The Mess That Greenspan Made - Part 2

Wednesday Morning Links

MUST READS
The Chances of a Global Meltdown – WSJ
The Federal Reserve may have made a huge mistake -Washington Post
A China bank contagion could blow up global markets – CNBC
China’s $1 Trillion Money Exodus Isn’t About Capital Controls – Bloomberg
China accuses George Soros of ‘declaring war’ on yuan – Guardian
An NFL player was just accepted to the math PhD program at MIT – Quartz
A Day In The Life Of An Iowa Family Drowning In Campaign Ads – Five Thirty Eight
Hillary Clinton thinks Obama on the Supreme Court is a ‘great idea’ – Politico
A Michael Bloomberg Run Could Make Donald Trump Our President – LawNewz
No cure in sight for Donald Trump Derangement Syndrome – Washington Times
Donald Trump will skip Fox News’s debate because of Megyn Kelly – Vox
The Rejection Election – Pat Buchanan

MARKETS/INVESTING
Oil and Apple sour stock market mood – CNN/Money
Oil fuels ’schizophrenic’ rebound on Wall Street – Reuters
“Stress Levels” Two Months Before The Last Three Crashes – Zero Hedge
Did Wall Street Banks Create the Oil Crash? – Wall Street on Parade
S&P 500’s dead-cat bounce remains underway – MarketWatch
A Year Where I Hope I’m Too Pessimistic – Real Clear Markets
Gold below 12-week top on investor caution before Fed statement – Reuters
COMEX Registered Gold Inventories Plummet 73% In One Day – SRSrocco Report
China Stops Publishing SGE Withdrawal Figures – BullionStar
Three Major Reasons for Gold in 2016 – Visual Capitalist

ECONOMY/WORLD/HOUSING/BANKING
Goodbye, Golden Age of Growth – Bloomberg
U.S. recession cries get louder – CNN/Money
Goldman Sachs: Recession fear overblown – CNBC
Brazil to Announce $12.3B in Credit to Boost Economy – Bloomberg
China GDP Growth Could Be as Low as 4.3%, Chinese Professor Says – WSJ
Puerto Rico to Present Broad Debt-Restructuring Plan Friday – Bloomberg
The Surge in U.S. Mansion Prices Is Now Over – Bloomberg
What’s Next for the Housing Market? – Time
Subprime Reasoning on Housing – NY Times
5 Things to Watch at the Fed Meeting – WSJ

 

Gundlach on the Fed

From this story at Barron’s detailing the views of DoubleLine Capital bond fund king Jeffrey Gundlach at a recent conference come these gems about the central bank’s group therapy session now underway in snow covered Washington D.C.

“Frozen in their thinking”

“The Fed really needs to dial down the rhetoric or the markets will humiliate them with further declines”

The Fed’s models are based on “GDP forecast that has been wrong for years — it’s like the triumph of hope over experience, like a second marriage.”

“What the heck are these people doing?”

“Whistling past the graveyard.”

Of course, it’s all about that little squiggle to the right in the chart below (via this item at Quartz) and, more importantly, the possibility that more squiggles appear.

Boy, that 2004-2006 Greenspan “baby-steps” campaign is a thing of beauty. No?

Tuesday Morning Links

MUST READS
Fed: Blizzard won’t delay policy meeting – The Hill
Global Warming Probably Supersized The Blizzard – Vice News
China Stocks Plunge to 13-Month Low on Capital Outflows – Bloomberg
Why China is pumping huge sums into its financial system – CNN/Money
German two-year yields hit new low as March ECB cut almost priced in – Reuters
OPEC’s El-Badri Calls on Global Oil Producers to Help Curb Glut – Bloomberg
Here’s the far-fetched scenario that could take Mike Bloomberg to the White House – Quartz
Hillary Clinton’s Lobbyist Fundraisers Want Baby Steps: We Need a Revolution – WSOP
Clinton to Millennial Liberals: I Was Doing This Before You Were Born – Fiscal Times
Donald Trump said he’d kill terrorists’ families at a rally. His crowd went wild. – Vox
Ted Cruz and his Washington Critics – Atlantic
The Republican Party May Be Failing – Five Thirty Eight

MARKETS/INVESTING
Dow futures point to higher open – MarketWatch
As Stock Prices Slump, Don’t Count on Buybacks – WSJ
Warren Buffett’s Stock Berkshire Hathaway Is Almost In a Bear Market – Fortune
Paulson Pledges Personal Holdings to Back Firm After Assets Fall – Bloomberg
Why Dip Buyers Will Get Clobbered: The US Economy Isn’t Doing “Just Fine” – Contra Corner
This Stock Market is Really Sick, and Big Institutional Investors are Bailing out – Wolf Street
The Process of Judging an Investment Process – Wealth of Common Sense
Gold jumps to 12-week high after rout in Chinese equities – Reuters
Big Payoff for Gold “Will Not Be Cause For Celebration” – Zero Hedge
Prepare for Gold’s Snapback Rally! – Secular Investor
Hedge funds in major commodities rethink – Mining.com

ECONOMY/WORLD/HOUSING/BANKING
Median Wages Rising at Fastest Rate in Seven Years – EPJ
Texas factory activity declines sharply due to falling oil prices – DMN
The man in charge of China’s economic data is under investigation – CNN/Money
More Than Half of China’s Population is Online – And Most Use Smartphones – WSJ
Iran’s Sanctions Lift, and the West Goes to Talk Business – NY Times
Russian Entente Nears as Allies Give Ukraine Sanctions Hint – Bloomberg
Vacant Office Spaces Pile Up in Houston – WSJ
The Five Scenarios Now Facing the Federal Reserve – Bloomberg
The Making of the “Big Four” Banking Oligopoly – Visual Capitalist
The Fed must confront this inconvenient fact – Quartz

 

Everybody Just Relax…

While cavorting with the world’s rich and powerful in Davos, Joe Stiglitz, Professor of Economics at Columbia University and Nobel Laureate in economics, talks about such things as the fragile global economy, income inequality, and the political mood in the U.S.

Somehow, the word “discontent” was omitted from the embedded video above (i.e., “Joseph Stiglitz: Political climate is reflecting a discontent”) – perhaps this was part of some sort of conspiracy to keep voters from getting even more riled up…

Monday Morning Links

MUST READS
Oil falls 3 percent on swelling oversupply – Reuters
Relax. We are not heading for a global meltdown – CNN/Money
US junk-rated energy debt hits two-decade low – Financial Times
This is Why Junk Bonds Will Sink Stocks: Moody’s – Wolf Street
The Case for the World Economy’s Defense  as Stocks Swoon – Bloomberg
Desperate in Davos: Policymakers Struggle for Answers – NY Times
Here’s what we found tracking private air travel to Davos – Quartz
China Capital Outflows Rise to Estimated $1 Trillion in 2015 – Bloomberg
15 thoughts on Michael Bloomberg’s presidential aspirations – Vox
Bernie Sanders and the Liberal Imagination – The Atlantic
When Extreme Losses are Standard Outcomes – Hussman Funds
Draghi Ready to Fight – Credit Bubble Bulletin

MARKETS/INVESTING
Oil and stocks resume their slide – CNN/Money
What’s behind the global stock sell-off? – Washington Post
Is This A Bear Market? – Alhambra Investment Partners
Risk Management Lessons From A Drunk Welshman – Capitalist Exploits
The One Chart Which Explains “Why Markets Are All Falling Down” – Zero Hedge
China 10-Year Bonds Slump as Yuan Concern Curbs PBOC Easing Bets – Bloomberg
These signs will mark the bottom for the stock market – MarketWatch
Gold rises on lower dollar and global economy concerns – Reuters
Gold Is Back in Fashion After a $15 Trillion Global Selloff – Bloomberg
Gold could lose safe-haven bid as equities rebound – Mining.com

ECONOMY/WORLD/HOUSING/BANKING
Is the stock market signaling about recession? – Marketwatch
IMF Sees Venezuela Inflation Rocketing to 720 Percent in 2016 – Bloomberg
Russian GDP shrinks 3.7% as oil slump continues – MarketWatch
Puerto Rico power debt relief deal falls apart – CNBC
Failed Talks Raise Specter of Biggest Default in Puerto Rico Crisis – NY Times
Merkel’s party, sliding in polls, weighs German ‘border centres’ – Reuters
Chinese Billionaire Zhang Xin: ‘The Old Model Doesn’t Work Anymore’ – Spiegel
Americans buying bigger, pricier homes – MarketWatch
Yellen Losing Dollar Bet as its Rise Slows Growth and Inflation – Bloomberg
The Fed Passes the Buck: Blame Oil and China – Mises

 
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