The U.S. economy expanded at a stronger pace in the third quarter than initially estimated, the Bureau of Economic Analysis (BEA) reports. The inflation-adjusted output of the nation’s goods and services rose at an annual rate of 2.5% for the three months through October, up from the 2.0% pace originally estimated for Q3. That puts a bit more distance over the second quarter’s lesser 1.7% gain.

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It’s human nature to search for a concise explanation of cause and effect. A reasonable pursuit with satisfactory results, most of the time. But untangling financial crises is different.
The new book All the Devils Are Here: The Hidden History of the Financial Crisis is a reminder that the near-implosion of the global financial system in late-2008 was the byproduct of multiple events over a period of years. Although some pundits are keen on pointing fingers at specific decisions by Congress or the Fed or certain financial institutions, there is no short list of catalysts that triggered the worst financial crisis since the Great Depression.

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Sometimes the risk is a bit more than investors bargained for, as reported by Bloomberg:
FBI raids seeking documents from three investment firms are related to hedge fund insider trading investigations directed by the office of Manhattan U.S. Attorney Preet Bharara, according to a person familiar with the probes. The offices of Level Global Investors LP and Diamondback Capital Management LLC, firms founded by alumni of SAC Capital Advisors LLC, were searched by Federal Bureau of Investigation agents, the government said today. Agents also executed a search warrant at the offices of Loch Capital Management, according to another person familiar with the matter. Both declined to be identified because the probes are ongoing. “The government has decided it needs to use force to obtain all the information,” said Jacob Frenkel, a former federal prosecutor and lawyer with the Securities and Exchange Commission. “It has opted not to issue grand jury subpoenas but instead use the search warrant process.”