Wall Street Examiner Exclusives – The Wall Street Examiner http://wallstreetexaminer.com Get the facts. Sun, 01 May 2016 00:10:26 +0000 en-US hourly 1 WSJ Master Word Soup Chef Greg Ip Missplains the Fed and Argentina Flation http://wallstreetexaminer.com/2016/04/greg-ip-master-word-soup-chef-splains-argentinian-flation/ http://wallstreetexaminer.com/2016/04/greg-ip-master-word-soup-chef-splains-argentinian-flation/#respond Wed, 27 Apr 2016 16:50:08 +0000 http://wallstreetexaminer.com/?p=293460 Greg Ip knows just enough economic conventional wisdom to be a masterful and well respected word soup chef. Today he took on an explanation of why Argentina could “create” inflation via money printing, and the Fed, ECB, and BoJ couldn’t. He said that it was because Argentina’s central bank bought government debt directly, and the…

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Greg Ip knows just enough economic conventional wisdom to be a masterful and well respected word soup chef. Today he took on an explanation of why Argentina could “create” inflation via money printing, and the Fed, ECB, and BoJ couldn’t.

He said that it was because Argentina’s central bank bought government debt directly, and the major central banks didn’t. Apparently buying government debt indirectly via third parties somehow insulates economies from having inflation. He explained it, and his bobblehead Wall Street Journal readers and fellow media word soup practitioners all shook their heads in agreement, even though they didn’t understand a word of it. But it sure sounded plausible for those who ignore the basic accounting of how money goes from a government debt auction into the economy and banking system.

With inflation in the U.S., Japan and the eurozone stuck below their 2% targets, central banks are asked regularly if they have the tools to prod it higher. A better question would be: Do they have the will?

There is a tool virtually guaranteed to create inflation. It’s called helicopter money—named for the image of dropping cash from helicopters—and consists of a central bank explicitly printing money to finance increased government deficits.

Embracing helicopter money would erase the boundary between highly politicized fiscal policy and scrupulously independent monetary policy. That boundary is sacred not just to central bankers, but also to governments that correctly view it as a bulwark against economic adventurism. That’s why the world economy will have to look a lot worse before central banks and governments go down that road.

To understand the taboo, examine a country—Argentina—only now extricating itself from years of de facto helicopter money, which is also called monetary finance.

After Argentina defaulted in 2001, some bondholders refused to accept the government’s settlement and, through the U.S. courts, locked Argentina out of global capital markets. Unable to borrow from underdeveloped domestic markets and unwilling to cut its deficit through lower spending or higher taxes, the government turned to the central bank. Central bank temporary advances and transfers of profits to the treasury, both forms of money printing, shot from 4 billion pesos in 2007 to 159 billion pesos last year, equal to 3% of gross domestic product.

“The central bank was lender of first resort to the treasury,” Alfonso Prat-Gay, who ran the central bank from 2002 to 2004 and is now the country’s finance minister, said in a recent interview.

Money printing had the predicted effect: Inflation skyrocketed.

-Yes, Central Banks Can Create Inflation. Just Ask Argentina- by Greg Ip, The Wall Street Journal, April 27, 2016

From 2008 to 2016 Argentina’s central bank bought approximately 550 billion pesos of Argentina’s government debt to finance government spending. That was equivalent to just under 2% of Argentinian GDP over that time. The central bank bought the debt directly from the government.

In the US, between 2008 and 2014 the Fed bought $2.7 trillion of government debt and mortgage backed securities from the Primary Dealers who used the cash from those sales to buy government debt and mortgage backed securities. The Fed actually bought approximately $1.9 trillion of US government securities during that time. That was just under 2% of US GDP over that span.

Supposedly, by Ip’s reckoning, the Argentinian buying stimulated inflation because it was purchased directly from the government. Supposedly, because the Fed, (and the ECB and BoJ) use middle men when they purchase government debt, that doesn’t stimulate inflation.

If the Fed could create inflation then and Argentina’s central bank can now, why has it proven so difficult for the Fed, the European Central Bank and the Bank of Japan? It’s not enough to print money; the money has to be spent. Whereas Argentina printed money because the government needed it to finance spending, the Fed, ECB and Bank of Japan acted independently, at a time when their governments have been trying to rein in their borrowing.

-Yes, Central Banks Can Create Inflation. Just Ask Argentina- by Greg Ip, The Wall Street Journal, April 27, 2016

This is not only utter nonsense, it is illogical on its face. Because Ip is so well liked by his peers in the propaganda ministries, no one ever bothers to question his tortured logic. This problem is endemic in the financial media.

The statement presumes that the money the Fed printed to buy US government debt was not spent! That supposition is either disingenuous or blindly ignorant. Where does Ip think the money went? While the US may have been reducing its annual deficit, deficit spending remained massive. The government continued to spend more than it took in from taxes and continues to do so today.

During the period of QE from 2008 to 2014, in one week the Fed purchased government bonds from the Primary Dealers. The next week the dealers use that cash to purchase government debt at the Treasury auctions. The next week, the Treasury spent the money it got from selling the debt to the Primary Dealers, which they got from the Fed the week before. And the Fed again bought the government debt the dealers had purchased just the week before. The only difference between the Fed’s buying and the Argentinian central bank buying is that the Fed’s buying went through a pipeline that included the Primary Dealers whereas Argentina’s did not. But the cash all ended in the same place.

When the Treasury spent the cash that the Fed had printed and deposited to dealer accounts 2 weeks prior, that cash then entered the banking system, where it resides to this day, and will continue to reside indefinitely. It is on the books of the banks as cash assets.

US commercial bank deposits skyrocketed dollar for dollar with the Fed cash injections during the period the Fed was printing money to purchase government debt. It got there because the government used the proceeds of the debt sales to pay its bills. Banking system deposits grew accordingly, because they came from the money the Fed had printed 2 weeks before. Deposits grew even during the recession when bank lending was contracting, because the Fed was printing it and injecting it into the banking system and economic stream via the Primary Dealer/Government spending conduit.

True helicopter money means the government announces a big spending boost or tax cut and the central bank promises to print money to finance it, and to never withdraw that money from circulation. This persuades households that taxes won’t go up but prices will. That amplifies the impact on both spending and, by altering inflation expectations, actual inflation. This is not a surgical operation; once expectations become unanchored, there’s no guarantee inflation will rise to 2% and stop.

-Yes, Central Banks Can Create Inflation. Just Ask Argentina- by Greg Ip, The Wall Street Journal, April 27, 2016

This is mainstream economic conventional wisdom gobbledygook. Who in their right mind, who actually is part of a household, who actually subsists and supports a family on a paycheck week to week actually thinks this way? Do you? Do you know anyone who does?

Mainstream media PR people like Ip read this stuff in a textbook and accept it as gospel, which is what it is. It’s not factual. It has no basis in the real world. It’s religious mysticism, accepted without question or investigation. The media and the economic priesthood exist to spew this pap in an endless circle jerk. The fact that the real world does not work this way is irrelevant.

As Ip tells in his report, no one really knows how much inflation Argentina got, but whatever inflation it got was almost certainly due to the fact that the Argentinian peso collapsed and the prices of imported goods soared commensurately. That was because Argentina wasn’t paying its bills to the rest of the world.

The difference between the inflation experiences of Argentina and the developed nations under the Fed, BoJ, and ECB, had absolutely nothing to do with whether your central bank bought government debt directly from the government or through a Primary Dealer middleman. The money all ends up in the same place. And it had nothing to do with the inflationary behavior of households because households supposedly ponder government policy before deciding to bid up consumer prices.

It’s pretty simple.  When your currency collapses, prices react inversely.

Ip then goes on to sing the praises of the Fed, BoJ, and ECB for not buying government debt directly, as if this is somehow an effective policy for preventing inflation when the real reasons, which go unexamined, lie elsewhere. His piece, like so much of his work and that of his colleagues in the captured financial media, is word soup, all empty carbs and no meat. It is propaganda, designed to convince the public of the omniscient wisdom of the Fed and its major central bank cohorts.

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Get It While You Can- CEOs Use Corporate Borrowing To Pay Themselves http://wallstreetexaminer.com/2016/04/get-can-corporate-ceos-lever-pay/ http://wallstreetexaminer.com/2016/04/get-can-corporate-ceos-lever-pay/#respond Sun, 24 Apr 2016 22:22:41 +0000 http://wallstreetexaminer.com/?p=293135 For more, subscribe and see Bank Loans and Deposits Soar in US, Stall In Europe, Thanks To EuroNIRP

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C&I Loans- CEOs Lever Up

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Here’s What Excise Tax Collections Tell Us About the US Economy http://wallstreetexaminer.com/2016/04/excise-tax-collections-tell-us-us-economy/ http://wallstreetexaminer.com/2016/04/excise-tax-collections-tell-us-us-economy/#respond Thu, 21 Apr 2016 18:15:22 +0000 http://wallstreetexaminer.com/?p=292833 Excerpted and modified from the Pro Trader Federal Revenues Report posted April 16.   The Federal Government posts a reconciliation of the previous month’s tax receipts by detailed line item on the 8th business day of the following month. It’s useful to parse excise taxes because they are based on unit volume, not total sales,…

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Excerpted and modified from the Pro Trader Federal Revenues Report posted April 16.  

The Federal Government posts a reconciliation of the previous month’s tax receipts by detailed line item on the 8th business day of the following month.

It’s useful to parse excise taxes because they are based on unit volume, not total sales, and because their calendar effects are less severe due to the twice monthly payment schedule. Notably, gross miscellaneous excise tax collections were down by 2.2% covering the mid month February-March period while gas and aviation fuel tax collections rose.

The Federal Highway Trust fund taxes collected on gasoline rose by 4.8% in March after rising by 8.9% in February. Lower gasoline prices are inducing increased consumption. Americans are driving more as they spend their gas savings on… wait for it… gas, among other things, but not booze and cigarettes. Weekly data from the US EIA shows gasoline consumption up nearly 8% on an annual basis as of the week ended April 8.

Weekly US Gasoline Demand

As an aside, I wrote in the weekly Pro Trader Federal Revenue Report back on March 13:

Without getting into an in depth supply/demand analysis, if oil prices haven’t bottomed already, the fact of falling supply and rising demand supports higher prices. With Goldman and the other managers of public sentiment widely calling for lower oil prices, no doubt they are doing the opposite of what they are recommending [that the public should do, taking the other side of their recommended trade], in recognition of the supply/demand fundamentals.

We should also recognize that one of the key properties of oil as a commodity is that it is a money substitute, even more so than gold is, for the biggest leveraged speculators and investors in the world. With the ECB and BoJ going increasingly insane, the move back into oil as a money substitute looms as another reason supporting a reversal.

Aviation fuel related excise tax collections also rose in February-March. They were up by 4.1%.

Miscellaneous excise taxes, essentially sin taxes covering alcohol and tobacco, fell by 2.2% versus March 2015 after falling by 2.4% in the prior month. While gas and aviation fuel taxes show increased consumption, the drop in sin taxes suggest that the US economy is sinking into recession. Either that, or US consumers of these products have suddenly become more health conscious.

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Lee Adler Shares His Gloomy Outlook (For Bears) With Lindsay Williams http://wallstreetexaminer.com/2016/04/lee-adler-shares-gloomy-outlook-lindsay-williams/ http://wallstreetexaminer.com/2016/04/lee-adler-shares-gloomy-outlook-lindsay-williams/#respond Tue, 19 Apr 2016 17:59:08 +0000 http://wallstreetexaminer.com/?p=292586 April 19, 2016 – CNBC Africa’s Lindsay Williams interviewed me for his evening drive time show in South Africa. The following is a clip from that show featuring the interview. http://wallstreetexaminer.com/lwla041916.mp3 Click here to listen if player not visible. End music by Wall Street Examiner Special Effects Studios

The post Lee Adler Shares His Gloomy Outlook (For Bears) With Lindsay Williams was originally published at The Wall Street Examiner. Follow the money!

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April 19, 2016 – CNBC Africa’s Lindsay Williams interviewed me for his evening drive time show in South Africa. The following is a clip from that show featuring the interview.

End music by Wall Street Examiner Special Effects Studios

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US Ties Europe For Most Fed Primary Dealers http://wallstreetexaminer.com/2016/04/primary-dealers-list-updated/ http://wallstreetexaminer.com/2016/04/primary-dealers-list-updated/#respond Mon, 18 Apr 2016 20:16:35 +0000 http://wallstreetexaminer.com/?guid=74bdb2513ae430b5c96c478327d630d6 Wells Fargo Securities, LLC has been added to the list of primary dealers, effective April 18, 2016.

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Wells Fargo Securities, LLC has been added to the list of primary dealers, effective April 18, 2016. – NY Fed Press Release

Whoa, that means there are now eight, count em, 8! US based Primary Dealers out of 23 total. That ties Europe for the most Primary Dealers of US Treasuries, who are also the Fed’s only correspondents for Money Printing Operations (aka MPO).

For many years Europe has had the most US Primary Dealers with 8 while the US had only 7. That means that when the Fed was printing money every week, a lot of it was going to Europe.

It also means that the US now has twice as many Fed Primary Dealers as Canada. Can you believe it? TWICE as many as Canada. But wait a minute. Doesn’t the US have TEN times Canada’s population and 9 times the GDP? Doesn’t the US have triple the bank assets of Canada (something wrong with only triple, eh?) Canada has 6 big banks that dominate the Canadian economy. 4 of them are US Primary Dealers corresponding with the Fed. So when Canada’s economy goes belly up, don’t blame Canada.

Rounding off the top 23 US Primary Dealers, Japan has 3. That means that 15 of the 23 US Primary Dealers are foreign banks. When the Fed prints money, much, or most, of it leaves the US. It’s just another reason, among many, why all that QE did absolutely nothing to boost the US economy. If the Fed wants a bubble economy in the US, the least it could do is stop sending all that cash overseas.

At least the ECB and BoJ are now returning the favor. They print money hand over fist, then tax it at home by imposing negative interest rates. That drives money out of Europe and Japan to the US where the Fed is kind enough to pay interest on reserves to not only domestic banks but also US subsidiaries of foreign banks.

It’s all very nice of the Fed, don’t you think? Love thy neighbor. As an American, I’m really proud of the Fed’s generosity to the rest of the world. Aren’t you?

Primary Dealers List

Bank of Nova Scotia, New York Agency
BMO Capital Markets Corp.
BNP Paribas Securities Corp.
Barclays Capital Inc.
Cantor Fitzgerald & Co.
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Daiwa Capital Markets America Inc.
Deutsche Bank Securities Inc.
Goldman, Sachs & Co.
HSBC Securities (USA) Inc.
Jefferies LLC
J.P. Morgan Securities LLC
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Mizuho Securities USA Inc.
Morgan Stanley & Co. LLC
Nomura Securities International, Inc.
RBC Capital Markets, LLC
RBS Securities Inc.
Societe Generale, New York Branch
TD Securities (USA) LLC
UBS Securities LLC.
Wells Fargo Securities, LLC

Here Are The 13 Banks That Rule The World

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Central Bank Policy Failure Chart Of The Week- US Worker Weekly Earnings http://wallstreetexaminer.com/2016/04/ridiculous-economic-policy-chart-week/ http://wallstreetexaminer.com/2016/04/ridiculous-economic-policy-chart-week/#respond Thu, 07 Apr 2016 07:03:44 +0000 http://wallstreetexaminer.com/?p=290791 Whatever the central bankers and economic policy makers are doing sure is not helping US workers earn bigger paychecks. The collapse in the growth rate of employee earnings attests not only to the pressure on the wages of existing jobholders, but also to the lousy, low-pay jobs the economy is adding while everyone else’s weekly pay…

The post Central Bank Policy Failure Chart Of The Week- US Worker Weekly Earnings was originally published at The Wall Street Examiner. Follow the money!

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Whatever the central bankers and economic policy makers are doing sure is not helping US workers earn bigger paychecks. The collapse in the growth rate of employee earnings attests not only to the pressure on the wages of existing jobholders, but also to the lousy, low-pay jobs the economy is adding while everyone else’s weekly pay is stagnating.

Employee Weekly Earnings Are Crashing - Click to enlarge

Furthermore, even the absurd seasonally finagled headline jobs number for March, which everyone treated as great, was terrible. Where in the mainstream media did anyone mention that even that inflated headline number of 215,000 was 34,000 less than the equally absurd February headline fiction of 249,000? The Street talking heads were too focused on the fact that the number beat the consensus by a whole 15,000– a lousy 15,000 out of 143 million estimated total jobs. My god, that doesn’t even register as a rounding error. What’s exciting about that when even the reported monthly rate dropped by 34,000?

The Federal Withholding Tax data for the nonfarm payrolls survey week for March had a year to year nominal gain of 1.3%. That compared with a year to year gain of 2.7% in the February survey week. The growth rate in March was less than half what it was in February.

According to the BLS, actual, not seasonally adjusted data showed 2.6 million jobs added in the year ended in February, which was 1.9% growth year over year. The growth rate of withholding tax collections was cut in half in March which tells us that the BLS jobs growth guesstimate should have been cut in half, let’s say to 1%. Without going through all the math, with wages stagnant, the economy actually would have lost 487,000 jobs. However, February jobs were also overstated, so the actual job loss in March was probably “only” around 300,000 or so.

At some point, unless the tax collections rebound sharply, the BLS will have no choice but to reflect reality, and the monthly headline numbers will need to be adjusted down massively, just like they were when the BLS rebenchmarked their data based on 2014 tax data and reset all the numbers for the past 5 years in February.

Taxes don’t lie. The BLS numbers are worse than useless–they are often grossly misleading, and only adjusted to actual tax data the following year and for 4 more years after the fact. If you want to know what is really going on with US employment in real time, you can follow the actual Federal withholding tax data weekly in my Pro Trader Federal Revenues reports or monthly in the Monthly Investor Federal Revenues reports.

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Negative Supply and Demand Factors For Bonds Are Just As Bad For Stocks http://wallstreetexaminer.com/2016/03/negative-supply-demand-factors-bonds-just-bad-stocks/ http://wallstreetexaminer.com/2016/03/negative-supply-demand-factors-bonds-just-bad-stocks/#respond Mon, 28 Mar 2016 22:28:22 +0000 http://wallstreetexaminer.com/?p=290108 Last week the Treasury cut back the supply of the 4 week bills to $55 billion from $60 billion. Today they just announced another cut, to $45 billion. As a result of continuing massive demand for short government paper, the 4 week bill rate broke down from its range and closed at 18 basis points…

The post Negative Supply and Demand Factors For Bonds Are Just As Bad For Stocks was originally published at The Wall Street Examiner. Follow the money!

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Last week the Treasury cut back the supply of the 4 week bills to $55 billion from $60 billion. Today they just announced another cut, to $45 billion. As a result of continuing massive demand for short government paper, the 4 week bill rate broke down from its range and closed at 18 basis points on Monday. The Fed’s magic wand may finally be going limp.

Perhaps my long espoused belief that the Fed can’t control rates will turn out to be correct after all. I was beginning to think that maybe they could pull it off because enough people were willing to play along with the illusion. But the jury may be starting to turn. As the BoJ and ECB continue to flood worldwide dealer/bank behemoths with cash, and NIRPitrage sends it cascading into the US, the Fed will be sorely tested to maintain the charade that it can control rates. It will be hard pressed to enforce the next “hike” if it even bothers to try. Certainly the weakening economic data (surprise, surprise—not) will give them an excuse not to.

At the long end, demand for Treasuries has been consistently declining. That did not matter much as Treasury supply was steadily falling from 2009 through 2015, but it will start to matter now. As Federal Revenues have fallen precipitously since the third quarter of 2015, the decline in new Treasury supply has ended. If the drop in revenues is not reversed quickly, Treasury supply will begin to trend upward. We don’t need to be expert economists to know what declining demand and increasing supply will mean for bond prices and yields. We’ll keep an eye on the charts for any sign of a yield breakout.

With indications growing that the world’s central banks have gone completely insane, investors are increasingly recoiling from playing along with the con. Money is moving into short term government paper in ever increasing waves as traders, banks and financiers become increasingly risk adverse amid the growing evidence that central banks have lost control, as if they ever had any.

Neither bonds nor stocks are likely to fare well under these conditions. It’s beginning to look as though all the trends are starting to move in the wrong direction.

This report shows and summarizes the trends in treasury market supply and demand as they are likely to impact the markets in the weeks and months ahead.

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Cycle Screening Data Teeters on Going Intermediate Term Negative http://wallstreetexaminer.com/2016/03/cycle-screening-data-teeters-going-intermediate-term-negative/ http://wallstreetexaminer.com/2016/03/cycle-screening-data-teeters-going-intermediate-term-negative/#respond Fri, 25 Mar 2016 19:49:30 +0000 http://wallstreetexaminer.com/?p=289802 Cycle screening data weakened on Thursday for the fourth straight day. The aggregate measure fell to a trendline from the January low. It had turned down from a pattern of negative divergence versus the SPX. While it broke its 29 day MA, it stayed in positive territory. It would need to go negative to signal…

The post Cycle Screening Data Teeters on Going Intermediate Term Negative was originally published at The Wall Street Examiner. Follow the money!

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Cycle screening data weakened on Thursday for the fourth straight day. The aggregate measure fell to a trendline from the January low. It had turned down from a pattern of negative divergence versus the SPX. While it broke its 29 day MA, it stayed in positive territory. It would need to go negative to signal a significant and possibly sustained drop. Otherwise, the market trend would remain to the upside.

New 6 month cycle signals continue to weaken, but remain on the buy side. When they flip to the sell side on balance, it would suggest that the 6 month cycle has topped out.

The cumulative indicator has now turned flat. It remains below the December peak. A downturn in the cumulative line from here would keep the indicator in a downtrend, suggesting that the major trend is still down. If the line breaks the December peak, it would suggest a new major uptrend.

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Macroliquidity and Sentiment Reach Crucial Juncture http://wallstreetexaminer.com/2016/03/macroliquidity-sentiment-reach-crucial-juncture/ http://wallstreetexaminer.com/2016/03/macroliquidity-sentiment-reach-crucial-juncture/#respond Thu, 24 Mar 2016 11:46:22 +0000 http://wallstreetexaminer.com/?p=289621 Macroliquidity edged to a new high in the past week as the Fed held its regular monthly MBS settlements March 14-22. The markets must now fend without the Fed’s help again until mid April. But they have plenty of liquidity coming from the BoJ and especially the ECB as NIRP drives capital out of Europe…

The post Macroliquidity and Sentiment Reach Crucial Juncture was originally published at The Wall Street Examiner. Follow the money!

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Macroliquidity edged to a new high in the past week as the Fed held its regular monthly MBS settlements March 14-22. The markets must now fend without the Fed’s help again until mid April. But they have plenty of liquidity coming from the BoJ and especially the ECB as NIRP drives capital out of Europe and Japan into the US. US bank loan growth also contributes to deposit growth which means increasing liquidity available for the market.

The problem is that sentiment has undergone a slow shift toward greater skepticism of central banks to keep bull markets going, and therefore toward a more cautious and even negative stance on both stocks and bonds.

So far, in spite of the recent rally there’s no sign of a swing back toward the positive. The current upswing is now near the trend limit that marked the last two market peaks. This is an important test of whether the trend toward greater caution is becoming something greater than an intermediate term phenomenon. Is it part of a major cyclical shift, or even a secular shift? Another market downturn from here would lean toward at least the former if not the latter.

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Chart of The Week – Soaring C&I Loans – Corporate Execs Steal It While They Can http://wallstreetexaminer.com/2016/03/chart-week-soaring-ci-loans-ceos-steal-can/ http://wallstreetexaminer.com/2016/03/chart-week-soaring-ci-loans-ceos-steal-can/#respond Sun, 20 Mar 2016 21:14:24 +0000 http://wallstreetexaminer.com/?p=289144 Look what’s happening with Commercial and Industrial Loans. They are soaring at an 11% rate.  But that money is not going toward investment in the expansion of business. Too much of it is being used for financial engineering, as corporate executives use the finds to buy back their stock options, thus lining their own pockets…

The post Chart of The Week – Soaring C&I Loans – Corporate Execs Steal It While They Can was originally published at The Wall Street Examiner. Follow the money!

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Steal It While You Can- C&I Loans and Stock Prices- Click to enlarge

Look what’s happening with Commercial and Industrial Loans. They are soaring at an 11% rate.  But that money is not going toward investment in the expansion of business. Too much of it is being used for financial engineering, as corporate executives use the finds to buy back their stock options, thus lining their own pockets while artificially boosting stock prices.  This will ultimately end badly, but the question is whether it will be successful in extending the current regeneration of the bubble in equities by another year or two.

Source: QE by NIRPitrage Working as Corporate Executives Run History’s Biggest Theft

The post Chart of The Week – Soaring C&I Loans – Corporate Execs Steal It While They Can was originally published at The Wall Street Examiner. Follow the money!

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