As a record number of heads of state gather with business moguls in Davos, WSJ’s Andy Jordan wonders whether the World Economic Forum’s focus will be on finger-pointing or collaboration to halt the current global financial-markets slide.
1/27/2009
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof. —John Kenneth Galbraith
Retail Sales in Jan rose .4% headline m/o/m, .7% ex auto's, .6% ex auto's and gasoline and .7% at the core. The headline figure was less than expected while the rest were slightly better. But, with respect to non headline sales, because Dec figures were revised lower, taking the two months together were about in line with forecasts overall. Sales rose in electronics, building materials, food/beverages, clothing, sporting goods, dept stores and restaurant/bars and fell interestingly for online retailers, health/personal care, furniture and motor vehicle/parts. Bottom line, headline sales were below expectations due to the greater than expected fall m/o/m...
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January 28th, 2009 at 4:48 pm
Yes and allow me to take this post from Angry Saver over at Calculated Risk that tells you why in clear and concise fashion….
The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability.
We certainly have had neither sustainable economic growth NOR price stability over the past ten years.
We’ve had:
Two stock bubbles & busts, a housing bubble & bust, a commodity bubble & bust, a private equity bubble & bust, a commercial real estate bubble & bust, a finance bubble & bust, a consumer credit bubble & bust and a wildly fluctuating currency.
This is no way to manage an economy.
The fed has failed. Utterly so.
The fed’s concept of economic growth = asset inflation via debt expansion. Our financial system has become systemically corrupt. Our political system is now hostage to the financial system.
What a sham(e)!
Angry Saver | 01.28.09 – 3:19 pm |
January 29th, 2009 at 2:14 am
Don’t overlook rampant fraud in the creation of both those bubbles. And the fact that voters voted the foxes into the hen house.
What killed capitalism? The capitalists.
January 29th, 2009 at 2:16 am
In any event, you can’t really kill capitalism. It’s been a part of every civilization, to greater or lesser degrees.
January 29th, 2009 at 10:59 am
Is there another link to this video? (I couldn’t view it) Thanks!