As expected, the GOP is about to have a field day thanks to Hillary herself, whose actions have made her an easy comp to none other than than the most disgraced US president in recent history, Richard Nixon himself. From the Hill: Republican National Committee Chairman Reince Priebus blasted Hillary Clinton on Saturday for wiping her server and permanently deleting all emails. "Even Nixon didn't destroy the tapes," Priebus said in a statement.
This is the death rattle of the American dream, which was built on the idea that no one is above the law, that our rights are inalienable and cannot be taken away, and that our government and its appointed agents exist to serve us.
This situation will result in a Crash far larger than 2008. The markets involved are larger as is the risk and the leverage.
We have solved the mystery of why US households did not spend all those billions in "dropping gas price" windfalls - the answer is that they did spend all this money. On Obamacare.
Over the past 2 years the Obama administration has been desperate to boost minimum wages, usually over tedious bickering with republicans and corporations who have resisted such an increase, with neither party realizing that such a measure would not do much to actually boost aggregate spending. Instead, what Obama should have been focusing on was to limit the maximum number of hours worked per week, because as the following chart shows, the reason why weekly pay is rising and aggregate earnings is not due to an increase in hourly wages but because Americans are simply working longer hours every week: not quality but quantity.
The Sunlight is Fading … and America Is Falling Into Darkness
It's a day of ‘master of the universe,’ central bank speeches as both Bank of England governor Mark Carney and Fed chief Janet Yellen preach their ultra loose policies and certain market participants lap up the Gospel according to Mark … and Janet ...
While a source of much schadenfreude by its neighbors and casual onlookers, Turkey has become a glaring example of what happens to a formerly respectable nation as it devolves entirely into a banana republic with not only authoritarian overtones but a police state to boot. And earlier today, Turkey's conversion to a full blown police state was complete when, after weeks of heated debates and brawls in parliament, Turkey’s government passed a security package expanding police powers, along with an online surveillance law and a discretionary fund for President Recep Tayyip Erdogan to fund covert operations.
With NASA scientists warning about California only having one year of water left, it appears The Kardashians and March Madness continue to distract Americans from the ugly looming reality of water shortages. With summer around the corner, the US Drought Minitoring service reports today that a stunning 99.85% of California is "abnormally dry," and 98.11% of the state is in drought conditions leaving over 37 million people in harm's way.
his commentary will undoubtedly antagonize the entire mainstream media, many/most traders in the rigged casinos we call markets, and even many members of the Alternative Media. As the saying goes; “the truth hurts.”
The purpose of this analysis is not to accumulate (more) enemies, however. Rather, there is simply no way to properly explain why all of this pseudo-analysis is fatally flawed without explicitly making clear one, central point: all price-analysis is meaningless. Since “price analysis” accounts for roughly 95% of all the drivel which the mainstream media calls “analysis”; this one point alone invalidates virtually all of the Corporate media’s trash.
The system to which we have become accustomed is not of our choosing, and it certainly isn’t organic to the social order. It has been inflicted on us, one piece of legislation at a time. It is the result of an imposed, rather than evolved, order. The most important question is this: What are the alternatives? Bring back apprenticeships. Bring back remunerative work for the young. Look beyond the central plan, and don’t get trapped. Rethink the claim that staying in school is an unmitigated good.
Either Greece will stop trying to save the failed past and look into the future, treating the crisis and the adjustment program as opportunities to finally implement urgently needed reforms, or the country will be eventually forced to exit the euro, in our view. Economics 101 teaches us that an economy can survive within a monetary union only if it has fiscal policy room and structural flexibility to respond to asymmetric shocks. In our view, Greece had none and has none. We see no solution for Greece within the Eurozone without reforms.
"There's a liquidity conundrum in fixed income markets facing policy makers and investors: how it’s resolved will have long term investment implications across banks, asset managers and infrastructure players," a new report from Morgan Stanley and Oliver Wyman notes. The joint effort is an attempt to dig deep into the all important issue of credit market liquidity (or lack thereof) and determine the short term and long term implications.
Janet Yellen noted that everything was awesome and that stocks were now slightly "on the high side" of their historical range. It appears no one showed her the Russell 2000 which has a valuation multiple of just about 90x LTM earnings (as reported by the 2000 companies which comprise the index, and which were certified as accurate by 4,000 CEOs and CFOs on penalty of jail time). The mystery of how the Fed remains so stubbornly bubble blind - just like it did during the dotcom and housing bubbles - is thus revealed. The self-evident reason is that the purported geniuses who comprise our monetary politburo drink the Wall Street Cool-Aid about forward ex-items EPS. The Fed is driving a two-ton bubble machine, but has no clue that it has become a financial death trap.