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Republican Platform Unexpectedly Calls For A Return To Glass-Steagall

In an unexpected twist, both major political parties are now pandering to anti-bank sentiemnt, and calling for an overhaul of the financial industry through the return of Glass-Steagall. Paul Manafort, Donald Trump's campaign manager, told reporters gathered in Cleveland Monday that the GOP platform would include language advocating for a return of that law, repealed in 1999 by Bill Clinton. "We also call for a reintroduction of Glass-Steagall, which created barriers between what big banks can do."

The 'BLM' Paradox - Black Accountability Matters

Given recent distressing killings between Blacks and police -in the past week - it is worth poring into the broad statistics that underlie homicides in this country, by race. We dejectedly note that an astonishing 4/5 of these police killed were done so by Black civilians (the same ones who are killing one another at 8x the national rate and paradoxically expecting law enforcement to stop that, but then shriek when the police do).

John Kerry Threatens Turkey With NATO Expulsion

“NATO also has a requirement with respect to democracy and NATO will indeed measure very carefully what is happening,” Kerry tells reporters in Brussels after attending a meeting of European Union foreign ministers "My hope is that Turkey is going to move in ways that do respect what they have said to me many times is the bedrock of their country."

US Futures Rebound Sharply From Friday's Coup Fears, Focus Shifts To M&A

Having panciked briefly on Friday night on news of a Turkish coup, which has since not only failed but been cast away as speculation rises that it was staged and designed to give Erdogan even more authoritarian power, markets have moved on and are now focusing on the main overnight event which was the surprising $32 billion bid by Japan's SoftBank for U.K.’s semiconductor giant ARM which has sent comparable semis higher in European trading and pushing the Stoxx Europe 600 Index up by 0.6%, after surging 3.2% last week. After sliding sharply on Friday, US equity futures are up 0.1% in early trading.

Why Hillary Clinton's Email Case Is Still Not Closed

Normally, when the head of the FBI under one President says something like "no reasonable prosecutor would bring such a case" as the FBI reported regarding Hillary Clinton's emails, that would be the end of the matter; but Clinton actually still isn’t off the prosecutorial hook of this criminal case, unless and until she becomes President herself.

29-Year-Old Black Male Dead After Killing 3 Cops, Wounding 3 More In Baton Rouge "Cowardly" Ambush

Three police officers were shot to death and three others wounded in Baton Rouge on Sunday, after officers in Baton Rouge responded to a call of shots fired when they were attacked by at least one gunman. Baton Rouge Mayor Kip Holden said three officers had died in what he described as "an ambush-style deal." One suspect is dead and police said they are seeking more than one suspect.

 

Cleveland Cop Responds To Baton Rouge Shooting: "Obama Has Blood On His Hands"

"It's absolutely insane that we have a president of the United States and a governor of Minnesota making the statements they made less than one day after the police-involved shootings," said an emotional Cleveland Detective Steve Loomis. "How the hell did we ever become the bad guys in this country? I cannot imagine how we got here. It's the irresponsible reporting of the media. And the irresponsible statements of people that are credible like the president of the United States."

The Turkish Witch-Hunt Begins: Erdogan Begins Arresting Government Critics

Shortly after the Turkish police asked “citizens” to report those who support terrorism & crime, the first casualty of Erdogan's witch hunt was unveiled: a former university rector who had no involvement in the coup, but was a government critic, tweets that he is being arrested.

Morgan Stanley: "To Make Up For A 10% Drop In The S&P, Treasury Yields Would Need To Go… Negative"

Take a 60/40 portfolio constructed today from the S&P 500 and US Treasuries. To make up for a 10% decline in the equity market, Treasury yields would need to go… negative. Not impossible, but certainly a high hurdle! We think investors in European and Japanese bonds are seeing a clear example of this dilemma, with Bunds and JGBs simply unable to rally enough to offset recent equity market declines.

How The World Reacted To The Nice Bastille Day Massacre

From shock to solidarity and from aggressive reality checks to passive toothless solutions, the world's leaders responded in many different ways to the horrific attack last night in Nice, France. However, it is one seasoned veteran trader's response that is perhaps most poignant. However, it is French PM Valls who has stirred up the most angst by exclaiming "Ignore the hysteria, Europe can live with terror."

US Industrial Production Declines For 10th Straight Month - Longest Non-Recessionary Streak In History

Following a 0.3% decline in May, Industrial Production rose 0.6% in June (better than the 0.3% rise expected) but year-over-year remains lower (-0.7%) for the 10th straight month. This is the longest non-recessionary streak of industrial production declines in US history. Gains on the month were driven by motor vehicle assembly (which is ironic givenm near-record inventories), but Q2 ended with a decline of 1.0% - the 3rd quarterly decline in a row (also not experienced without a recession).

Presenting Ground Zero Of Global Wealth Inequality

Washington's "sinkhole of leeches," where money 'corrupts' and House members are "puppets" to lobbyists who bankroll their campaigns is officially the region with the greatest wealth inequality in the world. According to OECD data via Goldman Sachs, the average household disapoable income in Washington D.C. is 165% of the national average, higher than any other region in the world...