The Mess That Greenspan Made - Part 3

(Not So) Golden Years

Breaking down the chart below (found in this Economic Policy Institute report) by age would be helpful as there is surely a big difference between a 30-something and a 55-year old when it comes to retirement savings, however, it still shows the rather bleak outlook for many Americans while in their golden years, save for the top 10 percent who will likely be disappointed to find out how far a couple hundred thousand dollars will go.

The data for the top one percent would likely be pretty shocking to the rest of us, a situation that is not likely to change absent a rebound in the political fortunes of Bernie Sanders.

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Wednesday Morning Links

MUST READS
What to expect from the Federal Reserve meeting – LA Times
Five Things to Watch at the June Fed Meeting – WSJ
Will Janet Yellen Save the Markets Again? – The Street
Not June, Not Likely July, More Likely September – Bloomberg
Exclusive: ECB would pledge to backstop markets after a Brexit – Reuters
How The Obama Administration Became Earth’s Largest Arms Dealer – Ammo.com
World’s Top Weapons Manufacturers Show Off Their Latest in Paris – Vice News
The Deepest Money Pit Atlantic City Has Ever Seen Re-Opens – Bloomberg
Paul Ryan twists himself into a pretzel over Donald Trump’s Muslim comments – Vox
Russia ‘is poised to release emails from Hillary Clinton’s private server’ – Daily Mail
Can Trump And Clinton Transform The Electoral Map? – Five Thirty Eight
Americans’ Confidence in Institutions Stays Low – Gallup
What Consumers Owe Uncle Sam – Bloomberg

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
Soros, Icahn, et al. – The Billionaire Bears Club – Value Walk
Bubble News From The Nosebleed Section – Contra Corner
Machines Beat Humans in Quest to Time Market Bottom – Bloomberg
Nobody Is Left To Buy Stocks, JPM’s Top Quant Says – Barron’s
Scared investors flee to cash at highest levels since 2001 – CNN/Money
Opinion: Investors, now is your last chance to dump bonds – MarketWatch
Gold eases from six-week high ahead of Fed decision – Reuters
What Happens When Big Money Moves Into Silver? – SRSrocco Report
5 things to know before you buy a gold ETF – Secular Investor

ECONOMY/WORLD/HOUSING/BANKING
America’s Workforce Runs on Uppers – Jstor
Why this Economy Feels Even Crummier than the Data – Wolf Street
Here’s Why Job Seekers Are So Miserable These Days – Fiscal Times
U.S. Third Fleet expands East Asia role as tensions rise with China – Reuters
In Photos: Tear Gas, Blood, and Molotov Cocktails in Central Paris – Vice News
London Rents Eating Up 57% of Twentysomethings’ Income – Bloomberg
How I Helped Inflate the Housing Bubble – Bloomberg
Summers: The Fed is making the same mistakes – Washington Post
The Fed’s nauseating roller coaster year – CNN/Money

 

I Feel the Earth Move

Another diversion from what can be be found in the news today, including a surprising amount of interesting new stuff (e.g., sub solar points and Lahaina Noon).

Of course, the Monty Python gang had some thoughts on this as well..

Whenever life gets you down, Mrs.Brown
And things seem hard or tough
And people are stupid, obnoxious or daft
And you feel that you’ve had quite enough

Just remember that you’re standing on a planet that’s evolving
And revolving at nine hundred miles an hour
That’s orbiting at nineteen miles a second, so it’s reckoned
A sun that is the source of all our power

So remember, when you’re feeling very small and insecure
How amazingly unlikely is your birth
And pray that there’s intelligent life somewhere up in space
‘Cause there’s bugger all down here on Earth

Tuesday Morning Links

MUST READS
EU referendum poll: Brexit vote on the rise – Scotsman
Polls show rising support for Brexit; Sun backs ‘Leave’ – Reuters
The Orlando massacre was just one of 43 shootings yesterday – Vox
Coworker of Orlando Gunman Reported Him to Employer as ‘Unhinged’ – Vice News
I’m a Gay Activist, and After Orlando, I Have Switched My Vote to Trump – PJ Media
What if Donald Trump is exactly what people want after Orlando? – Washington Post
Trump’s Response to Orlando Is Exactly What ISIS Wants – Slate
Omar Mateen and the Clash of Civilizations – American Conservative
Who to Scapegoat? Guns or Muslims? – American Spectator
Wasserman Schultz May Be Dems’ Odd Woman Out – RCP
What’s New in Particle Physics – Scientific American
Newest photo of Pluto stuns scientists – CSM

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
The Bad Side of Bull Markets – Value Walk
Banner Day For Bitcoin Investment Trust – Barron’s
German 10-Year Yields Below Zero as Pound Slides on Brexit Risk – Bloomberg
Brexit Panic Sends Emerging Markets to Worst Streak in 5 Months – Bloomberg
Japan finance minister issues fresh warning on yen rise amid Brexit worries – Reuters
Gun company shares rise after Orlando tragedy – USA Today
Gold down, but near 4-week high ahead of Fed meet, Brexit vote – Reuters
Gold price: Hedge funds pile back into gold ETFs – Mining.com
Gold Company To Withhold Sales, Store Gold “for the long-term” – SHTF Plan

ECONOMY/WORLD/HOUSING/BANKING
Is It a Crime to Be Poor? – NY Times
Which Labor Market Data Should You Believe? -NY Times
EU Governments Get Stingier Over Citizenship – WSJ
Protests Over Food Shortages in Venezuela Leave Three Dead – Vice News
Goldman Sachs hired prostitutes to win Libyan business, court told – Guardian
Lenders bear most (but not all) responsibility for housing bubbles – OC Housing News
Survey: 71% of those with student debt say it delays homeownership – CNBC
Update: Real Estate Agent Boom and Bust – Calculated Risk
Flip-Flopping Fed Looks Foolish to the Market – Fiscal Times
Tim Duy’s Five Questions for Janet Yellen – WCEG

 

Dean of Elfery

Anyone in need of a chuckle this morning after the weekend’s events need only view the first minute or so of John Oliver’s take on retirement plans and financial advisers.

Here’s a link to the referenced Elf Spotting certificate … in case anyone’s interested.

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