They Don’t Ask, They Couldn’t Tell

Like we said yesterday: Wall Street’s claim that the economy’s good, earnings are good and rising yields are all priced-in is just plain nuts.

That’s just an admonition saying you were born yesterday—so please shut-up and BTFD!

“Yesterday” in the casino, of course, represents an unprecedented and unsustainable aberration. That is, sub-zero real money market rates for 9 years running and drastically falsified bond yields that have fueled massive speculation and malinvestment. (more…)

Today's Contrarian Reads

Mind The Rising Dollar—UST Yields Top All DM Sovereigns For First Time In 20 Years

The yield on the benchmark 10-year Treasury note, a key barometer for borrowing costs for consumers and companies, last week topped 3.1%, its highest close in almost seven years. It’s a climb that’s rippling through markets, buffeting stocks and helping fuel a surprise rally in the dollar as higher rates attract yield-seeking investors to the […]

Conundrum Alert—-What Gives With Gold?

Earlier this week, the USD gold price was pushed rather unceremoniously off its perch above the $1300 level, where it had been comfortably ensconced all year after its usual seasonal rally around the turn of the year. For a while it seemed as though the $1,300 level may actually hold, but persistent US dollar strength […]

Credit Card Delinquencies Spiking Past Financial Crisis Peak At Main Street Banks

In the first quarter, the delinquency rate on credit-card loan balances at commercial banks other than the largest 100 – so at the 4,788 smaller banks in the US – spiked in to 5.9%. This exceeds the peak during the Financial Crisis. The credit-card charge-off rate at these banks spiked to 8%. This is approaching the […]

Singapore Deal Litmus Test: If South Korea Can Live With It—So Can Washington

  In the last analysis, the United States should be willing to accept both the concessions to the North that the South is willing to make and the risks from the North that the South is willing to take. For, ultimately, they are the one who are going to have to live on the same […]

Bigger Than Watergate? You Betcha!

You have to really wonder how the Times editors overlooked the other relevant details in the current case pertaining to goings-on initiated by Mr. Brennan and involving obviously criminal misbehavior among the US Intelligence services, and especially the Federal Bureau of Investigation, in their effort to un-do the election that put the Trump creature in […]

Dear Me. Mueller Has 2 Terabytes Of Troll Farm Election Meddling Info…..In Russian!

As reported on Wednesday, Concord Management’s lawyers revealed that Mueller’s team of ignored over 70 discovery requests they had made for information before the case.  In response Mueller’s team offered to give Concord Management’s lawyers a massive amount of social media data from those dangerous trolls (jk) who sought to influence the US election and […]

Fake News, No Problem! Internet Advertising Gets The Big Bucks

You might think you never look at these ads or click on them, and you might think they’re the biggest waste of money there ever was, but reality is that internet advertising revenues in the US are surging, and are blowing all other media categories out of the water. But only two companies divvy up […]

An Empire of Nothing at All—-Except Blowback And Debt

As I was putting the finishing touches on my new book, the Costs of War Project at Brown University’s Watson Institute published an estimate of the taxpayer dollars that will have gone into America’s war on terror from September 12, 2001, through fiscal year 2018. That figure: a cool $5.6 trillion (including the future costs […]

Up Next: A Liquidity Shortage Of Biblical Proportion

Louis found dealer inventory is not remotely enough to accommodate the selling he expects as higher rates bite more. We now have a corporate bond market that has roughly doubled in size while the willingness and ability of bond dealers to provide liquidity into a stressed market has fallen by more than -80%. At the […]

Massive Meddling—-In The Trump Campaign By Barry’s Boys And Girls

The New York Times published an article yesterday confirming the United States’ intelligence apparatus was used to spy on Donald Trump’s presidential campaign in 2016. Here are a few quick takeaways.