Submitted by Lance Roberts via RealInvestmentAdvice.com,
In the summer of 1885 William R. Travers, prominent NYC businessman and builder of Saratoga Race Track, was vacationing in Newport, Rhode Island. He pointed out a long line of beautiful yachts tied up in the harbor. When he was informed that they all belonged to Wall Street brokers he simply asked,
“Where are their clients’ yachts?”.
Artist's impression of Fed credibility...
Since The Fed unleashed its rate-hike, things for the confidence-inspiring awesomeness have not gone well...
In September, interbank credit markets flashed a quick and brief warning that something was up... and Janet folded. Three months later and following The Fed's oddly-timed rate-hike, interbank counterparty risk - as proxied by the TED-Spread - has spiked over 45% in 2 days, the most since Sept 2008 (Lehman).
Back in August of 2014, Portugal had an idea.
Lisbon would use some €5 billion from the country’s Resolution Fund to shore up (read: bailout) Portugal’s second largest bank by assets, Banco Espirito Santo. The idea, basically, was to sell off Novo Banco SA (the "good bank" that was spun out of BES) in relatively short order and use the proceeds to pay back the Resolution Fun. That way, the cost to taxpayers would be zero.
You didn’t have to be a financial wizard or a fortune teller to predict what was likely to happen next.
Submitted by Matt Smith via OilPrice.com,
Seventy-eight years after Walt Disney released the first full-length animated feature, and seven factors in today’s crude complex are dwarfing crude prices.
Happy – Let’s start off with the good news: retail gasoline prices have dropped below $2/gallon on the national average. Prices have broken below the lows seen earlier in the year, and are now at their lowest levels since early 2009.