Newsclips
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October 29, 2012
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Bloomberg.com – Economy in U.S. Grows at 2% Rate, More Than Forecast Spending by the federal government also rebounded, led by a jump in defense outlays. It grew at a 9.6 percent rate, the most since the second quarter of 2010. Total public expenditures climbed at a 3.7 percent pace the most in three years.… Continue reading GDP Beats On Government Spending, Get Jack Welch On The Phone!
The Wall Street Journal – GDP Rises 2%, Helped by Consumers U.S. economic growth picked up in the third quarter as consumers spent more, federal-government spending accelerated and the housing industry improved in the months leading up to November’s presidential election. The nation’s gross domestic product—the broadest measure of goods and services produced by the… Continue reading Market Capitalization As A Percentage Of GDP
Comment In the video above Rick Santelli cites some of our work on bond market sentiment. That was detailed yesterday and last week.
CNN/Money – 3 scariest things about this disappointing earnings season First of all, it’s very rare for corporate profit growth to turn negative. When it does, it’s usually because we are in a recession or headed for one. Second, profit margins, already at all-time highs, look tapped out. Third, economic growth continues to be weak,… Continue reading Earnings Season Is Still Bad
Comment Jim Bianco was on CNBC yesterday questioning if a Romney presidency might lead to a more hawkish Federal Reserve and thus be bad for risk-on markets. We detailed this earlier this month. To view the interview, click on the video above. To view any of our recent interviews, click here. Business Insider – ZERVOS:… Continue reading The Election & Bernanke
BusinessWeek – Ben Bernanke Is Locking in His Legacy Creating a rules-based system for setting rates, instead of the “cult of personality” practiced by Greenspan, “could mean that Bernanke is influencing Fed actions long after he has returned to Princeton,” writes Feroli. Zero Hedge (blog) – David Einhorn Explains How Ben Bernanke Is Destroying America… Continue reading Bernanke
The Wall Street Journal – Firms Hit Brakes Before Fiscal Cliff Here is why dozens of chief executives have inserted themselves into the debate over reducing the federal budget deficit: Some say uncertainty over the looming “fiscal cliff” of tax increases and spending cuts already is hurting their business. “It’s a pause button,” Robert Swanson,… Continue reading Today’s Fiscal Cliff Panic
The Financial Times – Japan Grapples With Its Fiscal Cliff The Japanese finance ministry will hold crisis talks with bond dealers in the world’s largest government debt market on Friday, amid growing fears about the impact of a political stand-off on the nation’s finances. In an echo of worries in the US over the fiscal… Continue reading Japan Has Its Own Fiscal Cliff
<Click on chart for larger image> Bloomberg.com – Spain’s Unemployment Reaches Record as Bailout Looms Spanish unemployment climbed to a fresh record in the third quarter as a deepening recession left one in four workers jobless, adding pressure on Prime Minister Mariano Rajoy to seek a second European bailout. Unemployment, the second highest in the… Continue reading Spain
The Financial Times – Greeks fail to agree on bailout terms Greek politicians on Thursday failed again to finalise an overhauled bailout that would give them two additional years to meet tough deficit targets after a holdout leader of a small coalition party continued to resist sweeping labour reforms. Fortis Kouvelis, head of the moderate… Continue reading Greece
T he Economist – Fiscal austerity: A deficit of common sense The debate about budget cuts has become dangerously theological ARGUMENTS about austerity have taken on an almost religious fervour. To some—such as Wolfgang Schäuble, Germany’s finance minister, or George Osborne, his British counterpart—tough fiscal policy is the cure for excessive debt; and any easing… Continue reading Austerity