The Mess That Greenspan Made - Part 18

Friday Morning Links

MUST READS
April Fools’ Day, explained earnestly – Vox
Google April Fool Gmail button sparks backlash – BBC
What to Expect From the March Jobs Report – NY Times
Markets look for a surprise in the March jobs report – CNBC
The Cities on the Sunny Side of the American Economy – NY Times
We Could Be In for Another Recession, and We’re Not Ready – New York Mag
China’s factory output grows for the first time in nine months – Guardian
Tesla’s new Model 3 costs $35,000 – and could change everything – Quartz
10 demographic trends that are shaping the U.S. and the world – Pew Research
AfD’s Petry: ‘The Immigration of Muslims Will Change Our Culture’ – Spiegel
Manhattan real estate breaks new price records – CNBC
Zeno’s Paradox – Gross, Janus

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
Dow posts biggest quarterly comeback since 1933 – CNBC
Bond market bullishness is at a record, a worrying sign – MarketWatch
Saudi Arabia Will Only Freeze Oil Production If Iran Joins – Bloomberg
Rosenberg: Era of ‘buy and hold’ is over – thank Janet Yellen for that – FP
The S&P 500, Dow and Nasdaq Since Their 2000 Highs – Advisor Perspectives
What’s next: Stock mojo clashes with persistent headwinds – USA Today
Gold steadies ahead of U.S. payrolls data as equities slip – Reuters
WGC: Negative rates to boost gold demand to record highs – Mining.com
A tale of two currencies – GoldMoney

ECONOMY/WORLD/HOUSING/BANKING
Who wins with a $15 minimum wage? – LA Times
Highest Gallup Good Jobs rate in any March since 2010 – Gallup
IMF urges innovation to battle global growth slowdown – Business Standard
New regulation to enhance social security fund management – China Daily
China military to set up first overseas base in Horn of Africa – Financial Times
Canada’s hard-hit oilfield workers in ‘environment of absolute desperation’ – FP
Aussie homes 40% overvalued leaving buyers praying for  crash – news.com.au
Now China Has a Two-Speed Property Market, Too – Bloomberg
Housing Market Could Soar in 2016, But Concerns Linger – NMN
ECB Risks Trashing Corporate Bond Liquidity – Bloomberg

 

Yellen and Global Uncertainty

Federal Reserve Chair Janet Yellen appears to have said everything that folks on Wall Street were wanting to hear yesterday as she basically green-lighted a little more asset price inflation at the cost of lower interest rates for just a little bit longer.

Like previous Fed chairs Bernanke and Greenspan, “too low for too long” is not really much of a concern. See also:

Thursday Morning Links

MUST READS
S&P cuts China, Hong Kong outlook to negative – CNBC
Stocks soar to their highest level in 2016 – CNN/Money
The Market Doe Not Believe Janet Yellen – Fortune
Central banks and markets: Enabling the addiction – Economist
Yellen Outsources Monetary Policy to the Financial Markets – Bloomberg
Since the Recession, We’re Spending Again—But With Less Income – WSJ
Fracking Is Triggering Major Earthquakes in Western Canada – Vice News
Microsoft’s racist chatbot returns with drug-smoking Twitter meltdown – Guardian
Imagine If Conservatives in Academia Could Safely ‘Come Out’ – Bloomberg
Hillary to Bernie backers: Here’s a bowlful of mush, now hush – Chicago Tribune
From Whitewater to Benghazi: A Clinton-Scandal Primer – Atlantic
How Cruz Can Ensure a Second-Ballot Win – Lifezette
Trump’s 24 hours of mayhem – Politico

MARKETS/INVESTING
Stocks: 4 things to know before the open – CNN/Money
Oil prices slide as U.S. crude stocks hit record – Reuters
Best March since 2009 puts S&P 500 back in black – USA Today
Bill Gross: Why bond markets need to be smarter than first graders – CNBC
MSCI Says China’s Trading Halts May Keep It Out of Stock Indexes – Bloomberg
Get ready for this market to take flight thanks to tech stocks – MarketWatch
Worst case scenario = 73% down from here – Burning Platform
Gold heads for biggest quarterly rise in nearly 30 years – Reuters
Gold Prices Could Hold $1,200 On Stronger Employment – Kitco

ECONOMY/WORLD/HOUSING/BANKING
When Workers Get More of the Income Pie – Bloomberg
The risks of California’s minimum-wage increase – WaPo
Plan B for the Global Economy – Project Syndicate
Energy price slump keeps eurozone in deflation – BBC
Hong Kong Retail Sales Plunge the Most in 17 Years – Bloomberg
Real Estate: Is the bubble going to burst? – Contra Costa Times
Bad loans pile up at China’s biggest banks – CNN/Money
Bank of Japan runs groupthink risk as board dissenters depart – Reuters
The whole idea of Fed forward guidance is confusing – MarketWatch
Ask the Next President About the Fed – Bloomberg

 

Self Driving Cars and Stop Lights

It doesn’t appear as though flying cars are anywhere on the horizon, but self-driving cars seem to be in our not-too-distant future, perhaps finishing the job of killing the stop-light that round-abouts started here in the U.S. a while back.

Anyone with an engineering/software inclination should quickly understand how “slot-based intersections” (as detailed in this Vox story) could be designed and implemented, but it would require extraordinary safety measures, lots of testing, and, of course, no more human drivers.

Wednesday Morning Links

MUST READS
When doves fly – Macro Man
The Outlook, Uncertainty, and Monetary Policy – Yellen, Fed
Dovish Yellen takes major gamble on inflation – Telegraph
Yellen Takes Control of Fed Message to Stress Gradual Approach – Bloomberg
Central banks won’t admit they’ve run out of ammunition, but they have – MarketWatch
Money growth and inflation in post-2008 US and Wiemar Germany – voxeu
Ex-Fox analyst settles with SEC over penny-stock promotion – MarketWatch
Obama Wants to Spend More $1 Billion to Fight Opioid Addiction – Vice News
Obamacare patients sicker and pricier than expected – CNN/Money
How Many Bernie Backers Would Refuse to Vote for Hillary? – Atlantic
Simmering for Decades, Anger About Trade Boils Over in ’16 Election – NY Times
Trump drops pledge to back Republican nominee other than himself – Reuters
Is Trump Right About NATO? – Pat Buchanan

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
Yellen Says What Markets Want to Hear – Bloomberg
Cautious Yellen drives world stocks near 2016 peaks – Reuters
Yellen is worried about global growth – and Wall St. loves it – MarketWatch
Goldman: “A Less Confident Take On Rate Normalization” – Zero Hedge
The Fall of China’s Hedge-Fund King – NY Times
Gold slides back below $1,240 after post-Yellen rally – Reuters
Buy Gold & TIPS for Coming Volatility, Inflation: BlackRock – Wolf Street
Silver vs. Gold: 2 Must See Charts – SRSrocco Report

ECONOMY/WORLD/HOUSING/BANKING
The U.S. Economy Has Stalled, Again – Fiscal Times
U.S. has lost 5 million manufacturing jobs since 2000 – CNN/Money
Japan: Industrial production drops most since 2011 – Forex Live
Germany wants refugees to integrate or lose residency rights – Reuters
Brazil’s biggest party quits ruling coalition, Rousseff isolated – Reuters
Latest Plan to Rescue Puerto Rico Is Met With Disdain on Island – NY Times
Red Flag Rising for India’s Finances as Remittances Shrink – Bloomberg
Why high house prices are partly down to austerity – mainly macro
S&P/Case-Shiller Home Prices as of January 2016 – S&P Housing Views
Europe’s Bond Shortage Means Draghi Is About to Shock the Market – Bloomberg
Bank of England chief’s quest to end housing boom and bust – Telegraph

 
© 2010-2011 The Mess That Greenspan Made