Meltdown

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.

"It's Not Some Barbarous Relic" - Trump Adviser Urges Return To Gold Standard

".. we need a fundamental reassessment of the global monetary order... in terms of gold being involved, I see it as a sophisticated, forward-looking approach because gold is neutral, it’s universal, and it’s a well-accepted monetary surrogate that transcends borders and time. If you look at the foreign reserves of the most important countries, they keep them mostly in gold. I don’t want to read too much into it, but it proves that gold is not some barbarous relic."

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.

The Return Of The Obamacare Death Spiral

This slow exodus of insurers from the health law's marketplaces represents a serious threat to the continued stability and existence of its exchanges. Obamacare is perched on the edge of a death spiral. The fundamental problem is simple: Insurers are losing money... was that the plan all along for the Affordable Care Act?

The Warren Buffett Economy: How Central-Bank-Enabled Financialization Divided America

Needless to say, the above outlandish graph does not capture capitalism at work. Nor did the speculators who surfed upon this $45 trillion bubble harvest their monumental windfalls owing to investment genius. Instead, it is the perverted fruit of Bubble Finance, and there is no better illustration of this bubble surfer syndrome than the sainted Warren Buffett.

Hillary Clinton: "I May Have Short-Circuited The Truth" About The Email Scandal

"What I told the FBI, which he said was truthful, is consistent with what I have said publicly. I may have short-circuited it and for that, I, you know, will try to clarify because I think, you know, Chris Wallace and I were probably talking past each other because of course, he could only talk to what I had told the FBI and I appreciated that. But I do think, you know, having him say that my answers to the FBI were truthful."

Carl Icahn Has Never Been More Short The Market, Is Pressing For A Crash

there was renewed speculation if Icahn had given up on his record bearish bet. So when overnight IEP released its latest 10-Q, we were eager to find out if Carl had unwound his record short, or perhaps, added more to it. What we found is that  one quarter after having a net short position of -149%, as of June 30, Icahn's net position was once again -149%, or in other words, he has once again never been shorter the market.