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.........CNN has now lost so much of its prior viewership and its reputation for global reportage that it would be wise for the network to shut down, fire its entire management and most of its journalists, and reboot in a year or so with an entirely new name, team, and a code of ethics. .....
Again, the CNN kamikaze modus operandi: Report outright lies, calculate the likelihood that they will have to be later retracted or apologized for, and consider the gambit a worthwhile short-term effort to destroy Trump, even as it helps ensure CNN’s long-term demise……
What is strange about CNN is neither the incompetence nor the bias, but its sanctimoniousness and cluelessness about its own suicidal trajectory into oblivion. When Donald Trump at his rallies points to the media cameras and hoots, “Fake news,” often directly referencing CNN, many claim that his antics are a crude attack on the press that has repeatedly lied to destroy Trump, his family, and his presidency.
Perhaps. But the better question is whether CNN — which has ruined its reputation and profits in an Ahab-esque effort to destroy the Trump white whale — is any longer a media organization at all, or a failing entertainment channel, or a boring Orwellian Ministry of “Truth.”…
Phantom Secure Helped Drug Traffickers, Organized Crime Worldwide
.....Most of Phantom Secure’s 10,000 to 20,000 users are the top-level leaders of nefarious transnational criminal organizations in the U.S. and several other countries, and the products were marketed as impervious to decryption or wiretapping......
This case is the first time the U.S. government has targeted a company and its leaders for assisting a criminal organization by providing them with technology to “go dark,” or evade law enforcement’s detection of their crimes......
"Nobody Knows What's Going On"
After we reported yesterday that "something snapped" as chaos hit the report market, and the overnight repo rate exploded as high as 7% for a variety of reasons including:
- elevated UST supply,
- bloated dealer balance sheets and year-end regulatory constraints
- a banking system near reserve scarcity,
- investors selling bonds back to dealers,
- and banks and money-market funds to make their quarterly tax payment.
... on Tuesday this paniced funding shortage has intensified to never before seen levels, as overnight repo has now hit 10% and shows no signs of slowing.
...even the rates experts are stumped, with one STIR trader saying "nobody knows what is going on", and desks are simply watching what appears to be a relentless dollar funding squeeze as one or more entities are in desperate need for funding and will pay any price for it (even though it is neither month nor quarter end yet).
BMO rates strategist Jon Hill said that "secured funding markets are clearly not functioning well,” adding that a jump like this, one which is not happening during the traditional quarter end window dressing period, is "bordering on chaos."
GitmoChannel @GitmoChannel
Having worked in the GC Repo market, I can tell you rates at these levels, and an overnight change in magnitude such as this is quite shocking. Something is definitely happening in finance that the public is not yet aware of.
originally posted by: PokeyJoe
a reply to: Diaspar
What is this in reference to? Repo of what? Cars?
... buying and shorting securities. In the fixed income market, these transactions are accomplished with the use of the repo market. A repurchase agreement, or repo, is a sale of securities for cash with a commitment to repurchase them at a specified price at a future date.
Repo of what? Cars?
originally posted by: Diaspar
a reply to: PokeyJoe
Repo of what? Cars?
No, Repo means "Repurchase Agreements" in the financial markets. GC (General Collateral) Repo rate is the rate at which collateralized securities are "exchanged". All the securities involved are virtually like cash, for example US T-Bills.
Layman's: Banks exchange stuff for convenience (they're long one thing, short on another). There is a margin rate paid for the exchange. Usually its low and stable. It just had its biggest jump in history.
NYFed reacts with emergency repo operation.
NYFed cancels repo op due to "technical difficulties"
NYFed cancels their cancelation
newyorkfed.org...
The Fed is hardly fulfilling its mandate of "price stability"
#EndTheFed
originally posted by: PilSungMtnMan
originally posted by: cherokeetroy
UPDATE: McCabe's spokesperson now says Brennan, Rice, Holder won't be testifying as character witnesses for him after all, despite calling the full witness list (below) "accurate" just a few hours ago
Hhhmmm...
Holy smokes his circle of trust is evaporating.
originally posted by: AndyFromMichigan
originally posted by: PilSungMtnMan
originally posted by: cherokeetroy
UPDATE: McCabe's spokesperson now says Brennan, Rice, Holder won't be testifying as character witnesses for him after all, despite calling the full witness list (below) "accurate" just a few hours ago
Hhhmmm...
Holy smokes his circle of trust is evaporating.
Honestly, would you want John Brennan testifying to your character? I'd sooner have Cobra Commander take the stand on my behalf.