The Mess That Greenspan Made - Part 2

Wednesday Morning Links

MUST READS
Bank of England Bond Buying Hits Early Snag – WSJ
Negative yields are doing the opposite of what was intended – CNBC
Soaring Debt Has U.S. Companies as Vulnerable to Default as 2008 – Bloomberg
Companies defy logic with record bond issuance and tighter spreads – MarketWatch
America’s worst borrowers are grabbing credit cards like it’s 2006 – Business Insider
Election Update: Polls Show Pennsylvania Back In Clinton’s Firewall – Five Thirty Eight
Media justify anti-Trump bias, say he’s too ‘dangerous’ for normal rules – Fox News
Donald Trump Sells Out to Trickle-Down Economics – New Yorker
Carl Icahn: Economy will tank unless Trump wins – CNN/Money
Warren: Trump ‘can’t handle … losing to a girl’ – Politico
My Education in Climate-Denial Jujitsu – Scientific American
An Updated Version of the “Peak Oil” Story – Our Finite World
5 Things the Media Isn’t Telling You About the Olympics – Anti-Media

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
World stocks hit one-year peak, dollar sags on weak U.S. data – Reuters
Why Would Anyone Buy Negative Interest Rate Bonds? – Motley Fool
Wall Street waits for a catalyst as stocks hold near record levels – MarketWatch
S&P 500 Daily Volatility Vanishes as Index Sets Records: Chart – Bloomberg
Saudi Arabia Said to Report Record Oil Output on Summer Demand – Bloomberg
Be A Contrarian Investor: 3 Ways To Think Differently In The Stock Market – ValueWalk
Palladium surges to 14-month high; gold shines on weak U.S. data – Reuters
Gold at ‘Rich Level’ to Struggle as Fed May Hike Three Times – Bloomberg
Bullion Investors Versus the Machines – GoldSilverWorlds

ECONOMY/WORLD/HOUSING/BANKING
Why Did Productivity Fall? Look To The Price of Oil and Gas – WSJ
Government Statistics May Be Wrong, But They’re Not Manipulated – Bloomberg
Federal Civilian Workforce Soars to 2.79 Million After Years of Restraint – Fiscal Times
Japan’s Plunging Jobless Rate Is All About Aging, not Abenomics – Bloomberg
Exclusive: Vietnam moves new rocket launchers into disputed S.China Sea – Reuters
Canada seizes 50 million doses of elephant tranquilizer that’s killing people – Vice News
Homeowners Now Have Real Estate Agents Over a Barrel – Bloomberg
How To Restore Honest Capital Markets – Abolish The FOMC – Contra Corner
The Fed Is Losing Control of Global Monetary Conditions: Chart – Bloomberg

 

Debt, Without the Degree

There should be a great deal of sympathy (and, yes, someone in the gubment should actually do something) for those who failed at their attempt at higher education and are now saddled with the debt sans the degree (that would help then pay back said debt).

In this story at Bloomberg, the default data is tallied and – Surprise! – dropouts are defaulting at alarming rates.

Yeah,  college is nice, but it’s not for everybody, and this is very much a case of giving someone too much rope with which to hang themselves.

Many years ago, when dropouts would walk away with a few thousand dollars in student load debt, it wasn’t such a big deal, but the numbers are much, much bigger today. Most 20-year old dropouts (surely there are quite a few exceptions) shouldn’t have to wear the debt of their failed college experiment like a ball and chain in perpetuity.

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Tuesday Morning Links

MUST READS
How Trump’s Economic Vision Measures Up – Bloomberg
Wall Street’s Reluctant Embrace of Clinton – The New Yorker
Can Clinton or Trump Recapture Robust American Growth? – NY Times
50 Republican officials say Trump is a national security threat – Vox
Venezuela’s death spiral is getting worse – Washington Post
Shattered Dreams: Brazil’s Olympic-Sized Political Headache – Spiegel
New flaw puts a billion phones at risk and shows Android security is still a mess – recode
Feds Don’t Care If You’re a College Dropout, They Want Their Money Back – Bloomberg
A Global Derivatives Expert Shines the Light on Systematic Risk – Garret/Galland
States Vie to Shield the Wealth of the 1 Percent – NY Times
America’s looming debt decision – Guardian
Minsky’s moment – Economist

MARKETS/INVESTING
Stocks: 3 things to know before the open – CNN/Money
Why this complacent market may not be that bad – CNBC
Global stock markets up after weak China data – USA Today
Why Morgan Stanley Still Expects The 10Y Treasury To Drop To 1% – Zero Hedge
Oil prices: OPEC may finally take action if crude’s slide continues – CNBC
Why you’ve been reading the stock market’s ‘fear gauge’ all wrong – MarketWatch
Gold treads water as traders await clues on U.S. rates – Reuters
The Victory for Gold Bulls Is Only Just Beginning – Financial Times
Gold and Silver Dominate the ETF Charts – WSJ
The Last Known Gold Deposit – US Funds

ECONOMY/WORLD/HOUSING/BANKING
Our Economic Malaise Is Impacting Young Workers the Most – Mises
Multiple Jobholders: Two Decades of Trends as of July – Advisor Perspectives
UK industrial output growth fastest for 17 years – BBC
Brexit Bulletin: What the Rest of the EU Wants – Bloomberg
Thailand tops list of world’s least miserable economies – RT News
Saudi Building Bust Traps Thousands in Desert Nightmare – Bloomberg
Fannie & Freddie would need another bailout in severe economic crisis – Housing Wire
Bright future seen in 55+ housing market – Consumer Affairs
Will the Bubble Pop Even if the Fed Never Raises Rates? – Mises
Lending their Way into Trouble – Handelsblatt

 

Journalism and Technology

It’s been many, many years since reading the Unabomber’s Manifesto, but his thoughts about the impact of uncontrolled technology development are applicable today in the quandary that journalism finds itself in, as detailed last night by John Oliver.

Yes, the Unabomber was nuts, but he made a number of very good points about technology and society that are even more important to consider two decades later.

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Monday Morning Links

MUST READS
Chinese trade drop adds to global economic woes – BBC
Globalization and its New Discontents – Project Syndicate
We’re in a Low-Growth World. How Did We Get Here? – NY Times
Are We Reaching the End of World Records? – Scientific American
The ancient Olympics were dirty, violent, corrupt affairs – PRI
Trump advisers defend all-male economic team – Bloomberg
Is Donald Trump trying to throw this election? – The Week
Trump is right: It’s time to rethink NATO – Politico
EXCLUSIVE Gary Johnson op-ed: There’s another choice – The Hill
A Third Of Sanders’ Supporters Aren’t Backing Clinton Five Thirty Eight
How Central Bank Enabled Financialization Divided America – Contra Corner
Updating Government Finance Quasi-Capitalism – CBB
The Seven-Year Short – Bloomberg

MARKETS/INVESTING
Stocks: 4 things to know before the open – CNN/Money
Earnings beats are concealing bad results – MarketWatch
Stock markets and U.S. dollar both climb as ‘risk-on’ mode dominates – Reuters
Oil prices plummet amid continued oversupply, with no end in sight – Guardian
The Indexing End Game: The Wilshire 5000 Only Has 3,607 Stocks – Dark Bid
Waiting Forever for Fed Model Bull Case on Stocks to Come True – Bloomberg
Sell everything? This stock-market rally dares you – MarketWatch
Gold inches lower on U.S. payrolls, rate hike fears – Reuters
Investing in Gold in 2016: Global Paradigm Shifts in Politics and Markets – Acting Man
The Colors of Money Andrew Jackson Still Fights the Banking War – GoldSilverWorlds

ECONOMY/WORLD/HOUSING/BANKING
A Realistic Look at July’s Nonfarm Payrolls – Wall Street on Parade
Can a North Dakota Oil Town Break the Boom-Bust Cycle? – The Atlantic
Is now the time to switch Britain’s mix of economic policies? – Telegraph
Venezuela’s zoo animals are dying, and people could be next – Quartz
The spy saga of an Iranian nuclear scientist ended with his execution – Vice News
Ordinary people can’t afford a home in San Francisco. How did it come to this? – Guardian
The boom that never materialized: boomerang homebuyers – OC Housing News
PBOC Signals More Use of ’Innovative’ Monetary Policy Tools – Bloomberg
Will the Bubble Pop Even if the Fed Never Raises Rates? – Mises

 
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