Washington Mutual

The Case For A Super Glass-Steagall

By embracing this kind of Super Glass-Steagall Trump would consolidate his base in the flyover zones and reel in some of the Bernie Sanders throng, too. The latter will never forgive Clinton for her Goldman Sachs speech whoring. And that’s to say nothing of her full-throated support for the 2008 bank bailouts and the Fed’s subsequent giant gifts of QE and ZIRP to the Wall Street gamblers.

A Terrible Start To 2016 Turns Absolutely Brutal For Odey Who Refuses To Stop "Fighting The Fed"

what until now was merely a terrible start to the year has turned absolutely brutal for Odey's European fund, which is now down nearly a third, or 31%, in the first four months of the year, wiping out almost half a decade of trading profits in his flagship hedge fund in less than four months. Is he ready to throw in the towel? Not even close: the billionaire who delights in fighting the Fed, is convinced he will have the last laugh: "The disconnect between travelling and arriving may be coming home to roost. It will make the retreat from Moscow appear painless."

25 Years Of Fed Fueled M&A - The Enabling Of A Banking Oligopoly

Between 1990 and 2010, eventually 37 banks would become JP Morgan Chase, Bank of America, Wells Fargo, and Citigroup. The “Big Four” retail banks in the United States collectively hold 45% of all customer bank deposits for a total of $4.6 trillion... as the biggest got biggest-er all thanks to the very visible hand of The Fed's free money.

Frontrunning: June 1

  • Senate lets NSA spy program lapse, at least for now (Reuters)
  • Draghi Deflation Relief Means Little With Greek Threat Unsolved (BBG)
  • Tepid factory data add to Asian gloom (FT)
  • Citigroup Likely to Close Banamex USA (WSJ)
  • Frugality of High Earners in U.S. Shows Long Shadow of Recession (BBG)
  • Greece’s Tsipras Warns Bell May Toll for Europe (BBG)
  • Carnegie Mellon Reels After Uber Lures Away Researchers (WSJ)
  • Romário leads drive for Brazilian probe into Fifa (FT)
  • Faster than China? India's road, rail drive could lay doubts to rest (Reuters)

Largest Bank In America Joins War On Cash

The war on cash is escalating. Just a week ago, the infamous Willem Buiter, along with Ken Rogoff, voiced their support for a restriction (or ban altogether) on the use of cash (something that was already been implemented in Louisiana in 2011 for used goods). Today, as Mises' Jo Salerno reports, the war has acquired a powerful new ally in Chase, the largest bank in the U.S., which has enacted a policy restricting the use of cash in selected markets; bans cash payments for credit cards, mortgages, and auto loans; and disallows the storage of "any cash or coins" in safe deposit boxes.

Frontrunning: December 24

  • Russia says NATO turning Ukraine into 'frontline of confrontation' (Reuters)
  • Oil Drillers Under Pressure to Scrap Rigs to Cope With Downturn (BBG)
  • Demonstrators Defy NYC Mayor's Call to Suspend Police Protests (BBG)
  • U.S. to send more private contractors to Iraq (Reuters)
  • ISIS Shoots Down Jet From U.S.-Led Coalition, Syrian Monitors Say (NYT)
  • Russians Race to Secure Mortgages Before Costs Spiral (BBG)
  • Abe Brings in Former Soldier Nakatani as Defense Minister (BBG)
  • At Coke, Newest Flavor Is Austerity (WSJ)
  • Fear and retribution in Xi's corruption purge (Reuters)
  • UBS Raises Flag on China’s $1 Trillion Overseas Debt Pile (BBG)

"We Are In Uncharted Waters" Singapore Central Bank Warns Of "Uneasy Calm"

Well, at least someone gets it. While just about every other central bank on the planet is giving everyone two thumbs up on the economy, the deputy chair of the Monetary Authority of Singapore (Lim Hng Kiang) said last night at a dinner that “an uneasy calm seems to have settled in markets” and that “we remain in uncharted waters.” It was quite surprising to see such pointed language from a central banking official. Mr. Lim jabbed at the “obvious” risks and said there would be “bumps on the road” ahead.

The (Other) Truth About The Financial Crisis: 10 "Geithner-Sized" Myths Exposed

After the crisis, many expected that the blameworthy would be punished or at the least be required to return their ill-gotten gains—but they weren’t, and they didn’t. Many thought that those who were injured would be made whole, but most weren’t. And many hoped that there would be a restoration of the financial safety rules to ensure that industry leaders could no longer gamble the equity of their firms to the point of ruin. This didn’t happen, but it’s not too late. It is useful, then, to identify the persistent myths about the causes of the financial crisis and the resulting Dodd-Frank reform legislation and related implementation...."Plenty of people saw it coming, and said so. The problem wasn’t seeing, it was listening."

Frontrunning: December 23

  • Apple, China Mobile sign long-awaited deal to sell iPhones (Reuters)
  • U.S. growth hopes help shares shrug off China money market jitters (Reuters)
  • Rule Change on Health Insurance Rattles Industry (WSJ), Obamacare's signup deadline on Monday has its exceptions (Reuters)
  • Tale of Two Polish Mines Shows Biggest EU Producer’s Woes (BBG)
  • Probes See U.K. Market Manipulation Reports Rise 43% (BBG)
  • Shoppers Grab Sweeter Deals in Last-Minute Holiday Dash (BBG)
  • Banks Mostly Avoid Providing Bitcoin Services (WSJ)
  • Secret Handshakes Greet Frat Brothers on Wall Street (BBG)