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Thursday, April 17, 2014

A Ramble on PR

  To me, the big, big, big Macro economic factor is population growth (or the lack of it). Coupled with population growth is the rate of aging within the population. I don't care what the Fed and all the other CB's do to push back on the deflationary consequences of demographics. Those forces of will trump the CB's efforts, it's just a matter of when. Japan is the poster child for this issue. Zero immigration and a declining indigenous population will overwhelm Abenomics. Europe has the … [Continue reading]

Saturday, April 5, 2014

On Lewis and HFT

NYSE

  I'm amazed at what's happened since the Mike Lewis/60 Minutes interview. It's like the book has unearthed some heretofore unknown information. As a result of these 'revelations' the Press has gone mad (it's a global story), and the FBI, SEC … [Continue reading]

Tuesday, March 25, 2014

Adios Fannie Pref

banksy-monet

  I first wrote about (and got invested in)  the Fannie and Freddie Preferred stock back in the summer of 2009, Link. As of today, the last of those shares have been sold. For those who followed my path, an explanation for my exit. By pure … [Continue reading]

Sunday, March 9, 2014

Wall Street To The Rescue??

bondbuyer

  In March of 2011 I had this to say about Puerto Rico and its muni bonds:   The weather is great. The beaches are beautiful. The food is good and the drinks are better. The bonds, on the other hand, don’t get on my “buy” list. … [Continue reading]

Saturday, February 15, 2014

White House: “Weather practically everywhere is being caused by climate change”

U.S. President Obama gets direction from White House science adviser Holdren during event on South Lawn at White House in Washington

  So Obama went to California to talk drought and climate change. He brought some cash with him to help the state cope with the water shortage. The Prez is right to be worried about this drought, after all, Cali is 15% of the US economy. The … [Continue reading]

Tuesday, January 28, 2014

Obama on the Money – SOTU Edition

Screen Shot 2014-01-27 at 7.17.10 PM

  The Big O will give us the SOTU pep talk tonight. Obama will pound on the theme of income inequality in America. A Wordle of the SOTUS will look like:     The President will be using language that misses the mark. The issue at … [Continue reading]

Sunday, January 26, 2014

Which Door Will Yellen Choose?

FALLINGSTOCK

  Two theories to explain the year-to-date global dumpathon. The first is that it's all local issues - no single macro story explains the depth of the sell off. Some examples (and why they are individually no big deal):   + Turkey is facing … [Continue reading]

Saturday, December 21, 2013

Mel Watt on Fannie and Freddie – I want to go back to 2008

The Carlyle Group prepares to launch its IPO

  When Harry Reid (D-NV) changed the rules on how the Senate votes for a Presidential appointment, he opened the door for a critical change in the leadership at the Federal Housing Finance Authority (FHFA). In short order, the Administrations' … [Continue reading]

Thursday, December 19, 2013

CBO on SS – Another 29′ Crash?

Screen Shot 2013-12-18 at 5.52.05 AM

  The Congressional Budget Office is out with its annual review of Social Security. It's a long report - here's all you need to know:     This result is no surprise. SS's finances deteriorate every year. What I found interesting … [Continue reading]

Thursday, November 21, 2013

Taper Talk is Back – It’s Not Going Away This Time

tapersign

  The capital market for new issues and refinancing of corporate debt has been on a tear the past few months - I think that ended yesterday.  That's because the dreaded Taper Talk has resurfaced. The Fed minutes yesterday rekindled Fear of … [Continue reading]