Comment Jim was on CNBC yesterday discussing the stock and bond markets. To view the interview click on the image below. To view any of our recent interviews click here. The Financial Times – Low yields fail to put damper on US debt Record low yields for US corporate bonds are failing to deter investors… Continue reading Discussing Stocks And Bonds
The Wall Street Journal – Jon Hilsenrath: Fed Hawks Speak Out Against QE3 The Federal Reserve’s “hawks” are speaking out against additional action by the central bank to spur the economy. The Fed has moved despite this group’s opposition before. Thus, the comments now don’t represent a signal from the central bank that it is… Continue reading Hilsensrath: Don’t Worry About The Federal Reserve’s Hawks, QE Is Still Possible
<Click on chart for larger image> Comment The chart above shows the amount of oil in the Strategic Petroleum Reserve (SPR). Highlighted on the chart above are the five releases of oil from the reserve. In 1996 and 2000 these releases occurred during the presidential campaign season for what seemed like no urgent need. The… Continue reading Release Of SPR: It’s What We Do In Election Years
The Wall Street Journal – Housing’s Fortune Depends on Apartment Living Reports from the housing front continue to show signs of stability. But the housing landscape is different from the boom years. Apartment construction is propping up the housing industry. For the first seven months of 2012 versus the same 2011 period, housing starts involving… Continue reading Do Rents Drive Housing?
Rolling Stone – Goldman Non-Prosecution: AG Eric Holder Has No Balls That’s how law works on Wall Street. The bank walks into the room with the sordid activity, and the law firm’s partners huddle up and whip their associates – for hundreds and hundreds of billable hours straight, if necessary – until a way is… Continue reading No Bankers In Jail
The New York Times – U.S. Reliance on Saudi Oil Heads Back Up The United States is increasing its dependence on oil from Saudi Arabia, raising its imports from the kingdom by more than 20 percent this year, even as fears of military conflict in the tinderbox Persian Gulf region grow. The increase in Saudi… Continue reading Foreign Dependence On Oil
The New York Times – In Drought, a Debate Over Quota for Ethanol At issue is whether to suspend a five-year-old federal mandate requiring more ethanol in gasoline each year, a policy that has diverted almost half of the domestic corn supply from animal feedlots to ethanol refineries, driven up corn prices and plantings and… Continue reading Should Ethanol Production Stop?
The Telegraph (UK) – Ambrose Evans-Pritchard: Finland prepares for break-up of eurozone Finland is preparing for the break-up of the eurozone, the country’s foreign minister warned today. The Nordic state is battening down the hatches for a full-blown currency crisis as tensions in the eurozone mount and has said it will not tolerate further bail-out creep… Continue reading Finland Gets Ready For Eurozone Break-up
None Today
The Wall Street Journal – Ben Bernanke’s Waiting Game Despite all the hoopla in the market about QE3, which has run unabated pretty much since QE2 ended last year, we’ve been banging on contrarian points: That the Fed doesn’t want to do another big bond-buying program, and won’t unless it’s absolutely forced to. There are… Continue reading What’s The Holdup With QE3?
<Click on chart for larger image> MHanson.com (Blog) – ”Shadow” & “Ghost” Inventory Quantified Those estimating “shadow” inventory at levels inconsistent with a multi-year drag on housing are “definitionally” challenged. Moreover, they have bad data. Bottom Line: based on the data and simple math we have at least 10 -years of distressed supply to work… Continue reading Housing’s Shadow Inventory
Bloomberg.com – Spain Said to Speed EU Bank Bailout on Collateral Limits Spain is about to receive an emergency disbursement from the 100 billion-euro ($123 billion) bailout of its financial system because of restrictions the European Central Bank imposed on bank borrowing, according to a person familiar with the matter. The ECB last month imposed… Continue reading More Bailout Money For Spain