We’ve Seen This Picture Before – Global Markets Down $13 Trillion Already – David Stockman’s Contra Corner 09-29-15

Salient to Investors: David Stockman writes: The global economy is drastically overbuilt on $225 trillion of debt. The 2008 collapse was quickly arrested by unprecedented central bank money printing, which is unavailable this time around because interest rates cannot go any lower and QE does not stimulate economies at peak debt, and only inflates financial

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Volkswagen emissions scandal could be just the beginning, Wall Street says – Wall Street Journal 09-23-15

Salient to Investors: Barclays said car makers face more pollution control expense in the wake of VW’s scandal. Stifel said the Intl Council on Clean Transportation has found questionable diesel emission results across several unnamed makers and more widespread vehicle recalls pose significant near-term risk for European car makers. Morgan

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The Fall Of Volkswagen: How Analysts Are Reacting – Benzinga.com 09-22-15

Salient to Investors: Tim Rokossa at Deutsche Bank said the consequences of Volkswagen’s intentional cheating could be far larger than in previous auto manufacturer cases, and makes its US turnaround significantly harder: though companies who fully cooperated with regulatory agencies received lower fines. Harald Hendrikse at Morgan Stanley said Volkswagen faces

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Looking for the lifeboats – The Economist 09-19-15

Salient to Investors: Both equities and government bonds are overvalued but are unlikely to fall in tandem. Long-term investors should ignore short-term market declines because over the long-term, asset prices rise – US equities overcame the dotcom bubble and 2008 financial crisis to reach record highs in 2015. However, equities could be

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