Wall Street is slowly coming to a grips with an economy that offers not breakout growth but more of the mediocrity that could keep rates on hold.» Read More
First Nouriel Roubini called the financial meltdown at the hands of mortgage-backed securities. Then Meredith Whitney predicted the collapse of several of the nation’s biggest banks. And now: Justin Bieber speaking out about the muni market?
As Bieber himself would say, “Never say never.”
Switzerland has also moved to freeze the assets of the Libyan regime. But it seems unlikely that Colonel Gaddafi and his cronies would be stashing their wealth in Zurich these days.
JPMorgan Wants a Piece of the Twitter Action [FT via CNBC.com]
Rodgers: Commodities Market=Win [CNBC.com]
Another Possible IPO: Looks like Glencore, the world's largest commodities trader,is considering an IPO[Reuters via CNBC.com]
Financial Documentary 'Inside Doc' Wins Oscar, Film's Director Slams Wall Street Execs in Speech: “Forgive me, I must start by pointing out that three years after our horrific financial crisis caused by massive fraud, not a single financial executive has gone to jail, and that’s wrong,” Charles Ferguson, the film's director, said at the beginning of his speech. [NYTimes]
Remember, we're all working for the weekend—you just got paid and it felt great, right? Now, time to pay it forward! Here's what you missed while I got a jump start on my weekend fund.
Respected columnist and author Thomas Friedman has been among the most audible voices in warning the USA about our dependency on foreign oil and our need to end our addiction to this commodity post haste. But his latest call for a $1.00 per gallon gasoline tax to curtail our fuel consumption, the proceeds of which would go towards deficit reduction, misses the mark.
First of all, where Mr. Friedman is absolutely correct is his concern itself which is well founded. Consider: in 1970 the USA imported 30 percent of its crude oil. That figure has effectively doubled in the last thirty years to just shy of 60 percent.
Proxy access is supposed to make corporate governance more democratic. But evidence from recent shareholder proposals suggests something very different is happening—labor unions are gaining more power.
Teasing out short term trading noise from durable economic news is tricky business.
As I wrote about earlier this morning, a ten dollar per barrel increase in oil price can have an equivalent economic effect of negating $120 billion in payroll tax cuts.
So what are we to make of it when we are treated to headlines such as this one , from the Associated Press: "As Oil Markets Calm, Shares on Wall Street Rise."
If you listen closely enough, you can hear the stagflation storm brewing across the economy. It’s the sound of rising prices and weak economic growth conspiring to create the Federal Reserve’s worst enemy.
Friday’s lame GDP print exemplified where we’re heading, with the economy gaining just 2.8 percent in the fourth quarter of 2010 no matter how much government economists tried to talk up the robust corporate balance sheet and supposed gains in employment.