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    Daily Digest 10/31 – Banks Hoarding $2.4T In Bonds, Selling Air

    by DailyDigest

    Monday, October 31, 2016, 12:44 PM


Banks Are Hoarding $2.4 Trillion of Bonds (jdargis)

The easy answer, of course, has to do with post-crisis financial regulations, which were designed to curb risk-taking and have compelled banks to hold more high-quality assets. Yet in many ways, the buildup reflects a more worrying sign. In the past year, more loan officers at large and midsize banks have tightened credit to businesses than at any time since 2009, when the U.S. was still reeling from the housing bust. Americans are also saving more rather than taking on extra debt, damping demand for new loans.

FBI trying to build legal cases against Russian hackers: sources (jdargis)

The Obama administration's response so far to actions it has attributed to Russia has not satisfied lawmakers from either major party.

On Thursday, Democratic Senator Jeanne Shaheen wrote to the leadership of the Senate Foreign Relations Committee requesting a hearing to investigate whether Russia "is employing the tactics it has long used to influence elections in places like Ukraine and Georgia, this time in the United States."

Why FBI director James B. Comey was able to defy Justice bosses on Clinton email announcement (jdargis)

Comey, a veteran federal prosecutor and former deputy attorney general, has long prided himself on being fiercely independent and making decisions on principle. Comey, a Republican, was appointed by President Obama three years ago, and his nomination was seen by some as a bipartisan effort at a time that the president was being criticized relentlessly by GOP lawmakers. At the time, Obama praised Comey’s “fierce independence and his deep integrity.”

BOE’s Carney May Decide on Future in Coming Days, Times Says (Adam)

The BOE held an emergency televised press conference a day after the Brexit vote, pledging an extra 250 billion pounds ($304 billion) of support for the financial system. Since then, various economic indicators have shown the U.K. economy remains resilient. Carney’s critics have accused him of trying to reverse the referendum’s decision through gloomy economic predictions.

Undercover With A Border Militia (jdargis)

The three percenter philosophy has quickly grown into a grassroots, national movement, part of a resurgence of right-wing militia activity following Obama's election in 2008. An Amazon search turns up more than 4,000 results, ranging from baby clothes to iPhone cases with the three percenter logo. There are more than 300 three-­percenter Facebook pages, websites, and discussion forums. The main 3UP Facebook group has more than 15,000 members, though the actual number of people who belong to active real-life "threeper" groups is difficult to estimate.

Selling Air (a.k.a. the Idea They Thought of Next) (jdargis)

Bottled air is one of the least practical but most talked-about ideas. It can hardly replace the local atmosphere — one person would require at least eight to 10 bottles a minute to breathe. But residents in smoggy places are snapping up the stuff anyway.

The Australian bottler, Green and Clean, plans to ship about 40,000 containers a month to China starting in December, and then expand to India, Malaysia, Chile and the Middle East.

Big Oil Cannot Afford To Ignore Climate Change (Josh O.)

Moody’s argument could be boiled down to this. The cost of renewable energy is falling, and lower renewable prices will put pressure on wholesale energy prices just as carbon pricing adds to the costs of the carbon-fueled generators. Thus, margins will fall the most for the least efficient carbon-fueled facilities. Unregulated, inefficient and inflexible carbon fuel generators will suffer the most because they will lose market share, face falling margins and they have no regulatory protection. On the plus side, for them, the unregulated markets have had to create capacity payments to keep generators from closing down and leaving the system with insufficient capacity and capacity payments now make up 40 percent of generating gross margin in regions that have such a scheme to pay generators to keep open to prevent emergencies.

Why has climate change been ignored in the U.S. election debates? (jdargis)

“It’s like a sort of collective cowardice,” said Emanuel of the omission. Michael Mann, another prominent climate scientist, added: “One has to wonder if television networks are compromised by the millions of advertising dollars they take from fossil fuel interests.”

Gold & Silver

Click to read the PM Daily Market Commentary: 10/28/16

Provided daily by the Peak Prosperity Gold & Silver Group

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