Someone forgot to give the banks the memo that the Fed's first rate hike since 2006 was supposed to, at least on paper, benefit the savers of America and not so much the, well, banks.. Because the ink hadn't even dried on the Fed's statement and one after another banks revealed that they would promptly boost their Prime lending rate from the current benchmark of 3.25% to the new Fed Funds-implied prime rate of 3.50%.

There appears a possible light @ the end of the tunnel in Syria, this after a 3 1/2 hr meeting in Moscow yesterday between Sec'y of St. Kerry & Russian Pres. Putin. After the meeting it was announced an int'l conference will be held in NY on Friday. Afterward Kerry made clear the Assad must go mantra was a non starting position & the US stands ready to work w/ Russia. This could be the diplomatic opening to ending the crisis.

Submitted by Lance Roberts via RealInvestmentAdvice.com,

My friend and colleague, Michael Lebowitz of 720 Global Research, recently penned a response to Larry Summers commentary on the economy’s weakened ability to withstand higher interest rates. To wit:

Sticker Shock: Fed to Hike Rates First Time in NINE Years!

Courtesy of Phil’s Stock World

A rate hike – what’s that?

What else is there to say...