Jamie Dimon Warns "Someone Will Get Hurt In Auto Lending" As Citi Sees No Rebound From Abysmal First Quarter
Jamie Dimon said the market for U.S. automobile lending is “a little stressed” and that he foresees higher losses ahead for some competitors. “Someone will get hurt in auto lending,” but not JPMorgan, Dimon said. Meanwhile, CEO Citigroup Mike Corbat indicated that the company's second-quarter net income will be roughly 25% lower than the same period a year earlier, roughly the same as the abysmal first quarter.
In 1925 F. Scott Fitzgerald famously wrote: “Let me tell you about the very rich. They are different from you and me.” One thing that makes the rich different is that they will pay $5 for the May 30 issue of Barron’s, which is dispensing the peculiarly indecisive wisdom that “The Stock Market Won’t Crash – Yet.”
The other thing that makes the rich different is that they’re the ones heavily invested in this stock market. According to the most recent 2013 Federal Reserve “Survey of Consumer Finances,” which is conducted every three years, the rate of direct or indirect stock ownership by the top income group “increased 3.9 percentage points from 2010 to 2013, reaching 92.1 percent, slightly above the 91.7 percent found in the 2007 survey.”
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Hillary
and Trump Leave Americans with Angst, Malaise and Little Confidence … A
new poll by the Associated Press-NORC Center for Public Affairs
Research finds that the choice of Hillary Clinton or Donald Trump for
president leaves Americans feeling frustrated, angry, helpless —
suffering from angst and malaise, with little confidence with our
political system. –Red State We covered this AP-NORC poll previously HERE but focused on Americans lack of trust when it comes to government.
But there is another aspect to this eye-opening poll.
The poll provides a devastating picture of American fidelity to the larger US system.
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by Anna Scanlon, Natural Society:
General Mills has recalled an estimated 10 million pounds of flour over
fears that they contain the E. coli virus. Over 38 people have been
stricken with the virus in over 20 states, and General Mills has linked
it to their flour.
This E. coli outbreak is caused by the strain O121, which causes cramps, bloody diarrhea, vomiting and can potentially lead to a life-threatening situation. The Centers for Disease Control noted that most people who became ill with this particular strain recall baking something homemade prior to becoming ill.
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General Mills has recalled an estimated 10 million pounds of flour over
fears that they contain the E. coli virus. Over 38 people have been
stricken with the virus in over 20 states, and General Mills has linked
it to their flour.This E. coli outbreak is caused by the strain O121, which causes cramps, bloody diarrhea, vomiting and can potentially lead to a life-threatening situation. The Centers for Disease Control noted that most people who became ill with this particular strain recall baking something homemade prior to becoming ill.
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by Kit Daniels, Infowars:
The European Union is proposing a government ID for using the Internet
which will eradicate both on-line privacy and free speech.
Spearheaded by former communist official Andrus Ansip, the European Commission published a draft document outlining its proposed electronic ID that would not only allow the EU to track what you say on-line, but also what you buy.
According to the document:
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The European Union is proposing a government ID for using the Internet
which will eradicate both on-line privacy and free speech.
Spearheaded by former communist official Andrus Ansip, the European Commission published a draft document outlining its proposed electronic ID that would not only allow the EU to track what you say on-line, but also what you buy.
According to the document:
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by Gary Christenson, Deviant Investor:
Gold bottomed in December 2015 at a major cycle low.
Or did it?
Financial Sense published in May an article by Tom McClellan, an excellent analyst: “Major Cycle Low Upcoming in Gold.” The low may be coming as this article suggests, or perhaps it has already occurred.
Cycle analysis can be useful but, as in chaos theory, a small change in initial conditions can create a substantially different outcome.
Example: In the above article Tom McClellan uses an 8 year cycle and a 13.5 month cycle to conclude that “There is a major cycle low looming for gold prices. Ideally, it should arrive as a price low in late 2016.”
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Gold bottomed in December 2015 at a major cycle low.
Or did it?
Financial Sense published in May an article by Tom McClellan, an excellent analyst: “Major Cycle Low Upcoming in Gold.” The low may be coming as this article suggests, or perhaps it has already occurred.
Cycle analysis can be useful but, as in chaos theory, a small change in initial conditions can create a substantially different outcome.
Example: In the above article Tom McClellan uses an 8 year cycle and a 13.5 month cycle to conclude that “There is a major cycle low looming for gold prices. Ideally, it should arrive as a price low in late 2016.”
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by Egon Von Greyerz, Gold Switzerland:
In a world full of bubbles that will all burst, it is of course
impossible to forecast which will be the first ones to cause havoc for
the world economy. One of the biggest bubbles that would clearly bring
down the financial system is the bond market. Here we have a $100
trillion market which has grown exponentially in the last 25 years and
which has virtually gone vertical since the 2006-9 crisis.
Desperate governments are raising money as if there was no tomorrow in the hope that they can keep the world afloat for another few years. But as I have stressed so many times, you can create neither economic stability nor wealth by printing money or increasing the debt burden.
Governments cannot afford interest rates above zero
Under normal conditions governments would be totally insolvent with the high levels of debt they are raising. But Japan solved that problem over 20 years ago by setting rates at zero. That trend has accelerated in the last couple of years and there are now around $8 trillion of government bonds with negative yield around the world. But governments of course never have a problem paying the interest since they will just issue more debt to pay it.
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In a world full of bubbles that will all burst, it is of course
impossible to forecast which will be the first ones to cause havoc for
the world economy. One of the biggest bubbles that would clearly bring
down the financial system is the bond market. Here we have a $100
trillion market which has grown exponentially in the last 25 years and
which has virtually gone vertical since the 2006-9 crisis.Desperate governments are raising money as if there was no tomorrow in the hope that they can keep the world afloat for another few years. But as I have stressed so many times, you can create neither economic stability nor wealth by printing money or increasing the debt burden.
Governments cannot afford interest rates above zero
Under normal conditions governments would be totally insolvent with the high levels of debt they are raising. But Japan solved that problem over 20 years ago by setting rates at zero. That trend has accelerated in the last couple of years and there are now around $8 trillion of government bonds with negative yield around the world. But governments of course never have a problem paying the interest since they will just issue more debt to pay it.
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by David Stockman, DailyReckoning:
President Obama says that the feckless world leaders who attended last
week’s G-7 meeting in Japan are “rattled” by Donald Trump.
Bully for The Donald!
These clowns need to be rattled — right to their very bones. And we might as well start with our own snake oil salesman in chief.
It seems that Obama can’t stop taking bows for the awesome recovery he claims to have presided over and the 14 million new jobs he claims to have created. Yet those claims are as exaggerated as anything that Trump has ever let fly.
Let’s look at facts:
>> At the February 2008 peak, prior to the crisis, the U.S. Bureau of Labor Statistics (BLS) reported 138.5 million nonfarm payroll jobs in existence
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President Obama says that the feckless world leaders who attended last
week’s G-7 meeting in Japan are “rattled” by Donald Trump.Bully for The Donald!
These clowns need to be rattled — right to their very bones. And we might as well start with our own snake oil salesman in chief.
It seems that Obama can’t stop taking bows for the awesome recovery he claims to have presided over and the 14 million new jobs he claims to have created. Yet those claims are as exaggerated as anything that Trump has ever let fly.
Let’s look at facts:
>> At the February 2008 peak, prior to the crisis, the U.S. Bureau of Labor Statistics (BLS) reported 138.5 million nonfarm payroll jobs in existence
Read More
by Simon Wilson, Money Week:
The
middle class in America is in crisis, with incomes falling and life
expectancy worsening. Why? And what can be done about it? Simon Wilson
reports.
What’s it like to be a middle-class American?
Increasingly precarious, it seems. In an article entitled “The Secret Shame of Middle Class Americans” in this month’s issue of The Atlantic, the writer Neal Gabler – an author, film critic and academic – came out as one of the many millions of apparently middle-class Americans who are in fact living in a “more or less continual state of financial peril” – scrabbling around to make ends meet, and mostly failing.
Gabler draws attention to a regular survey by the Federal Reserve, which asks consumers a set of questions, including how they would pay for a $400 emergency. “The answer: 47% of respondents said that either they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all”, writes Gabler. “Four hundred dollars! Who knew? Well, I knew. I knew because I am in that 47%.”
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The
middle class in America is in crisis, with incomes falling and life
expectancy worsening. Why? And what can be done about it? Simon Wilson
reports.What’s it like to be a middle-class American?
Increasingly precarious, it seems. In an article entitled “The Secret Shame of Middle Class Americans” in this month’s issue of The Atlantic, the writer Neal Gabler – an author, film critic and academic – came out as one of the many millions of apparently middle-class Americans who are in fact living in a “more or less continual state of financial peril” – scrabbling around to make ends meet, and mostly failing.
Gabler draws attention to a regular survey by the Federal Reserve, which asks consumers a set of questions, including how they would pay for a $400 emergency. “The answer: 47% of respondents said that either they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all”, writes Gabler. “Four hundred dollars! Who knew? Well, I knew. I knew because I am in that 47%.”
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by Harry Dent, Wolf Street:
But how much longer can this trend continue?
New home sales just went up a staggering 16.6% in April: 619,000 new homes were sold – the most since early 2008 just before the worst of the housing meltdown, and the highest rate of growth in 24 years. So is this a sign that the economy is back on track?
Don’t count on it.
Home sales, like jobs, is a lagging indicator, not a leading one. It’s a sign of where we’ve been, not where we’re going. So this isn’t a big surprise to us. In fact, this is just like stock indicators near a peak.
The dumb money is finally pouring in while the smart money is exiting. Except this time, it’s just in real estate.
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But how much longer can this trend continue?New home sales just went up a staggering 16.6% in April: 619,000 new homes were sold – the most since early 2008 just before the worst of the housing meltdown, and the highest rate of growth in 24 years. So is this a sign that the economy is back on track?
Don’t count on it.
Home sales, like jobs, is a lagging indicator, not a leading one. It’s a sign of where we’ve been, not where we’re going. So this isn’t a big surprise to us. In fact, this is just like stock indicators near a peak.
The dumb money is finally pouring in while the smart money is exiting. Except this time, it’s just in real estate.
Read More
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