Retailers in 40 different states can now charge consumers an extra 1%-4% for paying with a credit card as long as they disclose the fee. The extra fee is a byproduct of an anti-trust case settlement with MasterCard and Visa in which the credit card giants were alleged of conspiring to hold back the fees stores can charge. Retail analysts expect large companies such as Wal-Mart, Target, and Costco to refrain from tacking on the fees, but it could be open season for smaller chains and independent shops. [View news story]
I don't feel to sorry for the retailers. I can't believe the fees aren't baked into the pricing already. Plus people tend to spend more when using credit cards so the decrease in revenue/profit may more than offset the fees collected.
The debt ceiling fight appears to be over, with the House passing a 90-day extension on the debt-limit. The bill now moves to the Senate where it is expected to pass. [View news story]
I personally hope they don't pass a budget by Apr 15th. The idiots need to go without pay. Reminds me of things I used to do when I was Kid in grade school!
It's going to keep getting harder to find a cigarette in 2013 if the state legislatures across the country get their way. Higher cigarette taxes are on the docket in a number of states with traditionally high numbers of smokers. Minnesota in particular, where nearly 16% of the population still smokes, the governor is seeking to boost the state cigarette tax rate to a new rate of $2.83 per pack, a move which is being lauded across the board by anti-smoking advocates. [View news story]
I smoked, I chewed and if weren't a sure road to the grave, I'd start all over again. I have always said that if I were diagnosed as terminally ill, I'd go back to using tobacco. Tobacco for wasn't a five minute addiction for me either..We're talking the sixties to the early nineties. That being said, I will continue to say that tobacco is the worst thing I have ever, ever, ever done to my health. Now the problem only lies with my gums. But, what potentially deadly problems may yet arise? Tobacco can not be taxed enough, period. And alcohol is right behind it. And oh do I ever like a shot of Jose, a half slice of lemon and a little salt in the web between your thumb and index finger.
In an attempt to stir up conservatives in Congress, former Senator and now Heritage Foundation president Jim DeMint is urging Republicans to stand their ground against the President in the upcoming showdown over the debt ceiling. "The government itself is not going to shut down, DeMint says, "In fact, I don't think people are even going to notice it." [View news story]
All you Austerity freaks and budget cutting freaks, take a really good look at Europe and specifically Germany. The net effect of all there austerity is that the European economies are declining even the steam roller German economy. This country needs more revenue and significant budget cuts; but, let's not take such a big bite all at once that we choke the recovering economy in the process like the Europeans have done!
Saskatchewan premier Brad Wall teams with 10 U.S. state governors in a letter to Pres. Obama lobbying for the Keystone (TRP) pipeline: "U.S. imports from Canada, a democratic friend and ally, could reach 4M bbl/day by 2020, twice what is currently imported from the Persian Gulf." Notably absent from the letter were Alberta's premier and Nebraska's governor. [View news story]
The Canadians don't want it either. It,s that old deal of it's OK as long as it's not in my backyard
As Bank of America (BAC -5%) and Citigroup (C -3.2%) swoon following earnings, regionals reporting today fly higher: PNC +3.7%, FITB +4%, BBT +2.2%. Were their results that much better? Maybe. More likely it's a rotation out of the high-flying TBTFs into the more modestly valued regionals. The regional bank ETF (KRE) gains 1.3% vs. the XLF flat. [View news story]
or was it a short driven drop? C and BAC were rebounding. Personally I think it's an entry point!
The German economy probably suffered a "significant decline" in Q4, the Economy Ministry says, with the industrial sector cutting output due to weak demand in Europe. However, the ministry expects the economy to "revive significantly" this year given the economy's underlying strength and encouraging signs in the global outlook. The euro is flat vs the dollar. [View news story]
One word.......Austerity. If you take away consumers money, they don't consume!
"Stocks soar on news of rapidly shrinking paychecks" is a headline you won't see today, but Nick Colas points out 79% of households make under $100K/year and are subject to the full brunt of the higher payroll tax which kicked in on Jan. 1 - removing 4% of their annual spending power. He sees it as a 50 bp drag on GDP growth in 2013. [View news story]
U.S. stock futures join the global party after Congress just about averts the fiscal cliff, for now. However, "the excitement will evaporate, because the buildup does not include raising the debt ceiling or longer-term budget cuts," says GFT Markets' Fawad Razaqzada. Dow +1.95%, S&P +1.5%, Nasdaq +1.5%. [View news story]
It's like surfing....ya gotta ride the wave when it comes!
The fiscal cliff deal will probably ensure that the U.S. avoids recession but it will also help cut GDP growth to 1% in Q1 2013 from 3.1% Q3 2012, JPMorgan and BofA economists forecast. "It’s going to definitely present a headwind for the economy," says JPM's Michael Feroli. "We’re looking for a downdraft in growth in the first half of the year, with the economy coming back in the second." [View news story]
bgold I agree. The market has been wanting to surge higher all December. Friday was a good example. An example; mid December my son sold most of his 401k holdings out of fear and against my recommendations. Had he held those positions, his ~25K 401K would appreciated ~1k to ~26K during that period. That was with all the negative cliff news. I may be wrong but I expect a big year. Financials BAC,C, MS & GS could see significant uptrends. Coal stocks could see big moves up if China continues to trend up. Solar looks good too!
The fiscal cliff deal will probably ensure that the U.S. avoids recession but it will also help cut GDP growth to 1% in Q1 2013 from 3.1% Q3 2012, JPMorgan and BofA economists forecast. "It’s going to definitely present a headwind for the economy," says JPM's Michael Feroli. "We’re looking for a downdraft in growth in the first half of the year, with the economy coming back in the second." [View news story]
Despite all the conservative hoopla the last thing I read/saw was an article /chart showing that job creation has historically been greater under Demo administrations than Republican administrations. Wish I had bookmarked that article. Me personally, a moderate Republican, would have thought the opposite.
Agreement has been reached on all tax issues, says Senate Minority Leader McConnell, speaking on the Senate floor. Stocks move to session highs, the S&P 500 +1.5%. [View news story]
One day during what seems to be my directionless web surfing I ran across a graph of the deficit from sometime about the end of WWII to 2010 or so. The trend line representing the deficit since 1950 to 1982 was in an almost 45 degree downtrend. Of course in 1982 we had the Reagan tax cuts, at that time the trend line reversed and headed upwards in about a 45 degree angle. About 1992 the Reagan tax cuts were repealed and the deficit trend line again turned downward. In 2002 we had the Bush tax cuts, and you guessed it; again, the deficit trend line turn upwards and has been heading upwards ever since. Historically tax rates on the wealthy are the lowest they have ever been, period! I personally would be tickled to death to be making 400,000 a year so I could be paying that extra 5% in taxes.
Fiscal cliff negotiations between Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell hit a major snag after Republicans demand use of the "chained CPI" method for calculating entitlement benefits - which would result in lower payments for Social Security beneficiaries. Pres. Obama backed the provision previously, but Democrats now object to including it as part of a scaled-down deal. Updated 5:51 p.m.: The Senate won't vote tonight and will reconvene at 11 a.m. tomorrow, Reid says. [View news story]
I don't understand why everyone is even talking about Social Security. It is not part of the deficit and spending problem. The only "general" funds going into SS are those use to pay the interest on all the US debt held by the SS Trust fund.
Pres. Obama reportedly won't be making a new budget offer to Republicans today, and will instead reiterate last week's proposal. Stocks have tanked on the news. S&P -1%. Dow -1.1%. NASDAQ -0.7%. [View news story]
If you loose the Super Bowl by only two points, do you get to share any the glory or are you still just the loser. Face it you lost....to the victor go the spoils and as macro says public support (about 3 to 1) favor the President.
Retailers in 40 different states can now charge consumers an extra 1%-4% for paying with a credit card as long as they disclose the fee. The extra fee is a byproduct of an anti-trust case settlement with MasterCard and Visa in which the credit card giants were alleged of conspiring to hold back the fees stores can charge. Retail analysts expect large companies such as Wal-Mart, Target, and Costco to refrain from tacking on the fees, but it could be open season for smaller chains and independent shops. [View news story]
The debt ceiling fight appears to be over, with the House passing a 90-day extension on the debt-limit. The bill now moves to the Senate where it is expected to pass. [View news story]
It's going to keep getting harder to find a cigarette in 2013 if the state legislatures across the country get their way. Higher cigarette taxes are on the docket in a number of states with traditionally high numbers of smokers. Minnesota in particular, where nearly 16% of the population still smokes, the governor is seeking to boost the state cigarette tax rate to a new rate of $2.83 per pack, a move which is being lauded across the board by anti-smoking advocates. [View news story]
In an attempt to stir up conservatives in Congress, former Senator and now Heritage Foundation president Jim DeMint is urging Republicans to stand their ground against the President in the upcoming showdown over the debt ceiling. "The government itself is not going to shut down, DeMint says, "In fact, I don't think people are even going to notice it." [View news story]
Saskatchewan premier Brad Wall teams with 10 U.S. state governors in a letter to Pres. Obama lobbying for the Keystone (TRP) pipeline: "U.S. imports from Canada, a democratic friend and ally, could reach 4M bbl/day by 2020, twice what is currently imported from the Persian Gulf." Notably absent from the letter were Alberta's premier and Nebraska's governor. [View news story]
As Bank of America (BAC -5%) and Citigroup (C -3.2%) swoon following earnings, regionals reporting today fly higher: PNC +3.7%, FITB +4%, BBT +2.2%. Were their results that much better? Maybe. More likely it's a rotation out of the high-flying TBTFs into the more modestly valued regionals. The regional bank ETF (KRE) gains 1.3% vs. the XLF flat. [View news story]
The German economy probably suffered a "significant decline" in Q4, the Economy Ministry says, with the industrial sector cutting output due to weak demand in Europe. However, the ministry expects the economy to "revive significantly" this year given the economy's underlying strength and encouraging signs in the global outlook. The euro is flat vs the dollar. [View news story]
they don't consume!
"Stocks soar on news of rapidly shrinking paychecks" is a headline you won't see today, but Nick Colas points out 79% of households make under $100K/year and are subject to the full brunt of the higher payroll tax which kicked in on Jan. 1 - removing 4% of their annual spending power. He sees it as a 50 bp drag on GDP growth in 2013. [View news story]
U.S. stock futures join the global party after Congress just about averts the fiscal cliff, for now. However, "the excitement will evaporate, because the buildup does not include raising the debt ceiling or longer-term budget cuts," says GFT Markets' Fawad Razaqzada. Dow +1.95%, S&P +1.5%, Nasdaq +1.5%. [View news story]
The House passes the Senate's fiscal cliff bill, 257-167. It now heads to the president for signature. (what's in the deal) [View news story]
The fiscal cliff deal will probably ensure that the U.S. avoids recession but it will also help cut GDP growth to 1% in Q1 2013 from 3.1% Q3 2012, JPMorgan and BofA economists forecast. "It’s going to definitely present a headwind for the economy," says JPM's Michael Feroli. "We’re looking for a downdraft in growth in the first half of the year, with the economy coming back in the second." [View news story]
The fiscal cliff deal will probably ensure that the U.S. avoids recession but it will also help cut GDP growth to 1% in Q1 2013 from 3.1% Q3 2012, JPMorgan and BofA economists forecast. "It’s going to definitely present a headwind for the economy," says JPM's Michael Feroli. "We’re looking for a downdraft in growth in the first half of the year, with the economy coming back in the second." [View news story]
Agreement has been reached on all tax issues, says Senate Minority Leader McConnell, speaking on the Senate floor. Stocks move to session highs, the S&P 500 +1.5%. [View news story]
Fiscal cliff negotiations between Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell hit a major snag after Republicans demand use of the "chained CPI" method for calculating entitlement benefits - which would result in lower payments for Social Security beneficiaries. Pres. Obama backed the provision previously, but Democrats now object to including it as part of a scaled-down deal. Updated 5:51 p.m.: The Senate won't vote tonight and will reconvene at 11 a.m. tomorrow, Reid says. [View news story]
Pres. Obama reportedly won't be making a new budget offer to Republicans today, and will instead reiterate last week's proposal. Stocks have tanked on the news. S&P -1%. Dow -1.1%. NASDAQ -0.7%. [View news story]