Both sales for the day and the holiday season are likely to grow at least 2 percent to 4 percent, according to a survey.» Read More
Sort of rich people feel bad about themselves because the truly rich are really richer.
That, in a nutshell, is the conclusion one economics blogger reached based on an analysis of income distribution data.
And the internets have been buzzing about it ever since.
Hedge fund regulation is having a seriously perverse—if entirely predictable—effect. Large hedge funds are growing larger, well-known star managers are accumulating more assets under management, and competition from start-ups is becoming scarcer.
Barrier to entry and costs of regulatory compliance have risen dramatically. A new fund must start its life with at least $100 million of assets under management to be commercially viable, according to Hester Plumridge of Heard On The Street . A few years ago, the price of entry was just $50 million.
US Foreclosures above 1 Million Mark for the First Time since 2010 [CNBC via Reuters] "Banks seized more than a million U.S. homes in one year for the first time last year, despite a slowdown in the last few months as questions around foreclosure processing arose, a leading firm said Thursday. Banks foreclosed on 69,847 properties in December, bringing the year's total to 1.05 million, topping the prior record of 918,000 homes seized in 2009, real estate data firm RealtyTrac said."
Eurozone Interest Rates Remain at 1 Percent, Questions Remain [CNBC via Reuters] "The European Central Bank will face a grilling on its assessment of the euro zone debt crisis and firming price pressures in the bloc after it left interest rates on hold at 1 percent on Thursday. The decision was correctly forecast by all economists polled by Reuters and keeps rates at the record low they have been at since May 2009."
Happy 3-day weekend Friday eve \(just sounds better\). Before you slosh through snowy slush, here's what missed and need to know to power through the day:
Muni Bond Smackdown! Bill Gross versus Meredith Whitney [Bloomberg] "Bill Gross, who manages the world's biggest bond fund at Pacific Investment Management Co., clashed with Meredith Whitney, the banking analyst, when he said he doubted there would be many local-government bankruptcies."
Bumping our Heads on the Debt Ceiling: And the Folks Don't Like it One Bit [CNBC] "The U.S. public overwhelmingly opposes raising the country's debt limit even though failure to do so could hurt America's international standing and push up borrowing costs, according to a Reuters/Ipsos poll released Wednesday. Some 71 percent of those surveyed oppose increasing the borrowing authority, the focus of a brewing political battle over federal spending. Only 18 percent support an increase."
All things Sarah Palin evoke a passionate response: Her 'Blood Libel' comment is no exception. (Wait: Did Palin really say 'pundent'?)
Data from today's Beige Book suggests that "economic activity continued to expand moderately from November through December."
Here are the highlights:
, analyst Meredith Whitney thinks it should cool down.
Implementing dividend hikes now is short-sighted, said Whitney, who spoke in an interview earlier with CNBC .
While banks have done a good job raising cash, they’d be better off putting it to work on overseas acquisitions that would pay off over the long term rather than stuffing it back into investors’ pockets in the short term, she said.
Both sales for the day and the holiday season are likely to grow at least 2 percent to 4 percent, according to a survey.
Wednesday is expected to be a light trading day, but there is key data that could give an inkling of fourth-quarter growth.
China's central bank will wait until fourth-quarter economic data is out before considering any more rate cuts or easing.