The Mess That Greenspan Made - Part 3

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

 

Kass and Rogers on When to Sell Short

In this item at Yahoo! Finance, Doug Kass describes how “it’s painful” to watch and wait for overvalued stock markets to become even more overvalued before their certain denouement and that the Fed has “made a mockery of fundamentals”.

Jim Rogers was also in the news via this interview with Business Insider in which he notes:

Wait until it gets worse and it will, somewhere along the line. At which point, the Fed will panic. It’s all they know how to do, Henry, so they will pump huge amounts of money in. It’s going to go into shares, and that will cause the top. I have no idea when that will be. That’s when I would sell short. By the way, if it happens that way, one should be long, and long big time. I doubt if I will. Either I’m too smart or not smart enough. What we need is a 26-year-old. The 26-year-old will think this is wonderful. She will think she is very smart. She will make a lot of money for a while, and then it will collapse.

 

Thursday Morning Links

MUST READS
Fed Debate Shifts to Tightening Pace – Businessweek
Fed minutes show debate on low-rates pledge – USA Today
Goldman fires two after internal probe – MarketWatch
Banks Had Unfair Advantage From Commodity Units: Senator – Bloomberg
Obesity ‘crisis’ now a $2-trillion weight on global economy – Globe & Mail
Obama Playing With Constitutional Fire on Amnesty – reason.com
Warren Blasts FHFA’s Watt: “You Haven’t Helped a Single Family” – NC
Millennials Believe Just One Year on the Job — or Less — is Plenty – Main St.
Jim Rogers On Putin, Oil, and 26-Year-Olds On Wall Street – Business Insider
How The Fed’s ZIRP Is Fueling The Next Subprime Bust – Contra Corner
Treasury: Global Investors Pour Record Amount Into US – Money News
Russia has little to offer in oil price war – Reuters

MARKETS/INVESTING
World stocks dragged down by weak manufacturing – AP
Why the Bull Market Is on Borrowed Time – Fiscal Times
Fed and Markets More Co-Dependent Than Ever – Bloomberg
Consumer inflation could be wild card for markets – CNBC
Treasuries Rise With Market’s Outlook for CPI at Three-Year Low – Bloomberg
Gold climbs back towards $1,200/oz as price drop tempts buyers – Reuters
As The “Sanctions War” Heats Up, Will Putin Play His ‘Gold Card’? – Contra Corner
Gold-Mining Industry Mostly ‘Under Water,’ Gold Fields CEO Says – Bloomberg
Support for Swiss gold referendum proposal weakens as campaign heats up – Reuters

ECONOMY/WORLD/HOUSING/BANKING
Part-time jobs put millions in poverty or close to it – CNN/Money
Federal Workers Goof Off, Get Paid When They Do – Fiscal Times
The Effect of Oil Price Declines on Consumer Prices – Cleveland Fed
China manufacturing activity hits six month low – BBC
Eurozone PMIs slow, raising pressure on ECB – MarketWatch
Hard Evidence: is the UK facing another financial crisis? – Debt Deflation
This year’s housing market was slow; 2015 may not be better – Washington Post
How Federal Reserve Chairwoman Janet Yellen Spent Her September – WSJ
Banking culture breeds dishonesty, scientific study finds – Reuters
When Minsky raises an eyebrow, I pay attention – On the Economy
The Fed’s Culture War – Project Syndicate

 

Grubergate

It’s kind of surprising that this YouTube compilation of MIT economist and Obamacare/ Romneycare Architect Jonathan Gruber material has less than 50,000 views.

Also see Stephen Colbert’s take on the subject here from last week.

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