On This Day Eight Years Ago Lehman Filed For Chapter 11: There Have Been 672 Rate Cuts Since
Eight years ago the world, and the western financial system changed forever, when the impossible became all too real when Wall Street woke up to news that what until a few days ago was one of the world's largest investment banks had filed for bankruptcy, which would proceed to unleash the most unprecedented period of central bank micromanagement, and market manipulation in history.
5 Core Economic 'Facts'
Scores of economic figures go screaming across our screens every day, many of them contradicting yesterday’s figures, and perhaps half of them based upon lies.
On top of that, we have dozens of economic theorists arguing back and forth. In the end, it’s all too muddled for most of us to make out. We each have our guesses, but none of them are terribly certain.
So, this week I’d like to point out the central economic facts of the moment, five fundamental conditions that we should all be clear on.
I think it’s crucial that we see what really is.
Harvard Crushes The "Obama Recovery" Farce With 9 Simple Charts
In a recent study entitled "Problems Unsolved and a Nation Divided" (study can be viewed in its entirety at the end of this post),
Harvard University points out that, despite claims of an "Obama Recovery," in fact,
the U.S. economy has continued to deteriorate in the aftermath of the "great recession."
Among other things, Harvard attributes the economic deterioration to a “lack of economic strategy, especially at the federal level"
and a "political system was once the envy of many nations” but has now "become our greatest liability."
Deutsche Bank Slapped With $14 Billion Fine By DOJ Over Mortgage Probe
Blowback? Just a few weeks after the EU slapped Apple with a $14 billion bill for "back taxes," the U.S. has apparently responded with a
$14 billion fine of their own to Deutsche Bank to settle an outstanding probe into the company's trading of mortgage-backed securities during the financial crisis.
Shareholders are not happy...