Rahm Emanuel

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Quiet Economic Calendar Means All Attention Focused On Ukraine And Gaza





In the absence of any major economic events, it will be another day tracking geopolitical headlines out of Ukraine (lots of accusations, propaganda and fingerpointing on both sides, zero actual evidence and facts - expect more European sanctions to be announced today to match last week's latest US-led round ) and Israel (where the death toll has now risen over 500, almost entirely on the Gaza side), and then promptly spinning any bad news as great news. For now, however, futures are modestly lower from the Friday close pushed down by the AUDJPY which has rebased around 95.00. We expect the momentum ignition correlation algos will promptly take of that as soon as the US market opens, a market which has now been described as bubbly by the BIS, the Fed and the IMF.

 
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Is The Cloward-Piven Strategy Being Used To Destroy America?





In the mid-sixties at the height of the “social revolution” the line between democratic benevolence and outright communism became rather blurry. The Democratic Party, which controlled the presidency and both houses of Congress, was used as the springboard by social engineers to introduce a new era of welfare initiatives enacted in the name of “defending the poor”, also known as the “Great Society Programs”. These initiatives, however, were driven by far more subversive and extreme motivations, and have been expanded on by every presidency since, Republican and Democrat alike.At Columbia University, sociologist professors Richard Cloward and Francis Fox Piven introduced a political strategy in 1966 that they believed would eventually lead to the total transmutation of America into a full-fledged centralized welfare state (in other words, a collectivist enclave). The spearpoint of the Cloward-Piven strategy involved nothing less than economic sabotage against the U.S..

 
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The Madness Of Crowds And The Great Insanity





The central banks have created moral hazard on a scale which is simply unbelievable and set a stage for a bonfire of the vanities seldom, if ever, seen in history. Professional Investors who have spent a lifetime playing these contrarian opportunities offered by human behavior are being carried out on stretchers as historic market behaviors fail to materialize. "Never in my 30+ year career as a market observer have I seen so many out on a limb which is about to be sawed off." Those who live within the matrix are fully loaded for a recovery which is not and will not appear. But when the leverage fails, the world’s developed economies will be thrust into the next leg of the cleansing process of deleveraging and the destruction of it will be equally bigger. This conclusion is firmly on the horizon; let’s call it the great insanity.

 
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The Unfaithful Departed: Meet The People Who Bailed On The Obama Administration





Friday's latest resignation of yet another former Obama administration faithful - that of White House press secretary Jay Carney - got us thinking: how many people have jumped off the USS Obamic? The answer is, in short, a lot. Below is a list (by no means complete) of the most prominent officials and advisors who have quietly exited the Obama administration stage left over the past 6 years.

 
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Chicago Considers Boosting Minimum Wage To $15/Hour





If there is one thing that the militarized warzone with the weapons ban (and which makes east Ukraine look like a kindergarten) namely Chicago, did not need in order to fall further into social chaos and disarray, it is a new tidal wave of unemployment: people freshly without jobs who for lack of better options would likely join the daily survival of the fittest routine on the streets of the windy city. And a tidal wave of unemployment is precisely what Chicago is likely to get if, as a group of Chicago aldermen have proposed, the minimum wage in the nation's third-largest city is nearly doubled to $15 an hour. Why $15? Because according to recently striking McDonalds line cooks, it's only fair, and is the minimum pay that fast-food workers have sought during national protests.

 
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Following Failed Turkish Central Bank Intervention, Verbal Diarrhea Follows





Yesterday's epic failure of central bank intervention when both Turkey and South Africa hiked rates only to see their currency initially bounce then collapse, is long forgotten, and early today, the USDTRY once again traded to the rather unstable level of 2.30 and threatened with yet another rout, before verbal intervention out of Russia managed to soothe nerves on edge around the EM world. What followed out of Turkey, however, was an epic verbal diarrhea from both the government and the central bank, which firmly proves the nation on the Bosphorus truly has no idea what it is doing. Here is the evidence.

 
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2014 Outlook: Pandora's Box





As we begin 2014, it is important to recognize the levels of INSANITY currently existent in the world  enabling us to understand the apocryphal nature of the times we live in and prepare ourselves to meet the challenges it represents.  The world is leveraged to an extent that has never before seen in history! Debt now masquerades as NOMINAL growth and REAL growth has ceased.  Headline economic reports are now nothing more than POLITICALLY CORRECT HOAXES to FOOL the public at large and mask the betrayal of the public by the leaders who hold the reins of power.  ECONOMIC Stagnation emerged after the 2008 Global financial crisis and in real terms has NEVER ENDED!
 

 
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Frontrunning: October 24





  • Central Banks Drop Tightening Talk as Easy Money Goes On (BBG)
  • More Democrats voice Obamacare concerns as website blame goes around (Reuters)
  • Contractors Point Fingers Over Health-Law Website (WSJ)
  • Jury Decides Against BofA on 'Hustle' Program (WSJ)
  • Credit Suisse to overhaul interest rates trading business (FT)
  • Home Builders Target Higher End (WSJ)
  • The Many Lives of Iron Mountain (NYer)
  • Busy tourist season nudges Spanish unemployment lower (Reuters)
  • Morgan Stanley Joins BofA in Broker Recruiting Truce (BBG)
  • Ending World’s Longest Nonstop Flight Adds Five Hours (BBG)
 
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"A Scam Of Unmatchable Balls And Cruelty" - Matt Taibbi On Wall Street's "Triple-Fucking Of Ordinary People"





"This is the third act in an improbable triple-fucking of ordinary people that Wall Street is seeking to pull off as a shocker epilogue to the crisis era. Five years ago this fall, an epidemic of fraud and thievery in the financial-services industry triggered the collapse of our economy. The resultant loss of tax revenue plunged states everywhere into spiraling fiscal crises, and local governments suffered huge losses in their retirement portfolios – remember, these public pension funds were some of the most frequently targeted suckers upon whom Wall Street dumped its fraud-riddled mortgage-backed securities in the pre-crash years.... It's a scam of almost unmatchable balls and cruelty, accomplished with the aid of some singularly spineless politicians. And it hasn't happened overnight. This has been in the works for decades, and the fighting has been dirty all the way."

 
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Sunday Humor? The NSA Tapes Infomercial





Upcoming Late Night TV Infomercial Script

(A middle-aged man in an military uniform, loaded with medals, four stars on his epaulets, is sitting in a futuristic office setting on a chair occupying a command position.  He puts down a folder he is reading and looks up at the camera.)

Do you know me?  Well, I know you.  (He wags his finger as if counting)

Each and every one of you. I know everything there is to know about you.  But enough about that.  I’m here today to tell you about a special offer, a first time offer never before available to the general public. (Man assumes a more relaxed mien, stands and walks slowly toward camera)

Hi, I’m General Keith Alexander, coming to you from the flight deck of the starship...

 
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Chicago Next? Windy City Cash Balance Plummets To Only $33 Million As Debt Triples





While everyone's attention is focused on the Detroit bankruptcy, and just what assets the city will sell in lieu of raising a DIP loan, perhaps it is time to refocus attention to the city 300 miles west: Chicago. According to the Chicago Sun Times, Obama's former right hand man, Rahm Emanuel, closed the books on 2012 with $33.4 million in unallocated cash on hand — down from $167 million the year before — while adding to the mountain of debt piled on Chicago taxpayers, citing year-end audits. In addition to a liquidity problem, Chicago may also be quite insolvent as the city's total long-term debt soared to nearly $29 billion. That’s $10,780 for every one of the city’s nearly 2.69 million residents. More than a decade ago, the debt load was $9.6 billion or $3,338 per resident. Of course, in a world in which debt is "wealth", this is great news... at least until debt becomes "bankruptcy."

 
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For The Next Fed Head, Obama Seems To Be Choosing Between A Yawn And A Hiss





Based on media reports over the past few weeks, there are two clear front-runners in the competition to be named Ben Bernanke’s successor as Fed chairman. Current Vice Chair Janet Yellen sits in one corner, former Treasury Secretary and National Economic Council (NEC) Director Larry Summers in the other corner, and pundits are actively placing their bets. Yellen is "soft-spoken, even-tempered, 100% mainstream academic economist who boils the world down to simplistic concepts," so similarities between Bernanke and Yellen are far stronger than the differences. A hand off from one to the other would be about as eventful as a rainy day in Seattle. Compared to Yellen, Summers has a longer history as a heavyweight policymaker but as Charles Ferguson wrote, “rarely has one individual embodied so much of what is wrong with economics, with academe, and indeed with the American economy." And that’s what it seems to be coming down to: a choice between a yawn and a hiss. Why not appoint someone with a track record of getting things right, you ask? Well, that would require a culture of accountability in the White House. Does anyone remember when we last had that?

 
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Guest Post: Government And Collapsed Bridges





The recent collapse of a small commuter bridge in Washington has brought back memories of Minnesota. Back in August of 2007, the I-35W Mississippi bridge connecting the Downtown East and Marcy-Holmes neighborhoods plummeted to the river below like a Chinese-made sofa. Thirteen individuals lost their lives while 145 escaped with injury. The suddenness of the debacle was met with the blunt response system of the state. That is, politicians in Minnesota and elsewhere went before the public to decry the deteriorating condition of government infrastructure across the country. A flurry of taxpayer money dedicated to overhauling the nation’s bridges followed. Five years after millions in tax dollars were fleeced, allocated, and distributed to this new urgency, less than two dozen of the state’s 172 “structurally deficient” bridges have been made whole.

 
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