What Went Wrong?
(July 4, 2008 02:32 PM, by Arnold Kling) In a somewhat melancholy 4th of July essay, Canadian libertarian Pierre Lemieux writes, How could a country founded on the……
Original Source: econlog.econlib.org
Make Toy Cars, Not Cars
It’s currently better to be a toy car maker than a real car maker: Mattel’s market cap just surpassed that of GM. The maker of Hot Wheels and Matchbox now has a market cap of $6.22B versus the $5.76b cap of the maker of non-toy cars GM. [via Bloomberg]
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Dow Jones Returns by President Since 1929
People seem to be in a historical frame of market mind this weekend, so here is a chart of Dow Jones index returns by U.S. president since Herbert Hoover obtained office in 1929. Note that I have given this result in compound annual terms to compensate for the differing lengths of presidential terms over the period. As an aside, while President Bush is currently running neck-and-neck with Jimmy Carter for the third-worst presidential market returns in history, President Bush is the leader of the pack as far as worst market returns go for two-term U.S. presidents. …
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Europe Banks Head Back To The Trough (C)(BAC)(WB)(MER)(LEH)
Europe’s banks need to head back out on the fund-raising circuit. They may have to bring in as much as $141 billion, according to Goldman Sachs. Reuters writes that this capital will be necessary “to reach an aggregate Tier I ratio of 9 percent — a level achieved by European banks that have recapitalized recently.” Since the problems that the banks on the continent face are not much different from those in the US, the report begs the question of what will happen in America. The troubles of sub-prime mortgage paper, deteriorating credit, and LBO loans cross borders, and they…
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Original Source: www.247wallst.com
Happy Independence Day!
This is not the first time in our adult life that we are proud of our country. Accordingly, we are pleased to wish you a Happy Fourth of July.
DealBreaker won’t be publishing today in observance of Independence Day. We’ll leave the comments section open so those of you stuck at your desks can chat. As always, the C…
Original Source: www.pheedo.com
Persons "Marginally Attached to the Labor Force"
Early last month, we suggested that it would be more instructive if the media began reporting U3 and U6 Unemployment together. (Unemployment Reporting: A Modest Proposal (U3 + U6)
Northern Trust’s Asha Bangalore appears to have been thinking along the same lines, for her NFP post-mortem includes the following:…
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Persons "Marginally Attached to the Labor Force" +B/D
Early last month, we suggested that it would be more instructive if the media began reporting U3 and U6 Unemployment together. (Unemployment Reporting: A Modest Proposal (U3 + U6)
Northern Trust’s Asha Bangalore appears to have been thinking along the same lines, for her NFP post-mortem includes the following:…
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The Fed understands itself
The former St Louis Fed president, William Poole, now consultant for California-based Merk Investments, made an interesting statement on the Fed policy tradition. In an interview with Germany’s n° 1 daily, the Frankfurter Allgemeine Zeitung, Poole stated:
“In historical perspective inflation is a means to diminish the stress felt by debtors. The policy of the US central bank is construed to create inflation to alleviate that stress. Its monetary policy was, is, and will be “lax” until the economic situation, and the situation of financial firms, will be improved. All in all this will entail an inflationary tendency, even if the latter will entail a bundle of new problems in another three or four more years.”
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Original Source: blog.mises.org
Western European Issuances Remain in the Doldrums in the Second Quarter
Bond spreads widened recently as investors sold bonds on the back of weak euro zone economic data. Rising inflation also means monetary policy is likely to remain tight in the near term. Western European issuances are likely to remain weak in the short term.…
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The ECB’s Rate Hike Will Hit Euro Zone Manufacturers
The ECB has flexed its muscles and its rate hike will be a blow for the entire euro zone. The manufacturing PMI for the euro zone?an indicator of industrial growth in three to six months time?suggests output will contract, with the headline gauge slipping to 49.2 in June, from 50.6 a month earlier. Even the region’s powerhouse will feel the heat.…
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This Week’s BioHealth & Biotech Top Stories
We saw another exciting week full of news for key developments in drug stocks, biotech stocks, medical device stocks, and other companies involved in various aspects of health care and medicine. Below are some of the stock tickers we covered over at BioHealthInvestor.com this week: STOCK TICKERS: ABT, BSX, MDT, JNJ, SRDX, ANPI, BAYRY, MAXY, AMGN, CRA, INGN, CELG, MRK, SNY, GSK, AKRX, ARYX This week we saw another FDA Approval in stents as Abbott’s (NYSE: ABT) XIENCE drug-eluting coronary stent was approved for marketing. While this is causing a resurgence in stents, this space is about to become highly…
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Original Source: www.247wallst.com
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