The Wall Street Journal – Deadline Looms for Long-Term Unemployed Benefits for More Than 2 Million Could Expire at Year-End More than 40% of the nearly five million Americans who receive unemployment insurance are set to lose those benefits if federal programs expire as scheduled at year-end. Some economists worry that cutting off those benefits… Continue reading The Other Fiscal Cliff, Unemployment Benefits
The Guardian – Global economic woes prompt soul-searching on capitalism While policymakers insist vigorous recovery will arrive, there is concern that deep structural problems are stalling a revival Even so, the depth and length of the crisis has led to a degree of soul searching. While policymakers insist publicly that vigorous recovery will eventually arrive,… Continue reading Is Capitalism The Problem?
The Washington Post – Robert J. Samuelson: Why the recovery is feeble Federal Reserve Chairman Ben Bernanke last week became the latest economist to ask why the current economic recovery has been so weak. The question has inspired a cottage industry of studies, papers and speeches with often-esoteric and murky theories. The explanation is actually… Continue reading Why A Weak Recovery?
Reuters – BOJ rift surfaces over easing as political debate heats up A split within the Bank of Japan was laid bare on Monday, with newcomers to its board pressing to strengthen commitment to an ultra-loose policy, as pressure on the central bank for bolder action intensified in the run up to next month’s election.… Continue reading The Bank Of Japan
The Wall Street Journal – ‘Fear’ Gauge Showing Little of It Barometers of Anxiety Could Rise as ‘Cliff’ Nears, Some Investors Say; ‘Complacency Running Pretty High’ Unlike the rocky ride in the stock market since the U.S. presidential election, the Chicago Board Options Exchange’s Volatility Index, or VIX, has registered tranquility. For four months, the… Continue reading No Fear In Stock Selloff
Bloomberg.com – Treasury Bears Capitulate as Fed Buying Meets Cliff Worry The combination of Federal Reserve efforts to stimulate the economy by buying bonds and the potential slowdown should politicians fail to avert the so-called fiscal cliff of tax increases and spending cuts has made Treasuries the debt that money managers have to own. Even… Continue reading A Rare Sighting … A Bond Bear Reconsiders!
The Wall Street Journal – Early Sales Pay Off, for Now Retailers See Strong Weekend Traffic but Worry Spending Could Falter; Online Booms Retailers reported a big jump in consumer spending over the Thanksgiving weekend as shoppers flocked to stores, snapped up online discounts and, according to some merchants, paid repeat visits to the mall.… Continue reading Black Friday Sales – Looking At Made Up Numbers
Barron’s – Top Culprit in the Financial Crisis: Human Nature Kenneth Rogoff and Carmen Reinhart, who wrote This Time Is Different, say coming up with regulations to ward off financial disasters is a lot easier than getting people to keep them in place as years pass. Carmen Reinhart and Kenneth Rogoff have spent countless hours… Continue reading Regulating Human Nature
Barron’s – The Volcker Generation Many of the newest hedge-fund managers come from banks that are shutting down proprietary trading desks. It’s a tough time to set up shop. Haigh, who is German, is one of hundreds of talented traders who have left the proprietary trading desks of global investment banks over the past couple… Continue reading Paul Volcker, A Hedge Fund Creating Machine
Cheung Kong sold a spot for HK$1.3 million – the price of two vans. Photo: David Wong South China Morning Post – Hong Kong parking space prices zoom to record Some owners make HK$300,000 profit in quick resales of spaces, which escaped stamp duty Wong said the expensive car parks in suburban areas should serve… Continue reading Hong Kong Real Estate Bubble
Business Week – Japanese Stocks? Yes, They Really Think So Two lost decades and massive property- and stock-bubble explosions later, Japan is a one-word cautionary tale. Caught in economic and demographic atrophy—and stewarded by countless false-start prime ministers—the country has become a hub for zombie banks, a generation of disenchanted youth, and fading brands such as… Continue reading Time To Buy Japanese Stocks?
The New York Times – Steven Rattner: More Chips For Tax Reform Personally, I would go further and raise the capital gains rate to 28 percent, right where it was during the strong recovery of Bill Clinton’s first term, and grab hold of a total of $300 billion of new revenues over the next decade.… Continue reading Rich Democrats Setting Tax Policy