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Mylan CEO: "The US Healthcare System Bubble Is Going To Burst; This Is No Different Than The Subprime Crisis"

"My frustration is, the list price is $608. There is a system. I laid out that there are four or five hands that the product touches, and companies that it goes through before it ever gets to that patient at the counter. Everyone should be frustrated. I'm hoping that this is an inflection point for this country. Our healthcare is in a crisis, it's no different than the mortgage financial crisis back in 2007. This bubble is going to burst."

Deutsche Bank CEO Warns Of "Fatal Consequences" For Savers

The CEO of Deutsche Bank unveiled a striking warning, which however, in was not aimed at his old nemesis Mario Draghi, but at Germany itself, hinting that if Deutsche Bank goes down it is taking everyone down with it, when he warned of "fatal consequences" for savers and pension plans.

Global Stocks Decline Along With The Dollar, As Jackson Hole Begins

Global stocks declined broadly, led by European equities which fell for the first time this week while currency markets continued their subdued tone even as the recent 4-day rally in the USD appears to have topped out, as investors took to sidelines ahead of the Jackson Hole meeting which begins tonight. Japanese and Chinese stocks had suffered modest drops in Asia.  S&P 500 Index futures slipped 0.2%, continuing yesterday's modest selloff.

S&P Set For New Record Highs As Futures, Dollar Rise; Oil Slides

In a rerun of yesterday's overnight session, European indexes trade higher while US index futures were modestly in the green, set to propel the S&P 500 to new all time highs. Emerging Market dropped the most in three weeks alongside commodities, as today the market was predisposed hawkishly on a US rate hike ahead of Yellen's Friday speech, pushing the US dollar higher and oil resumed its pre "anonymous sources" headlines slide.

Stocks Creep Higher As Dollar Resumes Falling, Oil Slides For Second Day

While the summer doldrums continue, with little market-moving newsflow overnight and zombified volumes, US futures crept higher and European shares rose after EU PMIs printed modestly better than expected, while a return to dollar weakness pushed emerging markets higher, even if it failed to boost oil which as we noted last night was downgraded by Goldman on various fundamental reasons.

BofA Looks At The "What If" Scenario For Bonds: Find A Surprising Result

One of the big fears among the bond market, where most participants now openly admit there is a "bubble in credit", is that an unwind in global bond yields would lead to substantial losses.  To test this assumption, Bank of America's Ralf Preusser looks at the "what if" scenario, namely what would happen to total returns should government yields fully reverse their 30 year historical evolution. What he finds is surprising.

US Futures Fall, European Stocks Rise As Stronger Dollar Sends Oil Lower

European stocks rose and US S&P futures fell after the dollar strengthened following the latest hawkish comments from Fed vice-chair Stanley Fischer signalled that a 2016 rate hike is still being considered and again boosted speculation that US rates will rise this year. The rising dollar pressured commodities and notably oil, which dropped 2% breaking a 7 days stretch of increases; emerging markets retreated. 

Obamacare Is The Welfare State's Requiem

No more. The Obamacare meltdown has destroyed the conceit that government can improve society through expansion and mandate. It turns out that large stacks of paper don’t automatically bring justice, equality, efficiency, and universal provision. Obamacare could be the last large-scale welfare program ever passed by Washington, D.C.

Jeffrey Snider: All Signs Point To Systemic Reset

"... what’s happened in stocks is more a myth than actual reality. Investors in stocks are buying at ridiculous valuations based on the premise that the Fed can create a recovery through liquidity. And what 2014 and 2015 show us is that this simply wasn’t true! ...the longer the earnings recession lingers, the higher the risk that stock investors will realize that they’ve been following the wrong story all along!"

The Fear Economy: It Couldn't Possibly Happen Here But It Did

In the late 1990’s, economists attempted to get reacquainted with something that they previously believed was an artifact of long ago history. The plight of Japan during that decade had revived fears of deflation and depression. Some economists, those daring enough to challenge entrenched notions, began even to contemplate whether or not it could happen here.