• GoldCore
    08/04/2015 - 06:08
    The headlines are dramatic, ugly and depressing to anyone who holds gold right now. Broad market sentiment has shifted from disdain and dismissive to highly negative. Hedge funds are shorting gold...
  • Pivotfarm
    08/03/2015 - 15:25
    The quest for perfection is man’s unattainable goal. Man can never be perfect if we are to believe the English philosopher Thomas Hobbes. Man is man’s wolf and all of that.

Fannie Mae

Tyler Durden's picture

Forget Banks - GMOs Are The New "Too Big To Fail' System





Before the crisis that started in 2007, both of us believed that the financial system was fragile and unsustainable, contrary to the near ubiquitous analyses at the time. Now, there is something vastly riskier facing us, with risks that entail the survival of the global ecosystem - not the financial system. The G.M.O. experiment, carried out in real time and with our entire food and ecological system as its laboratory, is perhaps the greatest case of human hubris ever. It creates yet another systemic, “too big too fail” enterprise - but one for which no bailouts will be possible when it fails.

 
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"Fannie & Freddie Are Back; Bigger & Badder Than Ever" - NYTimes Warns





Just in case you still harbored any doubt that absolutely zero lessons were learned from the cataclysmic financial collapse of 2008/09...

 
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How Socialism Destroyed Puerto Rico, And Why More Defaults Are Looming





With Puerto Rico missing a payment on a bond overnight "due to non-appropriation of funds" but denying that this constitutes anything close to a default, the territory may be about to retake the limelight as Greece is now "fixed." As Peter Schiff explains, this is far from over... As in Greece, the Puerto Rican economy has been destroyed by its participation in an unrealistic monetary system that it does not control and the failure of domestic politicians to confront their own insolvency. But the damage done to the Puerto Rican economy by the United States has been far more debilitating than whatever damage the European Union has inflicted on Greece. In fact, the lessons we should be learning in Puerto Rico, most notably how socialistic labor and tax policies can devastate an economy, should serve as a wake up call to those advocating prescribing the same for the mainland. 

 
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Organized Plunder, a.k.a. The State





Businesses usually begin as productive enterprises. But almost all have zombie tendencies. Once they reach a certain size, they recognize that the best investment they can make is in politics. They hire lobbyists. They pay crony politicians. In return, government enacts rules and regulations to stifle competition. But as with so many of its activities, government succeeds when it fails. As a new industry arises, the money still flows from the cronies, while the feds get a piece of action from the new enterprises, too. And households? They grouse and groan. But the masses usually love government. They think business people are greedy SOBs. But they often hold the fellows who run the government racket in the same exalted category as saints, TV stars, and sports heroes. Don’t believe it?

 
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Cronyism Pays: Eric Holder Triumphantly Returns To Law Firm That Lobbies For Banks





After failing to criminally prosecute any of the financial firms responsible for the market collapse in 2008, former Attorney General Eric Holder is returning to Covington & Burling, a corporate law firm known for serving Wall Street clients. The move completes one of the more troubling trips through the revolving door for a cabinet secretary. Holder worked at Covington from 2001 right up to being sworn in as attorney general in Feburary 2009. And Covington literally kept an office empty for him, awaiting his return. When the firm moved to a new building last year, it kept an 11th-story corner office reserved for Holder.

 
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The Bush Family Goes "All In" For Number Three (With The Help Of Its Bankers)





It’s happening. As expected, dynastic politics is prevailing in campaign 2016. After a tease about as long as Hillary’s, Jeb Bush (aka Jeb!) officially announced his presidential bid last week. Ultimately, the two of them will fight it out for the White House, while the nation’s wealthiest influencers will back their ludicrously expensive gambit. And here’s a hint: don’t bet on Jeb not to make it through the Republican gauntlet of 12 candidates (so far). After all, the really big money’s behind him.

 
Tyler Durden's picture

Geopolitics Will Trump Economics In Greece





Whatever the eventual financial costs to EU taxpayers of a Greek default, the political costs of a Greek exit are likely to be seen as unacceptable. Most likely the EU will allow a covert Greek default, disguised for the time being by extended repayment schedules, bogus refinancing formulae and possible delayed haircuts as bonds mature. They may insist that such moves are not a technical default. Despite that absurdity, our obedient press corps may even concur with such a characterization, and investors may be so thrilled that a relief rally occurs in stocks and bonds. Extend and pretend will once again be the only acceptable manner to confront our intractable problems.

 
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Frontrunning: June 17





  • Greek central bank issues 'Grexit' warning if aid talks fail (Reuters)
  • Kerry says 'patience wearing thin' on Syria's Assad (Reuters)
  • Juncker accuses Athens of misleading Greek people (FT)
  • Al Qaeda kills two Saudis accused of spying for America (Reuters)
  • Hedge-Fund Bet Hits Pensions (WSJ)
  • ‘Flash Crash’ Trader Navinder Sarao Worked With Fund Network Now Under Investigation (WSJ)
  • 'Me? Rich?' U.S. presidential hopefuls play middle-class card (Reuters)
  • You’ve Been Warned: Central Bankers Turning Less Market-Friendly (BBG)
 
Tyler Durden's picture

Why Do We Celebrate Rising Home Prices?





In recent years, home price indices have seemed to proliferate. Measuring home prices has taken on an urgency beyond the real estate industry because for many, home price growth has become something of an indicator of the economy as a whole. If home prices are going up, it is assumed, “the economy” must be doing well. Indeed, we are encouraged to relax when home prices are increasing or holding steady, and we’re supposed to become concerned if home prices are going down. This is a rather odd way of looking at the price of a basic necessity.

 
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20 Years Later, Bill Clinton's Home Ownership Dream For America Is Dead





20 years ago this month, Bill Clinton unveiled the National Home Ownership Strategy, a 100-point plan designed to drive the home ownership rate in America to all-time highs. The plan succeeded — and now it has unraveled completely.

 
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Another Bubble Alert: Home Down Payments Hit Three-Year Low





New rules at Fannie Mae and Freddie Mac in conjunction with lower FHA premiums helped to drive down payments on single family homes to their lowest level since Q1 2012 in the first quarter.

 
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Six Political Issues to Watch This Summer





The next several weeks are likely to be relatively eventful in Washington...

 
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