interestrateripoff Posted April 15, 2016 Author Share Posted April 15, 2016 The NY Fed Just Cut Its First Half GDP Forecast To 1.0% The New York Fed's 'decidedly-more-optimistic-than-Atlanta-Fed's-GDPNow-model' NowCast model for GDP growth just tumbled back to reality after a week of dismal data finally forced its hand. Treasury bond yields are extending their tumble as NYFed slashes Q1 growth to just 0.8% (from 1.5% in Feb) and collapsed Q2 growth to 1.2% from 1.9% last week. This cuts the entire H1 estimate from 1.5% to 1.0%... shamed down to GDPNow's reality. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 18, 2016 Author Share Posted April 18, 2016 Debt Grows 3.5x Faster Than GDP - "Big Hole Likely To Cave In Before We Claw Our Way Out" US nonfinancial debt rose 3.5 times faster than GDP last year. Simply put - "We’re digging a great big hole that is likely to cave in on us before we manage to claw our way back out of it." Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 18, 2016 Author Share Posted April 18, 2016 Greenspan Admits The Fed's Plan Was Always To Push Stocks Higher "You bring long-term rates down, and the price/earnings ratios in the equity markets go up, which is exactly what they planned to do and it's happened that way..." Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 18, 2016 Author Share Posted April 18, 2016 Visualizing The History Of Credit Cards While it may seem today that credit is impersonal and calculated, credit was once a privilege built around personal trust and long-lasting relationships. Today, 80% of U.S. households own multiple cards, and they account for just under $1 trillion of consumer debt... Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted April 18, 2016 Share Posted April 18, 2016 Greenspan Admits The Fed's Plan Was Always To Push Stocks Higher "You bring long-term rates down, and the price/earnings ratios in the equity markets go up, which is exactly what they planned to do and it's happened that way..." It used to be called....FRAUD Quote Link to comment Share on other sites More sharing options...
Noallegiance Posted April 18, 2016 Share Posted April 18, 2016 Greenspan Admits The Fed's Plan Was Always To Push Stocks Higher "You bring long-term rates down, and the price/earnings ratios in the equity markets go up, which is exactly what I did 2001-2004 and it's happened that way..." Erm......WTF? Corrected for accuracy. Quote Link to comment Share on other sites More sharing options...
billybong Posted April 19, 2016 Share Posted April 19, 2016 (edited) Greenspan Admits The Fed's Plan Was Always To Push Stocks Higher "You bring long-term rates down, and the price/earnings ratios in the equity markets go up, which is exactly what they planned to do and it's happened that way..." "..., which is exactly what they planned to do"... So he's admitting he and similar people are no more than functionaries carrying out orders. So their pay should be reduced accordingly. The chairman is reported to earn around a couple of hundred thousand dollars a year so as admitted functionaries just doing what they're told then that could be reduced to a small fraction of that. Instead of Greenspan writing books about how he for example adjusted interest rates and saved (wrecked) the economy it would be far more interesting if he wrote about the financial orders he carried out for the "they" along with full disclosures how the system worked then behind the curtains and behind the scenes. For instance who exactly was involved. Do tell all. It could be a best seller. What he's saying ties in with what Mervyn King admitted recently along the lines that the crash was "deliberate" as if planned by the "they". A sort of "they made me do it" thing . Almost as if central bankers had/have no responsibility - so why are they paid so much. Edited April 19, 2016 by billybong Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 19, 2016 Author Share Posted April 19, 2016 "..., which is exactly what they planned to do"... So he's admitting he and similar people are no more than functionaries carrying out orders. So their pay should be reduced accordingly. The chairman is reported to earn around a couple of hundred thousand dollars a year so as admitted functionaries just doing what they're told then that could be reduced to a small fraction of that. Instead of Greenspan writing books about how he for example adjusted interest rates and saved (wrecked) the economy it would be far more interesting if he wrote about the financial orders he carried out for the "they" along with full disclosures how the system worked then behind the curtains and behind the scenes. For instance who exactly was involved. Do tell all. It could be a best seller. What he's saying ties in with what Mervyn King admitted recently along the lines that the crash was "deliberate" as if planned by the "they". A sort of "they made me do it" thing . Almost as if central bankers had/have no responsibility - so why are they paid so much. Richard Werner makes a similar claim in princes of the yen that the Japanese crisis in the 80s was a deliberate policy by those running the banking system. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 21, 2016 Author Share Posted April 21, 2016 Pimco Economist Has A Stunning Proposal To Save The Economy: The Fed Should Monetize Gold "In the context of today’s paralyzed political-fiscal landscape how silly is it to suggest the Fed purchase a significantly large quantity of gold bullion at a substantially greater price than today’s free-market level, perhaps $5,000 an ounce? Admittedly, this suggestion is almost too outrageous to post under the PIMCO logo, but NIRP surely would have elicited a similar reaction a decade ago. But upon reflection, it could be an elegant solution since it flips the boxes on a foreign currency “prisoner’s dilemma”. Most critically, a massive gold purchase has the potential to significantly boost inflationary expectations, both domestic and foreign." Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 21, 2016 Author Share Posted April 21, 2016 Philly Fed Dead-Cat-Bounce Dies, Plunges Back Into Contraction Remember March and all those hopefull regional fed survey bounces? They are over! Philly Fed just printed -1.6, back into contraction for the 8th month of last 9, missing expectations of a +9.0 print. Every subcomponent weakened (aside from prices paid and received) but what saved the headline from further collapse was an unexpected surge in optimism for six-months ahead (right after the election?). Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 21, 2016 Author Share Posted April 21, 2016 "This Is Going To Be A National Crisis" - One Of The Largest U.S. Pension Funds Set To Cut Retiree Benefits The Central States Pension Fund, which handles retirement benefits for current and former Teamster union truck drivers across various states including Texas, Michigan, Wisconsin, Missouri, New York, and Minnesota, and is one of the largest pension funds in the nation, has filed an application to cut participant benefits, which would be effective July 1 2016, as it "projects" it will become officially insolvent by 2025. Quote Link to comment Share on other sites More sharing options...
billybong Posted April 21, 2016 Share Posted April 21, 2016 (edited) Most critically, a massive gold purchase has the potential to significantly boost inflationary expectations, both domestic and foreign." Why not just pretend that the inflation values are what you would want them to be and publish the pretend figures accordingly. Save spending the money on gold. Just make it all up. After all it's all just non market capitalism. Edited April 21, 2016 by billybong Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 22, 2016 Author Share Posted April 22, 2016 47% Of Americans Can't Even Come Up With $400 To Cover An Emergency Room Visit If you had to make a sudden visit to the emergency room, would you have enough money to pay for it without selling something or borrowing the funds from somewhere? Most Americans may not realize this, but this is something that the Federal Reserve has actually been tracking for several years now. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 22, 2016 Author Share Posted April 22, 2016 These SEC Insider Emails Reveal Why No Bankers Have Gone To Jail “Now that we are gearing up to bring a handful of cases in this area, I suggest that we keep in mind that the vast majority of the losses suffered had nothing to do with fraud and the like and are more fairly attributable to lesser human failings of greed, arrogance and stupidity of which we are all guilty from time to time.” Quote Link to comment Share on other sites More sharing options...
billybong Posted April 22, 2016 Share Posted April 22, 2016 (edited) ^ “Now that we are gearing up to bring a handful of cases in this area, I suggest that we keep in mind that the vast majority a small minority of the losses suffered had nothing to do with fraud and the like and are more fairly attributable to lesser human failings of greed, arrogance and stupidity of which we are all guilty from time to time.” Their overweening and high-handed greed, arrogance, stupidity and fraud shines through ever brighter with every self serving announcement. Edited April 22, 2016 by billybong Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 24, 2016 Author Share Posted April 24, 2016 http://wallstreetonparade.com/2016/04/u-s-government-is-now-a-major-counterparty-to-wall-street-derivatives/ According to a study released by the Federal Reserve Bank of New York in March of last year, U.S. taxpayers have already injected $187.5 billion into Fannie Mae and Freddie Mac, two companies that prior to the 2008 financial crash traded on the New York Stock Exchange, had shareholders and their own Board of Directors while also receiving an implicit taxpayer guarantee on their debt. The U.S. government put the pair into conservatorship on September 6, 2008. The public has been led to believe that the $187.5 billion bailout of the pair was the full extent of the taxpayers’ tab. But in an astonishing acknowledgement on February 25 of this year, the Government Accountability Office, the nonpartisan investigative arm of Congress, issued an audit report of the U.S. government’s finances, revealing that the government’s “remaining contractual commitment to the GSEs, if needed, is $258.1 billion.” This suggests that somehow, without the American public’s awareness, the U.S. government is on the hook to two failed companies for $445.6 billion dollars. And that may be just the tip of the iceberg of this story. The official narrative around the bailout of Fannie and Freddie is that they were loaded up with toxic subprime debt piled high by the Wall Street banks that sold them dodgy mortgages. While that is factually true, the other potentially more important part of this story is the counterparty exposure the Wall Street banks had to Fannie and Freddie’s derivatives if the firms had been allowed to fail. The New York Fed’s staff report of March 2015 concedes the following: “Fannie Mae and Freddie Mac held large positions in interest rate derivatives for hedging. A disorderly failure of these firms would have caused serious disruptions for their derivative counterparties.” Exactly how big was this derivatives exposure and which Wall Street banks were being protected by the government takeover of these public-private partnerships that had spiraled out of control into gambling casinos? According to Fannie and Freddie’s regulator of 2003, OFHEO, “The notional amount of the combined financial derivatives outstanding of Fannie Mae and Freddie Mac increased from $72 billion at the end of 1993, the first year for which comparable data were reported, to $1.6 trillion at year-end 2001.” A 2010 report from the Federal Reserve Bank of St. Louis updates that information as follows: More at the link. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 26, 2016 Author Share Posted April 26, 2016 Atlanta Fed Boosts GDP Forecast Following Today's Durable Goods Miss And Downward Revision If there was some confusion why the Atlanta Fed recently revised its GDP Nowcast higher following the recent retail sales miss, that confusion will be even more acute today when moments ago the Atlanta Fed plugged today's weaker than expected durable goods print (and downward revision to past month's data), and ended up with... a GDP forecast that was higher than previously, or an increase from 0.3% to 0.4%. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 26, 2016 Author Share Posted April 26, 2016 Core Durable Goods Tumble For 14th Month, Longest Non-Recessionary Stretch In 60 Years Following February's dismal drops across the board in Durable Goods, expectations were high for a March rebound. However, the mean-reverters were greatly disappointed as Orders rose just 0.8% MoM (missing expectations of a 1.9% surge) off a revised lower print, pushing the YoY change back into the red. Core Durables Goods Orders fell YoY for the 14th consecutive month - a streak never seen in 60 years outside of a broad US recession. Capital Goods Orders (0.0% vs +0.6% exp) and Shipments (+0.3% vs +0.9% exp) both missed and were both revised lower. Not a pretty picture... Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 26, 2016 Author Share Posted April 26, 2016 In 1 Out Of Every 5 American Families, Nobody Has A Job If nobody is working in one out of every five U.S. families, then how in the world can the unemployment rate be close to 5 percent as the Obama administration keeps insisting? The truth, of course, is that the U.S. economy is in far worse condition than we are being told. Quote Link to comment Share on other sites More sharing options...
Noallegiance Posted April 27, 2016 Share Posted April 27, 2016 Quelle surprise. Rates left alone but talk of a raise in June. It's like folk are being sold the same dummy by the same player for two seasons in a row and falling for it every time. It's not even a good dummy. Continuous step-overs, perhaps. Yawn. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted April 27, 2016 Share Posted April 27, 2016 Quelle surprise. Rates left alone but talk of a raise in June. It's like folk are being sold the same dummy by the same player for two seasons in a row and falling for it every time. It's not even a good dummy. Continuous step-overs, perhaps. Yawn. A proper Keynesian hokey-cokey. And more free money for the casino whales from Kuroda tomorrow, no doubt. Grrrr... Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 27, 2016 Author Share Posted April 27, 2016 Fed signals no rush to raise rates as pace of U.S. recovery moderates Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 27, 2016 Author Share Posted April 27, 2016 Federal Reserve leaves door open to June interest rate rise Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 28, 2016 Author Share Posted April 28, 2016 US economy grows at slowest pace in two years as Obama defends legacy Larry Elliott 'Sluggish US growth is part of worrying global trend' US economy grows at slowest pace in two years as Obama defends legacy Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted April 28, 2016 Author Share Posted April 28, 2016 US economy grinds to near-halt Quote Link to comment Share on other sites More sharing options...
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