CRAP

Tyler Durden's picture

Kohl's And The Rest Of The Retailers Are In Deep Trouble





When you see the headlines touting strong retail sales, you need to consider what you are actually seeing in the real world. RadioShack will be filing for bankruptcy within months. Wet Seal will follow. Sears is about two years from a bankruptcy filing. JC Penney’s turnaround is a sham. They continue to lose hundreds of millions every quarter and will be filing for bankruptcy within the next couple years. Target and Wal-Mart continue to post awful sales results and have stopped expanding. And as you drive around in your leased BMW, you see more Space Available signs than operating outlets in every strip center in America.

 
Cognitive Dissonance's picture

9/11 - The Ultimate Litmus Test





If nothing else we have learned it doesn’t matter how obvious the lie is if people don’t want to know the truth.

 

 
Tyler Durden's picture

Meet The "Access To Affordable Mortgages" Act: How Congress Will Create The Next Crisis





Say hello to the next financial crisis, brought to you courtesy of the dumbest new bill of the week: H.R. 5148: Access to Affordable Mortgages Act.

 
Tyler Durden's picture

Just How Bad Is Europe's Banking System? ESI Bonds Bid At Just 2% Of Face





Just three months ago, everyone was a believer: bonds traded well above par, Europe's recovery was on track, and Portugal's banking system was a shining example of how Europe's bailout program worked (and Goldman was pitching SPVs full of this crap to any and all greater fools). Today - the ugly truth is exposed as Bloomberg reports, Espirito Santo International debt attracted potential buyers at just 2% of face value. Of course, the words "contained" are trotted out to explain how this is a one-off and not at all representative of the rest of the European banking system. But... Howard Marks' Oaktree Capital seems to disagree - "We continue to think Europe will provide a substantial quantum of attractive investment opportunities for all of our strategies and in particular distressed debt," as a record amount of bad loans are being offloaded by European banks ahead of the stress tests.

 
Tyler Durden's picture

US Equity Futures Soar To Fresh All-Time Highs On New Ukraine "Ceasefire" Which Is Promptly Refuted By All Sides





The comedic value of developments out of Ukraine, especially when it comes to "de-escalation", truly has no equal. Case in point, events from the past three hours, when we learned that there is a new Ukraine ceasefire, there is no Ukraine ceasefire, Putin is looking for a ceasefire but can't be part to a agreement as he is not "firing", NATO is pushing again, Ukraine demands special treatment, the Ukraine rebels were never even consulted on the latest ceasefure, and so on. End result: futures just hit new all time highs.

 
Tyler Durden's picture

Angelo Mozilo Responds To Charges:: “No, No, No, We Didn’t Do Anything Wrong”





Here are some of the choice excerpts from the man who is baffled by a new effort to punish him, proud of past triumphs and incensed by criticism: “You’ll have to ask those people, ‘What do you have against Mozilo, what did he do?’” he said in a 30-minute call with Bloomberg News before Labor Day, one of his few interviews since the firm’s downfall. “Countrywide didn’t change. I didn’t change. The world changed.”  Mozilo doesn’t understand why he and his firm, blamed by lawmakers and authorities for lax underwriting and predatory lending, have been seen as villains. “No, no, no, we didn’t do anything wrong,” he said, adding that a real estate collapse was the root of the crisis. “Countrywide or Mozilo didn’t cause any of that.” Yes, the Moz talks about himself in the third person.

 
Tim Knight from Slope of Hope's picture

The Great Deformation





Although I never thought it was possible, it makes me angry to write this book review. I'm not angry because I don't like the book. On the contrary, this is the best economics book I've ever read. Indeed, it may be the best and most influential book I've ever read in my life. I only wish I had read it the moment it was published in April 2013. 

 
EconMatters's picture

Hysterical Fear Mongering by Media Needs to Stop





Traders and market participants are pretty bad at decision making as it is, the last thing they need is inaccurate information via sensationalized and overhyped TMZ Style News reports to base their decision making process on.

 
Tyler Durden's picture

The Complete History Of US Presidents Bombing Iraq Back Into The Stone Age





Operation Desert Shield; Operation Desert Storm; Operation Provide Comfort I and II; Operation Southern Watch; Operation Desert Strike; Operation Northern Watch; Operation Desert Fox; Operation Southern Focus; Operation Iraqi Freedom; Operation New Dawn,

and...

Operation [Provide Humanitarian Aid]

 
Tyler Durden's picture

Our Totalitarian Future - Part 2





Huxley’s Brave New World dystopian America had a good run from 1950 until 2000. Our keepers kept us fat, dumb, distracted, and in debt up to our eyeballs. Since 2000 Orwell’s 1984 dystopian Surveillance States of America seems to be taking shape, under the watchful eye of our very own Big Brother, the NSA. Fear, punishment, slogans (See Something Say Something) and appeals to non-thinking patriotism have replaced freedom, liberty, individual rights, the Constitution, personal responsibility for our own lives and questioning authority. Are you a believer? “One believes things because one has been conditioned to believe them.” – Aldous Huxley – Brave New World; Or a truth seeker? “You shall know the truth and the truth shall make you mad.” – Aldous Huxley

 
EconMatters's picture

The Fed Needs to Raise Rates Now!





Janet Yellen is always one step behind.  If people start to ask you "Are you fat?", then you ARE fat!

 
Tyler Durden's picture

Goldman Admits Market 40% Overvalued, Economy Slowing, So... Time To Boost The S&P Target To 2050 From 1900





Recall that it was Goldman's David Kostin who in January admitted that "The S&P500 Is Now Overvalued By Almost Any Measure." It was then when the Goldman chief strategist admitted there was only 3% upside to the bank's year end target of 1900.  Well, that hasn't changed. In his latest note Kostin says that "S&P 500 now trades at 16.1x forward 12-month consensus EPS and 16.5x our top-down forecast... the only time S&P 500 traded at a higher multiple than today was during the 1997-2000 Tech bubble when margins were 25% (250 bp) lower than today. S&P 500 also trades at high EV/sales and EV/EBITDA multiples relative to history. The cyclically-adjusted P/E ratio suggests S&P 500 is now 30%-45% overvalued compared with the average since 1928." And this is where Goldman just goes apeshit full retard: "we lift our year-end 2014 S&P 500 price target to 2050 (from 1900) and 12-month target to 2075, reflecting prospective returns of 4% and 6%, respectively."

Wait, what???

 
Capitalist Exploits's picture

A Bull Market in PR





The venture capital world is currently paying inordinate amounts of money for software companies which are making a lot of noise and not much else!

 
Tyler Durden's picture

Will Fundamentals Ever Matter Again?





Will investing based on fundamentals eventually find favor once again with investors? The problem is that market participants no longer view the financial markets as a place to invest savings over the "long term" to ensure future purchasing power parity. Today, they view the markets as a place to "create" wealth to offset the lack of savings. This mentality has changed the market dynamic from investing to gambling. As Seth Klarman warned, "There is a growing gap between the financial markets and the real economy. Not surprisingly, lessons learned in 2008 were only learned temporarily. These are the inevitable cycles of greed and fear, of peaks and troughs." Simply put, fundamentals will matter, but only after the fact.

 
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