The Mess That Greenspan Made - Part 4

Monday Morning Links

MUST READS
Selloff gathers pace as stimulus pullback fears deepen – Reuters
Fed rate hike jitters and Clinton concerns hit stocks hard – AP
Gundlach’s Bond-Market Inflection Point – Bloomberg
Why JPMorgan Is Warning Investors to Take Care With Treasuries – Bloomberg
Fed Dove Frets about Asset Bubbles, Wall Street Freaks out – Wolf Street
Phony Accounts Unit Wells Fargo Exec Collected $125 Million – Fortune
The mind-blowing stupidity of Wells Fargo – The Week
Millions Of Older Americans Lack Retirement Funds – ValueWalk
Bill McBride and the Case for Facts – Big Picture
Party Like It’s 1999 (and 1929) – Hussman Funds
Hostage to a Bull Market – WSJ
Reversals – Credit Bubble Bulletin

MARKETS/INVESTING
Stocks: 6 things to know before the open – CNN/Money
World stock markets plummet on Fed rate hike jitters – USA Today
The Bull Is Still Running. So Why Are Investors Tiptoeing? – NY Times
The world’s safest investment just got more dangerous – MarketWatch
Deutsche Bank says 35-year party is over for bond bulls – MarketWatch
OPEC Flips Forecast to Predict Rebound in Rival Supply Next Year – Bloomberg
Dow Decline Signals End of Western Civilization – Reformed Broker
Millionaires’ new challenge: they’re not rich enough for private banking – Guardian
Gold holds steady as stocks, other metals suffer – Reuters
China’s Rising Gold ETF Market: A Hybrid – BullionStar
Gold price: Hedge fund bears in about turn – Mining.com

ECONOMY/WORLD/HOUSING/BANKING
Hanjin ship unloads in U.S. as fresh funds pledged – Reuters
Should You Be Worried about China’s Economic Slowdown? – ValueWalk
North Korea will probably keep testing nukes no matter what the US does – Vice News
Europe’s top court has made merely linking to stolen material on the web a crime – Quartz
Shanghai Police Find Root of Rumors That Sparked Home-Buying Frenzy – WSJ
PBOC’s Ma Says China Must Act to Contain Housing Market ‘Bubble’ – Bloomberg
Central Banks May Choose Helicopter Money Over Negative Rates – Mises
The Untold Story of 9/11: Bailing Out Alan Greenspan’s Legacy – Wall Street on Parade
Why Central Bankers are Like Sheepdogs – Roger Farmer

 

Malinvestment

It’s nice to see that, while leaders come and go, some things remain the same, namely, the growing number of spinning plates the Chinese government attempts to keep from crashing to the floor (a.k.a. the credit and infrastructure binge that future historians will marvel at).

Bloomberg provides the details in this story that includes the graphic below.

SOE: State Owned Enterprise, FAI: Fixed Asset Investment

Of course, to the enlightened modern-day Western (and, apparently, Chinese) economist, there is no such thing as “malinvestment”, so, there’s that…

Tagged with:  

Friday Morning Links

MUST READS
Macy’s is closing another 100 stores – CNN/Money
Three major indexes end at records for first time since 1999 – Reuters
UBS: China’s is Already Started Bailing Out its Banks – Bloomberg
China’s Stimulus Efforts Show ‘Malinvestment Still Hard at Work’ – Bloomberg
Negative Rates for the People Arrive as German Bank Gives In – Bloomberg
Wall St. banks ask Fed for 5 more years to comply with Volcker rule – Reuters
US Student Debt Just Dropped for the First Time in Years – Fiscal Times
NBC’s coverage of the Olympics is atrocious. Here’s why. – Vox
Brazil Is Still the Country of the Future – Bloomberg
America’s birth rate is now a national emergency – The Week
Gary Johnson-Supporting PACs Ready TV Ads – reason.com
Trump’s Contribution to Sound Money – WSJ

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
Summer Markets Grind into the Weekend – Marc to Market
U.S. stocks shape up for more gains after record trifecta – MarketWatch
The VIX and Junk Bond Spreads Are Out of Whack – ValueWalk
There’s already another dotcom bubble – we just haven’t noticed – Telegraph
This popular stock market indicator just suffered another major fail – MarketWatch
Emerging markets are popular with investors again – Economist
Gold lower as dollar steadies, global shares surge – Reuters
What the Next Gold Confiscation Will Look Like – International Man
Gold’s Rally Losing Steam as Stocks Climb and Dollar Strengthens – Bloomberg

ECONOMY/WORLD/HOUSING/BANKING
The Phony Job Recovery – Ron Paul
The Great Productivity Puzzle – New Yorker
Consumer Optimism Is Not the Key to Economic Growth – Mises
Venezuela and Colombia are going to reopen their border – Vice News
China’s Stability Falters as Factory Output, Credit Growth Slow – Bloomberg
Why China Trade Hit U.S. Workers Unexpectedly Hard – WSJ
Fannie Mae: Millennials finally starting to buy homes – Housing Wire
Home Equity Loans Come Back to Haunt Borrowers, Banks – WSJ
Fed needs to gradually take its foot off the gas, Williams says – MarketWatch
ECB negative rates at limit, should focus on asset buys, IMF economists say – Reuters

 

Brooks on Rose on Trump

When NY Times columnist David Brooks last appeared on Charlie Rose he said he had to get outside the New York – Washington bubble in order to understand the appeal of Republican Nominee for President, Donald Trump. In this return visit, he shares what he’s learned.

Lots of interesting stuff here – Hillbilly Elegy, “word-people” and those who aren’t, Trump’s extremely strong “short-burst” sentences, etc.

Thursday Morning Links

MUST READS
Billionaires are holding $1.7 trillion in cash – CNBC
Ferraris and fine wines lure investors hit by rate ructions – Reuters
Failed BOE bond purchase another crack in image of central banks – MarketWatch
Pitfalls of Global Yield Hunt Exposed in Mongolia, Ukraine Routs – Bloomberg
Putin accuses Ukraine of trying to provoke a new conflict over Crimea – Reuters
More Old Than Young: A Population Plague Spreads Around the Globe – Bloomberg
Why it’s twice as expensive to retire today as it was 25 years ago – MarketWatch
BLS Just “Revised” Away Obama’s “Fastest” Wage Growth Since The Crisis – Zero Hedge
Undecided Moms Say Clinton Will Win by Default – Real Clear Politics
Trump’s Second Amendment Comment Cannot Be Excused – The Atlantic
Donald Trump is losing his war on political correctness – The Week
Racial bias found in ‘every stage’ of Baltimore policing – Vice News

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
Many are cashing out of stock mutual funds – USA Today
IEA: ‘Massive’ stock overhang is capping oil price – MarketWatch
Saudi oil production rises to record level in July – Financial Times
Asian Stocks Fall From One-Year High as Commodity Shares Tumble – Bloomberg
The Dow at 20,000 in a year is now the consensus forecast – MarketWatch
Rosenberg: Confused? Wait until you see what the ‘smart money’ is doing – Financial Post
Gold eases as firm dollar prompts investors to cash in gains – Reuters
Smashed Silver Snaps Back into Ferocious Bull Market – Money Metals Exchange
Investment demand for gold jumps to all-time high – Mining.com

ECONOMY/WORLD/HOUSING/BANKING
Breaking The American Consumer – ValueWalk
The real reason Americans are eating out less – CNN/Money
What’s Really Wrong With the Unemployment Rate – Bloomberg
The Difficulties of Moving Millions of People – WSJ
German economy lost growth momentum in Q2 – Reuters
India’s forests are worth $1.7 trillion, more than the GDP of Russia – Quartz
There Are All Kinds of Signs of a High-End Real Estate Slowdown – Bloomberg
Lopsided Housing Rebound Leaves Millions of People Out in the Cold – WSJ
Demystifying Monetary Finance – Project Syndicate
Does Fiscal Stimulus Work – Cleveland Fed

 
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