The Mess That Greenspan Made - Part 20

Tuesday Morning Links

MUST READS
Baltimore riots: Looting, fires engulf city – CNN
Nonviolence as Compliance – The Atlantic
Orioles executive defends Baltimore protest – Quartz
Read David Simon’s powerful plea for peace in Baltimore – Vox
Uncertainty Over Impact of a Default by Greece – NY Times
Greek-Russia ties bloom as default looms – Reuters
Greek finance minister Varoufakis replaced as leader of debt talks – Guardian
China’s Slowdown Puts Asian Central Banks in a Bind as Fed Looms – Bloomberg
Nevada’s Lake Mead Is at Its Lowest Level Ever — and It’s Going to Get Worse – Vice News
Why Markets Are Manic—-The Fed Is Addicted To The ‘Easy Button’ – Contra Corner
How this debt-addicted world could go the way of the Mayans – MarketWatch
Meet IBR, The Student Loan Bubble’s Dirty Secret – Zero Hedge
The Real War on the Middle Class – Ron Paul Institute

MARKETS/INVESTING
Stock futures down ahead of Fed meeting – Reuters
Sell in May and Go Away? There’s a Smarter Play – Fiscal Times
Chinese shares slide after watchdog warns of market risk – MarketWatch
Treasury ETFs Inflows Outpacing All Other Bond Funds This Month – Bloomberg
Commodity prices: Over a hundred years of booms and busts – voxeu
Gold around $1,200/oz on softer dollar ahead of Fed meeting – Reuters
Gold Rises, Silver Surges on Short-Covering and Physical Demand – GoldCore
China is about to come clean about how much gold it really owns – MarketWatch
Silver, Shale, September – It’s Gonna Get Ugly – SRSrocco Report

ECONOMY/WORLD/HOUSING/BANKING
Economists: Drop the Signaling Fad – Bloomberg
Second-quarter GDP will tell the tale – MarketWatch
Inflation Expectations Have Little To Do With Inflation – Alhambra Partners
How Much Did the Recession Make 20-Somethings Delay Children? – WSJ
‘Damned Lies’ Threaten to Overshadow U.K. GDP in Election Fight – Bloomberg
World’s coolest economist hot on his numbers – New Zealand Herald
China’s Middle-Class Propels Apple’s iPhone Sales – WSJ
China Said to Consider PBOC Lending Tool to Help Local Debt – Bloomberg
Underwater Homes Still Plague Nevada Housing Market – Nevada Public Radio
Fed Seen Delaying Liftoff to September to Push Down Unemployment – Bloomberg

 

Turning Chinese?

Much has been made of the leveraged speculative frenzy by undereducated Chinese day traders halfway around the world but, based on this update on NYSE margin debt from Doug Short late last week, U.S. lenders (and markets) are quickly catching up.

Of course, this comes at a time when money continues to flow out of stock funds, at least according to this Marketwatch story from Friday. Not to worry though, confidence remains high as the price of just about everything is going up again today…

Monday Morning Links

MUST READS
Shanghai index jumps 3% on SOE reform – China Daily
Fitch downgrades Japan citing economic concerns – AP
NYSE Margin Debt Hits an All-Time High – short.com
The Nasdaq is looking heady, but this time its different – AFR
“Frustrated” Germany says ball is in Greece’s court – Reuters
Greek President Promises Repayment of all Debt – Spiegel
Greece faces criticism, as ‘plan B’ speculation mounts – euobserver
Greeks’ view of the debt crisis: ‘What lies ahead is great, great hardship’ – Guardian
The gluten-free movement is ruining our relationship with food – Washington Post
Desalination plants aren’t a good solution for California drought – LA Times
This Is How Fast America Changes Its Mind – Bloomberg
New Highs To Nowhere On Nothing – Mark St. Cyr
Pro-Bubble – Credit Bubble Bulletin

MARKETS/INVESTING
Stocks rise despite Japan downgrade, lack of Greece deal – AP
The Magic NASDAQ Record Number: 6,941 – Fox Business News
Fair Value on the S&P 500 Has Three Digits – Hussman Funds
Deflation? Oil’s 45 percent rebound could be markets’ next headache – Reuters
Just the Idea of Inflation Is Spooking Bond Traders Again – Bloomberg
Gold climbs back above $1,180/oz as European stocks wilt – Reuters
China, India Import Massive Quantities of Gold from Switzerland – GoldCore
How central banks mislead on gold reserve reporting – Mineweb
China Uses Gold To Pursue Global Power – Seeking Alpha

ECONOMY/WORLD/HOUSING/BANKING
The rich really do get richer – USA Today
Who actually makes the minimum wage today – Washington Post
Reminding Voters That American Wages Have Flatlined – Daily Beast
China employment growth weakens amid slowdown – xinhuanet
Spain: PM says economy on track to grow 2.9 pct this year – AP
Is another housing bubble just around the corner for London? – Telegraph
Views of Home Buying Climate Slightly Less Positive in U.S. – Gallup
Millennials shun the new home sales market – Dr. Housing Bubble
More central banks meet, but ability to pilot economies in doubt – Reuters
Fed Triggers Bank Flight From Emerging Markets – Bloomberg

 

New Rules for the Bronconeers

I’m not a big fan of Amy Schumer (don’t know why – things just seem to rub me the wrong way far too often or I’m just too old for her brand of humor), but this sketch about football and rape is pretty funny and, as is the case for most good satire, quite instructive.

These videos of Rodney Dangerfield and Robin Williams on the Tonight Show with Johnny Carson that showed up in the Up Next sidebar are more my style – I guess I am getting old…

 
© 2010-2011 The Mess That Greenspan Made