The Mess That Greenspan Made - Part 12

Friday Morning Links

Meaningful financial reform – Volcker, Washington Post
5 biggest banks now own almost half the industry – CNBC
Restoring the Rule of Law in Financial Markets – Baseline Scenario
Greece Enters Twilight Zone as Visions of Euro Exit Take Shape – Bloomberg
Greek crisis deepens as Lagarde shoots down hopes for payment relief – Telegraph
What It’s Really Like To Support Yourself On McDonald’s Pay – Refinery 29
Average Fine For Noncompliance With ObamaCare Is $1130 – Forbes
Hillary Clinton hires ex-Wall Street cop for top finance post – MarketWatch
Hillary Clinton wrote Elizabeth Warren a love letter in Time magazine – Vox
Citi Economist Says It Might Be Time to Abolish Cash – Bloomberg
Bloomberg terminals temporarily go dark worldwide – USA Today
Credit Managers Turn Bearish – Bloomberg

Stocks: Six things to know before the open – CNN/Money
Stocks mostly fall on Greece, China up on stimulus hope – AP
Europe Stocks Fall Most in Three Weeks Amid Greece – Bloomberg
Three signs the equity-bubble grenade will pop – CNBC
Wall Street’s 2007 Heroes Ascendant as Goldman, Blackstone Surge – Bloomberg
‘Beijing put’ may be driving China’s stock-market fever – MarketWatch
Builder ETFs Tumble After Housings Starts Miss – Barron’s
Gold rises above $1,200 on uncertainty over U.S. rate hike – Reuters
Gold In Dollars Has “Hallmarks Of Market That Bottoming” – GoldCore
China silver stockpiles surge – Mineweb

That Old-Time Economics – Krugman, NY Times
U.K. Jobless Claims Hit 40-Year Low, Wages Rise – Bloomberg
Five things to know about Putin’s Russia – CNN/Money
China Readies $46 Billion for Pakistan Trade Route – WSJ
Questions on GDP keep coming for India’s statisticians – Reuters
India’s New GDP Numbers: A Peek Under the Hood – WSJ
San Diego housing market surges – SD Union Tribune
Q&A with the Fed’s Williams: Timing of Rate Rise Is Overrated – NY Times
Fed’s Mester makes case for U.S. rate hikes sooner than later – Reuters
Should You Read Ben Bernanke’s Blog? – Bloomberg


Best Job at the ECB

Who says monetary policy is boring?

Greece may be careening toward default amid growing concern that the global financial system is again ripe for a crisis, but spirits were lifted yesterday when activist Josephine Witt paid a visit to the European Central Bank policy committee as they gathered in Frankfurt.

See here, here, and here for more on this important development, highlighted by some amusing photos of an understandably alarmed ECB chief Mario Draghi after Ms. Witt (with her low rise jeans and thong underwear) jumped up on top of the conference table where Draghi was sitting, about to explain the policy committee’s latest thinking.

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Thursday Morning Links

‘Super taper tantrum’ ahead, warns IMF – Financial Times
World’s Biggest Wealth Fund Says Monetary Risks at Historic High – Bloomberg
Greece in new downgrade by S&P for “unsustainable” commitments – BBC
Greek government bonds plunge as default fears grow – MarketWatch
Brent crude oil hits 2015 high as U.S. output slows – Reuters
Saudi Arabia Adds Half a Bakken to Global Oil Market in a Month – Bloomberg
The inequality bubble is accelerating, worse than ‘29, even 1789 – MarketWatch
Revealed: the protester who ‘attacked’ Mario Draghi – Telegraph
Financial Lunacy In Euroland——Even Ireland Sold Negative Yield Debt – Contra Corner
Why We Must Return to the US-Russian Parity Principle – The Nation
Russia says U.S. forced it to act on Ukraine – Reuters
The Challenges of Balanced Budget Talk in Washington – Fiscal Times
Putting the Real Story of Energy and the Economy Together – Our Finite World

China shares bounce on stimulus hopes – AP
Fighting the Bubble in Bubbles – Bloomberg
Bubble trouble: China’s stock market looks too hot – CNN/Money
Bonds beware as money catches fire in the US and Europe – Telegraph
How to make sense of this ‘buy the dips’ grind higher stock market – MarketWatch
China’s central bank asked lenders to check margin trading risk – Reuters
Larry Fink Raises Tough Questions for Buyback Addicts – Bloomberg
Gold up on softer shares, sluggish U.S. economic data – Reuters
Gold Bulls to the Rescue, and None Too Soon – GoldSilverWorlds

Oil layoffs hit 100,000 and counting – BDLive
Here’s Why the Global Economic Recovery Could Stall Out – Fiscal Times
Is London the most expensive city in which to buy a pint? – Telegraph
Australia Runs out of Luck, Now Needs a Miracle – Wolf Street
Global property bubble fears mount as prices and yields spike – Financial Times
What Developer’s Refund Offer Says About China’s Property Woes – WSJ
Homebuilders are Betting on a Pickup in the Housing Market – Bloomberg
Ben Bernanke Will Work With Citadel, a Hedge Fund, as an Adviser – NY Times
Yellen and Bernanke Go Separate Ways on Exit Strategy – WSJ
Monetary policy in the future – Bernanke Blog


Cops and Stocks

This Vice News story covering some of the latest critiques of Thomas Pikkety’s Capital in the Twenty-First Century (e.g., most of the recent rise in wealth inequality is due to rising home prices) and asking whether we should raise taxes on the rich is interesting, but not quite as interesting as the accompanying photo, part of which is shown below.

All the recent police shootings combined with the American obesity epidemic and the ongoing bull market in just about every asset class all kind of come together in this photo in a way that doesn’t make you feel particularly good about living in the U.S. in 2015.

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