• Tim Knight from...
    10/21/2014 - 18:16
    Want to live near the 0.1% and their problems? May I present to you 258 Middlefield Road, Palo Alto, California, which is located within walking distance from my house and is a mere $1,800,000 (well...

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Fed Inspector General Finds NY Fed Knew Of JPMorgan 'Whale' Risks In 2010, "Missed Opportunity"

"as part of its continuous monitoring activities at JPMC, FRBNY effectively identified risks related to the CIO's trading activities, governance framework, risk appetite, and risk management practices in 2010. Additionally, a Federal Reserve System team conducting a horizontal examination at JPMC recommended a full-scope examination of the CIO in 2009. However, FRBNY did not discuss the risks that resulted in the planned or recommended activities... As a result, there was a missed opportunity for the consolidated supervisor and the primary supervisor to discuss risks related to the CIO."



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How General Dynamics Just Got A $600 Million Check From Uncle Sam, Courtesy Of ISIS

Sometimes, in the fog of whatever is the Mideast war du jour started initially under a "humanitarian intervention" pretext then quickly morphing into yet another counter-Syria campaign to appease various Saudi and Qatari emirs and princes, it is easy to lose sight over just what the purpose of said war is. Luckily, we have the US military industrial complex to remind us, and specificially weapons and ammunition specialists like General Dynamics. So here, for those confused, is a summary of the the first half of the great circle, which uses war, mass killings and civilian casualties, as a cover to deploy what else: US taxpayer money into the pocket of US corporations. Lots of it. As Reuters reports, the U.S. government on Monday said it had approved the sale to Iraq of $600 million in tank ammunition manufactured by General Dynamics Corp saying it would help the Iraqi government establish an integrated ground defense capability.



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Land Of The Free? 1 In 3 Americans Are On File With The FBI In The US Police State

The sickening transformation of these United States into an authoritarian police state with an incarceration rate that would make Joseph Stalin blush, has been a common theme here. But now, as a result of our insane societal obsession with authority and disproportionate punishment, the WSJ reports that “nearly one out of every three American adults are on file in the FBI’s master criminal database.”



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Obama Humiliated Again After Weapons Airdropped For Syrian Rebels End Up In ISIS Hands

While we strongly suspect few are truly surprised by this turn of events, it is still yet another embarrassing stamp in the "do nothing stupid" foreign policy passport for President Obama's administration. As The Daily Beast reports, an ISIS-associated YouTube account posted a new video online Tuesday entitled, "Weapons and munitions dropped by American planes and landed in the areas controlled by the Islamic State in Kobani." While the authenticity of this latest video could not be independently confirmed, there is no doubt that the ISIS fighters in the clip are in possession of a rich bounty of American hand grenades, rounds for small rockets, and other supplies. The White House stated on CNN, "we feel very confident that, when we air drop support as we did into Kobani… we’ve been able to hit the target in terms of reaching the people we want to reach." Perhaps not all of them...



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What Rout? Stocks Have Best Day In A Year

Spot the odd one out: Short-end Treasuries flat, JPY carry risk-off, IBM/KO/MCD dumped, HY Credit weak... Stocks best day in a year!

Summing it all up: Volumeless buying panic on ECB buying rumors!



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Ebola 2014 Is Mutating As Fast As Seasonal Flu

The implication of the Ebola 2014 mutation rate is this:  A single Ebola mutation doesn't necessarily mean the virus will become 'airborne', or that the virus has altered tissue tropism, or that the virus spreads more easily.  But a high intrinsic rate of Ebola mutation means that such changes may become possible in the future.  If the number of people infected grows into the hundreds of thousands, or even low millions, then the probability of a significant 'constellation' of accumulated Ebola mutations with phenotypic impact becomes more likely.  The problem is that accumulated Ebola mutations will scale with the size of the population infected.  Conversely, in a small population, such Ebola mutations are not likely to have a significant impact.  It's a bit like the virus is buying lottery tickets... The more lottery tickets the Ebola virus 'buys', the more chances it has to 'win'. 



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113 Federal Reserve Staff Members Make $250,000 Annually

Just in case you need another reason to dislike the thieving Federal Reserve.



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The Most 'Distrusted' News Sources In America

You know there's a problem with the media when Al-Jazeera is trusted more than NBC, CNN, and MSNBC...



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Russia Deploys Troops, Robots Along Entire "2nd Middle East" Arctic Belt

On the heels of Sweden's military deployment (following the discovery of a damaged Russian sub), it appears Russia is taking no chances with its access to Arctic resources.As Reuters reports, the Russian defense minister announced today that Russian military units will be deployed along the entire Arctic border from Murmansk to Chukotka in 2014. Interfax adds that combat robots are also being deployed to protect Russian oil and gas infrastructure in the harsh environment of the Arctic. This should be no surprise as The Guardian notes, the Arctic’s hydrocarbon resources nevertheless exert a powerful pull. It has been compared to "a second Middle East", with oil and gas reserves thought to represent 17% and 30%, respectively, of the global total.



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Subprime Bubble Pop 2.0? Department Of Financial Services Slams America's Largest Subprime Servicer

In what may be a resounding echo of March 2006, moments ago the New York Superintendent of Financial Services said that Ocwen had engaged in abuses that could potentially harm hundreds of thousands of borrowers. As AP reports, the state regulator issued a letter Tuesday to Ocwen Financial Corp., documenting the same kinds of suspicious actions that worsened the housing crisis and the Great Recession.



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In Uncharted Waters

Extend the trendlines in these charts, and then ask yourself: where do they end? What will they trigger as they push ever deeper into uncharted waters?



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WTF Chart Du Jour: The Broken Market Fallacy

As every good Keynesian 'knows', broken-windows are good for the economy; so that must mean that 'broken markets' are good for the... markets?



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The Magic Number Is Revealed: It Costs Central Banks $200 Billion Per Quarter To Avoid A Market Crash

"For over a year now, central banks have quietly being reducing their support. As Figure 7 shows, much of this is down to the Fed, but the contraction in the ECB’s balance sheet has also been significant. Seen from this perspective, a negative reaction in markets was long overdue: very roughly, the charts suggest that zero stimulus would be consistent with 50bp widening in investment grade, or a little over a ten percent quarterly drop in equities. Put differently, it takes around $200bn per quarter just to keep markets from selling off."



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Is This Why Stocks Are Soaring?

"... it does not appear that we shall see the S&P futures trade into “The Box,” and that makes us all the more suspicious of share prices generally, for a market than cannot even retrace 50-62% of its previous weakness is a market that is weaker, internally, than it might at first appear. Worse, failure here suggest that a fully-fledged bear market has begun, for this would be a clear failure well below the highs of the last interim rally, with the lows of the last interim break having already been taken out to the downside." - Dennis Gartman



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NYSE Gives Up Trying To Fix Itself

The NYSE has given up on re-opening the following 150 symbols in cash equities trading today... (including AAPL, XIV, and TVIX)



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