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Institutionalized Lying - Why Central Bankers Never See Bubbles





Every day there is more confirmation that the casino is an exceedingly dangerous place and that exposure to the stock, bond and related markets is to be avoided at all hazards. In essence the whole shebang is based on institutionalized lying, meaning that prouncements of central bankers, Wall Street brokers and big company executives are a tissue of misdirection, obfuscation and outright deceit. And they are self-reinforcing, too.

 
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Goldman Slammed With $5.1 Billion Fine For "Serious Misconduct" In Mortgage Selling





Hot on the heels of Wells Fargo's $1.2 billion settlement, Bloomberg reports that Goldman Sachs will pay $5.1 billion to settle a U.S. probe into its handling of mortgage-backed securities involving allegations that loans weren’t properly vetted before being sold to investors as high-quality bonds. “This resolution holds Goldman Sachs accountable for its serious misconduct in falsely assuring investors that securities it sold were backed by sound mortgages, when it knew that they were full of mortgages that were likely to fail,” said Acting Associate Attorney General Stuart Delery.

 
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Here Comes The Big Flush - Recession Pending, Fed "Put" Ending





If it sounds like history repeating itself, it most surely is.  The coming recession will again obliterate the sell side hockey sticks, which this time started last spring at $135 per share for 2016 and are already being reduced at a lickety-split rate not seen since the fall of 2008. But this time there is one thing that decisively different, and it will make all the difference in the world. As will be reinforced once again by the post-meeting contretemps on Wednesday, the Fed has painted itself into a deathly corner and is utterly out of dry powder. It has nothing left but to hint at the prospect of negative interest rates. And that will be usher in its thundering demise.

 
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Bernie vs. Ron Paul: There's No Comparison





The comparison of Bernie to Ron goes like this: both launched insurgent, anti-establishment presidential campaigns while in their 70s, shook up their respective party establishments, and attracted large youth followings. But Bernie is no Ron. More importantly, Ron urged his followers to read and learn. Bernie’s platform merely regurgitates the fallacies and prejudices his young followers already imbibed in school. What more is there to read?

 
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"Everyday American" Pleads With Hillary To Release Transcripts "So We Can Trust You Again"





"How can we trust that this isn't just more political rhetoric. Please, just release those transcripts so that we know exactly where you stand."

 
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Helicopter Money Arrives: Switzerland To Hand Out $2500 Monthly To All Citizens





With Citi's chief economist proclaiming "only helicopter money can save the world now," and the Bank of England pre-empting paradropping money concerns, it appears that Australia's largest investment bank's forecast that money-drops were 12-18 months away was too conservative. While The Finns consider a "basic monthly income" for the entire population, Swiss residents are to vote on a countrywide referendum about a radical plan to pay every single adult a guaranteed income of around $2500 per month, with authorities insisting that people will still want to find a job.

 
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25 Years Of Fed Fueled M&A - The Enabling Of A Banking Oligopoly





Between 1990 and 2010, eventually 37 banks would become JP Morgan Chase, Bank of America, Wells Fargo, and Citigroup. The “Big Four” retail banks in the United States collectively hold 45% of all customer bank deposits for a total of $4.6 trillion... as the biggest got biggest-er all thanks to the very visible hand of The Fed's free money.

 
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Newsflash From The December 'Jobs' Report - The US Economy Is Dead In The Water





Here’s a newsflash that CNBC didn’t mention. According to the BLS, the US economy generated a miniscule 11,000 jobs in the month of December.

 
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Frontrunning: January 6





  • Obama, wiping tears, makes new push to tighten gun rules (Reuters)
  • Global stocks hit by China worries, North Korea nuclear test (Reuters)
  • Oil hits 11-year low, Saudi-Iran row cuts chances of output restraint (Reuters)
  • North Korea says successfully conducts first H-bomb test (Reuters)
  • Valeant Planning to Appoint New Leader as CEO Remains Hospitalized (WSJ)
  • Treasuries Extend 2016 Winning Start With Growth Outlook Clouded (BBG)
 
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Guest Post: Has There Ever Been A More Selfish Generation?





Because we squandered our opportunity to correct our own problems, our problems shall be our legacy. It’s wretched how dumb we are in our greed to have everything right now in the cheapest way possible and how willing we are to force the debts of that consumption upon our grandchildren and to pretend that won’t hurt them. We live in economic denial.

 
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Frontrunning: November 5





  • BOE Stays Cautious on Rate-Hike Timing as Inflation Outlook Cut (BBG)
  • China Enters Bull Market (WSJ)
  • Britain says Islamic State likely brought down Russian plane (Reuters)
  • Dollar jumps as markets fix on December rate expectations (Reuters)
  • Activist Investor Bill Ackman Plays Defense (WSJ)
  • BOJ Survey Data Reveals Signs of Growing Inequality in Japan (BBG)
  • UAW Warns of General Motors Strike If Workers Fail to Approve Contract (WSJ)
 
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Subprime Auto Goes Full-Retard: Lender Sells $154 Million ABS Deal Backed By Loans To Borrowers With No Credit





Remember Skopos Financial, the US subprime auto lender run by Santander Consumer veterans? Well, in a testament to just how desperate America is to perpetuate the US auto market "renaissance," the company just sold $154 millon worth of paper to investors partially backed by loans to borrowers with no credit score.

 
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Paul Brodsky: "Expect The Unexpected. It Might Be Time To Duck And Cover"





Most investors don’t take kindly to change. “The market” chooses to stay in the here and now; each human component vibrant and alert while the whole is passive and inert…like a herd of wildebeests, protected by its mass and collective wisdom that each one of them is statistically safe from lions as long as they stay together.

 
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