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  • Sears Holdings Valuation: The Transformation [View article]
    It seems to detract from credibility to cite various re-uses of former Sears and KMart locations as a plus, as though going out of business at a location is positive as long as someone else is successful there. If Sears owns the location, that may or may not apply as there is no mention of whether the rents are lucrative. Besides, if the business of shopping in the US is now transitioning away from the mall properties that were key in the last era, how can Sears real estate benefit overall?

    In my area, a KMart has been razed, leaving a pasture. A Sears appliance store closed after a number of barren years, and a drowsy Sears hardware store is clearly kept alive via a feeding tube from SHLD. Not sure this interesting article is actually persuasive in the end despite it's length and level of detail.

    That said, their offerings, web presence and functionality seemed impressive and superior to the competition to my wife and I as we bought major appliances from Sears this past week.
    May 28, 2015. 10:16 AM | 7 Likes Like |Link to Comment
  • When Europe Gets Greece's Jingle Mail: Dealing With Default [View article]
    Wow, the "blood from a stone" defenders of the kleptocracy crowd are out in full force here.

    How about some professional and responsible lending with real personal consequences for failure at the top rather than continuing a massive farce that just happens to enrich undeserving rent-seeking insiders while maintaining conditions that tend to disable the efforts of genuine entrepreneurs who will always do their best work in an environment of true price discovery.
    May 22, 2015. 09:21 AM | Likes Like |Link to Comment
  • Economist On Gold - A Dissection [View article]
    "When gold moves from COMEX warehouses to warehouses in Shanghai, it is not a bullish event, but a completely irrelevant event."

    While the article made plenty of sense and is well worth pondering, the fact that warehouses in Shanghai appear as buyers supports demand in an important way that tends to put a price floor in and enhance the possibility of price gains may not justify being dismissed that easily.

    The point that gold does not especially compete with the favored bubbles of today such as property and name-brand artworks sought by the 1% since those are inflated by high confidence and gold by it's opposite is important to keep in mind and helps explain gold's retreat during the latest financial paper asset bubble, but forced sales by many including Putin may not be so easily ruled out at the early stages of the next Wall Street crash.
    May 19, 2015. 09:18 AM | Likes Like |Link to Comment
  • Wall Street Breakfast: Shell May Have To Sell BG's Kazakh 'Cash-Cow' [View article]
    "China does not need 7% or higher growth."

    Don't worry, China will not maintain that level even under $trillions of "stimulus" and officially falsified statistics. Soon, maintaining receding levels of growth or stagnation purchased by $trillions of public debt and low and negative interest rates worldwide while maintaining the ludicrously value-destroying status quo will prove impossible. Actual price discovery cannot be eliminated indefinitely when real economies fail to respond to the manipulation.
    May 18, 2015. 07:47 AM | 4 Likes Like |Link to Comment
  • Why Cash Is King [View article]
    Sensible Investor - The value of cash in a richly-priced stock market is actually enhanced in a low interest rate environment because a rise in interest rates when even-more-amazingly priced bond prices sink will potentially strike stocks as well as bonds with more vengeance than would be likely after less manipulated periods of price excess.

    Thus, holding cash, more painful under ZIRP-fueled financial market price excess, has the potential to prove even more opportunistic than it would after quaint prior periods of more honest markets, real price discovery and more believable interest rates.
    May 18, 2015. 07:34 AM | 24 Likes Like |Link to Comment
  • The Most Intrusive Thorn In The Side Of Anyone Proclaiming QE Worked And The Economy Has Taken Off [View article]
    Another facet of the productivity question is that government "output" which is dubiously counted as positive towards GDP, has not slackened off a bit. Government waste, fraud and abuse along with continued growth of government-sanctioned "private" sectors such as healthcare and of course, lawyers and accountants needed to negotiate the ever-proliferating kaleidoscope of government rules, requirements and procedures the productive private economy is assaulted by, are all in their glory days of robust expansion.

    This plus financial sector which is enjoying it's greatest ride ever on worldwide policies of price-discovery prevention seems to leave little room for private sector recovery in the emaciated and truncated figures the beneficiaries of the status quo would have us rejoice over.
    May 11, 2015. 10:12 AM | 2 Likes Like |Link to Comment
  • Enough Fed Interference - Time To Let The Economy Fix Itself [View article]
    "Sick and tired of waiting" is a most rational response to the artificial financial paper bubble that is intended to thwart the future. Moving forward via rational market allocation of scarce capital requires true price discovery and a cleaning out of status-quo economic deadwood that has been built to today's Tower of Babel heights of insanity.

    It's a pity that so many beneficiaries and so many who think themselves beneficiaries of policies they believe have prevented worse are so benighted in their imaginations and so willing to sanction the petrified economic and social debt hell they are visiting upon our future generations.
    May 10, 2015. 01:13 PM | 1 Like Like |Link to Comment
  • Janet Yellen, A Bear Late And A 'Dollar' Short [View article]
    It matters little to anyone besides myself if I have an unfortunate result with my investments. The world economy does not depend on the results. Whereas, the academic, legal, political and financialist suits running the whole system sans common sense have proven themselves elitist whores who are not able to see past maintaining the incorrigible and now vastly value-subtracting status quo that the true market price discovery they have blocked will be threatening with far greater vengeance. And this, without the cushion of any legitimate recovery after the waste of far more taxpayer debt and political and societal capital that has been their entire policy and bet with such vast market distortion and taxpayer OPM since the most recent Wall Street crash.

    Too bad it's the average citizen paying via lost opportunity and income and not policy architects who will be expected to continue to bear the burden of elite policy error.
    May 7, 2015. 10:57 AM | 1 Like Like |Link to Comment
  • The Transactional Velocity Effect Of Speculation And Financialism [View article]
    Inflation has occurred; but in nosebleed valuations of equities and bonds, which circulate in a relatively closed system benefitting mostly the few outside what paltry leakage emanates from the "wealth effect" while it lasts.

    The massive increase in the money supply has not resulted in inordinate price increases as officially calculated and certainly hasn't done much for median incomes, however bubble prices in financial paper are simply accepted on faith as a positive, hence all those created dollars have coincided officially with "no inflation" along with vast excess reserves parked to collect a paltry interest rate that comfortably exceeds the negative rates that are becoming common in this increasingly Alice in Wonderland financialist system.

    Nor have $trillions in corporate stock buybacks subsidized by ZIRP rates padding executive bonuses as never before spilled over into normalized levels of Capex since the crash or helped raise velocity any more than has the beanie babies trade.
    May 2, 2015. 10:43 PM | 4 Likes Like |Link to Comment
  • Wall Street Breakfast: World Stocks Remain In Sell-Off Mode [View article]

    No, but there is a developing and now extreme tilt in the system that increasingly rewards the incumbent top tier, privatizes their gains, socializes their losses and fails to enforce rules and laws to the extent that the likes of John Corzine and countless Wall Street TBTF fraudsters walk free. Dave in Racine contributed an inspiring link about a private business, the kind where entrepreneurs risk everything personally without benefit of a golden parachute, earlier today.

    Making a lot of money making a profit on a product or service offered to willing buyers in a free market is admirable. Rigged markets and rigged systems that protect the most well-compensated from personal loss or even the rule of law are another matter and envy really shouldn't be alleged for pointing this out.
    Apr 30, 2015. 12:16 PM | 5 Likes Like |Link to Comment
  • Wall Street Breakfast: World Stocks Remain In Sell-Off Mode [View article]
    "Yahoo's Marissa Mayer got a nice pay bump last year, with a total compensation valued at $42.1M, up from $24.9M in 2013."

    Such a nice jump, from fabulously wealthy to far more fabulously wealthy. This, for being a market performer with the usual Washington and Fed policy incentives for corporate stock buybacks measured in the $trillions, and nearly no doubt the nearly boundless golden parachute that comes standard for certified elites that cushion any stumble and maintain a perpetual hallowed status.

    It is more than slightly Orwellian to simply accept that this new feudalism is simply the result of merit, when government policies and the taxpayer balance sheet loaded with debt is bent towards the "wealth effect" of financial paper above all else and despite so much mounting evidence that is contrary to policy "benefits" on Main Street, despite 6 years of statistical "recovery."
    Apr 30, 2015. 09:47 AM | 7 Likes Like |Link to Comment
  • If Liquidity Is Your Sword, Keep Swinging [View article]
    "What is different this time? The cult."

    When the herd is running, especially when it is composed of all the smart people, financialist speculators and crony capitalists, more of them profiting from risking OPM than ever before with the demonstrated willingness of the government and Fed to hock ours and our future generations taxpayer balance sheet to protect these gains, to deviate from the "buy the dips" group think is career suicide.

    It's like the old mantra, "no one ever got fired for recommending IBM." Belonging to this cult offers similar protection as blame will be deflected when market forces and price discovery can no longer be held at bay and the new mantra becomes, "no one saw this coming."
    Apr 29, 2015. 09:13 AM | 2 Likes Like |Link to Comment
  • Japan Needs A Bigger Hole? [View article]
    Facilitating additional debt to cure the problem of peak debt via QE and all the other bailouts and price discovery-prevention policies that have prevailed since at least 2008 has proven no more than a stopgap which has failed to incubate true wealth creation. That can hardly be labeled the best of the alternatives since the lack of societal economic progress will force market prices in the fullness of time which will reflect the failure of these policies of subsidizing proliferating nonproductive paper debt-creation, serviceable.
    Apr 28, 2015. 05:46 PM | Likes Like |Link to Comment
  • Technical Tuesday: 2,100 Still The Line To Beat On The S&P [View article]
    Fair enough. And may I add another, welcome back!
    Apr 28, 2015. 04:22 PM | Likes Like |Link to Comment
  • Technical Tuesday: 2,100 Still The Line To Beat On The S&P [View article]
    Yes, criticism of authorities, their benighted results on Main Street and their wacky policies going forward of curing debt with more debt is increasingly hazardous. So this author has isolated the problem to....The Republicans? Think....When did they become the enforcers of political correctness?

    Clearly presenting two false "alternatives" as a "choice" has worked supremely well in advancing elite interests over worthwhile and productive public discourse if this article's highly specific and garish Republican-bashing gives any indication, but handing all power and authority over to Obama and Hillary would not stop a US descent more closely akin to the economic status of Greece with a dangerous increase in already rampant fascism thrown in.
    Apr 28, 2015. 01:25 PM | 4 Likes Like |Link to Comment