Top News
Fri Jul 30
Trucking Industry Says Economy Is Slowing
Clusterstock [ECONOMY]
The quote of the week comes from Bob Costello, Chief Economist of the American Trucking Association who is warning of an economic slowdown: ATA Chief Economist Bob Costello said that the two sequential decreases reflect an economy that is slowing. Furthermore, growth in truck tonnage is likely to moderate in the months ahead as the economy decelerates and year-over-year comparisons become more difficult. Nevertheless, Costello believes that tonnage doesn't have to grow very quickly [...]
Clusterstock [ECONOMY]
The quote of the week comes from Bob Costello, Chief Economist of the American Trucking Association who is warning of an economic slowdown: ATA Chief Economist Bob Costello said that the two sequential decreases reflect an economy that is slowing. Furthermore, growth in truck tonnage is likely to moderate in the months ahead as the economy decelerates and year-over-year comparisons become more difficult. Nevertheless, Costello believes that tonnage doesn't have to grow very quickly [...]
Sat Jul 31
Huffingtonpost [WALL]
NEW YORK (Reuters) -- U.S. stocks closed little changed on Friday, but Wall Street wrapped up its best month in a year after the earnings season rounded the final turn with a group of strong results that offset the impact of poor economic data. [...]
Fri Jul 30
Housing Finance Hearing Planned
Typepad [FINANCE]
This story appeared in Bank Digest. House Financial Services Committee Chairman Barney Frank, D-Mass., and Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee Chairman Paul E. Kanjorski, D-Pa., have announced that the two bodies will continue a series of hearings on the future of housing finance in September. Kanjorski will... [...]
Typepad [FINANCE]
This story appeared in Bank Digest. House Financial Services Committee Chairman Barney Frank, D-Mass., and Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee Chairman Paul E. Kanjorski, D-Pa., have announced that the two bodies will continue a series of hearings on the future of housing finance in September. Kanjorski will... [...]
Sat Jul 31
Citi: July Was An Awesome Month For All Sectors Earnings
Clusterstock [SEC]
As of last week, eight out of ten U.S. S&P 500 sectors had improving earnings revision trends. As of today, all ten U.S. sectors have seen a higher ratio of upward earnings revisions vs. downward revisions. Moreover, for the S&P 500 as a whole, 54.78 of earnings revisions were positive as of last week. Now the figure is 60.71, which is a major improvement from the 45.94 of revisions that were positive in June. This is shown in the table from Citis Tobias Levkovich below. Were als [...]
Clusterstock [SEC]
As of last week, eight out of ten U.S. S&P 500 sectors had improving earnings revision trends. As of today, all ten U.S. sectors have seen a higher ratio of upward earnings revisions vs. downward revisions. Moreover, for the S&P 500 as a whole, 54.78 of earnings revisions were positive as of last week. Now the figure is 60.71, which is a major improvement from the 45.94 of revisions that were positive in June. This is shown in the table from Citis Tobias Levkovich below. Were als [...]
Sat Jul 31
Here Are The 10 Things That Would Make David Rosenberg Bullish
Clusterstock [MAKE]
Yes, it would be possible, if we saw... 1. Initial jobless claims below 400k on a sustained basis. This would lead to job growth strong enough to generate organic wage growth. 2. Improvement in housing inventories to a 5-6 months' supply backdrop. This would help establish a floor under home prices. 3. Signs of a turnaround in the money multiplier, money velocity and the ratio of commercial bank non-liquid assets/total assets. Any sign that the debt deleveraging cycle has run it [...]
Clusterstock [MAKE]
Yes, it would be possible, if we saw... 1. Initial jobless claims below 400k on a sustained basis. This would lead to job growth strong enough to generate organic wage growth. 2. Improvement in housing inventories to a 5-6 months' supply backdrop. This would help establish a floor under home prices. 3. Signs of a turnaround in the money multiplier, money velocity and the ratio of commercial bank non-liquid assets/total assets. Any sign that the debt deleveraging cycle has run it [...]
Fri Jul 30
A Greek City Just Defaulted On $275 Million Of Debt -- Can The State Be Far Behind?
Clusterstock [JUST]
Since Athens agreed to budget cuts approaching 11 of GDP, local governments have seen a sharp decline in funding. Yesterday, the cut-off caused the city of Piraeus to announce a stop payment on $275 million of debt. Mayor Panagiotis Fasoulas demanded immediate payment of three years of owed funding or his city would abandon its own debt. Kathimerini: Addressing a press conference, Fasoulas requested a meeting with government officials to find a solution that will allow the municipality to [...]
Clusterstock [JUST]
Since Athens agreed to budget cuts approaching 11 of GDP, local governments have seen a sharp decline in funding. Yesterday, the cut-off caused the city of Piraeus to announce a stop payment on $275 million of debt. Mayor Panagiotis Fasoulas demanded immediate payment of three years of owed funding or his city would abandon its own debt. Kathimerini: Addressing a press conference, Fasoulas requested a meeting with government officials to find a solution that will allow the municipality to [...]
Sat Jul 31
Huffingtonpost [BUSINESS]
Lucques is one of the chic little restaurants that dot L.A.s Melrose Avenue towards the west end. Its tucked next to other local classics like Taste, Comme Ca and Ago, with Cecconis just a half mile or so ahead. As I take a seat across an old friend and entrepreneur in the social change arena, the scene is quiet and laid back. Couples and groups mingle and socialize over candle lit tables. A fireplace crackles despite that its August in the city. A few weeks ago, President Obama and his family [...]
Sat Jul 31
Huffingtonpost [CONSUMER]
Just months after historic legislation banned certain billing practices, card issuers have dreamed up new ones designed to trip up consumers. [...]
Sat Jul 31
Huffingtonpost [DAVID]
The latest Quarterly Report to Congress from the Office of the Special Inspector General for Iraq Reconstruction has been released. The following are excerpts relevant to private military contractors. Number of contractors: Current, 119,700. Peak, 171,000 (Q4 2007) p. 2 On July 22, 2010, several rockets impacted inside the International Zone, killing three foreign-national contractors working for Triple Canopy, a U.S.-based security company.Figure1.10 [ see p. 16] lists the 15 contractin [...]
Fri Jul 30
Econlog.econlib.org [BANKS]
Samuel Hanson, Anil K. Kashyap, and Jeremy C. Stein write, If significant increases in capital ratios have only small consequences for the rates that banks charge their customers, why do banks generally feel compelled to operate in such a highly-leveraged fashion, in spite of the obvious risks this poses? And why do they deploy armies of lobbyists to fight against increases in their capital requirements? By way of contrast, it should be noted that non-financial firms tend to operate with much l [...]
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