July Consumer Credit
July Consumer Credit fell a much bigger than expected $21.6b vs the consensus of a drop of $4b to a total of $2.47t outstanding. June was...
New Week, New Links
A long over due linkfest of unusual, overlooked and provocative pieces: • 86% of all mortgages are taxpayer backed in some form or...
3 year note auction/where are the risk takers?
The 3 year note auction was solid as the yield was a touch more than 1 bps lower than where it was trading in the when issued market and...
$/gold/TIPs/conventional treasuries
In response to the move lower in the US$ and move higher in gold and other commodities, the implied inflation rate in the 5 yr TIPS has...
Annotated Silver
With everyone so caught up in Gold’s rise, let’s take a look at another precious metal: Silver: > click for ginormous...
Yet Another Bailout: Housing’s Hair of the Dog
One of the arguments I keep making is that the folks pushing “Less Bad = Good” are ignoring the impact of Uncle Sam’s...
1929 Versus 2007: Employment Change
This chart makes it pretty clear that the current recession is no Depression: > Data from 1929 is not seasonally adjusted, Current...
A Conversation About Payroll Data That You Never Saw On CNBC
I am pleased to introduce Bob Bronson. For the past 42 years, Bob Bronson has applied a disciplined, analytical approach to understanding...
Gold and the S&P’s
There is nothing like a vacation to get some r&r, spend some time with loved ones, reflect on the past and think about the future....