10 Thursday AM Reads
Here are this mornings Santa Claus rally reading material:
• Herr Draghi or Signor Draghi, and the ECB’s Santa Rally (Telegraph) see also A Central Bank Doing What It Should (NYT)
• From whence comes ‘Kicking the Can Down the Road’ ? (WSJ)
• Five Questions: Michael Price on Problems at the NYSE (Institutional Investor)
• Signs Point to Economy’s Rise, but Experts See a False Dawn (NYT) see also It’s a Recession Everywhere (Slate)
• Hirst, Warhol Prices Outperform S&P 500 in Art-Investment Index (Businessweek)
• ETFs: More Funds Dying for Fresh Blood (WSJ)
• The Corporations that “Occupy Congress” (Reuters)
• Argentina’s Lessons for a Crisis-Ridden Europe (Spiegel.de) see also Greece’s Creditors Resist Push for More Losses (Bloomberg)
• Correcting Data Error, Realtor Group Revises Existing-Home Sales Downward (NYT)
• AmEx Looks Beyond Credit Cards (WSJ)
What are you reading?
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Source: WSJ
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December 22nd, 2011 at 10:42 am
Mathew Yglasia from the Slate piece doesn’t undestand what a recession is.
How can a site/magazine have aspirations of ecoomic relevancy and hire writer who makes up his own definition of recession and obviously doesn’t understand economics. Unemployment/job opening gap rates are not recessions ….people who say the US is in a recession need to read this…
http://en.wikipedia.org/wiki/Recession
…then look at the DATA. Nine straight quarters of GDP growth, unemployment has dropped from 11% to the 8′s. A doublng of the stock market doesn’t happen when you’re heading into a recession.
December 22nd, 2011 at 11:20 am
Pesky Zombies troubling you? Hornady has us covered.
http://www.hornady.com/ammunition/zombiemax
December 22nd, 2011 at 11:21 am
i don’t know, VennData: could it be a plateau before a further slide down? i mean the so-called growth is anemic at best; and as far as unemployment, there are still FAR more people looking for work in each sector than this flat economy can support – and the few jobs that are openning don’t seem to pay a living wage.
See “too few openings” in the chart here:
http://www.epi.org/publication/11-telling-charts-about-2011-economy/
The wealth gain distribution is also way too top heavy toward the top 5% and the rest can hardly keep up with inflation. The definition of recession can be as technical and specific as you want, but for most people, that’s not only what it “feels like” but how it IS for them: cutting back, spending less, their dollars not purchasing as much as it did, no raise in sight (thankful to have a job), foregoing healthcare and dentistry, basic maintenance falling by the way-side, infrastructure deteriorating (where are the maintenance jobs?), and on and on through education, social programs (while we still fund the wasteful military and give subsidies to large profitable corporations), and the like – negatively affecting the standard of living.
So, i’m not saying your incorrect in your assessment, i just think the term is commonly used by people as things get worse for them. If it comes to survival (and it may), then, call it what you will, it will be commonly spoken of as a depression (though it may not reach the technical definition for some time).
just sayin’
December 22nd, 2011 at 11:27 am
Pretty much same as the other two ECB stories, but the QE just keeps the bank doors open, replacing the deposits and money market funds that have fled. It’s not the great pumpkin, but it encourages those who think the great pumpkin is coming next year.
http://uk.reuters.com/article/2011/12/22/uk-ecb-banks-idUKTRE7BL0V420111222
December 22nd, 2011 at 11:29 am
Re those Black Friday and online sales reports:
Is Best Buy pulling a fast one on it’s customers?
http://blog.sfgate.com/hottopics/2011/12/22/best-buy-cancels-some-black-friday-orders-days-before-christmas/
December 22nd, 2011 at 11:58 am
U.S. Stocks Rise on Jobs Data
http://online.wsj.com/article/SB10001424052970204552304577114030255284656.htm
“… the Conference Board’s index of leading economic indicators showed the seventh straight monthly advance for November…”
NO IT”S A RECESSION! I READ IT IN SOMETHING A JOURNALIST WROTE! BUY GOLD! MITCH MCCONNELL AND ERIC CANTOR, OUR SAVIOR(S)!
McConnell and Cantor deserve their own nativity scenes as saviors from Obama’s dreaded payroll tax cuts. And repeat after me: Obama apologies for America, The Stimulus didn’t work….
Obama apologies for America, The Stimulus didn’t work….
Obama apologies for America, The Stimulus didn’t work….
http://mediamatters.org/blog/201112210014
December 22nd, 2011 at 12:12 pm
Also this;
RollingStone : America’s richest “have, in the place where most of us have shame, extra sets of balls,” writes @mtaibbi: http://t.co/trdxAIaO
December 22nd, 2011 at 1:11 pm
A Monster from the Deep
“With relatively little fanfare on the international stage, Lundin Petroleum and Statoil … jointly discovered one of the largest oil fields ever found in the North Sea…
…With global liquids “production” running at 88 mmbpd, and assuming 5% declines (of the world’s oil production), we need to add 4.4 mmbpd new capacity every year to stand still.
So you are right, this one field will offset about 10% of global declines for 1 year. We need to discover about 10 of these every year. In the North Sea, we are (finding) about 1 every 10 years (the last was Buzzard back in 1999 (?)) … ”
http://www.theoildrum.com/node/8746#comments_top
December 22nd, 2011 at 1:51 pm
Peak oil predictions elevate dubious prophet
Jeffrey S. Spofford’s Dec. 15 column “The doomer conundrum” offers a look at Nicole Foss’s peak oil-based predictions of a “world-wide deflationary depression ” we are allegedly entering ..
The real conundrum is why messages like Foss’s persist even after they have been so thoroughly descredited…
http://portlanddailysun.me/node/30974/
December 22nd, 2011 at 2:52 pm
I figure NAR wrote down existing home sales about 15% in order to create an easy to beat number for next years sales – “better than expected” blahblahblah. Good timing during Christmas distractions.
December 22nd, 2011 at 3:25 pm
RP’s investments.
http://blogs.wsj.com/totalreturn/2011/12/21/the-ron-paul-portfolio/?KEYWORDS=zweig
ready for collapse, but only if its from inflation. otherwise its a big fail.
also seems to explain the obsession with gold.
December 22nd, 2011 at 3:32 pm
banks still get a walk from the Feds. in spite of 1000s of pages of evidence
http://www.reuters.com/article/2011/12/22/us-foreclosures-idUSTRE7BL0MC20111222
December 22nd, 2011 at 3:41 pm
only choice with TBTF banks? break them up?
http://baselinescenario.com/2011/12/22/no-one-is-above-the-law/
December 22nd, 2011 at 4:40 pm
Here’s what I just read. It said it was from the Central Bank of Nigeria, so you know I’m on it like a fat kid on a twinkie.
Attention: Dear Valued Customer.
We have successfully up-loaded your fund, a total sum of USD $8.5 million Dollars has been up-loaded into your ATM CARD Your ATM CARD is now ready.
and pealse no that you will pay DIPLOMATIC CARRIER EXPRESS SERVICE for the deliver of your atmcard is just $380 usd dollars this is only what you will pay .
Contact Mr XXXXX XXXXX, Email: XXX @ yahoo.es
1) FULL NAME
2)FULL ADDRESS
3)YOUR CONTACT TELEPHONE NUMBER
4)YOUR AGE AND PROFESSION
5)COPY OF ANY VALID FORM OF YOUR IDENTIFICATION
Contact telephone number +234807#######
For immediate collection and dis-patch to your address.
Thank you for your co-operation.
Mr. XXXXXX XXXXXX XXXXXX.
Central Bank of Nigeria.