Tag Archives: White Shoe Boys

Art Cashin: Danger For The US & Strange Happenings In Gold

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“While I am far from being a conspiracy theorist, I could see where some of the people involved in that asset class would be concerned because we’ve had several incidences of very large sales.  And they all seem to come at approximately the same time in the relatively early morning in New York, usually before the stock market has opened.  The question there is, why would you suddenly dump a large amount of gold?  Why wouldn’t you try to piecemeal it out over the (course of the) day?   So, if that happens once it could be an accident of technology, or it could be a simple error.  But when it happens 5 times over a period of months, it does raise questions.”

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/10/11_Art_Cashin_-_Danger_For_The_US_%26_Strange_Happenings_In_Gold.html

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David Stockman Explains The Keynesian State-Wreck Ahead

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“‘What has been growing is the wealth of the rich, the remit of the state, the girth of Wall Street, the debt burden of the people, the prosperity of the beltway and the sway of the three great branches of government – that is, the warfare state, the welfare state and the central bank… What is flailing is the vast expanse of the Main Street economy where the great majority have experienced stagnant living standards, rising job insecurity, failure to accumulate material savings, rapidly approach old age and the certainty of a Hobbesian future where, inexorably, taxes will rise and social benefits will be cut…’ He calls this condition ‘Sundown in America’.”

http://www.zerohedge.com/news/2013-10-05/david-stockman-explains-keynesian-state-wreck-ahead-sundown-america

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Skewed Rhetoric On Metals And Markets Obscures Best Plays

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“The currency chief for Goldman Sachs (GS) last week decreed another lower target price for gold. Jeffrey Currie said the precious metal now is worth $1000/oz. and may sink to $800. He has followed up this tarot reading by saying it was a ‘slam dunk’ to sell gold. GS guidance was echoed by the astrologists at Credit Suisse who YTD have issued almost monthly downgrades on gold. Those investing in the sector must understand that until PM sentiment from major banks and media changes, they will continue to suffer disproportionately on most red days despite strong fundamentals, especially for silver.”

http://seekingalpha.com/article/1737802-skewed-rhetoric-on-metals-and-markets-obscures-best-plays

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QE3 is a Huge Subsidy to the Top 10%.

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“The Federal Reserve System’s policy known widely as QE3 is a massive subsidy of the rich at the expense of the middle class. This is the conclusion of Stephen Roach, who for years was chief economist for Morgan Stanley.  He calls this policy destabilizing. He says this: the FED ‘is courting an increasingly treacherous endgame at home and abroad.’ The FED’s creation of $85 billion of counterfeit money — euphemistically called ‘liquidity’ — is based on a theory. The theory is that rich people, who buy most of the stocks and bonds, will feel wealthier, and therefore will buy more stocks and bonds. In short, QE3 is an indirect way to goose the equity markets.”

http://teapartyeconomist.com/2013/09/26/qe3-huge-subsidy-top-10/

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The American Economy is Not a Free-Market Economy

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“Those inclined to dismiss Lewis’s claim as exaggerated must confront the solid body of evidence he amasses. Everyone knows that governmentally-sponsored mortgages helped to fuel the housing bubble that burst in 2008 with disastrous consequences. As Lewis points out, though, the situation is much worse than most people imagined. ‘By the end of 2007 government-sponsored mortgages accounted for 81% of all the mortgage loans made in the US and by 2010 this had risen to 100%.’  Government dominance is of course bad for the economy, but it works to the benefit of a small group of the powerful. A great strength of the book is that Lewis names names: he tells us who the predators are.”

http://mises.org/daily/6540/The-American-Economy-is-Not-a-FreeMarket-Economy

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“The Fed Made It Possible For Many People To Leak It”

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“Zero Hedge is publishing information from a tipster who explained how easy it was to get information into traders about the Fed monetary policy statement before it was officially released.  This really sounds very similar to what happened at the BLS in the old days (the 1980s). I outlined how that went down, here.  We are talking about big time money here, people made millions on the leaked information. They will also be tough to catch, especially if they used throw away phones. If no direct connection can be made between a leaker and a trader, then all a trader has to do is stick to his story that he bought on some kind of technical trading activity and who will be able to prove otherwise?”

http://www.economicpolicyjournal.com/2013/09/breaking-fed-made-it-possible-for-many.html

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The Big-Picture Economy, Part 3: Scarcity, Risk and Debt

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“Scarcity of credit is the source of sound risk assessment and the discipline of aligning interest rates to risk and inflation. Manipulating rates to near-zero and opening the credit floodgates has incentivized everything sound economic policy avoids: moral hazard, speculation, leverage and reliance on marginal credit expansion for profits and ‘growth.’  ‘Growth’ that depends on manipulated interest rates and easy credit is a sand castle awaiting the rising tide; its destruction is assured.”

http://charleshughsmith.blogspot.com/2013/09/the-big-picture-economy-part-3-scarcity.html

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Some traders got Fed ‘no taper’ decision news early

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“The Federal Reserve says it is contacting news organizations to discuss the rules surrounding lock up procedures and the release of market moving information from the Federal Reserve’s headquarters in Washington.  But the leading expert on millisecond level trading says he is focusing his attention on a certain type of news organization – those that offer so-called ‘low latency’ services to feed market moving data at high speeds directly into computerized trading systems.  A key question is whether or not any organization transmitted information out of the lockup room and into its own computer system before 2 p.m.”

http://www.cnbc.com/id/101056168

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Subprime lending execs back in business five years after crash

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“Five years after the financial crisis crested with the bankruptcy of Lehman Brothers Holdings Inc., top executives from the biggest subprime lenders are back in the game. Many are developing new loans that target borrowers with low credit scores and small down payments, pushing the limits of tighter lending standards that have prevailed since the crisis.  Some experts fear they won’t know where to stop. The Center for Public Integrity in 2009 identified the top 25 lenders by subprime loan production from 2005 through 2007. Today, senior executives from all 25 of those companies or companies that they swallowed up before the crash are back in the mortgage business.”

http://www.publicintegrity.org/2013/09/11/13327/subprime-lending-execs-back-business-five-years-after-crash

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Debt: Still Cheap, and Getting Looser

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“The industry is clearly rebounding. Guy Cecala, publisher of the trade magazine Inside Mortgage Finance, says, ‘You’re going to see a little more risk coming into the system’ as lenders permit smaller down payments and finance more investment properties. ‘Five years down the road and we’re back in the thick of it again. It’s a weird place to be,’ says Cliff Rossi, who was a high-level risk management executive at Countrywide, Washington Mutual, and Freddie Mac before the crisis. ‘In that intervening 20 years, we forgot what we learned in the ’80s,’ he says. ‘I fear right now, human nature being what it is, that downstream we could find ourselves in the same situation.'”

http://www.caseyresearch.com/articles/debt-still-cheap-and-getting-looser

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