General Electric

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The Next Big Short





At the end of the day, the current preposterous $325 billion market cap has nothing to do with the business prospects of this firm or the considerable entrepreneurial prowess of its leader and his army of disrupters. It is more in the nature of financial rigor mortis - the final spasm of the robo-traders and the fast money crowd chasing one of the greatest bubbles still standing in the casino.

 
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The Plutocrats Are Winning (Don't Let Them!)





The $1.15 trillion spending bill passed by Congress last Friday and quickly signed by President Obama is just the latest triumph in the plutocratic management of politics that has accelerated since 9/11...proof that Washington can work. Mainstream media didn’t stop to ask: “Yes, but work for whom?” Instead, the anchors acted as amplifiers for official spin - repeating the mantra-of-the-hour that while this is not “a perfect bill,” it does a lot of good things. “But for whom? At what price?” went unasked. Secrecy today. Secrecy tomorrow. Secrecy forever. They are determined that we not know who owns them.

 
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Frontrunning: December 24





  • Global Stocks Take Breather After Oil-Fueled Rally (WSJ)
  • Junk Investors Evade the Trade (WSJ)
  • How the Third Avenue Fund Melted Down (WSJ)
  • Oil Traders Set to Pounce as U.S. Prepares to Lift Export Ban (BBG)
  • JPMorgan Says Japan Inc. Must Prepare for Yen Below 100 a Dollar (BBG)
 
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The Dollar Shortage Has Arrived: Africa Runs Out Of Dollars





In an unexpected turn of events, the disappearance of not just synthetic but very physical dollars has hit one region much harder and much faster than we expected. Africa.

 
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An Open Letter Calling For The Resignation Of Saudi-Sympathizing Politicians





"...Should you continue your flagrant support of Saudi Arabia by way of foreign aid and weapons sales, you are no longer to be trusted to hold an elected position of influence. You should therefore resign, effective immediately. The question is: Is your allegiance to the people of the United States, or are you beholden to another kingdom?"

 
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A Look Inside Saudi Arabia's Elaborate U.S. Propaganda Machine





So what do you do when you’re a barbaric monarchy with a justice system remarkably similar to ISIS, but at the same time want to remain very close ally of the U.S. government? You create a sophisticated propaganda network, naturally.

 
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Congress Wants To Seize Your Passport For Unpaid Taxes





Sometimes you just have to stand in awe at the level of corruption and incompetence in government.

 
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Frontrunning: November 16





  • Belgian Police 'Arrest' Public Enemy No.1 (Sky News)
  • France Widens Crackdown at Home as Bombs Rain on Islamic State (BBG)
  • Putin Goes From G-20 Pariah to Player at Obama Turkey Talk (BBG)
  • Paris Attacks: 150 Raids as France Goes to 'War With Terrorism' (NBC)
  • 'Rocket Launcher Found' In French Police Raids (Sky)
  • Geopolitical worries lift oil after Paris attacks, but glut weighs (Reuters)
  • Japan's economy falls back into recession again (BBC)
 
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Frontrunning: November 3





  • S&P 500 Futures Slip as Aussie Gains on Rate Outlook; Oil Rises (BBG)
  • Xi Says China Needs at Least 6.5% Growth in Next Five Years (BBG)
  • Ben Carson Vaults to Lead in Latest Journal/NBC Poll (WSJ)
  • World's Biggest Banks Still Not `Truly Resolvable,' FSB Says (BBG)
  • Keystone XL's builder faced darkening prospects (Reuters)
  • Merkel Says Germany Must Step Up World Role in Refugee Crisis (BBG)
 
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Wall Street Financial Engineering At Work - How Valeant Got Vaporized





Financial engineering scams like Tyco and Valeant would never happen in an honest free market. Short sellers would shut them down long before they reach egregious levels of over-valuation; and the cost of honest downside market insurance (i.e. S&P 500 puts) and market driven carry cost would dramatically reduce the profitability of speculation and the amount of punters and capital in the casino. In today’s broken markets and corrupt regime of central bank driven crony capitalism, however, bubbles inflate in individual securities, as well as in broad sectors and the market as a whole, until they reach egregious, self-correcting extremes. Then they violently implode, creating immense waves of collateral damage in the process. Perhaps then the American people will learn that Yellen & Co have actually been in the un-wealth effects business for way too long.

 
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Futures Flat As Algos Can't Decide If Chinese "Good" Data Is Bad For Stocks, Or Just Meaningless





The key overnight event was the much anticipated, goalseeked and completely fabricated Chinese economic data dump, which was both good and bad depending on who was asked: bad, in that at 6.9% it was below the government's 7.0% target and the lowest since Q1 2009, and thus hinting at "more stimulus" especially since industrial production (5.7%, Exp. 6.0%) and fixed spending also both missed; it was good because it beat expectations of 6.8% by the smallest possible increment, and set the tone for much of Europe's trading session, even if Asia shares ultimately closed largely in the red over skepticism over the authenticity of the GDP results. Worse, and confirming the global economy is now one massive circular reference, China accused the Fed's rate hike plans for slowing down its economy, which is ironic because the Fed accused China's economy for forcing it to delay its rate hike.

 
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Buying Panic Fizzles As Option Expiration Looms





In the absence of any key economic developments in the Asian trading session, Asian stocks traded mostly under the influence of the late, pre-opex US ramp momentum courtesy of another day of ugly economic data in the US (bad econ news is good news for liquidity addicts), closing solidly in the green across the board, led by China (+1.6%) and Japan (+1.1%) thanks in no small part to the latest tumble in the Yen carry trade, which mirrored a bout of USD overnight weakness. And since a major part of the risk on move yesterday was due to Ewald Nowotny's comments welcoming more QE, news from Eurostat that Eurozone CPI in September dropped -0.1% confirming Europe's deflation continues, should only be greeted with even more buying as it suggests further easing by the ECB is inevitable.

 
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Key Events In The Coming Week





While the US bond market, if not equities, is enjoying the day off on a day in which there is no economic data just more Fed speakers including the Fed's Evans who on Friday uttered what may be the dumbest thing a central planner has ever said, the week's macro docket starts in earnest on Tuesday when China releases much anticipated September trade data. Here are the key events for the rest of the week.

 
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Frontrunning: October 6





  • Asian shares rise on fading Fed rate views (Reuters)
  • U.S. Equity Futures Fall, Risking S&P 500 Rally as Copper Slides (BBG)
  • More biotech pain, this time from the WSJ: For Prescription Drug Makers, Price Increases Drive Revenue (WSJ)
  • VW Will Delay or Cancel Non-Essential Investments Due to Scandal (BBG)
  • Russia Rejects No-Fly Zone Over Syria as Clerics Urge Reprisals (BBG)
  • Historic Pacific trade deal faces skeptics in U.S. Congress (Reuters)
  • German Factory Orders Unexpectedly Fall Amid Economic Risks (BBG)
 
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