A Modest Proposal To Fix Obamacare: "Change The Name"

Slowly but surely, Obamacare has transformed from the most admired law of the land to the most loathed and despised. What is truly outrageous, or perhaps hilarious, is that this transformation has not been lost on the Obama administration itself. And now, engaged in unprecedented damage control, the former Health and Human Services Secretary, Kathleen Sebelius, on Wednesday suggested a simple fix to the “bad brand” of Obamacare: change the name. As Politico reports, “I think we may need to call it something in the future different"...

The 'Thin Blue Line' Serves No Purpose

Police misconduct has a cumulative effect on a culture. We do not forget all of the oversteps of the past; we merely file them away until we finally reach a breaking point. It is important for LEOs to understand that while they may have a relative immunity to legal reparations, they are not immune to the rage of the populace and will likely find their fragile warrior personas rather inadequate when that day arrives. For the true constitutional police out there, it is time to take sides, either with good American people or with the corrupt establishment. It is impossible to serve both. The illusion of the “thin blue line” is quickly fading. The only question now is: What is going to replace it? The establishment would have you believe there are only two options: total chaos or martial law. But there has always been a third alternative they seek to suppress: the return of community defense, the resurgence of localized responsibility and the victory of personal liberty over false security.

Despite Rate Hike, Russian Ruble Slumps To New Record Low

Despite a 100bps rate hike this morning, Russia's Ruble has slipped lower and now trades 55.47 to the USD - a new record low. The initial surge in the Ruble was quickly sold back as the hike, while in line with surveyed expectations, was below FRA-market-implied levels of 200bps. Goldman believes this will not slow the decline and calls for 'other tools' like unsterlized intervention. Russian default risk continues to rise (though still low) back to the highest since April 2009.

Should You Believe What They Tell You? Or What You See?

Sometimes I wish I could just passively accept what my government monarchs and their mainstream media mouthpieces feed me on a daily basis. Why do I have to question everything I’m told? Life would be much simpler and I could concentrate on more important things like the size of Kim Kardashian’s ass... The willfully ignorant masses, dumbed down by government education, lured into obesity by corporate toxic packaged sludge disguised as food products, manipulated, controlled and molded by an unseen governing class of rich men, and kept docile through never ending corporate media propaganda, are nothing but pawns to the arrogant sociopathic pricks pulling the wires in this corporate fascist empire of debt.

GOP To "Roll The Dice" With Cromnibus Vote In Minutes, "No Official Plan B"

With just over 3 hours left until a completely unexpected government shutdown, what was supposed to be a token vote (as we called it), ended up being yet another debacle for House republicans under Boehner, when it turned out - literally in the last second - that the republicans do not have the required votes. So here is what happens next.

Treasury Bills Begin To Fear Government Shutdown, Goldman Explains

Yields on very short-dated T-Bills are up notably over the last week hinting at the potential tonight's Cromnibus Bill to fail and the potential for government shutdown therefore looms. Whatever the outcome, Goldman does not expect a prolonged shutdown like the one that occurred in 2013...

Habitual Chinese Gamblers Dump Macau, Go All In On Chinese Stocks

When the PBOC popped the Chinese equity market bubble earlier in the week, American investors (and talking heads) were stunned by such limitations on speculative excess. However, as the following chart suggests, perhaps it was a public service they were doing as the demise of Macau's easy-visa workarounds to currency controls has meant China's habitual gamblers needed to find a new outlet for their cash... "customers who used to wager on casino tables are probably now sitting at home betting on stocks."

10 Legendary Investment Rules From Legendary Investors

As an investor, it is simply your job to step away from your "emotions" for a moment and look objectively at the market around you. Is it currently dominated by "greed" or "fear?"  Your long-term returns will depend greatly not only on how you answer that question, but to manage the inherent risk.  “The investor’s chief problem – and even his worst enemy – is likely to be himself.” - Benjamin Graham

Duck And Cover - The Lull Is Breaking, The Storm Is Nigh

The central banks are now out of dry powder - impaled on the zero-bound. That means any resort to a massive new round of money printing can not be disguised as an effort to “stimulate” the macro-economy by temporarily driving interest rates to “extraordinarily” low levels. They are already there. Instead, a Bernanke style balance sheet explosion like that which stopped the financial meltdown in the fall and winter of 2008-2009 will be seen for exactly what it is—-an exercise in pure monetary desperation and quackery. So duck and cover. This storm could be a monster.

WTI Crude Crashes Into The $50s

UPDATE: WTI just traded with a $58 handle

Zee overnight stabilitee (and brief dead-cat-bounce this morning) has turned into a renewed bout of selling pressure and for the first time since July 2009, WTI has broken below the $60 level. Canada Heavy is trading $42.10 (down almst $4 today!), its lowest since April 2009. As Deutsche Bank warned last month, a drop in the oil price to $60 a barrel "is likely to push the whole HY energy sector into distress," and sure enough - Energy credit spreads are wider once again, now at +952bps.

"The City Is On The Verge Of Collapse" - East Cleveland Is Begging To File For Bankruptcy

With Detroit emerging from bankruptcy yesterday, its experience under Chapter 9 was apparently so successful (occasional subsequent massive power outage notwithstanding), that suddenly every other insolvent city in the US is also i) admitting it is in dire straits and ii) hoping to recreate the Detroit experience. Enter East Cleveland. As Bloomberg Brief reports, the council president in East Cleveland said if she had her way, the city would follow Detroit's path and become Ohio's first municipality to file for bankruptcy to help solve its fiscal woes.  State Auditor Dave Yost said the suburb of 17,500, where oil baron John D. Rockefeller once had a summer estate, is insolvent. Things in the small town, representative of most small cities in middle America, are so bad "the community lacks a working ladder truck in its fire department, had its mobile phones shut off and faces $1.7 million in unpaid bills."

Greece Suffers Biggest 3-Day Crash In 27 Years

In the last 3 days, the broad Greek stock market has cratered a stunning 20%. This is the biggest 3-day drop since 1987 and all on the back of the 'possibility' that an anti-EU party takes over. Did we just get a glimpse of the ugly reality hiding behind the veil of status-quo-maintaining central-bank-sponsored manipulation?

Paul Singer Blames The Fed For "Enabling" Income Inequality

The so-called economic recovery that America has experienced in recent years is "unfair" and "distorted" according to Elliott Management's Paul Singer. Speaking at The DealBook Conference in New York, Singer warned that the recent 'great' jobs data is "part of the distrortion" that he has so vociferously ascribed (having previously noted that he "does not think the current optimism is warranted.") But when asked if the Fed should be blamed for income inequality in America, Singer exclaimed "Yes, they are the enablers."

"When The Market Moves Fast, Stuff Blows Up"

One of our old rules of trading is that whenever a major asset class, index, or other benchmark has a sudden, rapid move in price, something blows up. Sky high. That’s because people get used to regimes. They get used to a certain state of affairs with a lack of volatility. They become complacent. Maybe they stop hedging. Maybe they allow themselves to have unbounded downside risk. Maybe they start gambling. So what's going to blow up?