MarketWatch – Mark Hulbert: Wall of worry remains quite strong Average timer continues to bet market headed lower The contrarian winds continue to blow in the direction of higher prices. To be sure, the veritable wall of worry isn’t quite as robust as it was 10 days ago, when I last devoted a column to… Continue reading How Big Is The Wall Of Worry
The New York Sun – Lawrence Kudlow: Warning Signs Growing That a Global Recession Is Already Here Is it possible that we are already in a global recession but just don’t know it yet? And is the U.S. itself — still the epicenter of the world economy — standing on the front edge of another… Continue reading More Panic – Is A Global Recession Coming?
The Financial Times – Central Bankers Brace for Euro Break-Up At least one country will leave the eurozone in the next five years, according to a survey of central bank reserve managers who collectively control more than $8,000 billion. The results of the poll, conducted by UBS, highlight the concern among some of the world’s… Continue reading More Panic – What Happens Monday?
The Guardian (UK) – Eurozone crisis: Banking sector could be ‘wiped out’ if weakest nations leave Analysis by Credit Suisse estimates that up to 58% of the value of Europe’s banks could be wiped out by the departure of the ‘peripheral’ countries Few large eurozone banks would be left standing and the banking sector could… Continue reading More Panic – Bracing For This Weekend
<Click on chart for larger image> The Telegraph (UK) – Osborne unveils £140bn scheme to kick-start stagnant economy George Osborne unveiled a £140 billion emergency scheme to try to avoid a second credit crunch caused by the ongoing chaos in the eurozone. The Bank of England is to offer money to high-street banks to kick-start… Continue reading More Panic – Another Round Of QE Coming From The UK
The Telegraph (UK) – America will soon need to take advice it offers Europe It should not have been a surprise that US Treasury Secretary Timothy Geithner veered between fits of laughter and a tone of chilling gravity when he spoke to the Council on Foreign Relations in Washington this week. The only member of… Continue reading More Panic – Will The U.S. Become Greece Someday Soon?
Zero Hedge (Blog) – The Stock Is Dead, Long-Live The Flow: Perpetual QE Has Arrived Two months ago, as we were carefully reading the latest Goldman explanation of how the firm had completely missed something Zero Hedge predicted back in January, namely the record warm winter’s impact on skewing seasonal adjustments for payroll data (which… Continue reading Stock vs. Flow – Which One Matters More?
Bloomberg.com – The EU Smiled While Spain’s Banks Cooked the Books Only a few years ago, Spain’s banks were seen in some policy-making circles as a model for the rest of the world. This may be hard to fathom now, considering that Spain is seeking $125 billion to bail out its ailing lenders. But back… Continue reading Spain’s Cheating Catches Up With Them
The Financial Times – Gillian Tett: ‘BlackRock envy’ replaces Goldman allure Six years ago, Wall Street and the City of London were consumed with “Goldman envy”. Never mind the fact Goldman was producing eye-popping profits, with returns on equity of 40 per cent at the peak. What fuelled that envy was that Goldman had the… Continue reading BlackRock, The New Goldman Sachs?
None Today
<Click on chart for larger image> Bloomberg.com – Americans See Biggest Home Equity Jump in 60 Years Americans are digging themselves out of mortgage debt. Home equity in the first quarter rose to the highest level since 2008 as homeowners taking advantage of record-low borrowing costs to refinance their loans brought cash to the table… Continue reading Home Equity
The Wall Street Journal – Whose Teapot Is It Anyway? Dimon’s or Ours? Was the “tempest in a teapot,” as Mr. Dimon once called it, really just a flash flood in a thimble? If so, that’s not a constructive development. For one, Mr. Dimon’s force of personality shows that one charismatic and intelligent chief executive… Continue reading Jamie Dimon Defends His Name