America's Fantasy

Kurt Andersen writes in his book “Fantasyland How America went haywire: A 500-year history,” the current president is “stupendous Exhibit A” in the landscape of “Fantasyland,” a fitting leader for a nation that has, over the centuries, nurtured a “promiscuous devotion to the untrue.” 

Not Such a Wonderful Life: Mortgage Liquidity Crisis

These vulnerabilities are very real, should there be a sudden increase in interest rates or other significant change in the market that causes collateral values to drop. Most nonbank lenders have multiple warehouse lines.  However, cross default provisions will trigger a scramble amongst warehouse lenders for a mortgage originator’s assets should it default on one of its lines.

The Fed says Expectations Cause Inflation

In the heads of the Fed heads, it’s the expectations of us pawns on the Fed’s chessboard which cause the general price level to increase or decrease.  Through their Keynesian-colored glasses, in the view of Fed economists, the supply of money has nothing to do with price inflation. The problem is us.  

Searching For Trump's Genius

“Trump had a Clintonesque aura around him,” Smith wrote, “the effervescent divinity of a studied deal-maker, and a categorical ability to communicate and inspire the belief of others in his personal vision. He could no doubt have been an evangelist.”  

Central Bank Musical Chairs

Reversing trillions of dollars worth of securities purchases will create market turmoil.  And now that price inflation has entered the equation, the ride is bound to be bumpy. So, who should 401k investors be worried about and keeping an eye on? Bianco and Santelli agree, that person is ECB head man Mario Draghi.

Bitcoin Bugs become Gold Bugs

The current price swings across seemingly every cryptocurrency are bringing to the fore a question that has loomed over the industry since its inception: to what extent can a virtual asset be a store of value? By swapping out of digital gold and into the real thing, some investors may be providing an answer.