"Fifty-seven percent of the Italian vote went to parties that have vowed to tear up the EU austerity script," writes Ambrose Evans-Pritchard. It's of "seismic importance," says RBS' Andrew Roberts. "The ECB rescue depends on countries doing what they are told." Roll that line around in your mind for a bit. [View news story]
Bernanke: Monetary and fiscal policies are working at cross purposes, he says, responding to a question. Tighter fiscal policy is dragging growth by 1.5% this year and monetary policy cannot make up for that, he contends. "Fiscal policy decisions being made are mismatched with timing," i.e., no spending cuts this year, please. [View news story]
Recession is the movement towards fiscal equilibrium. It MUST happen.
Bernanke: Monetary and fiscal policies are working at cross purposes, he says, responding to a question. Tighter fiscal policy is dragging growth by 1.5% this year and monetary policy cannot make up for that, he contends. "Fiscal policy decisions being made are mismatched with timing," i.e., no spending cuts this year, please. [View news story]
I always scratch my head at the idea that property rights (yes, currency is property too) has a sliding scale based on what you "can afford" or what you "need".
Bernanke: Monetary and fiscal policies are working at cross purposes, he says, responding to a question. Tighter fiscal policy is dragging growth by 1.5% this year and monetary policy cannot make up for that, he contends. "Fiscal policy decisions being made are mismatched with timing," i.e., no spending cuts this year, please. [View news story]
I guess pulling forward productivity through massive borrowing, suppressed interest rates and currency devaluation to pay for 1-2% "growth" is not working at 'cross purposes'..
Consumers are clipping coupons at a higher rate than anytime since the 2007 recession, according to tracking from Coupons.com. The biggest amount of activity has been seen in the food categories (CPB, KRFT, CAG, PEP) of soup, cheese, rice, and pasta - although personal care and beauty items (PG, AVP, EL, UL, CL) are also in focus. [View news story]
Nothing like state sponsored theft to get your fix in, eh?
Consumers are clipping coupons at a higher rate than anytime since the 2007 recession, according to tracking from Coupons.com. The biggest amount of activity has been seen in the food categories (CPB, KRFT, CAG, PEP) of soup, cheese, rice, and pasta - although personal care and beauty items (PG, AVP, EL, UL, CL) are also in focus. [View news story]
"There was this mythology that you could get 90 computers, some Harvard PhDs, and you would turn on your machines and make money." High-frequency trading is falling in on itself, with industry profits expected at just $1.25B this year, off 35% from last year and vs. $4.9B in 2009. Informal data suggests firms are cutting staff and HFT now accounts for 51% of trading, down from 61% three years ago. [View news story]
HFT is not "trading"...It is skimming off the top and, IMHO, should be considered fraud...It provides NO value to anyone expect to the few that become very wealthy by playing outside of the boundaries of ethical behavior.
The Troika has rejected as much as €2B in budget cuts and tax reforms proposed by the Greek government, according to a finance ministry official. "The creditors are fed up with empty promises," says an official close to the Troika. "This time around the cost-cutting must be solid and proven." [View news story]
wash, rinse and repeat...over and over and over again.
The U.S. is headed for an industrial revival, a new Boston Consulting Group report says, driven by lower energy costs, higher labor expenses in competitors such as China and the potential to use idle U.S. port capacity for pushing up exports. "As a result, the U.S. has the potential to increase goods exports by up to $130B by 2020, [and] add 5M jobs to the U.S. economy." [View news story]
More on Greece (previous): Greece's lenders aren't waiting for the Troika report and are already getting set for another haircut on the country's debt, reports the FT Deutschland. "In the end ... all creditors will take part," says Commerzbank chairman Martin Blessing. [View news story]
Dallas Fed's Richard Fisher offers a counterpoint - sort of - from Charles Evans' dovish view that still more could be done to stimulate the economy. The costs of QE outweigh the benefits, Fisher maintains, but at least the Fed is fulfilling its mandate, more than can be said of D.C. policy makers: "Instead of hammering the Federal Reserve, point your fingers at Congress." [View news story]
Politicians buy votes by promising government programs (ie tax money) to these classes..if that's not the largest trickle down experiment in human history, I don't know what is!
Though the Fed didn't mention a target level for unemployment, Bill Gross suggests the bank has 7% in mind, and will buy MBS "until the cows come home." Recently making news for slashing his Treasury holdings (so far so good), Gross suggests "real assets ... gold ... a house." (see "QE forever") [View news story]
Middle-income savers will continue to get crushed. what a sad state of affairs.
Bernanke: He warns again on the fiscal cliff, saying the Fed's monetary tools will not be enough to offset a "major fiscal shock" such as that. [View news story]
You have to laugh to keep from crying...Fraud is too kind a crime to charge our leadership with...
Bernanke: The chairman is clearly a man who fervently believes in his own cooking - that Fed purchases of assets will trickle through to stock prices, house prices, (but not commodity prices), and - if continued for long enough - will somehow bring unemployment down. Fight it if you must, but QE will be the monetary law of the land for a very long time. [View news story]
But trickle down economics doesn't work, right Obama?
More on Personal Income: The 3.6% decline in income was the sharpest in 20 years, but it comes after December's 2.6% spike on the wave of pre-tax hike special dividends and bonuses. [View news story]
"Fifty-seven percent of the Italian vote went to parties that have vowed to tear up the EU austerity script," writes Ambrose Evans-Pritchard. It's of "seismic importance," says RBS' Andrew Roberts. "The ECB rescue depends on countries doing what they are told." Roll that line around in your mind for a bit. [View news story]
errrrr
Bernanke: Monetary and fiscal policies are working at cross purposes, he says, responding to a question. Tighter fiscal policy is dragging growth by 1.5% this year and monetary policy cannot make up for that, he contends. "Fiscal policy decisions being made are mismatched with timing," i.e., no spending cuts this year, please. [View news story]
Bernanke: Monetary and fiscal policies are working at cross purposes, he says, responding to a question. Tighter fiscal policy is dragging growth by 1.5% this year and monetary policy cannot make up for that, he contends. "Fiscal policy decisions being made are mismatched with timing," i.e., no spending cuts this year, please. [View news story]
Bernanke: Monetary and fiscal policies are working at cross purposes, he says, responding to a question. Tighter fiscal policy is dragging growth by 1.5% this year and monetary policy cannot make up for that, he contends. "Fiscal policy decisions being made are mismatched with timing," i.e., no spending cuts this year, please. [View news story]
geez
Consumers are clipping coupons at a higher rate than anytime since the 2007 recession, according to tracking from Coupons.com. The biggest amount of activity has been seen in the food categories (CPB, KRFT, CAG, PEP) of soup, cheese, rice, and pasta - although personal care and beauty items (PG, AVP, EL, UL, CL) are also in focus. [View news story]
No thanks.
Consumers are clipping coupons at a higher rate than anytime since the 2007 recession, according to tracking from Coupons.com. The biggest amount of activity has been seen in the food categories (CPB, KRFT, CAG, PEP) of soup, cheese, rice, and pasta - although personal care and beauty items (PG, AVP, EL, UL, CL) are also in focus. [View news story]
"There was this mythology that you could get 90 computers, some Harvard PhDs, and you would turn on your machines and make money." High-frequency trading is falling in on itself, with industry profits expected at just $1.25B this year, off 35% from last year and vs. $4.9B in 2009. Informal data suggests firms are cutting staff and HFT now accounts for 51% of trading, down from 61% three years ago. [View news story]
The Troika has rejected as much as €2B in budget cuts and tax reforms proposed by the Greek government, according to a finance ministry official. "The creditors are fed up with empty promises," says an official close to the Troika. "This time around the cost-cutting must be solid and proven." [View news story]
The U.S. is headed for an industrial revival, a new Boston Consulting Group report says, driven by lower energy costs, higher labor expenses in competitors such as China and the potential to use idle U.S. port capacity for pushing up exports. "As a result, the U.S. has the potential to increase goods exports by up to $130B by 2020, [and] add 5M jobs to the U.S. economy." [View news story]
More on Greece (previous): Greece's lenders aren't waiting for the Troika report and are already getting set for another haircut on the country's debt, reports the FT Deutschland. "In the end ... all creditors will take part," says Commerzbank chairman Martin Blessing. [View news story]
Dallas Fed's Richard Fisher offers a counterpoint - sort of - from Charles Evans' dovish view that still more could be done to stimulate the economy. The costs of QE outweigh the benefits, Fisher maintains, but at least the Fed is fulfilling its mandate, more than can be said of D.C. policy makers: "Instead of hammering the Federal Reserve, point your fingers at Congress." [View news story]
Though the Fed didn't mention a target level for unemployment, Bill Gross suggests the bank has 7% in mind, and will buy MBS "until the cows come home." Recently making news for slashing his Treasury holdings (so far so good), Gross suggests "real assets ... gold ... a house." (see "QE forever") [View news story]
Bernanke: He warns again on the fiscal cliff, saying the Fed's monetary tools will not be enough to offset a "major fiscal shock" such as that. [View news story]
Bernanke: The chairman is clearly a man who fervently believes in his own cooking - that Fed purchases of assets will trickle through to stock prices, house prices, (but not commodity prices), and - if continued for long enough - will somehow bring unemployment down. Fight it if you must, but QE will be the monetary law of the land for a very long time. [View news story]