The Mess That Greenspan Made - Part 8

Monday Morning Links

MUST READS
Dow futures fall sharply after IBM miss – USA Today
Asia shares surge after Wall Street rally – Channel News Asia
Four Lessons of a Wild Market Week – Bloomberg
European Central Bank starts stimulus purchases – AP
Russian rouble weakens on debt downgrade – BBC
Russian Finance Minister: Oil prices won’t recover – RT News
Who’s Afraid of the Russians Cutting Natural Gas Supplies? – Bloomberg
BIS chief economist warns of dangers of easy money – Channel News Asia
On the Tendency of Large Market Losses to Occur in Succession – Hussman Funds
The Downside of Do Whatever it Takes – Noland, Prudent Bear
The history of money: from barter to bitcoin – Telegraph
Replica of Monticello is up for sale at $6.5 million – LA Times
Move over, Dallas Cowboys. America has a new team – CNBC

MARKETS/INVESTING
European markets fail to pick up Asia’s baton – AP
Does Wall Street have another wild week ahead? – USA Today
Wall Street attempts to navigate the era of ‘Yellen put’ – Washington Post
Markets not looking to repeat Black Monday – MarketWatch
Investing for dummies—and smart guys—in a whipsaw market – CNBC
The deja-vu selloff is reaching a ‘crisis bottom’: McClellan – MarketWatch
Leveraged Money Spurs Selloff as Record Treasuries Trade – Bloomberg
Gold climbs above $1,240/oz as European stocks retreat – Reuters
Gold Bulls Lured Back for First Time in Two Months – Bloomberg
The Chinese Precious Metals Market Is On Fire – BullionStar
India’s Diwali festivities could push Gold higher – BullionStreet

ECONOMY/WORLD/HOUSING/BANKING
Economic malaise clouds Florida governor’s race – AP
Stop with the fiction of a binary economy – Washington Post
UK economic growth to fall to 2.4% in 2015, says EY Item Club – BBC
‘Poets and Alchemists’: Berlin and Paris Undermine Euro Stability – Spiegel
Why the Chinese Yuan is Being Courted in Canada – FP
How eurozone gloom is blighting the UK housing market – Telegraph
Housing market slowing down, fewer millennials buying homes – Fresno Bee
FHA is set to return to anti-house-flipping restrictions – LA Times
Market action reinforces need for policy patience: Fed’s Rosengren – Reuters
Amid QE, indiscriminate investing has taken place: Dallas Fed’s Fisher – CNBC
Volatility Unlikely to Alter Fed’s Policy Course – NY Times
The boom-and-bust Fed’s rental society – Asia Times

 

Hopeful at Barron’s

There’s a clear sense of “let’s just get this correction over with” at Barron’s over the weekend in Big Money Poll: The Bull Will Be Right Back ($) where the graphic below appeared.

We’ll see if Mr. Market cooperates. So far this morning, Mr. Market seems grumpy.

Friday Morning Links

MUST READS
Wall St. Might Know Something We Don’t – NY Times
Greek drama: Bond yields near 9% threshold – CNBC
Bullard Challenges Fed to Respond to Weakening Inflation – Businessweek
ECB to start asset purchases within days: Coeure – MarketWatch
BOE chief economist says rates to stay low until after mid-2015 – Fox Business
BOJ bill-buy offer fails to attract sellers, shows limits of easing strategy – Reuters
Four Reasons the Bernanke-Yellen Asset-Price Inflation May Be Nearing Its End – Mises
3 Central Texas schools cancel classes over Ebola concerns – KHOU
How the World’s Top Health Body Allowed Ebola to Spiral Out of Contro – Bloomberg
CDC: You Can Give—But Can’t Get—Ebola on a Bus – CNS News
Islamic State training pilots to fly in three jets: Syria monitor – Reuters
26 arrested for protesting outside Walmart billionaire’s New York home – CNN
Baby Boomers are overexposed to stocks in this rocky market – CNN/Money
Either you’re the butcher or you’re the cattle – Burning Platform

MARKETS/INVESTING
Stock markets rebound after global gyrations – AP
The stock market, inevitably, is going to crash – MarketWatch
Some Thoughts about the Dollar’s Technical Outlook Now – Marc to Market
Why The Russell 2000 Has Shaken Off The Market Rout and is Rising – Zero Hedge
Momentum Driven Market Works Really Painfully on the Way Down – Wolf Street
Treasuries Pare Weekly Gain as Housing Starts Exceed Forecast – Bloomberg
Gold set to post weekly gain on uncertain US rate outlook – Reuters
Gold price upside limited in 2015 – Scotiabank – Mineweb
Silver Miner Suspends Sales: 35% Of Production Due To Low Prices – SRSrocco Report
Another Reminder Gold Is Not Often As It Seems – Alhambra Partners
“Save Our Swiss Gold ” – Game Changer For Gold? – GoldCore

ECONOMY/WORLD/HOUSING/BANKING
Over 48 million Americans live in poverty – CNN/Money
Obama’s Top Economist Questions Thomas Piketty’s Inequality Claims – WSJ
Safety Net Cut Poverty Nearly in Half Last Year, New Census Data Show – CBPP
The world’s richest economies: China no more – Economist
Specter of Renewed Crisis Polarizes Europe – NY Times
In Qiqihar, a glimpse at China’s slowdown – Reuters
Russia’s $13 Billion Support for Ruble Impaired by Oil Under $90 – Bloomberg
China’s housing market rescue still risky business – Want China Times
Older Homeowners Won’t Get a HELOC, a Second, or Refi based on your Equity – Mandelman
Now Comes The “Specter Of Deflation”: The Money Printers’ Latest Scam – Contra Corner
Yellen says she’s ‘greatly’ concerned by rising inequality – MarketWatch

 

Food Stamps and Unemployment

More evidence that the current economic “recovery” is unlike any other comes via Robert Doar in this item at Real Clear Markets where food stamp SNAP (Supplemental Nutritional Assistance Program) usage has failed to take its usual course following the end of a recession by moving lower along with the unemployment rate.

Of course, new claims for unemployment insurance reached a 14-year low earlier today, so, the recent trend shown above shows no sign of reversing.

Why is this happening? The answers you might hear are likely dependent upon the political party affiliation of the person responding to the question, but this also involves changing demographics, ongoing cultural changes related to government assistance, and a host of other issues related to our financial/economic system and the decline of an aging empire.

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