The Mess That Greenspan Made - Part 4

After watching this segment on John Oliver’s Last Week Tonight, student loans are sounding more and more like 2005-era mortgage lending and we all know how that ended.

I started watching Last Week Tonight early on and didn’t know quite what to think of it at first, sometime not watching it for days later (it’s somewhat timely), but I’m quickly warming up to it and now get to it much sooner in the week.

Some have called it, basically, a Daily Show/Colbert Report that’s done only once a week, but as discussed by Oliver during a recent round of interviews, they always take on one topic that, on the surface, doesn’t sound like it’s going to be very funny and make it so, the above clip being a good example.

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Tuesday Morning Links

As Scots eye independence, rest of UK gets nervous – AP
Scotland’s vote on independence: What you need to know – CNN
Scottish referendum risk sees investors head for the door – Telegraph
Ownership of UK gold up for negotiation if Scotland votes “Yes” – Reuters
Ukraine crisis: EU adopts new sanctions on Russia – BBC
Crude oil falls below key price levels. Are gas prices next? – USA Today
Showtime for Apple: Big phones, smart watches and high expectations – Reuters
The Seeds of U.S. Inflation Have Sprouted and Could Be in Full Flower in 2016 – FSO
Trump Entertainment Files for Bankruptcy in Delaware – Bloomberg
The U.S. Student Loan Debt Crisis Will Dwarf The Mortgage Crisis – MFI Miami
Report: Flight 17 Likely Downed By Outside Impacts – AP
Who’s Afraid of Deflation? – Macro Mania
William Jennings Krugman – NY Sun

World stocks muted, dollar at 6-year high vs yen – AP
Being a stock-market bull just got a lot harder – MarketWatch
Emerging Currencies Fall  Amid Fed Rate-Increase Bets – Bloomberg
Emerging Markets Aren’t a ‘Buy and Hold’ Asset Class – RCM
Bond Bears May Be Right for Wrong Reasons – Bloomberg
Treasuries Decline as BlackRock Warns on Fed – Bloomberg
Gold hovers near 3-month low as dollar strength hurts – Reuters
Macro Factors,Strong Dollar Dominating Gold Price – GoldCore
Is Euro Gold Decoupling From Dollar Gold? – GoldSilverWorlds
Investors, speculators leaving gold market in droves –
Gold at $1,500 by Christmas? – Mineweb

World Bank warns of global jobs crisis – CNA
U.S. consumer credit soars in July with biggest gain since ‘01 – Reuters
The slow decay of American economic competitiveness – Fortune
China’s Military Gets More Bang for the Buck – Bloomberg
Draghi Plea for ABS Support Rebuffed by France, Germany – Bloomberg
Hong Kong, an aspirational society to emulate – Washington Times
What Does It Mean When a House Sells for $50 Million? – Bloomberg
Why the Housing Market Hasn’t Recovered From the Financial Crisis – Nasdaq
Why Aren’t More Renters Becoming Homeowners? – NY Fed
Fed Frets About Market Rate Expectations – WSJ
Assessing Expectations of Monetary Policy – SF Fed
Carney points to spring rate rise – Telegraph


Some Disturbing Labor Market Data Points

In the wake of Friday’s dismal labor report that dismal scientists across the country shrugged off as a one-off event come a couple of interesting (and pretty disconcerting) data points for the U.S. labor market that appeared on the intertubes this morning.

First, from this item at David Stockman’s Contra Corner blog comes the chart below showing what U.S. nonfarm payrolls look like without what can only be described as a more than decade long education and health care (mostly the latter) jobs juggernaut.

In short, while the U.S. population has increased by more than 30 million over the last 14 years, there have been no net-job gains in the U.S. labor force when  health care and education workers are removed from the totals, what Stockman calls “a fatuous shibboleth”.

Also… (more…)

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Monday Morning Links

Japan’s economy shrinks annualized 7.1 pct in Q2 – CNA
The Bad News Continues to Pile up for Japan’s Economy – WSJ
Facing Reality in the Eurozone – Project Syndicate
Scotland split jitters send sterling to 10-month low – Reuters
U.S. Launches New Airstrikes on ISIS to Protect Dam in Iraq – NY Times
The Mess Obama Made on the Way to the So-Called Ceasefire in Ukraine – Fiscal Times
More than Half of Workers Have New Jobs Since the End of the Recession – MR
Why Bubblevision Misses The Epic Failure Of The US Labor Market – Contra Corner
Millennials are saying no to credit cards – CNN/Money
It’s won’t be long before US debt is out of control – Quartz
The Two Pillars of Full-Cycle Investing – Hussman Funds
Do Whatever it Takes to Shock and Awe – Noland, Prudent Bear
What Does the Media Do? – aucontrarian

British stocks, pound fall; Asian markets meander – AP
Goldman Sachs gets bullish again on stocks – CNBC
The Goldilocks Recovery Lives On – New Yorker
Stocks: Bull market alive for 2,000 days – CNN/Money
You Missed $1 Trillion Return Agreeing With Fed Naysayers – Bloomberg
Stock-picking gains traction as volatility looms – MarketWatch
Gold inches down on stronger dollar, drop in shares limits losses – Reuters
Another Week Of Strong Gold Demand In China – BullionStar
Gold not getting much pop post-jobs report – MarketWatch
China gold demand picking up again? – Mineweb
Precious Metals and the Dollar – Silver News

The Exaggerated Death of Inflation – Guardian
Who You Gonna Believe? – Alhambra Partners
The Upside of August’s Jobs Report: A Goldilocks Economy – WSJ
France and Friends: Merkel Increasingly Isolated on Austerity – Spiegel
Eurozone faces another recession as ECB fails to avert confidence plunge – Telegraph
U.K.’s Big Banks Cut Lending by $595 Billion, KPMG Says – Businessweek
China Posts Record Surplus as Exports-Imports Diverge – Bloomberg
China to become world’s largest economy in 2024: IHS – Channel News Asia
China’s housing market is on the brink of collapse. Should Australia be worried? – Guardian
House prices: Have sellers missed the top of the property market? – Telegraph
Struggling Homeowners Are Shouldering The Responsibility Of U.S. Deficit – MFI Miami
Whatever it takes to see helicopter Mario (Draghi) – Antonio Fatas

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