The Mess That Greenspan Made - Part 5

Fed opens Pandora’s box

There’s been lots of discussion about monetary policy since last Thursday’s no-decision by the Fed on interest rates and Mike Baele, senior portfolio manager at US Bank Private Client Reserve, wonders what the central bank is thinking with its new focus on the global economy and foreign stock markets, all of which seems to have confused investors.

See also Bill Gross’ latest commentary in which he urges the Fed to move:

Near term pain? Yes. Long term gain? Almost certainly. Get off zero now!

Thursday Morning Links

What is Putin’s end game in Syria? – BBC
Putin Said to Plan Islamic State Strike With or Without U.S. – Bloomberg
Yellen’s Inflation Lecture More Than Just an Exercise for Fed – Fox Business
We Still Aren’t Sure What Will Cause Janet Yellen to Pull the Trigger – Bloomberg
The Worst Part Is Central Bankers Know Exactly What They Are Doing – Alt-Market
“Why Has It Suddenly Stopped Working”: The Chart Traders Lose Sleep Over – Zero Hedge
Gross Tells Fed to `Get Off Zero Now!’ as Economies Run on Empty – Bloomberg
What the most hated company in America reveals about our insane drug market – The Week
Stampede kills more than 300 at Hajj pilgrimage near Mecca – CNN
How Sanders can rise above all the cliches – The Hill
Trump, Carson, Fiorina, Rubio Lead In New Poll – Daily Caller
Trump goes after Rubio – Politico

Futures fall sharply, Yellen speech awaited – Reuters
The bear market has begun – MarketWatch
A Battle for the Stock Market’s Soul – Bloomberg
Goldman Sachs Doesn’t Understand Stocks – Motley Fool
Rosenberg: Don’t expect the Fed to hike any time soon – National Post
A Big Bet That China’s Currency Will Devalue Further – NY Times
Harvard warns: Markets look frothy. Time for more short sellers – CNN/Money
Stock market must pass retest of lows to end funk – USA Today
Platinum steadies after 4-day rout, demand worries remain – Reuters
The Mythical Silver Shortage – Speculative Investor

U.S. factory activity stuck at near two-year low in September – Reuters
Confession Of An Economist: Writing To Impress, Not to Inform – Zero Hedge
China lost its economic swagger right before U.S. summit – CNN/Money
Norway Cuts Rates to Save Economy From Oil Slump – Bloomberg
Taiwan cuts rate to support economic growth – Reuters
Mexico Moves to Support Peso as Currency Tumbles – Bloomberg
German Consumers Increasingly Concerned About Economy – NY Times
The Most Expensive Place in the World to Live – WSJ
Revisiting Yellen’s Bubble Doctrine – Alhambra Partners
Central Banks Don’t Dictate Interest Rates – Mises


Stereotypes: Golf

For the first time in 10 or 12 years, I’ve been playing a lot of golf over the summer and this offering from Dude Perfect gets a lot of things right when looking at how we play the game.

The Tee Box Talker and The Ball Hunter are two parts of this that I can really relate to (not me, of course – some guys just don’t know when to shut up and others prefer looking for balls rather than playing). Sadly, I suspect these things get worse as you get older.

Wednesday Morning Links

Martin Shkreli – ‘the most hated man in America’ – BBC
Martin Shkreli Lowers Drug Price, Is Still an Asshole – Daily Beast
China Factory PMI Unexpectedly Falls to 6-1/2 Year Low – Fox Business
China factory slump casts pall but Europe pierces gloom – Reuters
Yellen Speech a Chance to Confirm or Deny 2015 Liftoff – Bloomberg
Low Interest Rates Cannot Save a House of Cards – Epic Times
Russia seen building two more military facilities in Syria – Reuters
Now We Know What Putin Is Up To In Syria – Fiscal Times
Costco shopper, 78, punched in fight over Nutella waffle samples – LA Times
Los Angeles, teeming with homeless, declared state of emergency – Quartz
In Pictures: 50 years of Americans treating popes like rockstars – The Week
Donald Trump sends Club for Growth cease and desist letter – Politico
Scott Walker Was Never All He Was Reputed to Be – Atlantic

Asian stocks down on weak China data – AP
The bull market in stocks is not dead – MarketWatch
Hedge fund leader bets on emerging market rout – Financial Times
If the US Bond Market Blows, it’ll Dig a Magnificent Crater – Wolf Street
The simple reason you’ll probably never retire comfortably – MarketWatch
Platinum drops to 6-1/2-year low on Volkswagen scandal – Reuters
Gold Miner Ready for Yellen to ‘Get on With It’ Sees Price Rally – Bloomberg
Silver Coin Premiums Continue Running Higher Over Spot – Jesse’s Cafe
‘Time to warm up to gold?’ – Mineweb

How Much Do Inflation Expectations Matter? – NY Fed
A Growing Gap in Life Expectancy by Income – Conversable Economist
China could dodge Fed bullet, but Malaysia in the firing line – Bloomberg
Greece’s new government ‘doomed to fail’ over flawed bail-out – Telegraph
Euro Area on Track for Growth as Orders Accelerate – Bloomberg
Dispelling three myths on economics in Germany – voxeu
NAR dismisses decline in existing-home sales as sign of distress – Inman
The Fed Is Closer to Its Target Using This Inflation Measure – Bloomberg
Command and Control Economics – Economic Prism
The Fed, killing economic growth softly – The Hill


Shkreli Makes a Splash

Hedge fund manager turned pharmaceutical company wunderkind Martin Shkreli made a grand entrance onto the national stage yesterday by defending his company’s decision to raise the price of an AIDs related drug from $13.50 per pill to $750.

His actions prompted a tweet from Hillary Clinton that sent Biotech stocks plunging (no doubt endearing himself to other Biotech CEOs) while generating headlines like these:

Not sure if that old saying “any publicity is good publicity” applies in this case.

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