In a disappointingly similar tone to the warnings, threats, and promises sent to Congress in 2008 when demanding the banks get their bailout (or else), Treasury Secretary Jack lew has released a letter he sent to Congress warning that if Puerto Rico's situation is not "fixed" in an "orderly" manner "quickly" then the nation will face "cascading defaults."
Any moment now we expect Paul Krugman to come out with an op-ed suggesting that not just Time magazine, but Charlie Munger is the latest to join the ZH payroll, following some unexpected comments by Warren Buffett's right hand man earlier today on CNBC when he said that "the U.S. is looking more like Japan given the prolonged low-interest-rate environment."
Goldman Sachs is looking for a new pool of cash to plunder, and this time the firm is setting its sights slightly "lower" than normal. As revenues continue to plummet, Goldman is now looking to generate a new revenue stream with clients that are "mass affluent", or have less than the estimated $50 million average account size their current clients have.
Exceprted from One River Asset Management's Eric Peters,
“We have created new tools to determine whether an economy may be pursuing foreign exchange policies that could give it an unfair competitive advantage against the United States,” announced the Treasury, late Friday.
“China, Japan, Germany, and Korea will be closely monitored as a result of a material current account surplus combined with a significant bilateral trade surplus with the United States."
Over the past 15 weeks we have documented one of the more curious indicators hinting that at least the "smart money" (hedge funds, institutions and private clients) have refused to jump on board the market rally as a result of what is now a record 15 consecutive weeks of selling into the market rally as per Bank of America client data.
Now, according to the same Bank of America, there is "Another sign that Wall St doesn’t believe the rally." This is what BofA equity and quant strategist Savita Subramanian has to say: