Subject: Share the View 2: The Wishy-Washy Fed
From: "Bloomberg View" <[email-masked]>
To: <[email-masked]>
Date: Thu, 20 Aug 2015 12:35:29 -0400 (EDT)

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Share The View

The Latest Opinions From Bloomberg View

Aug 20, 2015

bloombergview.com

<= href="http://link.mail.bloombergview.com/click/4986794.14267/aHR0cDovL3=3dy5ibG9vbWJlcmd2aWV3LmNvbS90b3BpY3Mvb2ls/55086a4c3b35d051538c37ccB9f83afb=" style="text-decoration:none;color:#00b9e7;line-height:1.6em">Oil

A. Gary Shilling: "The oil op=imists noted that earlier high oil prices, aided by low financing costs, h=d pushed up production, especially among U.S. frackers. Low prices, they r=asoned, would curb production, especially since fracked wells tend to be s=ort-lived and the cost of drilling new ones exceeded the depressed prices.=But a funny thing happened on the way to $80 oil: The rally stopped dead i= its tracks at about $60 in May and June, then slid to the current $42, a =ew low. Me? I'm sticking with my forecast of $10 to $20 a barrel." =span class="topic-read-more" style="font-family:Arial, sans-serif;text=decoration:none;color:#00b9e7;font-weight:normal;font-size:17px;line-heigh=:1.6em;text-transform:none">Read more...

Leonid Bershidsky: "In recent=months, opponents of Russian President Vladimir Putin have often held up K=zakhstan as an example to Russia: Here, they said, is a post-Soviet state =hat has confidently converted its resource wealth into foreign investment,=infrastructural development, steady growth and friendly relations with the=West, Russia and China. That myth just went up in flames. Thursday, the Ce=tral Asian state -- with proven oil reserves almost as large as the U.S. a=d a population of just 17 million -- was forced to float its currency; the=tenge promptly lost 25 percent of its value." Read=more...

Federal Reserve

Mohamed A. El-Erian: "All in =ll, the Fed had no choice but to once again come across as wishy-washy -- =ot so surprising given the extent of uncertainty with which it's dealing. =s such, it will remain noncommittal until the very last moment before its =eptember policy meeting. And, in order to ensure its options are wide open= it will also double up on efforts to divert market attention away from th= timing of the first hike and in favor of three elements that would charac=erize this cycle of impending rate increases, which I like to call the loo=est tightening in Fed history." Read more...

Wall Street

Matt Levine: "Of course it is=possible that hedge funds as a group underperform the market net of fees, =hat hedge fund fees overall are too high, that most hedge fund investors r=e the day they ever heard of 'hedge funds,' etc. It is certainly possible =hat some hedge fund managers just put all the money in index funds and pla= solitaire at work. ... But these attempts to reduce hedge funds to a list=of factors are not quite the same as proof that hedge fund managers are pa=sive, or slacking, or lying about what they're up to." Read more...=/p>

2016 Elections

Albert R. Hunt: "Jeb Bush has=a legacy problem. Its name is George. Two presidents named George Bush, to=be exact. The problem is that Jeb focuses attention on the wrong relative,=his brother, President George W. Why not his father, President George H.W.= Isn't he the one with the more appealing legacy?" Rea= more...

Ramesh Ponnuru: "Reactions to=Donald Trump's immigration plan have been predictably polarized, with peop=e either thinking it will make America great again or considering it an in=itation to a pogrom. Taken seriously and stripped of excesses, though, it =oints the way toward a sensible compromise on immigration policy." =span class="topic-read-more" style="font-family:Arial, sans-serif;text=decoration:none;color:#00b9e7;font-weight:normal;font-size:17px;line-heigh=:1.6em;text-transform:none">Read more...

Environment

The Editors: "The Gold King M=ne rupture has been a tragedy for the Animas River basin, the kayakers and=fishermen who enjoy it, and the towns that depend on it. It's also a blunt=warning to the EPA to do a better job of cleaning up heavy metals left beh=nd in the country's 500,000 abandoned mines." Read more...

Law

Clive Crook: "If you missed i=, a piece in last weekend's New York Times Magazine -- 'The Bail Trap' by =ick Pinto -- is worth your time. ... Every system is of course bound to fa=l now and then. But the author's point is that these failures, perpetrated=on a huge scale, are deliberate and necessary. Without them, the system wo=ld simply collapse. The U.S. doesn't so much have a flawed system of justi=e: It has a carefully tended and finely tuned system of injustice."=Rea= more...

Companies

Barry Ritholtz: "Todayâ€=99s column is about a concept so misguided and ill-conceived that it cries=out for a debunking. The idea is that publicly traded corporations should =top reporting their quarterly financial results." =ead more...

Middle East

Cass R. Sunstein: "Of all the=findings in behavioral science, the most significant may be "loss aversion=" the idea that people dislike losses a lot more than they like equivalent=gains. Loss aversion can create big trouble for businesses and investors. =nd it can badly confuse political debate -- as it seems to be doing in the=current discussions of the nuclear deal with Iran." Read more...

News Roundup

Ritholtz (Read the news roundup)

This is how the Federal Reserve is preparing to raise inte=est rates: Read more...

The genius of Warren Buffett in 23 quotes: Baby Boomers Ready to Sell Businesses to the Next Generati=n:

Money Stuff

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