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Rob Viglione  

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  • Pres. Obama has raised his sights and now wants to strike a far-reaching deficit reduction agreement that would include deep cuts in Social Security and Medicare, reports say. Speaker John Boehner met secretly with Obama last weekend, NYT says, and offered to consider as much as $1T in new revenues in exchange for $3T in spending cuts.  [View news story]
    I certainly doubt Obama would be willing, or able, to make real cuts in programs that are widely popular with his voting base. It's at least refreshing to hear him make the right fingers are crossed he follows through.
    Jul 7, 2011. 10:14 AM | 2 Likes Like |Link to Comment
  • Commodities Are Waving a Red Flag [View article]
    Commodities priced in USD cannot forever remain decoupled from USD. Only a matter of time before continued devaluation of paper boosts nominal metal prices.
    Jul 6, 2011. 10:10 AM | Likes Like |Link to Comment
  • While Gary Shilling is convinced China is due for a hard landing that will bring about a crash in commodities, Jim Rogers remains bullish on the Middle Kingdom. Though believing a real estate bubble exists in coastal regions, Rogers is optimistic that many parts of the Chinese economy will boom even following a real estate price correction.  [View news story]
    Rogers will be forever bullish on China, but not everything can go up indefinitely. While the Chinese have great strategic vision in some areas, in others they have grossly unbalanced their economy.
    Jul 5, 2011. 10:37 AM | Likes Like |Link to Comment
  • The Federal Reserve should focus on keeping prices under control, leaving the government to try to boost the U.S. economy and jobs, Richmond Fed President Jeffrey Lacker says. Still worried that prices could take off, Lacker says "the best contribution the Fed can make to the recovery is to keep inflation stable around 1.5%-2%."  [View news story]
    Jul 4, 2011. 09:24 PM | Likes Like |Link to Comment
  • Subprime mortage bonds score their biggest weekly gain in nearly 2 years, the ABX +14% as Greece gets swept under the rug and the Fed continues the postponement of sales from its Maiden Lane II portfolio.  [View news story]
    Risk appetite is back! When's the next crash?
    Jul 4, 2011. 09:24 PM | Likes Like |Link to Comment
  • California's 2011-12 budget, signed yesterday by Gov. Jerry Brown, "relies on optimistic projections that tax revenue will be about $12 billion higher in the coming fiscal year than projected in January, largely because the wealthy are doing so well." If revenues fall short, additional budget cuts are in store. Those tech IPOs better keep coming.  [View news story]
    What ever happened to statesmen with spines to do what's right? Is it really so hard to live within a budget?
    Jul 4, 2011. 09:23 PM | Likes Like |Link to Comment
  • The Bank of Moscow joins the bank bailout train, getting a $10.6B essentially no-interest loan from Russia's central bank. The bank - whose capital may have been wiped out from fraud - will also receive an equity injection from state-controlled VTB group.  [View news story]
    I still believe in the thesis that all fiat currencies have a long run value of zero...
    Jul 1, 2011. 12:34 PM | Likes Like |Link to Comment
  • Minnesota's state government shuts down after the Governor and legislature fail to agree on a budget deal to resolve a $5B deficit. Two-thirds of state employees will be furloughed and state parks and campgrounds shut ahead of their busiest stretch of the year.  [View news story]
    This is becoming an increasingly recurring headline these days, and my guess is that it'll be much more frequent in the coming years...
    Jul 1, 2011. 12:32 PM | Likes Like |Link to Comment
  • Don't Ignore This Silver Trend [View article]
    I'll still be loading up on silver until the feds can pass a balanced budget...
    Jun 30, 2011. 10:24 AM | 4 Likes Like |Link to Comment
  • May Pending Home Sales: +8.2% to 88.8 vs. -0.6% expected, -11.3% prior (revised). "Absorption of inventory is the key to price improvement, and this solid gain in contract signings implies that home values in many localities are or will soon be stabilizing as inventories get absorbed at a faster pace," NAR's Lawrence Yun says.  [View news story]
    Jun 29, 2011. 10:20 AM | Likes Like |Link to Comment
  • U.S. banks are bombarding consumers with some of the most lucrative credit card offers in years, but many are being dangled at affluent people who already have plenty of plastic. Some 1.4B offers for new cards were mailed in Q1, a 69% jump from 826M Y/Y, with nearly two-thirds going to households with annual earnings of more than $75,000.  [View news story]
    Velocity of we go!
    Jun 29, 2011. 10:16 AM | Likes Like |Link to Comment
  • Housing: Patience Will Be Rewarded [View article]
    Renting vs. buying decisions are core to determining housing affordability. For awhile my gut (and what I've seen on the streets as an agent) has been telling me we're in a housing depression, with no end in sight. What I'm seeing in my local market wrt to the financials of owning versus renting, as well as the start of a new trend of overbidding makes me think things truly are turning a corner.

    Here's a quick look at the financials of buying versus renting. In the three cities I analyzed it looks like we're at, or very near, the equivalence point:
    Jun 29, 2011. 10:13 AM | 4 Likes Like |Link to Comment
  • Analyzing Nancy Pelosi's 5 Newest Stock Trades [View article]
    Somebody PLEASE tell me that members of Congress are forbidden to vote on legislation that impacts investments they hold???
    Jun 29, 2011. 10:02 AM | 2 Likes Like |Link to Comment
  • Hoping to ease concerns about the threat of state and municipal debt to bank and national finances, China's National Audit office reveals there is total local debt of $1.66T. The office says the localities are obligated to pay back 62% of this amount, begging the question about the other 38%.  [View news story]
    Wow, even the Chinese are racking up debt like crazed crack addicts! I thought that was an industrialized, Western phenomenon.

    $1.66 trillion for China is kind of a big deal...
    Jun 27, 2011. 10:01 AM | Likes Like |Link to Comment
  • S&P estimates a U.S. rating downgrade costing bond investors $100B as yields rise. Additionally, the government will face higher costs to finance its deficit. A reminder: Japan has had numerous downgrades over the past decade, only to see its financing costs continue to drop to nearly unimaginable levels.  [View news story]
    It'll be interesting to see if the world maintains its hunger for US debt. If not, good luck to helicopter Ben in keeping rates at "unimaginably low" levels.
    Jun 27, 2011. 09:57 AM | Likes Like |Link to Comment