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Chinese 'Virus' Spreads To Germany: Meet The Company That Went From Record High To Zero In 1 Week

It appears the frauds, falsehoods, and f##king fallacies are all being exposed at the same time. While we have noted three companies that have collapsed in the last week - destroying their billionaire owners' wealth in the process - it appears the Chinese capital destruction virus has spread to Germany. Joyou AG - a Chinese affiliate of German bathroom manufacturer Grohe - has collapsed from record highs a week ago to 0, pending bankruptcy, after admitting balance sheet manipulation.



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Housing Recovery - Real Or Memorex

The rising risk to the housing recovery story lies in the Fed's ability to continue to keep interest rates suppressed. It is important to remember that individuals "buy payments" rather than houses. With each tick higher in mortgage rates so goes the monthly mortgage payment. With wages remaining suppressed, 1 out of 3 Americans no longer counted as part of the work force or drawing on a Federal subsidy, the pool of potential buyers remains tightly constrained. While there are many hopes pinned on the housing recovery as a "driver" of economic growth in 2015 and beyond - the lack of recovery in the home ownership data suggests otherwise.



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Shake Shock: Spot The Fast Food Outlier

One quick look at Shake Shack's "fundamentals", irrelevant as they may be in this market, put the company's valuation per restaurant in perspective not only to such established fast food names as McDonalds, but other recent "hot" restaurant debuts.



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Where The Rich Buy Their College Degrees

When it comes to world traveling, nothing beats the sights and sounds of Pakistan. While traveling through the country, you might stumble upon a Navy SEAL mission to kill the most wanted terrorist in the world, get acid thrown in your face, or earn a diploma from a fake American university.



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Thousands Gather At McDonald's Headquarters Demanding Higher Wages

"Protesters hailing from as far away as Kansas City and New York City participated in a demonstration at McDonald's Oak Brook headquarters Wednesday, urging that hourly wages for the burger giant's front-line workers be increased to $15 an hour", the Chicago Tribune reports. Police estimated the crowd at about 2,000 people. Organizers had projected that upward of 5,000 would participate in the demonstration.



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"We Reached The Tipping Point": Income Inequality Is Highest Since Records Began

In most of the 34 countries in the Organisation for Economic Cooperation and Development the income gap is at its highest level in three decades, with the richest 10 percent of the population earning 9.6 times the income of the poorest 10 percent. "We have reached a tipping point. Inequality in OECD countries is at its highest since records began,” said OECD Secretary-General Angel Gurria.



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Spot The 'Fundamental' Difference

As goes oil... so goes US equities...



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Kansas City Fed In Recession Territory After Respondent "Laid Off 8% Of Workforce In 2 Months"

For the 5th month in a row, Kansas City Fed missed expectations by an inmcreaisngly large amount. May's -13 print is the worst since April 2009, and is the biggest drop since 2009. Every single individual component also tumbled led by orders, backlog, number of employees and average workweek. Firmly in recession territory, the respondents comments are stunningly reminiscent of the great recession (or depression)...



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Crash Contagion: Second Chinese Billionaire Wiped Out In Seconds After Stock Instacrash

Yesterday China's richest man, Li Hejun, lost more than half his fortune when his solar company stock suddenly crashed over 50%. Overnight it happened again, and Hong Kong’s securities regulator, warned other investors to exercise "extreme caution," as Hong Kong's best-performing stocks this year are crashing in a serial, tulip-like manner. And another billionaire was promptly wiped out: Pan Sutong started the day engorged with wealth after his companies Goldin Financial and Goldin Properties had risen 300% this year. By the close he had lost 60% of his wealth!



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You Know It's A Fiscal Crisis When... Republicans Raise Taxes

"Six years after the recession ended, many U.S. states are hard pressed to balance budgets because of a sluggish recovery and their own policy decisions and in fact, thirty-two states faced budget gaps in fiscal 2015 or 2016 or both." Bloomberg reports. Indeed, state and local governments are so broke that "even Republican governors loath to raise taxes have proposed higher levies."



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Stocks Recover Post-FOMC Losses After 4-For-4 Economic Data Misses

Manufacturing PMI - Miss/Drop. Existing Home Sales - Miss/Drop. Philly Fed - Miss/Drop. Economic Confidence - Miss/Drop. Buy Stocks...



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Public Confused Why World's Biggest Banks Admitting Criminal Fraud, Leads To Public Yawns

It was about two years ago when we summarized all the known and confirmed rigged markets. Since then things have gone from bad to worse for believers in fair and efficient markets, with not only countless more banks now admitting they rigged Libor and FX. It all culminated with yesterday's settlement in which five of the world's biggest banks, including JPM, Citi and Barclays, agreed to plead guilty in a currency-rigging probe. And, to Bloomberg's dismay, the public yawned.



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40% Of Existing Home Sales At Or Above Asking Price, Highest On NAR Record

The most stunning data point from today's report: "Housing inventory declined from last year and supply in many markets is very tight, which in turn is leading to bidding wars, faster price growth and properties selling at a quicker pace," says Yun. "To put it in perspective, roughly 40 percent of properties sold last month went at or above asking price, the highest since NAR began tracking this monthly data in December 2012."



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Philly Fed Hovers Near 15-Month Lows, Prices Paid Collapse Most Since Lehman

After a very modest bounce in April, Philly Fed fell again in May, printing a disappointing 6.7 (against 8.0 expectations). Philly Fed has now missed 5 of the last 6 (and 7 of the last 9) months. While new orders picked up, prices paid plunged at recessionary pace, inventories tumbled, and the average workweek slumped. Hope also tumbled as future expectations dropped.



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Economic Hope Crashes By Most Since 2013 Government Shutdown

Consumer Comfort is now the lowest it has been since Dec 2014 as Bloomberg's sentiment index continues to track the pain of higher gas prices better than the gain of higher stock prices. This is the biggest 6-week plunge in sentiment since Oct 2013. What is more worrisome is 'hope' is plunging. Economic Expectations fell by the most since Oct 2013 - the government shutdown - having fallen for 3 straight months. It appears the trickle-down popularity of seeing a Green Dow print every night on the news does not make the average joe feel any better about the world after all???



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