The same firm that 'assured' us all back in 2006 that RMBS, CDOs, synthetic CDOs and CDO-squared structures were all very safe products and well deserving of their AAA ratings would now like for you to know that they've "stress tested" subprime auto ABS facilities and found that they're "very stable."
Authored by Stephen Roach via Project Syndicate,
A decade after the onset of the global financial crisis, it seems more than appropriate for central bankers to move the levers of policy off their emergency settings. A world in recovery – no matter how anemic it may be – does not require a crisis-like approach to monetary policy.
Travis Kalanick’s hopes to someday return as Uber’s CEO have just been dashed. Japanese conglomerate Softbank has struck an agreement with Uber’s shareholders to block Travis Kalanick from ever being reinstated as the leader of the perennially cash-burning ride-hailing company, according to Bloomberg.
Authored by Charles Hugh Smith via OfTwoMinds blog,
There is nothing inevitable about such vast, fast-rising income-wealth inequality; it is the only possible output of our financial and pay-to-play political system.
The macro-economic climate is “about as good as it is going to get,” according to a new economic outlook from PIMCO, with Joachim Fels and Andrew Balls warning that "the last time a similar combination prevailed was in 2006 - and that didn’t end well."
Via PIMCO,
As Good As It Gets
It’s easy to get lulled into complacency by synchronized global growth, easy financial conditions and super-low economic and financial market volatility.