The unemployment numbers (bad), ceasefire in the Ukraine, fun with maps, and Democrats circle the wagons round Cuomo.
Wednesday, September 17, 2014
Topics: Water Cooler
Posted by Lambert Strether at 1:58 pm |
Posted by David Dayen at 3:30 am |
The Fed’s Survey of Consumer Finances came out yesterday, and it offered a pretty good answer for why the country won’t just snap out of it and admit that Recovery Summer is here. The survey covers 2010 to 2013 and it’s stocked with interesting data, but the main point is the continued breaking away of top income earners from the rest of their counterparts.
Topics: Guest Post
Posted by David Dayen at 2:30 am |
The ECB took a few surprise measures on Thursday mainly as a signal that central banks are willing to Do Something, even when sort of somethings they can do are at best unproductive. But the weak tea of lowering the benchmark rate by 10 basis points to 0.05% and announced it would be implementing a watered-down version of QE, in which it will start buying asset backed securities and covered bonds nevertheless pleased investors initially. bu the enthusiasm proved to be short lived; in the US, the modest stock market lift in the morning had gone into reverse by the close of trading. The announcement did produce one tangible positive outcome for the flagging European economy, which was to lower the value of the euro.
With the imminent departure of Tony West from the Justice Department, we can assuredly close the book on this latest round of financial fraud settlements. West was a co-chair of the vaunted task force known as the RMBS Working Group: of the original members, only U.S. Attorney for Colorado John Walsh and New York Attorney General Eric Schneiderman remain. And West was the point person inside the Justice Department for the JPMorgan, Citigroup and Bank of America cases (“Top Nemesis of Big Banks,” screams the New York Times for some reason).
The somewhat peculiar results of the Challenger Labor Shortage Survey showed that 77% of the approximately 100 human resources executives polled said their companies were having difficulty filling open positions due to a shortage of available talent… But today, I ran into something that put that report in a different light, via Rebekah Campbell’s article in the New York Times, which describes her experiences in trying to rope in potential investors for her company, Posse.
Yves here. It should come as no surprise that Obama’s rhetoric on climate change is sorely out of whack with his policies. Indeed, as Michael Klare reports, there’s been enough of a economic rebound in the US to lead to more driving, and hence more oil usage. And rather than regard that as a problem, the Administration has shifted from talking up clean energy to pushing more domestic oil production.
Today’s Water Cooler covers the Ukraine, Ferguson, and the California dought, along with News of the Wired.
Posted by Lambert Strether at 6:55 am |
ObamaCare Roundup: Fun with the IRS, the Auto-Renewal Trap, and Continued Relentless Creation of Second-Class Citizens
ObamaCare will be back in the headlines soon enough, when open enrollment begins. And then comes tax time! Meanwhile, it still pins the bogometer.
The age of the Hot Take has also infected the financial press, as it seems like every media outlet had to feature some hastily arranged opinion piece this week on former House Majority Leader Eric Cantor becoming a vice chairman at boutique investment bank Moelis & Co. But Cantor keeping one foot in D.C. – his Moelis office will be there – actually speaks to what we should really look out for when it comes to his departure: where his staff relocates.
Fed tapering was widely expected to push up US yields. Instead, US yields have fallen since the beginning of the year, raising the question of whether we’re seeing a new version of the Greenspan 2005 conundrum. Interestingly, a successful explanation of this new conundrum cannot just rely on a flight to safety explanation as it also needs to rationalize why 5-year yield and 10-year yield have diverged over the same period.
Why do so many people—including the authors of most economics textbooks—believe the U.S. banking system creates the U.S. dollars we earn and spend and pay our taxes with?
Today’s Water Cooler covers the Ukraine ceasefire, ISIS, Ebola and public health, Ferguson as a continuing movement, and Cuomodämmerung.
Topics: Water Cooler
Posted by Lambert Strether at 1:55 pm |
As the SEC, reporters, and analysts dig into the operations of private equity firms, it is becoming obvious that one of the reasons that these financiers have cornered the best legal talent in America is for the express purpose of better fleecing their investors.
A prime example comes up in the use of clawbacks in private equity agreements.