Tag Archives: White Shoe Boys

Bloomberg News Used Its Private Data to Spy on Geithner and Bernanke

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EPJ13

“CNBC has learned from a former Bloomberg employee that he accessed usage information of the company’s data terminals of Federal Reserve Chairman Ben Bernanke and former U.S. Treasury Secretary Tim Geithner.   The information appeared to concern general functions used by the officials and the frequency with which those functions — such as looking at a bond, equity markets or news — were accessed. The source said all Bloomberg journalists who knew of this capability of the terminal would have had access to the usage information of the officials.”

http://www.economicpolicyjournal.com/2013/05/breaking-bloomberg-news-used-its.html

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A Funny Thing Happened on the Way to the Next Bull Market

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“A funny thing happened on the way to the next Bull market: the price-earnings (P/E) ratio has entered bubble territory–again. Note the P/E soared to bubble heights in the early 2000s, which set up the epic collapse of stock valuations in 2008-09. Thanks to Federal Reserve manipulation/goosing/QE, the SPX P/E has once again reached bubble levels.  It’s clear the SPX is extended far above what can be considered historical fair valuations.  What’s more profitable, a slow melt-up or a panic sell-off and sharp rebound? Definitely the latter, if you’re heavily short, the market is teetering on record margin debt and you can kick out the critical 2X4.”

http://charleshughsmith.blogspot.com/2013/05/a-funny-thing-happened-on-way-to-next.html

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Billionaire investors take aim at Fed’s policies at Sohn event

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“Wealthy money managers bashed Federal Reserve Chairman Ben Bernanke’s easy money policies at a closely watched annual investment conference and charitable event on Wednesday.  The Sohn Investment Conference, which raises money for pediatric cancer research, gets big name hedge fund managers to share their ‘best ideas’ with other wealthy investors. This year’s conference was sprinkled with criticisms of the Fed’s $85 billion in monthly purchases of Treasuries and mortgage securities in an attempt to stoke the economy.”

http://www.reuters.com/article/2013/05/08/us-funds-irasohn-fed-idUSBRE94714O20130508

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Fed Economists: Stocks Are The Cheapest They’ve Been In 50 Years

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EPJ13

“New York Fed economists Fernando Duarte and Carlo Rosa are out with a new article on Liberty Street Economics titled, ‘Are Stocks Cheap? A Review of the Evidence.’ The answer: judging by the equity risk premium (ERP), stocks are about as cheap as they’ve ever been.  The last time the Fed said something so bold was when in 2004 when NY Fed economists wrote that there was no housing bubble.”

http://www.economicpolicyjournal.com/2013/05/fed-economists-stocks-are-cheapest.html

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Dow hits 15000, but percentage of Americans owning stocks hits a low

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“Although the Dow Jones Industrial Average closed for the first time above 15000 Tuesday, a new poll finds that the percentage of Americans who own stocks stands at a 15-year low point.  Barely half of Americans, 52 percent, now say they own stock outright or as part of a mutual fund or self-directed retirement account, the polling group Gallup reported Wednesday. The level has been falling for six straight annual surveys, even though US stocks have more than doubled in value since hitting a recession low point in 2009. The decline in stock investing has been largest among middle-aged and middle-income Americans, the poll found.”

http://www.csmonitor.com/Business/2013/0508/Dow-hits-15000-but-percentage-of-Americans-owning-stocks-hits-a-low.-Why

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Bill Bonner: Buffett is frightened

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BillBonner

“Investors have reached a new level of bullishness. They’re borrowing again to buy stocks, confident that prices go in only one direction. There’s also a swift current of economic analysis telling us that the commodities boom is over, the Fed has the situation under control and the bull market in gold is finished. All of which is amazing and often breathtaking. Stock market investors don’t seem to know or care that the only thing holding up their investments is something that will ultimately destroy them. And that the longer it continues, the bigger the mess when it finally blows up. We’re talking, of course, about the Fed’s monetary policy.”

http://www.moneyweek.com/news-and-charts/economics/us/bill-bonner-buffett-is-frightened-63909

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This Is Your S&P; This Is Your S&P Without Tuesdays

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“Since the mid-November lows, the S&P 500 has gained a remarkable 268 points on the back of faith, hope, and Bernanke/Kuroda charity. But perhaps what is more mind-numbing is that this efficient market has given us more than 50% of those gains on Tuesdays. With 17 up-days in a row, Tuesday is the Monday dip-buyers dream. Since 1/18, absent Tuesdays, the S&P 500 has gone nowhere. Maybe Bob Geldof needs to write a new song for the US investor ‘I do like Tuesdays’, or at least a slightly revised cover version of the Bangles’ ‘Manic Tuesday’. What would we do without Tuesdays?”

http://www.zerohedge.com/news/2013-05-07/your-sp-your-sp-without-tuesdays

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Ron Paul On The Bubbles the Federal Reserve Is Creating

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Ron Paul On The Bubbles the Federal Reserve Is Creating

“Although many were up in arms when the Fed said it would buy $600 billion in government debt outright for the previous round, QE2, all seems quiet about the magnitude of QE3 because it doesn’t come with huge up-front total price tag. But by year’s end the Fed’s balance sheet could hit $4 trillion. With no recovery in sight, where’s all this money going? It is creating bubbles. Bubbles in the housing sector, the stock market, and government debt. The stock market has been hitting record highs for the past two months as investors seek to capitalize on the Fed’s easy money. As long as the Fed keeps the spigot open, nominal profits are there for the taking.”

http://www.economicpolicyjournal.com/2013/05/ron-paul-on-bubbles-federal-reserve-is.html

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High-frequency stock traders turn to laser networks, to make yet more money

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High-frequency stock traders turn to laser networks, to make yet more money

“Financial traders are now turning to high-speed laser networks between stock exchanges, to decrease latency by a few milliseconds, to squeeze a few more trillion dollars per year out of high-frequency trading (HFT).  Perseus Telecom recently completed a microwave link between London and Frankfurt that reduced the round-trip latency to just 4.6 milliseconds — almost halving the 8.35-millisecond round-trip for the London-Frankfurt fiber link.  The microwave network cost between $13 and $26 million to build, but for the financial trader who uses it could earn billions.”

http://www.extremetech.com/extreme/154977-high-frequency-stock-traders-turn-to-laser-networks-to-make-more-money

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Bill Bonner: The Grandest Larceny of All Time

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BillBonner

“Along come the central banks. They’re creating a new type of wealth. It is not wage income. It is not the product of capital investments. It is not the result of technology or productivity increases or hard work or self-discipline… or any of the other things that lead to wealth and prosperity.  Instead, it is created by the central bank ‘out of thin air.’ The result?  During the first two years of the nation’s economic recovery, the mean net worth of households in the upper 7% of the wealth distribution rose by an estimated 28%, while the mean net worth of households in the lower 93% dropped by 4%.  There may be a ‘recovery’ going on. But it is a recovery for the rich.”

http://lewrockwell.com/bonner/bonner594.html

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