- Twitter's IPO to Make Market Debut (WSJ); Twitter Raises $1.82 Billion, Pricier Value Than Facebook (BBG)
- Worried Senators Press Obama on Health Law (WSJ)
- Greenspan Says Yellen Was His Guide to Economics Research at Fed (BBG)
- European Central Bank seen holding rates despite inflation tumble (Reuters)
- Wall St. Bonuses Over All Are Predicted to Rise 5 to 10% (NYT)
- Cautious consumers seen curbing U.S. economic growth (Reuters)
- China Grants U.S. Investors Indirect Access to Its Stock Markets (WSJ)
- Higher Tax Rates Give Top U.S. Earners Year-End Headaches (BBG)
- Iran Loses Nuclear Leverage as World Ignores Export Drop (BBG)
- NYPD Commissioner Ray Kelly in the running for JPMorgan job (Post)
Yes... a rating agency - the same entity that enabled the last housing market crash - just warned of a housing bubble. How the times have changed - maybe it is different this time?
Money doesn’t smell of anything except money and wherever it comes from it gives off the same whiff of intoxicating magnetic attraction.
The US and the National Security Agency may well have just dug their own grave where the internet is concerned.
President Obama, the US federal government shutdown, the omnipotence of the National Security Agency and the anger of the world at just how much the USA flouts the laws that we thought we might have lived by.
- Investors are stampeding into initial public offerings at the fastest clip since the financial crisis (WSJ)
- Kerry hails disgruntled Saudi Arabia as important U.S. ally (Reuters)
- SAC Capital prepares for a second life (FT)
- BlackBerry's Fate Goes Down to the Wire (WSJ)
- Dutch Gamble on U.S. Housing Debt After Patience Wins (BBG)
- U.S. Wants Broad Divestitures From AMR, US Airways (WSJ)
- Tensions with allies rise, but U.S. sees improved China ties (Reuters)
- China berates foreign media for Tiananmen attack doubts (Reuters)
- China manufacturers squeezed as costs rise (FT)
- European Borders Tested as Money Is Moved to Shield Wealth (NYT)
- Zurich Probe Finds No ‘Undue Pressure’ Put on Late CFO (BBG)
While some harp on about the growing dangers of yet another housing bubble in the western world, there are other more important things perhaps that are going on in other countries in the world.
Just a few days ago Alan Greenspan’s latest piece of work was published (October 20th 2013). It’s entitled The Map and the Territory: Risk, Human Nature, and the Future of Forecasting.
Gold had a good run for twelve years but has fallen by as much as 20% this year alone. Is that set to continue?
There are times when things are jinxed from the very moment they have been drafted into blueprints and right up until the moment they are conceived. There are just times when it would be probably better to cut your losses while the chips are down before it all goes downhill and drags you with it.
Usually what goes up normally ends up coming back down to Earth with a damn great thud. Well, that was long ago with good old Isaac Newton and the apple story.
There are people in the world that go to work every day to end up stating the damn obvious.
The rest of the world has had enough of the monopoly of the credit-rating agencies that are largely biased towards the US economy and it’s about time that it all came to an end.
A mere 24 hours before the US was going to run out of money and default on its obligations (in what Jack Lew described as a "catastrophe"), Grant Williams notes the S&P 500 was trading exactly 2.30% from its all-time high. Does that sound like anybody was worried about financial Armageddon? Nope, but as Williams detail sin his latest letter, the danger was very real, as a default by the US on its debt obligations would have gone to the very heart of the "plumbing" that underlies financial markets and caused havoc in the repo market and all kinds of problems with collateral... The key clue passed most people by a week ago; but it came from, of all places, Hong Kong...
It would appear that French-owned Fitch, following its rating-watch-negative shift on the US credit rating last week, has got a tap on the shoulder from the powers that be. As Hollande complains about Obama's espionage, Fitch has released a statement explaining how the USA can do whatever it wants and not be downgraded. With only the Chinese ratings agency "able" to openly comment on the creditworthiness of the USA, it is no surprise that Fitch gave itself an "out" on the basis of the USDollar's exorbitant previlege.