SET 28 16 SIT EC
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ZERO HEDGE
ECONOMICS
"The market’s in a dangerous bubble, now let’s talk about
the following stocks you just have to
chase because they’re cheap."
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The Fed has created a situation where the
housing industry is so dependant on the massive interest rate
subsidy that any uptick in
rates is likely to cause a cataclysm. The Fed and its cohorts are
responsible for this mess. They have left themselves, and us, with no way out.
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Politics explain changes in oil market: the Senate voted
overwhelmingly to override President Obama’s veto of a bill letting the victims
of the 9/11 attacks sue Saudi Arabia.
More crappy macro data today... but all
that mattered was Yellen never screwed up totally, Deutsche Bank didn't
actually declare bankruptcy, and 'sources' said some short-squeeze-creating
statements in Algiers...
But .. Once again - it looks like major hedging
being done into this spike in oil prices... [[ Who is doing such
manipulation of prices? ]]
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While OPEC reached an "understanding
on a production cut", if not exactly a production cut deal just yet -
since every OPEC member's production has yet to be determined, the sell-side has responded. The following is a collection
of analysts’ reactions following the OPEC announcement.
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Despite its peg, Spot Riyal is trading at its
weakest in 8 months as turmoil mounts in The Kingdom as a failed 'deal'
in Algiers, pay cuts for royalty, and now growing
concerns that the US vote/veto on 9/11 Legislation will delay Saudi Arabia's
first international bond sale. Forward bets on Saudi currency devaluation are surging and default risk is on the
rise again as Bloomberg
reports, a Senate vote to override
President Barack Obama’s veto could cause some investors to balk at the issue.
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Following the surprising across-the-board
inventory draws report by API overnight, DOE confirmed crude's overall draw
(-1.88mm bartrels vs +3mm exp). However, gasoline saw the biggest build in 4 months (as distillates saw the biggest draw in almost 2 months). Crude
production dropped very modestly on the week but remains stuck around 8.5mm
barrels. Oil prices popped then dropped and remain
lower for now...
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While OPEC may have agreed on the need to cut
production, the biggest question remains unanswered: how much each country will produce
is to be decided at the next
formal meeting of OPEC in November.
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While OPEC reached an "understanding
on a production cut", if not exactly a
production cut deal just yet - since every OPEC member's production has
yet to be determined, the sellside has responded. The
following is a collection of analysts’ reactions following the OPEC
announcement.
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‘‘How can I continue to entrust the public’s
money to an organization which has shown
such little regard for the legions of Californians who have placed their
financial well-being in its care?”
Treasurer John Chiang says in
letter to Wells Fargo’s John Stumpf, board that he’s ordered suspension of
WFC’s participation in “its most highly profitable business relationships” with
California.
The
California Treasurer oversees ~$2t in annual state banking transactions;
manages $75b investment pool; is largest U.S. issuer of municipal debt
- Sanctions include:
- Suspending investments by Treasurer’s office in all WFC
securities
- Suspending using WFC as broker-dealer for purchasing investments
- Suspending WFC as managing underwriter on negotiated sales of
Calif. state bonds (where Treasurer appoints underwriter)
- Sanctions take effect immediately, will
remain in place for next 12 month
….
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In the last 60 years, the US economy has never suffered such a long
contraction in core durable goods orders (20 months) without officially being
in recession.
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Central
bankers "wring their hands all the time," Plosser
noted that The Fed was very "concerned about credibility," and was "pretty good at conjuring up
reasons not to act." His mutinous
discussion then concluded, sounding very Trumpian, by noting that The Fed "shouldn't be afraid a
recession might come," exclaiming "there's a real problem here"
with The Fed.
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The fat plutocracy wants more at the cost of the whole nation.
Their gluttony is nauseous. Ms. Yellen: make them pay back
the
money owed to the FED (bailouts n QEs). if they misused,
indict them
Last week, the Federal Reserve decided to keep
US interest rates unchanged, marking its 96th month of life at the
zero bound. Apparently, for all of its
"data dependence", the Fed feels the economy
could still benefit from *just* a little more of its ZIRP happy juice. But as anyone with a little common sense will tell
you, More is
not always better. It's quite possible to have too much of a good
thing. And in its pursuit to kick the can for a
little longer, the Fed has crossed a
dangerous line.
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Here is Citi's most stark condemnation of not only why a Twitter purchase does not make sense but why most major
media M&A in the internet space always fails.
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POLITICS
Trump’s supporters and
conservative media say he won. Hillary’s supporters and the liberal media say
she won. But who lost the presidential debate last
night? Well, America did.
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Deplorable!!
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OB has misbalanced the system of
power in America. His ..
..appointments are typical of a
totalitarian systems.. he behave
like a Sec Gral of the Dems Party
.. not sense of neutrality nor
balance .. several Presid-decrets
he made should be revised
and nullified as well .. He
caused the death of many innocent
world-wide & inside too. EW
was right, we need to depower him.
This is more effective than impeachment.
It has to be continued !
Moments ago, the Senate voted overwhelmingly to
override President Obama’s veto of a bill letting the victims of the 9/11
attacks sue Saudi Arabia, striking a blow to the president on foreign
policy weeks before he leaves office. The vote marks the first time the Senate has mustered enough votes to overrule
Obama’s veto pen.
….
RELATED
It appears for once, the word (of some
politicians) is mightier than the pen (of Obama). The White House was lashed out at The
Senate's veto override, which Josh Earnest described as "the single most embarrassing thing that
the United States Senate has done." As The
Hill reports, in the most overwhelming vote (97-1)
since 1983, President Obama's lame-duckedness was exposed and that enraged
Obama (and his Saudi friends' money).
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IN CASE YOU MISS IT:
More From ZeroHedge
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Democrats
Panic: "This Nightmare Is About To Become Our Reality" Hillary
is surrounded by so many scandals and unanswered questions it's often difficult
to keep track of the daily developments. Just a few of the recent
scandals and allegations include lying about her "pneumonia"
diagnosis (does anyone actually believe she has pneumonia, btw?)
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DEMOCRACY NOW
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GLOBAL RESEARCH
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SPUTNIK and RT SHOWS
DARPA Ramps Up Defenses Against Russia’s Electro-Attacks on
the Battlefield
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RT SHOWS
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WASHINGTON BLOG
Just as the Vietnam War was built on lies, propaganda, PR
and rigged statistics(the infamous
body counts–civilians killed as “collateral damage” counted as “enemy
combatants”), so too is the “recovery”
nothing but a pathetic tissue of PR, propaganda and lies. I have
demolished the bogus 5.3% “increase” in median household income, the equally
bogus “official inflation” body counts, oops I mean statistics, and the bogus
unemployment rate:
I’m not the only one calling the
“recovery” a lie: the chairman of Gallup, Jim Clifton, recently unloaded on
the “recovery”:
“I’ve been reading a lot about a “recovering” economy. It was
even trumpeted on Page 1 of The New York Times and Financial Times last week.
I don’t think it’s true.
⇒ Keep Reading
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NOTICIAS IN SPANISH
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PRESS TV
nominee Gary Johnson. YES.. among evils, she is the
worse!
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notion of “sovereign immunity”
then our men and women in uniform
around the world
could potentially be sued too. Why not? So next
step should be to
eliminate such freedom to kill innocent people.
No “exceptionalism”
on war crimes & crimes against humanity. It
was stated so by Nuremberg
Tribunal that became Law on the matter.
OB’ drone policy made
him a war criminal and should be sued too.
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'Saudi
claim Iran arming Yemen fictitious'
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Vote to impeach
Obama: war criminal
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