The Mess That Greenspan Made - Part 2

Like a Ball and Chain

Someday, these post-financial crisis years will be looked back upon as being one of the most damaging periods to the American psyche with soaring wealth/income inequality topping the list of ills due, in large part, to monetary/fiscal policies enacted by TPTB.

Not far down said list is the burgeoning student loan problem that is transforming an entire generation and this CNN/Money story provides a view of things from recent graduates.

Interestingly, I have some first hand experience with this issue recently where a surprising number of ski instructors I’ve worked with over the winter are 20-something recent graduates who, you’d think, should be doing something different at this time.

A common refrain is that the four-year degree is the new high-school diploma and they all dread the student loan bills coming due.

Wednesday Morning Links

MUST READS
Europe sleep walks towards the abyss – Telegraph
The U.S. Inflation Cycle May Have Just Turned – WSJ
Asuumptions Behind Fed 2% Inflation Target Were Erroneous – Equitable Growth
China’s Influence Set to Climb as U.S. Thwarted on New Bank – Bloomberg
House Passes Resolution to Arm Ukraine, Russia Says It’s “A Direct Call For War” – Town Hall
Russia Politician Urges Obama: ‘Don’t Be Like George Bush, Forget Ukraine’ – Moscow Times
Strap ‘em If You Got ‘em: Texas Set to Allow Guns on Campuses and Open Carry – Vice News
There are two Americas for kids now, thanks to income inequality – Quartz
College Students: Stop Acting Like You’re Made of Sugar Candy – reason.com
As Silence Falls on Chicago Trading Pits, a Working-Class Portal Also Closes – NY Times
Top U.S. CEOs reaped billions from stock gains in recent years – Reuters
Fighting the “War on Terror ” by Banning Cash – Mises

MARKETS/INVESTING
World stocks drift as Fed, China weakness weigh – AP
Are Biotechs the New Dot-coms? – Irrelevant Investor
What Happens When Vanguard Owns Everything? – Morningstar
American cash is flooding into European stocks – CNN/Money
Oil ETF Holdings Soar; Investors Await a Bottom for Crude – Barron’s
Wall Street Stars Join Latest Silicon Valley Gold Rush – NY Times
Falling Knife Slashes Shale Dealmaking, Buyers Await Bottom – Bloomberg
This is nothing like the 2000 dot-com bubble – MarketWatch
Gold near 2-1/2 week high on U.S. rate expectations – Reuters
SocGen’s ultra bearish gold and silver outlook – Mineweb
Indian Gold Import Exploding In March – BullionStar

ECONOMY/WORLD/HOUSING/BANKING
Is Jobless Growth Inevitable? – Project Syndicate
The ACA and labor force participation of older workers – MarketWatch
“All the Eurozone Is Capable of Is ‘Stealing’ Growth from Others” – Wolf Street
Yemen’s Houthis Extend Advance in South After Saudi Warning – Bloomberg
Yemen president flees Aden home as Shiite rebels near, official says – LA Times
Canada’s housing market hits Wile E. Coyote moment: Yale lecturer – Global News
What to do when Canada’s housing boom turns to bust – Financial Post
Fed’s Evans: Central Bank Shouldn’t Raise Rates This Year – WSJ
Bernanke Was Right: Interest Rates Aren’t Going Anywhere – Fiscal Times

 

Here’s the chart from about half-way through a highly entertaining Ted talk (due in part to a Tennessee twang) given by hedge fund billionaire Paul Tudor Jones depicting where the U.S. stands on a measure of inequality via-a-vis social ills (go here for the entire clip).

It’s not clear how that left scale is calculated, by my guess is that the American obesity epidemic is what puts this nation off the chart.

Of course, the headlines that were generated from this talk had to do with how situations like those depicted in the chart are resolved and I’ve obliged in the title above.

Tuesday Morning Links

MUST READS
Bullard: Raise rates or face ‘devastating’ bubbles – FT
Fed’s Bullard says zero U.S. rates no longer appropriate – Reuters
George Soros: Greece is now a lose-lose game – Telegraph
China March flash HSBC PMI contracts to 11-month low – Reuters
Tudor Jones: ‘We’ve Ripped the Humanity Out of Our Companies’ – NewsMax
The world’s next credit crunch could make 2008 look like a hiccup – Telegraph
Liberty U. Students Forced to Attend Ted Cruz Speech, Make Stand for Rand – reason.com
Wait… Can Canadian-Born Ted Cruz Actually Become the Next US President? – Vice News
Norway is Caught Between A Housing Bubble And Falling Crude Prices – Zero Hedge
Moscow continues its aggressive policy – Stratfor
Mortgaging the Future? – San Francisco Fed
Hospitals Are Robbing Us Blind – Slate

MARKETS/INVESTING
Stock gains tempered by weak China data – AP
10 companies buy up their own stock – USA Today
The Unbearable Exuberance of China’s Markets – Bloomberg
You won’t know the bull market is over until the bear is here – MarketWatch
Global Bond Yields Do Limbo Dance Again as They Near Record Low – Bloomberg
Gold rally continues on lower dollar and U.S. rate speculation – Reuters
Gold price history in major world currencies vs stock performances – Mining.com
Mickey Fulp: ‘We Need to Eliminate the Zombie Miners’ – Gold Investing News
An Important Gold Chart Every Investor In The West Needs To See – SRSrocco Report
Will The Shanghai Gold Exchange Facilitate Gold Inclusion Into The SDR? – BullionStar

ECONOMY/WORLD/HOUSING/BANKING
A Simple Guide to “Secular Stagnation” – Money and Banking
In Our Horrifying Future, Very Few People Will Have Work or Make Money – alternet
This Snookered Isle: Britain’s Terrible, No-Good Economic Discourse – Krugman, NY Times
Growth in eurozone business activity near four-year high – BBC
UK Inflation falls to 0%: what does it mean for the economy? – Guardian
French Output Growth Cools as Manufacturing Weakness Persists – Bloomberg
What Home Sellers Know That Economists Don’t – Alhambra Partners
Fed’s Fischer Says Rate Rise Probably Warranted by End-2015 – Bloomberg
The Fed Runs the Economy, Not Congress or the President – HuffPost
Why Yellen & The Feds Are Bubble Blind – Contra Corner

 
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