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☆ I'm more worried about prolonged anemic growth than hard of soft landing: Bleakley’s Peter Boockvar
▼ + stars: | 2023-07-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI'm more worried about prolonged anemic growth than hard of soft landing: Bleakley’s Peter BoockvarPeter Boockvar, Bleakley Financial Group CIO, and Allen Sinai, Decision Economics president and former Lehman Brothers chief economist, join 'Squawk Box' to discuss the Fed's rate hike campaign, whether a soft landing can be achieved, and more.

Persons: Peter Boockvar Peter Boockvar, Allen Sinai Organizations: Bleakley Financial, Lehman Brothers

Another source inside Barclays' investment bank, talking anonymously because they are not authorised to speak to the media, said lower staff attrition at its technology and back office operations had started to worry cost-conscious managers. The BCG review could lead to layoffs, the source familiar with the review said, although no decisions have been made. Some top Barclays investors, however, told Reuters they would have misgivings about a plan to prioritise investment over capital distributions. But a recent shake-up at its investment bank has raised concern about Barclays' ability to compete amid a worldwide dealmaking slump. They are not valued properly together," said Alan Beaney, chief executive at RC Brown Investment Management, which has held Barclays shares since 2012.

Persons: C.S, shivers, Richard Marwood, Venkat, Edward Bramson, Richard Buxton, Alan Beaney, Elisa Martinuzzi, Mark Potter Organizations: Barclays, Boston Consulting, Reuters, Royal London Asset Management, Lehman Brothers, Jupiter Asset, RC Brown Investment Management, BNP, HSBC, Reuters Graphics Barclays, Jefferies, Thomson Locations: U.S, Africa

☆ Barclays hires Birchenough as chairman of healthcare investment banking
▼ + stars: | 2023-07-07 | by ( David Carnevali | ) www.reuters.com time to read: +2 min

NEW YORK, July 7 (Reuters) - Barclays Plc (BARC.L) has hired Jim Birchenough from Wells Fargo & Co (WFC.N) as its chairman of global healthcare investment banking, a spokesperson for the British bank confirmed, after Reuters reported on the appointment on Friday. Birchenough last served as vice chairman of biopharma investment banking at Wells Fargo. In his new role, Birchenough will also lead Barclays' global biopharma investment banking unit alongside Alexis de Rosnay, who joined the bank last year and is taking on an expanded role in addition to his responsibilities as chairman of global healthcare investment banking. More than two dozen U.S. investment bankers have left Barclays since January when it named two new global co-heads of investment banking. They are Cathal Deasy, former co-head of Credit Suisse Group AG investment banking and capital markets, and Taylor Wright, former co-head of Morgan Stanley (MS.N) global capital markets.

Persons: Jim Birchenough, Birchenough, Wells, Alexis de Rosnay, Darren Campili, Jim, Richard Landgarten, Cathal Deasy, Taylor Wright, Morgan Stanley, David Carnevali, Anirban Sen, Mark Porter, Will Dunham, Richard Chang Organizations: YORK, Barclays Plc, Wells Fargo & Co, Reuters, Barclays, BMO Capital Markets, Lehman Brothers, Wells, Credit Suisse Group, Thomson Locations: Wells, Wells Fargo, San Francisco, New York

☆ Indiana Jones, John Williams and the Art of Music You Can Barely Hear - The New York Times
▼ + stars: | 2023-07-07 | by ( Frank Lehman | ) www.nytimes.com time to read: +12 min

I’ve been fascinated with film music since elementary school, when I got a cassette tape called “Kid Stuff: An Afternoon at the Movies,” which featured Mr. Williams and the Boston Pops. No one exemplifies this better than Mr. Williams, who is still composing at 91. Mr. Williams accomplished this by inviting the trumpet section of the London Symphony Orchestra to blast away in its most piercing register. As he has with other cues, Mr. Williams has given this particular set piece an afterlife in concert performances. Keep your eyes shut!” Maybe then we’ll stop passively hearing film music and begin actively listening to it.

Persons: Indiana Jones, John Williams, doesn’t, He’s, I’ve, Williams, ”, Dvorak, Stravinsky, Bach, extol, Gene Shalit, “, —, “ Indiana Jones, you’ll, Kate Capshaw’s, Willie Scott, That’s, it’s, Mickey Mousing, Emilio Audissino, Daniel Goldmark, ” Mr, Mickey Mouser, Guy ”, Mousing, Beyoncé’s, Marion Ravenwood, Marion Organizations: Raiders, “ Star, “ Raiders, Boston Pops, London Symphony Orchestra, Berlin Philharmonic, ”, Hollywood, “ Locations: “, Indiana

☆ Let's set the table for the second half by reflecting on this year's hated bull market
▼ + stars: | 2023-07-02 | by ( Jim Cramer | ) www.cnbc.com time to read: +18 min

You don't get the best first-half Nasdaq rally in 40 years simply because the Federal Reserve did this, or the yield curve in the bond market did that. It was almost as if it was prosaic to seek profits, like, "How dare you defy the teachings of the yield curve, you foolish soon-to-be- broke apostate." It was the second move, the second week of March, that told the second tale of the first half: the fall of Silicon Valley Bank. Here we had an out-of-nowhere collapse of a well-known seemingly well-run bank that ran afoul, again, of the yield curve. No company could rival Club stocks Apple (AAPL), Alphabet (GOOGL), Amazon (AMZN), Microsoft and Meta Platforms (META) — nice metamorphous there and Tesla , not a Club name.

Persons: William Jennings Bryan, Gandhi, Bud, Altman, Sam Altman, Jensen Huang, Jensen, mutt, Cezanne, Monet, Shakespeare's Henry IV, Carl Quintanilla, David Faber, da, Lisa's, Wendy's, Scylla, Charybdis, ChatGPT, haut, Morgan Stanley's Mike Wilson, aren't, They've, isn't, Goldman Sachs, Tesla, Didn't, Freddie, Lehman, Jerome Powell, We've, it's, Eli Lilly, Jim Cramer's, Jim Cramer, Jim, Mad Organizations: Nasdaq, Federal Reserve, Intel, The New York Times, Veterans, Club, Microsoft, Nvidia, Globe Theatre, Silicon Valley Bank, Fed, Apple, Meta, RCA, US Steel, Washington Mutual, AIG, IBM, Jim Cramer's Charitable, CNBC, NYSE Locations: America, Philadelphia, OpenAI, Oz, Queens, mull, Ithaca, Weimar, Silicon, Republic, Valley, Delray , Florida, Alleghany, China

☆ Make way for 'an old school money contraction' in the second half, says one market strategist
▼ + stars: | 2023-07-01 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +2 min

Even obtaining cash through investments isn't as lucrative despite the gains in the S & P 500 this year, Dwyer explained. Despite the benchmark's 14% gain this year, Dwyer explained that the median stock in the NYSE is only up 3%. And 54% of the S & P 500 is trading 20% below its 52-week high. According to FactSet, consensus estimates for S & P 500 earnings per share this year are hovering just under $220, which generates an earnings yield of about 4.75%, based on current prices. The strategy doesn't mean going short when markets go negative, Dwyer explained, but rather looking to take advantage of the downside ahead.

Persons: Canaccord, Tony Dwyer, Dwyer, Melissa Lee, Lehman Organizations: NYSE, & $

☆ Global markets in H1: Banks vs the machines
▼ + stars: | 2023-06-30 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

Linking it all has been the relentless rise in interest rates, which was exactly what battered markets in 2022. But just that this time has been different due to an unshakeable view that the end of the cycle is near. A 12%, or $6 trillion, rally in value of world stocks (.MIWD00000PUS), (.FTAWORLDSR) although it has been ominously top heavy. Thanks largely to ChatGPT, the AI boom has seen the 'Big Tech' giants enjoy a combined surge of 70%. There have also been around a total of 90 interest rate hikes this year by central banks globally versus just 17 cuts.

Persons: Andrew Kelly, Lehman, Trevor Greetham, Gold, Viktor Szabo, Tayyip Erdogan's, haven't, bitcoin, Binance, Milla Savova, Dhara Ranasinghe, Tom Wilson, Rashmi Organizations: New York Stock Exchange, REUTERS, Nikkei, LONDON, Big Tech, Apple, Microsoft, Google, Netflix, Meta, Nvidia, Royal London Asset Management, Japan's Nikkei, U.S . Federal Reserve, European Central Bank, Bank of Japan's, Silicon Valley Bank, behemoth, UBS, Treasury, Wall, BlackRock, Commodities, Thomson Locations: New York City, U.S, El Salvador, Sri, Zambia, Ukraine, Pakistan, Argentina, Japan, Egypt, Nigeria, London

☆ A partner at Goldman Sachs shares what it was like to rise the ranks of Wall Street as an openly gay man
▼ + stars: | 2023-06-28 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +15 min

That same day, Broadbery achieved a different, but equally momentous, milestone in his Wall Street career. He's seen support for traditionally underrepresented groups, like the LGBTQ+ community, become institutionalized at most Wall Street firms — a welcome improvement. There's also much less stigma now around being "too gay" for Wall Street, he added. So it's like, how gay is too gay for Wall Street?" "I think Wall Street is Wall Street and in the finance industry there are certain norms and certain things you need to do to conform — the working environment, the working hours, the hierarchy, the path to promotion — those things are what they are," he said.

Persons: Michael Broadbery, Goldman Sachs, David Solomon, Broadbery, Goldman, unabashedly, Guinness Mahon, —, Lehman, It's, wasn't, I'm, it's, There's Organizations: Goldman, Network, Intel, Wall, Hamptons, Barclays, Lehman Brothers, Lehman, firm's Locations: York, Americas, Dublin, Ireland, London, Asia, Hong Kong, firm's Asia, Singapore

☆ JPMorgan Chase's drawn-out breakup with Jeffrey Epstein
▼ + stars: | 2023-06-23 | by ( Kaja Whitehouse | Emmalyse Brownstein | ) www.businessinsider.com time to read: +29 min

Several months later, in October 2006, JPMorgan categorized Epstein as a "high-risk" client, according to a transcript of Dimon's deposition in May. Today, banks have entire departments dedicated to tracking client activity and flagging suspicious behavior. Lots of questions'The fuss JPMorgan compliance officers raised about Epstein in 2011 was extensive. A 'faithless servant'One person who might know much more about the tangled relationship between Epstein and JPMorgan is Jes Staley. Staley sent Epstein internal JPMorgan documents and relied on him for guidance on an array of business and personal dealings, the JPMorgan internal report shows.

Persons: —, Morgan Stanley, Lehman Brothers —, Jamie Dimon, Jeffrey Epstein, Leon Black, Bill Clinton, Donald Trump, Epstein, Jes Staley, Staley, Jeffrey Epstein's, Michelle Licata, Courtney Wild, Stephanie Keith, Jane Doe, JP Morgan —, Epstein —, jes staley, Patricia Wexler, Wexler, Dimon, Barry Krischer, JPMorgan, Ghislaine Maxwell, Rod Stewart, Cipriani, Joe Schildhorn, Patrick McMullan, Frank Haberstroh, Haberstroh, Les Wexner, Wexner, Tom Williams, JP Morgan, Little, Little Saint James, Epstein's, Jim Spellman, Staley didn't, Morgan, James, Emily Michot, Bill Gates, Larry Summers, Woody Allen, Stephen Cutler, Cutler, Mary Erdoes, Erdoes, Youngbee Dale, Dale, JPMorgan Chase, Michael M, NYDFS, Bernie Madoff, Cecile de Jongh, Joe Shmoe, Jacob Shamsian Organizations: JPMorgan, Highbridge Capital Management, Citigroup, Lehman Brothers, titans, Apollo, US, US Virgin Islands, Bloomberg TV, Financial, US Department of, Treasury, Getty, BSA, Polaris Market Research, United Nations University Centre, M2C Model, Palm, JPMorgan Chase, Washington D.C, Inc, Apollo Global Management, The New York Times, Little Saint, Virgin, U.S ., Miami Herald, Tribune, Service, Microsoft, Columbia University, Mountain Capital, DOJ, New, Deutsche Bank, New York Department of Financial Services, Virgin Islands, Barclays, Authority, Wall Street Journal Locations: York, Manhattan, New York, US Virgin, dimon, Palm Beach , Florida, New York City, UN, Paris, Washington, Prague, thomas, Wexner, Little Saint, I'm, Little St, U.S, U.S . Virgin Islands, Staley, Dimon's, Virgin, British

☆ 'Lots of smoke. Lots of questions': Internal emails show JPMorgan Chase execs worried about the bank's ties to Jeffrey Epstein. So why did it take so long to cut him loose?
▼ + stars: | 2023-06-23 | by ( Kaja Whitehouse | Emmalyse Brownstein | ) www.businessinsider.com time to read: +29 min

That, of course, is the billion-dollar question: What did JPMorgan, America's largest bank, know about Epstein's alleged sex trafficking? Today, banks have entire departments dedicated to tracking client activity and flagging suspicious behavior. Lots of questions'The fuss JPMorgan compliance officers raised about Epstein in 2011 was extensive. Lots of questions," declared a senior JPMorgan compliance officer reviewing Epstein's accounts as part of that 2011 compliance review, according to court papers filed by the US Virgin Islands. Staley sent Epstein internal JPMorgan documents and relied on him for guidance on an array of business and personal dealings, the JPMorgan internal report shows.

☆ 8 money habits that are preventing you from growing your wealth, according to an ex-banker
▼ + stars: | 2023-06-22 | by ( Tim Denning | ) www.businessinsider.com time to read: +10 min

Ex-banker and personal-finance writer Tim Denning says a poor money mindset is what keeps you stuck. You also need to act on investments instead of waiting for the right time and seek out tax savings. I got this poor money mindset from the 2008 recession. "Don't pay in full. When you don't pay, they charge predatory fees and make you poorer.

Persons: Tim Denning, —, Katie, Austin Rief, Austin, Katie Gatti, I've, Cash, Lehman Brothers, you'll, Gordon Ramsay, It's, it's, There's Organizations: Service, Facebook, Morning, doesn't, Navy SEAL, Google, Microsoft, CNBC Locations: Australian

☆ ‘Once Upon a One More Time’ Review: Cinderella, Liberated (Again)
▼ + stars: | 2023-06-22 | by ( Elisabeth Vincentelli | ) www.nytimes.com time to read: +2 min

The Britney Spears jukebox musical “Once Upon a One More Time” is not a bio-show recounting the singer’s life. Rather, it retrofits two dozen of her songs — including “Oops! But this big, splashy show, which is quite entertaining at times, is hampered by a shambolic jumble of sisterhood 101 messaging and defanged fantasy revisionism. Although Cinderella is supposed to be content in the happy-ever-after, her loneliness just might be killing her. But shush, pretty lady, push these thoughts out of your lovely head: As her prince (Justin Guarini) soothingly informs her, “You’re paid to be pretty, and I’m paid to be charming.”

Persons: Spears, ”, Snow White, Aisha Jackson, Pea, Morgan Whitley, Gabrielle Beckford, Ashley Chiu, Lauren Zakrin, Adam Godley, Justin Guarini, soothingly, “ You’re, I’m Organizations: Disney, Broadway

☆ Dimon may have ordered JPMorgan's review of Epstein ties, Virgin Islands says
▼ + stars: | 2023-06-20 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

NEW YORK, June 20 (Reuters) - JPMorgan Chase (JPM.N) Chief Executive Jamie Dimon may have ordered a 2019 review of the bank's relationship with the late financier and sex offender Jeffrey Epstein, the U.S. Virgin Islands said. The U.S. Virgin Islands lawsuit is scheduled for an Oct. 23 trial in Manhattan federal court. It referred to a 22-page summary of emails primarily between and among Epstein, Staley and others. A spokesperson for the Virgin Islands said the bank's senior executives "ignored the evidence of Jeffrey Epstein's crimes." JPMorgan is suing Staley to cover its losses in the U.S. Virgin Islands' and Epstein victims' lawsuits.

Persons: JPMorgan Chase, Jamie Dimon, Jeffrey Epstein, Epstein, Jes Staley, Dimon, Staley, Jed Rakoff, Lehman Brothers, Jeffrey Epstein's, Luc Cohen, Nupur Anand, Matthew Lewis Organizations: YORK, JPMorgan, U.S . Virgin, Jeep, Virgin Islands, Barclays, Thomson Locations: U.S, Manhattan, U.S . Virgin Islands, Florida, New York

Money market funds Assets in retail money market funds grew to $1.99 trillion, according to the latest data from the Investment Company Institute . Further, even as money market funds offer relative safety, they can still face some risk. Don't confuse money market funds with money market accounts. Though money market accounts – which are offered by banks – are protected by the Federal Deposit Insurance Corporation, up to $250,000, money market funds are not. Certificates of deposit and high-yield savings accounts Liquidity should be a big factor for investors eyeing bank products like CDs and high-yield savings accounts.

Persons: Jamie Hopkins, Hopkins, Don Grant, Jordan Benold, Lehman, Danika Waddell, BancShares, Waddell Organizations: Federal, Carson Group, Sabre, Investment Company Institute, Investors, –, Lehman Brothers, Federal Deposit Insurance Corporation, Xena, BMO, Ally Financial, CIT Bank, Synchrony, Ally, Capital

☆ UBS Just Outlined the Key People Tasked With Integrating Credit Suisse
▼ + stars: | 2023-06-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

Monday marked the official closing of UBS' acquisition of Swiss rival Credit Suisse, a deal both sides weren't exactly thrilled about. Specifically, the bank identified the Credit Suisse execs sitting in positions of power within its investment bank and wealth management division. UBS has not been bashful in hinting at what it is, and is not, interested in integrating from Credit Suisse. Credit Suisse was in rough shape by the time it got acquired, but that's not to say there weren't talented bankers there. Read more about the leaders of UBS' wealth and investment bank teams following its Credit Suisse deal.

Persons: Dan DeFrancesco, we've, Insider's Michelle Abrego, Kaja Whitehouse, that's, Read, Alexander Soros, George Soros, Jeffrey Epstein, Thoma, Nasdaq's, Morgan Stanley, Sam, Here's, Alex Soros, it's, We've, Jeffrey Cane, Hallam Bullock Organizations: Nasdaq, UBS, Swiss, Credit Suisse, Suisse, Credit Suisse execs, Lehman Brothers, George Soros Getty, JPMorgan, Thoma Bravo, Soros, Open Society Foundation, LinkedIn Locations: secondaries, New York, London

☆ Why Hong Kong can’t cut loose from the US dollar just yet
▼ + stars: | 2023-06-13 | by ( Laura He | ) edition.cnn.com time to read: +11 min

Hong Kong CNN —Hong Kong’s currency is facing its biggest test since the global financial crisis of 2008. The steep fall is a sign that investors are ditching the Hong Kong dollar. The Hong Kong Monetary Authority (HKMA) is committed to keeping the Hong Kong dollar between 7.75 and 7.85 per greenback. People walk past the Hong Kong Monetary Authority (HKMA) on May 4, 2023, in Hong Kong, China. “Pegging the Hong Kong dollar to the US dollar encourages such transactions to be carried out in Hong Kong and under Hong Kong law, even if neither party is based in Hong Kong.”This helps to create jobs and prosperity in Hong Kong, while also benefiting mainland China.

Persons: Hong, hasn’t, Andy Xie, ” Logan Wright, Bill Ackman’s, Ackman, Wright, Peter Parks, Kong, Deng Xiaoping, Margaret Thatcher, outflows, Chi Lo, Chen Yongnuo, Hong Kong’s, ”, Richard Cookson ,, Boaz Weinstein, Daniel Fung, Rhodium’s Wright, Xie, Eddie Yue, Banks, John Greenwood, “, Greenwood, ” Greenwood Organizations: Hong Kong CNN, British, Hong, Traders, Hong Kong, Bill Ackman’s Pershing, Capital Management, Getty, Lehman Brothers, Hong Kong Monetary Authority, US Federal Reserve, Asia Pacific, BNP, Asset Management, Fed, China News Service, Rubicon Fund Management, Bloomberg, Saba Capital Management, National Security Law, CNN Locations: Hong Kong, United States, China, Hong, Beijing, AFP, Britain, “, ”, Riding

☆ Many are declaring the bear over, but a new bull market is more a process than a single moment
▼ + stars: | 2023-06-10 | by ( Michael Santoli | ) www.cnbc.com time to read: +7 min

The review is merely to note that the beginning of a potential bull market is a process, not a moment, occurring as the weight of the evidence gradually shifts in favor of the optimists. A new bull market, even if in place, doesn't always mean a timely sprint to hefty further gains. In a bear market, that's toppy; while in a bull market backdrop, such a level of optimism is fairly routine. In a bear market, 14 is "too low," In a bull market, it's middling. The S & P 500 has built a cushion with which to absorb routine pullbacks without jeopardizing the broader trend.

Persons: JFK, didn't, –, doesn't, Stephen Suttmeier, Bull headwinds, I've, they've, there's Organizations: Bank of America, Investment Group, Lehman, Investment, American Association of Locations: New York, –

☆ What we talk about when we talk about diversity, and CNN
▼ + stars: | 2023-06-10 | by ( Trisha Gopal | ) www.businessinsider.com time to read: +7 min

This week, CNN CEO Chris Licht was fired after a scathing profile was published in the Atlantic. In the profile, Licht details his own thoughts about how diversity should be defined in the media industry. In Alberta's profile, Licht claimed to be operating under his own idea of "diversity," one that does not include "virtue signaling." "I think 'Defund the police' would've been covered differently if newsrooms were filled with people who had lived in public housing," Licht continued. The diversity Licht did seem to value was geographic diversity, which can be a coded way of saying "not from the liberal coasts."

Persons: Chris Licht, Licht, MAGA, Stephen Gutowski, Trump, Tim Alberta, Jean Carroll, Kevin McCarthy, Rick Scott, Jim Acosta's, Brian Stelter's, Warner, David Zaslav, Franklin Leonard, Washington Post's Perry Bacon Jr, John Miller, Miller, Lehman, Tara Narula, Don Lemon, Reagan, Lisa Ling, Kamau Bell, New York Mondaire Jones, Jones, Kaitlin Collins, Lemon, Poppy Harlow, Collins, Laura Coates Organizations: CNN, NRA, Atlantic, Warner Bros, Discovery, Republicans, Harvard, Insider, NYPD, Stanford, Catholic, LSU, Republican, White House, Daily, White Locations: Alberta, Washington, New York City, Baton Rouge , Louisiana, Birmingham , Alabama, Mobile , Alabama, New York, Alabama, Asia

☆ The worst liquidity crunch since the Lehman Brothers crisis will be the stock market's biggest obstacle this summer, JPMorgan's chief equity strategist says
▼ + stars: | 2023-06-07 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The worst liquidity crunch since the 2008 Lehman Brothers collapse will be a big headwind for the stock market this summer, according to JPMorgan. The bank's chief market strategist Marko Kolanovic warned that the expected liquidity decline could add to recession fears. "Broad liquidity in the US... will contract by another $1.1 trillion from here till year-end," Kolanovic said. In year-over-year terms, this would represent the worst US broad liquidity contraction since that seen after the Lehman crisis," Kolanovic said. A sharp liquidity decline in the US is unlikely to be offset by the rest of the world, Kolanovic said.

Persons: Lehman, Marko Kolanovic, Kolanovic, —, frothiness Organizations: JPMorgan, Service, Lehman Brothers, US Treasury

☆ Meredith Whitney is back. Here's her latest market call
▼ + stars: | 2023-06-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Famed analyst Meredith Whitney has ended a self-imposed exile from a finance world that she said had become "like watching paint dry." "Why I say there's no risk for an immediate downturn is because there's no forced selling," Whitney told CNBC's Sara Eisen during a " Squawk on the Street " interview. That forecast came after she had left Oppenheimer to start the Meredith Whitney Advisory Group, which she eventually shuttered to launch a hedge fund that no longer exists. Finance "was like watching paint dry, and things started to change about 18 months ago," Whitney said. In the current landscape, Whitney thinks the problems plaguing regional banks are collective "one-offs" that won't cause systemic damage.

Persons: Meredith Whitney, Whitney, CNBC's Sara Eisen, Oppenheimer Organizations: CNBC, Lehman, Citigroup, Meredith Whitney Advisory Group, Finance Locations: Silicon, Republic

☆ Croatia's little-visited coastline above Dubrovnik
▼ + stars: | 2023-06-05 | by ( Mary Novakovich | ) edition.cnn.com time to read: +11 min

There’s even Kornati National Park, one of Croatia’s most compelling natural spaces, spread over 89 islands. Meanwhile, Trogir – whose old town occupies its own little island – is a magical place protected by UNESCO World Heritage status. In just one square within the walled old town you’ll be immersed in centuries of history. Primošten’s old town is on its own little island connected to the newer town by a causeway. Look out for a little promontory just to the north of the old town, where you’ll see pebbly beaches backed by pine trees.

Persons: Trogir, Anastasia, Danny Lehman, –, you’ll, Trg, Mary’s, Boonchet, Nikola Bašić, you’ve, Nin, Veli, it’s, Anton Petrus, there’s, Jakov, Ivan Coric, You’ll, George, Andrey Omelyanchuk, Mary Novakovich, “ Organizations: CNN, Dalmatia, UNESCO World, Kolovare, Getty, Yugoslav, UNESCO Locations: Split, Dubrovnik, Croatian, Croatia’s, Zadar, Trogir, You’ll, Šibenik, Zadar's, Donat’s, St, Mary’s, you’re, Kolovare, Bibinje, Nin, –, Sakarun, Dugi, Murter, Sibenik's, Lawrence’s, Krka, Skradin, Primošten, Čiovo, Riva

☆ Central bankers face a balance sheet reckoning
▼ + stars: | 2023-05-26 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

LONDON, May 26 (Reuters Breakingviews) - Central banks’ balance sheets have exploded in size since 2008. That’s not a problem, we’re told, since central banks are not bound by ordinary accounting rules. Ferguson and his colleagues examined fourteen central bank balance sheets over a period of 400 years. Central bank hawks on the other hand, are typically slow to expand their balance sheets during crises. Central banks with weak balance sheets are less credible bastions of a fiat currency.

But as some argue, in its quest to avoid another taper tantrum, the Fed delayed that two-pronged tightening too long, which has partly contributed to the stickiness of inflation today. This lengthy buildup may have averted another taper tantrum, but tied the Fed's hands on raising rates even as inflation was roaring back. Markets thought this not only meant the Fed would soon "taper" its bond purchases, but also raise interest rates. The Fed and markets have learned their lessons from the taper tantrum. Maybe the taper tantrum illustrates that it wasn't as planned and consistent as it should have been," he said.

☆ The S&P 500 will crash 30% by December as spending slumps, profits shrink, and banking problems mount, markets guru Larry McDonald warns
▼ + stars: | 2023-05-19 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

The S&P 500 will plunge by almost 30% to around 3,000 points by December, Larry McDonald has warned. He sees less government spending, slimmer corporate profits, and banking pressures as key drivers. McDonald made a similar call in early March, when he declared the stock market could tank 30% within the next 60 days. The prospect of less spending and investment, stricter lending, steeper debt payments, and greater unemployment bodes poorly for corporate profits and stock prices. Instead, he recommended beaten-down, cyclical stocks in sectors such as energy, and hard assets such as gold, silver, and platinum.

☆ Opinion | Legalizing Marijuana Is a Big Mistake
▼ + stars: | 2023-05-17 | by ( Ross Douthat | ) www.nytimes.com time to read: +3 min

But Lehman explains in detail why the second-order effects of marijuana legalization have mostly vindicated the pessimists and skeptics. But Lehman argues that there is also no good evidence so far that legalization reduces racially discriminatory patterns of policing and arrests. Most casual pot smokers won’t have this experience, but the legalization era has seen a dramatic increase the number of non-casual users. Because of all the years of prohibition, a mature and supple illegal marketplace already exists, ready to undercut whatever prices the legal market charges. So to make the legal marketplace successful and amenable to regulation you would probably need much more enforcement against the illegal marketplace — which is difficult and expensive and, again, obviously uncool, in conflict with the good-vibrations spirit of the legalizers.

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