The Mess That Greenspan Made - Part 30

I Bet They Didn’t See That Coming

What is it with the French?

Presumably they ask the same questions about us ‘Mericans and our guns, but the bloody French Revolution from about 225 years ago comes to mind watching these Air France executives trying to exit the scene after announcing mass job cuts yesterday.

Details of how the executives were “almost lynched” are found in this story from Agence France-Presse, Whochit News provides this video, and there’s this report at The Guardian.

They’ll probably think a little more about security next time…

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Tuesday Morning Links

Russian Soldiers Join Syria Fight – NY Times
As cash goes out of fashion, ATM fees soar – Chicago Tribune
You can print money, so long as it’s not for the people – Guardian
Despite ‘weak’ jobs report, Fed’s Rosengren still sees 2015 rate hike – Reuters
Goldman Says Fed May Hold Rate Well Into 2016 as Treasuries Gain -Bloomberg
The India-Pakistan border is so closely guarded it can be seen from space – Quartz
Las Vegas May Be the Model for Sustainability in America – Motley Fool
The Myth of the Good Guy With the Gun – Politico
Nomi Prins: How Trump Became Trump – TomDispatch
Trump sent prank care package to Rubio – CNN
Clinton Skewers GOP on Benghazi Probe – Fiscal Times
Why Rand Paul is fizzling – The Week

World stocks up on hopes for Fed hike delay – AP
Why now is the time to ‘be brave’ with stocks – MarketWatch
Don’t be fooled by the market’s ‘test’ of the lows – MarketWatch
Junk bond market like a ’slow-moving train wreck’ – CNBC
Paul Tudor Jones Sees Choppier Markets as Fed Shifts Focus – Bloomberg
Americans really don’t give a **** about the markets – Reformed Broker
What are we to make of the commodity price meltdown? – Telegraph
Gold steadies on softer dollar, views on Fed’s rate rise – Reuters
Silver Prices Winding Up for Potential Breakout – GoldSilverWorlds
The Silver Market Disconnect in Two Chartss – SRSrocco Report

True Measure of Stagnation: Not in the Labor Force – of two minds
US economy flies into “coffin corner” – Fabius Maximus
Less Than a Third of Unemployed Get Benefit Checks – WSJ
Canada and the Oil Price Shock – Sober Look
Japan’s ‘Abenomics’ experiment is on the rocks – CNN/Money
Black Knight: Cash-out refis up 68% since 2Q 2014 – Housing Wire
The Comments Section of Bernanke’s Propaganda Piece – Liberty Blitzkrieg
The More Ben Bernanke Talks, the Smaller He Becomes – RCM
How Revisionism Saves Bernanke – Alhambra Partners
Ben Bernanke — The Courage To Act? – DOTE


Another Measure of Participation Rate

Deep into the comments section of Ben Bernanke’s WSJ op-ed today about how he saved the world (I don’t normally read this stuff, but made an exception in this case to see how far into the 400+ comments I’d have to go before finding something positive – ultimately, I gave up) came a link to another measure of labor force participation rate from the St. Louis Fed that excludes two age groups – 16-to-25 and those 55 and over.

This is marginally better  than the BLS version that includes people 16 years and older that appeared here on Friday (i.e., a 30-year low rather than a 38-year low), but still begs the question of what fundamental factors are driving the change, that is, aside from the catch-all conclusion from the Atlanta Fed that “people just don’t want to work” anymore.

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Monday Morning Links

How the Fed Saved the Economy – Bernanke, WSJ
Bernanke wanted Wall Street’s worst in jail – CNN/Money
Lashed To The Zero Bound -  The Fed’s Ship Of Fools – Contra Corner
Fed’s Dudley: U.S. lacks bubble-fighting tools – MarketWatch
Policy Makers Skeptical on Preventing Financial Crisis – NY Times
U.S. system designed to prevent financial crisis ‘likely to fail’ – MarketWatch
Michael Hudson on Parasitic Financial Capitalism – Naked Capitalism
Ending Gun Violence: Common Sense Versus Magic –
Why the House speaker’s race just got nasty – CNN
Biden previews battle against Clinton – Politico
A Growing Risk of Recession – Hussman Funds
Party Crashing – Credit Bubble Bulletin

What to Watch in the Stock Market This Week – Motley Fool
Supply, demand and the price of oil – Econbrowser
Saudi Arabia cuts oil prices amid OPEC price war – MarketWatch
Two faces of October: Crash-prone but ‘bear killer’ – USA Today
U.S. hedge funds brace for worst year since financial crisis – Reuters
Grexit and China fears drain investor confidence – FT
Central Banks Lose Bond-Market Credibility – Bloomberg
Gundlach: “People Are Holding And Hoping”LE – Zero Hedge
Gold slips on higher shares, soft U.S. jobs data curbs decline – Reuters
Precious metals could be bottoming – Peter Brandt

Who likes lackluster economic growth? The rich. – The Week
Dollar’s Surge Weighs Down United States’ Economy – NY Times
China Weighs on East Asia as World Bank Cuts Outlooks – Bloomberg
Slow wage growth keeps pressure on BOJ for more stimulus – Straits Times
U.K. Services Downturn May Keep BOE Cautious on Interest Rates – Bloomberg
Sweden’s liberal image is a mirage that hides a very ugly problem – Quartz
Portugal’s Ruling Coalition Defeats Socialists in Election – Bloomberg
Housing Boom, Schooling Bust – The Atlantic
Fed’s lifotff: a shift in sentiment – Sober Look
Why NIRP may trump QE4 – Bawerk


Participation Rate Falls to 38-Year Low

Amongst the other bad news in today’s September Labor report (i.e., payrolls up 142,000 vs. expectations of 200,000 and downward revisions to prior months totaling 59,000), comes word that the labor force participation rate fell to the lowest level since 1977 (i.e., less than half-way through the decades-long transition of women entering the workforce).

Interestingly, according to the household survey, while the civilian population rose by 229,000 last month, some 579,000 people were counted as no longer in the labor force with only 23,000 of them still wanting a job.

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