Tag: news

 

 

The Law demands that we atone

When we take things that we don’t own;

But leaves the lords and ladies fine

Who take things that are yours and mine…

Anonymous, circa 1764

 

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The dice of this moron are loaded

All trust is our system’s eroded

But still he plays on

A Kleptocrat Con

He’ll play till the world has exploded

The Limerick King

 

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We Americans are basically a very simple people.

Our formula for past successes has essentially been distilled as follows: maintain a can-do attitude, believe in the “American way”, honest hard work will be rewarded, abundant opportunity and upward mobility for all.

Those who play the prosperity game correctly may look  forward to retirement in a spleniferous life of leisure and Obamacare.

 Once upon a time, this is is what American Thanksgiving was supposed to look like…

 

 

Most Americans desperately cling to the foolish pipe dream of a notion that this Thanksgiving dream is still possible.

And for some PhD morons who evidently borrow subprime QE money to purchase shitty American vehicles made principally of plastic components sourced in Shenzen, the dream has been fullfilled.

Unfortunately, for reasons far to numerous to enumerate in this post, this is all just a Ponzi Pilgrim’s delusion.

There is one big kahuna of a fucking reason so very plainly obvious.

When it comes to ridding our fucking system of finance, the “fucking system” if you will, of all the learned fucking thieves sitting the top of the fucking Ponzi pyramid, we are hopelessly screwed up each and every one of our Holland and Lincoln Tunnels.

The same cheap fucking QE paper that buys those shitty vehicles will also pay the much ballyhooed $13 Billion JPM shyster fine. Half of JPM’s profits in 2013. 

Gobble fucking Goebbels.

I won’t insult anyone’s fringe low brow intelligence by asking who has been convicted.

In any event, such a scenario is far to fetched to even consider. 

Instead I will pose the following question:

The biggest mo
st egregious case of financial fraud and chicanery by a US banking institution measured by the fiat of the fine.

The biggest fine ever!

“Hoooly Cow!”–Phil Rizutto

Have the regulators who are in charge of the whole JP Clusterfuck (you know the ones who keep getting reappointed, promoted or hired by private equity firms) forced the Shyster in Chief of JP Cesspool to cede his shysterly position by resigning?

Is this something that could have happened? Of course it is.

Don’t believe me?

Go and ask our distinguished colleague Bill Black, Esq what he thinks.

Does the fact that the same schlemiel will remain in charge of the old JP Cesspit send the rest of us a message?

You better believe it does…

Whatcha are you gonna do sisters and brothers?

Sadly, for most of the rest of America it all boils down to this…  

 

Goebbel, Goebbel, Goebbel!

 

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/h29V1pn_Cfk/story01.htm williambanzai7

From a Zero Hedge reader:

My company, based in California, employs 600. We used to insure about 250 of our employees. The rest opted out. The company paid 50% of their premiums for about $750,000/yr. 

 

Under obamacare, none can opt out without penalty, and the rates are double or triple, depending upon the plan. Our 750k for 250 employees is going to $2 million per year for 600 employees.

 

By mandate, we have to pay 91.5% of the premium or more up from the 50% we used to pay.

 

Our employees share of the premium goes from $7/week for the cheapest plan to $30/week. 95% of my employees were on that plan.  Remember, we used to pay 50% now we pay 91.5% and the premiums still go up that much!!

 

The  cheapest plan now has a deductible of $6350! Before it was $150. Employees making $9 to $10/hr, have to pay $30/wk and have a $6350 deductible!!! What!!!!

 

They can’t afford that to be sure. Obamacare will kill their propensity to seek medical care. More money for less care? How does that help them?

 

Here is the craziest part. Employees who qualify for mediCAL (the California version of Medicare), which is most of my employees, will automatically be enrolled in the Federal SNAP program. They cannot opt out. They cannot decline. They will be automatically enrolled in the Federal food stamp program based upon their level of Obamacare qualification. Remember, these people work full time, living in a small town in California. They are not seeking assistance. It all seems like a joke. How can this be the new system?

 

Pelosi, pass the bill to find out what’s in it? Surprise! You’ve annihilated the working class.

Q.E.D.

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/yb6SGIcLPQA/story01.htm Tyler Durden

From a Zero Hedge reader:

My company, based in California, employs 600. We used to insure about 250 of our employees. The rest opted out. The company paid 50% of their premiums for about $750,000/yr. 

 

Under obamacare, none can opt out without penalty, and the rates are double or triple, depending upon the plan. Our 750k for 250 employees is going to $2 million per year for 600 employees.

 

By mandate, we have to pay 91.5% of the premium or more up from the 50% we used to pay.

 

Our employees share of the premium goes from $7/week for the cheapest plan to $30/week. 95% of my employees were on that plan.  Remember, we used to pay 50% now we pay 91.5% and the premiums still go up that much!!

 

The  cheapest plan now has a deductible of $6350! Before it was $150. Employees making $9 to $10/hr, have to pay $30/wk and have a $6350 deductible!!! What!!!!

 

They can’t afford that to be sure. Obamacare will kill their propensity to seek medical care. More money for less care? How does that help them?

 

Here is the craziest part. Employees who qualify for mediCAL (the California version of Medicare), which is most of my employees, will automatically be enrolled in the Federal SNAP program. They cannot opt out. They cannot decline. They will be automatically enrolled in the Federal food stamp program based upon their level of Obamacare qualification. Remember, these people work full time, living in a small town in California. They are not seeking assistance. It all seems like a joke. How can this be the new system?

 

Pelosi, pass the bill to find out what’s in it? Surprise! You’ve annihilated the working class.

Q.E.D.

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/yb6SGIcLPQA/story01.htm Tyler Durden

The big trouble in massive China that we discussed here is weighing heavily on the liquidity in the debt-fueled nation. As The FT reports, several banks have had to delay or dramatically reduce Chinese bond issues as the impact of a tight onshore credit market begins to be felt. “China is much more funding dependent than in the past,” warns one analyst, as issuers are dealing with a string of problems stemming from the drying up of interbank market liquidity and fierce competition from wealth management and trust products for investors’ funds. “Government and policy banks have suffered the most. Now pressure is coming to corporates,” one trader pointed out, adding, ominously, “it’s going to end pretty ugly unless PBOC changes its attitude to liquidity;” which, of course, is exactly the situation the 3rd Plenum outline is looking to change.

 

Via The FT,

…

 

“Chinese 10-year Treasury bond yields are at a six-year high and are up about 100 basis points versus a year ago,” said one senior bond banker in Beijing. “CDB’s yields have widened by a bit more than 100 basis points and other corporate bonds are seeing yields rise by 150-200 basis points.”

 

The head of fixed income sales and trading at a European bank in Shanghai said the policy banks pre-disclose their issuance plans, so it is easy to see when they delay. “But for most corporations, they just quietly delay their issues and no one knows that except for the underwriter.”

 

…

 

China is much more funding dependent than in the past – total social financing is set to hit a new record of Rmb18tn-Rmb19tn this year up from the Rmb15.8tn record set last year,” he said.

 

…

 

However, a big problem for Chinese issuers right now is the tougher competition from alternative fixed income investments, such as wealth management and trust products, which offer yields of 8 or 9 per cent and are guaranteed by the issuing banks.

 

Banks are also doing more interbank business because the current tight supply of liquidity means it creates much higher returns than bonds.

 

…

 

Chinese issuers are papering over the difficulties with more offshore issuance, raising a record $51.6bn outside China so far this year, according to Dealogic, a record figure and more than double the $24.5bn raised in the same period last year.

So there it is – if you can’t fund domestically (since the domestic flows are being diverted into higher yielding crazy wealth products by the banks) then you borrow offshore (just like Indian, Indonesian, and Venezuelan firms) because there’s plenty of yield-hungry free-money just choking the pipes of rationality around the world…

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/uvcBqzvtMaM/story01.htm Tyler Durden

The big trouble in massive China that we discussed here is weighing heavily on the liquidity in the debt-fueled nation. As The FT reports, several banks have had to delay or dramatically reduce Chinese bond issues as the impact of a tight onshore credit market begins to be felt. “China is much more funding dependent than in the past,” warns one analyst, as issuers are dealing with a string of problems stemming from the drying up of interbank market liquidity and fierce competition from wealth management and trust products for investors’ funds. “Government and policy banks have suffered the most. Now pressure is coming to corporates,” one trader pointed out, adding, ominously, “it’s going to end pretty ugly unless PBOC changes its attitude to liquidity;” which, of course, is exactly the situation the 3rd Plenum outline is looking to change.

 

Via The FT,

…

 

“Chinese 10-year Treasury bond yields are at a six-year high and are up about 100 basis points versus a year ago,” said one senior bond banker in Beijing. “CDB’s yields have widened by a bit more than 100 basis points and other corporate bonds are seeing yields rise by 150-200 basis points.”

 

The head of fixed income sales and trading at a European bank in Shanghai said the policy banks pre-disclose their issuance plans, so it is easy to see when they delay. “But for most corporations, they just quietly delay their issues and no one knows that except for the underwriter.”

 

…

 

China is much more funding dependent than in the past – total social financing is set to hit a new record of Rmb18tn-Rmb19tn this year up from the Rmb15.8tn record set last year,” he said.

 

…

 

However, a big problem for Chinese issuers right now is the tougher competition from alternative fixed income investments, such as wealth management and trust products, which offer yields of 8 or 9 per cent and are guaranteed by the issuing banks.

 

Banks are also doing more interbank business because the current tight supply of liquidity means it creates much higher returns than bonds.

 

…

 

Chinese issuers are papering over the difficulties with more offshore issuance, raising a record $51.6bn outside China so far this year, according to Dealogic, a record figure and more than double the $24.5bn raised in the same period last year.

So there it is – if you can’t fund domestically (since the domestic flows are being diverted into higher yielding crazy wealth products by the banks) then you borrow offshore (just like Indian, Indonesian, and Venezuelan firms) because there’s plenty of yield-hungry free-money just choking the pipes of rationality around the world…

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/uvcBqzvtMaM/story01.htm Tyler Durden

It would be funny if someone wasn’t actually spending money on the newsletters.

Gartman from November 19 on CNBC “Dennis Gartman doesn’t see froth in stock market“:

“… the simple things of economic growth, I don’t think there’s froth whatsoever.”

So… long of froth in economic growth terms? Got it.

* * *

And contrast to Gartman from just ten days earlier, November 8:

“Now with the S&P forging a massive reversal to the downside, we not only must abandon being bullish we must become bearish… and very so…. Our bearish friends, having been wrong for so long, are now right; it is time to be bearish of stocks, while the time for having been bullish is now past… We trust we are clear. The game’s changed and when the game changes, we change…. We had heretofore consistently erred bullishly of simple things… of coal; of steel; of railroads; of ships and shipping… but we are not now.”

But “are” 10 days later?

Oh well. There’s one born every minute.

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/lvOhakeLhOE/story01.htm Tyler Durden

In today’s finance lesson, JCPenney demonstrates what happens when one takes the X in TR=P*X a little too far. As for that “Old Normal” concept of of actually generating a profit on TR… well, just ask Amazon.

h/t @BrianSozzi

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/ETpeBsPwOQ4/story01.htm Tyler Durden