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  • Detroit emergency manager Kevyn Orr is due to unveil his restructuring plan for the debt-laden city today to public labor unions, bondholders and bond insurers, including MBIA (MBI) and Assured Guaranty (AGO). Orr will reportedly try to persuade creditors to accept as little as 10 cents on the dollar for the city's debt. He has indicated that creditors would be far better off compromising now than taking their chances with a Chapter 9 bankruptcy filing. [View news story]
    No it was the fault of private real estate speculators, failed businesses, with under-regulated banking institutions that couldn't pay back the deposits of ordinary Texans.
    If the Federal government didn't come to the rescue, Texas would look a lot like Michigan today. The auto-bail out was nothing compared to what Texas received.
    Jun 14, 2013. 03:02 PM | 1 Like Like |Link to Comment
  • Detroit emergency manager Kevyn Orr is due to unveil his restructuring plan for the debt-laden city today to public labor unions, bondholders and bond insurers, including MBIA (MBI) and Assured Guaranty (AGO). Orr will reportedly try to persuade creditors to accept as little as 10 cents on the dollar for the city's debt. He has indicated that creditors would be far better off compromising now than taking their chances with a Chapter 9 bankruptcy filing. [View news story]
    how everybody forgets the scale to which Texas was bailed out after the S&L crisis. Texas received an injection equivalent to 1/4 of its GDP. Not loans, direct cash.
    Jun 14, 2013. 10:27 AM | Likes Like |Link to Comment
  • Are There Risks To Abenomics? [View article]
    To the extent that they will run massive deficits to spur growth, yes there is some similarity to Reagonomics. But I don't see much other similarity.
    A bit weird to hear a policy advocated by Krugman (for over a decade) being called reminiscent to Reagonomics.
    Jun 11, 2013. 08:48 AM | Likes Like |Link to Comment
  • Unusual given past patterns, the dollar (UUP -1.7%) is being unloaded across the board and in size along with stocks selling off. The euro (FXE +1.5%), cable (FXB +1.8%), the yen (FXY +3.1%), the aussie (FXA +1.1%), and the loonie (FXC +1.3%) are all sharply higher vs. the greenback. The Dow's now off 86 points. [View news story]
    good points that i really hadn't considered
    Jun 6, 2013. 08:14 PM | Likes Like |Link to Comment
  • Should We Allow Kyle Bass To Bet On The Economic Implosion Of Japan? [View article]
    I have a hard time believing that this is the same SU who writes other macro articles. Seems more like the SU who writes articles on dodgy stocks, but anyway....

    I don't pretend to know what would happen if a bunch of foreigners decided to short JGB en masse, but there are positive possibilities:
    1) the yen would fall dramatically (even further) versus other currencies, and Japanese industries would suddenly be very very competitive.
    2) probably inflation would start to take hold as aggregate demand explodes ...

    I guess the concern is that the government has to roll over debt, and the BOJ could stuck being the only buyer of debt that other people have lost faith in. This is a possibility, but it doesn't seem to lead to a runaway crisis because there is some fundamental negative feedback. As inflation or yen depreciation takes hold, the value of the government liabilities decline. I just don't see it being a problem unless Japan starts to write its debt in some foreign currency.
    Jun 3, 2013. 06:22 PM | 1 Like Like |Link to Comment
  • Gold (GLD -2.1%), (IAU -2.2%) sinks back below $1,400 as the bounce since mid-April is officially over. At work here, suggests RBC Capital, is the strong stock market. To participate, foreign investors sell gold, buy dollars (UUP is up big in May), and call their stockbrokers. Commerzbank notes gold ETF outflows were another 6 tons yesterday, bringing the total since early April to 230 tons. Silver (SLV -3.1%) tags along. [View news story]
    hehehehe
    May 16, 2013. 10:57 AM | Likes Like |Link to Comment
  • Gold (GLD -2.1%), (IAU -2.2%) sinks back below $1,400 as the bounce since mid-April is officially over. At work here, suggests RBC Capital, is the strong stock market. To participate, foreign investors sell gold, buy dollars (UUP is up big in May), and call their stockbrokers. Commerzbank notes gold ETF outflows were another 6 tons yesterday, bringing the total since early April to 230 tons. Silver (SLV -3.1%) tags along. [View news story]
    Let me get this straight. The Fed is helping to debase gold?
    lol...
    May 16, 2013. 12:33 AM | Likes Like |Link to Comment
  • Japan GDP Q1: +3.5% (annualized) vs. 2.7% expected. [View news story]
    oil imports are a tiny fraction of Japan's GDP. Japan's inflation rate is still 0% and hasn't been consistently positive for more than 20 years.

    Go to wikipedia and look up what real gross *domestic product* means. You and a few others seem to be confused about the concept.
    May 16, 2013. 12:12 AM | Likes Like |Link to Comment
  • Japan GDP Q1: +3.5% (annualized) vs. 2.7% expected. [View news story]
    That's not nominal growth- it's real, inflation adjusted, growth. Clearly the Japanese have finally figured out a recipe to escaping their liquidity trap, and that recipe looks awfully similar to what Krugman has been calling for for 15 years.
    May 15, 2013. 11:10 PM | 2 Likes Like |Link to Comment
  • "OK, so I made a bad call at the Barron's roundtable," tweets Bill Gross. "I would still buy gold here. World reflating." After a morning bounce, gold has returned to the session low at $1,388/oz. GLD -6.7%[View news story]
    Bernanke is also manipulating copper and oil and silver and iron and everything that the chinese happen to like to buy but also happen to be currently reducing their demand for. that china demand is lowering and even though they are the largest buyer, it is pure coincidence that the price is going down!

    It's is clearly a BERNAnke manipulation, he is selling these commodities, reducing FED balance sheet, and un-printing dollars!! It may be true that the chinese don't want as much of these metals as previously thought, but chinese buyers are doing reverse psychology. secretly they are really thinking about maybe rubbing their hands together and slurping that stuff up!
    Apr 15, 2013. 07:42 PM | 1 Like Like |Link to Comment
  • "OK, so I made a bad call at the Barron's roundtable," tweets Bill Gross. "I would still buy gold here. World reflating." After a morning bounce, gold has returned to the session low at $1,388/oz. GLD -6.7%[View news story]
    clearly bernanke has withdrawn the easy money and now the dollar is screaming! all we need to do is continue putting on the monetary brakes, because bernanke has caused my dollars to be worth more and it has nothing to do with china!
    Right? Who care if china is the largest consumer of gold and their demand happens to be slackening! The 20% drop in gold has to do with Bernanke un-printing 20% of our fiat money, correct??
    Apr 15, 2013. 11:44 AM | Likes Like |Link to Comment
  • Stock index futures give up some gains as jobless claims jump to their highest level in 4 months, though the Labor Dept, says adjustment issues around Easter and spring break likely boosted the print. The 4-week moving average rises to 11.25K to 354.25K. S&P 500 +0.15%[View news story]
    The person studying the sex habits of ducks could easily make more money in the private sector than as a university researcher with government-funded research. Then why does he do academic research? To make progress in basic science. Yes, this person with elite skills analyzing data, skills for which the private sector is clamoring, uses it to help further our understanding of nature.

    I'm not going to try explaining to you the value of basic science (even something as arcane sounding as animal sex), because you are a moron willing to make fun of somebody's work without even bothering to see why they study it.
    Apr 4, 2013. 08:34 PM | 2 Likes Like |Link to Comment
  • Liberal Versus Conservative: A Tale Of Two Economies [View article]
    reading comprehension plz
    Mar 25, 2013. 07:00 PM | 4 Likes Like |Link to Comment
  • California gets its first upgrade from S&P since 2006, the agency hiking the rating on the state's general-obligation bonds to A from A-. "The economic expansion is gaining positive momentum," and the approval of higher sales and income tax rates "positions the state to capitalize on burgeoning economic activity." S&P should ask Phil Mickelson about that one. [View news story]
    bingo. the biggest consistent drain on the California GDP is having to foot the bill for red states.
    Jan 31, 2013. 08:40 PM | 2 Likes Like |Link to Comment
  • Ford Motor (F): Q4 EPS of $0.31 beats by $0.05. Revenue of $36.5B beats by $3.33B. (PR[View news story]
    I think the point is that the operating margins in china look very tiny, and don't appear to justify the billions they've poured in cap ex there.
    Jan 29, 2013. 11:38 AM | 1 Like Like |Link to Comment
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