Wells Fargo admitted to firing 5,300 employees for engaging in illegal, fraudulent tactics. Now, CNN is reporting that it spoke with numerous former Wells Fargo workers around the country who tried to put a stop to these illegal tactics. Almost half a dozen workers who spoke with us say they paid dearly for trying to do the right thing: they were fired.
We are speaking, of course, of the Fed’s decision to punt yet again, and for a reason that is not mysterious at all. To wit, our financial rulers are petrified of a stock market hissy fit, and will go to any length of dissimulation and double-talk to avoid triggering a crash of the very bubbles their policies have inflated.
When Charlotte erupts, we need to pay particularly close attention. Some still think that this nation is doing just fine except for those ugly pockets of poverty and segregation that routinely explode like Baltimore or Chicago. Others know better, but hope to move away from, and thus avoid addressing, the persistence of ugly racial injustice and the cries for help coming from black families. Charlotte is their wake up call.
European regulators expect Italian bank Monte dei Paschi di Siena will have to turn to the government for support, Reuters reports, although Rome would strongly resist such a move if bondholders suffered losses.
The Fed is "imposing long-term harm for no short-term good here... we've got an inappropriate level of interest rates which is distorting asset markets, blowing bubbles and will eventually end up in inflation."
Short-term volatility expectations plummeted during Wednesday’s post-Federal Reserve meeting stock market rally. However, considering this rush out of the VXST occurred from an already relatively low level (17.22), prior similar occurrences suggest the upside is perhaps limited here for the S&P 500.
Far be it from us to claim that a mainstream media entity is exhibting bias or 'tweaking' its data, but a glance at the last 10 major national polls of the presidential election suggests 'something' is up...
"It's very concerning to see that inventory conditions not only show no signs of improving but have actually worsened in recent months from their already suppressed levels a year ago," said the NAr's Larry Yun. "While recent data from the U.S. Census Bureau (shows that household incomes rose strongly last year, home prices are still outpacing incomes."
The Fed's complete failure and decision to lower its forecast for US long term growth to record lows has sparked buying across every asset class as the USD Index slides. VIX has been monkey-hammered back to an 11 handle as the looming US election appears to be entirely irrelevant...
And just like that: risk-parity / various other leveraged ‘target risk’ strategies (S&P Target Risk Aggressive Index saw its best day since first week in July yesterday) are back in the driver’s seat, as the Fed and BoJ went back to their “happy place” of a vol-suppression kind of world. That is exactly who / what we are seeing in equities futures, UST futures / curves right now. Lever it up again!
"We are, it seems to us, entering the period we shall call the “Zimbabwe-isation” of the global capital markets and we say that with all sincerity… and requisite trepidation. This will end badly of course. These things always do, but until they end… until the music finally stops… the game has to be played and the music, as it plays, has to be enjoyed."
For 19 straight months, the smoothed average of the Chicago Fed's National Activity Index has been in contraction. This is the longest period of contraction without a recession in the 49 year history of the indicator...
In a move that is certain to provoke more accusations of Twitter censorship, this morning Twitter has suspended the account of Glenn Reynolds, aka @instapundit and creator of the Instapundit blog, a University of Tennessee law professor and a conservative columnist for USA TODAY, following a tweet that urged motorists to run over demonstrators blocking traffic in Charlotte, N.C., caused an uproar.
The latest massive data breach, one which may or may not be blamed on Putin, came overnight when ReCode reported that Yahoo is poised to confirm that a hacker has exposed approximately 200 million user accounts.