At the request of the Fed, a bank industry task force is working on a plan to ease systemic risk in the repo funding market where traders have near-complete dependence on JPMorgan (JPM) and BNY Mellon (BK) as clearing banks. One solution is to add more banks, another - favored by some at the Fed - is to let a government agency take over. [View news story]
TrueCar follows up J.D. Power's strong estimate for auto sales, saying new-car sales for December will come in 8.1% higher Y/Y and up 24.4% M/M on an unadjusted basis. For 2012, TrueCar estimates 13.8M vehicles will be sold - in-line with J.D. Power's forecast and slightly higher than the 13.6M Edmunds expects. [View news story]
Zero interest loans to anyone with a pulse should help sales. A couple of years when it goes really bad the democrat's will scream how the people were taken advantage of. Then the liberal lawyers will sue everyone. And around and around we go. Only everybody should know how this ends.
As Amazon (AMZN) introduces a controversial price-checking app (I, II), bricks-and-mortar retailers are pulling out all the stops to respond to the broader phenomenon. Their efforts include quickly matching the prices of major online retailers, and investing heavily in exclusive products. GNC claims 56% of the products it now sells are exclusive or company-branded. (previously) [View news story]
It will be great for the consumer. If you can keep the liberal politicians out of it.
The Transportation Department relented on its proposed rule that would have reduced truck drivers' daily driving limit to 10 hours, one of seven regulations the Obama administration said would cost companies at least $1B. Trucking firms opposed it, saying the shorter hours would force them to rework routes and hire more drivers. [View news story]
Next Obama's administration will be telling mothers they can only watch their kids 10 hours a day.
Federal police in Brazil recommend criminal charges be brought against several Chevron (CVX) and Transocean (RIG) officials involved in November's oil spill. This is in addition to an $11B civil suit brought against the companies. The response to what looks to be a relatively minor spill is certain give investors 2nd thought before plowing into drilling off the Brazilian shore. [View news story]
You don't suppose the federal police were on the phone to president Obama? Do You? Naw. Maybe!
Today's real estate reports (I, II) don't include "shadow inventory," which CoreLogic lists at 1.6M properties: 770,000 units seriously delinquent (2.5 months’ supply), 430,000 in some stage of foreclosure (1.4 months’ supply) and 370,000 already in REO not currently listed for sale (1.2 months’ supply). [View news story]
Those numbers are probably understated. Maybe we should get confirmation from the N.A.R. LOL.
Jeff Reeves warns that "your worst investments in 2012 could be some big dividend names you've been fooled into thinking are safe." While utilities, for example, provide guaranteed revenues and dividends, the upside "has already been had." As an alternative, Hershey (HSY) could see growth if the broader economy turns a corner. [View news story]
General Motors (GM -0.4%) announces a recall of more than 15K Chevrolet Captivas due to a power steering overheating issue that could lead to engine fires. The recall covers model years 2011 and 2012. [View news story]
How long before Government made can file bankruptcy again?
Jamie Dimon joins billionaires to defend themselves and the 1% against "acting like everyone who’s been successful is bad and because you’re rich you’re bad." Josh Brown's retort: "No, we don't hate the rich. What we hate are the predators... America hates unjustified privilege, it hates an unfair playing field and crony capitalism... it hates rule changes that benefit the few at the expense of the many." [View news story]
I liked it so much better when we could vote down a comment. What Im tired of is the constant drivel coming out of the news media. They tried desperately to give a face to OWS. To no avail.
Felix Salmon takes a healthy swipe at the cavalcade of execs fighting back against the attack on wealth - highlighted most dramatically by Home Depot-founder Bernard Marcus' ill-received retort to protesters of "who gives a crap about some imbecile?" Salmon on the 1%: "The fact is that the ultra-rich really aren’t productive, and instead mostly collect rents from people who are. This is what capital always does, of course: it buys labor (some people call that “job creation”, even if the jobs being created are mostly in China), and then extracts dividends from it." [View news story]
NY Governor Andrew Cuomo signs legislation limiting the ability of PBMs such as Express Script (ESRX) and Medco Health (MHS) to guide prescriptions to mail-order pharmacies. The bill marks a victory for retail pharmacies desperate to hold on to market share with health plans. Lower on the news in AH trading: ESRX -3.7%, MHS -1.8%. Getting a lift: WAG +1%, CVS +0.7%, RAD +0.8%. [View news story]
And why would he do this? Is it cheaper for the consumer?
Democrats and the GOP are considering boosting the fees that Fannie (FNMA.OB) and Freddie (FMCC.OB) collect from lenders as a way to finance the payroll tax cut. The idea could raise up to $38B over 10 years, but critics say the costs would be passed onto borrowers. Others don't want the giants to be used as a "slush fund." [View news story]
Everybody keeps talking about how low the rates are. It's taxes keeping a lot of people from buying a home. House prices have gone down but real estate taxes have not. Why should housing subsidies payroll tax cuts? Typical job killing legislation. Democrats seem to be very good at figuring out ways to collect more money. They just are awful at job creation.
Here's something for the Occupy Wall Streeters to hang their hat on: working Americans are now getting the smallest slice of the income pie on record. The labor share of Q3 productivity — the amount paid to workers instead of businesses and other income-earning entities — was reported to have fallen to 57.1 cents on the dollar, its lowest level since it was first reported by the Bureau of Labor Statistics in 1947. [View news story]
Terry , Vote for Obama if you want a government handout. You'll need it if he is reelected. Vote for the GOP if you want a job.
It wasn't supposed to be like this. The government would cap debit-card transaction fees, and expenses for consumers and merchants would fall, right? Not totally. The cost of some low-priced goods has gone up, as credit-card firms have eliminated discounts on fees for small-ticket items, which were subsidized by the old rates. [View news story]
Go Figure. The DICK durbin amendment actually is hurting consumers.Funny the big retailers seem to like it.
We need to stop bashing rich people and big business, says Jamie Dimon. Our country is the greatest in the world, and our businesses are world class institutions that provide a wealth of products, employment and services. Our focus should be on dealing with the "bad apples" in the bunch, not denigrating entire institutions. Owning a big business doesn't make you evil, and just because you're rich, doesn't mean you're bad. (audio) [View news story]
Three cheers for Jamie Dimon. Democrat's love jobs they just don't like employers. LOL
At the request of the Fed, a bank industry task force is working on a plan to ease systemic risk in the repo funding market where traders have near-complete dependence on JPMorgan (JPM) and BNY Mellon (BK) as clearing banks. One solution is to add more banks, another - favored by some at the Fed - is to let a government agency take over. [View news story]
TrueCar follows up J.D. Power's strong estimate for auto sales, saying new-car sales for December will come in 8.1% higher Y/Y and up 24.4% M/M on an unadjusted basis. For 2012, TrueCar estimates 13.8M vehicles will be sold - in-line with J.D. Power's forecast and slightly higher than the 13.6M Edmunds expects. [View news story]
As Amazon (AMZN) introduces a controversial price-checking app (I, II), bricks-and-mortar retailers are pulling out all the stops to respond to the broader phenomenon. Their efforts include quickly matching the prices of major online retailers, and investing heavily in exclusive products. GNC claims 56% of the products it now sells are exclusive or company-branded. (previously) [View news story]
The Transportation Department relented on its proposed rule that would have reduced truck drivers' daily driving limit to 10 hours, one of seven regulations the Obama administration said would cost companies at least $1B. Trucking firms opposed it, saying the shorter hours would force them to rework routes and hire more drivers. [View news story]
Federal police in Brazil recommend criminal charges be brought against several Chevron (CVX) and Transocean (RIG) officials involved in November's oil spill. This is in addition to an $11B civil suit brought against the companies. The response to what looks to be a relatively minor spill is certain give investors 2nd thought before plowing into drilling off the Brazilian shore. [View news story]
Today's real estate reports (I, II) don't include "shadow inventory," which CoreLogic lists at 1.6M properties: 770,000 units seriously delinquent (2.5 months’ supply), 430,000 in some stage of foreclosure (1.4 months’ supply) and 370,000 already in REO not currently listed for sale (1.2 months’ supply). [View news story]
Jeff Reeves warns that "your worst investments in 2012 could be some big dividend names you've been fooled into thinking are safe." While utilities, for example, provide guaranteed revenues and dividends, the upside "has already been had." As an alternative, Hershey (HSY) could see growth if the broader economy turns a corner. [View news story]
General Motors (GM -0.4%) announces a recall of more than 15K Chevrolet Captivas due to a power steering overheating issue that could lead to engine fires. The recall covers model years 2011 and 2012. [View news story]
Jamie Dimon joins billionaires to defend themselves and the 1% against "acting like everyone who’s been successful is bad and because you’re rich you’re bad." Josh Brown's retort: "No, we don't hate the rich. What we hate are the predators... America hates unjustified privilege, it hates an unfair playing field and crony capitalism... it hates rule changes that benefit the few at the expense of the many." [View news story]
Felix Salmon takes a healthy swipe at the cavalcade of execs fighting back against the attack on wealth - highlighted most dramatically by Home Depot-founder Bernard Marcus' ill-received retort to protesters of "who gives a crap about some imbecile?" Salmon on the 1%: "The fact is that the ultra-rich really aren’t productive, and instead mostly collect rents from people who are. This is what capital always does, of course: it buys labor (some people call that “job creation”, even if the jobs being created are mostly in China), and then extracts dividends from it." [View news story]
NY Governor Andrew Cuomo signs legislation limiting the ability of PBMs such as Express Script (ESRX) and Medco Health (MHS) to guide prescriptions to mail-order pharmacies. The bill marks a victory for retail pharmacies desperate to hold on to market share with health plans. Lower on the news in AH trading: ESRX -3.7%, MHS -1.8%. Getting a lift: WAG +1%, CVS +0.7%, RAD +0.8%. [View news story]
Democrats and the GOP are considering boosting the fees that Fannie (FNMA.OB) and Freddie (FMCC.OB) collect from lenders as a way to finance the payroll tax cut. The idea could raise up to $38B over 10 years, but critics say the costs would be passed onto borrowers. Others don't want the giants to be used as a "slush fund."
[View news story]
Here's something for the Occupy Wall Streeters to hang their hat on: working Americans are now getting the smallest slice of the income pie on record. The labor share of Q3 productivity — the amount paid to workers instead of businesses and other income-earning entities — was reported to have fallen to 57.1 cents on the dollar, its lowest level since it was first reported by the Bureau of Labor Statistics in 1947. [View news story]
It wasn't supposed to be like this. The government would cap debit-card transaction fees, and expenses for consumers and merchants would fall, right? Not totally. The cost of some low-priced goods has gone up, as credit-card firms have eliminated discounts on fees for small-ticket items, which were subsidized by the old rates. [View news story]
We need to stop bashing rich people and big business, says Jamie Dimon. Our country is the greatest in the world, and our businesses are world class institutions that provide a wealth of products, employment and services. Our focus should be on dealing with the "bad apples" in the bunch, not denigrating entire institutions. Owning a big business doesn't make you evil, and just because you're rich, doesn't mean you're bad. (audio) [View news story]