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New York Mayor de Blasio Demands A Federal Bailout For Puerto Rico

While the Puerto Rican creditors' bargaining power on the island is to put it mildly, negligible, especially after the budget director made the imminent default into a crusade of poor versus rich, saying he won’t redirect cash from its operating budget to make debt payments, an unexpected supporter has emerged thousands of miles from the beleaguered island: New York's socialist mayor Bill DeBlasio. As CBS reports "New York City Mayor Bill de Blasio demanded President Obama and Congress immediately come to the island's fiscal rescue." "It's the federal government's obligation to act, because they can't stand idly by and watch Puerto Rico fail," de Blasio told a crowd of hundreds of Puerto Rico boosters gathered on the steps of City Hall.



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Deja Deja Deja Vu All Over Again

BTFD Stupid...



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The Coming Credibility Hammer

Credibility matters, it will matter even more in the near future when there seems none to be had from those who may have lost – or sold theirs.



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US Supreme Court To Decide What Constitutes Insider Trading

Today, with just one day to go until Bharara deadline runs out to plead the SCOTUS to opine on redefining what "insider trading" means , we found out why Bharara had requested the extension: as Reuters reports, the U.S. Justice Department asked the Supreme Court on Thursday to reverse a federal appellate court's ruling that authorities said limited their ability to pursue insider trading cases.



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ETF Trading Volume Eclipses US GDP

"In the past 12 months investors traded $18.2 trillion worth of ETF shares. For perspective, that means the amount of dollars exchanging hands through ETFs is now more than the U.S. gross domestic product, which stands at $17.4 trillion," Bloomberg reports. Or, put differently, the financial apocalypse draws near. 



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The Summation Of All Fears

This negative breadth signal has an ominous long-term track record. The 59 occurrences all took place in 4 distinct periods, though most of them happened within 2 clusters: August 1972 (13), November 1999-March 2000 (44), September 2007 (1), July 2015 (1)



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"Say A Little Prayer" Bill Gross Warns, "Zombie Corporations Now Roam The Real Economy"

Having exposed the reality that the world's capital markets are a manipulated shell game, Janus' Bill Gross has a message for the perpetual bulls in his latest letter to investors - "say a little prayer." Gross continues, "low interest rates are not the cure – they are part of the problem," warning that ZIRP has enabled, "a host of zombie and future zombie corporations now roam the real economy. Schumpeter’s 'creative destruction' – the supposed heart of capitalistic progress – has been neutered. The old remains in place, and new investment is stifled." As he previously warned, when the central bank manipulation is removed the likely trajectory of prices is downward...



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70% Of Americans See Economy Worsening, Consumer Comfort Collapses By Most In 10 Month

With stocks just 1-2% from record highs, because China is fixed, oil is recovering, Europe is awesome, and gas prices are low? it appears the talking heads forgot to tell the 'people' how great things are. Bloomberg's Consumer Comfort index plunged (by the most since Sept 2014) to hover at 18 month lows as 70% of Americans see the state of the economy as negative. Rather amusingly an intriguing 1% of Americans see the state of the economy as 'excellent' - wonder which 1% that is...



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Lagarde Says No To IMF Aid For Greece

"The International Monetary Fund’s board has been told Athens’ high debt levels and poor record of implementing reforms disqualify Greece from a third IMF bailout of the country, raising new questions over whether the institution will join the EU’s latest financial rescue."



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This Is How The Much Anticipated "Second Seasonal Adjustment" Affected Q1 GDP

A look at the internals reveals a major surprise - while many said that the Q1 economy does not expose the true strength of the US consumer (instead of shopping in stores, they shopped online which wasn't captured or comparable), what actually happened was that Personal Consumption Expenditures as a % of GDP actually declined from 1.4% to 1.2% when netting out the harsh winter impact. As in the real economic driver was even weaker and this time you can't blame it on the weather!



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"Bad News Is Bad News"? 30Y Yield Plunges Under 3.00%, Stocks & USD Slide After GDP Miss

Is bad news, bad news again?



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Blankfein Warns Of "Jarring" Jolt From Fed Rate Hike

"Well, I think it will be jarring when we see an interest rate hike. People will get out the smelling salts."

"No question that low interest rates have exacerbated the wealth gap between the poor and the rich because the rich have assets."



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US Economy Grew Less Than Expected In Q2: Worst Economic Recovery Since WWII Revised Even Weaker

The worst "economic expansion" in history was even worse than previously expected.



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Initial Jobless Claims Tick Up, Hover Near 42 Year Lows

Initial jobless claims rose 12k last week to 267k but remains zero-interest-rate-dismissingly close to 42 year lows...



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