by Mike ‘Mish’ Shedlock
Saxo Bank CIO and chief economist Steen Jakobsen phrased Fed Chair Janet Yellen’s testimony before Congress this way: “The politicians were rude and pretty much clueless … and Yellen often looked like a deer in headlights. Her performance today is probably the worst I have ever seen from seasoned central banker!”
After an initial rally attempt this morning, the market had serious second thoughts.
S&P 500 15-Minute Chart
Continue Reading at MishTalk.com…
by Nick Hodge
I want to tell you about a new fuel about to take the world — and the stock market — by storm.
But first you need to know why this fuel is set to dominate the global energy scene.
To do that, you need to understand two crucial facts about oil.
Crucial Oil Fact #1
Because of the fracking technology boom and shale revolution — and other geopolitical factors like Iran coming back into the market — there is simply a glut of oil in the world right now.
We’re swimming in it.
Continue Reading at OutsiderClub.com…
by Karl Denninger
As I asked earlier in the day…
How long until the market calls “BeeEss” on Yellen, since Congress spent all day doing so?
It looks like the answer is “about the time she finished testifying”; S&P futures are straight down since, off ~35 handles or approaching 2%.
Continue Reading at Market-Ticker.org…
by Michael Krieger
[...] Earlier today, we learned that Ta-Nehisi Coates will be voting for Bernie Sanders. A few hours later, a hugely important piece written by Michelle Alexander at the Nation began making the rounds titled: Why Hillary Clinton Doesn’t Deserve the Black Vote. Taken together, these two revelations could represent a major turning point with regard to Bernie Sanders’ success within the black community. Indeed, I wouldn’t be surprised to see her lead among blacks cut in half over the next few weeks. It’s about to get real.
Here are a few excerpts from the fantastic Nation article which outlines how disastrous the Clinton administration was when it came to the black community.
Continue Reading at LibertyBlitzkrieg.com…
by Daily Bell Staff
The Daily Bell
Republicans have spent the entire Obama presidency engaging in acts of disrespect against this president, and the office that he has been twice elected to by a majority of the voters. By refusing to give his budget a hearing, House Republicans have moved beyond disrespect of the man and into disrespect of the office of the presidency. It looks like House Republicans are so afraid of the President’s budget that they don’t want the public to know what is in it. Hiding facts while disrespecting the presidency is the modern Republican way. House Republicans have revealed themselves to be cowards who are attached to a failed belief system. – PoliticusUSA
Yesterday President Obama announced a $4.1 TRILLION budget proposal for this year.
But for many in the mainstream media and even in the alternative media, it was business as usual.
The Wall Street Journal carried an editorial from Barack Obama explaining part of the budget. The Hill and other online political journals simply described the budget without providing any frame of reference regarding the US’s larger, disastrous financial situation.
Continue Reading at TheDailyBell.com…
by Mac Slavo
“You shouldn’t be able to do this.” But you can. It may be one of the most dangerous flaws in technology to date.
It seems that the smart devices in store for the future under a smart grid pose some pretty serious security flaws – and could pose a risk to your life.
A number of hackers have pointed out how unencrypted, remote thermostat devices could be manipulated to attack a single home/business, an entire neighborhood, or even the entire country.
Worse, the industry is pumping out hundreds of new connected smart appliances that could leave security vulnerabilities in the homes of every American.
Continue Reading at SHTFPlan.com…
by Wolf Richter
“Massive Deterioration,” the CEO called the phenomenon.
“Bellwether for global trade,” that’s how the Financial Times described Maersk Lines, the world’s largest container shipping company. It’s owned by Danish conglomerate AP Møller-Maersk, which also owns, among other divisions, Maersk Oil. The conglomerate reported fourth quarter earnings today. And they were a doozie.
Maersk B shares plunged over 9% to 7,395 Danish kroner, before bouncing off and closing at 7,875, down 3.6% for the day and down a breath-taking 52% from their peak on March 30 last year.
Continue Reading at WolfStreet.com…
by Steve St. Angelo
There’s an ongoing catastrophe taking place in Ecuador. Not only has a significant part of the Amazon been polluted by toxic waste oil left behind from the wonderful folks at Texaco when the company started drilling for oil in Ecuador back in the 1970’s, but the low oil price has totally gutted the oil industry.
This is a big problem for Ecuador because 50% of its exports and 30% of its government revenues come from oil (source). According to the article, Ecuador Reveals Pain Inside OPEC: It’s Pumping Oil At A Loss:
Continue Reading at SRSRoccoReport.com…