Goooooood Morning Fiatnam!

Wednesday, July 23, 2014

U.S. swaps regulator O'Malia to head bank lobby group

U.S. swaps regulator O'Malia to head bank lobby group
| Reuters

A member of the U.S. Commodity Futures Trading Commission will become the new head of a bank lobby group that is fighting the derivatives regulator in court over a crucial new rule curtailing Wall Street.
The International Swaps and Derivatives Association said on Wednesday that Scott O'Malia, a Republican who often voted against new CFTC policy in the wake of the financial crisis, will become the trade group's next chief executive.
O'Malia will start his new job as of Aug. 18, ISDA said. The news came only days after O'Malia said he planned to leave the CFTC as of Aug. 8.

Fed will be able to hike rates gradually, IMF says

Fed will be able to hike rates gradually, IMF says - Capitol Report - MarketWatch

The Federal Reserve will be able to hike rates gradually given slack in the labor market and continued low inflation, according to a report from the staff of the International Monetary Fund released Wednesday.
The IMF staff and the Fed  agree that the first rate hike, or lift-off, will likely come in midsummer of 2015. But after that their rate paths diverge,  with the IMF staff’s  expected rate path well below the median of the estimates of top Fed officials in the latest “dot-plot” released in June.
The IMF staff assumes a rate hike at every other meeting once the central bank starts to tighten, said Nigel Chalk, deputy director of the IMF’s Western Hemisphere Department.
The recent rise in inflation is transitory, Chalk said in a briefing for reporters.
But even if the inflation rate were to top 2%, the Fed could also tolerate it, if it was not accompanied by wage pressure, the IMF staff said.
In their comments to the IMF, Fed officials said they would not intentionally try to overshoot the 2% inflation target, according to the report.

US: No link to Russian gov't in plane downing explosion

US: No link to Russian gov't in plane downing explosion
The source said CIA analysts were still not ruling out the possibility that the troops were actually eastern Ukrainian rebels in similar uniforms but the initial assessment was that the troops were Ukrainian soldiers. There also was the suggestion that the soldiers involved were undisciplined and possibly drunk, since the imagery showed what looked like beer bottles scattered around the site, the source said.

US Housing Market--Another Look


In the first half of 2014, existing home sales are about 5% below the H1 2013.  However, they are still above the pace seen in the 2009-2012 period.   

The first chart shows existing home sales in the US at a seasonally adjusted annual rate.  After peaking last July, existing home sales pulled back through Q1, but with the 2.6% gain in June, they rose every month in Q2. Existing home sales reached their highest level since October 2013 at

BREAKING Taiwanese airplane crash kills 51: reports


Agents Get Subsidized 'Obamacare' Using Fake IDs


Undercover investigators using fake identities were able to secure taxpayer-subsidized health insurance under President Barack Obama's health care law.
The weak link in the system seemed to be call centers that handled applications for thousands of consumers unable to get through online.
The nonpartisan Government Accountability Office was to tell a House committee on Wednesday that its investigators were able to get subsidized health care under fake names in 11 out of 18 attempts.

Know Your Rights - Police Checkpoints

Two Ukrainian fighter jets shot down in rebel territory

Two Ukrainian fighter jets shot down in rebel territory 

 Two Ukrainian fighter jets have been shot down in separatist-controlled eastern Ukraine, the country's defense ministry announced Wednesday. Defense Ministry spokesman Oleksiy Dmitrashkovsky said the Sukhoi-25 fighters were shot down in an area called Savur Mogila, Reuters and the Associated Press reported. Up to two crew members may have been aboard each jet

This has to have our AF concerned. They won't say it but the time has come when $200k weapons can bring down $200m craft. The price asymmetry is unsustainable. Drone program people don't become generals. 

And there it is

And there it is

But it will be a fight for sure...

Gold is about to find a new direction