Japan's new government reportedly plans to announce an extra ¥12T ($136B) in stimulus spending for the fiscal-year through March as it looks to turn around the moribund economy. Prime Minister Shinzo Abe hopes to formulate the plan this week, with ¥5-6T to be spent on public works. [View news story]
Illinois legislators yesterday unveiled a plan that has bipartisan support and that aims to solve the state's massive pension crisis. Illinois has an eye-watering $96B in unfunded liabilities, which is threatening the state's A2 rating and hurting its ability to finance its services. The proposals including limiting pensionable salaries and raising retirement ages, although unions have vowed to fight the measures. [View news story]
Just raise the occupancy tax on Chicago hotel guests to 100%, that ought to make up for the unfunded liabilities.
The Bloomberg Consumer Comfort index inches up to -31.8 from -32.1, finishing 2012 at just about at the year's high. The index has put in what technicians might call a triple top, with three runs - one in early spring, one in the summer, and this one - into the low -30 area. With a bigger share of nearly all paychecks headed to D.C., we'll see if this resistance level can be broken in 2013. [View news story]
My business generates substantial "revenue" for local, state and federal government on a daily basis, dectra. It does so in a city weighed down by the largest and worst public school system in the state, a system so bad that people of quite modest means line up to pay tuition at neighborhood-based parochial schools and private high schools.
If you believe that wage slavery to unaccountable government is the cost of freedom, that's your yoke not mine.
The good news is that there is no shortage of college graduates willing to fill part-time, night and weekend jobs at slightly above minimum wage with zero benefits.
The Bloomberg Consumer Comfort index inches up to -31.8 from -32.1, finishing 2012 at just about at the year's high. The index has put in what technicians might call a triple top, with three runs - one in early spring, one in the summer, and this one - into the low -30 area. With a bigger share of nearly all paychecks headed to D.C., we'll see if this resistance level can be broken in 2013. [View news story]
Love that last sentence. The glass may be half-full, but "nearly all" pockets are getting picked.
"Do not give what is holy to dogs, and do not throw pearls before swine, lest they trample them under their feet, and turn and tear you to pieces." (Matthew 7:6).
More on Consumer Sentiment: The final read is even worse than the cliff-dive of the preliminary report (2 weeks ago). Falling to 72.9, the sentiment index has erased all of its gains since bottoming out in July. Stocks remain sharply lower, the S&P 500 -1.1%, the Nasdaq -1.4%. [View news story]
Be patient, comrade. He'll be getting back to the job after Hawaii, with the customary laser focus and first priorities.
More on Consumer Sentiment: The final read is even worse than the cliff-dive of the preliminary report (2 weeks ago). Falling to 72.9, the sentiment index has erased all of its gains since bottoming out in July. Stocks remain sharply lower, the S&P 500 -1.1%, the Nasdaq -1.4%. [View news story]
Nov. Personal Income and Outlays: Income +0.6% m/m vs. +0.3% expected, +0.0% prior. Personal spending +0.4% m/m in-line with expectations, -0.2% prior. PCE core price index flat% +0.1% expected, +0.1% prior. [View news story]
Interesting the price index is flat. Every one of my suppliers has implemented price increases over the past three months and alerted me to more coming in the new year. In fact, I am posting new shelf tags at the rate of about two dozen per week.
GE Scientists Unveil Greener, Smarter Sleigh for Santa Claus [View article]
On behalf of GE stockholders, would it be too much to ask that GEs scientists and engineers concentrate on core competencies and profitable results and spare us the Green Santa propaganda?
This is almost as embarrassing as the commercial that features the aircraft engine employees whooping it up outside the fence as the plane takes off, or the diesel engine team climbing down the mountain side to watch the choo-choo go past.
A preliminary review by Michigan has found that Detroit has a "serious financial problem," with reporting problems causing cash-flow projections to significantly oscillate on a monthly basis. The review could lead to the declaration of a fiscal emergency and prompt the appointment of an emergency financial manager. A municipal filing for bankruptcy protection, the biggest in U.S. history, could ultimately ensue. (previous) [View news story]
"We need to find a way to reinvest is this once great city."
Japan's new government reportedly plans to announce an extra ¥12T ($136B) in stimulus spending for the fiscal-year through March as it looks to turn around the moribund economy. Prime Minister Shinzo Abe hopes to formulate the plan this week, with ¥5-6T to be spent on public works. [View news story]
Illinois legislators yesterday unveiled a plan that has bipartisan support and that aims to solve the state's massive pension crisis. Illinois has an eye-watering $96B in unfunded liabilities, which is threatening the state's A2 rating and hurting its ability to finance its services. The proposals including limiting pensionable salaries and raising retirement ages, although unions have vowed to fight the measures. [View news story]
The Bloomberg Consumer Comfort index inches up to -31.8 from -32.1, finishing 2012 at just about at the year's high. The index has put in what technicians might call a triple top, with three runs - one in early spring, one in the summer, and this one - into the low -30 area. With a bigger share of nearly all paychecks headed to D.C., we'll see if this resistance level can be broken in 2013. [View news story]
If you believe that wage slavery to unaccountable government is the cost of freedom, that's your yoke not mine.
More on Challenger job cuts: For all of 2012, there were 523K layoff announcements, down 14% from 2011 and the lowest annual total since 1997. [View news story]
The Bloomberg Consumer Comfort index inches up to -31.8 from -32.1, finishing 2012 at just about at the year's high. The index has put in what technicians might call a triple top, with three runs - one in early spring, one in the summer, and this one - into the low -30 area. With a bigger share of nearly all paychecks headed to D.C., we'll see if this resistance level can be broken in 2013. [View news story]
The Great Recession Is Over: Time To Back Up The Truck [View article]
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 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]
More on Consumer Sentiment: The final read is even worse than the cliff-dive of the preliminary report (2 weeks ago). Falling to 72.9, the sentiment index has erased all of its gains since bottoming out in July. Stocks remain sharply lower, the S&P 500 -1.1%, the Nasdaq -1.4%. [View news story]
More on Consumer Sentiment: The final read is even worse than the cliff-dive of the preliminary report (2 weeks ago). Falling to 72.9, the sentiment index has erased all of its gains since bottoming out in July. Stocks remain sharply lower, the S&P 500 -1.1%, the Nasdaq -1.4%. [View news story]
Nov. Personal Income and Outlays: Income +0.6% m/m vs. +0.3% expected, +0.0% prior. Personal spending +0.4% m/m in-line with expectations, -0.2% prior. PCE core price index flat% +0.1% expected, +0.1% prior. [View news story]
GE Scientists Unveil Greener, Smarter Sleigh for Santa Claus [View article]
This is almost as embarrassing as the commercial that features the aircraft engine employees whooping it up outside the fence as the plane takes off, or the diesel engine team climbing down the mountain side to watch the choo-choo go past.
Initial Jobless Claims: +17K to 361K vs. 359K consensus, 344K prior (revised). Continuing claims +12K to 3.22M. [View news story]
December Philly Fed Business Outlook: +8.1 vs. -3.0 expected, -10.7 previous. [View news story]
A preliminary review by Michigan has found that Detroit has a "serious financial problem," with reporting problems causing cash-flow projections to significantly oscillate on a monthly basis. The review could lead to the declaration of a fiscal emergency and prompt the appointment of an emergency financial manager. A municipal filing for bankruptcy protection, the biggest in U.S. history, could ultimately ensue. (previous) [View news story]
I'd rather be holding shares of Kodak.