NPC US Geological Survey fire, F Street NW, Washington DC 1913 • In America, It’s Expensive To Be Poor (Economist) • Morgan Stanley Predicts Up To A 25% Collapse in Q3 FICC Revenue (Zero Hedge) • Bill Gross Sees Stocks Plunge Another 10%, Urges Flight to Cash (Bloomberg) • Treasury Auction Sees US Join 0% Club First Time Ever (FT) • Big US Firms Hold $2.1 Trillion Overseas To Avoid Taxes (Reuters) • Lower Interest Rates Hurt Consumers: Deutsche Bank
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Jack Delano Cars being precooled at the ice plant, San Bernardino, CA 1943 • Germany Now Expects Up To 1.5 Million Asylum Seekers In 2015 (Reuters) • Baby’s Body Washes Up On Greek Island Kos (AFP) • Two Children Drown Off Kos In Latest Refugee Tragedy (Kath.) • Caution: More Commodity Price Weakness Ahead (A. Gary Shilling) • Emerging Market Turmoil Flashes Warning Lights For Global Economy (FT) • Junk Bond Market Like A ‘Slow-Moving Train Wreck’ (CNBC) • Saudi
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Russell Lee Photo booth at fiesta, Taos, New Mexico Jul 1940 • Markets Are Back At Panic Levels, Says Credit Suisse (MarketWatch) • Post-QE “S&P Should Be Trading At Half Of Its Value”: Deutsche Bank (ZH) • Oil Slump Plays Havoc With The Junk-Bond Market (MarketWatch) • Oil Bulls Lose Faith in Recovery as Russia Adds to Global Glut (Bloomberg) • Economists Can’t Find the Silver Lining in US Jobs Report (Bloomberg) • US Hedge Funds Brace For Worst Year
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DPC Looking south on Fifth Avenue at East 56th Street, NYC 1905 • US Job Growth Disappoints Even More than Usual (NY Times) • US Payrolls Disaster: Only 142K Jobs Added In September With Zero Wage Growth (ZH) • Fed: The 94.6 Million Americans Out Of The Labor Force ‘Don’t Want A Job’ (ZH) • Companies Are Cutting Jobs And Buying Back Stock At The Same Time (MarketWatch) • Credit Investors Bolt Party as Economy Fears Trump Low Rates (Bloomberg)
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NPA Fifth Avenue at W. 54th Street 1954 There’s so much negative real bad economic and financial news out there that it’s hard to choose a ‘favorite’, but I guess I’m going to have to go with what underlies and ‘structures’ it all, the IIF stating that for the first time since 1988 and the Reagan presidency, there’s more money flowing out of emerging markets than there’s flowing in. That is for sure a watershed moment. And no, that trend
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Edwin Rosskam Service station, Connecticut Ave., Washington, DC 1940 • ‘Destruction Of Wealth’ Warning Looms Over Stocks (MarketWatch) • Key Global Equity Index Has Fallen Off The Precipice (Dana Lyons) • Is This The Mother Of All Warnings On Emerging Markets? (CNBC) • Global Investors Brace For China Crash (Guardian) • Over Half Of China Commodity Companies Can’t Pay The Interest On Their Debt (ZH) • Here’s How Ugly The Third Quarter Was For Stocks And Commodities (MarketWatch) • This
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John Vachon Beer signs on truck, Little Falls, Minnesota Oct 1940 • 2015 Is Turning Out to Be a Terrible Year for Investors (Bloomberg) • End Of World’s Biggest Ever Credit Boom Means More “Glencores” Ahead (Howell) • Traders Start Pricing Glencore Bonds Like Junk (FT) • Why Dow’s Three-Quarter Losing Streak Is A Big Deal (MarketWatch) • October 1 2015: China Factory Activity Picks Up To Beat Expectations (BBC) • Futures Soar After Chinese Composite PMI Drops To Lowest
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