The Mess That Greenspan Made - Part 21

From late last week, Senator Elizabeth Warren (D-MA) questions New York Federal Reserve President William Dudley on bank supervision in the wake of revelations that the New York Fed has been just a little bit too cozy with Goldman Sachs.

Also see:
Dudley Do Wrong Rejects Being a “Cop” and Embraces “Foaming the Runways”
Dudley Leaves Senators Unimpressed as Fed Scrutiny Rises

It sure would make things more interesting if Warren ran for president in 2016 – according to this report from just a few weeks ago, that’s still a possibility.

Monday Morning Links

MUST READS
The End of China’s Economic Miracle? – WSJ
China likely to ease further soon – MarketWatch
PBOC to inject liquidity if necessary – xinhuanet
All eyes on oil: What will OPEC do this week? – CNN/Money
Dudley Defense Leaves Senators Unimpressed as Fed Scrutiny Rises – Bloomberg
Dudley Do Wrong Rejects Being a “Cop”, Embraces “Foaming the Runways” – NEP
The Fed has boxed U.S. into a tough easy-money corner – MarketWatch
Cleveland Cop Shoots 12-Year-Old Boy Dead for Playing with Toy Gun – reason.com
Private Military Contractors Hired to Move Guns and Gold Out of Ferguson – Vice
Most of the World Panics — Is the US Next? – Dollar Collapse
Memories – of 2012 and 2007 – Noland, Prudent Bear
A Most Important Distinction – Hussman Funds

MARKETS/INVESTING
Global stocks gain on China rate cut, German data – AP
Global stocks higher after central bank stimulus signals – Reuters
Retiree stats and other things to be thankful for – USA Today
Afraid of retiring into a bear market? Tips to hedge bets – CNBC
Treasuries Fall First Time in 3 Days Before GDP Data – Bloomberg
Gold falls on firm dollar, China rate cut lends support – Reuters
The Real Reason Why The Netherlands Repatriated Its Gold – Sprout Money
SNB’s Jordan Warns of Danger of Voters Passing Gold Initiative – Bloomberg
Gold Wagers Gain as China Rate Reduction Stems Rout – Bloomberg

ECONOMY/WORLD/HOUSING/BANKING
Rock Bottom Economics – Krugman, NY Times
Lower oil prices and the U.S. economy – Econbrowser
U.S., global business confidence slumps – MarketWatch
What Big Economies Got Right, or Wrong, After Crisis – WSJ
When economic models are unable to fit the data – voxeu
Oil price slide and sanctions ‘cost Russia $140bn’ – BBC
China’s Over-Reliance on Guaranteed Loans, in 3 Charts – WSJ
Could Obama’s immigration initiative boost the housing market? – WaPo
What Next For Home Prices? – S&P Housing Views
The Consequences of Imposing Negative Interest Rates – Acting Man
Central Banks: When We Succeed, We Fail – of two minds

 

Legal Immigration Explained

From reason.com’s October issue comes the graphic below depicting how one goes about becoming a U.S. citizen under the current immigration system.

Click to Enlarge

That lower left corner is kind of interesting in that, if you don’t have family in the U.S. and are neither rich nor skilled (education or sports, apparently), you’re basically out of luck since, for the garden variety green card, “the wait time approaches infinity”.

Friday Morning Links

MUST READS
China cuts rates to revive growth – BBC
Stocks, Oil Rise After China Rates as Euro Falls – Bloomberg
China’s Financial System Shows Fresh Signs Of Stress – WSJ
S&P’s ‘junk’ report triggers China media storm – MarketWatch
ECB’s Draghi throws door to QE wide open as recovery wanes – Reuters
Confused OPEC Watchers Are More Divided Than Ever – Bloomberg
Is the U.S. Shale Boom About to Go Bust? – Barron’s
Bankers Lie, But So Does Everyone Else – Bloomberg
Stung by criticism, Fed to review how it supervises big banks – Fortune
Fed Faces Pressure to Rein in Wall St Commodity Trading – Bloomberg
Iceland Sentences Banker Involved In 2008 Crash to Jail – ValueWalk
Obama’s Immigration Speech Acrobatics – Bloomberg

MARKETS/INVESTING
China rate cut gives markets a big boost – AP
Junk Bonds Not Confirming S&P 500 Record Highs – GaveKal
Why the Bank of Japan is Wall Street’s new BFF – MarketWatch
How Rising Interest Rates Could Affect Your Portfolio – Fiscal Times
Treasuries Are Biggest-Losers in Past Month on Fed Outlook – Bloomberg
Gold Reverses Losses After China Lowers Benchmark Interest Rates – Bloomberg
China ‘triple bubble’ points to long slide for commodities – MarketWatch
The Netherlands Has Repatriated 122.5t Gold From US – BullionStar
Ukraine slashed gold holdings in October, Russia added more – IMF – Reuters
Why gold is still a solid long-term investment – MarketWatch

ECONOMY/WORLD/HOUSING/BANKING
Exclusive: America’s part-time economy – CNN/Money
Graphing American Wage Statistics Is Not Pretty – Economic Populist
The very rich get very richer (very quickly) in Canada – Globe & Mail
With Bad Economic News for Japan, Abe’s Magic Seems to Evaporate – NY Times
In blow to PM Cameron, Britain’s anti-EU UKIP party wins second seat – Reuters
T-Shirt-Toting Brooklynite Is NYC’s Top Property Buyer – Bloomberg
A Few Comments on October Existing Home Sales – Calculated Risk
Fed’s Bullard says central bank ‘boxed in’ to June hike – MarketWatch
Low Inflation Replaces Joblessness as Reason Fed Won’t Raise Rates – NY Times
Raise Interest Rates, Make Grandma Smile – Schwab, WSJ

 
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