JUL 28 16 SIT EC
y POL .. Economy
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This edition is dedicated to POTUS Obama, the author of the
current “Great America” and well known zealot of the warmonger Hillary, his assumed
next POTUS
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ZERO HEDGE
ECONOMICS
WTI Crude (Sept 16)
futures are within a hair of trading with a $40 handle - something that has not happened since the lows after
the failed Doha talks in April. From
the June highs at almost $53, oil is down 22% - a bear market -as
inventories, rig counts, and production all rise.
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After staging a
feeble rebound in late 2015, the US
homeownership rate just tumbled from 63.5% to 62.9%, tied for the lowest print
going back more than 50 years, to 1965.
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The reason Ford stock
is plunging this morning is not so much the company's earnings miss, when the
US auto giant reported Q2 EPS of $0.52, below the $0.60 expected, but because
in some startling language, CEO Mark Fields laid out a very gloomy picture of
the future.
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Just hours before
tomorrow's official GDP print, the Atlanta Fed just took an axe to its GDPNow
US economic growth forecast. Despite
the record-breaking streak of positive economic surprises, following
yesterday's durable goods data and today's advance economic indicators report, GDPNow has crashed from over 2.4% to 1.8%
growth for Q2.
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The current oil-price rally led
many to believe that a full price recovery was underway. But inventories have been too large for
that to happen short of epic supply interruptions. U.S. rig counts have surged
as oil prices sink. Capital is driving the oil markets and it enables bad behavior by
producers. That is
why oil prices will stay low. The
oil-price rally that began in February is over.
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If everything is so
awesome (as initial claims hovering at 43 year lows suggests) then why are consumer confidence expectations
(otherwise known as 'hope') tumbling?
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"There is also an element of
torture to the FOMC cycle in recent years –said Ms Yellen- The pattern for the Fed is that you
slowly talk up the prospects of an imminent hike, you then get closer to it,
build it up even more and then just before you pull the trigger something
invariably happens in this broken global financial system to force you to pull
back and start from scratch."
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Today the debt-funded
M&A scramble continued, when moments ago software giant Oracle announced it
would acquire the "very first cloud company" NetSuite, a deal
that some analysts thought was inevitable while panned by others. The transaction
price of $109 represents a nearly 20% premium to yesterday's closing print, and
is expected to be immediately accretive to Oracle.
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Despite the protestations by President Obama and Hillary
Clinton that America is great (the greatest in fact) and doom-and-gloom-mongery
is a false narrative, reality is that Americans
appear to be increasingly pessimistic about the future of America.
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We are already
experiencing the powerlessness of
POTUS...
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