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Tyler Durden's picture

Real Hourly Wages Drop In September, Fail To Rise In 6 Of Past 7 Months





Alongside the CPI data released earlier which showed the smallest possible broad price increase, when considering that previously the BLS reported flat nominal hourly wages in September, it implied that real wages declined  once again. Sure enough, in a separate report today, the BLS announced that real average hourly earnings (in constant 1982-1984 dollars) declined once again, this time from $10.34 to $10.32, a -0.2% drop from past month. This also means that since March, there has been just one month in which real hourly wages have increased, and that was mostly due to the outright deflationary print the BLS reported last month.

 
Tyler Durden's picture

Subprime Bubble Pop 2.0? Department Of Financial Services Slams America's Largest Subprime Servicer





In what may be a resounding echo of March 2006, moments ago the New York Superintendent of Financial Services said that Ocwen had engaged in abuses that could potentially harm hundreds of thousands of borrowers. As AP reports, the state regulator issued a letter Tuesday to Ocwen Financial Corp., documenting the same kinds of suspicious actions that worsened the housing crisis and the Great Recession.

 
GoldCore's picture

Euro Risk Due To Possible Return of Italy To Lira - Drachmas, Escudos, Pesetas and Punts?





The European status quo and EU elites are becoming increasingly concerned by popular calls in Italy for Italy to leave the European Monetary Union and the euro "as soon as possible" and return to the lira. 

 
Tyler Durden's picture

Mind "The Asian Dollar Short" - Another Ticking Time Bomb Gifted By The Central Banks





Not everything is as it seems. While the PBOC may be taking a stand on monetarism and its character, it has been very curious that the yuan has not fully participated in the dollar turmoil marking so many other “dollar” dependent nations. While the yuan’s appreciation trend may have been altered, that has not led again to the kind of disorder that marked the currency earlier in the year. Maybe that is due, at least in part, to these expectations that the PBOC will eventually relent on its new approach, but we also think that the PBOC is at least looking the other way on some of the “old tricks” that supported the Chinese version of the dollar short.

 
Tyler Durden's picture

FBI To America: "Let Us Spy On You"





"If you like your phone secretly spied on, you can keep it," appears to be the message from the FBI. As Bloomberg reports, FBI Director James Comey said yesterday that companies like Apple and Google should be required to build surveillance capabilities into their products to help law enforcement with their probes, adding "if the challenges of real time data interception threatened to leave us in the dark, encryption threatens to lead us all to a very dark place."

 
Tyler Durden's picture

Now Comes The "Specter Of Deflation": The Money Printers' Latest Scam





The Fed’s public relations firm of Hilsenrath & Blackstone was out this morning with the official line on the market’s tremors of recent days. It seems that $10 trillion in freshly minted digital money at the world’s major central banks over the last eight years—-that is, a tripling of their balance sheets to $16 trillion—- is not enough. Not only is 2% inflation still MIA, but it now threatening to enter the dark side: Behind the spate of market turmoil lurks a worry that top policy makers thought they had beaten back a few years ago: the specter of deflation.  Never mind that there is nothing close to a sustained run of negative consumer price indices anywhere in the world.

 
Pivotfarm's picture

Crash 2014?





Is It Fair to compare this sell off to the Great Recession of 2008 and 2009?

 
Tyler Durden's picture

Falling Oil Prices Could Push Venezuela Over The Edge





"There is nothing good to say about the state of Venezuela’s economy, and this isn’t helping," warns Danske's Lars Christensen as tumbling prices for Venezuela’s oil are threatening to choke off funds (oil is 95% of exports) needed to pay debt.. and that is clear from the collapse of bond prices. The Maduro government desperately needs a rise in oil prices, but Saudi Arabia has so far rebuffed calls for an emergency meeting as it pursues a strategy of waiting out higher cost competitors. OPEC does not plan on meeting until Nov. 27. That is an eternity for a country that is beginning to unravel.

 
Gold Standard Institute's picture

Why is the Gold Standard Urgent?





The fiat dollar harms us in many ways, but rising prices is the least of them. There is no limit to prices, but credit abuse can only continue so long, before the dollar fails.

 
Tyler Durden's picture

Sears Halted, Plunges After Report Vendors Halts Shipments





Is this the beginning of the end for Eddie Lampert's exercise in financial engineering that is Sears Holdings Corp? Bloomberg reports that three of the biggest insurance firms for Sears' suppliers are seeking to reduce coverage... which has led to:

*SEARS 'MEDIUM-SIZED SUPPLIER' VENDOR SAID TO HALT SHIPMENTS AS INSURERS REDUCE COVERAGE

The stock has been halted twice on volatility limits and is down 10% for now. SRAC 5Y CDS are offered at ~39% upfront, implying around a 87% probability of default.

 
Tyler Durden's picture

The Irony Of Bubbles





The one market seemingly everyone "knows" is a bubble is the treasury market. That is the market that just made new low yields on the 30 year bond for the year. GTAT, which is the first true "jump to default" I have ever seen looks exactly like a "bubble" popping,  is spurring the rethinking of where the risk is in high yield.

 
Tyler Durden's picture

Holy Trinity Caption Contest: Bernanke, Paulson, Geithner





If anyone's bucket list includes hearing, and seeing, the unholy trinity of Bernanke, Paulson and Geithner whose actions have pretty much doomed America, today is your lucky day, because as part of the lawsuit brought on by former AIG CEO Hank Greenberg, the three legendary statists will field questions from prominent, and very flamboyant, lawyer David Boies. As has been reported previously, Maurice “Hank” Greenberg is challenging the terms of the 2008 bailout for the company he built into a global financial-services powerhouse before being pushed out in 2005. He is not challenging the bailout which prevented AIG from liquidating as a result of selling billions of default protection on worthless companies, and which avoided the all out, and much needed, purge of trillions in bad debt and just as worthless equity.

 
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