Recession

"This Is A Big, Big Moment" - Gundlach Warns Yellen May Surprise Markets

In his presentation titled appropriately "Turning Points" (presented below) Gundlach said that “this is a big, big moment," predicting that “interest rates have bottomed. He also said that the Fed "wants to show that they are not guided by the markets" and that "they can’t be replaced by WIRP." A Fed surprise would send rates spiking, and Gundlach warns the 10Y may close 2016 at 2% or higher.

Developing Countries Emulate The US, Turn Citizens Into Debt Slaves

One of the big advantages of being a Latin American or Asian country used to be - somewhat counter-intuitively - the lack of credit available to most citizens. The banking system in, say, Brazil or Thailand simply wasn’t “advanced” enough to offer credit card, auto, or mortgage loans on a scale sufficient to turn the locals into US-style debt slaves. But that, alas, is changing as those countries adopt their rich cousins’ worst habits.

Job Openings In The US Unexpectedly Jump To Record High, As Pace Of Hiring Fails To Keep Up

Moments ago the BLS reported Janet Yellen's favorite labor market indicator, the JOLTS survey, which as expected (since it tracked the far stronger than expected July payrolls) showed that in July the number of job opening rebounded from the June drop to 5.643 million, jumping by over 200K jobs to a new all time high of 5.871 million, nearly 300K more than the 5.580 million expected.

BofA: "Bad News Is Good News Has Played Out", Any More Weak Data "Will Be Met With Market Skepticism"

"We think the 'bad news is good news' theme has mostly played out in the near term, and any additional weak economic data will likely be met with market skepticism. Additionally, payoffs are asymmetrically skewed at the moment, with hawkish commentary or a surprise hike likely being met with a much fiercer selloff compared to additional tightening caused by a continuation of the norm."

When They Say "Hoarding" Instead Of "Saving" You Know You're In Trouble

Our entire central bank controlled financial system is based on the premise that unelected, unaccountable bureaucrats should be able to direct individuals’ consumption and production behavior from ivory tower conclaves. And they have abused their authority to the point that two entire asset classes are now poisonous.

40,000 Students In Limbo, 8,000 Employees Fired As ITT Suddenly Shuts Down

The long-running tragic saga of ITT Education Services, which was established nearly 50 ago and operates the ITT Technical Institutes for-profit college chain, finally came to a end this morning with both a bang and a whimper, when it announced that it is shutting down effective immediately, leaving the fate of 40,000 students currently enrolled in limbo, and some 8,000 workers without a job.

Mark Cuban: "I Have No Doubt The Market Tanks If Donald Wins"

Confirming that it is now all about the stock market, none other than Trump's most prominent non-political nemesis, Mark Cuban appeared on Fox News earlier today where he said that he has his "Trump hedge on", adding that "in the event Donald wins I have no doubt in my mind the market tanks....

Pension Cuts On Deck In Latest Shock To California Workers

In a small victory for California taxpayers, a court has upheld the right of Marin County to adjust pension payments to employees who utilize a technique known as "salary spiking" to boost their annual pension payments in retirement.

Traders Return From Vacation To Find S&P Futures Flat, Oil And Dollar Lower, Amid Flurry Of M&A

The return from summer holidays has started in much the same way as we left off August, with another subdued session that has seen European stocks little changed, Asian shares advance and S&P futures are modestly in the green amid a flurry of M&A. The US dollar weakened, with the Bloomberg Dollar Index down 0.2% for the 2nd day in a row as prospects for a U.S. interest-rate hike this month remained subdued.

The Greater Depression - Part 1

The corporate mainstream media faux journalists scorn and ridicule anyone who makes the case we are currently in the midst of another Great Depression. They are paid to peddle a recovery narrative to keep the masses ignorant, sedated, and distracted by latest adventures of Caitlyn Jenner and the Kardashians. An impartial assessment of the facts reveals today’s Depression to be every bit as dreadful for the average American as it was in the 1930s