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Goldman, Morgan Stanley Receive Approvals for Majority Stakes in China Ventures…

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Goldman Sachs and Morgan Stanley said on March 27 they had received the final regulatory approvals to take majority stakes in their China securities joint ventures. The approvals come as policymakers and authorities step up efforts to shield the world’s second-largest economy, battered by the CCP virus pandemic. The Epoch Times refers to the novel […]

There Was a Bloodbath in Wall Street Banks and Insurers Yesterday…

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President Donald Trump is bringing a pea shooter to a gunfight. If you look carefully at the charts on this page from yesterday’s trading bloodbath, it’s clear that there is a deep financial crisis playing out. The idea that this can be remedied with a payroll tax cut is the stuff of tooth fairies. And […]

Fed Slashes 14-Day Repo Loans to $25 Billion; Will Cut Further in March…

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Federal Reserve Chairman Jerome Powell sat through two days of grueling hearings before the House Financial Services Committee and Senate Banking Committee last week. At numerous times, the Fed and Powell were portrayed by Congressional members as sugar daddies for Wall Street while aloof to the financial suffering of the average American. (See Fed Chair […]

Another Massively Oversubscribed Term Repo Confirms Persisting Liquidity Woes…

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Two days after dealers unexpectedly flooded the first reduced term-repo (from $35BN previously to $30BN) offered by the Fed, the liquidity shortage in the repo market – which was supposed to be temporary and few if any strategists said would continue beyond year-end – persists, and today the Fed announced that in its latest 2-week […]

Bernie Sanders Hasn’t Quite Captured What Wall Street Does: It’s Actually a Fraud-Monetization System with a Money-Printing Unit Called the New York Fed…

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Senator Bernie Sanders has come closer than anyone on the Presidential campaign trail in defining what Wall Street actually does. Sanders has repeatedly stated at his rallies that “the business model of Wall Street is fraud.” That analysis is correct but abbreviated. Sanders needs to go further. It’s not just Wall Street’s business model that […]

The Fed Fueled Today’s Liquidity Crisis with One Key Moral Hazard Action…

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The Federal Reserve Bank of New York (New York Fed) made the astonishing announcement last Thursday that it will be pumping a cumulative $2.93 trillion into Wall Street trading houses (primary dealers) between December 16 and January 14. That’s on top of the $360 billion of liquidity it is pumping into the markets by buying […]

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