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Goldman Says Hurricane Harvey Will Reduce Q3 GDP; JPMorgan Says It Will Boost It

Goldman Says Hurricane Harvey Will Reduce Q3 GDP; JPMorgan Says It Will Boost It

There are still two to three days before the peak flooding - and damage - in Houston arrives, yet already Wall Street is trying to calculate how much the worst natural disaster in decades befalling the 4th largest American city will impact US GDP. Or rather boost it, because in two notes out late in the day Monday, one from Goldman and one from JPM, the authors come to two polar opposite conclusions: Goldman claims that the Houston natural disaster will reduce Q3 GDP by as much as 0.2%, while JPMorgan predicts that the "net impact on Q3 and Q4 GDP should be positive."

Nomi Prins: Big Bank Concentration And Counterparty Risk Expands

Nomi Prins: Big Bank Concentration And Counterparty Risk Expands

Authored by Craig Wilson via The Daily Reckoning,

Nomi Prins joined Sprott Money News for its Ask the Expert segment that covered the Federal Reserve system, Glass-Steagall reform and even the recent activity from the U.S Treasury.

Nomi Prins is a former Wall Street insider where she worked as a Managing Director at Goldman Sachs among other major financial outlets. She is also a best-selling author who wrote All the Presidents’ Bankers, a book that examines the hidden alliances between Wall Street and Washington.

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