This week we speak with Paul McCulley, former chief economist at PIMCO, and often mentioned potential FOMC candidate.
McCulley worked closely with Bill Gross for many years, and was brought back to PIMCO after Mohamed El Erian stepped down. Even if you are unfamiliar with McCulley, you probably know with his work. He coined such well known phrases as “Shadow Banking system” and “The Minsky Moment.”
McCulley criticizes those who believe the Government and Federal Reserve should have let the crisis run its course on its own, with zero interventions (ZIRP, QE, etc.). He is especially harsh on the austerians, who he says made the recovery weaker than it need be.
Next week, we speak with Harry Shearer of The Simpsons, Spinal Tap and SNL.
Saturday arrives, and just in time. Pour yourself a tall mug of Two Volcanoes coffee, and settle in for our longer form weekend reads: • Unreliable Experts: Getting in the way of outstanding performance (What Works On Wall Street) • 31 million men, 12,000 women: Almost None of the Women in the Ashley Madison Database Ever Used the Site (Gizmodo)…Read More
Category: Financial Press
FFF: Hurricane Katrina 10th Anniversary: Aug. 29, 2015 CENSUS, July 29, 2015 Release Number: CB15-FF.16 JULY 29, 2015 — Hurricane Katrina is the costliest U.S. hurricane on record, and the deadliest to strike our nation since 1928. After initially making U.S. landfall on Aug. 25, 2005, in South Florida as a Category 1, it moved into…Read More
Succinct summations of events for week ending August 28, 2015 Positive: 1) After a wicked sell off, markets recover nearly all of their losses for the past week, now up slightly (tho still below mid-august levels). 2) 2Q real GDP growth was revised upwards to 3.7% (Q/Q SAAR) in the second release, a substantial improvement over…Read More
Source: Bianco Research “Its enough to give a long-term investor some hope for the future of finance.” Here’s a bit of role reversal for you: Mom and Pop were content to ride out the market’s volatility this past month, more or less sitting tight. Meanwhile, the pros were driven to the point…Read More
This is fascinating look at how exposed the average American household is to the equity markets. On average, about 55% of adults have equity exposure, and it amounts to less than 15% of their total assets. I’d wager that is a very top heavy distribution both in percentage and asset size. Source: The Economist…Read More
What a week! You are almost to the goal line. Our morning train reads will see you through: • Computers are the new Dumb Money (TRB) see also How ETF investors messed up during this week’s market scramble (Yahoo Finance) • Hedge Funds Bruised by Stocks’ Meltdown: A tumble in share prices stunned many hedge-fund managers and erased the…Read More
Category: Financial Press
Missus Big Picture is not a fan of blue cars, but I am enamored of this particular shade of blue (looks like a variant of Blu California). For any convertible, its preferable to avoid black as an interior color, as it gets too hot on those sunny days — gray, saddle, even off white is much…Read More