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Capital One Black Friday Sale

I am a big fan of the .75% that I earn on my 360 savings account and the free checking with no hidden fees.  I am happy to help them get more customers and you get $100 if you open up a savings or checking account in the next couple of days.  Definitely worth it:


Posted in Media.

Noteworthy News – November 24, 2014


Part-time jobs put millions in poverty or close to it - CNN Money

The Economist Has No Clothes – Scientific American

How Bad Are Venezuela’s Economic Problems? – Forbes


The liquidity monster that awaits – Financial Times

The Wisdom of Peter Schiff – New York Times


Economists Say We Should Tax The Rich At 90 Percent - Huffington Post

The Downside of the Boom – New York Times


For Goldman, Government Gift From 2008 Crisis Keeps Giving – Dealbook

RBS admits to data error in European stress test – CNBC


Posted in Economics, Markets, Media, Politics.

Noteworthy News – November 17, 2014


2 in 5 Young Americans Don’t Want a Job – Time

Full employment: The recovery’s missing ingredient - Washington Post

Japan Falls Into Recession - Wall Street Journal

Get Out While You Can: Why Young Americans Should Consider Moving Abroad – AlterNet

World Economy Worst in Two Years, Europe Darkening, Deflation Lurking: Global Investor Poll – Bloomberg


Billionaires are hoarding more cash - Hartford Business

Warning Signs From Commodity Prices – New York Times

Another Widening Gap: The Haves vs. the Have-Mores - The New York Times


Abenomics 2.0 – Just What Are They Trying To Achieve? - Fistful of Euros


UBS Eyes Cancelling Bonuses for FOREX Traders - BreitBart

Chinese banks’ bad loans ratio rises - Reuters


Posted in Economics, Markets, Media, Politics.

How 3 Traders Manipulated the Currency Market at Citigroup, JPMorgan and UBS

In the endless revelations about corruption within the banking industry, Bloomberg gives us a taste of the market movements caused by trades at banks for the benefit of the traders:

The traders, and others at banks including HSBC Holdings Plc (HSBA) and Royal Bank of Scotland Group Plc, would congregate in chat rooms an hour or so before benchmark rates are set to discuss their aggregate trading positions and how to execute them to their mutual benefit

And you just have to love the image of them congratulating and high-fiving eachother for ripping everyones’ face off:

Despite the impact their behavior had on the value of trillions of dollars of investments around the world, the traders regularly congratulated each other for successfully manipulating the market.

If the currency manipulation doesn’t get you going, then you can move on to Matt Taibbi’s article on JP Morgan’s fraud in the mortgage market:

When Fleischmann and her team reviewed random samples of the loans, they found that around 40 percent of them were based on overstated incomes – an astronomically high defect rate for any pool of mortgages; Chase’s normal tolerance for error was five percent. One mortgage in particular that sticks out in Fleischmann’s mind involved a manicurist who claimed to have an annual income of $117,000. Fleischmann figured that even working seven days a week, this woman would have needed to work 488 days a year to make that much. “And that’s with no overhead,” Fleischmann says. “It wasn’t possible.”

But when she and others raised objections to the toxic loans, something odd started happening. The number-crunchers who had been complaining about the loans suddenly began changing their reports. The process she describes is strikingly similar to the way police obtain false confessions: The interrogator verbally abuses the target until he starts producing the desired answers. “What happened,” Fleischmann says, “is the head diligence manager started yelling at his team, berating them, making them do reports over and over, keeping them late at night.” Then the loans started clearing.

And much more on how JP worked with the government to bury the case:

Instead, the government decided to help Chase bury the evidence. It began when Holder’s office scheduled a press conference for the morning of September 24th, 2013, to announce sweeping civil-fraud charges against the bank, all laid out in a detailed complaint drafted by the U.S. attorney’s Sacramento office. But that morning the presser was suddenly canceled, and no complaint was filed. According to later news reports, Dimon had personally called Associate Attorney General Tony West, the third-ranking official in the Justice Department, and asked to reopen negotiations to settle the case out of court.

Posted in Conspiracy, Markets.

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Noteworthy News – November 10, 2014


China’s high employment cause for short-term comfort, long-term concern - Reuters

China’s economic risks ‘not scary’ – President Xi Jinping – BBC

The Great Recession, Six Years Later: Uneven Recovery, Flawed Indicators, and a Struggling Working Class - Hampton Institute

Softer Escort Prices Provide Context on U.S. Jobs: Opening Line – Bloomberg

U.S. labor market tightens, but wages still anemic – Reuters


This billionaire thinks the Fed is missing the hyperinflation in the Hamptons - Washington Post

Fed to Markets: Brace for Volatility – Wall Street Journal


A passport to privilege - Financial Times

ECB door remains open to QE despite doubts over impact – Reuters


Most Wall Street firms still see Fed rate hike by June 2015: Reuters poll – Reuters

ECB has stopped daily monitoring of banks’ liquidity - Reuters

Bonus Season Brings More Pain for Traders - Wall Street Journal


Posted in Economics, Markets, Media, Politics.

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