepare for rate hike in 6 weeks – CNN/Money
Alan Greenspan: This is ‘extremely dangerous’ – CNBC
China’s Great Short Seller Turns Bullish – Bloomberg
Gold Bets Weigh on Paulson and Einhorn – Barron’s
Einhorn Punished by Gold as Greenlight Re Drops 16% – Bloomberg
Hay for cheese? Barter booms in cash-squeezed rural Greece – Reuters
More Millennials Living With Family Despite Improved Job Market – Pew Research
Wall Street’s Secret Dividend from Fed May Go to Fixing Potholes – Wall St. on Parade
Canada Just Bought Israel’s Iron Dome Radar Technology – Vice News
All 512 animals Teddy Roosevelt and his son killed on safari – Vox
Trump’s Net Worth Isn’t His Only Claim That’s Fake – Fiscal Times
Donald Trump surges, Jeb Bush slumps – Politico

Stocks higher on earnings, ahead of US data – AP
1 In 5 US Stocks Now In Bear Market – Zero Hedge
Letting China’s Bubble Burst – Project Syndicate
Chinese farmer invested life savings in stocks, lost it all – CNBC
Chinese stocks end lower after wild swings – MarketWatch
Gold falls 1 pct as dollar rises on Fed rate expectations – Reuters
What You’ve Heard About Gold and Interest Rates Is Wrong – Casey Research
Deutsche Bank’s Gold Price Outlook: A Contrarian Indicator? – GoldSilverWorlds
The cheapest entry point into cheap gold –
Stock picks at $1000/oz gold – Mineweb

The Confidence Experiment – Alhambra Partners
Independent Contractors and the Emerging Gig Economy – AAF
Conference Board of Canada sees disappointment ahead for economy – FP
Spain’s economy grows at its fastest rate since beginning of 2007 – ET
BOJ’s Ishida Warns of Stimulus Costs, Future Imbalances – NY Times
Brazil Raises Benchmark Rate to 14.25% From 13.75% – Nasdaq
The Shaky Foundation For U.S. Housing-Price Growth – WSJ
What’s Left of the American Dream Withers at Record Pace – Wolf Street
To Fix the Fed, Simplify It – NY Times
FOMC Recap – Fed Watch


The Yellen Term at 18 Months

The body-less images at about the 30-second mark notwithstanding, this is a pretty good recap from the folks at Marketwatch of how the current and former Federal Reserve Chairs have fared during their first year-and-a-half on the job.

Interestingly, there’s the potential for the Presidential election cycle, Fed chairman cycle, and financial crisis cycle to line up again at the eight year mark. Recall that Bernanke was appointed in 2006 and had smooth sailing for a while, then the election cycled heated up in 2007, and then the wheels fell off of nearly everything in 2008.

Interregnums are particularly good times for financial crises…

Wednesday Morning Links

Caroline Baum Slams Paul Krugman – EPJ
Only 3 new U.S. banks opened since 2010 – CNN/Money
Why Economists Have Trouble With Bubbles – Bloomberg
Chinese stocks close higher, halting 3-day skid – MarketWatch
China’s Currency Policy Sinks Into Disarray Amid Rout in Stocks – Bloomberg
China-Tied Hackers That Hit U.S. Said to Breach United Airlines – Bloomberg
Is the Ugly German Back? Flames of Hate Haunt a Nation – Spiegel
Cecil the Lion: the killing that’s enraged the internet, explained – Vox
The Animal Serial Killer Who Shot Cecil The Lion – Daily Beast
Media punishes Trump, Sanders for not playing by its rules – MarketWatch
Trump Schools Republican Establishment – Politico
Could Trump Win? – Pat Buchanan

Stocks rise ahead of Fed, wary eye on China – AP
Nobody Knows How Much Bonds Cost – Bloomberg
The Dow just broke a pretty dubious record – CNBC
Investors wait for the ‘Big One.’ No correction in 4 years! – CNN/Money
What you don’t know about the stock market can haunt you – MarketWatch
Gold steadies as investors seek cues on U.S. rate hike timing – Reuters
Deutsche: Gold price has another 30% to fall – and soon –
China’s gold imports to plunge as financing deals unwind – Reuters
Investors need to consider that gold may fall to $350 an ounce – MarketWatch
Gold Is Only Going to Get Worse – Bloomberg

Your Rent’s About to Get Even Higher – Bloomberg
Why Americans workers are becoming less productive – The Week
Economists Try To Find ‘Missing’ GDP Rather Than The Lost Economy – Alhambra Partners
In Hideaway for Brazil’s Rich and Famous, a New Scandal Emerges – Bloomberg
Special Report: Ukraine struggles to control maverick battalions – Reuters
The Russian Bear is Back, Just Itching to Start a New Cold War – Fiscal Times
Lew Warns That Puerto Rico Crisis Could Get Costly for U.S. – Bloomberg
Are Home Prices Again Breaking Records? Not Really – WSJ
Fed expected to push ahead with rate hike plan – Reuters
China would have to get a lot worse to stall Fed – CNBC


Stocks, the Fed, Mr. Creosote, and a Mint

As the Federal Reserve brain trust gathers in Washington, Art Cashin talks about what a wacky year it’s been so far on Wall Street with what are, historically, the most volatile few months for equity markets yet to come.

I’m sure others have already pointed out how a rate hike this fall might be like “a thin mint” for Mr. Creosote in Monty Python’s classic The Meaning of Life, but, here are a couple of links just in case – Youtube, Wikipedia.

Tuesday Morning Links

Greece Made Preparations to Exit Euro – NY Times
Varoufakis ‘contingency plan’ for euro exit – Guardian
China’s market may be partying like it’s 1929 – MarketWatch
China shares fall again as Beijing scrambles to calm markets – Reuters
Analyst Who Called Bottom for Shanghai Stocks Sees Further 14% Plunge – Bloomberg
Shorting China’s ‘A-Shares’ ETF is Insanely Expensive – Barron’s
Here’s why you should worry about China’s stock market rout – MarketWatch
Puerto Rico Lacks Cash for Aug. Bond Payment, Official Says – Bloomberg
Mass-Selling Hits Corn Futures; Soybeans, Wheat Fall – Nasdaq
Who Is To Blame For The Global Oil Supply Glut – Zero Hedge
The Moderate Republican’s Case for Donald Trump – Politico
Is the Democratic Party Abandoning Jefferson and Jackson? – Atlantic
Jon Stewart’s secret White House visits – Politico

Stocks rebound, ignore China markets – Reuters
The Only Six Stocks That Matter – WSJ
Millennials Have a Ton of Stock. They Just Don’t Know It – Bloomberg
Wall Street Still Didn’t Get The Memo—–China’s Done, Tops In! – Contra Corner
BofA: Another Sign Bull Market Is Running Out of Steam – Bloomberg
Gold steady as investors await Fed meeting – Reuters
Fresh bloodletting among gold mining stocks –
The Investment Case For Gold Remains Intact – GoldSilverWorlds
Inflation Deniers Emboldened by Gold’s Struggles –
Mining stocks are getting killed as gold, metals plunge – CNN/Money

The hottest jobs and how retirees can get one – MarketWatch
Slump Completes Half Year With No End in Sight – Alhambra Partners
As Fed approaches rate hike, job growth shifts away from oil patch – Reuters
British economy bounces back due to rebounding services activity, industrial output – ET
Buyers line up for days, hoping to grab coveted Vancouver condos – CTVNews
Will this year’s hot Orange County housing market continue? – OC Register
A leak so inconsequential that the Fed had to break it to us – MarketWatch
Should central bankers stick to talking about monetary policy? – mainly macro
5 Things to Watch at This Week’s Fed Meeting – WSJ

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