• EconMatters
    04/27/2015 - 14:18
    If the DOJ and CFTC is going to be consistent, then they have to indict the entire financial community from the CME, Exchanges, Brokers, Institutions, Investment Banks, Hedge Funds, Management Funds...

fixed

Tyler Durden's picture

15 Years Of Stimulus - Nothing To Show





At this point 15 years ought to count for something. After all, we have now used up one-seventh of this century. So you can’t say its too early to tell what’s going on or to identify the underlying trends. So, after another Jobs Friday: here is the tally: The number of breadwinner jobs in the US economy is still 2 million below where it was when Bill Clinton still had his hands on matters in the Oval Office.

 
Tyler Durden's picture

Euro Corporate Bond Market Is "Tenacious Bubble," UBS Says





"We believe such a scenario would have the potential to 'burst the corporate bond bubble' as bond yields would rise with inflation, corporate confidence would run high and a releveraging/deterioration in credit metrics would materialise resulting in bond fund outflows. The lack of liquidity in corporate bond markets would make the process particularly painful," UBS says, reiterating the perilousness of a secondary market lacking ample liquidity amid voracious investor demand for new issuance.

 
Tyler Durden's picture

Futures Flat On Minutes Day; Chinese Bubble Spills Into Hong Kong; Biggest Energy M&A Deal In Over A Decade





While US equity futures are largely unchanged, if only ahead of the now daily pre-open market-wide ramp, things in Asia have continued on their bubbly flurry, where China's Shanghai Composite briefly rose above 4000 for the first time since 2008, but it was the surge in the Hong Kong stock market that showed the Chinese bubble is finally spilling over, in the form of a blistering rally on the Hang Seng which rose nearly 4% on immense volume which at 250 billion Hong Kong dollars ($32 billion) was three times the average daily volume over the past year and nearly 20% more than the previous record volume day in October 2007, at the height of the pre-financial crisis bubble.

 
Tyler Durden's picture

America: Bankrupt And On Borrowed Time





Thomas Jefferson is credited with the following sage advice, “The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.” And so it seems sometimes the answer is right in front of us all along and we just fail to see it.

 
Tyler Durden's picture

Greenspan 2003 Or Yellen 2015: "We Don't Know Enough About How The Financial System Works"





"...I don’t think we know enough about how the private financial system works under these conditions... If you are an institution that is doing well within the parameters under which you’re used to functioning, you will fight any change without any notion as to whether that change is good or bad. That’s because there’s a very large uncertainty premium associated with the change... "

 
Tyler Durden's picture

Back From Holiday, European Stocks Celebrate Atrocious US Jobs Data, Jump Over 1%





Yesterday it was only the US that got the full benefit of the market-wide stop hunt that sent the US market soaring on its biggest opening ramp in 2015 following the worst payroll data since 2013, because Europe was closed for Easter Monday. Which means today it was Europe's turn to celebrate atrocious US data (yes, yes, snow - because somehow tremendous January and February jobs data was not impacted by snow), and in the first European trading session of the week, equities have started off on the front-foot.

 
Gold Standard Institute's picture

Ben Bernanke Now Blogs





Bernanke drove interest down to zero, where it has stayed for over 6 years. In his rationalization, he concedes an importantg point that undermines his argument (and the Fed).

 
Tyler Durden's picture

Why From China's Biggest Bear, Hugh Hendry Became One Of Its Biggest Bulls





Considering that Chinese equities are the best performing market in USD terms (second only, oddly enough, to Russia) in 2015, one can see why after a disappointing 2012 and 2013, and modest 2014, Hendry has hit 2015 out of the park with a bang, generating a 10.6% return in the first two monthes of the year. So is Hendry still bullish on China's stock market prospects?  Why yes, and then some. But is he is contrarian just for the sake of being contrarian? Does he see something in China that nobody else does? Or is he simply right... or wrong, as the case may be? We will let readers decide.

 
Tyler Durden's picture

Here Comes Solyndra 2.0: Obama To Hire 75,000 Solar Workers





What could possibly go wrong? Clearly having not learned their lesson from 'interfering' in free markets (and all the deflation-creating over-supplying, crony-capitalizing, taxpayer money-wasting malinvestment that goes with it), NBC News reports, The White House has announced a goal to train 75,000 workers in the solar industry by 2020, many of them veterans. In a sentence only President Obama could utter, he explains "these are good-paying jobs that are helping folks enter the middle-class." Climate 'fixed', folks 'fixed', veterans 'fixed' middle-class-economics 'fixed'... and we are sure it will be unequivocally good for America (until trade wars pick up once again).

 
Tyler Durden's picture

Meet The New Recession Cycle - It's Triggered By Bursting Bubbles, Not Surging Inflation





Today’s clueless Keynesian central bankers essentially believe that they can keep the pedal-to-the-metal until a 1970’s style inflationary spiral arises. But none is coming because  the worldwide central bank money printing spree of the last two decades has generated massive excessive capacity and malinvestment all around the planet. What is coming, therefore, is not their father’s inflationary spiral, but an unprecedented and epochal global deflation. So the central banks just keep printing, thereby inflating the asset bubbles world-wide. What ultimately stops today’s new style central bank credit cycle, therefore, is bursting financial bubbles. That has already happened twice this century. A third proof of the case looks to be just around the corner.

 

 
Tyler Durden's picture

No Country For Young Workers: Only Americans 55 And Older Found Jobs In March





America continues to be a country where there are only jobs for old men, those 55 and older, who saw a 329,000 increase in jobs in the past month. Every other age group saw job losses!

 
Tyler Durden's picture

Futures, Dollar Drift Lower, Oil Slides Ahead Of "Whisper Miss" Payrolls





Unlike yesterday's vertigo-inducing overnight session, today has been a smooth sea by comparison even if one which has flowed from the top left to the bottom right for now, with futures erasing all of the last minute surge which was HFT programmed to sticksave the S&P just green for the year and then some. It is difficult to pinpoint the catalyst that will be today's market narrative although with NFP in just over 24 hours, falling on a holiday which will allow S&P futures just 45 minutes of trading after the BLS report hits before closing for the day, and with the weak ADP not to mention the 0.0% GDP, the "whisper" expectation is for a NFP print that will be well below consensus, somewhere in the mid-100,000s if not worse now that the bartender hiring spree is over. The fact that March payrolls have missed on 6 of the last 7 reports probably adds to the dollar weakness, even if a huge miss tomorrow may just be the catalyst Yellen needs to launch the QE4 trial balloon.

 
Tyler Durden's picture

Companies Go All-In Before Rate Hike, Issue Record Debt In Q1





Not only did Q1 mark a record quarter for issuance, March supply also hit a record at $143 billion, tying the total put up in May of 2008. It should come as no surprise that Q1 was a banner quarter for corporate debt issuance as struggling oil producers tapped HY markets to stay afloat and companies scrambled to max out the stock-buyback-via-balance-sheet re-leveraging play before the Fed hike rates.

 
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