Jeffrey P. Snider

Systemic Blindness

MF Global failed on a trade that would have made it enormously profitable. AIG’s portfolios of “toxic waste” ended up making money – for the Federal Reserve. Bear Stearns and Lehman Brothers were ended like the others by liquidity, not losses. SemGroup was another firm that went into bankruptcy during that period, but one that…

When Up Or Down Might Not Matter

Many surveys of especially manufacturer sentiment were for most of the past few years highly volatile in their month-to-month changes. It wasn’t at all unusual for the Chicago Business Barometer, for example, to be up big one month and then down just as much if not more the next. What was important was not those…

A Better Mirror

The last ten years of global depression are the consequences of these empty suits who actually believed they controlled the global economy by every six weeks raising or lowering an irrelevant money market rate a quarter point at a time.

The Real Signs That Matter

We don’t live in a perfect world by any means. Because of that, it may from time to time seem like mere noise when something just doesn’t to fit. There will always be irregularities in life, the inherent nature of humanity inherent in the systems humans create. Thus, it pays to remember not to let…

The Disappeared Economy

At the end of April 2015, the Commerce Department reported that unadjusted durable goods shipments (ex transportation) had totaled $177.6 billion in the month of March 2015. That represented just a half of one percent year-over-year gain, but at a crucial moment in economic history the plus sign was quite welcome for the attempt at…

Simple (economic) Math

The essence of capitalism is not strictly capital. In the modern sense, the word capital has taken on other meanings, often where money is given as a substitute for it. When speaking about things like “hot money”, for instance, you wouldn’t normally correct someone referencing it in terms of “capital flows.” Someone that “commits capital”…

Almost Certain

It doesn’t appear as if the OPEC decision went as the oil ministers might have hoped. Agreeing to a nine-month extension, more than the usual six months, it was still less than the whispered year that had been rumored and seemingly supported as late as yesterday. Still, Saudi Energy Minister Khalid al-Falih was encouraged. We…