• Tim Knight from...
    11/26/2014 - 19:43
    I read your post Pity the Sub Genius and agreed with a lot of what you wrote. However you missed what I think is the biggest killer of middle class jobs, and that is technological...

Tyler Durden's picture

Ferguson Fatality: Black Male In 20s Found Burned & Shot Dead In Trunk Of Car

Multiple sources overnight reported gun fire around Ferguson and while one police officer was reported shot in the leg, this morning, the night's first fatality has been discovered. As NY Daily News reports, police found a body inside a car parked near the Canfield apartment complex in the St. Louis suburb, close to where 18-year-old Michael Brown was shot dead in August. The victim, a black male in his 20s, was shot and burned in the trunk of a white Pontiac car with the driver's side window shot out.



Tyler Durden's picture

Nothing Has Changed - And That's The Problem

Since moral hazard - the disconnect of risk and consequence - is the fundamental cause of the global meltdown of 2008, the only solution is to eliminate moral hazard. By this we mean de-institutionalizing moral hazard. But de-institutionalizing moral hazard means smashing the vested interests' primary engine of wealth and political power.  Playing monetary games has done nothing to eliminate moral hazard; indeed, playing monetary games cannot possibly eliminate moral hazard, as monetary policy enforces moral hazard.



Tyler Durden's picture

How The World's Most Leveraged Hedge Fund Got Away With Insider Trading

"... Shortly after returning from a trip in late 2009, Farmer erased electronic notes, in Microsoft Word format, that were stored on thumb drives, Zip drives and a shared drive at Citadel, agents wrote in a summary of one of the interviews with him. Farmer also threw away his handwritten notes because that was his normal practice and because they were incriminating, agents wrote. Farmer got rid of e-mails as well, according to their summary. “This,” they wrote, “wiped the slate clean."



Tyler Durden's picture

In Great Britain, Protecting Pedophile Politicians Is A Matter Of "National Security"

We've previously written about how the percentage of sociopaths within a group of humans becomes increasingly concentrated the higher you climb within the positions of power in a society, with it being most chronic amongst those who crave political power (see: Humanity is Rising). The reason for this is obvious. Those with the sickest minds, and who wish to act upon their destructive fantasies, understand that they can most easily get away with their deeds if they are protected by an aura of power and ostensible respectability. They believe that as a result of their status, no one would dare accuse them of horrific activities, and if it ever came to that, they could quash any investigation. Unfortunately for us all, this is typically the case.



Tyler Durden's picture

Oil Plunges As Venezuela Hints No Output Reduction

Following the four-way pre-OPEC meeting between Russia, Mexico, Venezuela, and Saudi Arabia, Venezuela's foreign minister warned:

*NO AGREEMENT ON OUTPUT REDUCTION AT 4-WAY MEETING: RAMIREZ

And oil prices slipped notably. "The most important thing is we are talking," Ramirez noted... but markets are not waiting.



Tyler Durden's picture

Ferguson In Flames: The Morning After

Shortly after 9pmET last night, prosecutors relayed the grand jury's decision not to charge white Ferguson Police officer Darren Wilson over the death of black teenager Michael Brown... and all hell broke loose...



Tyler Durden's picture

Here Comes France: Right-Wing Leader Marine Le Pen Demands Central Bank Repatriate French Gold

First Germany, then the Netherlands, perhaps Switzerland this weekend, and now the French right-wing Front National, which shockingly came first in May's European parliament elections, and whose leader Marine Le Pen is currently polling in first place in a hypothetical presidential election (in both a first and run off round), ahead of president Hollande, has sent a letter to the governor of the French Central Bank, the Banque de France, demanding that France join the list of nations which have repatriated, or at least tried to, their gold.



Tyler Durden's picture

30 Year Yield Drops Below 3.00% As Richmond Fed Tumbles Most Since 2006

Despite the clear message from stocks that everything in the world is awesome, 30Y Treasury yields have tumbled back below 3.00% - 1-month lows. Perhaps the slew of disappointing data is right after all that the US is not decoupling... just don't tell stocks. Against expectations of a 16 print, Richmond fed printed 4, plunging from its  exuberant 20 levels last month. This is the biggest miss since Jan 2013 (and biggest MoM drop since May 2006) as new order volume collapsed, employment and workweek tumbled, and most major future expectations indices dropped.



Tyler Durden's picture

Record Stocks & Plunging Gas Prices Send Consumer Confidence Tumbling, Biggest Miss Since June 2010

With business confidence at post-crisis lows (in the US and around the world), it is hardly surprising that consumer confidence would fade and at 88.7 (vs 96.0 expectations), this is the biggest miss since June 2010. It appears last month's exuberant surge/beat was anomalous as we tumble from 94.5 in October, in spite of tumbling gas prices and record high stocks... The drop was largely driven by a slide in 'hope' as expectations fell to the lowest since June. Labor, employment, and business conditions all dropped.



Tyler Durden's picture

Apple Market Cap Tops $700 Billion, Netflix Goes Red In 2014

Apple is not Microsoft.. and Netflix has lost its momo mojo...



Tyler Durden's picture

Another Hedge Fund Legend Calls It Quits: Phil Falcone Leaves Harbinger Group, Gets $20.5 Million Severance

Another day, another (former) hedge fund legend calls it quits, this time embattled one-time hedge fund legend (until that whole Securities Fraud charge appeared) Phil Falcone, whose Harbinger hedge fund was a decade ago the dream venue for most hedge fund traders and analysts, and who as of December 1, will no longer be CEO and Chairman of the Harbinger Group. But don't cry for Falcone: he will depart with a $20.5 Million lump sum payment. His replacement: the man who has already been intimately involved with Harbinger - Leucadia's Joe Steinberg, who on numerous previous occasions has provided critical funding to the embattled conglomerate.



Tyler Durden's picture

Case Shiller Reports "Broad-Based Slowdown For Home Prices", First Monthly Decrease Since November 2013

While the just revised Q3 GDP surprised everyone to the upside, the Case Shiller index for September which was also reported moments ago, showed yet another month of what it called a "Broad-based Slowdown for Home Prices." The bad news: the 20-City Composite gained 4.9% year-over-year, compared to 5.6% in August. However, this was modestly above the 4.6% expected. However, what was more troubling is that on a sequential basis, the Top 20 Composite MSA posted a modest -0.03% decline, the first sequential drop since February. And from the report itself: "The National Index reported a month-over-month decrease for the first time since November 2013. The Northeast region reported its first negative monthly returns since December 2013 and its worst annual returns since December 2012 due to weaknesses in Washington D.C. and Boston."



Tyler Durden's picture

Nigeria Raises Rates, Devalues To Defend Collapsing Currency As Oil-Price Blowback Spreads

Having exposed the demise of various oil-producing nations' currencies previously, it is noteworthy that Nigeria folded today and devalued the Naira peg to the USDollar by over 8% from 155 to 168 and widened its 'intervention' bands from 3% to 5% (the upper band is where the market is trading). Furthermore, the central bank raised rates from 12% to 13%.



Tyler Durden's picture

Q3 GDP Revised Above Highest Estimate, Prints 3.9%

Just as the OECD cut US GDP further, here comes the BEA with an impressive first revision to the Q3 GDP, which succeeded in fixing all those things that were lacking in the first report which said GDP had grown 3.5% in the quarter. Moments ago, the revised number slammed expectations of a modest decling to 3.3%, rising by3.9%, above the highest Wall Street estimate (range was 2.8% to 3.8%), with the boost coming from all those components that disappointed in the first go around, namely Personal Consumption (which rose from 1.8% to 2.2%), contributing 1.51% of the final GDP print, inventories subtracting far less, or just -0.12% compared to -0.57%, and fixed investment revised to 0.97% from 0.74%. Finally, while exports were revised modestly lower, a small decline in imports also offset the net decline in trade contribution.



Tyler Durden's picture

"Britain Is In The Wrong Place," Daniel Hannan Blasts "The World Economy Has Left Europe Behind"

I love the idea that prosperity can be decreed by a G20 communiqué. World leaders in Brisbane have airily committed themselves to two per cent growth. (Why only two per cent? Why not 20 per cent? Or 200 per cent? Who knew it was so easy?) Meanwhile, in the real world, the divergence between Continental Europe and the rest of the planet accelerates. David Cameron can hardly have failed to notice, as he looked around the G20 table, that his European colleagues are the ones with the worst problems. Britain is in the wrong place.



Do NOT follow this link or you will be banned from the site!