http://www.zerohedge.com/fullrss2.xml/phonebook en I Prefer Donald Trump over Hillary Clinton (Video) http://www.zerohedge.com/news/2016-09-27/i-prefer-donald-trump-over-hillary-clinton-video <p>By <a href="http://www.econmatters.com/search/label/EconMatters"><span style="text-decoration: underline;"><span style="color: #0066cc;">EconMatters</span></span></a> </p> <p><em><br /></em> </p> <div class="separator" style="clear: both; text-align: center;"><a title="Open in new window" class="external" href="https://3.bp.blogspot.com/-FwlS2fS8L6g/V-nubRZfRzI/AAAAAAAAL3I/ES1wHQiFVlwmfF6uqUdi3Azf5QYO4AypQCLcB/s1600/trump-clinton-debate.png" target="_blank" style="margin-left: 1em; margin-right: 1em;"><img src="https://3.bp.blogspot.com/-FwlS2fS8L6g/V-nubRZfRzI/AAAAAAAAL3I/ES1wHQiFVlwmfF6uqUdi3Azf5QYO4AypQCLcB/s400/trump-clinton-debate.png" width="400" height="240" border="0" /></a></div> <p> Donald Trump might just be outside the career politician mode enough to address some of the structural issues facing this country over the next four years that sadly Hillary Clinton will just continue perpetuating with the status quo. I expect out of control spending and&nbsp;continued fiscal mismanagement during&nbsp;Hillary Clinton`s Presidency. </p> <div class="separator" style="clear: both; text-align: center;"><iframe src="https://www.youtube.com/embed/KPyv3xf_Eog?feature=player_embedded" width="320" height="266" frameborder="0"></iframe></div> <p>&nbsp;</p> <div class="separator" style="clear: both; text-align: center;"><a title="Open in new window" class="external" href="https://3.bp.blogspot.com/-HyI84RUdRkA/V-nxyHCt48I/AAAAAAAAL3Q/jdq5UZTXKFs1IJj1HBK0yrvSBoY-Z8VxQCLcB/s1600/united-states-gdp-growth-annual.png" target="_blank" style="margin-left: 1em; margin-right: 1em;"><img src="https://3.bp.blogspot.com/-HyI84RUdRkA/V-nxyHCt48I/AAAAAAAAL3Q/jdq5UZTXKFs1IJj1HBK0yrvSBoY-Z8VxQCLcB/s640/united-states-gdp-growth-annual.png" width="640" height="298" border="0" /></a></div> <div class="separator" style="clear: both; text-align: center;"><a title="Open in new window" class="external" href="https://1.bp.blogspot.com/-GGXFM51GuY0/V-nx4UzbejI/AAAAAAAAL3U/WNsXv7a-IYYg3RgC1B39pIGZ0iv1xqo0ACLcB/s1600/united-states-interest-rate.png" target="_blank" style="margin-left: 1em; 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margin-right: 1em;"><img src="https://2.bp.blogspot.com/-6PuPrB4TV_c/V-nyTYe6UyI/AAAAAAAAL3k/Pu-YCEMr9d08iQdK4Bh3pgnlMBat_Jp_ACLcB/s640/united-states-core-inflation-rate.png" width="640" height="298" border="0" /></a></div> <p> © <a href="http://www.econmatters.com/" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">EconMatters</span></span></a> All Rights Reserved | <a title="Open in new window" class="external" href="http://www.facebook.com/EconMatters" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">Facebook</span></span></a> | <a title="Open in new window" class="external" href="http://twitter.com/#!/EconMatters" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">Twitter</span></span></a> | <a title="Open in new window" class="external" href="http://www.youtube.com/c/Econmatters" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">YouTube</span></span></a> | <a title="Open in new window" class="external" href="http://feedburner.google.com/fb/a/mailverify?uri=EconForecast" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">Email Digest</span></span></a> | <a title="Open in new window" class="external" href="http://astore.amazon.com/econforecast-20?_encoding=UTF8&amp;node=80" target="_blank"><span style="text-decoration: underline;"><span style="color: #0066cc;">Kindle</span></span></a><strong>&nbsp;</strong><em>&nbsp;</em><span style="text-decoration: underline;">&nbsp;</span><span style="text-decoration: line-through;">&nbsp;</span></p> http://www.zerohedge.com/news/2016-09-27/i-prefer-donald-trump-over-hillary-clinton-video#comments Donald Trump Twitter Twitter Tue, 27 Sep 2016 04:20:38 +0000 EconMatters 573347 at http://www.zerohedge.com Debate Post-Mortem: Rematch Required As Commentators Split On Debate Winner, Markets Give Hillary Nod http://www.zerohedge.com/news/2016-09-26/debate-post-mortem-rematch-required-commentators-split-debate-winner-markets-give-hi <p>From &quot;big, fat, ugly bubbles&quot; to &quot;trumped-up trickle-down&quot; economics, tonight&#39;s debate had something for everyone. One-liners and soundbites were dropped like confetti with strange facial gestures, delicate coughs, and direct jabs flying left, right, and center. <em>As far as the results go, it&#39;s anyone&#39;s guess: Lester Holt was soundly beaten by everyone online; the markets (S&amp;P Futs and the Mexican Peso) both suggested a Trump loss, Trump won Twitter, online (and unscientific) polls were undecided with a slight nod to a Trump victory, as commentators were mixed, most siding with their ideological bias</em>.</p> <p>As Bloomberg reports, after a little more than 90 minutes of debate (<a href="https://www.washingtonpost.com/news/the-fix/wp/2016/09/26/the-first-trump-clinton-presidential-debate-transcript-annotated/?postshare=7441474938013874&amp;tid=ss_tw">full transcript here</a>), here are the key takeaways from tonight&#39;s event:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>The candidates spent a good deal of time on stop-and-frisk, racial issues, Obama birther matter, ISIS and nuclear weapons.</p> <p>&nbsp;</p> <p><strong>Trump appeared to be rambling on a number of questions, especially on foreign policy.</strong></p> <p>&nbsp;</p> <p>Clinton made points on the tax returns, with Trump not ending questions about whether he failed to pay any federal income taxes -- an not offering a clear reason as to why he&#39;s not releasing his tax returns.</p> <p>&nbsp;</p> <p><strong>Clinton&#39;s answers often were recitations of her campaign statements.</strong></p> <p>&nbsp;</p> <p><strong>It was difficult for Holt, </strong>as moderator, to keep the candidates focused on the questions. At times, it appeared he&#39;d lost control of the debate.</p> </blockquote> <p>Behind their glazed eyes...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_debate_1.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_debate_1.jpg" style="width: 547px; height: 376px;" /></a></p> <p>&nbsp;</p> <h2><u>Some Key Excerpts</u></h2> <p>Clash of the Titans...</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">.<a href="https://twitter.com/HillaryClinton">@HillaryClinton</a> and <a href="https://twitter.com/realDonaldTrump">@realDonaldTrump</a> arrive, shaking hands with one another: <a href="https://t.co/Nj065CIsxp">https://t.co/Nj065CIsxp</a> <a href="https://t.co/UhTqbuhnIx">pic.twitter.com/UhTqbuhnIx</a></p> <p>&mdash; CBS News (@CBSNews) <a href="https://twitter.com/CBSNews/status/780574345433325568">September 27, 2016</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>&nbsp;</p> <p>Then Hillary struck...</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">.<a href="https://twitter.com/HillaryClinton">@HillaryClinton</a>: &quot;Trumped up trickle-down&quot; is not the way to grow the economy <a href="https://t.co/Nj065CIsxp">https://t.co/Nj065CIsxp</a> <a href="https://t.co/fqemO5PD6p">pic.twitter.com/fqemO5PD6p</a></p> <p>&mdash; CBS News (@CBSNews) <a href="https://twitter.com/CBSNews/status/780576281960349698">September 27, 2016</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>&nbsp;</p> <p>Quickly followed by Trump...</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">Trump to Clinton: &quot;You are going to regulate these businesses out of existence.&quot; <a href="https://t.co/Nj065CIsxp">https://t.co/Nj065CIsxp</a> <a href="https://t.co/kB9ug5pNS9">pic.twitter.com/kB9ug5pNS9</a></p> <p>&mdash; CBS News (@CBSNews) <a href="https://twitter.com/CBSNews/status/780579891121119236">September 27, 2016</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>And...</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">&quot;Typical politician: all talk, no action. Sounds good, doesn&#39;t work.&quot; <a href="https://t.co/Nj065CIsxp">https://t.co/Nj065CIsxp</a> <a href="https://t.co/cC0QLXKHM5">pic.twitter.com/cC0QLXKHM5</a></p> <p>&mdash; CBS News (@CBSNews) <a href="https://twitter.com/CBSNews/status/780582738286051328">September 27, 2016</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>&nbsp;</p> <p>Trump on &#39;birtherism&#39;</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&quot;I got him to give the birth certificate,&quot; he said about President Barack Obama.</p> </blockquote> <p>Trump on his temperament</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&quot;I think my strongest asset by far is my temperament. I have a winning temperament,&quot; Trump said.</p> </blockquote> <p>Trump on taxes</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&quot;That makes me smart,&quot; Trump said in response to Clinton saying he might not pay federal income taxes.</p> </blockquote> <p>Clinton on her emails</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&quot;I made a mistake using private email,&quot; Clinton said.<br />&quot;That&#39;s for sure,&quot; Trump added.</p> </blockquote> <p>How rich?</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&quot;Maybe he&#39;s not as rich as he says he is ... There is something he&#39;s hiding ... Who does he owe money to?&quot; Clinton speculating on why Trump hasn&#39;t released his tax returns.</p> </blockquote> <h2><u>Trump Won The Drinking Game:</u></h2> <h2><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_debate_6_0.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_debate_6_0.jpg" style="width: 600px; height: 366px;" /></a></h2> <h2>&nbsp;</h2> <h2><u>Trump Won Twitter</u>:</h2> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">What were the top <a href="https://twitter.com/hashtag/debatenight?src=hash">#debatenight</a> moments on Twitter? <a href="https://t.co/cLtoIjEgMR">https://t.co/cLtoIjEgMR</a> <a href="https://t.co/IKtAiiQaU9">pic.twitter.com/IKtAiiQaU9</a></p> <p>&mdash; Meet the Press (@MeetThePress) <a href="https://twitter.com/MeetThePress/status/780599186131709952">September 27, 2016</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">Per Twitter: Trump spoke for 62% of the debate, while Clinton spoke for 38%. <a href="https://t.co/cLtoIjEgMR">https://t.co/cLtoIjEgMR</a> <a href="https://t.co/E30kzrKLcU">pic.twitter.com/E30kzrKLcU</a></p> <p>&mdash; Meet the Press (@MeetThePress) <a href="https://twitter.com/MeetThePress/status/780598933512945664">September 27, 2016</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>&nbsp;</p> <h2><u>Polls Were Mixed:</u></h2> <p><strong>Drudge - as expected - big trump win, suggesting whoever was for Trump before, remained with Trump:</strong></p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_debate_4.jpg"><strong><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_debate_4.jpg" style="width: 601px; height: 258px;" /></strong></a></p> <p>&nbsp;</p> <p><strong>NJ.com - Trump win.</strong></p> <p><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_debate_2.jpg" style="width: 600px; height: 286px;" /></p> <p>&nbsp;</p> <p><strong>Time.com - Hillary win.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_debate_5.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_debate_5.jpg" style="width: 601px; height: 292px;" /></a></p> <p><strong>Fortune.com - Small Trump win.</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926%20-%20Fortune%20Poll.JPG"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926%20-%20Fortune%20Poll.JPG" style="width: 599px; height: 277px;" /></a></p> <p>&nbsp;</p> <p><strong>The <a href="http://thehill.com/homenews/news/297924-poll-who-won-the-debate">Hill</a>: Trump slightly ahead:</strong></p> <p><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/09/14/the%20hill%20poll_1_0.jpg" style="width: 600px; height: 328px;" /></p> <p>&nbsp;</p> <h2><strong>On the other hand, <u>judging by the market&#39;s response, Trump lost</u>:</strong></h2> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_debate_3.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_debate_3_0.jpg" style="width: 600px; height: 320px;" /></a></p> <p>&nbsp;</p> <p>Judging by the surge in futures and the Mexican peso, markets judged the first of three U.S. presidential debates a win for Hillary Clinton: U.S. stock index futures reversed losses, while Mexico&rsquo;s peso rebounding from a record low and haven assets including the yen and gold fell.&nbsp; S&amp;P 500 futs gained 0.4 percent as shares in Asia pared losses. Mexico&rsquo;s peso rose as much as 1.5 percent, although rolled over toward the end of the debate.</p> <p>*&nbsp; *&nbsp; *</p> <h2><u>She Said...</u></h2> <ul> <li>*CLINTON SAYS KEY ELECTION QUESTION IS WHAT FUTURE FOR U.S.</li> <li>*CLINTON SAYS NEED TO BUILD AN ECONOMY FOR `EVERYONE&#39;</li> <li>*CLINTON SAYS NEED TO INVEST IN INFRASTRUCTURE, RENEWABLES</li> <li><strong>*CLINTON CALLS FOR RAISING MINIMUM WAGE, MORE PROFIT SHARING</strong></li> <li>*CLINTON SAYS WEALTHY NEED TO `PAY THEIR FAIR SHARE&#39;</li> <li><strong>*CLINTON: TRUMP&#39;S TAX PLAN IS TRUMPED UP TRICKLE-DOWN ECONOMICS</strong></li> <li><strong>*CLINTON SAYS TRUMP `ROOTED FOR THE HOUSING CRISIS&#39;</strong></li> <li>*CLINTON, TRUMP SPAR ON ECONOMIC RECORD OF BILL CLINTON&#39;S YEARS</li> <li><strong>*CLINTON: `DONALD, I KNOW YOU LIVE IN YOUR OWN REALITY&#39;</strong></li> <li>*TRUMP: YOU HAVE NO PLAN; CLINTON: I WROTE A BOOK ABOUT IT</li> <li>*CLINTON: I HAVE A FEELING I&#39;LL BE BLAMED FOR EVERYTHING</li> <li><strong>*CLINTON ON PRIVATE EMAILS: I MADE A MISTAKE; TRUMP AGREES</strong></li> <li>*CLINTON SAYS SHE&#39;S MET PEOPLE `STIFFED&#39; BY TRUMP&#39;S BUSINESSES</li> <li>*CLINTON: RACE REMAINS `SIGNIFICANT&#39; CHALLENGE IN U.S.</li> <li><strong>*CLINTON: TRUMP PAINTS `DIRE, NEGATIVE&#39; PICTURE OF BLACK AMERICA</strong></li> <li>*CLINTON SAYS WANTS TO END PRIVATE PRISONS IN STATE SYSTEMS TOO</li> <li>*CLINTON SAYS TRUMP INVITING RUSSIA TO HACK WAS `UNACCEPTABLE&#39;</li> <li>*CLINTON SAYS TRUMP BACKED IRAQ WAR AND LIBYA INTERVENTION</li> <li><strong>*CLINTON SAYS TRUMP HAS `CAVALIER ATTITUDE&#39; ON NUCLEAR WEAPONS</strong></li> <li><strong>*CLINTON SAYS U.S. CAMPAIGN HAS CAUSED WORRY FOR WORLD LEADERS</strong></li> </ul> <h2><u>He Said...</u></h2> <ul> <li>*TRUMP SAYS U.S. JOBS `FLEEING THE COUNTRY&#39; INCL. TO MEXICO</li> <li><strong>*TRUMP: THEY&#39;RE USING OUR COUNTRY AS PIGGY BANK TO REBUILD CHINA</strong></li> <li>*TRUMP: WE HAVE TO STOP OUR JOBS FROM BEING STOLEN FROM US</li> <li>*TRUMP CITES FORD, CARRIER SAYING NEED TO KEEP COS. IN U.S.</li> <li>*TRUMP CALLS CLINTON BY SECRETARY TITLE, ASKS IF THAT&#39;S OK</li> <li>*TRUMP INTERJECTS ON CLINTON ATTACK: `THAT&#39;S CALLED BUSINESS&#39;</li> <li><strong>*TRUMP SAYS U.S. ENERGY POLICIES ARE A `DISASTER&#39;</strong></li> <li>*CLINTON, TRUMP SPAR ON ECONOMIC RECORD OF BILL CLINTON&#39;S YEARS</li> <li><strong>*TRUMP SAYS NAFTA IS THE WORST TRADE DEAL SIGNED ANYWHERE</strong></li> <li>*TRUMP SAYS CLINTON FLIPPED ON TPP AFTER HIS CRITICISMS</li> <li>*TRUMP: YOU HAVE NO PLAN; CLINTON: I WROTE A BOOK ABOUT IT</li> <li>*TRUMP SAYS WE HAVE NO LEADERSHIP, THAT STARTS WITH CLINTON</li> <li><strong>*TRUMP SAYS CLINTON A `TYPICAL POLITICIAN,&#39; THAT SHE&#39;S ALL TALK</strong></li> <li>*TRUMP SAYS THE FED IS NOT DOING THEIR JOBS, BEING POLITICAL</li> <li><strong>*TRUMP ON E-MAILS: THAT WAS NOT A MISTAKE, DONE PURPOSEFULLY</strong></li> <li>*TRUMP ON RACIAL DIVIDE, SAYS NEED TO HAVE `LAW AND ORDER&#39;</li> <li>*TRUMP: TEND TO AGREE W/ BLOCKING GUNS FOR THOSE ON NO-FLY-LIST</li> <li><strong>*TRUMP: BLACK COMMUNITY HAS BEEN `LET DOWN&#39; BY POLITICIANS</strong></li> <li>*TRUMP SAYS HE GOT OBAMA TO PROVIDE HIS BIRTH CERTIFICATE</li> <li><strong>*TRUMP SAYS CLINTON ALLIES PEDDLED OBAMA BIRTHPLACE QUESTIONS</strong></li> <li><strong>*TRUMP SAYS DOESN&#39;T KNOW IF RUSSIA HACKED DNC, COULD BE OTHERS</strong></li> <li>*TRUMP: ISLAMIC STATE COULDN&#39;T HAVE FORMED IF WE&#39;D TAKEN THE OIL</li> <li>*TRUMP SAYS IDEA HE SUPPORTED IRAQ WAR IS MEDIA NONSENSE</li> <li><strong>*TRUMP SAYS HE HAS MUCH BETTER TEMPERAMENT THAN CLINTON DOES</strong></li> <li>*TRUMP: NUCLEAR WEAPONS ARE NUMBER ONE THREAT NOT CLIMATE CHANGE</li> <li>*TRUMP ON NUCLEAR WEAPONS: I WOULD CERTAINLY NOT DO FIRST STRIKE</li> <li><strong>*TRUMP: CLINTON DOESN&#39;T HAVE THE LOOK, DOESN&#39;T HAVE THE STAMINA</strong></li> <li><strong>*TRUMP: `HILLARY HAS EXPERIENCE, BUT IT&#39;S BAD EXPERIENCE&#39;</strong></li> </ul> <p>*&nbsp; *&nbsp; *</p> <p>The bottom line.</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">This was pretty conventional. Trump voters r still 4 him. Hill still for Hill. Undecideds still undecided. And many want better candidates.</p> <p>&mdash; Ari Fleischer (@AriFleischer) <a href="https://twitter.com/AriFleischer/status/780598044031062017">September 27, 2016</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>&nbsp;</p> <blockquote class="twitter-tweet" data-partner="tweetdeck"><p dir="ltr" lang="en">A quick thought on who &quot;won&quot; the debate, and why that&#39;s a fundamentally useless question <a href="https://t.co/aY00UVbxDf">pic.twitter.com/aY00UVbxDf</a></p> <p>&mdash; Michael Tracey (@mtracey) <a href="https://twitter.com/mtracey/status/780605155804930049">September 27, 2016</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>So, as Obama would say after his first unfortunate debate in 2012, on to the rematch.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="547" height="376" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160926_debate_1.jpg?1474944506" /> </div> </div> </div> http://www.zerohedge.com/news/2016-09-26/debate-post-mortem-rematch-required-commentators-split-debate-winner-markets-give-hi#comments Twitter Twitter Tue, 27 Sep 2016 03:01:26 +0000 Tyler Durden 573337 at http://www.zerohedge.com "Foot-In-Mouth" Trump Vs. "Frog-In-Throat" Clinton: First Presidential Debate Begins - Live Feed http://www.zerohedge.com/news/2016-09-26/foot-mouth-trump-vs-frog-throat-clinton-first-presidential-debate-begins-live-feed <p><strong>The day has finally arrived. </strong>The two most disliked presidential candidates in the history of America face off mano a (wo)mano in a 90-minute, pee-break-barred grudge match of the politically-correct corrupt establishmentarian against the deplorable status-quo-wrecker. With the polls tied up, <strong>there&#39;s everything to play for as a record audience tunes in to see who will screw up first</strong>...</p> <p>Anything could happen...</p> <p><iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/zRdNOQcfp-8" width="560"></iframe></p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/news/2016-09-26/everything-you-need-know-about-debate-were-too-lazy-find">With race almost perfectly tied up in the polls, as we detailed earlier</a>, there is everything to play for, <a href="http://thehill.com/homenews/campaign/297564-five-things-to-watch-for-at-trump-clinton-debate">and as The Hill details</a>, here are five things to watch for in the heavyweight clash that will set the course for the final 42 days of the election...</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><u><strong>Will Trump bring up _______?</strong></u></p> <p>During the GOP primary debates, Trump veered from controversial and blustering to subdued and cordial. On the campaign trail, he&rsquo;s shifted away from free-wheeling stream-of-consciousness rallies to reading from prepared text, but sometimes the teleprompter is not enough to keep him on message.<strong> The Clinton camp is preparing for everything but is undoubtedly unnerved by the prospect of Trump conjuring one of the countless real and imagined conspiracies or controversies from Clinton&rsquo;s decades in public life.</strong> Trump could make Clinton&rsquo;s marriage an issue by bringing up Monica Lewinsky, Paula Jones, Juanita Broaddrick or Kathleen Willey, or he could bring up Clinton&rsquo;s health, just weeks after a passerby captured dramatic cellphone video of her appearing to pass out while leaving a 9/11 memorial in New York City. He could also veer into conspiracy. Trump during the GOP primary suggested rival <span class="rollover-people" data-behavior="rolloverpeople"><a class="rollover-people-link" data-nid="188230" href="http://thehill.com/people/ted-cruz">Ted Cruz</a></span>&rsquo;s father might have been involved in the assassination of President John F. Kennedy. The GOP nominee has huddled with controversial anti-Clinton author Ed Klein, whose work has been dismissed by the mainstream political class as unsubstantiated conspiracy-mongering. And he has surrounded himself with conservative media giants like former Fox News chief Roger Ailes and Breitbart chairman Steve Bannon, both known for gleefully trafficking in the most embarrassing aspects of Clinton&rsquo;s private life. <strong>It all has the potential to blow Clinton off course. Or it could backfire spectacularly on Trump and provide an election-defining moment of authenticity for Clinton. </strong>The Democrat will also have ample opportunities to get under Trump&rsquo;s skin. A New York Times report said <strong>Clinton wants to show him unhinged, which could signal she intends to dig at her rival over his business accomplishments, temperament, past controversies with women or ties to right-wing extremist elements.</strong></p> <p>&nbsp;</p> <p><u><strong>Body language</strong></u></p> <p>Every move, subconscious twitch and unplanned reaction will be captured in high definition, magnified before a Super Bowl-sized audience and endlessly dissected on cable news. <strong>Minor physical faux pas have sunk candidates in the past, from <span class="rollover-people" data-behavior="rolloverpeople"><a class="rollover-people-link" data-nid="188131" href="http://thehill.com/people/al-gore">Al Gore</a></span> sighing in 2000 to George H.W. Bush checking his watch in 1992</strong>. Trump has a flashy and over-the-top style punctuated by unique hand gesticulations and facial expressions. He is entertaining to watch and is a ratings juggernaut but is also in the position of having to prove to a skeptical public that he is commander in chief material &mdash; not just a showman. Clinton, meanwhile, is a cool and accomplished debater but can come across as dull or dispassionate. The Democratic nominee badly needs to energize a liberal base that has shown indifference to her. She&rsquo;ll be looking to avoid a performance that appears overly scripted or sterile under the bright lights.</p> <p>&nbsp;</p> <p><u><strong>The moderator</strong></u></p> <p>Lester Holt, the modest and understated anchor of &quot;NBC Nightly News,&quot; need only ask his colleague Matt Lauer, the host of NBC&rsquo;s &quot;Today,&quot; how tricky moderating a presidential forum can be. Lauer has suffered immense blowback from critics who said he was unprepared and allowed Trump to walk all over him at a military forum earlier this month. Holt will face intense scrutiny for the questions he asks, how he frames those questions, and whether he fact-checks and challenges the candidates on their claims. <strong>In 2012, CNN anchor Candy Crowley came under fire for correcting Mitt Romney &mdash; wrongly, according to conservatives &mdash; at a key moment in a debate against President Obama over a question about Benghazi.</strong> There are myriad controversies and scandals involving both candidates that Holt could choose to raise. Partisans will be keeping tally. The campaigns and candidates are already busy working the ref. Trump this week said Holt is a Democrat and warned the anchor not to fact-check his assertions. <strong>The Clinton campaign is publicly fretting that Holt has such low expectations for Trump that the moderator will take it easy on the GOP nominee while holding Clinton to a higher standard.</strong></p> <p>&nbsp;</p> <p><u><strong>What voters do Trump and Clinton speak to?</strong></u></p> <p>Both candidates have work to do in shoring up their respective bases, but both also need to expand their appeal. <strong>Clinton has big leads over Trump among Hispanics, African-Americans and young voters</strong>. But none of these groups that formed the core of the Obama coalition are particularly enthused about turning out for her. She could lay it on thick with a message that energizes that liberal core, which could help her slam the door shut on Trump. But Clinton could also be looking to expand her appeal to Republicans who can&rsquo;t bring themselves to vote for Trump.<strong> That would mean casting herself as a centrist and a pragmatist, rather than a fierce advocate for the causes important to the left. </strong>Trump, meanwhile, badly needs to resonate with some constituency outside his core base of white men. His efforts to reach African-American voters have been mocked as condescending and trafficking in stereotypes. Many minority voters and young people aren&rsquo;t considering voting for Trump, but if he can improve even slightly on his dismal numbers there it could be meaningful for him in the long-run.<strong> A focus on minority outreach might also help alleviate the fears of white, college-educated voters who are steering clear of Trump because they don&rsquo;t want to be associated with a candidate who has been accused of racism and bigotry.</strong></p> <p>&nbsp;</p> <p><u><strong>The debate over black and blue</strong></u></p> <p><strong>A police shooting of a black man under disputed circumstances in North Carolina has the nation on edge.</strong> The fatal shooting of Keith Lamont Scott has sparked protests in Charlotte and once again put the spotlight on police practices in black communities. Potentially furthering the tension &mdash; Monday&rsquo;s&nbsp;debate is expected to attract upwards of 10,000 protesters and will take place on Long Island, which has a high concentration of cops, firefighters and first responders. Trump has broken recently from his hard-line pro-police stance, saying he was &ldquo;troubled&rdquo; by a different police shooting of a black man in Tulsa, Okla., which has led to charges of manslaughter against the officer. <strong>Tensions are running hot on both ends of the debate, and how the candidates handle the super-charged political minefield will be revealing.</strong></p> </blockquote> <p><a href="http://www.zerohedge.com/news/2016-09-26/someone-has-quietly-put-trump-hedge">With some big money bets going down in the last few days on Trump&#39;s victory</a>...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/09/20/20160926_FFX2.jpg"><img height="255" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/09/20/20160926_FFX2_0.jpg" width="500" /></a></p> <p>We suspect tonight&#39;s battle royale will do much to solidify the nation&#39;s choice.</p> <p>*&nbsp; *&nbsp; *</p> <p><u><strong>Live Feed</strong></u>:</p> <p><iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/EuHuzhzb1nc" width="560"></iframe></p> <p>*&nbsp; *&nbsp; *</p> <p>Perhaps more crucially for many watching tonight&#39;s debate, is the opportunity to drink (responsibly at first)</p> <p><u><strong>Beginner&#39;s Drinking Game...</strong></u></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_debate2.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_debate2_0.jpg" style="width: 600px; height: 529px;" /></a></p> <p><em>h/t @chgirl</em></p> <p><u><strong>Professional&#39;s Drinking Game...</strong></u> (only attempt if you have attempted at least one debate drinking game)</p> <p>Simplified... Pick A Candidate, Listen for words; If any candidate says a Community word, everyone drinks...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_debate3.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_debate3_0.jpg" style="width: 600px; height: 266px;" /></a></p> <p><a href="http://www.debatedrinking.com/#.V-knEgpO3-g.twitter"><em>h/t DebateDrinking.com</em></a></p> <p>And Keeping Score...</p> <p><iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/LHP_ps0-TQo" width="560"></iframe></p> <p>And for the non-drinkers... How about some Bingo:</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_debate5.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_debate5.jpg" style="width: 606px; height: 609px;" /></a></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="446" height="238" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160926_debate4.jpg?1474930499" /> </div> </div> </div> http://www.zerohedge.com/news/2016-09-26/foot-mouth-trump-vs-frog-throat-clinton-first-presidential-debate-begins-live-feed#comments Fox News NBC New York City New York Times None President Obama ratings Tue, 27 Sep 2016 02:35:00 +0000 Tyler Durden 573321 at http://www.zerohedge.com "America Is On Our Side": Al-Nusra Commander Tells German Press US Is Arming Jihadists http://www.zerohedge.com/news/2016-09-26/america-our-side-al-nusra-commander-tells-german-press-us-arming-jihadists <p>In a striking interview with German journalist Jürgen Todenhöfer <a href="http://www.focus.de/politik/videos/syrien-al-nusra-erhaelt-angeblich-waffen-von-den-usa_id_5987317.html">published today the German press including the prominent newspaper Focus</a>, a militant jihadist commander said that US weapons are being delivered to Jabhat Al-Nusra by governments that Washington supports, adding that American instructors were in Syria to teach how to use the new equipment.</p> <p>“Yes, the US supports the opposition [in Syria], but not directly. They support the countries that support us. But we are not yet satisfied with this support,” Jabhat al-Nusra unit commander Abu Al Ezz said in an <a href="http://www.ksta.de/politik/interview-mit-al-nusra-kommandeur--die-amerikaner-stehen-auf-unserer-seite--24802176-seite2">interview with Koelner Stadt-Anzeiger newspaper </a>from the city of Aleppo. According to the commander, the militants should be receiving more “sophisticated weapons” from their backers to succeed against the Syrian government. </p> <p> <iframe src="https://www.youtube.com/embed/YhaEjx5y4wo" width="560" height="315" frameborder="0"></iframe></p> <p>&nbsp;</p> <p>For those pressed for time, below is a summary of what the Al-Nusra commander said:</p> <ul> <li>They are directly supported by the US</li> <li>They received tanks and other heavy weaponry via Libya and Turkey</li> <li>They got officers and experts from the US, Israel, Turkey inside Aleppo</li> <li>The commanders of IS are led by Western intelligence</li> <li>They are against cease-fires and aid deliveries</li> <li>"The U.S. is on our side"</li> </ul> <p>In the full interview, the commander notes that “The fight is difficult. The regime is strong and gets support from Russia,” the jihadist explained. Al Ezz said that Jabhat Al-Nusra “won battles thanks to TOW rockets. Due to these rockets, we reached a balance with the regime. Our tanks came from Libya via Turkey, joined by the [BM-21] multiple rocket launchers,” he said.&nbsp; </p> <p>"We will fight until the regime is toppled," he said, referring to Assad's government. Al-Nusra Front wants "to establish an Islamic state that will be ruled according to the Sharia law. We do not recognize any secular state."</p> <p>The government forces have an advantage because of aircraft and missile launchers, but “we have the American-made TOW missiles, and the situation in some areas is under control,” Al Ezz added.</p> <p>But the most stunning admission came when asked if the TOW missiles were initially intended for Jabhat Al-Nusra or if the group obtained them from the moderate Free Syrian Army, the jihadist clarified: “<strong>No, the missiles were given to us directly.” </strong></p> <p><strong>&nbsp;</strong>He also said that when Jabhat Al-Nusra was “besieged, we had officers from Turkey, Qatar, Saudi Arabia, Israel and America here… Experts in the use of satellites, rockets, reconnaissance and thermal security cameras.”</p> <p>Another dramatic admission: when Todenhöfer asked specifically if the US instructors were really present among the jihadists’ ranks and Al Ezz replied: “<strong>The Americans are on our side.”</strong> </p> <p>He also said that Jabhat Al-Nusra has been paid for achieving specific military goals during the Syrian conflict. <strong>“We got 500 million Syrian pounds (around $2.3 million) from Saudi Arabia. </strong>To capture the Infantry School in Al Muslimiya years ago we received 1.5 million Kuwaiti dinars (around $500,000) and Saudi Arabia's $5 million,” Al Ezz said.</p> <p>The money came from the “governments” of those states, not private individuals, he said. </p> <p>One of the governments cited as a source of funds - <em>Israel</em>. “Israel is now giving us support because Israel is at war with Syria and with Hezbollah,” Al Ezz said. The West also “paved the way” for jihadists coming to Syria, saying that “we have many fighters from Germany, France, Britain, America, from all the Western countries,” the commander said.</p> <p>In the interview, Al Ezz confirmed claims made by Moscow and the Syrian government that the militants had used the Syrian ceasefire, agreed by Russia and US on September 9, to prepare for a new offensive.</p> <p>“We do not recognize the ceasefire. We will regroup our groups. We will carry out the next overwhelming attack against the regime in a few days. We have regrouped our forces in all provinces, including Homs, Aleppo, Idlib and Hama,” Al Ezz said. </p> <p>He said that Jabhat Al-Nusa would not let trucks with humanitarian aid enter Aleppo “as long as the regime [forces] are along the Castello Road, in Al Malah and in the northern regions.” “The regime must withdraw from all the territories, and we will let the trucks in. If a truck is going in anyway, we will detain the driver,” he said. </p> <p>The idea of a transitional government in Syria is also not supported by Jabhat Al-Nusra, the commander said. “We accept no one from the Assad regime or of the Free Syrian Army, which is described as moderate. Our goal is to overthrow the regime, and establish an Islamic state in accordance with the Islamic Sharia,” he said.</p> <p>As for the people who represent the Syrian opposition at the Geneva talks, Al Ezz said that “these people are weak, they’ve got a lot of money. They’ve sold themselves.” </p> <p>“There are mercenaries in Syria, Alloush fights with Al Nusra-Front,” he said talking about Mohammed Alloush, a leader in the Jaysh al-Islam group, part of the Syrian opposition’s High Negotiations Committee (HNC) in the peace talks. “The group that was housed in Turkey and which was turned into the Free Syrian Army, used to be part of Al Nusra-Front.”</p> <p>Interestingly, the al-Nusra Front commander also mentioned the UN aid convoy. Keep in mind that Todenhöfer, the first Western journalist to be granted access to the caliphate, conducted the interview ten day ago, before the attack. The commander said that the militants would not allow UN trucks carrying aid to enter Aleppo if the Syrian Arab Army does not withdraw "as required." "The regime must withdraw from all areas in order for us to let the trucks in. If a truck drives in anyway, we will arrest the driver," he detailed. </p> <p>Finally, in case there is still any confusion, the commander openly confirmed that Jabhat Al-Nusra “are part of Al Qaeda."</p> <p>“Actually, we were inside one group together with the Islamic State. But the Islamic State has been used in accordance with the interests and political purposes of the big powers like America, and the group has drifted away from our principles. <strong>Most of the IS leaders are working with intelligence services, and it’s now clear for us</strong>. We, the Jabhat Al-Nusra, have our own way,” Al Ezz said.</p> <p>The interview with Jabhat al-Nusra’s commander was taken at a stone quarry in Aleppo on September 17 by Koelner Stadt-Anzeiger journalist Jurgen Todenhöfer on his seventh trip to war-torn Syria.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="1237" height="688" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/jurgen%20todenhofer.jpg?1474930832" /> </div> </div> </div> http://www.zerohedge.com/news/2016-09-26/america-our-side-al-nusra-commander-tells-german-press-us-arming-jihadists#comments France Germany Israel Newspaper Saudi Arabia Turkey Tue, 27 Sep 2016 02:13:26 +0000 Tyler Durden 573323 at http://www.zerohedge.com P2P Meltdown Continues: LoanDepot's CDO Collapses Just 10 Months After Issuance http://www.zerohedge.com/news/2016-09-26/p2p-meltdown-continues-loandepots-cdo-trips-cumulative-loss-covenants-just-10-months <p>We first noted Wall Street's misguided plan to feed its securitization machine with peer-to-peer (P2P) loans back in May 2015 (see "<a href="http://www.zerohedge.com/news/2015-05-03/what-bubble-wall-street-turn-p2p-loans-cdos">What Bubble? Wall Street To Turn P2P Loans Into CDOs</a>").&nbsp; Obviously we warned then that the voracious demand for P2P loans was a direct product of central bank policies that had sent investors searching far and wide for yield leaving them so desperate they were willing to gamble on the payment streams generated by loans made on peer-to-peer platforms.</p> <p>In addition to the pure lunacy of using unsecured, low/no-doc, micro-loans as collateral for a CDO, we pointed out that the very nature of P2P loans meant that borrower creditworthiness likely deteriorated as soon as loans were issued.&nbsp; The credit deterioration stemmed from the fact that many borrowers were simply using P2P loan proceeds to repay higher-interest credit card debt.&nbsp; That said, after paying off that credit card, <strong>many people simply proceeded to max it out again leaving them with twice the original amount of debt.<br /></strong></p> <p>And, sure enough, it only took about a year before the first signs started to emerge that the P2P lending bubble was bursting.&nbsp; The first such sign came in May 2016 when <strong>Lending Club's stock collapsed 25% in a single day after reporting that their write-off rates were trending at 7%-8% or roughly double the forecasted rate </strong>(we wrote about it here "<a href="http://www.zerohedge.com/news/2016-05-09/p2p-bubble-bursts-lendingclub-stock-plummets-25-after-ceo-resigns-internal-loan-revi">P2P Bubble Bursts? LendingClub Stock Plummets 25% After CEO Resigns On Internal Loan Review</a>").&nbsp; </p> <p>Now, signs are starting to emerge that Lending Club isn't the only P2P lender with deteriorating credit metrics.&nbsp; As <a href="http://www.bloomberg.com/news/articles/2016-09-23/overdue-loandepot-borrowers-breach-bond-trigger-in-under-a-year">Bloomberg</a> points out, less than year after wall street launched the P2P CDO, one of the first such securities backed by loans from LoanDepot has already experienced such high default and delinquency rates that <strong>cash flow triggers have been tripped cutting off cash flow to the lowest-rating tranches.&nbsp; </strong></p> <p>The $140mm private security, called MPLT 2014-LD1, was issued by Jefferies in November 2015 and<strong>, less than 1 year after it's issuance, cumulative losses rose to 4.97% in September, breaching the 4.9% “trigger” for the structure.</strong>&nbsp; And sure enough, the deal was sold to a group of investors that included life insurance company, Catholic Order of Foresters.</p> <p>But, as Bloomberg noted, the LoanDepot deal wasn't the only one to breach covenants in less than a year.&nbsp; Two other Jefferies securitizations backed by loans made by the online startups CircleBack Lending and OnDeck Capital have also breached triggers.</p> <p>For some reason the following clip from the "Big Short" comes to mind...<strong>"short everything that guy has touched."</strong></p> <p><iframe src="https://www.youtube.com/embed/A25EUhZGBws" width="600" height="337" frameborder="0"></iframe></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="900" height="667" alt="" src="http://www.zerohedge.com/sites/default/files/images/user230519/imageroot/20160926%20-%20Loan%20Depot.jpg?1474915819" /> </div> </div> </div> http://www.zerohedge.com/news/2016-09-26/p2p-meltdown-continues-loandepots-cdo-trips-cumulative-loss-covenants-just-10-months#comments CDO Covenants Cumulative Losses default Meltdown Tue, 27 Sep 2016 01:50:00 +0000 Tyler Durden 573291 at http://www.zerohedge.com Wells Fargo Or The Fed: Who's The Bigger Fraud? http://www.zerohedge.com/news/2016-09-26/wells-fargo-or-fed-whos-bigger-fraud <p><em><a href="http://ronpaulinstitute.org/archives/featured-articles/2016/september/26/wells-fargo-or-the-federal-reserve-who-s-the-bigger-fraud/">Submitted by Ron Paul via The Ron Paul Institute for Peace &amp; Prosperity,</a></em></p> <p>The Wells Fargo bank account scandal took center stage in the news last week and in all likelihood will<strong> continue to make headlines for many weeks to come.</strong> What Wells Fargo employees did in opening bank accounts without customers&#39; authorization was obviously wrong, but in true Washington fashion the scandal is being used to<strong> deflect attention away from larger, more enduring, and more important scandals.</strong></p> <p>What Wells Fargo employees who opened these accounts engaged in was nothing more than fraud and theft, and they should be punished accordingly. <strong>But how much larger is the fraud perpetrated by the Federal Reserve System and why does the Fed continue to go unpunished?</strong></p> <p><span style="text-decoration: underline;"><strong>For over 100 years the Federal Reserve System has been devaluing the dollar, siphoning money from the wallets of savers into the pockets of debtors.</strong></span> Where is the outrage? Where are the hearings? Why isn&rsquo;t Congress up in arms about the Fed&rsquo;s malfeasance?</p> <p>It reminds me of the story of the pirate confronting Alexander the Great. When accused by Alexander of piracy, he replies <em><strong> &ldquo;Because I do it with a small boat, I am called a pirate and a thief. You, with a great navy, molest the world and are called an emperor.&rdquo;</strong></em></p> <p>Over two thousand years later, not much has changed.<strong> Wells Fargo will face more scrutiny and perhaps more punishment. </strong>There will undoubtedly be more calls for stricter regulation, notwithstanding the fact that regulators failed to detect this fraud, just as they have failed to detect every fraud and financial crisis in history. <span style="text-decoration: underline;"><strong>And who will suffer? Why, the average account-holder of course. </strong></span></p> <p><strong>Any penalties assessed against Wells Fargo will be made up by increasing fees on account-holders.</strong> Clawbacks of bonuses, if they occur, will likely face resistance from the beneficiaries of those bonuses, leading to protracted and costly lawsuits. Even if the Wells Fargo CEO and top executives of Wells Fargo step down, the culture at Wells Fargo is unlikely to change anytime soon. <strong>As one of the largest banks in the world, Wells Fargo knows that it is not only too big to fail, but also too big to prosecute. </strong>At the end of the day, no matter how much public posturing there is, Wells Fargo and the regulators will remain best buddies. <strong>And those regulators who failed to catch this fraud will be rewarded with more power and larger budgets, courtesy of the US taxpayer.</strong></p> <p><strong>Through all of this, the Federal Reserve will continue its policy of low interest rates and easy money. </strong>Retirees who hoped to be able to live off the interest on their investments will find themselves squeezed by continued low interest rates. Those living on fixed incomes will see their monthly checks buying less and less as the prices of food staples continue to rise. The fat cats on Wall Street will continue to have access to cheap and easy money while those on Main Street will face a constantly declining quality of life.</p> <p><u><strong>It is well past time for the Federal Reserve to face the same music as Wells Fargo and the bad actors on Wall Street. </strong></u>It is, after all, the Federal Reserve&#39;s creation of money out of thin air that enables all of this fraudulent behavior in the first place, so why should the Fed remain untouchable? <em><strong>Let&#39;s hope that someday Congress wakes up, hauls the Federal Reserve in for questioning, and puts as much pressure on the Fed as it does on private sector fraudsters.</strong></em></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="324" height="144" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016926_bank.jpg?1474896094" /> </div> </div> </div> http://www.zerohedge.com/news/2016-09-26/wells-fargo-or-fed-whos-bigger-fraud#comments Fail Fat Cats Federal Reserve fixed headlines Main Street Ron Paul Too Big To Fail Wells Fargo Tue, 27 Sep 2016 01:25:00 +0000 Tyler Durden 573296 at http://www.zerohedge.com Hofstra University Unveils "Trigger Warning" For Tonight's Debate http://www.zerohedge.com/news/2016-09-26/hofstra-university-unveils-trigger-warning-ahead-tonights-debate <p>It was inevitable. With much of the debate over the past year focusing on Social Justice Warriors, "safe spaces", and - most notably - "<strong>trigger warnings," </strong>moments ago the first such caution emerged when Hofstra University- the venue of tonight's historic debate - posted a “trigger warning” sign to warn students about the potentially disturbing content that may be discussed during Monday night’s presidential debate. </p> <p>According to CBS New York <a href="https://twitter.com/AielloTV/status/780475560262766593">reporter Tony Aiello</a>, a sign inside of the student center at Hofstra reads, “<strong>Trigger warning: The event conducted just beyond this sign may contain triggering and/or sensitive material. Sexual violence, sexual assault, and abuse are some topics mentioned within this event. If you feel triggered, please know there are resources to help you</strong>.”</p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/09/20/trigger%20warning.jpg" width="496" height="661" /></p> <p>As <a href="http://www.mrctv.org/blog/hofstra-university-provides-trigger-warning-presidential-debate">MrcTV adds</a>, the sign provides students with contact information for student counseling services, the Title IX coordinator, student advocacy and prevention, and the national sexual assault hotline</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="713" height="399" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/trigger%20warning%20teaser.jpg?1474925357" /> </div> </div> </div> http://www.zerohedge.com/news/2016-09-26/hofstra-university-unveils-trigger-warning-ahead-tonights-debate#comments Tue, 27 Sep 2016 00:42:11 +0000 Tyler Durden 573308 at http://www.zerohedge.com The QE Premium http://www.zerohedge.com/news/2016-09-26/qe-premium <p><a href="http://www.720global.com/"><em>Authored by Michael Lebowitz via 720Global.com,</em></a></p> <p>It has been eight years since the great financial crisis of 2008, and the Federal Reserve (Fed) is still maintaining an unprecedented level of accommodation in monetary policy. The Federal Funds rate has been pinned at or near zero since 2008. Recent discussions on raising the rate a mere quarter of a percent are met with a palpable level of angst and incredulity by economists and investors alike. Since the crisis, the Fed quadrupled their balance sheet using printed money to buy U.S. Treasury and mortgage securities. The economic results, supposedly the justification for these aggressive actions, have mostly been disappointing. That said, one can credit Fed policy actions for driving financial asset valuations to historic levels.</p> <p><strong>Over the last eight years investors have adopted a mindset that Fed intervention is good for asset prices, despite clear evidence that it has contributed little to the fundamental rationale for owning such assets.</strong>&nbsp; Fixed income yields are at or near record lows and stock indices trade at valuations that have only been eclipsed twice in history, just prior to the great depression (1929) and at the height of the technology bubble (2000). High end real-estate and various collectibles trade at unparalleled levels. The eye-popping valuations on these less liquid assets further confirm how impactful Fed policy has been on asset prices.</p> <p>We have written numerous articles highlighting rich valuations and the infectious behavior that can compel investors to make investment decisions that they would not otherwise make.&nbsp; In this article we employ a cash flow model to quantify the potential ramifications on the equity market. The goal is to provide investors with a simple tool to calculate total return outcomes that could occur if investors were to lose confidence in the Fed and as a result stretched market valuation premiums built up since 2008 diminish or vanish altogether.</p> <p>&nbsp;</p> <h3><u><strong>P/E Ratio</strong></u></h3> <p>The 720 Global cash flow model was built to provide expected total returns associated with changes to the S&amp;P 500 P/E ratio. For instance, if the P/E ratio were to increase to 30 or decrease to 15, what total return should an investor expect? The model uses the Shiller CAPE 10 ratio versus one-year trailing earnings as it provides earnings consistency by eliminating cyclical noise. The graph below offers a long term historical perspective on the wide range of monthly P/E ratios that have occurred since 1884.</p> <p>&nbsp;</p> <h3><u><strong>CAPE Ratio</strong></u></h3> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160924_720_1.png"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160924_720_1_0.png" style="width: 600px; height: 355px;" /></a></p> <h5><em>Data Courtesy: Shiller Data&nbsp; <a href="http://www.econ.yale.edu/~shiller/data.htm" title="http://www.econ.yale.edu/~shiller/data.htm">http://www.econ.yale.edu/~shiller/data.htm</a></em></h5> <p>The current P/E ratio of 26.57, denoted by the black dotted line, is approximately 60% above the average and has only been eclipsed by the exuberant periods of 1929 and 2000 and matched in 2007. Since the era of Fed activism began in the 1990&rsquo;s, the ratio has tended to remain elevated relative to the historical average, despite what the recent quote from Janet Yellen would have us believe.<strong><em>&nbsp;&ldquo;I would not say that asset valuations are out of line with historical norms.&rdquo; <em>&ndash; Federal Reserve Chairwoman Janet Yellen 9/21/2016</em></em></strong></p> <p>&nbsp;</p> <h3><u><strong>P/E Shifts and Returns</strong></u></h3> <p>The graph below shows the output of the 720 Global cash flow model. <span style="text-decoration: underline;">Annualized</span> percentage equity returns on the vertical axis (which includes price changes and dividends paid) are shown for correspondent P/E scenarios along the horizontal axis. The model assumes: 2.50% annual corporate earnings growth, 3.50% annual dividend growth and a three year term over which cash flows are modeled.</p> <p>&nbsp;</p> <h3><u><strong>Expected Annualized Returns</strong></u></h3> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160924_720_2.png"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160924_720_2_0.png" style="width: 600px; height: 326px;" /></a></p> <h5><em>Data Courtesy: 720 Global Cash Flow Model</em></h5> <p>&nbsp;</p> <h3><u><strong>Hurdle Rate</strong></u></h3> <p>To use the graph to calculate the expected total return for a particular P/E ratio, locate the forecasted P/E ratio on the x-axis, follow it straight up to the total return black line, and read the corresponding figure on the y-axis. The green lines on the graph exhibit how a reversion from the current P/E ratio of 26.57 to a more historically normal P/E of 17.16, imply three consecutive years of &ndash;6.73% annualized returns.</p> <p>Under normal market conditions, investors appropriately require additional levels of return for added levels of risk. Historically, U.S. equities have exhibited approximately 2.5 times the risk (measured by standard deviation of prices) of U.S Treasury bonds. Fittingly, equites have rewarded investors with approximately 4.50% of additional annual returns over the long term. Measured using the Sharpe Ratio, the bond and stock markets have been very efficient over a long time horizon at assessing comparative risk between the two assets.</p> <p>Currently, 30-year U.S. Treasury bonds yield 2.35, thus equity investors mindful of history should have an investment hurdle rate, or a required annual rate of return of 6.85% (4.50% + 2.35%). Such an annualized return over time compensates them fairly for the additional risk of buying equities.</p> <p>The 720 Global model can be used to solve for the S&amp;P 500 price that would allow an investor to meet their given hurdle rate or required rate of return for a given P/E ratio. The graph below charts these prices versus the associated P/E ratios for a hurdle rate of 6.85%.</p> <p>&nbsp;</p> <h3><u><strong>S&amp;P 500 Hurdle Rates</strong></u></h3> <p>As shown with the green lines, an investor with the aforementioned 6.85% hurdle rate and expectations of P/E ratios decreasing only modestly from 26.57 to 20.00, should feel comfortable meeting their return requirement by purchasing the S&amp;P 500 at any price below 1706.90.</p> <p>&nbsp;</p> <p><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160924_720_3_0.png" style="width: 600px; height: 332px;" /></p> <h5><em>Data Courtesy: 720 Global Cash Flow Model</em></h5> <p>&nbsp;</p> <h3><strong>Is the Past Prologue to the Future?</strong></h3> <p>The graphs above use conservative and relatively stable earnings and dividend assumptions. If the economy slides into a recession, not only may P/E ratios dip below the mean, but earnings and dividends growth may falter. The extent to which these measures adjust is often influenced by the extremity of valuations.</p> <p>The following table highlights historical experiences that occurred the three other times that P/E ratios resided at or above current levels. The top half of the table displays the changes in the ten year average earnings growth, dividend growth and P/E ratios that occurred during the 1929, 2000 and 2008 market corrections. The bottom half of the table uses that data as its assumptions and forecasts how similar changes would affect total returns today.</p> <h3>&nbsp;</h3> <h3><u><strong>Summary</strong></u></h3> <p>Equity valuations are grossly dislocated from supporting fundamental data. Comparisons to historic norms, despite what Janet Yellen claims, are far from reality. Investors willing to study history and look at current data will come to the same conclusion. Those that do will also likely agree that the downside looms large as mean reversion is, after all, a powerful force in the markets.</p> <p>The purpose of this article is not to claim that the market will immediately correct. In fact, there are several reasons, however unsound, that valuations may indeed rise further. The point is to stress that the odds are not in your favor of that occurring. Any sort of regression to mean, or as frequently occurs below mean, will result in a sizeable market correction as shown. To reiterate this point, the graph below shows the range of returns associated with the various P/E ratios described earlier. Additionally, the bar chart backdrop illustrates the percentage of time the market traded at the corresponding P/E ratios. Based on this analysis, one should expect negative returns if P/E ratios revert to historical ranges.</p> <p>&nbsp;</p> <h3><u><strong>Expected Annualized Returns with Historical Distribution of P/E Ratio</strong></u></h3> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160924_720_4.png"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160924_720_4_0.png" style="width: 600px; height: 303px;" /></a></p> <h5><em>Data Courtesy: 720 Global Cash Flow Model</em></h5> <p>The current economic recovery and equity bull market rank among the longest on record. Concurrently, domestic and global economic data are slowing markedly while U.S. corporate earnings are declining. Even more concerning, the Federal Reserve&rsquo;s tool kit is sparse and their ability to continue to prop up the market appears limited. <strong>To be blunt, given the aforementioned fundamental risks and the poor risk/return skew, history is clearly not in favor of those who remain long equities banking on the Fed to continue to levitate valuations and prices with limited tools and faulty narratives.</strong></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="763" height="452" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160924_720_1.png?1474928612" /> </div> </div> </div> http://www.zerohedge.com/news/2016-09-26/qe-premium#comments Bond Federal Reserve fixed Great Depression Janet Yellen Market Conditions Mean Reversion Monetary Policy Reality Recession recovery Tue, 27 Sep 2016 00:40:00 +0000 Tyler Durden 573315 at http://www.zerohedge.com Secret Truth Revealed about THE REAL DEBATE http://www.zerohedge.com/news/2016-09-26/secret-truth-revealed-about-real-debate <p>The Elite have invested billions of dollars over a period of 60 years to create a population of semi-conscious happy consumers in the US (and are attempting to do so globally). &nbsp;The form changes from time to time, but the essence is the same: don't mess with the status quo. &nbsp;As we explain in <a href="http://www.splittingpennies.com">Splitting Pennies - Understanding Forex</a> - this is no where more obvious than financial services. &nbsp;In fact, a large part of the 'dumbing down' campaign is designed to make you fire from the right brain, and the reptilian brain (ribbit). &nbsp;That means they encourage sports, violence, and basically anything vulgar and stupid. &nbsp;It's not only designed to destroy your family, it's designed to destroy a civilization. &nbsp;And it's working! &nbsp;For those who are curious about this mega-brainwashing-system that went into place during the 50's and 60's and now has a complete domination over almost all aspects of American life, checkout the following books: <a href="http://wp.me/P6ZQKC-1v">Virtual Government: CIA Mind Control Operations in America</a>,&nbsp;<a href="http://wp.me/P6ZQKC-1w" target="_blank">Population Control: How Corporate Owners Are Killing Us.</a></p> <p><strong>The Real Debate</strong></p> <p>Part of this social control paradigm they've created is turning politics into a big circus-style entertainment. &nbsp;TRUMP fits the bill perfect here, as our entire political system has become a big reality show. &nbsp;Tonight's event, used to be one of much intellectual rigor. &nbsp;To understand what 'debate' is - <a href="http://wp.me/P6ZQKC-1u" target="_blank">read this book "Logic and Contemporary Rhetoric" </a>- a MUST read for any intellectual, trader, thinker, or someone who enjoys to understand how things work. &nbsp;Modern politicians, don't bother to read this book, it will only ruin your career (you shouldn't read in fact, just practice smiling and saying what it says on the teleprompter).</p> <p>There is practically no difference who the President is anymore. &nbsp;Even Trump who is like the 'Trump' card, the wildcard candidate, could not likely greatly change the Corporatocracy currently running Washington, or he'd risk imploding it and in the process bankrupting himself. &nbsp;Unfortunately, there isn't any 'fix' for the system, so no matter how crafty and clever candidates like Trump may seem, even Nuclear war couldn't shake the resolve of the lunatic psychopaths running the world. &nbsp;The only thing that could really change the system, would be mass non-cooperation (say, 100 Million people stay at home, turn off their TVs. &nbsp;It would cause a revolution). &nbsp;With the constant flow of drugs, money, and cheap entertainment, ("the spice must flow") it's guaranteed that for the current generation, the bread and games approach will work. &nbsp;As long as they're kept fat and happy, they're happy to line up for the slaughter.</p> <p><strong>The REAL Debate</strong>, doesn't happen on TV. &nbsp;It happens at the Federal Reserve Bank (Or, at the private Residence of some Rockefeller level bankers) - these debates involve topics such as who will be the next Fed Chairman, what country will the US invade next, and what the interest rate policy should be? &nbsp;(The debate about interest rates, that doesn't last long, not more than a few seconds, long enough for everyone to murmur 'agree' or 'ditto'). &nbsp;And here, in these private chambers, is where the REAL failure happened. &nbsp;Some Rockefeller sidekick, like Helicopter Ben, will have some popular warped theory about how negative rates are good to stimulate growth, so the valves should be turned on full. &nbsp;Fast forward almost 10 years, and the same Elite group finally realized that, economically speaking, <a href="https://www.foreignaffairs.com/articles/united-states/2014-08-11/print-less-transfer-more">it makes more sense to give money to people, not banks.</a>&nbsp; If by strange chance, those advisors with that realization, could have been in the meeting we call The Real Debate, maybe QE wouldn't exist, we'd live in a different world, a more real world, based on real numbers and not aritifically inflated data. &nbsp;But, we don't live in that world so it's pointless to think about.&nbsp;</p> <p>The Real Debate, happens everyday in the FX markets. &nbsp;Traders on one side (the buy side) push hard to topple their counterpart, the sell side. &nbsp;That's the Real Debate. &nbsp;You can watch it live for only $1 <a href="http://www.fortresscapitalinc.com/open-account/oanda" target="_blank">Click here to start to watch the real debate for only $1.</a></p> <p>Politicians don't call the shots anymore. &nbsp;If they ever did, is another question. &nbsp;<strong>The Real Debate</strong>, it's happening right now on Zero Hedge. &nbsp;Turn off your TV - and join!</p> <p style="box-sizing: border-box; margin-top: 0.25em; margin-bottom: 0.75em; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif;"><em style="box-sizing: border-box; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;"><strong style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;">If you want a quick Forex education,&nbsp;<a href="http://www.splittingpennies.com/" style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.2; font-family: inherit; word-wrap: break-word; color: #1e439a;">checkout Splitting Pennies - the pocket guide designed to instantly make you a Forex genius!</a></strong></em></p> <p style="box-sizing: border-box; margin-top: 0.25em; margin-bottom: 0.75em; font-variant-numeric: inherit; font-stretch: inherit; font-size: 13px; line-height: 1.3; font-family: &quot;Lucida Grande&quot;, Verdana, sans-serif;"><em style="box-sizing: border-box; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;"><strong style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit;">If you want to get started looking at investing, checkout&nbsp;<a href="http://fortresscapitalinc.com/forex" style="box-sizing: border-box; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: 1.2; font-family: inherit; word-wrap: break-word; color: #1e439a;">Fortress Capital Forex</a></strong></em></p> <div class="field field-type-filefield field-field-image-blog"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_blog" width="1000" height="563" alt="" src="http://www.zerohedge.com/sites/default/files/images/user157767/imageroot/sp_backlight2016_0.jpg?1474936161" /> </div> </div> </div> http://www.zerohedge.com/news/2016-09-26/secret-truth-revealed-about-real-debate#comments Federal Reserve Federal Reserve Bank Helicopter Ben Reality Tue, 27 Sep 2016 00:29:29 +0000 globalintelhub 573328 at http://www.zerohedge.com A Force For Good? http://www.zerohedge.com/news/2016-09-26/force-good <p>Deplorable us...</p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_bullies.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/09/23/20160926_bullies_0.jpg" width="600" height="412" /></a></p> <p><a href="http://michaelpramirez.com/index.html"><em>Source: MichaelPRamirez.com</em></a></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="1087" height="747" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160926_bullies.jpg?1474914824" /> </div> </div> </div> http://www.zerohedge.com/news/2016-09-26/force-good#comments Tue, 27 Sep 2016 00:15:00 +0000 Tyler Durden 573287 at http://www.zerohedge.com