Gottscho-Schleisner L Motors at 175th Street and Broadway, NYC Mar 24 1948 • Oil Prices Won’t Recover Above $100 – Russian Finance Ministry (RT) • Oil Collapse Raises Risk Of ‘Profit Recession’ (MarketWatch) • How Cheap Oil Could Become a Real Problem for Airlines (BW) • Bond Market Brightest Turn Oil Analysts as Gyrations Mystify (Bloomberg) • “Ending QE Will Plunge US Into Severe Recession” (Zero Hedge) • They Studied Keynes and They’re Doing This. Why Can’t the Fed See
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John Vachon Houses in Atlanta, Georgia May 1938 • Leveraged Money Spurs Selloff; ‘Liquidity Isn’t What It Used to Be’ (Bloomberg) • Fed’s Rosengren Sticks to 3% Growth Forecast, Sees End for QE (Bloomberg) • China GDP Report May Reignite Global Growth Panic (CNBC) • The ECB Changes Its Mind On Which Bonds To Monetize, Then Changes It Again (ZH) • Hedge Funds Cut Bullish Bets on Crude as Prices Tumble (Bloomberg) • Is The US Pushing Oil Prices Down
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Dorothea Lange Play street for children. Sixth Street and Avenue C, NYC June 1936 George Monbiot has written a bunch of whoppers in the recent past, his pleas for more nuclear plants as the only way to save mankind in particular raised far more questions than they provided answers. But not everything he’s written since is as nonsensical as those pieces. This week he came with one that I think everyone should read and think about. In it, he tries
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Edwin Rosskam Service station, Connecticut Ave., Washington, DC Sep 1940 • Low Oil Price Means High Anxiety For OPEC As US Flexes Its Muscles (Observer) • Germany’s Tough Medicine Risks Killing Off The European Project (Observer) • Why The Eurozone’s Woes Have Become The World’s Problem (Observer) • Under-30s Being Priced Out Of The UK (Observer) • Britain’s Five Richest Families Worth More Than Poorest 20% (Guardian) • UK Mortgage Battle Hots Up As Banks Prepare To Slash Rates (Guardian)
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NPC Dedication, George Washington Masonic Memorial, Alexandria, VA Nov 1 1923 A comment on an article that comments on a book. I don’t think either provides, for the topic they deal with, the depth it needs and deserves. Not so much a criticism, more a ‘look further, keep digging, and ye shall find more’. And since the topic in question is perhaps the most defining one of our day and age, it seems worth it to me to try and
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John Vachon Koolmotor, Cleveland, Ohio May 1938 • The Stock Market, Inevitably, Is Going To Crash (MarketWatch) • One Simple Reason Why Global Stock Markets Are Reeling (AEP) • Jim Rogers: Sell Everything And Run For Your Lives (Zero Hedge) • The Return Of The ‘Fear Trade’ (MarketWatch) • Fannie, Freddie Plan Measures to Ease Lending to Riskier Borrowers (Bloomberg) • Why US Banks Are Now Extremely Vulnerable (Simon Black) • Just Try to Refinance. I Dare You (Ritholtz) •
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Marjory Collins Carpool for 3rd shift defense workers, midnight, Baltimore April 1943 Da markets today sort of refound their – shaky – feet, oil up a dollar, EU exchanges up 3% or so, Greece even over 7%, while interestingly gold didn’t move much at all during the wild week (no safe haven), and most movement was perhaps, through all the see-saw, in bonds. To sum up the week: panic followed by plunge protection teams. And now the ‘leaders’ hope plunge
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Marjory Collins 3rd shift defense workers, midnight, Baltimore April 1943 • Greek Bond Rout Drags Down Markets From Ireland to France (Bloomberg) • World Braces As Deflation Tremors Hit Eurozone Bond Markets (AEP) • Greek Drama: Bond Yields Near 9% Threshold (CNBC) • Eurozone Crisis, 5 Years On: No Happy Ending For Greek Odyssey (Guardian) • European Bonds: It’s Every Country For Itself Now (CNBC) • Euro Economy’s Managers Aren’t Blinking in Market Rout (Bloomberg) • Volckerized Wall Street Dumping
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Jack Allison Street scene, New York City Summer 1938 “When it becomes serious, you have to lie,” said brand-new EC head Jean-Claude Juncker back in May 2011. I’m thinking the last few days have been serious enough to warrant some real whoppers from Brussels. And beyond. Yesterday, one hour after the S&P reached its low point, not only was it deemed necessary to bring out the Plunge Protection Team, Fed grey head Janet Yellen was trotted out as well to
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Arthur Rothstein First settler on Douglas County farmsteads, Nebraska May 1936 • World Economy So Damaged It May Need Permanent QE (AEP) • Liquidity Nightmare Blamed For Crazy Market Moves (CNBC) • This Is Just The Beginning Of The Bear Market: Gartman (CNBC) • World Economy Gives Investors Growth Scare as They Look to US (Bloomberg) • Tumbling Oil Prices: Recession In Russia, Revolt In Venezuela? (Guardian) • Citigroup Sees $1.1 Trillion Stimulus From Oil Plunge (Bloomberg) • Oil Drop
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