Fred Lyon Terrific Street, Barbary Coast, San Francisco 1947 • Bill To Remove Trump From Office Picks Up Democratic Support (DM) • Bank of America: The Fed Is Preparing To Make The Rich Poorer (ZH) • Debt Is the Third Benjamin Franklin Certainty (Stockman) • UK Household Incomes Fall Most In 40 Years, Savings Rates Crash (Ind.) • China’s Opening Of Bond Market May Spark ‘Massive Demand’ From Foreigners (CNBC) • Judge Orders Illinois To Pay Billions More Toward
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Claude Monet Impression Sunrise 1872 • Trump Travel Ban Goes Into Effect Amid New Court Challenge (BBG) • Yes, Ms. Yellen…There Will Be Another Financial Crisis (Roberts) • Car Deals: Must Be Subprime, Must Finance Through Chrysler Capital (Mish) • Signs Of An Auto Bubble: Dealer Offers “Low Credit Score Discount” (ZH) • Japan May Industrial Output Slumps At Steepest Pace In Over 6 Years (R.) • Bob Woodward Chides NYT, Mainstream Media: ‘Fair Mindedness is Essential’ (DC) •
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Paul Klee Still Life 1929 • Banks Unleash Big Payouts After Fed’s Stress Tests (BBG) • Yellen Questioned As China Debt Surpasses 300% Of GDP (CNBC) • Corporations Are Still The Largest Buyer Of Stocks (BBG) • NYSE President Targets Short Sellers (WS) • Forget Fake News, Investors Should Realize The Markets Are Fake (CNBC) • CNN’s Van Jones: “The Russia Thing Is Just A Big Nothing Burger” (ZH) • CNN Proclaims Trump’s War On Media “Is Physically Endangering
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Willem de Kooning Police Gazette 1955 The best comment on the June 13 Jeff Sessions Senate testimony, and I’m sorry I forgot who made it, was that it looked like an episode of Seinfeld. A show about nothing. Still, an awful lot of voices tried to make it look like it was something life- and game-changing. It was not. Not anymore than Comey’s testimony was, at least not in the sense that those eager to have these testimonies take
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James Dean in a photobooth 1949 • All Companies Hit By Ransomware Attack Used Bootleg Or Unpatched Software (WS) • Yellen: Banks Very Much Stronger; No Financial Crisis In Our Lifetime (CNBC) • There Is No Excuse For Janet Yellen’s Complacency (Steve Keen) • Yellen: “I Don’t Believe We Will See Another Crisis In Our Lifetime” (ZH) • Trio of Fed Speakers Warn on Valuations With Eyes on Tightening (BBG) • Car Loans, Credit Card Debt Push UK Back
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Egon Schiele Port of Trieste 1907 • Trump Eager For Big Meeting With Putin; Some Advisers Wary (AP) • Three Journalists Quit CNN In Fallout From Retracted Russia Story (Fox) • US Congress To Stop Arms Sales To Gulf Until Qatar Crisis Is Solved (G.) • Democrats Help Corporate Donors Block California Single-Payer (IBT) • Bernanke: Economists Missed Populism, Inequality, But Are Here To Help (CNBC) • Europe’s Inequality Highly Destabilizing – Draghi (R.) • Change the Way Money
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Paul Klee Ghost of a Genius 1922 The Automatic Earth has written many articles on the topic of EROEI (Energy Return on Energy Invested) through the years, there’s a whole chapter on it in the Automatic Earth Primer Guide 2017 that Nicole assembled recently, which contains 17 different articles. Still, since EROEI is the most important energy issue there is at present, and not the price of oil or some new gas find or a set of windmills or
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Pablo Picasso Etude Pour Mercure 1924 • The Next Global Crash Could Arrive ‘With A Vengeance’ – BIS (CNBC) • Push On With The ‘Great Unwinding’, BIS Tells Central Banks (R.) • Japanese Banks at Risk as Borrowing in Dollars Doubles – BIS (BBG) • Four Pronged Proposal to End Japanese Deflation (Mish) • Japan’s Bond Market Grinds To A Halt (ZH) • “It’ll Be An Avalanche”: Hedge Fund CIO Sets The Day Of The Next Crash (ZH) •
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Marc Riboud Paris 1953 • Dems Push Leaders To Talk Less About Russia (Hill) • UK Housing Crisis Threatens A Million Families With Eviction By 2020 (G.) • The Answer Is Wages, Not Capital (Angusto) • Not All Fossil Fuels Are Going Extinct (BBG) • Reclaiming Public Services (TNI) • Contagion from the 2 Friday-Night Bank Collapses in Italy? (DQ) • Health Spending In Greece Down 40% In 2009-2015 (Amna) • Moody’s Raises Greece’s Sovereign Bond Rating After Bailout
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Fred Lyon San Francisco Cable Car rounding the curve at Jones Street 1946 • US New Home Sales Jump, Median Price Surges To Record High (R.) • Sydney Prices To Jump ‘Overnight’ As First-Home Incentives Kick In (D.) • The World Has Been Fitted With Two Debt Straightjackets (Steve Keen) • The Future Prospects For Japanese Banks Look Like Hell (Makoto Utsumi) • Europe’s Banking Union Is Dying in Italy (BBG) • Two Italian Zombie Banks Toppled Friday Night
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