The Mess That Greenspan Made - Part 6

Wednesday Morning Links

MUST READS
Is Going Into Finance Good for Society? – The Atlantic
Gundlach: U.S. stock market is ‘dead money’ – Reuters
Mailbu mobile home sells for a record $5.3 million – LA Times
Fired TSA Security Chief Got $90,000 in Bonuses Despite Failures – Vice News
All You Need To Know About The China Boom-Bust Cycle In One Chart – Zero Hedge
10 Years After An Inconvenient Truth, Al Gore May Actually Be Winning – Wired
A Harvard MBA Guy Is Out to Bring Down the Clintons – Wall Street On Parade
How Anti-White Rhetoric Is Fueling White Nationalism – The Federalist
Libertarian Gary Johnson Pulls 10 Percent vs. Trump And Clinton – Five Thirty Eight
Gary Johnson Is Having a Good Day – The Atlantic
Clinton’s new reality: A dogfight with Trump – Politico
The Rough Road Ahead for Trump – WSJ
Why Is Clinton Disliked? – NY Times

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
What Investors Should Know About Brexit – ValueWalk
Signs of fear are running rampant through the market – CNBC
Treasuries World’s Worst-Performing Bonds as Fed Turns Hawkish – Bloomberg
China Wants to Set Prices for the World’s Commodities – Bloomberg
An Industry Is Falling Out of Love With Hedge Funds – Bloomberg
Gold drops to 7-week low on Fed rate hike prospects – Reuters
An Inside Look at the World’s Biggest Paper Gold Market – Visual Capitalist
Gold and Silver Stocks Slammed, but Fundamentals Look Fabulous – Motley Fool

ECONOMY/WORLD/HOUSING/BANKING
What you need to know about the next recession (starring Donald Trump) – WaPo
Fed economist: We talk too much to public with ‘limited attention span’ – CNBC
IMF Predicts Unemployment In Greece Will Fall To 12 Percent….By 2040 – Forbes
German Business Ignores Brexit Fears as Confidence Improves – Bloomberg
Brazilian Cabinet member was just caught on tape plotting to take down the president – Vox
Canada to Monitor Detained Migrants Electronically Instead of Locking Them Up – Vice News
In France, talking about money is more taboo than talking about sex – Quartz
Are Some Borrowers “Self-Sidelining”? – Mortgage News Daily
Median Home Price and Salary Required in 27 Major Cities – Advisor Perspectives
“NIRP is Killing Us,” Wheezes Spain’s Second Biggest Bank – Wolf Street
Just Stop It! – Contra Corner

 

Credit Cards Reanimated

From last week, the WSJ reports that the number and popularity of credit cards has experienced something of a resurgence after the near-death experience Americans had with debt (that is, excluding student loans) during and after the Great Recession.

I dont’ know about you, but we regularly get offers for new credit cards with introductory rewards of anywhere between $100 and $500 each. You’d think they’d stop sending them to us since we just make the minimum purchases to get the reward and then go back to using our Costco Amex which morphs into an even better Costco Visa next month.

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Tuesday Morning Links

MUST READS
Game on for economic data watch -USA Today
Ending an Unhealthy Obsession With the Fed – Bloomberg
Why the Federal Reserve has to raise interest rates – NY Post
It’s the end of Goldman Sachs as we know it – CNBC
Investment banks have cut 20pc of their staff in the last five years – Telegraph
Lawsuit accusing 16 big banks of Libor manipulation reinstated by US court – Guardian
‘New age’ for oil prompts Citi to raise 2017 forecast to $65 – MarketWatch
Saudi Arabia’s New Oil Plan Shows It’s Just Not That Into OPEC – Bloomberg
How Donald Trump’s Net Worth Jumped in the Past 10 Months – Fortune
Trump in 2007: ‘I’m Excited’ for Housing Market Crash – CNBC
Republicans Pretend to Like Trump – Bloomberg
Clinton declines to debate Sanders in California – CNN
Sanders: Democratic convention could be ‘messy’ – AP

MARKETS/INVESTING
Stocks: 4 things to know before the open – CNN/Money
Asia stocks extend global losses on oil price drop – CNA
The bond market stares down the Federal Reserve – CNBC
Dollar Rally Gathers Pace, Commodities Drop on Fed – Bloomberg
Stock Share Buybacks Now Bought Out – The Great Recession Blog
5 things rich people do with money — that you should be doing – MarketWatch
Gold hits 3-1/2 week low as U.S. rate hike outlook weighs – Reuters
Is this the Gold Buying Opportunity Investors Are Looking For? – US Funds
This could send gold tumbling below $1,000 again, Citi says – MarketWatch

ECONOMY/WORLD/HOUSING/BANKING
What Does It Mean To Be Poor? – Spiegel
Zombie Economy Soon to Have its Zombie Epocalypse – SafeHaven
Overtime Regulations Disproportionately Harm Young People and Startups – Mises
Mark Carney doubles down on Brexit recession risk warning – Independent
IMF demands ‘unconditional’ debt relief for Greece, targets out of reach – Telegraph
Ivy Leaguers Keep Grip on Colombia Economy as Drug Chaos Spreads – Bloomberg
Toronto real estate gimmickry hits the limit of our patience: Keenan – The Star
UK Housing Market Resilient Despite Brexit Uncertainty – London South East
Homeowners boost US economy by spending less on mortgage debt – OC Housing News
Why Has The Fed Failed To Generate Inflation? – Forbes

 

Bryan Cranston Birthday Boy

A good example of why ABC chose to extend Jimmy Kimmel’s contract for three more years.

Haven’t seen it yet, but HBO’s All the Way, in which Cranston reprises his Tony Award winning role as Lyndon B. Johnson, is surely worth watching.

Monday Morning Links

MUST READS
Rosengren: Conditions Almost Right for Rate Hike – Fortune
Bullard: Tight U.S. labor market may pressure inflation – Reuters
Collapsing Venezuela Deploys Military, Tells Citizens US Might Invade – Daily Caller
One of the World’s Most Expensive Countries Is Debating Giving Away Money – Bloomberg
Inside the fight between Daniel Snyder and Native American activists – Washington Post
Americans Cry Out for Third Choice with Record Unfavorables for Both Candidates – RCP
Why Donald Trump might actually believe all the crazy stuff he says – Bloomberg
How corporate America bought Hillary Clinton for $21M – NY Post
The college debt crisis is even worse than you think – Boston Globe
Lake Mead drops to record low: What now? – Christian Science Monitor
Unambiguous Signals Disregarded – Credit Bubble Bulletin
The Coming Fed-Induced Pension Bust – Bloomberg

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
Global stocks, oil, yields slip as investors start week in cautious mood – Reuters
Asian Stocks Climb as Tech Shares Rise, Chinese Equities Gain – Bloomberg
Despite Rally, Hype, and NIRP, Bear Markets Hound the Globe – Wolf Street
Here’s Why the Market Has Been Going Nowhere Fast – Fortune
Oil Traders Are Borrowing From Banks to Store Crude at a Loss – Bloomberg
The ‘scariest chart out there’ looms over pivotal week for markets – MarketWatch
Gold near three-week lows on Fed rate expectations – Reuters
Trump To Boost Gold; Clinton Won’t Challenge The Fed – Kitco
Gold Favored as Fed May Have to Backtrack, Mideast Bank Says – Bloomberg

ECONOMY/WORLD/HOUSING/BANKING
Dueling nowcasts – Econbrowser
Keynes Must Die – LewRockwell.com
‘Brexit,’ a Feel-Good Vote That Could Sink Britain’s Economy – NY Times
Slumping Japan exports, factory orders add to headaches for PM Abe, BOJ – Reuters
US Lifts Arms Embargo on Vietnam Despite ‘Dire’ Human Rights Record – Vice News
Tsipras Survives Austerity Vote, Paving Way for Loan Tranche – Bloomberg
Accidents on India’s deadly roads cost the economy over $8 billion every year – Quartz
Existing-Home Sales in April Signal Slowly Building Momentum – Advisor Perspectives
El-Erian Says Fed Is Talking Up Rate Hike as July Odds Increase – Bloomberg
This Is Not A Drill. This Is The Real Thing. – Fed Watch

 
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