Wall Street Journal

Wall Street Journal Lashes Out At "Our Political Central Bankers"

Janet Yellen didn’t run for President, but you wouldn’t know it from her policy démarche Friday at the Federal Reserve’s annual Jackson Hole retreat. The Fed Chair unleashed a defense of post-crisis financial regulation that shows how political the world’s central bankers have become.

Why Google Made The NSA

"The origins trace back to a secret Pentagon-sponsored group, that for the last two decades has functioned as a bridge between the US government and elites...The results have been catastrophic: NSA mass surveillance, a permanent state of global war, and a new initiative to transform the US military into Skynet."

Housing Bubble 2.0: Home Equity Loans Soar To Highest Level Since 2008

"If customers feel like their home values are stable or increasing, and if they feel like their job prospects are good—that they will have the ability to pay back a loan they take—then they will start to take out more home-equity lines.  That is what we are starting to see."

How Much Harvey Damage Can Insurers Face Before They Crack?

It would take $100 billion or more of losses during a 12-month period to seriously threaten insurers’ balance sheets. For context, Hurricane Katrina, the costliest hurricane in US history, caused nearly $50 billion in insured losses in 2016 dollars.

Matt Taibbi: Media Is The Real Villain (For Creating A World Dumb Enough For Trump)

"We've created a generation of anger addicts who can't read past the first page of a book. This is why the howls of outrage from within the ranks of the news media about Trump's election ring a little bit false. What the hell did we expect would happen? Who did we think would rise to prominence in our rage-filled, hyper-stimulated media environment? Sensitive geniuses?"

It's Can-Kicking Time Again In The Imperial City

"So we’ve officially entered the kick-the-can season. You can count on Paul Ryan to spin and misdirect in order to obfuscate what’s actually going on. The House Speaker is about to capitulate again to the nation’s fiscal doomsday machine. Expect clever maneuvers designed to hide the truth through yet another election cycle."

Ford To Abandon "Traditional Credit Scores" For Underwriting Decisions As Sales Stall

So, what do you do when your sales are stalling because you've already financed new cars for every man, woman and child with a credit score north of 500?  Well, you simply abandon credit scores in the underwriting process and instead explicitly mandate that your loan officers approve every potential car buyer that walks through the door with a pulse. 

Goldman "Unexpectedly" Exempt From Venezuela Bond Trading Ban

"That was somewhat surprising," said Francisco Rodriguez, chief economist at Torino Capital. "I guess the logic is that those bonds are already in the hands of bondholders, so you wouldn’t be really blocking new financing." That, or the "logic" was to exempt Goldman from the trading ban until the bank can sell them without incuring a major loss...

Mueller Reportedly Probing Flynn's Role In Attempt To Find Hillary's 30,000 Missing Emails, WSJ

Back in June we noted a Wall Street Journal story about a longtime Republican operative from Chicago’s North Shore, Peter W. Smith, who apparently set out on a private mission to track down Hillary Clinton’s 30,000 missing emails.  Now, the WSJ is back with an update suggesting that Special Counsel Robert Mueller's team is interested in learning more about how/if Michael Flynn may have assisted Peter Smith in his search.

"It Is Our Very Existence That Is Unbearable To Jihadists"

"The sad conclusion seems to be that that jihadists do not need a "reason" to kill Westerners. They attack equally France, which conducts military operations in the Middle East and North Africa, and countries such as Spain and Germany, which are neutral."

Frontrunning: August 24

  • Future of Fed Chief Hangs Over Meeting at Jackson Hole (WSJ)
  • Fellow Republicans rebuke Trump over government shutdown threat (Reuters)
  • How Fair Is Stock Trading? The SEC May Soon Decide (BBG)
  • Russian bombers on mission near South Korea, Japan (Reuters)
  • U.S. Defense Secretary says Russia trying to redraw borders by force (Reuters)