DOW DOWN 1500. WORST START TO THE YEAR IN MARKET EVER
Conspicuous in its absence.
SToX: PROP-O-GANDA. The Edward Bernays School. Expect more.
dc CB 18:19:52 GMT - 01/17/2016
Another weekend and both the NYTimes and the Wash(BEZOS)Post again restrain coverage of the SToX MarkIT sell off.
The WaPo columnist Stever Peralstein SEZ is the last paragph:
"When we look back to this time, we are likely see that the long bull market ended in February 2015 and we are now a year into a bear market, where selling will beget more selling and stock prices will fall 20 percent from their peak. Such a bear market would mean the Dow would fall at least to 14,000, which would be a good time to begin buying again. Itís likely to be a bumpy ride until then."
Thanks for telling me this, like 6 months too late. LOL
I take anything in ZeroHedge with more than a pinch of salt, but if accurate this story is very alarming.
dc CB 00:16:32 GMT - 01/17/2016
This is what took place: the Dallas Fed met with the banks a week ago and effectively suspended mark-to-market on energy debts and as a result no impairments are being written down. Furthermore, as we reported earlier this week, the Fed indicated "under the table" that banks were to work with the energy companies on delivering without a markdown on worry that a backstop, or bail-in, was needed after reviewing loan losses which would exceed the current tier 1 capital tranches.
In other words, the Fed has advised banks to cover up major energy-related losses.
Why the reason for such unprecedented measures by the Dallas Fed? Our source notes that having run the numbers, it looks like at least 18% of some banks commercial loan book are impaired, and thatís based on just applying the 3Q marks for public debt to their syndicate sums.
In other words, the ridiculously low increase in loss provisions by the likes of Wells and JPM suggest two things: i) the real losses are vastly higher, and ii) it is the Fed's involvement that is pressuring banks to not disclose the true state of their energy "books."
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