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Tyler Durden's picture

US Government Promises To Forgive Student Debt... If You Work For Them





Today in the Land of the Free, everyone is required to pay into the Social Security system, and over 90% of students go to public schools. With the passage of the Affordable Care Act, the state is exerting its control over your medical care. And now with a new bill comes the crown jewel of state employment. Presenting Senate Bill 2726: the Strengthening Forgiveness for Public Servants Act. If passed, the bill aims to get young people into government employment by promising to forgive their student loan debt. Somewhere Otto von Bismarck is smiling.

 

Tyler Durden's picture

David Tepper: Bill Gross "Who Cares?", Regrets FNMA, Economy "Good", Stocks Not Expensive





He's back. A month after Appaloosa's David Tepper explained the end of the bond bull market was here (and 10Y rates are now 5bps lower), the trend-following master-of-the-universe explained to Bloomberg TV's Stephanie Ruhle and Erik Schatzker how the departure of Bill Gross from PIMCO was "nothing... who cares?"; why "the US economy is pretty good", how junk bonds are at "fair value" and stocks are cheap as "multiples are not high." Finally he explains how he "wished he didn't have any investment" in Fannie Mae and Freddie Mac and clarifies in his billionaire-all-knowing-ness how he is sure the United States can contain Ebola.

 

Tyler Durden's picture

Humpday Humor: Zimbabwe's Unemployment Rate Is 4%, 10.7%, 60% Or 95%





While all the western banks are clearly envious at the facility with which Zimbabwe managed to hyperinflate away its debt mountain after simply printing a few trillion in fiat monetary equivalents, which instead of the stock market hit the broader economy, there is much more the "developed" world can learn and is learning from Robert Mugabe domain of experimental yet practical monetarism.

 

Tyler Durden's picture

Trannies Trounced, Credit Clobbered, Bonds Bid With Both Hands & Feet





Well that escalated quickly. It appears "bad-news-is-bad-news" once again as ADP was the only saving grace and was just not bad enough to be good (or good enough to comfort escape-velocity-believers). For the 3rd day in a row, stocks saw an opening dump, European close pump, afternoon slump - this time led lower by Trannies (dragged lower by Ebola-scared airlines) down 2.5% (worst in 8 months). The Dow is rapidly approaching unch for the year. Treasury yields collapsed today (2Y -4bps, 30Y -9bps) with 7Y -13bps on the week. 10Y Yield closed at 2.43% with its biggest day move in 13 months. Gold rose modestly as silver and WTI crude plunged once again post-EU close. The USDdollar flatlined amid the carnage in bonds, stocks, and commodities. Lots of potential catalysts for today's weakness but desk chatter about Goldman questioning US growth was notable (as they closed out their growth basket). The Russell 2000 'closed' in 10% correction.

 

 

Tyler Durden's picture

VIX Options Halted As CBOE Breaks





As the late-day VIX slamdown began, and stocks levitated off the lows, CBOE's Futures Exchange "broke." At 1542ET, VIX futures/options stopped trading (though the VIX index continued to push lower).

 

Tyler Durden's picture

Secret Service Head Resigns, Claims It Was "Noble Thing To Do"





Noting that is "in the best interest" of the US, Secret Service Director Julia Pierson has resigned following 'fence-jumper'-gate. While "disappointed" she could implement reforms (of her own policies?) she felt it was the "noble thing to do." In the full statement below, they are careful to point out just how great the Secret Service is "there is no other protection service in the world" like them, they modestly note. Nope, none indeed. Ironically, as she resigns, the White House intruder just plead "not guilty."

 

Tyler Durden's picture

Something's Broken





With just $10 billion of freshly-printed money left (plus reinvested maturing debt) the Fed is rapidly running out of put-providing, VIX-selling, low-volume-levitating ammunition to keep the wealth-creation dream alive. Nowhere is that more evident in the collapse in equity market breadth. NYSE New Lows have surged to 14-month highs and the spread to New Highs is weakest since August 2013. Of course, back then, equity bulls could rely on a guaranteed 'flow' from the Fed to BTFD, this time that backstop does not exist.

 

Tyler Durden's picture

A "No Social Media List" For Extremists And Potential Terrorists?





You have heard of the "No Fly List", right?  Well, now the Tories are pledging that if they win the next election in the UK they will establish a list of “extremists” that will have to have their social media posts “approved in advance by the police” before they post them.  There are also plans to ban “extremists” from broadcasting and speaking at public events.  The stated goal of these proposals is to crack down on terrorism, but in the process the civil liberties of the British people are going to be flushed down the toilet. To help explain, below is a list of 72 types of Americans that are considered to be “extremists” and “potential terrorists” in official U.S. government documents.

 

williambanzai7's picture

PiRaTe WoMeN OF THe DNC...





The wild rampage of the sex crazed pirate women!

 

Tyler Durden's picture

Goldman Global Leading Indicator Drastically Revised, Collapses Into "Confirmed Slowdown"





Just 2 short weeks ago, Goldman nervously admitted that possibly perhaps maybe their Global Leading Indicator was indicating a "slowdown" was coming, but remained hopeful that the rest of the month would see data pick up and prove them wrong. Now that the final data has been released for the various components of the index, the 'exuberant' recovery of the last few months has been massively revised lower. As Goldman itself notes, the September Final GLI came in at 2.6% YoY, providing a clear signal of "Slowdown", with the data now in hand further suggesting that the GLI first may have entered the ‘Slowdown’ phase back in July.

 

Tyler Durden's picture

$6 Billion Activist Fund Relational Liquidating: Here Are Its Top Holdings





So not surprisingly, today brings the latest hedge fund unwind, with the WSJ reporting that $6 billion veteran acitivst hedge fund Relational Investors LLC, plans to wind down its operations and dissolve its current funds by the end of next year, according to people familiar with the matter. The reason? The same reason why Jamie Dimon is about to quit the financial industry any second: the firm's co-founder and public face, Ralph Whitworth, has throat cancer and while he said he was taking a leave of absence in July, he appears to have changed his mind and made it permanent.

 

Tyler Durden's picture

Ray Dalio: "There Is Always A Downturn"





Thanks to The Federal Reserve's extreme monetary policy, "the prospective return of asset classes is very narrow," warns Bridgewater's Ray Dalio, with expected returns for equities of "only about 4 percent." This is a problem, he explains in this brief clip, as monetary policy relies on that transmission mechanism of apparent wealth creation to keep the dream alive. In Europe and Japan there is no "spread", Dalio notes, and in the US it is miniscule - which means monetary policy is practically ineffective. While he believes in the short-term, the US economy can maintain stability (not commenting on the market per se), his "biggest concern is when the next downturn comes in 1-2 years," the central bank must be on the 'tighter' side of market expectations to be capable of providing its life-giving elixir once again. Simply put, Dalio sums up "there is always a downturn" - something that no Wall Street economist is expecting.

 

Tyler Durden's picture

Who Is Buying The Islamic State's Illegal Oil?





“The crude is transported by tankers to Jordan via Anbar province, to Iran via Kurdistan, to Turkey via Mosul, to Syria's local market and to the Kurdistan region of Iraq, where most of it gets refined locally... Turkey has turned a blind eye to this and may continue to do so until they come under pressure from the West to close down oil black markets in the country's south.”

 

Tyler Durden's picture

Russell 2000 Enters 10% "Correction" As S&P, Dow, Transports Break Crucial Technical Support





The small-cap Russell 2000 is down over 10% from its July highs (down 6.2% year-to-date) as VIX is back over 17. Treasury yields continue to collapse (down 8-9bps today alone) with 10Y trading with a 2.40% handle (and 3Y under 1% again). All other major equity indices are also red from the Russell 2000 peak in July and have broken various key technical levels today - S&P below 100DMA, Dow Industrials below 100DMA, Dow Transports At 100DMA, and Nasdaq broken well below its 50DMA. Russell is back at levels first seen a year ago.

 
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