Monthly Archives: June 2014

Japan to keep printing money for years to come, so learn to enjoy it

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“The authorities are about to funnel large sums into Japanese stocks openly and deliberately under the next phase of Abenomics, both by regulatory fiat and by purchasing the Nikkei index directly with printed money.  Prime minister Shinzo Abe is unshackling the world’s biggest stash of savings, the $1.3 trillion Government Pension Investment Fund (GPIF). Officials say the ceiling on equity holdings will rise from 12pc to around 20pc as soon as August, opening the way for a $100bn buying blitz.  Mr Abe’s move comes sooner than expected and amounts to a market shock, though nobody should be shocked anymore as he keeps doubling down on the world’s most radical economic experiment.”

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/10893607/Japan-to-keep-printing-money-for-years-to-come-so-learn-to-enjoy-it.html

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Will SoFi Take Sallie Mae’s Best Customers?

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“After the financial crisis proved the government would spend tens of trillions of dollars to keep banks from going belly up, you would think that nothing will kill them. But now the ineffable forces of Stanford-branded reinvention are going after their customers. Do investors in publicly traded lenders need to get out before it’s too late?  A case in point is student lending giant, SLM – formed as the Student Loan Marketing Association — which is in the cross-hairs of a San Francisco-based peer-to-peer lending powerhouse, Social Finance, Inc. (SoFi). As CEO Mike Cagney, a graduate of Stanford Business School, explained, SoFi is growing fast.”

http://www.forbes.com/sites/petercohan/2014/05/22/will-sofi-take-sallie-maes-best-customers

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How the Tea Party Caused a Plane Crash

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“Cantor’s defeat rocked shares of Boeing. The aircraft manufacturer is down 4% since Cantor’s loss, and continues to sink lower.  Why Boeing? That’s where this tale of crony capitalism gets interesting.  Cantor was the #1 congressional supporter of the Export-Import Bank (Ex-Im), a little-known federal agency whose ostensible purpose is to encourage US exports. Ex-Im makes or guarantees loans to foreign companies, which use those loans to purchase US products.  Without Cantor’s support, Congress may pull the plug on Ex-Im. That would be good news for taxpayers and the airline industry, but terrible for Boeing.”

http://www.caseyresearch.com/cdd/how-the-tea-party-caused-a-plane-crash

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Fed Prepares to Maintain Record Balance Sheet for Years

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“Federal Reserve officials, concerned that selling bonds from their $4.3 trillion portfolio could crush the U.S. recovery, are preparing to keep their balance sheet close to record levels for years.  Central bankers are stepping back from a three-year-old strategy for an exit from the unprecedented easing they deployed to battle the worst recession since the Great Depression. The Fed is testing new tools that would allow it to keep a large balance sheet even after it raises short-term interest rates, a step policy makers anticipate taking next year. They would use these tools to drain excess reserves temporarily from the banking system.”

http://www.businessweek.com/news/2014-06-11/fed-prepares-to-keep-super-sized-balance-sheet-for-years-to-come

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Back to Politics

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“As of now, it also could mean another ugly battle over funding the government and a bruising federal debt-ceiling fight in March 2015.  Yet this doesn’t signal a new anti-incumbent wave, at least not yet. So far this year, 26 states have held their primaries to determine the nominees for 257 House seats. Of the 229 incumbents running again, only Cantor and one other have lost.  Meanwhile, the Democratic and Republican candidates for Cantor’s seat have a few things in common. Both have no previous political experience. And both are professors at Randolph-Macon College in Ashland, Va., where they are teammates on a faculty basketball team.”

http://www.investingdaily.com/20520/back-to-politics-2/

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Pixar will make its 3D rendering software free for download

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“Fans of Pixar rejoice — the animation studio behind such popular films as Toy Story, Monsters Inc., and Pirates of the Caribbean has announced its 3D rendering software will be given away for free for non-commercial use.  The program, called ‘RenderMan’, was originally developed by Pixar. In recent years, it has experienced increased competition from other animation programs, most notably, Arnold and VRay. Pixar licenses RenderMan out to other studios for use in their films, but to secure a broader base of users, the company thought it best to make it available to the public in general.“

http://www.electronicproducts.com/Software/Development_Tools_and_Software/Pixar_will_make_its_3D_rendering_software_free_for_download.aspx

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Bill Bonner: ‘Uber Alles’

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“No one is more determined or more resourceful than a Frenchman who sees his revenue threatened by innovation. The taxi drivers of Paris aim to stop Uber any way they can.  What’s the best way to protect yourself from competition? Regulation! They want the new company so tightly bound it loses its competitive advantage. One proposal, for example, would require Uber drivers to wait 15 minutes before responding to a call.  Yesterday, Uber got the best advertising money can’t buy. Taxi drivers not only blocked traffic on the most popular road in the Paris area, the beltway around town – the ‘periph,’ they also took up positions on bridges and overpasses.”

http://www.bonnerandpartners.com/uber-alles/

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‘I’ve been priced out of downtown Detroit’

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“Amid efforts to revitalize Detroit’s downtown, some residents are finding they can no longer afford to live there.  One program, called Live Downtown, has attracted as many as 15,000 new residents to the downtown area, according to the mayor’s office.  Under the program, local companies, including Quicken Loans and Blue Cross Blue Shield, give employees $20,000 loans that will be completely forgiven if they buy and stay in a home downtown for five years. Renters there receive $2,500 their first year and $1,000 the second.  The newcomers bring with them money and much needed tax revenue. But they are also causing housing prices to skyrocket.”

http://www.clickondetroit.com/money/I-ve-been-priced-out-of-downtown-Detroit/26182568

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After 50 Years, Washington Has Lost the War on Poverty

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“There was hope in liberal circles in 1965 that federal welfare programs would reduce poverty rates. This hope is long gone. Today, the likelihood of a reversal is gone. The social breakdown of the black family in 1965 has spread to the lower-class white community. It is much larger than the black community.  Federal money and bureaucracy cannot reverse attitudes toward the family — attitudes that the welfare system has subsidized.  There is only one hope that the federal government could offer: an end to the programs. But Congress does not cut programs. It adds to them.  The war on poverty is a forever war . . . at least until federal bankruptcy ends it.”

http://www.garynorth.com/public/12531.cfm

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Teen Unemployment In Major U.S. Cities Tops 50%

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“Old timers often say that the young people in the U.S. today don’t have the work ethic of their predecessors. This may be true, but is this perceived weakness a symptom of a greater problem?  Has the opportunity for many young people to find employment diminished, and thus made it harder for them to learn the necessary work ethic on the job?  Before we try to answer that question, let’s examine some evidence from a new analysis by the Employment Policy Institute (EPI) that shows unemployment among teens without a high school diploma is greater than 50% in two very large cities.”

http://lionsofliberty.com/2014/06/03/teen-unemployment-in-major-u-s-cities-tops-50/

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