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Rally Monkey is back from his year-long vacation to celebrate biggest 1-day S&P gain since 2011

After a few weeks of plummeting bond yields, crashing stock markets, and panicked calls for additional asset purchases by the Federal Reserve, an old friend returned: The S&P 500 gained nearly 2 per cent in one day, the biggest single-session...



McDonald's Vows Fresh Thinking After Revenues Decline 30%; Mish Offers Some Advice

A 30% decline in revenues for McDonald's is quite startling to most. I wonder why such a decline took so long.In response to that pathetic performance, McDonald’s Vows Fresh Thinking. McDonald’s Corp. outlined plans for what it called...



Ocwen allegedly backdated letters

Ocwen Financial allegedly backdated thousands of time-sensitive letters to mortgage clients and did not take action to fix the issue despite repeated notices of...



Liberals are more likely to unfriend you over politics — online and off

Data from the Pew Research Journalism Project shows that conservatives are less likely to have their views challenged on social media — but liberals are more likely to block or unfriend someone online because they disagree...



Wonkblog: Rush Limbaugh is America’s least-trusted news source

Thirty-nine percent of Americans say they don't trust Rush Limbaugh when it comes to news about government and politics, giving the radio personality the highest untrustworthiness rating of 36 news sources included in a recent Pew Research...



OSCAR DE LA RENTA: Designer Who Clothed Stars, and Became One...

OSCAR DE LA RENTA: Designer Who Clothed Stars, and Became One...(Second column, 4th story, link) ...



Buffett Hammered By IBM, Tesco, Coke And Winters

Coke fails to adjust to new market reality as sales sag and investors want actionIt’s been a rough earnings season for Warren Buffett thus far. Buffett lost almost $1 billion on Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B)’s third...



Intel Capital invests $28 mln in five Chinese smart devices startups

Intel Capital said it has put $28 million to work in five Chinese companies making new-generation hardware and related technologies, including wearables and Internet of things devices and components. The investments are the first from the...



Economists React: China’s Slowing Growth Is OK – For Now

Reuters China’s support policies seemed to have pulled economic growth out of a slump in August. The country’s economic data rebounded in September and the economic growth rate for the third quarter came in slightly better than expected,...



Fed's Dudley: Bad Bank Behavior Could Drive Break Up

Federal Reserve Bank of New York President William Dudley said the government will have to consider breaking up large financial institutions if Wall Street doesn’t stop excessive risk-taking and breaking the...



Dudley: Enhancing Financial Stability by Improving Culture in the Financial Services Industry

Remarks by President Dudley at the Workshop on Reforming Culture and Behavior in the Financial Services Industry, Federal Reserve Bank of New York, New York...



Paulson & Co. Urges Allergan to Consider Buying Shire

The hedge fund has good reason to want Allergan to buy Shire. AbbVie just walked away from its deal for Shire. That sent Shire's shares tumbling, leading to substantial paper losses for...



Fannie Mae: Continental Western Points Out Lambreth Ignored Supreme Court Precedent

Fannie Mae: Continental Western Points Out Lambreth Ignored Supreme Court Precedent by Todd Sullivan, ValuePlays UPDATE: The court has accepted the brief and Treasury has 15 days to reply ONLY re: Perry decision This is good stuff… Charles Cooper...



10 Tuesday AM Reads

My blessedly IBM free morning train reads: • The British origins of the US endowment model (VoxEU) see also Pension Funds Eye Reducing Hedge-Fund Investments (WSJ) • Value Investors Hoarding Cash See Few Bargains After Rout (Bloomberg) •...



David Einhorn Pitched SunEdison At A Conference And The Stock's Going Gangbusters

Billionaire hedge fund manager David Einhorn, who runs Greenlight Capital, pitched SunEdison as a long at the Robin Hood Investors Conference, according to a source who's present. The semi-conductor's stock has jumped about...



Warren Buffett just lost $1B on this

Warren Buffett does not like to lose money in general, so losing $1 billion before lunch on a Monday morning can not be going down...



Tyler Cowen on exports

Tyler Cowen has a wonderful new post pointing out that all countries can increase their exports at the same time, and this may boost global output.  I’m going to try to make it even wonderfuler (is that a German word?) Let’s...



China’s Rapid Growth Model Is About To Slam Into A Wall

Chinese growth is set to be slashed in half in the next decade, according a report on the country’s changing economy covered by the Wall Street Journal.   The report from the Conference Board says China is heading for “a...



Regressing to the mean in China or why if something cannot go on forever, it will stop

With a h/t to Marginal Revolution, here’s Larry Summers and Lant Pritchett on why — for the same reason the USSR didn’t overtake the US, and Shinzo Abe has a tough job on his hands — “excessive...



New York morning espresso

** FT News ** * Russia widens crackdown on McDonald’s | The latest salvo subjects almost half of the US group’s outlets in Russia to regulatory probes * Rousseff admits to Petrobras wrongdoing | Brazil’s president looks to put a...



Fed-backed TWITTER study draws fire...

Fed-backed TWITTER study draws fire...(First column, 5th story, link)Related stories:FACEBOOK hits DEA for fake account... ...



A Q&A With San Francisco Fed’s John Williams

San Francisco Federal Reserve Bank President John Williams Reuters The Federal Reserve should end its bond-purchase program as planned at its policy meeting this month, John Williams, president of the Federal Reserve Bank of San Francisco, said in...



What is global market turbulence telling us?

The extraordinary volatility in all financial asset classes in the past week can only be described as ominous. On Wednesday, the US ten year treasury, perhaps the most liquid financial instrument in the world, traded at yields of 2.21 per cent and 1.86...



The Ebola risk premium

Underpaid or overpaid?: They’re looking for the few, the proud — and the really desperate. For a measly $19 an hour, a government contractor is offering applicants the opportunity to get up close and personal with potential Ebola patients at...



How will Saudi Arabia respond to lower oil prices?

Oil prices (along with prices of many other commodities) have fallen dramatically since last summer. Some observers are waiting to see if Saudi Arabia responds with significant cutbacks in production. I say, don’t hold your breath. Source:...



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Intel Capital invests $28 mln in five Chinese smart devices startups

Intel Capital said it has put $28 million to work in five Chinese companies making new-generation hardware and related technologies, including wearables and Internet of things devices and components. The investments are the first from the...



McDonald's Vows Fresh Thinking After Revenues Decline 30%; Mish Offers Some Advice

A 30% decline in revenues for McDonald's is quite startling to most. I wonder why such a decline took so long.In response to that pathetic performance, McDonald’s Vows Fresh Thinking. McDonald’s Corp. outlined plans for what it called...



Wonkblog: Jean Tirole won the 2014 Nobel Prize in Economics for actually showing us how the real world works

Economists can tell us a lot about markets where there's perfect competition, but what about the real world? You know, that place where there are only a few big companies fighting — or maybe not — against each other. What should the...



Inevitable Ineffective Banking Regulation

Photo Credit: Michael DaddinoI am mystified at why people might be outraged or surprised that the Federal Reserve does a poor job of overseeing banks.  The Fed is an overstaffed bureaucracy.  Overstaffed bureaucracies always tend toward...



EU Regulators May Soon Shine More Light on Apple’s Irish Tax Deals

GEORGES GOBET/AFP/Getty Images The long running controversy over the legality of Apple’s tax practices in Ireland may soon be settled. According to insider sources cited by The Wall Street Journal, the European Commission will soon release the...



Buffett Hammered By IBM, Tesco, Coke And Winters

Coke fails to adjust to new market reality as sales sag and investors want actionIt’s been a rough earnings season for Warren Buffett thus far. Buffett lost almost $1 billion on Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B)’s third...



Fed's Dudley: Bad Bank Behavior Could Drive Break Up

Federal Reserve Bank of New York President William Dudley said the government will have to consider breaking up large financial institutions if Wall Street doesn’t stop excessive risk-taking and breaking the...



WHO: Experimental vaccine ready in 2015...

WHO: Experimental vaccine ready in 2015...(Second column, 23rd story, link)Related stories:Liberia's Largest Newspaper Accuses USA of Manufacturing Ebola Virus...SIERRA LEONE QUARANTINES 2 MILLION...Victims infecting family members, neighbors and...



Dudley: Enhancing Financial Stability by Improving Culture in the Financial Services Industry

Remarks by President Dudley at the Workshop on Reforming Culture and Behavior in the Financial Services Industry, Federal Reserve Bank of New York, New York...



Grand Central: Does Bernanke Deserve a Nobel Prize?

Sign up for the newsletter. Highlights Hilsenrath’s Take: Does Bernanke Deserve a Nobel Prize? Fed Repo Facility Fails to Defend Short-Term Rate Floor Powell Says Fed Should Shun Direct Treasury Ties Eurozone Manufacturing Disappoints BOJ Tankan:...



Working around the delayed Keystone XL pipeline: In the US with oil trains and in Canada with ‘Keystone on steroids’

In the US: The White House decides oil trains are the new Keystone pipeline. The White House blockade of the Keystone XL and other modern pipelines hasn’t stopped domestic fracking or development of the Alberta oil sands. Instead, the industry...



Judge holds Argentina in contempt over bond orders

The judge ruled the country's refusal to pay U.S. bondholders was illegal...



IMF Pares 2015 Growth View

The International Monetary Fund downgraded its outlook for global economic growth to 3.8% from 4%, citing persistent weakness in the eurozone and a broad slowdown in several major emerging...



Stocks could fall another 50 percent or more (1353779)

Do stocks have much further to fall? The Wall Street Journal's Brett Arends asks that question. Despite Friday's boomlet, the Dow Jones Industrial Average still closed the week down 1%, and the broader S&P 500-stock index ended also down...



Snowden Film "Citizen Four" Reveals How He Did It; Second Leaker Involved; Files on 1.2 Million People; Snowden Vindicated

Once again I salute Edwards Snowden as an all-American hero. On second thought, make that an all-world hero.A movie on how and why Snowden revealed NSA wiretaps is about to be released.Showbiz reports Edward Snowden Doc Premieres: Shocking Inside Look at...



Stock Market Since 1900

click for ginormous chart Source: JP Morgan       One of my favorite charts to show people is the long-term market returns since 1900. I find it is incredibly telling in the information provided by a very simply line...



Janus Fund Managed by Bill Gross Attracted $66.4 Million in September

Investors moved $66.4 million into the new bond fund managed by Bill Gross at Janus Capital Group Inc. in September, according to data released Wednesday by fund research firm Morningstar...



Here’s What Middle-Class Business Owners, Who Live in the Real World, Will Do When Faced with a Huge Increase in Minimum Wage Laws

Andy Puzder, CEO of CKE Restaurants, writes in WSJ: The point is simple: The feds can mandate a higher wage, but some jobs don’t produce enough economic value to bear the increase. If government could transform unskilled entry-level positions...



My QE Mea Culpa Will Not Make Paul Krugman Polite



Fannie Mae, Freddie Mac: Perry Appeal Timeline Set

Fannie Mae, Freddie Mac: Perry Appeal Timeline Set by Rodd Sullivan, ValuePlays November is going to be a very busy month kids…. Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage...