The Mess That Greenspan Made - Part 3

And … the Big Banks Win Again

Senator Elizabeth Warren (D-MA) details the ongoing, outsized influence that big Wall Street banks have on the Washington D.C. sausage factory as another last-minute provision favoring said big banks is inserted into a “must-pass” spending bill last week.

Also see Matt Taibbi’s take on the further dilution of the Dodd-Frank financial market reform (a.k.a. the “Citigroup provision”) and Ms. Warren at Rolling Stone.

Monday Morning Links

MUST READS
Fed faces big decision over a few choice words – Reuters
JPMorgan CEO Jamie Dimon helped whip votes – The Hill
Wall Street’s Win on Swaps Rule Shows Washington Resurgence – Bloomberg
Dodd-Frank Budget Fight Proves Democrats Are a Bunch of Stuffed Suits – Rolling Stone
Wall Street’s Revenge: Dodd-Frank Damaged in the Budget Bill – Krugman, NY Times
Suspected Islamist Gunman Takes Hostages in Sydney Coffee Shop – Vice News
US stripper well operators eye closures amid low oil price – Financial Times
Gulf markets plunge as OPEC says ‘no set price’ for oil – USA Today
Bakken oil pipeline project slammed shut – CNBC
Junk-Bond Worries Spread Beyond Oil – WSJ
Well Played, Wall Street! – Dollar Collapse
A Sensible Proposal and a New Adjective – Hussman Funds
The Collapsing Periphery – Noland, Prudent Bear

MARKETS/INVESTING
Ruble hits ecord low; Europe stocks higher – AP
Barron’s Couldn’t Find a Bear – Reformed Broker
Oil hits new five-year low before rallying to $63 – Reuters
Yet Another New Phase For The New Normal? – Capital Spectator
Treasuries Drop on Speculation Fed Will Abandon Low-Rate Pledge – Bloomberg
Gold slips 1 percent as dollar firms before Fed meeting – Reuters
Why Austria Is Likely To Repatriate Its Gold From London – BullionStar
The Golden Age – NY Times

ECONOMY/WORLD/HOUSING/BANKING
Fake Jobs, Fake Growth, and a Two Class Society – Dark Bid
Oil prices as an indicator of global economic conditions – Econbrowser
Median wealth for whites in the US is $142,000. For blacks, it’s $11,000. – Vox
Japan’s Abe must deliver on economy after victory – CNN/Money
BOJ survey shows Japan business mood fragile, highlights Abe’s challenges – Reuters
Bundesbank backs ECB line on possible further measures – Business Times
Subprime lending market in Canada skyrockets to record as banks tighten reins – FP
Just how big a threat is Canada’s frothy housing market? – Globe & Mail
Mortgage Binges and Painful Hangovers – reason.com
More Questions for Yellen – Fed Watch
A Considerable Period – Alhambra Partners

 

Anticipation

My favorite chart from the Jeffrey Gundlach/Doubleline Capital presentation the other day.

This one was pretty good as well – a stroll down memory lane at the last interest rate normalization campaign by ‘Ol Greenie that was affectionately called “Baby Steps“.

Thursday Morning Links

MUST READS
Russia raises interest rates to 10.5% – BBC
China Pumps $65 Billion Into Banking System – WSJ
Fed’s debate shifts from lift-off to long march to normal – Reuters
Fed Bubble Bursts in $550 Billion of Energy Debt – Bloomberg
Oil price drop a conspiracy, Iran’s president says – UPI
It’s Different This Time… Rig-Count Edition – Zero Hedge
Canada Heavy Oil Nearing $40 Threatens New Oil Sands Projects – Bloomberg
Chart Of The Day: Crude Oil… How Bearish Are You? – Short Side of Long
Duck And Cover——-The Lull Is Breaking, The Storm Is Nigh – Contra Corner
The Spending Bill Giveaways To Wall St. and the Wealthy – Commond Dreams
Atheists Are Banned From Holding Public Office In Seven US States – Vice News
Jean-Claude Yellen – Krugman, NY Times

MARKETS/INVESTING
Asia stocks down on global economy jitters – AP
Sometimes Markets Are Stupid – Bloomberg
Plunging Oil is Bleeding into U.S. Stocks – Barron’s
S&P 500 Selloff Accelerates – Advisor Perspectives
6 decisions every investor must make – MarketWatch
U.S. 30-Year Bond Return Tops 25% in 2014 – Bloomberg
Gold falls from 7-week high as dollar, shares recover – Reuters
Indian households spend 8% of its daily consumption on gold – India Times
Gold forecasts for 2015 – Scotiabank mining panel – Mineweb
Expect Higher Gold Prices In 2015 – GoldSilverWorlds

ECONOMY/WORLD/HOUSING/BANKING
This is what it feels like to be unemployed for years – Vox
The myth of self-reliance is fueling income inequality – Washington Post
The Rise of the Economic-Policy Truthers – New York Magazine
Yuan Has Real Shot at IMF Blessing on Reserve Status – Bloomberg
Bank of Canada warns house prices are overvalued by up to 30% – Financial Post
D.C. region’s housing market remains stalled – Washington Post
Where Will Aging Baby Boomers Buy Homes? – WSJ
Elizabeth Warren is really angry about Dodd-Frank change – CNN/Money
Central Banks Have Failed Because They Can’t Push Wages Higher – of two minds
Challenging the Fed – Fed Watch

 
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