G. G. Bain 100-mile Harkness Handicap, Sheepshead Bay Motor Speedway, Brooklyn 1918 • China September Exports Plunge 10%, Imports Down 1.9% (R.) • Wave Of China Property Tightening Hits Home Sales During Holiday Week (R.) • Chinese Firms Unveil Debt Swaps As Beijing Struggles To Reduce Leverage (R.) • US Mortgage Applications Down 6%, Rates Rise (CNBC) • Where Will All the Money Go When All Three Market Bubbles Pop? (CHSmith) • If Europe Insists On A Hard Brexit, So
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NPC “Largest electric locomotive and Congressman John C. Schafer” 1924 • October 14 Is A $7 Trillion Moment of Truth in Markets (BBG) • Pound Sterling Behaves Like An Emerging Market Currency (Ind.) • Royal Bank of Scotland’s Vampire Unit Guilty Of Financial Terrorism (Fraser) • China Weakens Yuan Fixing for Sixth Day, Fuels Depreciation Talk (BBG) • China Banks May Need $1.7 Trillion Capital Injection To Cover Bad Loans (R.) • China Cities Face End of Fairy Tale as
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NPC Grand Palace shoe shining parlor, Washington DC 1921 • “How Do You Have Capitalism Without Any Cost Of Capital?” (BBG) • 7 in 10 Americans Have Less Than $1,000 In Savings (MF) • After Becoming Debt Slaves, Millennials Get Blamed for Lousy Economy (WS) • S&P 500 Triangle Chart Pattern ‘Warns Of A Big Selloff’ (MW) • The Bank of Mom and Dad is Australia’s Fastest-Growing Housing Lender (BBG) • Goldman Warns China’s Outflows May Be Worse Than They
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Elliot Erwitt New York 1955 If the US presidential debate last night showed anything, it must be that just about everyone has dug themselves into their trenches and had no desire whatsoever to ever came out. This seemed especially clear on the Hillary side, which appeared to include -to an extent- ‘moderators’ Anderson Cooper and Martha Raddatz, judging from their interruptions. But, granted, they were the only biased side in the discussion, so we don’t really know what trenches the
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Lewis Wickes Hine Newsies in St. Louis 1910 • Bank of America Has A Recession Warning That’s Downright ‘Scary’ (CNBC) • The Truly Scary Clowns: Central Bankers (Forsyth) • Far From Stepping Back, Top Central Banks Are Set To Double Down (R.) • The World Bank and the IMF Won’t Admit Their Policies Are The Problem (G.) • China Must Wean Itself Off Debt Addiction To Avoid Financial Calamity-IMF (Tel.) • China Fixes Yuan at Six-Year Low Against the U.S.
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NPC Balloon at Shriners convention, Washington DC 1923 • Less Than Half Of US 22-26-Year-Olds Pay Their Own Rent, Health Insurance (F.) • The Coming Collapse Of US Net Worth Will Wipe Out Millions Of Americans (SRSr) • World Leaders Vow To Boost Growth Despite Brexit, Anti-Globalization (CNBC) • Deutsche Bank CEO Cryan Doesn’t Reach Accord With US (BBG) • Qatari Investors Eyeing Control of Deutsche Bank (Spiegel) • Draghi Points to 2019 as Time for Inflation Mission Accomplished (BBG)
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DPC Royal Street, New Orleans 1900 • US Consumer Borrowing Rises by Most in Nearly a Year (BBG) • US Consumer Credit Has Second Biggest Jump On Record (ZH) • US Payrolls Up 156K, Missing Expectations, Unemployment Rate Rises To 5.0% (ZH) • EU Leaders Line Up To Insist UK Will Pay A High Price For Brexit Stance (G.) • Worries Deepen That Globalization Is Hitting the Skids (WSJ) • Worries Grow That China Faces a Perilous Property Bubble (WSJ)
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Andre Kertesz Bumper cars at amusement park in Neuilly-sur-Seine, near Paris 1930 I read a lot, been doing it for years, about finance and affiliated topics (a wide horizon of them), which means I’ve inevitably seen a wholesale lot of nonsense fly by. But for some reason, and I think I know why, Q3 2016 has been gunning for a top -or bottom- seat in that regard, and Q4 is looking to do it one better/worse. Apart from the fast
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G. G. Bain Katherine Stinson, “the flying schoolgirl,” Sheepshead Bay Speedway, Brooklyn 1918 • IMF, Global Finance Leaders Fret Over Populist Backlash (R.) • Donald Trump Makes History With Zero Major Newspaper Endorsements (Yahoo) • The Great Debt Unwind: US Business Bankruptcies Soar 38% (WS) • Pound Falls 10% In ‘Insane’ Asian Trading Mystery (G.) • California Overtakes UK To Become ‘World’s Fifth Largest Economy (Ind.) • China’s Housing Boom Looks a Lot Like Last Year’s Stocks Bubble (BBG) •
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Lewis Wickes Hine 12-year-old newsie, Hyman Alpert, been selling 3 years, New Haven CT 1909 • World Is Swimming In Record $152 Trillion In Debt: IMF (R.) • Australia Private-Sector Debt Rises Faster Than Almost Anywhere Else (Aus.) • One-Third Of European Banks Fail IMF Stress Test: (WSJ) • EU Readies Plan for Derivatives Clearing Crisis, the New Too-Big-to-Fail (BBG) • The Noose Is Tightening Quickly On The Global Economy (Alt-M) • Fed’s Fischer Says Low Neutral Rate A Sign
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