The Mess That Greenspan Made - Part 9

Housing/Internet Bubble 2.0

Maybe it’s just me, but I got a headache after listening to these two talk for just a couple of minutes about the San Francisco housing market- you’ve been warned…

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Wednesday Morning Links

MUST READS
Is China cooking its books? – CNN/Money
China growth beats forecasts but stocks dive – Reuters
Iranians Party as Khamenei Backs Nuclear Accord – Bloomberg
Greek parliament to vote on painful new austerity bill – AP
Greece debt crisis: IMF attacks EU over bailout terms – BBC
Europe’s collective aversion to Grexit is baffling – Telegraph
Athens to vote as IMF warns Greece needs more debt relief – Guardian
Reluctant Tsipras fights to pass reforms in Greek parliament – Reuters
Plenty Deserve Blame for Greece’s Woes, but Not Goldman Sachs – NY Times
Nearly Half of Smartphone Users Can’t Imagine Life Without It – Gallup
I’m 15 and this is why I’m not on social media – stuff.co.nz
Rickards: Back to the Pentagon – Darien Times

MARKETS/INVESTING
Global stock markets uneven after China’s 2Q growth data – AP
Why the Twitter hoax suggests the stock market is near a top – MarketWatch
Who’s right on Netflix: Goldman Sachs or David Einhorn? – USA Today
Proprietary traders ‘self trade’ in bond market chaos – Financial Times
Young Traders, Get Ready For Your Grandparents’ Bond Market – Forbes
Dollar Slowly Losing Status as Primary Reserve Currency – Visual Capitalist
Why Buy & Hold Works – A Wealth of Common Sense
Gold holds steady ahead of testimony from Fed’s Yellen – Reuters
Only permanent supply cuts can lift metal prices – Mining.com
Gold And The Silver Stand-Off – Zero Hedge

ECONOMY/WORLD/HOUSING/BANKING
It was a rough morning for the US economy – Budiness Insider
Wall Street Should Pay for the Recessions They Cause – Fiscal Times
China economy: Things to know about its latest growth report – AP
China’s Growth Beats Economists’ Forecast as Stimulus Kicks In – Bloomberg
China’s Tamed Stock Market Might Bite Its Economy – Bloomberg
Open for business in the new Cuba – New Yorker
Chasm Developing Between Homeowner, Appraiser Values – PR Newswire
California buyers returning to housing market – Los Altos Town Crier
N.Y. Fed official to FX traders: Heed best practices – USA Today
5 Things to Watch in Yellen’s Congressional Testimony – WSJ

 

Almost Total Capitulation

It should be an interesting couple of days in Athens as the Greek people come to understand that the deal Prime Minister Alexis Tsipras brought back from Brussels is worse than the one they rejected ten days ago, a key element being that lawmakers approve it by tomorrow.

The pundits seem to be almost universally pessimistic:

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Tuesday Morning Links

MUST READS
Oil tumbles on Iran nuclear deal – USA Today
Europe Owns This Disaster – Bloomberg
Was this humiliation of Greeks really necessary? – Guardian
Tsipras Enters Parliament Den to Sell Aid Deal to Greeks – Bloomberg
Greece is being treated like a hostile occupied state – Telegraph
It Starts: Greeks Rebel Against Bailout, Risk Collapse – Wolf Street
Greece’s new deal simply won’t work for these two reasons – MarketWatch
An “Austrian” Economist’s Advice for Greece and the EU – Epic Times
Needed: More Government, More Government Debt, Less Worry – WCEG
What Bernie Sanders says about inequality no other candidate will touch – WaPo
Candidates should address needs of Americans sidelined by job market – WaPo
The 2016 U.S. Presidential Race: A Cheat Sheet – Atlantic
How you can be ‘The Millionaire Next Door’ – MarketWatch

MARKETS/INVESTING
Global stocks uneven after Greece deal, China falters – AP
Hedge Funds Reassess China After Market Free Fall – NY Times
U.S. companies expected to report worst sales fall in six years – Reuters
Behind Goldman Sach’s Bullish Stance on China Stocks? – Wall St. on Parade
Bear market may wait for equities to extend gains – MarketWatch
Bond King Gundlach Feuds With Morningstar – WSJ
Gold eases as focus shifts to potential U.S. rate rise – Reuters
Gold Eagle Sales Surge Due To Financial Turmoil – SRSrocco Report
China on track for new annual record gold deliveries – Mineweb

ECONOMY/WORLD/HOUSING/BANKING
What Seasonally-Adjusted Economic Data Needs Most… – No Hesitations
German Production is a Facade Built on Bad Loans… – First Reuttal
China May Tip World Into Recession: Morgan Stanley – Bloomberg
Decline in China New-Car Sales Is Latest Worry for Top Auto Makers – WSJ
China’s Credit Expands in June as Stimulus Efforts Kick in – Bloomberg
Inflation Is Hitting Japanese Households Hard – Bloomberg
Property insider: It’s bigger than you think – New Zealand Herald
Are We Entering Housing Market Bubble 2.0? – Motley Fool
The Fed’s Janet Yellen Ramped Up Outreach to Republicans in May – WSJ
Janet Yellen’s Unusual Optimism – NY Times

 

My guess is that the use of the “a-Greek-ment” contraction by European Council president Donald Tusk is not a good sign for what comes next in today’s Greek debt deal, a deal that is the same or worse than the one the Greek people voted against a week ago.

Markets are rallying on the news – China stocks, U.S. stocks – it’s all good…

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