Morning Journal----Dodd Frank institutionalizes too big to fail

 This Week’s Data

            April industrial production fell 0.5% versus expectations of a 0.2% decline; capacity utilization came in at 77.8 versus estimates of 78.3.

            http://www.capitalspectator.com/archives/2013/05/april_industria.html#more

            April CPI fell -0.4% versus forecasts of -0.3%; ex food and energy, it was up 0.1% versus an anticipated rise of 0.2%.

            April housing starts fell 16.4% versus expectations of a 6.4% decline.

            http://www.calculatedriskblog.com/2013/05/housing-starts-decline-sharply-in-april.html

            Weekly jobless claims rose 32,000 versus estimates of an increase of 7,000.

            http://www.calculatedriskblog.com/2013/05/weekly-initial-unemployment-claims_16.html

   Other

            The feds try to shut down bitcoin (medium):

            http://www.zerohedge.com/news/2013-05-15/us-government-begins-bitcoin-crackdown

            Update on auto loan bubble (short):

            http://www.zerohedge.com/news/2013-05-15/subprime-20-auto-loan-deliquency-balances-rise-24-yoy

                David Stockman on the end of sound money (short):

            http://www.zerohedge.com/news/2013-05-15/david-stockman-american-empire-and-end-sound-money

                Fed policy risks (long but a must read): 

http://www.zerohedge.com/news/2013-05-15/guest-post-fed-policy-risks-hedge-funds-and-brad-delong%E2%80%99s-whale-tale

Politics

  Domestic

More on IRS-gate (medium):

http://www.politico.com/story/2013/05/the-irs-wants-you-to-share-everything-91378.html

Benghazi smoking guns (medium):

http://www.nationalreview.com/article/348269/benghazi%E2%80%99s-smoking-guns

How Dodd Frank institutionalizes too big to fail (medium):

http://www.nakedcapitalism.com/2013/05/josh-rosner-on-how-dodd-frank-institutionalizes-too-big-to-fail.html

Façade capitalism (medium):

http://cafehayek.com/2013/05/facade-capitalism-means-facade-freedom.html

            Elizabeth Warren keeps asking the right questions (medium):

            http://www.zerohedge.com/news/2013-05-15/elizabeth-warren-confronts-eric-holder-ben-bernanke-and-mary-jo-white-too-big-jail