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This Is The 7500 Square Foot Soho Loft That Just Sold For $27 Million

It may not be a castle, but this $26.58 million penthouse loft in Soho (New York) has become one of the priciest co-ops ever sold in Manhattan below 34th Street. As The Wall Street Journal reports, located in a former manufacturing building at 383 West Broadway, the duplex unit is roughly 7,500 square feet, with four bedrooms, five full bathrooms and one half bath. The deal closed Monday. The buyer is unknown... nope, no bubble here...



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The Rise Of The Fatty

For all the talk about QE this, HFT that, crony capitalism, cold war 2.0, hyperinflation, hyperdeflation, social inequality, Keynesian dead end, global financial meltdown, perhaps the one most tangible threat to mankind as a whole (and to the future underfunded healthcare costs) is something fatr simpler: the rise of the fatty.



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Unhappy Earth Day

As the world celebrates "Earth Day" and all the wondrous beauty this planet has to offer, those investing from another world will likely be allocating away from the constant economic-growth-disappointing planet Earth. As the following chart of world growth hopes shows... it's anything but happy...



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Second US Warship Enters Black Sea To "Promote Peace And Stability"

Less than two short weeks ago, the US sent their first warship into The Black Sea to "reassure NATO allies and Black Sea partners." Since then, thing shave escalated and then de-escalated last week with the so-called "truce deal." So why is the US sending a second ship? The Oliver Hazard Perry-class frigate USS Taylor (FFG 50), homeported in Mayport, Fla., will enter the Black Sea April 22 to "promote peace and stability in the region." We are sure that Putin will stand idly by and watch as NATO and the US build forces on his borders, but no matter how aggressive his response, the US Navy combat dolphin and sea lion team will not accompany the mission.



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The Political Poison of Vested Interests

Combine diminishing returns with the political dominance of vested interests and you get a system incapable of reforming itself and incapable of stopping the slide off the cliff. Vested interests have no concern for the unintended consequences of their self-aggrandizement; the entire poilitical structure is based on the faith that there is always more money to feed the insatiable hunger of entrenched interests for more funding, more protection and more power. And so the only possible "solution" left is collapse.



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WTF Headline Of The Day: Tax-Cheating IRS Staff Got Bonuses

If you read this without saying "umm, what?" read it again... USA Today notes that a report by the Treasury Inspector General for Tax Administration shows the IRS handed out $2.8 million in bonuses to employees with disciplinary issues - including more than $1 million to employees who didn't pay their federal taxes.

 



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Ex-Morgan Stanley Chief Economist Admits "Fed Is Distorting Markets"

Stephen Roach, former Chief Economist at Morgan Stanley, has never been shy to share his opinions about the world and having left the Wall Street firm is even freer to speak uncomfortable truthiness. This brief clip, as Sovereign Man's Simon Black notes, says it all so succinctly... "The market has been distorted by far bigger forces than flash trading. To me, the force that has rigged the market... is the Federal Reserve, not the flash traders."



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Tuesday Pop Turns To Einhorn Drop As Stocks Stumble Into Close

US Equity markets were on a mission today... all-time highs for the S&P and Dow were in sight, green for April for the S&P, and unchanged year-to-date for the Nasdaq and Russell was just over the horizon, but... a total divergence from JPY carry, bond yields, credit, and even VIX meant that a 'warning' from David Einhorn about Tech Bubble 2.0 was just enough to take the juice out of what was already a low volume levitation. It's a Tuesday so we closed green - the 6th up day in a row - longest run in 7 months. Biotechs ripped higher on M&A "get rich quick'"fever - biggest 2-day rise in 30 months. Treasuries were mixed with 30Y bond yields ripping lower and 5s30s dropping 4bps to 1.75% - new lows since 2007. Copper made modest gains on the day but gold, silver, and worst of all WTI crude all dropped on the day (WTI -2% to $102).



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David Einhorn: "We Are Witnessing Our Second Tech Bubble In 15 Years" - Full Letter

"We have repeatedly noted that it is dangerous to short stocks that have disconnected from traditional valuation methods. After all, twice a silly price is not twice as silly; it’s still just silly. This understanding limited our enthusiasm for shorting the handful of momentum stocks that dominated the headlines last year. Now there is a clear consensus that we are witnessing our second tech bubble in 15 years. What is uncertain is how much further the bubble can expand, and what might pop it. In our view the current bubble is an echo of the previous tech bubble, but with fewer large capitalization stocks and much less public enthusiasm."

- David Einhorn



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302 Reasons To Jump Ship

"We were wearing life jackets. We had time... If people had jumped into the water... they could have been rescued. But we were told not to go out." An entire ship full of passengers dutifully followed the instructions set forth by the crew. The "experts" told them what to do...."We're putting on our life vests. They're telling us to wait and stay put, so we're waiting..." Yet as it turned out, the ferry quickly became submerged. And following orders cost many their lives. 302 are either dead or missing. Just like Sewol, many countries in the West are sinking, and it’s up to you whether you sink with them or jump ship while there’s still time.



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Spot The Massive Depression, And The Tiny Recovery, In This Existing Home Sales Chart

When it comes to home purchases, there are the rich, with $1MM+ existing home  transactions up a recoveryish 13% in the West, and then there are the poor, where in the cheapest bucket have crashed a depression-like -45%. Why is this an issue? Because homes priced $500K and lower represent 90% of all existing home sales. Homes priced $1 million and above are just 2.1%. Or, to summarize, Rich 1 - Poor 0... Just like the Fed wanted it.

 



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Martin Armstrong Warns "Abandon The UK Before You Can't"

The following is a new ad campaign in Britain. As we have warned numerous times - muddle-thruugh has failed; Martin Armstrong notes, the politicians have squandered everything and now they are hunting down capital everywhere and the view is people have to pay whatever they demand or you are just a criminal. Nobody even bothers to look at what they are doing to the world economy. These advertisements are appearing everywhere and they will only succeed in created the worst economic collapse since the Great Depression.



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Here Come The Boots On The Ground: US Troops Heading To Eastern Europe

It seems the truce "deal" is well and truly dead...

600 U.S. TROOPS HEADING TO EUROPE FOR EXERCISES: PENTAGON
U.S. AIRBORNE TROOPS GOING TO POLAND, LITHUANIA, LATVIA,ESTONIA
U.S. MILITARY EXERCISES ARE IN RESPONSE TO UKRAINE CRISIS:KIRBY
MORE MILITARY EXERCISES 'COMING THROUGH' NATO: PENTAGON

The question now, of course, is - what will Putin do in response to this action?



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Number Of Middle Age Californians Living With Their Parents Soars

For seven years through 2012, the number of Californians aged 50 to 64 who live in their parents' homes swelled 67.6% to about 194,000, according to the UCLA Center for Health Policy Research and the Insight Center for Community Economic Development. Many more young adults live with their parents than those in their 50s and early 60s live with theirs. Among 18- to 29-year-olds, 1.6 million Californians have taken up residence in their childhood bedrooms, according to the data. Though that's a 33% jump from 2006, the pace is half that of the 50 to 64 age group.



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Dealer Awards Surge, Directs Plunge In Ho-Hum 2 Year Auction

While the auction overall was not fireworky just yet, a few more "dots" fiascoes and suddenly the short end of the curve is going to get a whole lot more interesting. And should European idiot asset managers, once they have taken the Spanish 10 Year to 0%, decide to bid up US paper, and inverted the 2s10s, well that is the time to quiet get out of dodge.



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