Via The Ron Paul Liberty Report,
Let's start at the beginning. Bubbles and Busts are both created by The Federal Reserve.
Presidents are merely along for the ride. They like to credit themselves for the bubbles, and then look for scapegoats, usually the (non-existent) free market during the busts.
But it is The Fed that creates them both.
Below are some key highlights from Third Point's latest Q2 letter, in which we find that Dan Loeb, despite some early market turbulence and thesis drift, has again managed to do what 95% of his peers have been unable to do, outperforming the S&P YTD and returning 10.7% through June 30, up 4.6% in the second quarter.
From the Second Quarter 2017 Investor Letter:
Review and Outlook
Submitted by Jeff Paul
The US government likes to pretend that the rising cost of living is under control. People in Southern California know better. According to a new report in the Los Angeles Times, median house prices in Southern California have doubled in the last five years.
LA Times reports:
In many corners of Southern California, home prices have hit record highs. And they keep going up.
By Dana Lyons of J. Lyons Fund Management
Stocks have recently witnessed an unprecedented cluster of new highs occurring on negative volume.
In an unexpected announcement, earlier this week the U.K.'s top regulator, the Financial Conduct Authority which is tasked with overseeing Libor, announced that the world's most important, and manipulated, benchmark rate will be phased out by 2021, catching countless FX, credit, derivative, and other traders by surprise because while much attention had been given to possible LIBOR alternatives across the globe (in a time when the credibility of the Libor was non-existent) this was the first time an end date had been suggested for the global benchmark, which as we explained