Manufacturing and corporate profits are both in recession mode, even though the rest of the U.S. economy continues to limp along.» Read More
Municipal bond issuance dropped to an 11-year-low in January. It has not picked up substantially in February, according to the muni bond people I speak to.
January saw $12.2 billion of new debt, a decline of nearly 63 percent from January 2010. Volume hasn’t been this low since January of 2000.
The standard explanation for this is the end of the Build America Bond program, which offered qualified issuers a 35 percent federal tax subsidy to issue taxable debt.
Massive instability in North Africa is terrible news for a fragile US recovery: Though just how terrible remains to be seen.
The New York Times cuts to the chase this morning :
"Higher oil prices restrain growth because they translate to higher fuel prices for consumers and businesses. Mr. Lafakas [a Moody's energy economist] estimates that oil prices are on track to average $90 a barrel in 2011, from $80 in 2010, an increase that would offset nearly a quarter of the $120 billion payroll tax cut that Congress had intended to stimulate the economy this year."
Those are staggering numbers.
Nicole Lapin, of CNBC's Worldwide Exchange, explains what she's long and what she's short this week.
The bullion bull run is strong as investors flock to gold and silver as a safe haven from the turmoil in the Middle East. On Thursday, the spot price of gold and silver hit an all time high in Mumbai, India's largest bullion market.
I caught up with George Milling-Stanley,Managing Director of Government Affairs at the World Gold Council, to talk about what some of my contacts are calling "a golden wave of opportunity."
U.S. economy grew 2.8%, below economists forecasts. [CNBC.com via Reuters]
London Stock Exchange halted due to technical glitch [CNBC.com via Reuters]
"Banks, Obama butt heads on mortgages" [NY Post]
"Time to Plot Fed's Exit Strategy Getting Closer: Lacker" [CNBC.com's Jeff Cox]
Undervalued renminbi kills US manufacturing competitiveness. [Deal Breaker via Tudor Investment]
25 guys to avoid on wall street [NetNet]
Felix Salmon on the market as a schizophrenic pundit. [FelixSalmon]
Daniel Indiviglio on home prices and foreclosure trends. [The Atlantic]
"The Great Nevada Hooker Debate" [Forbes]
New numbers from Freddie. [Calculated Risk]
Leaving Goldman to blog. [The Observer]
Moving to New York. [Thought Catalog]
Cathy Zoi, who was the Acting Under Secretary for Energy and Assistant Secretary for Energy Efficiency and Renewable Energy, is going to work for a new cleantech private equity fund sponsored by George Soros and a prominent Silicon Valley venture capital firm.
The new fund will invest in...wait for it..."the energy and resource sectors."
A persistent theme of NetNet is that faith in regulations to improve the financial sector is misplaced. Regulations are typically written under the direction of the most powerful financial institutions, and regulators operate as if they were agents of the companies they are allegedly regulating.
Economists use the phrase “regulatory capture” to describe this dynamic. But that’s a misnomer. It implies that at some point regulations and regulators were free and had to be captured. In fact, they are typically born captives, remain captive, and die captive deaths.
The National Weather Service is in the eye of a budget storm—one that has the potential to grow into a Category 5.
A bill in the House of Representatives is proposing to cut the National Weather Service's 2011 budget by reportedly 30 percent or about $126 million. The proposal is part of the Full Year Continuing Resolution Act.
If the act is passed, the reduction could take effect as early as next month.
Three mid-level bankers in Goldman's tech investment banking group have left to take positions at ride service company Uber.
For a big group of stocks within the S&P 500, performance trends have been either decidedly positive or negative.
We asked the "Fast Money" traders what they were thankful for this Thanksgiving. Joe Terranova said, "The next 5 minutes."