Meltdown

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How Wall Street Is Preparing For "President Trump"





While the market has had its share of bogeymen to worry about so far in 2016, mostly along the lines of the "Four Cs", namely China, Crude, Credit and Currencies, it has so far largely ignored one letter: the Big D, for Donald, as in how would a Trump presidency affect the market. And, as Reuters writes, it is time for Wall Street to add "the juggernaut that is Donald J. Trump to the list of what-ifs that is worrying Wall Street."

 
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As Fukushima Continues Leaking, 3 Former TEPCO Execs Charged With Negligence





The three executives did not exercise sufficient preventive means, despite being warned of the potential effects a tsunami could have on the Fukushima plant.

 
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"The GOP Is On The Verge Of A Meltdown": Senior Republicans Threaten To Vote For Hillary





It's an all out panic for the GOP establishment faithful, and now some senior Republicans are saying privately that they might consider voting for Mrs Clinton if Mr Trump were to end up as their party nominee as one conservative commentator exclaimed "we are on the verge of a real meltdown in the Republican party."

 
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This Is How The Great CLO 2.0 Collapse Will Play Out





Over the past two weeks, we’ve begun to document what may end up being a dramatic unwind in the CLO market. New issue spreads are rising, issuance is collapsing, and both S&P and Moody’s recently downgraded several CLO 2.0 tranches for the first time ever. Unless you think the acute stress in the HY market is set to abate - and trust us, it’s not - you can bet that things are about to get very ugly, very quickly at least for junior CLO tranches. For those curious to know how this debacle plays out, history offers a useful guide. 

 
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"China Is A Monumental Doomsday Machine" Stockman Warns





China is a monumental doomsday machine that bears no more resemblance to anything that could be called stable, sustainable capitalism than did Lenin’s New Economic Policy of the early 1920s. The latter was followed by Stalin’s Gulag and it would be wise to learn the Chinese word for the same, and soon. These folks are on the deadliest strain of financial heroin known to mankind and have no chance of surviving; its a dead economy walking.

 
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R.I.P. M&A Boom: Goldman Fails To Get $2 Billion LBO Deal Done Even At Double-Digit Yields





On Thursday, we got still more evidence that the market's appetite for junk is waning when Goldman ran into trouble trying to get the financing done for the Vista/Solera deal. Solera - which is being sold to PE Vista Equity Partners - didn't have any trouble with a $1.9 billion leveraged loan offering last week (it was actually oversubscribed), but when Goldman tried to price $2 billion in bonds intended to help fund the LBO, things got dicey.

 
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NatGas Tumbles To 16-Year Lows





More "unequivocally good" news. On the heels of a smaller than expected drawdown in natural gas inventories (-117 vs -135bcf), Nattie futures have tumbled to their lowest intraday level since 1999...

 
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Canary, Meet Coal Mine: These Are The Tranches Where The CLO 2.0 Meltdown Begins





It was just three days ago when we brought you what we called “the next shoe to drop:” CLOs. Just hours after our warning, Moody's followed in S&P's footsteps and delivered their first downgrade of post-crisis US CLOs. In the crosshairs: Silvermine Capital or, more specifically, Silvermore CLO and Silver Spring CLO where exposure to junk debt and the increasingly toxic O&G space is worryingly high.

 
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Donald Trump Is Right: Here Are 100 Reasons Why We Need To Audit The Federal Reserve





When a leading nominee for President gets something exactly right, we should applaud them for it.  In this case, Donald Trump’s call to audit the Federal Reserve is dead on correct.  Most Americans don’t realize this, but the Federal Reserve has far more power over the economy than anyone else does – including Barack Obama.  The funny thing is that the Federal Reserve is not even part of the federal government.  It is an independent private central bank that was designed by very powerful Wall Street interests a little over 100 years ago.  It is at the heart of the debt-based financial system which is eating away at America like cancer, and it has no direct accountability to the American people whatsoever.

 
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Are Central Banks Setting Each Other Up?





There are times you try to connect the dots. There are others where those connections warrant adorning your trusted tin-foiled cap of choice; for you just can’t get there unless you do. This I believe is one of those times. And if correct? What at first might appear apocryphal, may in fact, be down right apocalyptic. And besides, what good is a tin-foil capped conspiracy theory anyhow if it doesn’t have the potential for doom, correct?  The implications for everything we now take for granted such as: money, enterprise, global commerce, and a whole lot more may be far closer to a “Minsky moment” than any of us dared to imagine.

 
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Bank of America: "Corporate Balance Sheets Are The Most Unhealthy They Have Ever Been"





"...in a world where corporate balance sheets are arguably the most unhealthy they have ever been (all-time high leverage in HG and HY) where companies have relied on cheap debt to fund a growth through acquisition strategy, what happens if funding is either unavailable or too expensive to make a growth through acquisition strategy make sense? Same goes for buybacks and special dividends?"

 
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P2P Site That Financed San Bernardino Massacre Hikes Rates Citing "Turbulent Markets"





Prosper Marketplace is raising the cost of loans in the face of a chaotic start to 2016. This is just the latest sign that the P2P model is starting to crack and that means the nascent ABS market for person-to-person loans may collapse in relatively short order.

 
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Why The Keynesian Market Wreckers Are Now Coming For Your Ben Franklins





Larry Summers is a pretentious Keynesian fool, but we refer to him as the Great Thinker’s Vicar on Earth for a reason. To wit, every time the latest experiment in Keynesian intervention fails - as 84 months of ZIRP and massive QE clearly have - he can be counted on to trot out a new angle on why still another interventionist experiment or state sponsored financial fraud is just the ticket. Right now he is leading the charge for the greatest stroke of foolishness yet conceived.

 
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